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The
financial
OMmrrrttl branirk
VOL. 128.
SATURDAY, MARCH 30 1929.
Finantial Thr.ouitte
NO. 3327.
warning issued by the Reserve Board on Feb. 6
against any further absorption of bank credit in
PUBLISHED WEEKLY
speculative channels; and the Board was evidently
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12 Mos. 6 Mos. at its wits end to know what further
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The following publications are also issued. For the Bank and QuotaIn this situation the Board kept holding protraction Record the subscription price Is $6.00 per year; for all the others Is
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ted sessions day after day, even holding a lengthy
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things discussed being given to the public or the
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LONDON OPTICS—Edwards & Smith, 1 Drapers' Gardens. London. E. C.
press. And this has been the policy pursued for
WILLIAM B. DANA COMPANY, Publishers,
many weeks passed, not only at Washington, but at
Front, Pine and Depeyster Streets, New York
New York, and latterly also at Chicago, at which
Published every Saturday morning by WILLIAM B.DANA COMPANY.
President and Editor. Jamb Seibert; Business Manager. William D. Riggs last mentioned point rather earnest deliberations reTreas., William Dana Seibert;See., Herbert D.Seibert. Addresses of all. Office of Co
garding the situation have likewise been taking place
during the past few. days. In all these cases press repThe Financial Situation.
resentatives, after sitting around for several hours
The financial district passed through a severe awaiting the outcome of the meetings received
merely
squall this week, and it has left many victims. The the laconic response, when the meetings
broke up,
skies have since brightened and to many it seems as "no statement." All this naturally
created a state
if the squall might have been escaped and should of great nervousness and anxiety, which
finally led
never have been encountered. The cause was the to a state closely approaching hysteria on
the part
tension in the money market, which on Monday and of the banking and financial community and
likeTuesday reached an acute stage. The call loan rate wise on the Stock Exchange and among
the general
on the Stock Exchange on Monday advanced to public. Would there be another advance in
the re14%, or the highest figure since July 1, 1920, and discount rate? All sorts of reports were
current as
on Tuesday touched 20%,or higher than at any time to the board's intentions in that respect. Would
the
sihce Feb.5,1920. Worst of all, the rate for bankers' Federal Reserve insist on member banks reducing
acceptances was advanced another 1 8 of 1%,with the their borrowings even as it was narrowing their
/
result of raising the bid rate for 90-day bills to market for bankers' acceptances. Apparentl
y the
53
4%.Making allowance for the commission charged Reserve authorities were not over anxious
to raise
for accepting bills, this brought the total cost of the rediscount rate, thinking it more
effective to
this form of borrowing close to 7%. Time loans on keep the proposed advance hanging as a
threat over
Stock Exchange collateral also advanced still the market. At the same time great pressure
was
higher, going above 8%. The rate for commercial brought to bear on the banks to get
them to refrain
paper on names of choice character maturing in four from further borrowing at the Reserve Banks.
The
to six months was quoted at stiff 6%, which how- result was that the banks, no less than
the Stock
ever, was really a merely nominal figure, as there Exchange fraternity and the
general public, got into
was virtually no market for paper even of the choicest a thoroughly bewildered frame
of mind, moved on
character and every way gilt-edged.
the one hand by a desire to comply with the wishes
All this betokened an acute credit situation and of the Reserve authoritie
s and on the other hand
one which was fast reaching a panicky stage. The confronted by a constantly
growing demand for actrouble was caused by the efforts of the Federal Re- comodation on the
part of their customers. In the
serve Board to prevent further absorption of bank circumstances they
did what was to be expected,
credit in speculative channels, and the awkward they became
frightened, and held back from doing
methods by which the Federal Reserve proceeded to anything, considerin
g that the safest course. In the
carry out its purpose. All efforts to that end had meantime the demand
for accommodation became
failed, the Federal Reserve statement for the week urgent because of
the preparations which had to be
ending the previous Wednesday, as issued on Thurs- made for interest and
dividend payments of about
day evening, having recorded a further expansion in $500,000,000 on April 1. The stock market stood to
the total of brokers' loans in the huge sum of $166,- suffer most and it completely collapsed.
000,000, to a new high record by a wide margin, inAt the critical moment the strong man appeared
stead of the contraction which the Board was desir- in the person of Charles E. Mitchell, the President
ous of bringing about. This occurred in face of the •of the National City Bank. He threw funds in large
1968
FINANCIAL CHRONICLE
.
amount into a market bare of the same and sadly in
need of them. This was unexpected succor and
served to revive the market, then in a sinking condition and in fact bordering on panic. Mr. Mitchell
was quoted the next morning (Wednesday, March
27) in the New York "Herald Tribune" as having
said: "So far as this institution is concerned we
feel that we have an obligation, which is paramount
•to any Federal Reserve warning, or anything else, to
avert, so far as lies within our power, any dangerous crises in the money market. While we are
averse to resorting to rediscounting, for the purpose
of making a profit in the call market, we certainly
would not stand by and see a situation arise where
money became impossible to secure at any price."
The "Herald Tribune" says that disclaiming any attempt to speak for New York Bankers as a whole,
Mr. Mitchell made it plain nevertheless that he
doubted whether any of the great banks of the city
would deliberately stand aside and see a crisis precipitated, rather than extend credit to the stock
market. As far as the National City was concerned,
Mr. Mitchell dverred, no sooner did word come of
the straitened credit conditions which had caused
the rates on demand loans to leap successively from
the renewal rate of 12% to 15%, to 17% and finally
to 20% than the City Bank supplied a substantial
sum of money to the market.
Candor compels the statement that Mr. Mitchell's
statement will not bear analysis. The National City
Bank ranks as the largest bank in the United States
(possibly leaving out of consideration the banking
institution just formed by the consolidation of the
National Bank of Commerce of this city with the
Guaranty Trust Company) and is correspondingly
powerful. Yet it can not set itself up as superior
to the Federal Reserve System endowed with unlimited power to issue Fedaral Reserve notes. Not
only that but it is to be presumed that the National
City is a considerable borrower at the Federal Reserve Bank and the latter has full authority at any
time to say that the bank is borrowing enough, and
to deny it the privilege of further borrowing in
which event The National City Bank's ability to extend further accomodation to the Stock Market
would come to an end. In these respects Mr. Mitchell's remarks were unfortunate and he laid himself open to the attacks that Carter Glass has made
upon him. But his declaration was that of a courageous man, and one thoroughly conversant with
the situation and alive to what dire disaster that
threatened if there should be a complete shutting
off of new money supplies. In the circumstances his
stand was entirely justified. The Federal Reserve if
it so chooses can act the part of a bull in a china shop
and cause a lot of destruction and damage, or, Samson like, it can pull the whole financial structure
down about its head. But that is no reason why it
should not be checked in the attempt by those who
would be involved in the ruin. The next morning
Mr. Mitchell, as was to be expected, received plenty
of recruits, and the National City Bank itself placed
$25,000,000 at the command of the market, letting
it be known that to provide against another repetition of Tuesday's jump in the call loan rate from
12% to 20% the National City Bank stood ready to
lend $25,000,000 more in the call loan market $5,000,000 at 16% and a like amount for each succeeding rise of one per cent. up to 20%. Other banks,
[VoL. 128.
moved by the action of the National City Bank, also
came to the rescue. The call loan rate, however, on
Wednesday did not get above 15%;in fact all loans
on that day were at that figure, including renewals.
On Thursday renewals were again at 15%, but before the close of the day money was in abundant
supply at 8%. Mr. Mitchell by his action had saved
the day for the financial community. No one can
say how great a calamity would have happened had
he not stepped into the breach at the right moment.
Some of the daily papers in their account of the
crash in the stock market spoke of it as a great
triumph for the Federal Reserve, in view of the Reserve Board's warning of Feb.6. If it was a triumph
it was a most ignoble one. Other newspaper accounts spoke of the Reserve Board as entertaining
a feeling of great satisfaction over the stock market
crash, considering it a justification of its policy in
seeking to curb speculation. It were better if the
Reserve authorities studied their own part in bringing the speculation about and which has now reached
such enormous proportions and seems still to be
beyond control—even this week's tremendous smash
having failed to daunt the speculative spirit. This
speculative situation is the direct outgrowth of the
easy money policy inaugurated by the Federal Reserve in the autumn of 1927, when the rediscount
rates of the Federal Reserve Banks were reduced to
31 2% and the Reserve Banks at the same time
/
flooded the country with unneeded Reserve credit
by the purchase of hundreds of millions of U. S.
Government securities—all with the idea of enabling European Banks to acquire gold at the expense
of this country. In that object the Federal Reserve
was entirely successful, over $500,000,000 gold having been expelled from the United States during
1927-28. Now we are told that this reduction in the
country's holdings has been one of the factors in the
money tension, some of the distressing manifestations of which have been witnessed the present week.
In the address which Governor Roy A. Young of the
Federal Reserve Board delivered before the Academy of Political Science, as pointed out by us in our
issue of last week, the fact that the ease in money
thus artificially brought about was a factor in
stimulating stock speculation is distinctly admitted,
Mr. Young saying it had been foreseen that such
would be the result. He said: "Although the system realized that easy money in this country might
be an encouragement to further Stock Exchange
activity, nevertheless it determined that this would
be the lesser of two evils and decided to adopt a
policy of easing the money market."
The Reserve Board long ago realized that the
speculative excesses were proceeding too far, but unfortunately it delayed its corrective processes and
now seeks to effect a sudden cure in drastic fashion.
Not so very long ago, too, the Board entertained the
view that the speculation and the high rates for
money on the Stock Exchange might continue without appreciably affecting the cost of borrowing to
the mercantile community. The attitude was that
business could continue undisturbed and the stock
speculator must be prepared to bear the consequences
of his own folly. This view was proclaimed in the
speech which Governor Young delivered before the
Indiana Bankers Association last September. In
that address he expressed himself, it will be recalled,
to the following effect: "Many people in America
MAR. 30 1929.]
FINANCIAL CHRONICLE
1969
seem to be more concerned about the present situa- of the absence of the needed money supplies. The
tion than the Federal Reserve System is. If un- reduction in brokers' loans, while of considerable
sound credit practices have developed, these prac- magnitude, is after all relatively small, when viewed
tices will in time correct themselves, and if some alongside the tremendous antecedent expansion.
of the over-indulgent get 'burnt' during the period The decrease for the week is $144,000,000, which is
of correction they will have to shoulder the blame far less than had been counted upon in view of the
themselves and not attempt to shift it to some one enormous liquidation on the Stock Exchange. It
else."
is not even equal to the $166,000,000 increase which
In the mean time, notwithstanding the Reserve's occurred last week alone and it leaves the total the
indifference to the possible consequences, brokers' largest on record with the exception of that of the
loans on stock and bond collateral kept steadily in- previous week and on Feb. 6, showing how difficult
creasing. Then on Feb. 6, 1929 the Board issued its it is to bring about any great contraction when
famous but belated warning. The Board was now stock speculation has assumed the dimensions of
thoroughly alarmed, as well it might be. It said: the present one. The loans show some decrease for
"The volume of speculatve credit is still growing. the week under all the different headings, but least
Coining at a time when the country has lost some of all in the amount of the loans made "for account
500 million dollars of gold (the result of its own ac- of others," where the total stands at $2,898,000,000,
tion), the effect of the great and growing volume of against $2,934,000,000 last week. On the other hand
speculative credit has already produced some strain, loans for the account of out-of-town banks have
which has reflected itself in advances of from one fallen during the week from $1,768,000,000 to $1,to one and a half per cent. In the cost of credit for 680,000,000, confirming the reports of large withcommercial uses. The matter is one that concerns drawals on Chicago account. The loans made by
every section of the country and every business in- these reporting member banks in New York City for
terest, as an aggravation of these conditions may be their own account have fallen only during the week
expected to have detrimental effects on business and from $1,091,000,000 to $1,071,000,000. At $5,649,may impair its future."
000,000 the grand'total of these brokers' loans for
There can be no doubt that the Board was now March 27, 1929 compares with only $3,825,000,000 on
altogether right, but after allowing the speculation March 28, 1928.
to reach such tremendous proportions only disaster
As to member bank borrowing, this has run up
could result from attempts to strike it down at one during the week from $942,737,000 to $1,024,130,
000,
blow. Liquidation of inflated stock speculation is at which latter figure comparison is with
only
unquestionably called for, but must be brought about $524,096,000 at the corresponding date
last year.
in orderly fashion and without attempts to frighten More than the whole of the week's increase is
found
everybody to death. David Lawrence writing in at the Federal Reserve Bank of New York,
where
the "Evening Sun" on Tuesday took occasion to say the discounts have risen from $208,136,000 to
$299,that what some bankers have been doubtful about is 173,000. To offset this increase in member
bank
the extent to which the Board would go to enforce borrowing the twelve Reserve institutions
further
its views. He answers the question by saying: reduced their holdings of acceptances purchased
in
"There need no longer be any doubt. It will go the the open market from $236,838,000 to
$208,427,000
limit." In like manner the attitude of the Board re- and they have also reduced their holdings
of U. S.
garding bankers' acceptances is to be deplored. After Government securities from $185,351,000
to $170,having coddled the acceptance business for the last 310,000, this last being due to the fact
that the U.
dozen years it all at once proceeds to knock the bot- S. Treasury has taken up the $19,000,000
of temtom from under it. The policy all along was to take porary certificates of indebtedness
sold to the Reall the acceptances that might be offered to it and serve Banks pending the collection
of the March 15
last Autumn the Reserve Banks were undoubtedly collections of income taxes as
shown in the return
overwhelmed by the magnitude of the offerings. for the previous week. After these
reductions, howThen the Reserve reversed its policy. It now allowed ever, total bill and securities
holdings the present
its bill holdings to run off without replacing them by week still stand larger than
last week, the amount
new bills. Accordingly the market for acceptances now being $1,409,712,000 against
$1,371,771,000 last
has disappeared. Between Dec. 26, 1928 and Mar. week and comparing with
$1,257,021,000 a year
27, the twelve Reserve institutions allowed their bill ago.
holdings to drop from $489,270,000 to $208,427,000.
In explaining last week the absence of any inThis explains why rates for bankers' acceptances crease in member bank borrowing
for that week, in
have had to be raised no less than six times during face of the expansion
of $166,000,000 in brokers'
1929 solar. Playing ducks and drakes in this fash- loans we ascribed
this to the increase in Government
ion with important interests is not calculated to deposits with the
member banks as a result of the
win respect for the Federal Reserve.
large income tax collections. We showed that at the
•
reporting member banks in New York City these
Brokers' loans the present week show a substan- Government deposits
had risen from $2,000,000 to
tial reduction, following last week's big increase, but $129,000,000 and that
at Chicago there had been an
member bank borrowing has increased. Both are increase of $33,000,000
, making $160,000,000 addithe logical outcome of the week's developments. tion to the government
deposits at these two points.
The decrease in brokers' loans follows naturally We have now the figures for all the
reporting memas a result of the crash on the Stock Exchange, ber banks for that week and from these it
is seen
with the tremendous liquidation which this en- that the aggregate increase in government
deposits
forced. The increase in member banks' borrow- for that week was no less than
$299,000,000, the
ing reflects the borrowing resorted to here at New total rising from $4,000,000 to $303,000,00
0.
York in the endeavor to avoid a catastrophe because
1
1970
The stock market this week passed through a severe trial and suffered a tremendous crash, but has
since then enjoyed a recovery as pronounced as the
early break. The crash was occasioned by the further
tightening of the money market in all its branches,
as related in the early part of this article. On Saturday last, the market was nervous and unsettled, with
prices moving towards lower levels owing to the
anxiety felt regarding, the money situation, newspaper accounts stating that the Federal Reserve
Board was again in session, presumably discussing
the money situation and the means for dealing with
it in an effective manner. The statement issued on
Thursday evening of that week had shown a further
expansion of $166,000,000 for that week in the ever
growing total of brokers' loans. On Monday call
loans on the Stock Exchange renewed at 9%,
but rose by rapid steps to 14%. At the same time
8
there was another increase of 1/ of 1% in the rates
for bankers' acceptances. The deepest apprehension
prevailed concerning the money situation and prices
tumbled all around, the declines in a large number
of the speculative favorites reaching ten points or
more.
On Tuesday, the money situation got still worse;
the renewal rate was 12% and from this there were
rapid jumps to 20%. Stocks were now thrown over
by the ream, both because of the loss of confidence
and by reason of exhausted margins. It looked as if
the bottom were to fall completely out of the market.
It appeared, too, in the absence of any considerable
supplies of money for loaning, as if before long money
would not be obtainable at any price. It was then
that the National City Bank appeared on the scene
and offered funds in quite liberal amounts in an
effort to stem the upward flight of interest rates.
The market now reversed its course and with a
rapidity that has, we are sure, never been surpassed
in Stock Exchange history. Bargain hunters bought,
shorts scrambled to cover their outstanding commitments, sand considerable buying occurred for account of different investment trusts and holding
companies. In the last hour of the day's session
prices rallied in most notable fashion. The losses
early in the day had been of sensational dimensions;
in the rally at the close, these losses were in a large
number of cases completely recovered, with the result that in numerous instances, closing prices were
better than the closing prices of the day before. The
day's transactions reached no less than 8,246,740
shares, establishing a new high record, far surpassing the previous high record, which was established
on November 23, 1928, when the sales aggregated
6,954,020. On the New York Curb Market where the
experience was the same as on the Stock Exchange,
sales on Tuesday footed up 2,210,400 shares, making
the volume of trading on the two exchanges combined nearly 101 2 million shares. It should be stated
/
that on the commercial exchanges prices also were
badly demoralized on that day, with severe declines in wheat, corn, cotton, etc. By actual count
no less than 517 stocks established new low prices
for 1929 on Tuesday.
On Wednesday the recovery made further progress
as abundant supplies of funds were on offer from
the National City Bank and other large money
lenders. All call loans on that day were at 15%.
On Thursday the upward movement of prices made
further headway and when it appeared that call
For... 128.
FINANCIAL CHRONICLE
loans on the Stock Exchange, after,having been renewed at 15% dropped to 8% the market became
positively bouyant. Trading continued in large
volume, the sales on Wednesday reaching 5,618,990
shares and on Thursday 5,096,320 shares. On Friday the exchange was closed, it being Good Friday,
and the Exchange will also be closed to-day (Saturday). On Saturday last the sales on the Stock Exchange were 2,144,570 shares, on Monday they were
5,860,210 shares. On the New York Curb Market
the sales last Saturday were 777,700 shares, on Monday 1,480,900 shares, on Wednesday 1,479,900 shares
and on Thursday 1,315,800 shares. In order to furnish an idea of the course of the market we introduce here the following table which shows the high
price for the week before the break, the low price
during the break, the closing price on Thursday, besides which we also show the recoveries which occurred during the rally in the last hour of Tuesday.
FLUCTUATIONS IN STOCK PRICES DURING THE WEEK.
High
Before
Break.
Low
During
• Break.
Adams Express_ _ _ 551 Mar. 25525 Mar. 26
Advance Rumely_ 94 Mar. 23 707%Mar. 26
Allied Chem & Dye280%Mar. 23260%Mar. 26
American Can _ 125 Mar. 231107%Mar. 26
American Express_ 318 Mar. 23301 Mar. 26
Am Foreign & Pow 105 Mar. 23 79 Mar. 26
Am Power & Light 1057% Mar. 231 89 Mar. 26
Am Ry Express_ - - 160 Mar. 23 141 Mar. 26
Am Smelt & Ref_ _ 117%Mar. 23 102 Mar. 26
Am Wat Wks & El 86%*Mar. 23 76 Mar. 26
Am Zinc, Ld & Sm 44 Mar. 23 307%Mar. 26
Anaconda Copper_ 63HMar. 23 51 Mar. 26
Baldwin Locomo_ _ 260%Mar. 23232 Mar. 26
Calumet & Hecht_ 56%Mar. 23 427%Mar. 26
122 Mar. 23105HMar. 26
Chile Copper
Chrysler Corp---- 108%Mar. 23 89%Mar. 26
Comm'l Solvents B 264%Mar. 23242%Mar. 26
Curtiss Aero & Mo 151 Mar. 25 1357%Mar. 26
EI du Pont de Nem 61%Mar. 23 49 Mar. 26
Elec Pow & Light_ 67HMar. 23 58 Mar. 26
General Electric_ _ 233 Mar. 23219 Mar. 26
88%Mar. 23 7731Mar. 26
Gen Motors
93%Mar. 23 83%Mar. 26
Goodrich
Goodyear Tire & R 142 Mar. 231257%Mar. 26
Greene Cananea_ _ 186 Mar. 23 1527%Mar. 26
102HMar. 23 83HMar. 26
Houston Oil
71%Mar. 23 60 Mar. 26
Hupp Motor
Inspiration Cons C 61%Mar. 23 45%Mar. 26
Int Combust Eng- 83%Mar. 23 61 Mar. 26
Int Nickel of Can- 52%Mar. 25 407%Mar. 26
247 Mar. 25229 Mar. 29
int Tel & Tel
Johns-Manville_ _ 183 Mar. 23 1553lMar. 26
Kennecott Coppe 98%Mar. 23 82 Mar. 26
Kroger Groc & Bak 99%Mar. 23 85 Mar. 26
Magma Copper__ _ 80%Mar. 23 687%Mar. 26
Mex Seaboard Oil_ 53%Mar. 23 417%Mar. 26
527%Mar. 23 357%Mar. 26
Miami Copper
1053jMar. 23 94 Mar. 26
Nash Motors
Param Fam Lasky 677%Mar. 23 5934Mar. 26
917%Mar. 23 82 Mar. 26
Radio Corp
St Joseph Lead__ _ 80 Mar. 23 643jMar. 26
.
153%Mar 231397%Mar. 26
Sears, Roebuck
Stand Gas & Elec. 877%Mar. 23 80%Mar. 26
857%Mar. 23 777%Mar. 26
Studebaker
657%Mar. 23 60 Mar. 26
Texas Corp
US Cast Iron Pi.• 51 Mar. 23 36 Mar. 26
60 Mar. 23 51 Mar. 26
U S Rubber
683%Mar. 23 577%Mar. 26
U S Smelt & Ref
1837%Mar. 231717%Mar. 26
U S Steel
100%Mar. 23 8331Mar. 26
Vanadium
%
Warner Bros Pict_ 1183 Mar. 23 97 Mar. 26
Western Union_.. 205%Mar. 23194 Mar. 26
151%Mar. 2 140 Mar. 26
Westinghouse Elec
Wright Aeroplane_ 261 Mar. 23220 Mar. 26
Closing
Bale Price
March 28.
Rally Laet
Hour on
March 26.
594
90%
275
123%
310
96H
98%
153%
1137%
83
40%
15931
269%
547%
116%
99%
260
147%
181%
64%
238
85
92%
140%
1757%
105
70
56%
75%
52
274%
170
94
94
75%
51%
49
102%
66
106%
75
150%
89
84
66%
47%
57%
67%
183%
957%
109
202%
151%
254
From
525 to 561
69% to 80%
2
607% to 274
1107% to 1097%
301 to 309
79 to 88
89 to 94%
141 to 142
102 to 1097%
76 to 70
31 to 36%
142 to 1537%
232 to 240
42% to 48%
1057% to 1097%
89% to 98
24214 to 250
1357% to 1417%
1727% to 176
58 to 61
219 • to 2287%
77% to 82%
83% to 91
1257% to 1337%
15214 to 162
837% to 90
00 to 62%
45% to 52%
61 to 69%
40% to 44%
229 to 2417%
1557% to 1687%
82 to 90
85 to 87%
68% to 72%
41% to 46
35% to 43
94 to 98%
59% to 61%
82 to 95
647% to 69%
1397% to 1457%
80% to 83%
77% to 79%
60 to 61
36 to 42
51 to 55
57% to 62%
1717% to 1787%
833( to 89%
97 to 102%
1917% to 195
to
140 ' 147
230 to 247
On account of the recovery the latter part of the
week the net changes as compared with the closiktg
prices on Friday last are relatively slight aid in
not a few instances prices are higher, though the
great majority are lower. International Tel. &
Tel. and Radio Corporation of America were the
two strong features of the week. While the market
was breaking on Monday they moved contrary to
the general trend and showed a net gain for the day.
In the crash on Tuesday, however, they slid down
with the rest of the list, but staged a quick recovery
and since then have sharply advanced on reports
MAR. 30 1929.]
FINANCIAL CHRONICLE
1971
/
that the Int. Tel. & Tel. was to take over the wire- week; Nash Motors at 102% against 10478; Chrysler
/
less business of the Radio Corporation. The latter Corp. at 99% against 1071 2; Studebaker Corpora/
closed on Thursday at 106% against 91% on Friday tion at 84 against 85; Packard Motor at 13478
of last week and Int. Tel. & Tel. closed at 274% against 135%; Hudson Motor Car at 87% against
/
against 23278 Adams Express closed Thursday at 8778; and Hupp Motor at 70 against 71%. In the
/.
/
594 against 60014 on Friday of last week and Ameri- rubber group Goodyear Tire & Rubber closed Thurs/
/
can Express closed at 310 against 320 the previous day at 14078 against 14214 on Friday of last week
/
group, Allied Chemical & B. F. Goodrich closed at 9278 against 93%; and
Friday. In the chemical
/,
closed Thursday at 275 against 2801 4 on Fri- U. S. Rubber at 57% against 591 8 and the pref. at
/
Dye
/
day of last week; Commercial Solvents closed at 260 8478 against 88.
The railroad group suffered only moderately in
against 263; Davison Chemical at 57% against 62;
Mathieson Alkali at 192 against 197 bid; Union Car- the early break. New York Central closed Thursbon & Carbide at 218 against 223, and E. I. du Pont day at 185 against 187% on Friday of last week;
de Nemours at 1813 against 185. General Electric Del. & Hudson at 188 against 190; Baltimore &
/
4
closed at 238 against 232; Amer. Tel. & Tel. at 224 Ohio at 124 against 125%; New Haven at 88%
/
1
4
against 213%;National Cash Register at 134 against against 87%; Union Pacific at 219% against 215 ;
/
136%; Montgomery Ward & Co. at 122 against Canadian Pacific at 23912 against 241%; Atchison
/
1
4
126%; Victor Talking Machine at 200 against 180; at 19978 against 199 ; Southern Pacific at 127%
/
/ against
1
4
Wright Aeronautic at 254 against 261; Sears Roe- against 126%; Missouri Pacific at 77
Kansas City Southern at ex-div., 82 against
buck & Co. at 150% against 153; Inter'l Nickel at 79%;
52 against 50%; A. M. Byers at 156 against 163; 85; St. Louis Southwestern at 101% against 108; St.
American & Foreign Power at 9638 against 103; Louis-San Francisco at 113% against 114%; Mis/
Brooklyn Union Gas at 180 against 180; Consol. Gas souri-Kansas-Texas at 47% against 49%; Rock
/
of N. Y. at 105 against 105%; Columbia Gas & Island at 126% against 12714; Gr. Northern at
/
Electric at 142 against 142%; Public Service Cor- 105% against 107; Northern Pacific at 10358
/
1
4
poration of N. J. at 8278 against 81%; American against 105 ; and Chicago Mil. St Paul & Pac.
/
/
1
4
Can.at 123% against 123%; Timken Roller Bearing pref. at 54 against 56%.
at 8114 against 81; Warner Bros. Pictures at 109
/
European securities markets have been quiet in
against 11834; Mack Trucks at 98 against 104; Yel/
low Truck & Coach at 3978 against 4078; National the short week before the Easter holidays, which
/
/
Dairy Products at 124% against 126%; Western began yesterday in all markets. Trading has been
Union Tel. at 202% against 206%; Westinghouse subdued, and price movements irregular. The major
Electric Mfg. at 151% against 15178; Johns-Mans- break in Wall Street early in the week was the chief
/
ville at 170 against 181; National Bellas Hess at 56 topic of conversation in the London, Paris and Beragainst 62%; Associated Dry Goods at 58 against lin markets, but it brought about no corresponding
601 8; Commonwealth Power at 133 against 132%; decline on those exchanges. These markets, it was
/
Lambert Co. at 145 against 150%; Texas Gulf reported, rather welcomed the slumii at New York
/
1
4
Sulphur at 8038 against 77%; Kolster Radio at in the hope that it might be a sign that the specula/
56% against 59%.
tive fever was coming to an end. It was considered
The copper stocks suffered badly in the crash on that in the long run the effects of any drastic readMonday and Tuesday, but made an equally sensa- justment in American markets would prove benetional recovery thereafter, but are quite generally ficial to European centers, as it would relieve the
lower for the week. Anaconda Copper closed Thurs- separate currencies from the strain occasioned by
day at 159 against 16938 on Friday of last week; the continued drain of funds to New York.
/
1
4
/
The London Stock Exchange was dull at the openKennecott Copper at 94 against 98; Greene-Cananea
/
at 175% against 184%; Calumet & Hecla at 5414 ing Monday, with Anglo-American issues under presagainst 56; Andes Copper at 5878 against 63; Chile sure owing to the lower prices reached in New York
/
Copper at 11618 against 122%; Inspiration Copper on the previous Saturday. Cunard shares also lost
/
at 56% against 6114; Calumet & Arizona at 133 ground on a report showing a reduction in profits.
/
against 138; Granby Consol. Copper at 98% against Rubber issues declined, following a fall in the com98%; American Smelting & Ref. at 113% against modity price and an increase in London stocks of
116%; U. S. Smelting Rfg. & Min. at 67% against crude rubber. News of a shipment of gold coin
68.
from Holland to London caused a rally in gilt-edged
The oil shares have been special features of securities in the final hour. In the London market
strength on the progress made by the American Tuesday the decline at New York on the previous
Petroleum Institute with its oil restriction plan. day was reflected chiefly by a further drop in AngloAtlantic Refining closed Thursday at 64% against American issues. Gilt-edged securities were strong
62% on Friday of last week; Phillips Petroleum at owing to improvement in the gold position of the
/
42% against 41%; Texas Corp. at 66% against 6478; Bank of England. Wednesday's market in London
Richfield Oil at 44% against 44%; Marland Oil at was relatively firm, the gilt-edged securities im42% against 40%; Standard Oil of N. J. at 5838 proving further on the prospects of steadier mone/
/
/
against 5378; Standard Oil of N. Y. at 4378 against tary conditions. The record trading during the
/.
Sharp break in New York Tuesday was an overnight
42; and Pure Oil at 27% against 2578
In the steel stocks U. S. Steel closed Thursday at development so far as London was concerned, and
183% against 183% on Friday of last week. Bethle- with the quick :upturn here in the final hour making
hem Steel at 104% against 104%; Republic Iron & up many of the losses, Anglo-American issues needed
/,
Steel at 91 against 9378 and Ludlum Steel at 72 little readjustment on the London Stock Exchange.
against 74. In the motor group General Motors Further gold receipts in London Thursday brought
closed Thursday at 85 against 88 on Friday of last about additional firmness in British funds and the
1972
FINANCIAL CHRONICLE
[vol.. 128.
optimism. spread quickly to the rest of the list. Oil considerable elucidation and discussion before any
shares were an outstanding feature on favorable definite view can be reached." Financial circles in
reports of the oil restriction conference at New Paris, a report from that capital said, "were highly
York.
interested in the proposed creation of an internaThe Paris market was very quiet in the three ses- tional bank to facilitate reparations payments and
sions held on the Bourse this week. The opening which would also permit the reduction of fluctuaMonday was a little uncertain on account of a num- tions in the value of gold to the minimum." A defiber of selling orders attributed to foreign sources, nitely unfavorable reception was given the proposal
but the tone became firmer toward the close and a in Berlin banking circles, according to a dispatch
number of gains were recorded. The Bourse was to the "Times",the fear being expressed that the bank
closed Tuesday out of respect to Marshal Ferdinand "will tend toward an inter-governmental monopoly
Foch, whose burial with national honors took place in of credit."
the course of .the day. Price movements were irregReports which were circulated in Paris last week,
ular when the Bourse reopened Wednesday, owing and which were credited to the German delegation,
chiefly to the violent movements at New York. The indicated that Dr. Schacht had received a tentative
market was calm, however, and many issues ad- offer from the Allied Governments' experts for anvanced. Thursday's session at Paris was the last be- nuities of 1,750,000,000 marks, with no indication
fore a four-day closing, and there was little tendency of their duration or other particulars. These reports
to enter upon new commitments. Trading was rela- were officially denied over the week-end by the vatively lively, however, and the tone of prices was rious delegations, including the American, and it
firm.
was added that the Allied demands call for annuities
The Berlin Boerse opened with a fairly firm ten- beginning at 1,900,000,000 marks and rising to 2,700,dency Monday, but prices began to decline after 000,000 marks. It was remarked, however, in a disexecution of the buying orders early in the day. patch to the New York "Times" that "Dr. Schacht
Most stocks dropped several points on the announce- did take to Berlin a fairly definite idea of the field
ment of an increased discount rate at Amsterdam, into which the German offer must come to be seriand reports of a decline in the New York market. ously considered." The offer of the Allied experts
Interest centered on the North German Lloyd shares was based, it was indicated, on annuities rising from
Tuesday, which dropped three points owing to the 900,000,000 to 1,700,000,000 to meet the Allied debt
fire on the new liner Europa which will delay com- payments to America, and an additional 1,000,000,pletion of that vessel six to nine months. Otherwise, 000 marks to cover war damage.
the Berlin market was firm, with bank and potash
Dr. Schacht returned to Paris on Monday after
shares under active accumulation. The New York discussing these figures with the officials of the
decline acted as a Stimulant at Berlin Wednesday, German Government and with leading bankers and
because of the circulation of rumors that New York industrialists, and plenary sessions of the Experts'
banking houses were seeking to prepare the ground Committee were promptly resumed. It was briefly
for a coming world loan in settlement of reparations indicated by Owen D. Young, as Chairman, at this
and Allied debt accounts. The Boerse was firm meeting that the time to discuss figures in open sesthroughout the day and stocks advanced consider- sion had arrived. All previous discussions of this
ably. Thursday's session was the last at Berlin also, delicate subject had been quietly conducted by one
before a four-days' holiday, and the firmness conti- or two members of the delegations, principally
nued throughout the session. A few notable gains through the medium of the American Chairman.
were made in industrial stocks, with the list gener- Although no progress was made in the plenary sesally closing at slightly higher prices.
sion on Monday, it was reported in dispatches that
the private discussions were resumed, Mr. Young
The Experts' Committee which has been sitting at first conversing with the German delegates and
Paris since February 11 in an effort to complete the then with the Allied Experts. The "armchair" disDawes Plan, or else evolve a new method for the cussions continued until Thursday, with the details
final settlement of German reparations, continued apparently closely guarded. A report to the New
its discussions this week of the amount of German York "Times" said that the German experts were
payments and the scale of annuities. The plan for ready to make an offer which equals an annuity of
setting up an International Settlement Bank in ac- about 1,300,000,000 marks, while a dispatch to the
cordance with the official announcement of March New York "Herald Tribune" said that Dr. Schacht
9 has received little further attention, judging by the had "breathed the possibility of Germany paying as
dispatches from Paris, interest centering on the much as 1,600,000,000 marks annually."
departure of Dr. Schacht, president of the ReichsAt a further plenary session held Thursday mornbank, for Berlin last week with a tentative offer. ing, the various ideas of the separate delegations of
In the important financial centers, however, the what should constitute a basis for discussion were
proposed settlement bank was a lively subject of presented. The meeting was the last one before the
discussion, owing to indications that it is intended Easter vacation, which is to last until April 4, and
to be of far wider scope and immensely greater the session was described in an Associated Press
power than was at first thought likely. Responsible dispatch as one of the most important yet held. Mr.
bankers in Europe were naturally very cautious in Young brought the question of figures squarely betheir public discussions of the new international fore the gathering, beginning his address by a pointbank. "Some inclination is shown here and there ed reference to the fact that failure of the conference
to give whole-hearted support to the bank," a London meant continuation of the Dawes Plan with its anreport to the New York Times said,"but the scheme nuities of $625,000,000. He suggested compromise
is such a distinct departure from anything so far figures, a dispatch to the New York "Herald Tribs..ggested that the matter is looked upon as needing une" said, and asked that attempts be made by the
MAR. 30 19291
FINANCIAL CHRONICLE
1973
which I originally enunciated—that for the effective
control of our business, it is essential to have a
large body of shareholders living within the British
Empire. The new arrangement is not as satisfactory either to ourselves or to the issuing house as
the original scheme, but we hope we may be able
to show our American friends that we have endeavored to meet them as fairly as possible and hope
they will return to America satisfied. I believe this
offer meets all the fundamental demands of our
critics. The epithet 'super-patriot' has been used
against me. I wish to assure the shareholders that
our action is not a question of politics or patriotism;
it is dictated by what we consider sound business
principles and motives. For the good of this company we must have a continuing British electorate.
A proposal was made in London Thursday by Sir If we lose our British characteristic—and we would
Hugo Hirst, chairman of the General Electric Co., lose it if a majority of our shares were held abroad
Ltd., of Britain, for settlement of the controversy —it would have a tremendous effect on unemploywith a committee of American shareholders which ment, both direct and indirect. Wages paid comwas occasioned by the decision reached early in pared with the dividend on the ordinary shares are
March for issuance of an additional 1,500,000 shares at the ratio of fifteen to one. Preservation of this
of £1 par value each, to British subjects only, to the characteristic in the company is essential and is
exclusion of American shareholders. The original uniformly demanded by our management. I am
plan, favorably voted upon by the British stock- afraid this has not been sufficiently appreciated by
holders to whom the voting rights are limited, pro- our critics."
vided for issuance of the new shares at 42 shillings,
The full text of the proposal, which was unaniand a contract was made with the British Foreign mously approved by the voting shareholders, is as
and Colonial Corporation for distribution of the follows: "Bearing in mind that the company desires
shares, the corporation buying them at 40 shillings. a large body of British shareholders we suggest that
The contract for issuance of the new shares at a price the company issue 140,853 shares in the proportion
"not to exceed 42 shillings," was made when the mar- of one to sixteen to existing shareholders at a price
ket price of the shares was considerably higher, and to be agreed upon, but not being more than forty-two
the American shareholders, who own about 60 per shillings. The issued ordinary share capital will
cent of the old shares, promptly protested against then be £2,394,498. By way of a next step the comthe action. Before the plan was broached, the old pany is to offer two British shares in respect of
shares had ranged as high as 80 shillings in price. every three shares then held by shareholders, irreThe closing quotation on the London Exchange spective of nationality, which will absorb 1,596,332
Thursday was 60s. 3d. Execution of the original British shares. This new issue will be made in the
plan was delayed by Sir Hugo Hirst, owing not only usual way accompanied by renunciation letters
to the American protests, but also to almost universal which will be marketable on the London Stock Excondemnation of his action in the British press.
change, and three stock exchange accounts terminaThe new proposal of the chairman of the company, ting, say, at the end of May next would be allowed
announced at a shareholders meeting in London, for shareholders desiring, or by reason of nationality
Thursday, differs from the original proposal only required, to dispose of their rights, to do so. The
in that an attempt is now to be made to meet the issue of British shares is to be at 42 shillings. Any
objection that no "rights" were issued to stockhold- rights not sold by the end of May we are prepared
ers, in accordance with general practice. The new to purchase at a price to be agreed on. By this
scheme was evolved by the British Foreign and Co- method all but 9,170 shares out of a total authorized
lonial Corporation, which contends that it is entitled issue of 4,000,000 shares will be absorbed and these
to delivery or alternately to damages. It provides shares should be left available for issue to the comfor issuance of 1,500,000 so-called British shares at pany's staff at the discretion of the Tanagement."
42 shillings to all stockholders in the ratio of two
Comment so far available from the financial
new shares for every three held. Foreign share- editors of London journals indicates that the new
holders, however, are to be required to dispose of scheme is regarded as hardly more than an aggravatheir rights almost at once either at the market tion of the position originally assumed by Sir Hugo
price or at a price to be agreed upon, the purchaser Hirst. Americans bought the shares at anything
being the British Foreign and Colonial Corporation. from 50 shillings up to 80 shillings, it was pointed
This proposal was radioed to Thomas L. Chadbourne out, in the belief that there would be no interference
and Herbert B. Swope, who will reach England to- ,with any of the rights of the shares. "Why should
day on the Aquitania, as representatives of the they now have an arrangement forced on them which
American shareholders. Other members of the com- compels them to sell shares within a given period?"
mittee in New York expressed extreme dissatisfac- the London Evening Standard asks. "The free martion at the new proposal, when the terms were cabled ket within that period may be influenced by all sorts
here on the same day. "What good are the rights if of temporary conditions. Why should not the Ameryou have to dispose of them at a forced sale?" was icans hold their shares in company on exactly the
the question immediately raised.
same footing as British industries hold shares in
Sir Hugo Hirst, in advancing his new proposal companies over the whole world? If Americans have
said; "I will not yield one iota of the principles bought from confidence in the company's outlook
delegations to fit their plans to annuities of 2,000,000,000 marks or perhaps 2,200,000,000 marks. Dr.
Hjalmar Schacht, for Germany, said he appreciated
the efforts of the Chairman and would carefully
consider the figures during the Easter recess. It
was reported on reliable authority that the French
and Belgians asked annuities of 2,200,000,000 marks,
while the British suggested 1,900,000,000 marks, both
figures calculated on the assumption of fifty-eight
annual payments. The Germans were said to have
offered 1,600,000,000 marks, presumably calculated
on the assumption of thirty-seven annual payments.
With the suggested figures so widely divergent, it
was indicated that a full month might yet elapse
before the work of the Committee is completed.
1974
FINANCIAL CHRONICLE
they must be given a chance to hold their shares just
as long as they like. Any condition forcing sale
within a given period, if adopted, would itself be a
depressing factor in so-called free market of the
shares. The new plan seems to be characterized by
rather more stupidity than the former."
[VoL. 128.
tional controversies. The opinion and conscience
of the massed signatories of the pact are mobilized
against violation or threat of violation. Henceforth
the nation which turns to the way of war breaks a
solemn trust and obviously does so at its peril."
Administration of our American prohibition laws
Alanson B. Houghton, the retiring American Am- has once again resulted in an incident which threatbassador to England, stated in a farewell speech in ens international complications. All relevant facts
London Tuesday that he had met during his four have not yet been determined in the sinking of the
years' sojourn there nothing but sympathetic under- confessed rum-runner, the British auxiliary schooner
standing and fair play in dealing with the British "I'm Alone," some 200 miles off the coast of
LouisGovernment on all questions on which the two coun- iana, on March 22, by the Coast Guard vessel "Dextries differed. This experience, he said, confirmed ter." The rum-runner was commanded by Captain
his belief that no serious misunderstanding could John T. Randell, a Canadian, while the sinking relong divide the two nations. Mr. Houghton was sulted in the death of a seaman, Leon Mangey, who
guest of honor at a dinner given by the Pilgrims. was a French citizen. The schooner was encounThe existence of two "mental hobgoblins" was the tered by the Coast Guard cutter "Walcott" in the
only reason for distrust regarding the relations of vicinity of the Louisiana coast, her commander
the two peoples seen by the Ambassador. "One of claiming that he was well outside the limits of Amerthese hobgoblins," he said, "appears from time to ican territorial waters and therefore not subject to
time in America to assure us that Britain is a pre- molestation by Coast Guard ships. The commander
datory power, cynically careless of right and wrong, of the "Walcott" maintains, on the contrary, that
indifferent to the rights of others, greedy, cunning, the "I'm Alone" was well within an hour's run of
and waiting only for a favorable opportunity to the American coast and therefore subject to search
strike us down. The other appears from time to and seizure. The rum-runner was pursued to a point
time in Britain to assure you that as America be- 215 miles off the coast in the Gulf of Mexico, first
comes more conscious of her gigantic strength, she by one and then another Coast Guard vessel and
will inevitably become imperialistic, ruthlessly and finally sunk by shell fire, after Captain Randell
brutally seeking to exploit others and will use that persistently refused to heed commands from the
strength merely to play the bully and become a dan- Coast Guard officers. Since the vessel was shelled
ger and menace to the peoples of the world. These several days after first sighting, and far off the
hobgoblins do not speak the truth. There are no coast, the case involves the question of "continuo
us
such peoples as those described. The real peoples pursuit," the sinking in the circumstan
ces being
are wholly different. They are made up of millions justifiable under international law only after
such
of kindly, decent, hard-working, God-fearing men unrelenting pursuit. On this point
also the claims
and women who possess innate common sense, who differ. The survivors of the shelling and
sinking
are busy about their own affairs, who do not fear were brought to New Orleans in irons.
one' another, who want to live in peace and who
The sinking of the "I'm Alone" is the first incident
mean, God willing, to do so. Is it not time that we of its kind, and it created a sensation
in America
recognize that fact fully and consciously, and turn and Britain. In England there
was indignation
definitely away from fantastic views of our true re- that the crew of the vessel were manacled.
Sir
lations to each other. Durable, unbreakable peace Esme Howard, the British Ambassador, promptly
exists even now between the British and American called at the State Department in Washingto
n and
peoples if they will but recognize the fact."
requested a report on the incident. Secretary Mellon
As one indication of the general international issued a statement justifying the action
of the Coast
advance toward lasting peace, Mr. Houghton cited Guard. It appeared Tuesday that the
vessel was of
the Kellogg Treaty for the renunciation of war as Canadian registry, whereupon Vincent
Massey, the
an instrument of national policy. The events of the Canadian Minister, requested the State
Department
past few years, taken together, represent a steady to submit to him the information
previously readvance in the direction of more durable peace, he quested by Sir Esme Howard: The
British Ambasdeclared. "Within the comparatively brief span of sador will, however, retain a direct
interest in the
my own stay in Europe I have seen several moment- case. The French Embassy also is
observing the
ous steps taken on the road to understanding, cul- proceedings with great care. A
Washington disminating in the signing of the Briand-Kellogg pact. patch of Thursday to the New York "Sun"
said:"AlThis pact, I believe, is the embodiment of a deep- though the sinking of the schooner 'I'm
Alone' is
lying movement among the peoples. There are, of considered by the Government to
have been legally
course, certain aggressive pessimists who claim it justifiable, it is an open secret that
the authorities
to be a mere platitudinous expression of good-will here wish it could have been avoided."
which in the face of actual events will prove of no
effect. I think they underrate and undervalue its
Spurred on by an "order sheet" issued by Premier
significance. I believe with the British Prime Min- Mussolini last Saturday to his fellow
Fascisti,
ister that the pact is an opportunity for a fresh 8,650,000 Italians, or 89.63% of the
registered voters,
start. I believe it records a definite change of atti- went to the polls on the following
day and voted
tude and marks the opening of a new era. In that for the first "Corporative Parliamen
t" of 400 depusense we in America signed the pact with every in- ties who were personally selected
by Signor Mustention of keeping our plighted word. I am sure the solini. There was no opposing
party in the election,
other signatories are equally sincere. We have all and Italians were merely asked
to vote Yes or No,
condemned recourse to war for a solution of interna- in reply to the question "Do you
approve the list
MAR. 30 1929.]
FINANCIAL CHRONICLE
of candidates designated by the National Grand
Council of Fascism ?" The voting was preceded by
a week of intense campaigning designed to bring out
as large a vote as possible, even though the polling
could not very well turn out other than favorable
to the Fascist candidates. The campaigning was
terminated by the "order sheet"in which the Premier
called on Fascisti to vote solidly in the parliamentary plebiscite and in which he predicted another
and more splendid decade of Fascism. The election
was purposely held, Ii Duce explained, on the tenth
anniversary of the day "when a handful of men met
in Milan and declared war on the old regime which
had humiliated the country." The old regime "tried
to rise after two years, but was definitely crushed
in January, 1925, and the final remnants were scattered in November, 1926," he declared.
Of all the Italians who went to the polls, only
136,000 voted against Fascismo, while 6,800 votes
were nullified, indicating that only 1.4% of the registered voters cared to cast their votes against the
party. It was pointed out in a Rome dispatch to
the New York "Times" that the Fascisti themselves
entertained hopes of inducing perhaps 3,000,000 of
the registered voters to go to the polls. The result
achieved, therefore, was described as "first of all,
a triumph for the Fascist organization, which succeeded in inducing almost 90 per cent. of the registered voters to go to the polls—no mean achieve-ment." Before Fascismo, the dispatch pointed out,
it was considered quite extraordinary if as many as
50% of the total electorate voted. The voting was
also considered a "demonstration of Premier Mussolini's enormous popularity, which, over six years
after the march on Rome, enabled him to keep the
anti-Fascist numbers down to an insignificant
figure."
It was further remarked as "sufficiently obvious"
that the election returns do not represent the true
state of atfairs in Italy. "Even the most rabid Fascist would not seriously maintain," the "Times" correspondent continued, "that only 14 out of every
1,000 voters have faults to find with the present government, all others being completely in its favor. It
is evident that the election results exaggerated the
popularity which the Fascist Government undoubtedly enjoys throughout Italy. They show, however,
that an overwhelming majority of Italians, even
though they may have some grudge against the present regime, are at least sufficiently well satisfied to
render it support and unwilling to vote it out of
office." In a Rome dispatch to the New York "Herald
Tribune", it was emarked that the active membership of the Fascist Party totals 1,051,708 while
through various syndicates and workers' organizations, whose membership depends more or less upon
individual adherents to Fascist precepts, the party
controls about 6,000,000 votes. "Therefore," the report added,"about 1,500,000 votes of approval came
from the general public. Political observers have estimated that Fascism gained at least a million 'Yes'
votes as a result of the recent agreement with the
Vatican settling the Roman question. This estimate
does not seem exaggerated, judging from the manner
in which Catholic prelates cast ballots."
1975
_
State of Sinaloa. The port was held by a force of
about 2,500 Federals under General Jaime Carrillo,
who were attacked by a slightly larger body of rebellious troops under General Iturbe. After two days
of sanguinary fighting on March 22 and 23, the rebels
withdrew to positions in near-by hills. Casualties
in the fighting were estimated at less than 250 killed
and wounded. By Monday the rebel forces which
had attempted to take Mazatlan were in retreat
northward toward Sonora, probably in order to join
forces with the main body of rebel troops under
Generals Manzo and Topete. With the exception of
a minor rebel movement in the Central Mexican
States of Guanajuato and Jalisco, the Federal success in defending Mazatlan is believed to indicate
that the insurrection will now be localized in the
northern tier of States. In order to crush the
movement in Guanajuato and Jalisco, General
Calles, as supreme commander of the Federals, detached 5,000 men from his main force in Torreon and
sent them southward to this area.
General Calles, meantime, is continuing his advance along the railway line leading from Torreon
to Juarez on the border, with the main rebel force
under General Escobar steadily giving way before
the Federals. The Federal columns moved with increased speed toward Chihuahua in the middle of
the week, and by Thursday were in possession of
Escalon, about 100 miles north of Torreon. The
rebels were reported in force at the town of Jiminez,
still further north, with indications that a battle may
develop at or near this point. In Mexico City it is
estimated that the rebel forces number about 9,000,
out of a total of 15,000 that deserted to the rebel
cause early in March when the rebellion started.
Many of -the rebels in Vera Cruz and other states
rejoined the Federals. In the region between Torreon and Monterey, rebuilding of railway lines and
re-establishment of communications has already begun, the National Railways of Mexico pushing this
work steadily. Destruction by the rebels in their
retreat of two weeks ago was rather complete, according to the reports, so that upwards of thirty
miles of track have to be replaced and more than
forty bridges rebuilt.
Chinese history of the last eighteen years began to
repeat itself this week, when strife within the ranks
of the ruling faction reached the point of open declaration of hostilities. President Chiang Kai-shek.
as the leader of the Nanking Nationalist Government, issued a formal declaration of war Wednesday against "Wuhan" rebels in the Hankow district.
The present imbroglio, according to reports to the
New York Herald Tribune from its Shanghai correspondent, Thomas F. Millard, is the outcome of
a prolonged contest between the Canton and Kwangsi factions within the Kuomingtang, or Nationalist
Party, for control of the central government. A
drive against the Wuhan rebels was promptly
started, three armies moving against them from different directions. One of these armies is commanded
by a follower of the "Christian General", Fen YuHsiang, indicating, it is said, that this important
military leader has decided to support the Nanking
Government. A further reverse was suffered by
Active fighting developed in the Mexican military the Nationalists in Shantung, where the old Miliinsurrection over the past week-end for possession of tary Governor, Chang Tsung-chang, captured the
the important Pacific Coast port of Mazatlan,in the seaport of Chefoo, which gives him virtual control of
1976
FINANCIAL CHRONICLE
the province. Early in the week, on the other hand,
it was officially announced in Shanghai that the
principal difficulties between China and Japan have
been settled after negotiations which have been
under way for about a year. An agreement was
initialed providing for adjustment of the troubles
occasioned by the Tsinan-fu incident of May, last
year. Signature of the agreement followed on Wednesday, and the Japanese authorities then issued an
order for the withdrawal of Japanese troops from
Shantung within a period of two months.
The Bank of the Netherlands on Saturday last
raised its discount rate from 43/2% to 53/2%. The
lower rate had been in effect since Oct. 13 1927.
Otherwise 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 63/2% in
Germany and Austria; 6% in Italy; 53/270" in Great
Britain, Norway and Spain; 5% in Denmark; 432%
in Sweden; 4% in Belgium, and 33/2% in France and
Switzerland. London open market discounts for
short bills are 5 5-16% and for long bills, 5 5-16@
53 % against 5 5-16@59/s% for both on Friday of
A
last week. Money on call in London is 41 %. At
4
Paris open market discounts remain at 3 7-16% and
in Switzerland at 3 8%.
The Bank of England statement this week shows
an increase in gold holdings of £907,699. Circulation
mounted £7,917,000 and so reserves dropped £7,010,000. The total gold now held amounts to
£153,733,551 compared with £152,825,852 last week
and £158,130,454 a year ago. Loans on Government
securities increased £2,670,000, while those on other
securities decreased £399,000. Other securities includes "discounts and advances," which increased
£421,000 and "securities," which fell off £820,000.
Public deposits rose £281,000, while other deposits
dropped £5,000,000. This latter item includes
"bankers' account" and "other account," which
decreased £4,092,000 and £908,000, respectively.
The discount rate remains at
Ratio of reserve to liabilities is now 45.44%; last week it was
49.53%; this week last year it was 37.96%. Below
we show the various items in tabular form for several
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
March 27. March 28. March 30. March 31.
Apra 1.
1929.
1928.
1927.
1926.
1925.
13361,785,000
Circulation
19,705.000
Public deposits
Other deposits...,_ 94,594,000
Bankers' accounts 58,240,000
Other accounts_ _ _ 36,354,000
Governm't securities 50,586,855
Other securities__ 30,087,000
Disct. dr advances 13,003,000
17,064,000
Securities
Reserve notes & coh3 51,947,000
Coin and bullion_a153,733,551
Proportion of reserve
45.44%
to liabilities
Bank rate
534%
135,410,000 137,952,555 142,761,930 121.310,410
13,635.000 32,981,148 35.441,335 17,762,415
98,247,000 97,465,345 93,607,140 118,545,506
30,825,000 32,667,660 37,015,328 42.448,803
56,878,000 83,724,394 86,509,835 84.982,010
42,471,000 32,345,662 23,756,637 27,160,261
158,130,454 150,548,247 146,788,567 128.720,671
37.96%
434%
24.80%
5%
18141%
5%
1934%
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.
-The Bank of France in its statement for the week
of March 23, reports a further decrease in note circulation of 253,000,000 francs bringing the total
down to 62,626,800,320 francs, as compared with
62,879,800,320 francs last week and 63,414,800,320
francs two weeks ago. On the other hand creditor
[Voti. 128.
current accounts rose 7,000,000 francs and current
accounts and deposits 154,000,000 francs. Due to a
further gain of 86,619,623 francs, during the week,
gold holdings now aggregate 34,121,355,973, francs.
Gain in French commercial bills discounted was
326,000,000 francs, in bills bought abroad 13,000,000.
francs, while credit balances abroad dropped 255,506,349 francs and advances against securities 54,000,000 francs. A comparison of the various items
of the Bank's return for the past three weeks is
shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week
Status as of
Francs.
Mar. 23 1929, Mar. 16 1929. Mar.9 1929.
for Week.
Francs.
Francs.
Francs.
Gold holdings— -Inc. 86,619,623 34,121,355,973 34,034,736.350 84,023,887.551
Credit bats. abed_Deo. 255,506,349 10,709,977,244 10,985,483,593 11,476,024,67E3
French commercial
bills discounted_Ino. 326,000,000 4,846,013,515 4.520,013,515 5,290,013.515
Bills bought abeci_Inc. 13,000,000 18,313,156,939 18,300,156,939 18,297,156,939
Advs. against sec_Dec. 54,000,000 2,330,089,056 2,384,089,056 2,366,089,051.
Note circulation_ _Dec. 253,000,000 62,628,800,320 82,879,800,320 63,414,800,320
Credftor cur. acetsInc. 7,000,000 18,110,815,049 18,103,815,049 18,838,815.049
Cur. awls & dep_Inc. 154,000,000 6,415,171,973 6,261,171.973 4,231,171,973
In its statement for the week of March 23, the
Bank of Germany reports a further decrease in notes
circulation of 132,807,000 marks, reducing the item
to 4,032,997,000 marks as against 3,763,096,000 marks
for last year and 3,003,380,000 marks the year before.
Other daily maturing obligationsrose 79,738,000 marks
and other liabilities 11,164,000 marks. The asset side
of the account shows an increase in gold and bullion
of 72,000 marks, in silver and other coin 9,324,000
marks,in notes on other German banks 878,000 marks
and in other assets 11,340,000 marks. Reserve in
foreign currency dropped 799,000 marks, bills of exchange and checks 47,346,000 marks, and advances
15,374,000 marks, while deposits abroad and investments remained unchanged. A comparison of the
Bank's return for the past three years is shown below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Afar.23 1929. Mar.231928. Mar.231927,
Week.
Assets—
Reichsmarks.
Reichsmarks. Reichsmarks, Reichsmark,.
Gold and bullion
Inc.
72,000 2,648,946,000 1,908,950,000 1,856,194,000.
Of which depos.abed.
Unchanged
85,626,000
85,626,000 101,388,000
Res've in torn cum_ Dec.
799,000
66,970,000 226,788,000 223,706,000
Bills of exch.& checks.Dec. 47,348,000 1,672,868,000 1,927,592,000 1,454,547,000
Silver and other coln Ino. 9,324,000 130,269,000
77,119,000 145,061,000
Notes on oth. Ger.bits.Ino.
22,946.000.
25,954,000
878,000
21,956,000
12,774,000
31,341,000
Advances
Dec. 15,374,000
43,609,000
Investments
94,158,000
92,924.000
Unchanged
93,136,000
Other assets
Inc. 11,340,000 528.783,000 548,238.000 492,826,000
Liabilities—
Notes in circulation—Dec. 132,807,000 4.032,997,000 3,763,096,000 3,003,380,000
Oth.dally matur.obllgInc. 79,738,000 528,255,000 495,195,000 740,254,000.
Other liabilities
Inc. 11,164,000 205,889,000 174,825,000 193,471,000
Money rates in the New York market reached
heights this week not equalled in nine years, the
very obvious credit stringency thus reflected dealing
a severe blow to the stock market. The money
market has been a center of interest for months,
owing to the tremendous absorption of credit in
stock speculation which has seriously affected every
financial market in the world. High rates have
been in effect in New York for a little more than a
year, every successive period of unusual demand for
credit carrying the level a step higher. Charts of
money rates covering many years indicate that the
spring demand reaches its greatest height in the
present week with almost unfailing regularity. In
the present year this customary accession to the
credit demand was greater than ever before. Preparations for the Apr. 1 dividend and interest payments also had to be made on a heavier scale than
ever before, as these have reached record heights
this year. It is 'necessary for the normal economic
life of the country that these demands be met easily,
and it is believed that the frequent sessions of the
Federal Reserve Board in Washington this week
MAR. 30 1929.]
FINANCIAL CHRONICLE
1977
were partly for the purpose of creating conditions through Commercial paper has also again confor filling these needs.
tinued dull with little or no market. Rates for names
Extreme tightness in the money market was of choice character maturing in four to six months
manifested on Monday, the rate for call funds rising remain at 53 %,but quotations are purely nominal.
4
swiftly from a renewal figure of 9% to a close at Names less well known command 6%, with New
14%, through intervals of 10% and 12%. With- England mill paper selling at 53 @6%.
4
drawals by the banks amounted to $25,000,000.
Even greater stringency appeared on Tuesday, when
The market for banks' and bankers' acceptances
loans were renewed at 12%. The strong demand was badly demoralized this week and rates moved
and the exceedingly scant supply caused a rapid nervously up and down. The absence of the cusadvance to 15%, to 17% and finally to 20% on the tomary buying by the Federal Reserve Banks was
Stock Exchange. Money was loaned in the un- a severe blow. On Monday rates were marked up
official "street" market at even higher figures, some M to 1% for all maturities in both the bid and the
reports indicating 22% as the high point touched, asked column, raising them to the highest level ever
while others declared 25% was reached. With- reached for this class of accommodation. On
drawals amounted to only $10,000,000. Time loans Wednesday this advance was cancelled. On Thursalso advanced, reaching 8% for short terms.
day rates were again marked up, but only for 120,
Before the market opened Wednesday, Charles E. 150 and 180 days and only in the asked column.
Mitchell, President of the National City Bank an- The posted rates of the American Acceptance Council
nounced that his institution would make available are now 53/2% bid and 53 % asked for bills run4
$5,000,000 for the call loan market at 16%, and ning 30 days, 5%% bid and 53/2% asked for bills
$5,000,000 additional for every advance of 1% in running 60 and 90 days, 53 % bid and 5N% asked
4
the rate up to 20%. This statement re-established for 120 days, and 5 8 bid and 53 % asked for 150
%
4
a measure of stability in the money market, and call and 180 days. The Acceptance Council no longer
loans ruled at 15% all of Wednesday on the Stock gives the rate for call loans secured by acceptances,
Exchange. Funds were attracted by the high level the rates varying widely. Open market rates for acin sufficient volume to bring about offerings in the ceptances have also been altered as follows:
SPOT DELIVERY.
outside market toward the close- at 12%. Mr.
—180 Days— —150 Days— —120 Days—
Mitchell stated that his action was taken to make
Bid. Asked.
Bid. Asked.
Bid. Asked.
554
554 554
554
614 5)(
it clear that no situation would be allowed to develop Prime eligible bills
-—90 Days— —60 Days— —30 Days
in which no money was available, regardless of the
Bid. Asked.
Bid. Asked.
Bid. Asked.
554
534
534
534
536
5%
rate. In Thursday's final money market session of Prime eligible bills
the week, the call rate again renewed at 15%, but Eligible membersFOR DELIVERY WITHIN THIRTY DAYS.
banks
514 bid
dropped quickly to 8%, while in the outside market Eligible non-member banks
514 bid
some loans were made as low as 6%.
Brokers' loans against stock and bond collateral
There have been no changes this week in Federal
as reported by the Federal Reserve Bank for the Reserve 'Bank rates. The following is the schedule
week ended Wednesday night, showed a decrease of of rates now in effect for the various classes of paper
$144,000,000, reflecting the heavy liquidation that at the different Reserve banks:
took place on the stock market as a result of the DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
credit stringency. The reduction fell short by $22,000,000 of wiping out the increase of $166,000,000
Base in
Date
Prelim
lifted on
Federal Reserve Bank.
Mar.29. Established.
Bats.
that took place in the preceding week. It leaves the
July 19 1928
5
434
total still very close to the all-time record then Boston
New York
July 13 1928
436
5
436
July 26 1928
5
established. Gold imports for the same weekly Philadelphia
Cleveland
Aug. 1 1928
434
5
July 13 1928
434
5
period amounted to $11,716,000, while exports were Richmond
July 14 1928
Atlanta
431
5
8
Chicago
July 11 1928
456
$372,000. The imports were to a large extent Bt. Louts
July 19 1928
434
5
436
Minneapolis
Apr.25 1928
4
countered by an increase of $8,526,000 in the amount Kansas City
436
June 7 1928
4
Dallas
Mar. 2 1929
434
5
of ear-marked gold held for foreign account.
Ban Francisco
04
June 2 1928
4
Dealing in detail with the call loan rates on *the
Stock Exchange from day to day, the renewal rate
on Monday was 9%, but the rate on new loans
quickly rose to 14%, the highest figure reached since
July 11920. On Tuesday after the renewal rate had
been fixed at 12%, there was an advance to 15%,
then to 17% and finally to 20%, the highest figure
since Feb. 5 1920. On Wednesday all loans were
negotiated at 15%, including renewals. On Thursday after renewals had again been fixed at 15% there
was a drop to 8%. Friday was Good Friday, with
the Stock Exchange closed. Time loans were
quoted at 8% for all maturities from 30 days to six
months on Monday and Tuesday and same figure
prevailed for four, five and six months on Wednesday and Thursday. The shorter maturities, however, were advanced to 83/2% on Wednesday, while
on Thursday the rate for 30 and 60 days was raised
to 4%,the rate for 90 days being kept qt 83/2%.
Virtually no dealings in money on time were put
Sterling exchange has been extremely dull and
irregular, but inclined to go lower. The position is
generally described as "shaky." The cable rate this
week has been fairly well maintained on actual
transactions around 4.85/, but bankers say that this
level is held only through operations of the Bank of
France, which is understood to be buying sterling
balances in London with dollars. The range this
week has been from 4.843 to 4.85 1-16 for bankers'
4
sight, compared with 4.84 13-16 to 4.85 5-32 last
week. The range for cable transfers has been from
4.85 9-32 to 4.85 7-16 compared with 4.853.i. to
4.855 the previous week. The underlying features
4
of exchange continue practically unchanged from the
past several weeks. The irregularity and weakness
of the European currencies arise practically altogether
from the extraordinary credit situation and high
money rates on this side. The entire foreign exchange market is watching the developments in New
York credit most carefully. It is felt that very little.
1978
FINANCIAL CHRONICLE
would be required to send the sterling rate down.
London advices are for the most part of a pessimistic
nature and cablegrams during the week stated that
Lombard Street is unable to see how a 6% or even a
632% Bank of England rate of discount by summer
/
can be avoided. As noted in detail in another
column, call money in New York went to 20% during
the week and further advances were made in bankers'
acceptance rates. The average renewal rate for call
money during March up to the 27th of the month
worked out 9.52%, compared with an average for
February of 6.91% and an average rate for December of 8.74%, the previous high since 1920.
It was considered surprising in foreign exchange
markets to note that sterling showed no reaction to
the 15% and 20% call money on Tuesday. Bankers
attribute this entirely to the fact that British and
American banks by private agreements endeavor to
offset the high rates by refusing or discouraging
transfers of funds from London to New York in keeping with the co-operative attitude taken toward central bank policies during the past few months. As it
is, however, money rates on this side have been so
high that the banking agreements have been largely
inoperative and demand for dollars greatly outweighed
the demand for sterling or other currencies. Seasonal
factors which should favor sterling and the Continental exchanges are not in the least evident, owing
to the pull of New York money rates on foreign funds.
Another reason given for the failure of sterling to
weaken still further under the pressure of this week's
high !Tierney rates and for the partial arrest in the
flow of funds from Great Britain and Continental
Europe has been the fact that preparations had to
be made on a large scale for meeting first quarter
settlements at the end of March. Again, rates
might have sagged more than theyjdid but for the
fact that this is Holy Week, when European business,
especially in the Latin countries, comes to a practical standstill. There can be little doubt that official
support of some kind is being given to sterling exchange, for such'a spread of money rates as is now
apparent between New York and London would
normally induce a strong westward gold flow.
This week the Bank of England shows.an increase
in gold holdings of £907,699, the total standing at
£153,733,51. Practically no South African gold
was available in the London open market this week,
but next week £800,000 bar gold will be available
and the following week £800,000 in bars and £500,000
in sovereigns are due. The sovereigns customarily
go to the Bank of England. On Monday the Bank
of England bought £975,849 in foreign gold and exported £4,000 in sovereigns. On Tuesday the Bank
sold £37,717 in gold bars. On Wednesday the Bank
sold £17,099 in gold bars and exported £30,000 in
sovereigns. At the Port of New York the gold movement for the week March 21-March 27, inclusive,
as reported by the Federal Reserve Bank of New
York, consisted of imports of $11,716,000, of which
$8,526,000 came from Germany, $3,000,000 from
Argentina and $190,000 chiefly from Latin America.
The exports were $372,000, of which $220,000 was
shipped to Java, $100,000 to Venezuela and $52,000
to Germany. There was no Canadian movement of
gold either to or from New York. The Federal Reserve Bank reported an increase of $8,526,000 in
gold earmarked for foreign account. It is significant that this item agrees exactly with the gold imports this week from Germany, and leads to the sup-
[VOL. 128.
position that this gold was earmarked for the Reichsbank account. Montreal funds continue at a discount. The discount on Montreal was at 11-32 of
1% on Saturday last, at 13-32 on Monday, at 13-16
on Tuesday, at % on Wednesday, at 3/ of 1% on
3
Thursday and at 9-16 of 1% on Friday. Canadian
exchange, however, shows considerable improvement
over the past few weeks. The discount on Canadian
exchange is, as repeatedly stated here, due to the
strong attraction of New York money rates, which
offsets the seasonal factors normally operative, and
which should be especially strong about this time.
This is aside from the fact that Canada's trade balance with the United States is always heavily against
the Dominion. Canadian comments are to the effect
that the credit situation north of the border continues
a subject of concern. Money is reported tight and
there is no prospect of early relief from the present
stringency. Aside from factors militating against
Canadian credit from attractiveness of New York
money rates, this stringency arises partly from the
fact that credit requirements of general business are
greater than ever, for Canadian business is on the
upgrade and apparently facing another prosperous
year. Under present conditions gold would ordinarily be shipped from Canada to New York and
also to London, in order to ease the pressure on Canadian. It is stated in banking circles that the
only reason that gold is not shipped is that Canadian
banks declined to carry out instructions to that
effect. Whether this attitude is the result of common
agreement among the banks themselves or under
official pressure is a matter of little consequence—
in either case the working of the gold standard is
rendered illusory by the policy pursued.
Referring to day-to-day rates, sterling on Saturday
last was steady in an extremely quiet market. The
range was 4.843/@4.85 1-16 for bankers' sight and
s
4.853 for cable transfers. On Monday the market
A
was steady and dull. Bankers' sight was 4.84 15-16
@4.85 1-16, cable transfers 4.85%@4.85 7-16. On
Tuesday the market was dull but steady. The range
was 4.84%@4.85 1-16 for bankers' sight and
4.85 11-32@4.85 7-16 for cable transfers. On
Wednesday sterling was under pressure. The range
was 4.84 13-16@4.85 for bankers' sight and 4.85 5-16
@4.85 7-16 for cable transfers. On Thursday the
pressure on exchange continued. Bankers' sight
was 4.84 13-16@4.85 and cable transfers 4.85 5-16@
4.859/s. On Friday the range was 4.843 @4.85 for
4
bankers' sight and 4.85 9-32@4.85 5-16 for cable
A
transfers. Closing quotations on Friday were 4.847
for demand and 4.85 9-32 for cable transfers. Commercial sight bills finished at 4.845s; 60-day bills
/
at 4.79 15-16; 90-day bills at 4.77 13-16; documents
for payment (60 days) at 4.79 15-16, and seven-day
grain bills at 4.83 7-8. Cotton and grain for payment
.
/
closed at 4.845 s
The Continental exchanges have been extremely
dull and inactive. This being Holy Week, business
comes to a practical standstill, especially in the Latin
countries. German marks have been particularly
weak. In Wednesday's market the reichsmark sold
down to 23.71 for cable transfers, a new low for the
year. The statement of the Reichsbank shows that
in the week ended March 21 no gold was lost by that
institution, gold reserves having slightly increased
(in amount of 72,000 marks) and standing at 2,646,946,000 marks. In recent weeks the Reichsbank
MAR. 30 1929.]
FINANCIAL CHRONICLE
has lost approximately $20,500,000 gold to New
York. Last week the Reserve Bank accounted for
a gold import from Germany of $7,960,000 and, as
already noted, $8,526,000 gold was received this
week. The Reichsbank is under the necessity of
supporting mark exchange owing to the depressing
influence of the outflow of funds. It is believed in
some quarters that the Reichsbank has no reason for
making gold shipments at this time unless it expects
to be compelled to sell gold within a short time.
The exchange reserve is now so small that the sale
of gold will be the Reichsbank's only resource if the
outflow of funds continues. French francs have been
inclined to ease, although the market has been so
dispirited. The Bank of France, it is confidently
asserted, has been buying sterling balances in London with dollars for the purpose of supporting exchange. While the Bank of France shows an increase in gold holdings of 86,619,623 francs, its holdings of sight balances abroad show a decline of 255,506,349 francs. The increase in gold is believed to
be largely the result of further acquisitions from the
hoards of French nationals. The reserve position
of the Bank of France is stronger than ever, however,
and sight balances abroad are sufficient to protect
the franc from serious inroads, however strong
money rates might become in either the surrounding
countries or New York. The policy of the Bank of
France seems to be move the peg up or down, depending upon whether or not its gold stock is threatened. Some weeks"ago when it seemed probable
that Germany could draw gold from France, French
exchange, without the justification of any apparent
commercial requirements or other demand for francs,
moved up. Now that the German mark has been
declining, the French seem to have permitted the
franc rate to drop accordingly. Italian lire have been
inclined to weakness. This condition is due largely
to sympathetic relation with the rest of the European
currencies and also to extreme inactivity of the
current market.
The London check rate on Paris closed at 124.20
on Friday of this week, against 124.27 on Friday of
last week. In New York sight bills on tne French
centre finished at 3.90 9-16. on Friday, against
3.90 5-16 on Friday a week ago, cable transfers at
3.90 13-16, against 3.90 9-16 and commercial sight
bills at 3.90 5-16, against 3.90 1-16. Antwerp belgas
finished at 13.883 for checks and 13.89 for cable
transfers, as against 13.88 and 13.883 on Friday
4
of last week. Final quotations for Berlin marks
were 23.71 for checks and 23.72 for cable transfers,
in comparison with 23.713/i and 23.723/ a week
earlier. Italian lire closed at 5.233' for bankers'
sight bills and 5.233 for cable transfers, as against
4
%
5.233 and 5.235 on Friday of last week. Austrian
%
schillings closed at 14.05 on Friday of this week,
against 14.05 on Friday of last week. Exchange on
Czechoslovakia finished at 2.963, against 2.963 ;
%
on Bucharest at 593/2, against 5932; on Poland at
11.23, against 11.23, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.293. for checks
2
and 1.293/ for cable transfers, against 1.293 and
In the exchanges on the countries neutral during
the war the event of outstanding importance during
the week is the increase in the Bank of the Netherlands rate of re-discount on Saturday last from 41 %
4
to 5%. The Netherlands rate had been at 43/2%
1979
since Oct. 13 1927. The higher Netherlands rate
has been expected for some weeks. Last week Holland shipped 0,000,000 in sovereigns to London alai
this week shipped £1,000,000. The shipments were
made in order to maintain the exchange rate. The
Bank of the Netherlands statement showed a decrease in foreign holdings last week of £1,800,000 to
a record low of 0,500,000. It is expected that further shipments of gold will be made to London for the
purpose of maintaining exchange. Amsterdam has
been in a difficult position ever since Feb. 7, when the
Bank of England raised its rediscount rate to 53/2%.
As an international lending centre, the maintenance
of low money rates was to the advantage of Holland
if at the same time loss of gold could be avoided.
Since the shipment of gold to London failed to bring
a response in guilder quotations, there appeared
nothing left for the bank to do but to increase its
rediscount rate. The Scandinavian exchanges have
been inactive and relatively steady. although basically reflecting the easier undertone of the leading
currencies. Spanish pesetas continue to show signs
of weakness, although transactions were insufficient
this week to reflect a change in trend.
Bankers' sight on Amsterdam finished on Friday
at 40.05, against 40.023 on Friday of last week;
%
cable transfers at 40.07, against 40.043 , and com4
mercial sight bills at 40.013/, against 39.98. Swiss
2
francs closed at 19.233 for bankers' sight.bills and
at 19.243, for cable transfers, in comparison with
19.233 and 19.243 a week earlier. Copenhagen
checks finished at 26.633/2 and cable transfers at
26.65, against 26.64 and 26.653/ Checks on Sweden
2
.
closed at 26.70 and cable transfers at 26.713/, against
2
26.703/ and 26.72, while checks on Norway finished
at 26.653/ and cable transfers at 26.67, against
2
26.653/ and 26.67. Spanish pesetas closed at 15.14
for checks and 15.15 for cable transfers, which compares with 15.13 and 15.14 a week earlier.
The South American exchanges are little changed
from a week ago. They have been more than ordinarily dull this week, owing to the religious holidays.
As noted above, in the discussion of sterling exchange,
a shipment of $3,000,000 gold from Argentina was
accounted for by the Federal Reserve Bank of New ,
York. This makes a total of $4,000,000 officially
reported in two weeks. It is believed that more gold
will arrive from Buenos Aires during the coming
weeks. Brazilian exchange continues to show weakness and the unfavorable quotations for milreis are
attributed largely to depressed business conditions
peculiarly local to Brazil. Despite the uncertainties
of the coffee position, Brazilian currency has been on
the whole firmly held around new parity. The internal position is gradually improving. At the end of
1927 Brazil had only a very small gold reserve,
whereas it now has a gold reserve of roughly 33% of
total note circulation. Over one-half of the gold has
been accumulated out of the proceeds of foreign loans.
Argentine paper pesos closed on Friday at 42.05
for checks, as compared with 42.05 on Friday of
last week and at 42.10 for cable transfers, against
42.10. Brazilian milreis finished at 11.81 for checks
and 11.84 for cable transfers, against 11.82 and 11.85.
Chilean exchange closed at 12.10 for checks and
12.15 for cable transfers, against 12.10 and 12.15,
and Peru at 4.00 for checks and 4.01 for cable transfers, against 4.00 and 4.01.
1980
FINANCIAL CHRONICLE
[voL. 128.
OF NEW YORK FEDERAL RESERVE BANK
The Far Eastern exchanges show very little change DAILY CREDI BALANCESCLEARING HOUSE.
AT
from a week ago. Japanese yen have been, if anySaturday, Monday, Tuesday. Wednesday Thursd'y, Friday.
Aggregate
thing, slightly firmer. Money is practically begging Mar. 23. Mar. 25. Mar. 26. Mar. 27. Mar. 28. Mar. 29. for Week.
S
$
5
5
$
$
$
in Japan and sound investments are at a premium. 149.000.000 109.000.000 140.000.000 156.000,006 131,600,000 136.000,000 Cr. 828.000.000
owing to Note.-The foregoing heavy credits reflect the huge mass of checks which come
Foreign lending had been much curtailed
York Reserve Bank from all parts of the country in he operation of
exchange considerations to a certain extent. Nev- to the New Reserve System's par collection scheme. These large credit balances,
the Federal
however, reflect only a part of the Reserve Bank's operations w th the Clearing
ertheless, with so few opportunities to employ funds House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
at home advantageously, the high money rates in New Uork are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
London and New York are attractive to Japan, and Bank for collection for the account of the local Clearing House banks.
while the disparity is so great Japanese funds move
The following table indicates the amount of bulout from Tokio despite the adverse exchange position.
lion in the principal European banks:
This outward flow of funds for investment is of course
Mar. 29 1928.
not favorable to yen exchange quotations. Closing
Mar. 28 1929.
Banks of
Total.
Total.
Silver. I
Gold.
Silver.
Gold.
quotations for yen checks Friday were 44 9-16@
$
$
44%, against 44.35@4432 on Friday of last week. England _ 153,733,551
$
I 158,130,454
$
I1
153,733,551 158,130,454
187,291,029147,181,103
d
187,291,029
Hong Kong closed at 49, against 49%@49 5-16; France a__ 128,068, Is c994,600129,060,600 91,166,2001 13.717.592188,898.695
994,6001 92,160,800
Germany b
130,879,000104,311,000 27.934,000132,245,000
Spain
102,381,000 28,498,
3@62 11-16; Manila Italy
Shanghai at 62%, against 62%
39,181.000
54,711,000 39,181,000
54,711,000
/ Netherrds. 30,627,000 1,268.000 27,200,000 36,265,000 1,244,000 22,684,000
3,
at 49% against 50; Singapore at 56%, against 563i Nat. Belg- 25,932,000 1,761,000 32,388,''' 21.440,000 2,212. 88,477,000
Switzerl'd_
@563/2; Bombay at 363/2, against 363/2, and Calcutta Sweden- 19,253,000 1.822,000 21,075,000 17,289,000 2,511,000 19,800,000
12,940,000
13,071,000 12,940,000
13,071,000
641,111 10,750,000
Denmark - 9,593,110
470,000 10,063,000 10,109.
at 363/2, gaiht 363/2.
8,180,000
8,158,000 8,180,
Norway
8,158,000
Total week 732,816,580 34,813,600787,630,180646,192,757 49,264,192695,446,949
Prey. week 733,143,274 34.721,600 767,864,874654,688,242 49.132,19 703,820,434
Pursuant to the requirements of Section 522 of the a
These are the gold holdings of the Bank of France as reported in the new form
of gold held
the Bank of Germany are
of statement. b Gold
Tariff Act of 1922, the Federal Reserve Bank is now abroad, the amount of holdings ofpresent year Is 2,481,300. exclusive Oct. 7 1924.
c As of
which the
certifying daily to the Secretary of the Treasury the d Sliver is now reported at only a Mating sum.
buying rate for cable transfers in the different coum
tries of the world. We give below a record for the International Comity and National Rights
week just past:
The Case of the Schooner "I'm Alone."
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
Secretary of State Samson, who was sworn into
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
office on Thursday, will find a number of questions
MAR.23 1929 TO MAR.29 1929, INCLUSIVE.
besides routine matters either requiring immediate
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country end Moneta
attention or looming on the horizon. The civil war
U.
Mar. 23. Mar. 25. Mar. 26. Mar. 27. Mar.28. Mar. 29. in Mexico, apparently destined to end before long
$
$
$
$
$
8
EUROPEwith the defeat of the insurrectionary forces, has not
Austria. earning ---- .140526 .140517 .140477 .140563 .140477 .140507
.138839 .138848 .138851 .138863 .138840 .138843
Belgium. belga
as yet produced any diplomatic complications be.007193 .007218 .007206 .007227 .007206 .007206
Bulgaria. lev
Czechoslovakia, kron .029616 .029618 .029616 .029617 .029610 .029608
tween Mexico and the United States, but a war in
.266521 .286495 .286465 .266453 .266430 .266451
Denmark, krone
England. pound stera neighboring State cannot well be anything save
4.853448 4.853463 4.853568 4.853020 4.855054 4.852434
ling
.025189 .025164 .025168 .025166 .025156 .025152
Finland, markka
an occasion of anxiety, and the friendly attitude
.039060 .039080 .039088 .039082 .039072 .039076
France. franc
Germany.relehemark- .237229 .237236 .237228 .237183 .237159 .237160
which the Administration has assumed toward the
.012928 .012922 .012925 .012925 .012921 .012922
Greece, drachma
.400530 .400879 .400711 .400709 .400709 .400680
Holland, guilder
.174240 .174270 .174276 .174235 .174268 .174270
Mexican Government will need skilful handling if
Hungary. pengo
.052354 .052359 .052365 .052350 .052332 .052331
Italy. lira
.266647 .266638 .266639 .266636 .266636 .266638
the familiar complaints of American intervention
Norway, krone
.111929 .111962 .112004 .111960 .111972 .111888
Poland, zloty
.004640 .044700 .044562 .044575 .044850 .044850
Portugal. amide
elsewhere.
are to be kept from stirring up
.005975 .005966 .005965 .005960 .005959 .005960
Rumania,leu
.150889 .152054 .151900 .151095 .151284 .151428
Spain, peseta
The renewal of civil war in China on an extended
.267103 .287127 .267133 .267120 .267107
.267115
Sweden.krona
Switzerland, frano_ -- .192368 .192403 .192435 .192348 .192377 .192385
scale is a matter of special concern because of Amer.017562 017562 017562 017564 017557 .017558
Yugoslavia, dinar
ASIAican recognition of the Nationalist Government,
China.645625 .644166 644166 .044791 .644583 .644583
Chola° tael
and the friendly hopes which the United States has
.637968 637187 .637031 .635312 .636875 .636875
Hankow taxi
.622046 .621428 .621875 .622678 .621832 .521875
Shang tadl
expressed for the success of the Nationalist regime.
.656458 .655000 655625 .656041 .658250 .658250
Tientsin tael
488410 .488767 .489125 .488767 .488785
Hong Kong dollar_. .489071
Before long we shall have the report of the Paris
.448750 .448250 419250 .449750 .448500 .449000
Mexican dollar _
Tientsin or Pelyang
experts on the reparations question, with its ex.449166 .449166 .449583 .449583 .449583 .450000
dollar
445833 .4458.33 .446250 .446250 .446250 .446686
Yuan dollar
pected recommendation of a highly questionable
.363542 .363600 .363612 .383557 .363637 .363612
India, rupee
.445025 .447267 .445428 .445361 .446125 .445828
Japan, yen
international bank and its possible attempt to link
bingspore(B.Sjd041ar. .560625 .560416 .560416 .560416 .560416 .560416
NORTH AMER..996449 .996449 .995500 .992534 .994305 .994824
together reparations and war debts in a common
Canada; dollar
1.000020 1.000000 .999937 .999937 .999937 .999937
Cuba,Peso
.483266 .483033 .483766 .483266 .483766 .482700
Mexico, peso
program of settlement. To these have now been
.992337
Newfoundland, dollar .994125 .993812 .992787 .989875 .991937
SOUTH AMER.added, as at the moment the most important of all,
.955333 .955847 .955403 .955306 .955264
Argentina, peso(gold) .955289
.117731 .117695 .117700 .117845 .117755 .117750
Brasil, milreis
the controversy over the sinking of the British
.120675 .120609 .120635 .120630 .120630 .120625
Chile, MHO
1.012559 1.011759 1.010634 1.010634 1.010839 1.010634
Uruguay. peso
schooner "I'm Alone" in the Gulf of Mexico by a
963900 .963900 .963900 .963900 .963900 .963900
ZIo1ombla, polo
vessel of the United States Coast Guard.
The facts in this latter case, as far as investigaOwing to a marked disinclination on the part of
two or three leading institutions among the New tions which are still in progress have brought them
York Clearing House banks to keep up compiling out, appear to be as follows. The "I'm Alone" was
the figures for us, we find ourselves obliged to dis- a vessel of Canadian registry, and its officers and
continue the publication of the table we have been crew, with possibly one exception, were British or
giving for so many years showing the shipments and Canadian subjects. The vessel was a notorious
smuggler, and had on board at the time when it was
receipts of currency to and from the interior.
taken over by the Fed- sunk, according to the statement of its captain, a
As the Sub-Treasury was
eral Reserve Bank on Dec.6 1920, it is also no longer cargo of liquors which presumably was intended to
possible to show the effect of Government operations be landed somewhere in the United States. Accordin the Clearing House institutions. The Federal ing to the Coast Guard authorities, the vessel was
Reserve Bank of New York was creditor at the Clear discovered within twelve miles of the American
lag House each day as follows:
coast, was pursued first by one Coast Guard vessel
.
MAR. 30 1929.]
FINANCIAL CHRONICLE
1981
and then by another, and upon refusing to stop and action of the Coast Guard was justified under the
submit to search was fired upon and sunk in the Tariff Act of 1922 as well as by the doctrine of
Gulf of Mexico, with a high wind blowing and a continuous pursuit. Section 581 of the Tariff Act
heavy sea running, at a point about 200 miles from provides that Customs or Coast Guard officers "may
the Louisiana coast and 150 miles from Yucatan. at any time go on board of any vessel or vehicle at
The captain and members of the crew, with the ex- any place in the United States or within four leagues
ception of a sailor who was drowned but whose of the coast of the United States ... to examine
body was recovered, were rescued by the Coast the manifest and to inspect, search and examine
Guard vessels, put in irons, and brought to New the vessel or vehicle . .. and to this end to hail
Orleans, where they were held for a time in confine- and stop such vessel or vehicle, if under way, and
ment. The captain was shortly released on bail, use all necessary force to compel compliance .. .
and the crew on their own recognizance, pending and if it shall appear that any breach or violation
further investigation of the case by Federal author- of the laws of the United States has been committed
ities.
whereby (the vessel or any portion of its cargo) is
The confused statements and counter-statements liable to forfeiture, it shall be the duty of such
to which the incident has given rise illustrate the officer to make seizure of the same and to arrest, or,
mischief that may be done by jumping at conclusions in case of escape or attempted escape, to pursue
before all the facts are known or their significance and arrest any such person engaged in such breach
duly weighed. The right of the United States to or violation."
pursue, capture or destroy a British vessel believed
If the legal aspects of the "I'm Alone" case were
to be engaged in smuggling liquor into this country its only aspects, the case might be dismissed as one
rests in part upon the treaty of 1924 between Great of those incidents which, however regrettable, are
Britain and the United States, and in part upon a certain to be adjusted in time in accordance with
not-altogether clear rule of international law. Ac- law, justice and international comity. Doubtless
cording to Captain Randall of the "I'm Alone," his it will be so adjusted in due course. The State
vessel was some fourteen and a half miles from the Department has shown no disposition to be stamAmerican coast when the pursuit began. Accord- peded by the Treasury Department into pronouncing
ing to the Coast Guard, the pursuit began when the judgment before the facts are fully known, and the
vessel was within twelve miles of the coast, thereby, British and Canadian Governments, while firm in
it is claimed, bringing the pursuit within the opera- their insistence that the circumstances shall be fully
tion of the treaty. It should be said at once that investigated, have maintained an attitude of dignithe treaty says nothing whatever about a twelve- fied friendliness. As a London newspaper is quoted
mile limit. What the treaty provides is that the as saying, there will not be another Aloha/ma conrights of boarding, searching or seizing beyond the troversy over Captain Randall and his sunken
territorial waters of the United States (beyond, schooner. There is a moral side to the case, howthat is, the three-mile limit recognized by interna- ever, in addition to the legal circumstances, which
tional law as the limit of national jurisdiction) may well be considered by those who have inclined
"shall not be exercised at a greater distance from to hail Captain Randell as a hero for refusing to
the coast of the United States, its territories and haul down his flag, or to denounce the sinking of his
possessions, than can be traversed in one hour by vessel as a wholly unwarranted act
the vessel suspected of endeavoring to commit the
Odious as the system of national prohibition has
offense." The only standing of the twelve-mile limit come to appear to many thoughtful Americans, and
in the matter is the fact that, in enforcing the treaty, high-handed as have been some of the methods by
a twelve-mile-an-hour speed has been informally which enforcement has been attempted, the iepeal
recognized as the maximum average speed of rum- or modification of the system must be the work of
runners, and that this limit has hitherto been the people of the United States and their Governadhered to by the United States and informally ment, without the aid of lawless intruders from
acquiesced in by Great Britain.
other countries. It is matter of common knowledge
The point of international law involved concerns that one of the greatest obstacles to enforcement is
the doctrine in regard to what is known as "continu- the systematic smuggling of liquors into the United
ous pursuit." The question at issue is whether a pur- States from Canada and British possessions in the
suit begun by one vessel and continued by another West Indies. There is no question that the "I'm
constitutes the continuous pursuit which interna- Alone" was engaged in smuggling, or that it had
tional law appears to contemplate to the exclusion of been so engaged for a number of years. The treaty
a pursuit that is interrupted. The point is a tech- of 1924, while it represented a large concession on
nical one, and will doubtless be considered in all the part of Great Britain, represented also, it must
its bearings by the Department of State when the be assumed, a sincere purpose on the part of the
investigation of the incident shall have been com- British Government to prevent, as far as practicable,
pleted, but its importance lies in its connection with the violation of American, prohibitory laws by vesthe larger issue of the freedom of the seas, regard- sels of British registry. Whether the spirit of ining Which Great Britain and the United States have ternational comity which the treaty embodies has
not always held the same views. Obviously, the been in fact exemplified in practice to the extent
controversy at this point must rest until the contra- that the moral obligations of the situation require,
dictory assertions of Captain Randell and the Coast is a question which may well receive thoughtful
Guard authorities regarding the position of the consideration. No country, of course, is bound to
enforce the domestic laws or regulations of another,
vessel are cleared up.
The elaborate statement which Secretary Mellon but it is morally bound to do its best to prevent its
issued on Y9nday merely added another element of citizens from systematically trying to circumvent
canfusion. According to Secretary Mellon, the them.
1982
FINANCIAL CHRONICLE
[VOL. 128.
It is easy to believe that diplomatists and Govern- mined, but the present allowance is eighty-eight
ments find it an ungracious task to defend such of yards. This result is obtained by dividing the total
their nationals as break the laws of foreign coun- mileage of paved roads, 575,000, by the total number
tries, even though, as sometimes happens, the coun- of motor vehicles now in operation, 23,000,000,
try which is offended oversteps the strict bounds of which gives us one-fortieth of a mile, or forty-four
legal right in dealing with the case. There need be yards. Multiply this by two, as cars may be asno fear, we think, that either British or Canadian sumed to be going in both directions, and we have
common sense will allow the rights of Randall the eighty-eight yards per car." Has speed anything to
British national to obscure the status of Randall do with the space needed for each car? But let us
the confessed smuggler. If the treaty provision continue quoting from the body of the argument:
which regulates search and seizure beyond the "Road building has followed the line of least reAmerican three-mile limit is inadequate to insure sistance. The roads given first attention are those
what the United States and Great Britain had in most needed—communications between towns and
mind, the treaty should be revised and the precise cities, direct highways to places. Opening off these
extent of its operation made clear. If the doctrine roads and filling in all the intervening country are
of international law regarding the freedom of the the old dirt roads, winding up and down hill, passseas needs clarifying in order to cover such cases able with discomfort to a motor car in dry weather,
as the 'I'm Alone," both Governments should use closed in wet weather, never quite safe for a car at
their influence to clarify it. Whatever the terms of any time, and only used by the residents bordering on
treaties or laws, however, the public mind should them to get to the highway. The improvement of these
not be asked to condone those who make a business roads has been held in abeyance by the fact that they
of violating them, nor should there be any suspicion are not much used. To turn that around,they are not
of lack of diligence in preventing such violations in much used because they are not improved. In other
advance. The United States cannot be expected to words, these byroads would take a large percentage
permit open infractions of its laws within its own of the motor traffic that now congests the highways
territory, or on so much of the seas as fall within if they were made available for the car." . . .
"When
its lawful juridiction. It has also a right to expect people drive out in their cars, they are either going
that other Governments will do their best to see somewhere or riding for the fun of it. If you are
that unlawful enterprises directed against American going somewhere, you must take the road that leads
laws are not set on foot in their territory, or carried there. If you are driving for pleasure, you can take
out under the formal protection of their own flags. any pleasant road, the pleasanter the better. The
use of these unimproved byroads for pleasure drivRoads and Cars.
ing opens up an almost virgin territory for the
In the Atlantic Monthly for March appears an ar- motor car." And we conclude our quotations with
ticle entitled "Virgin Territory for Motor Cars," the following: "Motor interests now spend $150,written by Earnest Elmer Calkins. It is a plea for 000,000 in advertising. The advertising is backed up
the surfacing of all our dirt roads in the interest by an elaborate network of sales agencies and dealof aesthetic benefits to the people at large and the ers. This powerful correlation of advertising and
continued prosperity of the motor car manufac- selling has made the motor car into a staple—almost
turers, one of the leading factors in our industrial as necessary as houses or clothes. No such organenterprise. We quote from argumentative portions ized effort has ever before been exerted in the inof the article, as follows: "The saturation point of terest of one commodity. The industry as a whole,
roads is reached long before the public-buying power in spite of the fact that it is composed of competihas been plumbed. Strange that an industry so tors, has unconsciously acted as a unit. It should
forward-looking, so quick to seize an advantage, so act as a unit in creating new roads. The motor-car
ready to adjust itself to trends of taste and fashion, market needs a new dimension. If more cars were
has not considered this matter of more motor roads, sold by giving purchasers time in which to pay for
and approached it with the same energy with which them, could not the output be further increased by
it has approached and solved mechanical, artistic, providing space in which to drive them?"
and selling problems, especially when the reserve
At about the time this article is being written
supply of undeveloped roads in the United States three items of news concerning motor cars attract
is so abundant. But one out of five miles of existing out attention—the opening, near Grand Central
Staroads has been paved. Nothing would give a greater tion in New York City, of a sky-scraper garage for
stimulus to sales than to increase the area of motor housing automobiles by day, week or year; a
speeddriving five times. This means simply that all the car at Daytona Beach, Florida, making the
unsurroads must be surfaced for motor-car use. It is passed record of 231 miles in an hour, and the
Presibound to come in time, anyway, but the wheels of dent putting a ban on the leasing of oil
lands to the
political machinery which now govern
such matters public in the interest of conservation of the nation's
revolve far too slowly. Surely
automobile manu- resources. However suggestive these things are,
facturers can, if they will; speed them
up. It Will the purpose of our comment herein concerns a mattake large amounts of money, but
large amounts ter that the article from which we have quoted
of money do not stagger the motor
scarcely mentions—the expense of these wholesale
people."
Some of the statistics furnished in
this article road betterments. We feel that it is a fruitless and
are: 'Someone has estimated that if
each of the thankless task to plead the cause of economy in our
23,000,000 cars now running was filled to
capacity communal life, the automobile, with all its attendthe entire population of the United
States could go ing influences on our social, commercial and finanriding at once. And apparently it
does." . . . cial life, is a dominating force with which it is idle
"Just how much road is necessary to the
satisfactory to quarrel. It is said to employ in all its aspects
manipulation of a motor car has not been
deter- some four million men, though we deem the figure
MAR. 30 1929.]
FINANCIAL CHRONICLE
wildly exaggerated. The author above says that "the
entire amount of money expended by all authorities
on roads in 1927 was $1,123,607,035, less than one
half of our annual investment in the next war." As
the comparison is odious we dismiss it from further
consideration. But a billion a year for roads for
ears to run on is surely a large sum.
What would be the annual cost if we started in
to pave all the dirt roads in the country? The picture of lolling along the highways, communing with
nature, in finely appointed cars is enticing from an
aesthetic standpoint (if it can be made to appear
that any considerable number of car-owners ever do
such a thing) but it is not pleasing from the viewpoint of cash wrung from the people in hard-earned'
taxes. To anyone acquainted with the actual proceedings in the establishment of country roads, or
as more properly designated county or neighborhood
roads, the undertaking is colossal, involving an
amount of bickering over benefits and damages'assessed by commissioners, and proceedings in the
local or county courts, sufficient to keep the people
disgruntled for a quarter of a century. The author
thinks it will come in time, anyway, but it will be
a long, slow time at the local pleasure.
The proposal that automobile manufacturers
shall inaugurate a campaign to make our citizens
'road-minded," in order to make room for more cars
in order to increase sales, is a species of interference
and dominance that is not likely to be welcomed once
it is understood. We understand that in some
instances a manufacturer has offered, in foreign
countries, to build stretches of road in return for
privileges granted, but it must be considered as an
educative and experimental movement. In the
United, States the people own their roads and are
jealous of them, toll roads are almost a thing of the
past, and toll bridges fast tending that way. Public
highways are consonant with democracy, and while
it is true that taxes on gasoline have paid a part of
our modern roadway improvements the taxpayers in
some form have paid a far larger part. Roads are
primarily means of communication. They are only
incidentally invitations to jaunting cars to engage
in sentimental journeys. In a way we may say the
roads own the cars; not the cars the roads. We
are reminded by this proposal to pave all the little
crossroads of the long-time race between the battleship armor that would withstand the heaviest projectile, and then the projectile that would pierce
the heaviest armor. The projectile won in the end
and a body-blow will now sink the best battleship
afloat though it is still contended that compartment
construction will often save the ship. First roads,
then cars; then, because of cars, more roads! And
nowhere is there a thought apparently of the pedestrian. Street cars carrying a sign to "take a car to
avoid parking troubles," indicates the coming of
a reaction to congestion. More roads, more cars, but
where can they be safely parked? We read that the
World's Fair management at Chicago are worried
over this very problem.
Perhaps if the irresponsible drivers of cheap second-hand cars were in some way eliminated partial
needed relief would come. Perhaps if those who
were once convicted of reckless (hiving could be
barred for periods commensurate with the disaster
as penalty, there would be fewer accidents. Perhaps, if licensing fees could be made to include
1983
bonding for compensation for injuries, there would
be more room for the careful drivers. But more roads
for more cars can only mean in the end, contrary to
the view advanced, more congestion at the streets
entering our cities. The time element of spreading
out on country roads, sightseeing and picnicking,
would all be annulled by the approach of nightfall.
But these are minor considerations. The major
thought, the real problem, lies in rightly estimating
the pressure proposed to be put upon the people by
the manufacturers in their own interests. We would
not inhibit by law this form of advertising. But
we must regard it as extra-territorial. If the people
want to pave every byway between two hills let them
do it. If they want to buy two cars instead of one,
they will do it. And if the makers of cars want to
advocate wholesale paving they have a right to do it.
But in the end when the country is so gorged with
cars that highways and byways are both impassable
the car-craze will have about run its course.
The Relative Strength of the Small Rank.
We have received from Ralph Pickett of Chicago
a pamphlet entitled "The Size of Failing Banks in
Iowa." It is a reprint from,the "Journal of Business"
of the University of Chicago, and is a valuable original
study of bank failures that have occurred in the
Northwest in recent years, with reference to the size
of the banks involved. Mr. Pickett has chosen the
State of Iowa, as typical of an agricultural State containing a large number of small banks, for the purpose of his statistical comparison. In beginning, he
points out a prevailing opinion, as evidenced by the
"Report of Economic Policy Commission of 53d
Annual Convention of American Bankers Association, 1927," that the cause of the large number of
bank failures is due to the "unhappy consequences of
excessive numbers and inadequate size in banking."
Quoting from another opinion: "0. M. W. Sprague,
The Causes of Bank Failures, American Bankers
Association Journal, 1927," to the effect that "during
the decade 1910-20 charters were granted to an
enormous number of new banks, a number far in
excess of the requirements of the country," and the
suggested remedy that "a decided increase in minimum ,capital requirements would do much to restrict
the number of banks within more desirable limits,"
together with a grant of power to appropriate authority to decline to approve new charters where need is
not evident, Mr. Pickett sets himself the task of inquiring into the accuracy of these statements and the
soundness of these judgments. He further quotes
from a study made by the Federal Reserve Board in
which it is pointed out that "although a large proportion of the suspending banks were small institutions,
it should be noted that most of the banks of the country are relatively small banks and that the proportion
of small banks is largest in those regions in which
most of the suspensions occurred."
Mr. Pickett states his purpose as follows: "The
present study undertakes an analysis of failures by
size of bank. Its purpose is to determine whether,
as frequently charged, the small bank constitutes a
weak spot in the banking system. The investigation
covers all chartered banks in the State of Iowa for
the seven-year period ending June 30 1927. It is
thought that Iowa offers an especially fertile field
for such a study. A State with less than 2,500,000
inhabitants, Iowa led all the States in total number
1984
FINANCIAL CHRONICLE
[VOL. 128.
of banks during the decade 1910-20. A corollary of $100,000 and over. Still more significant is the comthe large number of banks was the small bank." A parison of the small banks—those with $50,000 or
statement of method follows: "It is proposed to less capital—with all banks having a larger capital.
examine separately the record of failures for banks The rate of failure among the small banks was
of various sizes. June 30 1921 was selected as a definitely less, and the percentage of liabilities
representative date for the grouping of banks in oper- involved in failures only slightly greater. The comation near the beginning of the period. These were parison is, therefore, favorable to the small banks."
accordingly divided into eleven groups upon the . . . "It then appears that criticisms of the
basis of amount of capital. The total number and small bank as such, and so far as it applies to Iowa
total liabilities for each group were determined. A banking, has not been justified."
list of all banks failing between June 30 1920 and
It will be noted that in this analysis of failures
June 30 1927 was compiled, and these banks were there is no attempt to indicate causes. The figures
Also divided, upon the basis of the amount of capital, constitute the facts. They tell of results, and the
into eleven groups. The total number and total statistics are based on official reports. There is
liabilities for each group was then computed." . . . room, always, in the compilation of percentages,
"The percentage of failed bank liabilities to total bank for variations from the base, and for conclusions that
liabilities was found for each group. A comparison deviate from the straight line. Thus in the case
of the percentages thus obtained shows -the relative above it would be necessary to know the nature of the
survival strength of the various groups. By this liabilities (loans) of the small and large banks in
method it is possible to avoid the common error of order to a thorough understanding of these failures,
considering only the absolute number of failures in and these liabilities depend upon environment.
each group of banks." The status of these eleven Again, the large banks, or some of them, had direct
groups is given as follows: "Group I includes all access to the Federal Reserve System, which the
banks with capital stock of $10,000; Group II, $10,- under $25,000 banks did not have, though all of them
001-$24,999; Group III, $25,000; Group IV, $25,001- had recourse to correspondent banks which did have
$49,999; Group V,$50,000; Grop VI,$50,001499,999; such refuge. The large banks, presumably, loaned
Group VII,$100,000; Group VIII, $100,001-$200,000; largely on collateral and the small banks on character.
Group IX, $200,001-$300,000; Group X, $300,001- Yet the small bank by actual contact in a small com$500,000, and Group XI, over $500,000."
munity had an advantage in an-intimate knowledge
We have not space to attempt a resume of the of the financial worth of the borrower the large banks
details showings the author derives from hispercent- could not equally have, although requiring a financial
age comparisons which he illustrates by elaborate statement, and when we ask why so many small
tables and charts. We can do no more than give banks failed we are compelled to consider vital facts
briefly his summary in his own words: "The Iowa not susceptible to statement in figures. Percentages
banking system in 1920 was composed of a large of failures of large and small banks depend, therenumber of small banks. This situation was reached fore, upon other elements than size of capital; upon
during a period of growth extending over 50 years. other comparisons than capital to liabilities, and canFour-fifths of the banks were chartered under not ignore comparisons of capital and deposits as
,State, and one-fifth under National law. During well. So that while we regard this study as an imthe entire period prior to 1920, bank failures were portant contribution to banking knowledge of the
relatively few and widely scattered. For instance, day, a painstaking effort to arrive at the facts, we
the decade_ of 1909-18 saw the failure of only four should not separate it from the other facts that canbanks. In the seven years after 1920, six times as not be expressed in tables and charts derived from
many banks failed as had been forced to close during figures and stated in percentages.
We should like to add a word concerning the small
the preceding 50 years. It is significant that this
enormous number of failures occurred under the bank. We would ask the question, why should it
Federal Reserve System, designed especially to give fail more frequently than the large, which common
greater stability to the banking structure." . . . . belief the study under review goes fax to refute?
"more than one-sixth (17.91%) of the banks oper- Speaking generally, of course—structurally it is the
ating June. 30 1921, failed during the seven-year same as the large bank. Its method of business—
period ending June 30 1927. An analysis of the 305 deposits and loans—deposits make loans and loans
failures reveals that the failed banks were distributed make deposits—is the same. Is its capital liabilities
Among both State and National systems, and among to depositors smaller than in big banks—figures will
both large and small institutions. As between the show, though we think there is no assurance here one
-two classes the record of the national banks was way or the other. If it does lack variety in deposits,
definitely better, the result, chiefly, of the absence is it required to spread its loans into dangerous
• of failures among the largest group in that system." paths? Outside of the variegated environs of city
. . . "The analysis of failures by groups of central banks, which loan both on character and colbanks, classified according to size of capital, shows lateral, is it not the creature of its surroundings—
-that the $50,001-$99,999 group was the weakest agricultural in agricultural districts, mining in mining
,spot in the banking structure. One group of large districts, varied in a lesser way in country towns?
What is this $10,000 village bank but a miniature
State banks also made a very poor showing. The
showing of all banks with a capital of $100,000 or of the $50,000 bank in a larger town? Can it not
over was better than the average for all banks, the keep the same liquid assets if it will? Need it absorb
perfect record of the largest National banks again farm mortgages because situate among farmers?
.by chattel mortgages on
being an important factor." . . . "The most Does it not often make loans
characteristic of Iowa bank failures was stock, or in the case of tenant farmers on farm masignificant
• the showing of the small banks. They had a survival chinery? Does it not usually require two responsible
power far superior to the middle group, and only names on the note? Does it not make short time
-slightly less favorable than those with a capital of loans ninety-day and six months paper? And are
4
MAR. 30 1929.]
FINANCIAL CHRONICLE
1985
administrative aid and
not such loans primarily safe? It is well known that recognized subject to the
advice of a mandatory until they could stand alone.
war influences and war's aftermath was the main
and Lebanon,
cause of these Northwest bank failures. The whole Syria, Irak, Transjordan, Palestine,
of were put in this class, and the Mandate offered the
"atmosphere" of values was inflated. As a matter
reasons, promptly
fact, this village bank can do a safe business without United States, which, for various
Difficulties with the
great technical knowledge of banking, and does do declined to accept the task.
with those of class
so. Their very removal, ordinarily, from specula- system at once began, more in fact
together. A Permative tendencies is a protection. If we are to expunge A than of all the others taken
be created in
it from the free system, the next thing will be (we nent Mandate Commission had to
them. The plan was criticized
hope not) a branch office of some big bank far away, hopes of adjusting
subjection,
without any more than automatic powers. Unless a on the one hand as a scheme of prolonged
and on the other as an opportunity for exploitation
ratio of deposits to capital, five to one, ten to one,
There are those
can be, and shall be, fixed, we will leave out of the by the different Superior Powers.
bank who hold that in spite of difficulty the system on
equation a vital element of strength. Shall
Powers,
associations be restricted under a free initiative and the whole is beneficial and the Mandatory
unrestrained? This little while compelled at times to resort to experimentary
all other corporations be
failures, still
village bank is useful as a depositary and in many methods, do face opposition and some
should be maintained. But the
.other innocuous ways. Competition does not cause the original system
the Class A group
it to fail. In many instances the village (500 to 2,500 peculiar difficulties in the way of
created a situation in which two years of
inhabitants) has one bank„maybe two or even three— have
of Syria and the
the country town, county seat often, has from two heated conflict made the case
French Mandate crucial, and give but slight hope
to five (5,000 to 10,000 inhabitants), and village and
present few months of ex-town banks are in competition. The village cannot of permanence to the
perimental peace.
subscribe $50,000 capital, the town can. Are the
In February 1926 the disturbance was so propeople to be the arbiters of their banks, or the techlonged and serious that the Permanent Mandate
nicians who demand certain rules?
extraordinary session at Rome
These are important considerations. Theoretically Commission met in
After six years of successive outit must be admitted the small bank is, or can be, as to consider it.
thought that there was some hope of
:strong proportionately as the large. If it is necessary breaks it was
at the suggestion of
to have twenty or forty branches in a city because a settlement. When, however,
member of the Commission the Syrian
-of the inconvenience of distance and traffic, is it not the French
assembled in Damascus new emphasis
.equally necessary to have small banks dotted over People's party
was laid upon Syria's claims to independent recog-wide spaces?
nition which the French had not acknowledged. No
explanation sufficed.
Syria and the French Mandate.
The French had assumed the role of peacemaker
A double interest attaches to-day to Syria. The among the different nationalities composing the
new scheme of mandates is meeting a serious test; new State. The Nationalists asserted that no foreign
.and Syria, as embracing the Eastern end of the Med- mediator was needed. Local controversies indterranean and being the gateway between Europe creased. The French intervened in force. Damascus
.and the East, is in the throes of a Nationalist was bombarded by the French. General Serrail was
'Crusade with far-reaching connections both social recalled; Damascus was left in a state of practical
_and religious. The Foreign Policy Association has siege, and the State was in chaos. The contest was
been able to secure a careful study of the situation for an independence which the Mandate as applied
by a competent graduate of Queens University in by the French inhibited. Martial law was applied;
Kingston, Ontario, who after post-graduate work in imprisonment and banishment were inflicted by
Columbia University, followed by teaching and military sentence, and ordinary justice for the in,
social service in Canada, was induced by her inter- habitants was not to be had. Trade declined, food
-est in Turkey and the knowledge gained in the years doubled in price and thousands were thrown out of
-of her childhood spent there, to join the Foreign employment. Syria from having been in early times
Policy Association and undertake the task reported one of the granaries of the East, had now only a
.in a new book.*
fraction of her arable land under cultivation, and
Interest naturally begins with the Mandate Sys- one in five of her population had emigrated. She has
tem inaugurated in 1919 by Article 22 of the Cove- less than 3,000,000 to-day.
nant of the League of Nations carrying out the line
General Gouraud, who had accomplished excellent
of administration for "backward countries" sug- results in French Morocco, was sent over but could
gested by the framers of the Treaty of Versailles. accomplish nothing. Other efforts followed to no
'The aim was to provide a means for aiding the effect. The root of the difficulty-was in the political
ipeoples who as the result of the war would find situation, and that was not changed. Little regard
themselves unprepared to meet the new conditions was paid to the reconstructive methods of the
.and should be helped and guided by certain other French. Turkey having won a new position began
'nations who by virtue of their position or experience to press for restoration of territory. The inhabitants
were able and willing to undertake the task as a were plundered, and rebellion spread. In March
trust. Classes of those needing aid were created ac- 1927 the British cooperated to suppress disorder,
- cording to the condition of the lesser states. Class but not until June was armed rebellion at an end.
A was composed of those who were understood to A new Constitutional Government set up by the
have reached a stage of development where their French had gained little support. Different High
independence as nations could be provisionally Commissioners had no success as the Nationalists
resented their efforts and nothing was gained that
"The National,Omade in Syria," by Elizabeth P. MacOallum, Foreign
had promise of permanent results until ix May a
tPolicy Alm
1986
FINANCIAL CHRONICLE
[Vor.,. 128.
the next year, 1928, a new Government was offered involved, though their
course has not been altoby the French to be set up by the first Constituent gether what was hoped
for. The League stands only
Assembly treated by a free election.
as a partial check on the movement for independMuch was expected. The new High Commissioner ence; but the Commis
sion is evidently following the
M. Ponsot had established order and planned the general policy of the
League to try persuasive methnew forms of Government, but had rectified few ods and only gradual
ly and under clear necessity
of the real grievances. A gold currency was estab- to expand its powers
or strengthen its action.
lished; but the stream of emigration continued.
Syria still looks for increased realization of the
Little interest could be aroused for better things, situation, and
while the League may only seek better
like schools and improved agriculture; and French administration of
the mandatory power, Syria holds
influence and culture when offered were at best but that independence
is essential to her prosperity and
superficial. Meanwhile the diverse native peoples peace. The real test
in their case lies in the Syrian
were coming together. A new self-respect was felt, people and their
ability to accept the ultimate
and the new spirit of independence created con- authority and
to create a self-respecting and refidence in greater influence with the Mandatory spected State, having the assured
support of its own
Power. The Permanent Mandate Commission of people whose peace
and general well being are esthe League of Nations had not yet made itself widely tablished, and which
presents this aspect of its charfelt. It holds that the government of Class A States acter and attainm
ent to the outside world.
lies outside of its sphere; and it limits its function
In the presence of the unrest and the perplexing
to moral suasion and advice after special investi- tasks into which
all are thrust in the new congation; and this seems to be the present attitude of ditions which the
war has created for the world no
the League.
continued disturbance anywhere can be considered
The appeals of Syria to the Commission have led unimportant. A match
and a conflagration have
only to increased irritation and charges of coward- too often been
the symbol of what has transpired,
ice in dealing with the French. The situation is even when nations
have been overthrown. The
certainly difficult, and will be found to have wide United States
has no mandate, but she is both in
connections, as conditions existing in various other the world and
of it. Even with so small a State as
mandated regions and smaller states whose bound- Syria America
's interest throbs along a dozen lines,
aries were altered at Versailles evince. Many of the economic,.
political, financial, industrial, educamost debated but imperative lines of action taken tional, human,
which, like nerves, convey impulses
under the Treaty are still far from confirmed by effective
for good or ill at both ends. The world totheir results.
day is an organism as never before. The old deIn the case in hand the Permanent Commission claration nihil
mihi alienum has come into its own.
has given many meetings to its consideration and Our larger
knowledge, our fuller life, our wider
has won respect. The French are obviously con- vision, only
make it certain that the world is one and
vinced by this, and recognize :that their prestige is today nothing
to us is wholly alien.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. rains
fell in the Southwest to-day, but Northwestern Canada
Friday Night, March 29 1929.
remained dry. Corn declined only slightly, as the crop
Of course the great event of the week, overshadowing movement
was small and the cash demand fair. Other
everything else, was the extraordinarily active stock market grain declined
because wheat did, but the changes are not
with its remarkable declines and no less remarkable rallies. remarkab
le. Provisions advanced, including March lard,
Money on call has been up to 15 to 20%, but yesterday it but that
commodity declined on later months with corn and
was down to 8%, with perhaps 6 to 7 outside, and time hogs lower.
Coffee declined less than ten points not, even
loans at 83%. From total transactions on Tuesday of with Brazilia
n quotations lower and Argentine and Cuba
over 8,000,000 shares, there was a drop on Thursday to declaring quaranti
ne against Brazil on account of yellow
some 5,100,000 shares. Money was reported plentiful in fever, though
it is said that there is no real epidemic of
the Central West. The money strain here plainly relaxed. yellow fever
in Brazil. But it was understood that.at times
That was the outstanding fact of Thursday and it is not Europe and
Brazil have been selling coffee here. Sugar
too much to say that the country breathed a sigh of relief. declined four points
on futures and prompt raws got down
The weather has again been for the most part mild and to l3/c. c.&f.
a new low. At times there was general liquifavorable for trade and outdoor operations. Swollen rivers dation in sugar
owing to the decline in the stock market.
and streams seem to have partially subsided, although the Later the
tone became steadier as the demand for the actual
high water in the Mississippi River is still watched with sugar increase
d and also for futures with the stock market
an interest not wholly unmixed with anxiety. Production outlook
clearing. Rubber has had big fluctuations, but it
is proceeding at a good rate, and consumption is keepig all simmers
down to a net decline for the week of 10 to 30
pace. The world's consumption of American cotton this points. The
technical position of rubber has evidently
season is estimated at as high as 15,500,000 bales, the improved
and short selling is more cautious, while demand
same as last year, with a decrease in the carry-over
at from factory shows some tendency to increase. It is said
the end of this season estimated at 1,000,000 to 1,200,000 that large
dealers and Far Eastern interests bought rather
bales. Cotton ended the week at a small decline on the freely to-d
ay. Covering of shorts was on a rather liberal
old crop and a slight rise on the new, which most people scale, and it is believed London
if
and the Far East set the
seem to be buying rather than the old. There is some fear pace upward
New York would be quick to follow from the
of heavy weevil damage to the cotton crop this year if the fact that the long interest
here to
summer should prove to be more than ordinarily wet. greatly reduced. Large uptown all appearance has been
rubber trade interests are
The mills and spot houses have been steady buyers and buying, though in some
cases it is merely for prompt delivery.
there were intimations on Thursday that rubber interests
The demand for cotton goods here has been rather small
of
were also buying.
late, owing to the more or less disconcerting fluctuations
in
Wheat ends at a net decline of only about 243. in spite of raw cotton, and the unsettled
state of affairs in the stook
very heavy liquidation during the week. There has been a market. But it was
noticed that offerings by second hands
somewhat better export demand for wheat at times and the at something under the
regular market were quickly snapped
Southwest and Canada have needed rain. Some beneficial up. Even first hands
shaded prices on small lots of print
MAR. 30 1929.]
FINANCIAL CHRONICLE
1987
that is doubtless responsible
cloths at times, but the tone to-day was firmer. There is usually active trade, a condition
con- for the large number of new knitting companies that are
no doubt that business was checked in cotton goods to a
There is a steady demand for fullsiderable extent by the lowness of the bids on the one hand, entering the field.
of the mills to fashioned hose. The organization of five new textile comand the refusal on the other of very many
during the week. In addition several
ease quotations. Profits are none too big as they are. panies was recorded
facilities.
have been in fair demand and com- mills announced plans for extending their present
Finished cotton goods
Greenville, S. C. wired that many textile plants in the
a
paratively steady. Broad silks have recently had quite
sold their product ahead for 90
good trade. In the matter of production the lead is taken Piedmont section have
tools days, insuring continuous operation until the latter part of
by automobiles, agricultural implements, machine
operation, however, is still causing some
and electrical goods. Copper is firm at 240. though less June. Night
firm, but for the most concern and mill men appear to be divided on the subject.
active. Pig iron has been reported
the abandonment of night work will
part quiet or at best in only moderate demand. Steel pro- A number declare that
improvement can take place
up at a good rate and a seasonal business is be necessary before permanent
duction keeps
lum- in the textile industry. Others say that night work is not
under way. Warmer weather has recently helped the
situation. Greenville, S. C. reported
ber trade in the Pacific Northwest, causing increased produc- seriously affecting the
the winter was reduced and that the employes of the Brandon plant of the Brandon
tion. But the output during
the 27th inst. as a protest against an
prices have therefore been pretty well sustained. Shipments Corp. walked out on
there. The walkout
have recently been rather small. It is believed efficiency system recently installed
of cement
will in- affected 1,250 employes. At Telzer, S. C. employes of the
that if the mild weather holds building operations
a brief strike went back
crease, making up in some measure for lost time, or in other New England-Southern Mills after
the old
decrease in the last three or to work on being assured by the management that
words for the very pronounced
scale of wages and work would be resumed.
four months. The mild weather has caused lower prices
Manchester to-day reported business dull, that in yarns
for eggs and butter. The effect on the coal trade is manidisappointing and with some tendency towards lower prices
fest. Prices have declined.
reduced production. In China
The stock market on March 26th was active beyond prices and possibly towards
20%, the highest since Feb. 5 cotton mills are operating at full capacity.
precedent with money up to
New York on the 23d inst. had fog, driving rain, thunder
1920 and transactions at a new high record of 8,246,740
50 to 64 degrees. The
down 2 to 33 points only to be followed and lightning and temperatures of
shares with prices
fog held up shipping. The Aquitania was held all day by
by a rally later in the day of 5 to 20 points. Wheat fell 6c.
other vessels at their piers in the
from the early high on that day, making 14 cents from the it in the bay and many
4% to 50. or 10c. since North and East rivers. But in Wisconsin and Utah on the
high point of March 11th, corn
were snowstorms with a fall of 2 to 6 inches.
March 11th, sugar 3 to 5 points off for the day, coffee 10 same day there
also points in the
5 to 40. Later, under the stimulus of Snow and sleet fell also in California;
points and provisions
Rocky Mountains. In Colorado a blizzard occurred, one
the striking rally in stocks cotton rallied 40 to 50 points
year, and in parts of that State rail2c.
from the early low, wheat 2 to 2Y and corn 1 to 234c., of the severest of the
is that commodities as roads were blocked by huge drifts and snow slides and all
though all ended lower. The point
Later in the week there was
well as stocks rallied well and cotton ended only moderately highways were impassable.
were for
the net decline was nothing remarkable. further rain here but Wednesday and Thursday
lower. In grain
the most part clear. Temperatures in this vicinity have
Bonds fell for a time to the lowest prices of the year, but on
it was 41 to 57 degrees at New
Thursday there were very general advances owing to the been mild. On Thursday
for good bonds very York. It has been mild also at the West and South. In
sudden decline in money. The demand
North Carolina recently it was abnormally warm and temperanoticeably increased.
It
the stock market advanced anywhere from tures were also high in other South Atlantic States.
On Thursday
was 82 degrees yesterday in Savannah, 40 to 52 in Boston,
1 to 20 points with Radio leading, accompanied by reports
Cincinnati, 40 to 58 at
that a big deal is under way. New Radio got up to 109, 42 to 66 in Chicago, 46 to 62 at
points. Inter- Cleveland, 42 to 60 at Detroit, 46 to 62 at Kansas City,
ending at 1063', a net rise for the day of 93
at Philadelphia, 34 to 48
national Telephone & Telegraph which sold last week at 217 38 to 66 at Milwaukee, 44 to 60
the new split-up stock also sold on the at Portland, Me., 50 to 62 at San Francisco, 44 to 56 at
reached 279, while
34 to 58 at St. Paul.
Curb at a sharp rise. Spectacular advances occurred also Seattle, 50 to 62 at St. Louis and
S. Steel common, American Can, International Comin U.
bustion Engineering, Texas Gulf Sulphur, Union Carbide, Gain in Department Store Trade in New York Federal
Western Union and others with considerable attention given
Reserve District.
to oil shares at rising prices. All the Exchanges here are
The April 1 Review of Credit and Business Conditions
closed for to-day and to-morrow, March 29th and March
Reserve Bank of New York has the following
30th. This includes the Stock Exchange, the Curb Market, of the Federal
regarding department store business.
Cotton, Rubber, Metal Coffee, Sugar and Cocoa markets. to say
Leading department stores in this district reported only a slight increase
A consolidation of cotton mills,and selling agencies is dein total sales in February as compared with a year ago, due to one less
sirable in view of the merging of large buying power among selling day this year, but their average daily sales showed an increase of
chain stores, department stores and converters, according to about 5%. Newark and Bridgeport showed the largest increases, while
a report on consolidations which Walker D. Hines, Presi- New York City showed little change, and the Northern New York State,
dent of the Cotton-Textile Institute, Inc. He declares that Hudson River Valley. and Westchester divisions reported substantial denot only would sound consolidations among successful mills clines. The Capital District showed an increase in department store sales
materially improve the general merchandising situation, with for the first time since last July.
Stocks of merchandise on hand at the end of February were slightly
increased stability and advantage to the buying public, but
larger than a year previous. The percentage of outstanding charge accounts
in many instances such consolidations would have important
month was about the same as In February 1928.
operating advantages. "It is reasonable to assume," Mr. collected during the
Per Cent. of
of the country's buying
Hines declares, "that consolidation
Accounts
Percentage
Outstanding
Change
power in cotton textiles will continue." At Salem, Mass.,
Jan. 31
February 1929
Collected in
Compared with
the Naumkeag Steam Cotton Co. is operating at full capacity
February.
February 1928.
on single shift basis, as it has been doing all through the first
Ueda,.
Stoat en
quarter of the year.
Nand
Na
1929.
Sales. Sad of 1928,
situation with the mills seems
At Charlotte, N. C. the
Month.
to be improving considerably. There was a sharp revival
54.6
531
+1.8
-0.4
New York
48.3
50.0
In the blanket industry during the past week. In one case Buffalo
-1.1
-2.5
39.3
40.3
+0.8
Rochester
a mill is sold up through next October. Even coarse num- Syracuse
+4.3
-1.4
48.7
47.4
+6.4
+11.8
Newark
were improving, some mills being sold up for months Bridgeport
bers
-1.4
+5.9
38.4
34.1
-1.4
to come at better margins than have been possible for some Blaewhere
-13.6
Northern New York State
At Charlotte in unfinished lines of cotton
time past.
-5.4
Central New York State
---3.7
Southern New York State
goods, however, trade was considerably smaller. Tire
-_-9.8
Hudson River Valley District
___
+1.5
Capital District
fabric mills reported a fairly good inquiry, but large sales
-7.7
Westchester District
49.8
49.5
exceptional. Yarn spinners succeeded in maintaining All department stereo
+0.8
were
44.9
47.7
+2.6
the recent higher prices, but trade was slow. Reports from Apparel stores
Comparisons of sales and stocks In February with those of last year are
of the more important Southern knitting centers
several
indicate that the hosiery mills continue to have an un- given In the following table:
1988
TN. NC 1 AL CHRONICLE
Net Sales
Percentage Change
February 1929
Compared with
February 1928.
Musical instruments and radio
Toys and sporting goods
,Women's and Misses ready-to-wear
Shoes
Cotton goods
Women's ready-to-wear accessories
Furniture
Luggage and other leather goods
Men's furnishings
IAnens and handkerchiefs
Books and stationery
Home furnishings
Hosiery
Toilet articles and drugs
Men's and Boys' wear
Silverware and Jewelry
Silks and velvets
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
Feb. 29 1929
Compared with
Feb. 28 1928.
+26.0
+14.9
+8.4
+7.2
+6.0
+3.6
+3.5
+3.5
+2.9
+1.9
+1.4
+1.0
--2.1
--3.2
-4.8
-6.1
-6.3
-25.8
-10.5
-33.8
-4.4
-4.2
+12.5
-2.3
-1.7
+7.5
+6.6
-6.5
-0.3
-4.9
+17.9
+0.9
+8.0
+8.4
-6.4
-6.5
-22.3
-8.0
[vol.. 128.
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES'
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+) or Decrease (-) Per Cent.)
Line and Federal
Reserve District.
Sales-Feb uary 1929 Stocks-February 1929'
Coon pa ed with
Compared with
Jan. 1929 Feb. 1928 Jan. 1929 Feb. 1928
Groceries
Per Cent. Per Cent. Per Cent. Per Cent.
United States
-8.7
-3.0
+0.9
+4.6
Boston District
-14.5
-8.5
New York District
-12.7
-4.1
Philadelphia District
-7.7
-0.1
-2.5
+2.3
Cleveland District
-11.2
-5.0
-2.3
-2.8
Richmond District
-10.7
-7.7
-0.6
+8.3
Atlanta DIstrict
-7.4
-3.8
+5.8
+9.4
Chicago District
-9.8
-2.1
-0.3
+1.6
St. Louis District
-12.7
-9.2
-1.2
-2.1
Minneapolis District
-6.0
-5.0
+0.0
+0.0
Kansas City District
+1.9
+3.3
+11.6
-2.5
Dallas District
-7.5
--2.7
+1.3
+7.4
Ban Francisco District
-6.0
--2.4
-0.8
+3.2
Dry Goods
United States
+0.2
-5.8
+1.2
-14.1
New York District
+4.4
-5.5
Philadelphia District
-2.6
-14.2
Cleveland
+14.5
Wholesale Trade During February as Reported to Richmond District
-5.4
+3.3
-19.3
District
+9.6
-12.3
+1.9
-20.7
Federal Reserve Board-Volume Below That of Atlanta District
+6.3
-12.6
+1.9
-23.3
Chicago District
+10.3'
+4.7
+3.1
-7$
Year Ago.
St. Louis District
+3.3
-9.3
-0.6
-16.1
Kansas City District
-16.8
+4.2
-16.5
Volume of wholesale trade declined in February and was Dallas District
+2.1
-10.2
-1.6
-13.8
-11.6
+0.5
-3.2
-3.8
smaller than a year ago. Decreases in sales as compared to San Francisco District
Boots and Shoes
United States
-13.6
-0.9
the previous month were reported by firms selling drugs, Boston District
+0.0
-4.8
+4.3
-3.1
+0.9
-14.7
boots and shoes, groceries, hardware and meats, while sales New York District
+13.4
+17.4
+4.8
-17.3
Philadelphia District
+15.9
-11.1
of men's clothing, furniture and dry goods increased less than Cleveland District
-Ye
+6.0
-42.5
+35.4
-12.8
+2.3
is usual at this season. Increased sales continued to be re- Richmond District
+0.8
Atlanta District
+12.8
-16.3
Chicago District
+23.6
ported by manufacturers of agricultural implements and St.
-13.6
Louis
-22.3
+1.2
-3.1
-4.5
machine tools, which are not included in the Board's index of MinneapolDistrict
is District
+32.0
-35.0
+2.0
-5.0
+6.2
-24.9
-0.5
+26.7
wholesale distribution. The Board under date of March 29 San Francisco District
Hardware
United States
-7.2
-7.1
also states that in comparison with February 1928 the volume New York
-2.7
+5.0
District
-2.6
-9.9
+3.1
-9.7
of distribution at wholesale was 3% smaller and reflected Philadelphia District
-3.7
-4.2
-6.3
+3.0
Cleveland District
+4.2
-4.4
-2.8
+2.9
declines in sales of furniture, hardware, dry goods and Richmond District
-16.4
-8.3
+5.5
-1.5
Atlanta District
-15.7
-6.0
+1.4
-1.6
groceries, which were offset in part by increases in sales of Chicago District
-3.2
-6.6
+10.9
-5.6
St. Louis District
meats and drugs. ,
-3.4
-14.3
+6.1
+10.6
Minneapolis
-12.0
-1.0
-3.0
-2.0
Current developments in wholesale trade are summarized Kansas City District
-14.6
-6.4
+13.2
+12.5
Dallas District
-0.2
+0.3
-1.9
+3.0
by the Board in the following table:
San Francisco District
-7.8
-4.7
+1.0
+2.5
Drugs
United States
-19.3
+3.9
-1.4
+3.6
P. C. Inc.(+) or Dec.(-)
New York District
Index Numbers Adjusted
-22.7
+9.7
+7.4
+21.8
in Sales February 1929
Philadelphia District
for Seasonal Variations
-20.1
+2.0
-Compared with
Cleveland District
(1923-25=100).'
-17.9
+3.3
- Richmond District
-29.2
-3.7
January,
February, February, January, February, Atlanta District
-24.6
-8.7
1928.
1928.
Chicago District
1929.
1928.
1928.
-11.0
+2.6
St. Louis District
-17.3
+6.7
-0.5
-4.1
GrocerieS
-8.7
3.0
Kansas City District
95
99
98
-15.4
-9.2
+2.4
+7.2
Meats
-2.6
+5.4
Dallas District
119
117
113
-24.5
-2.2
+0.2
+4.0
Dry goods
+0.2
-5.8
San Francisco District
83
88
88
-15.0
+6.0
+3.0
0.0
Men's clothing
+54.2
-11.1
Furniture
as
98
99
Boots and shoes
-13.6
-0.9
United States
109
121
110
-7.2
+8.7
+2.0
+10.8
Hardware
-7.2
-7.1
Richmond District
87
92
93
+8.7
-10.7
Drugs
-19.6
+3.9
Atlanta District
114
113
110
+2.9
-7.1
Furniture
+8.7
-7.2
Chicago District
89
93
96
+15.5
-9.7
St. Louis District
+15.0
-9.3
4477
Total eight lines--3.0
-3.0
Kansas City District
96
101
99
+10.4
-4.0
+11.6
+20.0
San Francisco District
-2.3
+7.5
-3.6
• Revised to exclude sales of women's clothing. See March "Federal
-2.1
Agricultural Implements
Reserve
Bulletin."
United States a
+16.5
+11.5
Minneapolis District
+208.0
-4.0
The Board's summary continues:
412:6
+WO
Dallas District
-16.7
+16.1
-11.3
+3.7
San Francisco District
Stocks of reporting wholesale firms were generally larger
-11.9
-1.0
+5.9
+7.4
at the end of
Payer and Stationery
January, as is usual at this season, but were smaller than
a year ago, except New York District -4.0
+3.2
In the case of grocery and furniture firms.
Philadelphia District
-3.1
-12.5
LI&
Detailed statistics by districts and for previous months
-11.9
are given here- Atlanta District
+2.4
San Francisco District
with:
-13.1
+6.8
Automobile Supplies
San Francisco District
WHOLESALE DISTRIBUTION BY LINES.*
+0.4
-5.3
+0.3
+5.7
Cotton Jobbers
Lades numbers, based upon dollar value of sales. Monthly average
1923-2/=100. New York District
-7.8
+24.3
+6.9
-7.8
Silk Goods
New York District
--3.1
-9.4
b0.9
b+22.2
Total
Men's Boots
Machine Tools
Month.
Eight Gro- Meats. Dry Cloth- and Hard- Drugs. Fund- United
States
+67.4
+15.1
Lines. aeries.
Goods. ing. Shoes, ware.
lure.
Diamonds- •
New York District
-3.5
-26.0
With adjustm entfor season at earl aliens
Jewelry
1927
New York District
+29.8
+7.0
d-1.5
October
d-5.3
94
90
109
86
81
91
94
111
99
Philadelphia District
+15.4
+12.3
November.,
+2.3
+14.4
97
94
105
89
88
105
100
112
Electrical Supplies
100
December
95
92
109
87
93
101
97
Atlanta District
108
89
+7.7
+0.3
-2.6
1928
+14.3
Chicago District
+1.1
+18.5
January
+2.7
+5.5
96
93
106
89
99
115
92
St. Louis District
108
89
-14.6
+34.4
+10.7
February
-11.6
99
98
113
88
99
110
93
San Francisco District
110
96
+11.9
-2.0
March_
+7.2
+16.4
96
97
109
83
94
96
91
110
95
April
92
93
112
78
•Sales of agricultural implements for the United States are complied
77
94
86
111
87
by the
May
99
99
109
86
96
Chicago Federal Reserve Bank.
113
94
117
92
June
92
94
112
b Stocks at first of month-quantal
79
76
82
92
110
94
not value.
July
94
91
111
80
c Based upon indexes of orders furnished by the National Machine Tool
79
123
91
107
95
August
Builders'
101
100
116
90
90
109
Association.
94
117
106
September
96
92
122
84
d Includes diamonds.
89
90
92
112
112
October
97
95
111
85
99
87
97
112
116
November
*99
94
122
91
95
100
100
113
101
December
95
89
116
86
101
72
93
128
•94
1929
Federal Reserve Board's Summary of Business ConJanuary
101
99 •117
S8
.96
120
92
•93
132
February
ditions in the United States-Industrial Pro960
95s 1190
830
880 1090
870 1140
890
Without adju shunt for sea sonal v ariatio as
duction at High Rate-Growth in Volume of Bank
1927
October
108
102
122
99
101
114
Loans.
105
128
118
November---- 97
100
101
88
61
110
98
113
105
December
85
90
103
70
In its monthly summary of business conditions in the
48
82
90
99
83
1928
January
88
United States, issued March 25, the Federal Reserve Board
85
106
85
76
94
82
106
78
February
93
85
108
89
128
87
82
101
96
reports that industry and trade continued active in February
March
100
95
105
87
131
111
95
121
107
April
88
88
105
70
75
99
88
and the first part of March, and there was a growth in the
113
88
May
93
96
109
75
57
114
97
110
87
June
97
89
114
71
volume of bank loans. Borrowings at Reserve Banks in39
77
96
104
83
July
90
92
113
74
68
98
90
102
78
August
creased during the period and money rates advanced further.
110
101
118
110
148
119
95
115
108
3eptember
111
100
130
105
137
110
100
119
126
The Board's summary continues:
October
112
108
125
99
123
108
108
134 *133
November.
99
100
117
90
68
105
98
114 *106
December
*84
Production.
88
108
*69
51
59
86
120
*89
1929
Production continued at a high rate throughout February and the first
January
*91 *117
93
84
•74
99
82 *131
•82
half of March and was substantially above a year
nn.
SQ.,
112.
Sin
11A.
fin.
ago. Automobile output
TA.
ink.
00/1
was at a record rato in February, and there was also an unusuall
y high
Revised to exclude women's clothing. See description in
daily avenge production of copper and iron and steel. Large output
Federal Reserve
in the
"Bulletin" for March 1929, •Revised. V Preliminary. •
iron and steel industry reflected demands from manufact
urers of automo-
MAR. 30 1929.]
FINANCIAL CHRONICLE
biles, machine tools, and agricultural implements, and from railroad
companies. Preliminary reports for the first half of March indicate further
expansion in automobile and iron and steel production. During February
the daily average output of coal and crude petroleum also increased and
production of cotton and wool textiles continued large. while silk output
declined somewhat from the unusually high level of January. There was
also some decline from January in the production of lumber and cement,
and in the output of meat packing companies.
The high rate of activity in manufacturing during February was reflected
in a larger than seasonal increase in factory employment and payrolls, both
of which were considerably above the level of February 1928.
Building activity declined further in February and the value of contracts
awarded was over 20% smaller than a year ago. Residential building
contracts showed the largest declinein comparison with February 1928,while
those for public works and utilities wore only slightly smaller in value, and
commercial and industrial building awards increased. During the first half
of March there was some seasonal increase in total building awards,but they
continued to be substantially below a year ago.
1989
4,828 units. Furthermore, there is apparently nothing on the horizon to
threaten an interruption of this record pace of production of automobiles
in the near future, although it is not yet possible to tell whether this very
large rate of output represents a new pace set for the year or no more than a
new seasonal concentration. New car registration figures available for
January and covering 42 States indicate a large consumer demand. They
were 58.5% higher than for January a year ago, 27% higher than for
Jan. 1927. and 4% higher than for January of the peak year 1926. The
current high rate of automobile production is further reflected in the very
high levels of production of rubber tires.
2. Iron and Steel.
A rather heavy bunching of orders for railway freight cars during the past
two months and a very active demand from machine tool builders and
manufacturers of agricultural machinery have combined with the demand
from the automobile industry to raise the rate of production of pig iron and
steel to extremely high levels. During February, the rate of production of
both pig iron and steel ingots either set or came near setting all time records.
despite continued declines in one of the most important steel consuming
Trade.
industries—building construction. The daily output of pig iron in February,
In February shipments of commodities by rail increased more than is amounting to 114,833 tons, was the highest on record, except for the
usual for the season, reflecting larger loadings of coal and coke and mis- figure of 115,207 tons set during March 1925. The daily output of steel
cellaneous freight, which includes automobiles. During the first two weeks of ingots In February was the largest ever reported, exceeding the previous
record (October, 1928) by 4.7%.
March,freight car loadings continued to Increase.
During the first two months of this year, orders for railroad freight cars
Bales of wholesale firms were generally smaller in February than a year
of the fact
ago. In comparison with January, sales of dry goods, shoes, and furniture have amounted to 70% of their 1928 total. In view, however,
year, the
increased seasonally, while sales of groceries and hardware were smaller. that freight car orders are usually heaviest at this time of the
taken as indicative of the trend for the rest of the
Department stores reported about the same daily volume of sales in February current figures cannot be
year.
as in the preceding month, and larger sales than a year ago.
Sales of machine tools continue in large volume; orders in February were
Prices.
the largest For any month since the boom period of 1919-1920. Most of the
The general level of wholesale prices declined slightly in February and metal trades are similarly active.
was approximately the same as a year ago. The decline from January
However, unfilled orders of the United States Steel Corp. at the end of
reflected primarily decreases in the prices of hides and leather, live stock February hardly point to any further expansion in iron and steel this
in the prices of wool, cotton, and woolen spring. There was a rise of less than 1% in orders during the month as
and meats, and small declines
goods. The influence of these declines on the general average was partly compared with a rise of nearly 3% during February a year ago. Neither
offset by increases in the prices of copper, lead, iron and steel, rubber, and in January nor February, this year, were orders as large as those in the
grain.
corresponding months a year ago. Indeed, they were considerably lower—
During the first two weeks of March, prices of wool and petroleum con- February by 254,000 tons and January by 166,000 tons, compared with the
to decline, and rubber prices receded somewhat after a marked rise in corresponding months of the previous year.
Willed
February, while leather prices declined sharply. Prices of copper rose further
It is also significant to note that by the end of February prices for finished
and there were small increases in prices of hides, raw cotton, and certain steel had remained unchanged for the 12th consecutive week; prices for Pig
grades of lumber.
iron had remained unchanged for the 5th consecutive week.
Bank Credit.
There is reason, therefore, to suspect that as far as the iron and steel
the middle of March there was a. industry is concerned we are witnessing no more than an unusual seasonal
Between the middle of February and
rapid growth of loans at member banks in leading cities. The increase was bulge influenced by a combination of several exceptional Circumstances.
in loans chiefly for commercial purposes, which on March 13 were more than
2, Building Construction, Lumber and Cement.
$200,000,000 larger than four weeks earlier. Investments of the reporting
The February total of contracts awarded for building and engineering
banks declined further during the period.
States east of the Rocky Mountains,reported by the
Total volume of Reserve Bank credit declined somewhat between Feb- construction in the 37
was the lowest in four years. The F. W. Dodge Co.'.
ruary 20 and March 20, reflecting for the most part some further gold F. W. Dodge Co.,
practically all construction contracts of $5,000 and
imports from abroad. Member hank's borrowing at Federal Reserve banks figures cover awards for
were lower than in any
was nearly 2,80,000,000 larger on March 20 than four weeks earlier, while over. On a daily average basis. February awards
1925. Fr the two months. January and
acceptances showed a further decline of about $120,000,000 during the previous month since March
year were 14% lower than for the same
February combined, the awards this
period. Security holdings showed relatively little change.
decline for February was most marked in
Money rates continued to advance. Rates on 4 to 6 months commercial two months a year ago. The
residential buildings; non-residential building as a whole, and commercial
-day bankers' acceptpaper rose from 5%-534 to 5%-6% and rates on 90
particular, showed fairly substantial increases:
ances increased from 5 to 5Ji% on Feb. 13 and to 53% on March 21. and industrial building in
public works and utilities showed a fair volume of contracts awarded.
Open market rates for collateral loans also increased.
projects reported during February were 6% below
New contemplated
those of January this year, and 18% below those of February a year ago.
Business Conditions as Viewed by Conference of
The decline in general building has been reflected in the lumber, and
Statisticians in Industry—Rate of Industrial especially in the Portland cement industries. been at a lower level than a
Lumber production thus far this year has
level,
Activity Higher Than Year Ago.
year ago; but unfilled orders have been maintained at about the same
the same date
A higher rate of industrial and trade activity is being and stocks at the beginning of February were lower than at adjustment of
last year. To some extent, these figures reflect a better
maintained in our industrial centers at present than at the supply to demand. But added significance might be attached to the fact
ago, with no indications of any interruption that car loadings of "forest products" were smaller in February than in
same time a year
two exceptions, in any
and were lower
in the immediate future, according to the March report of the January, the preceding 6;iin January than, with
years.
month of
were considerably lower,
Conference of Statisticians in Industry, which operates
Production and shipments of Portland cement
under the auspices and with the co-operation of the National and stocks at the mills were considerably higher during February aicompared
and shipments
with the same month a year ago. Production was 3.1%
Industrial Conference Board, 247 Park Ave., New York.
higher
17% less than in February 1928, and stocks at the mills were 9.2%
The pace of industrial activity, this report indicates,
is set by the automobile industry, which in February broke
all monthly records and this record output evidently is
being absorbed by a strong consumer demand. New car
registrations in January were 58.5% higher than in the same
month a year ago, 27% higher than in January 1927 and 4%
higher than in the corresponding month of the peak year,
1926. New records are reported also for other industries,
it is added, although they are "not unreasonably high when
considered in the face of long-time trends," according to
the Conference of Statisticians. The Conference points to a
continuance of the prevailing business optimism, improvement in the purchasing power of the non-industrial areas
and stabilization of the money market as requisites to a
spreading of the high rate of production and trade activity
now prevailing in the industrial centers of the United States.
The full text of the March statement of the Conference of
Statisticians in Industry follows:
than a year ago.
4. Textiles, Hides and Leather.
•
and
Stimulated by the recent sharp rise in the consumption of raw cotton
by untoward weather in the eastern cotton belt, and by other vital as well
as speculative factors, prices of the staple have gone to over 10% above
so that
last year. This, in turn, has given further impetus to the trade,
consumption of raw cotton during February amounted to nearly 600,000
sales to production of cotton
bales, a record for that month. The ratio of
textiles during the month amounted to 116.3%; stocks decreased 4.2%.
and unfilled orders increased 7.2%.
After the January levels, the activity of the wool industry in February
appears in the nature of a further recovery. Stocks in the hands of the
retailers are reported to be no greater than a year ago, and somewhat
lower in the hands of manufacturers. The anticipation of a very active
pre-Easter retail trade has acted as a stimulus in all branches of wool
manufactures. However, employment in woolens and worsteds decreased
by 0.7% between January and February.
Takings of raw silk, on the other hand, have fallen off sharply during the
past month—to the extent of 19.3% as compared with January, and 8.7%
as compared with February last. This however,follows large takings in the
preceding month. The index of employment in the silk goods industries
increased from 95.2 in January to 97.9 in February. The rate of monthly
employment, as computed by the Silk Association of America, was higher
in February than in any preceding month back to and including Jan. 1928.
Activity in the leather tanning industry has failed to make the recovery
which is normal for this time of the year. Hide prices are now a great deal
lower than a year ago and leather prices remain unstable. Shoe production,
however, is in fairly good volume. Leather stocks generally increased
during the month, while the stocks of sole leather which have been accumulating in recent months have increased further.
The State of Industry and Trade in the United States.
A high rate of activity prevails in the automotive, the iron and steel,
in the machine tool and farm machinery industries, in textiles and in
electrical manufactures. Residential building construction, alone of the
basic industries, shows no improvement, continuing the decline of several
months, and the leather tanning industry is operating at relatively low
levels. Commodity prices at wholesale, as averaged for February by the
5. Minerals.
United States Bureau of Labor Statistics, declined % of 1% from January
The production of bituminous coal in February was slightly over 1%
levels—declines during the month in farm, food, and textile prices, and in
above that of January and nearly 20% above that of Feb. 1928, when
the prices of hides and leather out-balancing increases in the price of metals industry was drawing on larger available stocks. The daily average proand metal products, of building materials, of chemicals and of drugs. duction of anthracite during February was slightly below that of January.
The unsettled credit situation continues to be the outstanding factor of but over 23% above that of February 1928.
uncertainty as to the immediate future.
Crude petroleum, since the beginning of the year and until the last week
1. Automobiles.
or two, was being produced at highest levels ever attained. The increase
unusually large, indicating that
The output of automobiles in February, amounting to 497,371 passenger in gasoline stocks during Jan. 1929, was
cars and trucks exceeded the previous monthly record, of August 1928, by refiners were running too much crude oil.
1990
FINANCIAL CHRONICLE
[VOL. 128.
This tendency to over-production has developed to such an
extent that recent years. Jewelry sales, following decreases
for nine consecutive
most complete co-operation lawfully possible is essential
to prevent its months, showed a substantial increase over a year
ago, while the sales of
further development and attendant waste. Efforts
are now being made diamonds showed a small decline for the first
time in four months. Dethrough committees of the American Petroleum Institute
to bring about creases compared with sales in February 1928 were
reported also in sales
this co-operation.
of groceries, men's clothing, cotton goods, silk
goods, hardware, and
6. News Print Paper.
stationery.
The consumption of news print paper is running
Stocks of groceries, silk goods and drugs continued to
about 3% ahead of the
show an increase
first quarter of last year. Manufacturers' stocks, which were abnormally over last year, while stocks
in most other lines showed decreases. Collechigh during most of 1928. are back to normal, and publishers' stocks are tions averaged somewhat slower
than in February 1928, only three groups
somewhat below normal. The recent announcement of prices
by the leading showing an increase.
paper producer has had a stabilizing effect upon the Industry, although the
price level is the lowest in a dozen years. Newspaper advertising to
date
Percentage Change Percentage Change P. C. of Accounts
is 4% ahead of last year, and periodical advertising 7% more than during
February 1929
February 1929
Jan, 31
the same period in 1928.
Compared with
Compared with
Collected
January 1929.
February 1928.
in February.
7, Chemicals and Allied Products.
Commodity.
The chemical industries report fairly active operations at a more or less
Stock
Stock
Net
End of
Net
End of 1928.
steady level, and relatively low stocks. Mergers, both horizontal and
1929.
Sales. Month. Sales. Month.
vertical, are the order of the day. To combat the drug chains, independents
are organizing co-operative buying groups. Decreased sales of fertilizer Groceries
-12.7
-0.2
-4.1
+4.6
76.5
65.8
Men's clothing
+54.2
___
-11.1
and insecticides are taken to reflect poor agricultural conditions.
-__
40.7
41.4
Cotton goods-Jobbers
+24.5
+6.9
-7.8
-7.8
Silk goods *
-9.4
8. Employment and Wages.
+0.9
-3.1 +22.2
48.3
42:2
Shoes
+13.4
+4.8 +17.4 -17.3
An Increase of nearly 2% in employment and of nearly 7% in pay-rolls Drugs
34.8
29.3
-22.7
+7.4
+9.7 +21.6
44.9
39.0
was reported by the United States Bureau of Labor Statistics for the Hardware
-2.6
+3.1
-9.9
-9.7
41.7
37.4
month of February as compared with January. These figures cover returns Machine tools x
+15.1
Stationery
-9.8
-from manufacture, mining, public utilities, trade and hotels. While Paper
-5.8
___
74.6
-7 -4
-.
6
-4.0
___
+3.2
...
68.3
64.4
seasonal increases in employment and pay-rolls in February over January Diamonds
-26.0 1 -1.5f -3.5 I -5.3
25.2
28,2
have been the rule during the past six years, the increases reported last Jewelry
+29.8
i +7.0 (
month were outstandingly greater than usual.
Weighted averafre
-1-7.8
___
-1-0.0
511 A
Increases in employment and pay-rolls were reported for most of the manu
475
factoring industries, for anthracite and bituminous coal and metalliferous
* Quantity net value. Reported by Silk Association of America.
x Reported by the National Machine Tool Builders'
mining, for public utilities and hotels. Only trade, both wholesale and
Association.
retail, reported decreases. Increases were reported by all industries in the
textile group, excepting in woolen and worsted goods which reported a Increase
in Chain Store Sales in New York Federal
decline. Marked improvement in employment was recorded for both men's
Reserve District.
and women's clothing and for millinery.
Regarding chain store sales in this District, the Federal
9. Car Loadings.
With two exceptions, weekly car loadings this year have been larger each Reserve Bank
of New York in its April 1 Monthly Review,
week than those of the week preceding, and larger than those of every
corresponding week last year. This increase in the total volume of car says:
Total February sales of reporting chain store systems showed an
loadings has been almost entirely due to the large movements of coal, coke,
increase
and ore, reflecting the comparative rates of industrial activity, particularly of 5.6% over a year previous, the smallest increase since April 1928. There
In Iron and steel, as compared with last year. On the other hand,apparently were increases in all lines excepting tobacco, but in most cases the increases
reflecting the decline In building construction, weekly loadings of forest were smaller than In January. The sales of grocery chains, however,showed
products have been consistently lower than a year ago, but have been the largest increase since last October.
After allowance had been made for the increase in the number of stores,
fluctuating within narrow limits from week to week this year. To date,
total car loadings have gained 3.9% over the corresponding period last year, sales per store showed substantial decreases in all types of chain stores
but are lower by 2.7%. compared with the same period in 1927. Specifi- except groceries.
cally, loadings et coal increased 20% over last year, but lost nearly 6%
Percentage Change February 1929
as compared with 1927. Loadings of forest products were over 9% less than
Compared with February 1928.
a year ago and nearly 13% less than in 1927. Loadings of merchandise
Type of Store.
and less than car load lots, have tiore or less steadily increased from week
Number of
Total
Sales per
to week this year, but have been no larger than a year ago.
Stores.
Sales.
Store.
10. Trade.
Grocery
+1.8
+13.3
+11.3
Department store sales, as reported by the Federal Reserve Board, were Ten cent
+10.0
+3.1
-8.2
Drug
+10.2
+3.8
approximately 4% larger in February 1929 than the same month a year ago, Tobacco
+6.0
-4.0
-9.4
when allowance is made for the extra trading day last year. The increase Shoe
+8.0
+2.3
--5.3
in sales of mail order houses and chain stores was even greater, but some Variety
+18.1
+6.7
+13.0
of that increase must be attributed to the increase in the number of outlets Candy
+1.6
-10.1
of these retailing systems. The latest information on wholesale trade, that
Total
+6.1
+5.6
-0.5
for the month of January, showed a considerable increase over the preceding months. Business failures had declined both in numbers and in
liabilities. Foreign trade is continuing in large volume.
Annalist's Weekly Index of Wholesale Commodity Prices.
11. Agriculture.
The Annalist Weekly Index of Wholesale Commodity
The high rate of industrial activity sketched above, seems, however,
to Prices declined to 145.7 this
week from 146.5. In indicating
have been confined largely to industrial centers.
According to calculations
made by the National Electric Light Asslciation from returns on the out- this the "Annalist" says:
put of electrical energy, general business, while very active in the region
This is the lowest point the index has reached since Feb. 28 1928. The
east of the Mississippi and north of the Ohio, is somewhat below last year's decline was the consequence
of lower values of farm and food products,
level in the South and distinctly below it in the States lying between the textiles and miscellaneous commodities
, which were only partly offset by
Mississippi River and the Rocky Mountains. It approximates last year's higher prices of fuels and
metals.
level on the Pacific Coast. According to government reports, receipts
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
of cattle, corn and hogs have declined sharply. Receipts of wheat are
(1913=100)
running lower than a year ago. There was a decline in the price index
numbers between January and Februiry for farm products, foods, hides,
Mar. 26 1929 Mat. 19 1929, Mar. 27 1928.
skins. leather and for most of the basic textiles; while price advances were
recorded for such commodities as metals and minerals, excepting petroleum, Farm products
142.8
145.4
building materials, chemicals and drugs, accentuating the recent decline Food products
142.8
143.4
154.0
In the purchasing power of farmers' goods. Fertilizer sales in February, as Textile products
154.3
Fuels
182.2
161.1
In January and December, were lower than a year ago, by over 24%. Metals
134.5
131.8
They were 26% lower in January and 28.5% lower in December than in the Building material
154.0
154.0
Chemicals
corresponding months of the previous year.
134.9
134.9
122.1
123.1
This decline in the sale of fertilizers has been caused largely by the un- Mlioellaneous
An enrnmnAltlas
1451
146.5
seasonable rainy weather throughout most of the Southern States, by the
The average of the four weeks in March stands unchanged from February
generally poor crop conditions in the coastal areas, by the prevailing low
price of potatoes, as well as by the lower returns for crops received last fall. at 146.6. although all groups except metals, chemicals and building mateThe tightening of money rates is being given as a serious contributing dais are lower than in February. The bulk of the change occurred in food
products and miscellaneous commodities which were largely balanced
factor.
by
metals.
12. Conclusions.
On the whole, a higher rate of industrial activity is being maintained in ANNALIST MONTHLY INDEX OF WHOLESALE PRICES (Weekly Averages).
our industrial centers this year, as compared with that of a year ago, with
(1913=100)
no apparent indications of any interruption in the immediate future. With
the exception of the rate of output of automobiles, however, the new high
March 1929.
Feb. 1929.
March 1928.
records reported for most other industries are not unreasonably high when
Farm products
145.5
145.8
146.8
considered in the light of normal long-time trends. Whether the present Food products
144.3
146.7
151.5
pace of activity will be maintained beyond the first quarter of this year. and Textile products
154.3
154.4
152.7
whether it will continue to spread into wider fields, will depend, in the first Fuels
161.3
161.9
157.3
131.1
126.9
place, on the continuance of the prevailing business optimism, secondly, Metals
120.4
Building materials
154.0
154.6
151.7
on the improvement in the purchasing power of our non-industrial areas, Chemicals
134.9
134.6
143.3
and thirdly on an early stabilization of the money market.
Miscellaneous
,123.6
129.0
122.2
All rnmmulltIgua
146.6
14R R
140 1
ANWANCT
CO
J
Wholesale Trade in New York Federal Reserve District
Slightly Higher Than Year Ago.
According to the April Review of theFederalReserveBank
of New York,"the average February sales of reporting wholesale firms in this district were only slightly higher than a
year ago, due partly to one less business day than in February 1928." The Bank adds:
Increases continued to be reported in sales of drugs, paper, machine
tools, and shoes; the increase in the shoes sales was one of the largest in
Decline in Retail Food Prices in February as Compared
with January-Index Numbers.
As indicated in our issue of March 23, page 1808, the
retail food index issued by the Bureau of Labor Statistics
of the United States Department of Labor shows Feb. 15 1929
a decrease of about one-tenth of 1% since Jan. 15 1929; an
increase of a little less than 2% since Feb. 15 1928; and an
increase of approximately 59% since Feb. 15 1913. The
MAR. 30 1929.]
FINANCIAL CHRONICLE
index number (1913-100.0) was 151.6 in February 1928,
154.6 in January 1929, and 154.4 in February 1929. The
index numbers made available by the Bureau follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913-100.0).
Year and loin Rou'd Rib Ch'k Plate Pork BaBut
Month. steak steak roast roast beef chops con Ham Hens Milk ter Ch'ae
1991
Coke loading totaled 13,105 cars, 2,011 cars above the same week lasts.
year and 944 cars over the corresponding week two years ago.
All districts except the Southern, Northwestern and Central Western
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 revenue freight in 1929 compared with the two previous
years follows:
1929.
1928.
1927.
Four week 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
Week ended March 16
957.460
942.572
1.001,933
71.5 68.0 76.1 ---- -- 74.3 74.4 75.7 81.4 87.2 85.3
1907
73.3 71.2 78.1 --------70.1 76.9 77.6 83.0 89.6 85.5
1908'
1909
76.6 73.5 81.3 --------82.7 82.9 82.0 88.5 91.3 90.1
1910
80.3 77.9 84.6
91.6 94.5 91.4 93.6 94.6 93.8
1911
80.6 78.7 84.8
85.1 91.3 89.3 91.0 95.5 87.9
1912
91.0 89.3 93.6 --------91.2 90.5 90.6 93.5 97.4 97.7
.
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0100.0 100.0 100.0 1Total
1913
10,218,953
9.893.259
10.551,127102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 100.5 94.4 103.6
1914
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
1915
107.5 109.7 107.4 106.9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 116.7
1916
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4 Monthly Index of Real Estate Activity-February Figure
1917
1918
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
at 86.8 Compares with 87.2 for January.
1919
164.2 174.4 164.1 168.8 168.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
1920
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
February real estate activity is indicated by the figure
1921
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
1922
147.2 144.8 139.4 123.1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
1923
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0 86.8, according to the statistics compiled by the National
1924
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7 Association of Real Estate Boards from the
number of deeds
1925
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 171.8 157.3 143.1 168.1
1926
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138.6 165.6 recorded in 63 cities from which the Association draws its
1927
167.7 186.4 158.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1
1928
188.2 188.3 176.8 174.4 157.0 165.7 163.0 198.7 175.8 159.6 147.5 174.2 data, using 1926 as a base year upon which to compare acJan ---- 174.8 173.1 165.2 158.8 142.1 149.0 185.2 192.2 172.8 160.7 150.9 177.4
Feb---- 176.4 174.4 187.2 160.6 144.6 140.5 161.9 190.8 174.6 160.7 147.0 177.4 tivity from month to month. The figure for January was
March.- 176.8 175.3 167.2 161.3 146.3 136.2 159.3 187.7 174.6 159.6 149.6 174.2 87.2. The Association, indicating this under date
of March
April-- 178.3 177.6 168.7 163.1 147.9 149.0 158.9 188.1 177.0 158.4 143.9 172.9
May-181.5 181.2 172.2 166.3 150.4 168.6 159.6 190.3 177.0 158.4 142.6 172.4 19, added:
June --- 186.6 186.5 175.3 172.5 152.9 165.7 180.0 192.2 174.2 157.3 140.7 172.4
This is the sixth index figure to be computed by the Association in the
July.-- 195.7 196.9 181.8 180.8 157.9 177.8 162.6 198.5 172.3 158.4 141.8 173.3
Aug___ 200.8202.2 184.8 185.0 162.0 190.0 165.9 204.5 172.8 158.4 144.7 173.8 new series. Formerly the Association compiled index figures based not
Sept-- 203.9 205.4 188.9 190.0 170.2 211.0 168.1 208.2 177.9 159.6 150.4 175.1 on deeds alone, but on all transfers and conveyances in the cities reporting.
Oct ---- 198.0 200.0 185.9 188.8 171.9 179.0 167.8 206.7 177.9 159.6 150.1 175.6 For that reason the former series is not
comparable with the present one.
Nov.-- 193.3 194.6 183.3 185.6 171.9 170.0 184.8 203.0 178.4 160.7 152.2 174.2
The revised monthly index from January 1924. to date is as follows:
Dec-- 189.8 191.5 180.3 181.9 168.6 149.0 160.4 198.5 177.9 180.7 154.8 174.2
1929
Jan --- 190.6 191.0 180.8 181.3 170.2 153.8 159.3200.0 184.0 160.7 150.7 173.8
1924.
1925.
1926.* 1927.
1928.
1929.
Feb
188.2 189.2 178.8 179.4 167.8 157.1 158.2 199.6 186.4 160.7 152.7 172.9
97.9
January
97.7
100.0
91.8
89.6
87.2
February
94.6
95.7
100.0
90.5
92.7
86.8
Weighted
March
98.0
88.6
100.0
91.7
85.2
Year and Lard Eggs Bread Flour Corn Rice Pota- Rug- Tea CofFood
April
99.8
102.4
100.0
90.6
82.6
--Month,
meal meal
toes or
fee
Index
May
100.9
107.9
100.0
91.2
90.2
--.
June
88.2
97.4
100.0
87.8
84.2
1907
80.7 84.1
95.0 87.6 - - 105.3 105.3
- - 82.0
July
94.4
106.8
100.0
94.1
84.3
--.
1908
80.5 88.1
101.6 92.2 - _ 111.2 107.7
84.3
August
96.3
107.0
100.0
96.1
91.3
1909
90.1 92.6
109.4 93.9
_ 112.3 106.6
88.7
September
96.0
109.0
100.0
91.2
83.8
--103.8 97.7
1910
108.2 94.9
_ 101.0 109.3
-- - -93.0
October
103.0
112.6
100.0
94.7
95.0
1911
88.4 93.5
_ 101.8 94.3 -- _ 130.5 111.4 --------92.0
November
92.5
105.7
100.0
96.9
89.9
1912
93.5 98.9 ____ 105.2 101.6 -___ 132.1 115.1 --------97.6
December
99.9
109.6
100.0
95.7
85.6
1913
100.0 100.0 100.0 100.0 100.0 100.0 100.0100.0 100.0 100.0
100.0
1914
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
si.Activity for each month of 1926 is taken as the normal of activ ty for that month.
102.4
1915
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
101.3
111.0 108.8 130.4 134.8 112.6 104.6 158.8 146.4 100.4 100.3
1916
113.7
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
1917
146.4
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
1918
Life Insurance Sales Gain in February-All Sections168.3
1919
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
185.9
Show Increase for Two-Month Period.
188.7 197.4 205.4 245.5 216.7 200.0 370.8 352.7 134.7 157.7
1920
203.4
113.9 147.5 178.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
1921
153.3
The volume of ordinary life insurance sold continues to
1922
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
141.6
1923
112.0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
146.2
increase in the United States. Sales in February mark it
1924
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
145.9
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8 172.8
1925
157.4
as the highest February on record, 56% of the reporting
138.6 140.6 167.9 181.8 170.0 133.3 288.2 125.5 141.0 171.1
1926
160.6
1927
122.2 131.0 166.1 166.7 173.3 123.0 223.5 132.7 142.5 162.1
companies record a monthly increase. A volume of $744,155.4
117.7 134.5 162.5 163.6 176.7 114.9 158.8 129.1 142.3 165.1
1928
154.3
573,000 of ordinary insurance was reported, which represents
Jan ...- 119.6 162.0 164.3 160.3 173.3 117.2 176.5 129.1 142.3 162.8
165.1
Feb._._ 115.8 124.9 164.3 160.6 173.3 117.2 176.5 129.1 142.1 163.1
151.6
a 5% increase over sales in February 1928 and a 10% gain
March_ 112.7 107.2 162.5 160.6 173.3 116.1 200.0 129.1 142.3 183.8
151.4
Apr11
112.7 103.8 162.5 183.6 176.7 114.9 205.9 129.1 141.9 164.1
152.1
over February 1927. Life insurance sales ordinarily fall off
May
114.6 108.7 162.5 169.7 176.7 114.9 194.1 130.9 141.9 164.4
153.8
June-115.2 112.5 164.3 172.7 176.7 113.8 170.6 132.7 1,42.1 165.1
the first two months of the year, and reach new high points
152.6
July:
116.5 120.8 164.3 189.7 176.7 114.9 135.3 132.7 142.3 165.1
152.8
in March. May, and December. For the first two months
Aug
118.4 130.4 164.3 163.6 178.7 113.8 129.4 129.1 142.3 165.8
154.2
122.2 146.1 162.5 160.6 176.7 114.9 129.4 127.3 142.3 166.1
Sept
157.8
of 1929 every section in the United States shows an increase.
Oct
-123.4 157.4 182.5 137.6 176.7 113.8 129.4 125.5 142.5 168.4
156.8
Nov
120.9 171,9 162.5 154.5 176.7 112.6 129.4 123.6 142.3 166.8
The average for the United States as a whole is a gain of
157.3
Deo
118.4 189.8 160.7 154.5 176.7 113.8 129.4 121.8 142.1 166.8
155.8
10% over the same two month period in 1928.
1929
Jan ..... 117.1 146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.6 166.1
1.54.0
The twelve-month period ending February 28 1929 was
Feb.-- 116.5 142.3 160.7 154.5 176.7 112.6 135.3 120.0 142.6 166.1
154.5
Loading of Railroad Revenue Freight Increases.
Loading of revenue freight for the week ended on March 16
totaled 957,460 cars, the Car Service Division of the American Railway Association announced on March 26. This
was an increase of 11,690 cars above the preceding week
this year with increases being reported in the total loading
of all commodities except livestock and coal. Had it not
been for floods in some of the Southern States, the total for
the week of March 16 would have been somewhat larger.
Compared with the corresponding week last year, loading
of revenue freight for the week was an increase of 14,888
cars, but a reduction of 44,472 cars under the corresponding
week in 1927. Details follow:
Miscellaneous freight loading for the week totaled 378,979 cars, an increase of 17,137 cars above the corresponding week last year and 7,682 cars
over the same week in 1927.
Coal loading totaled 160,347 cars, a decrease of 18 cars below the same
week in 1928 and 45,872 cars below the same period two years ago.
Grain and grain products loading amounted to 43.204 cars, a decrease of
1.218 cars below the same week in 1928 but 5,343 cars above the same
week In 1927. In the Western districts alone grain and grain products
loading totaled 29,580 cars, a decrease of 1,385 cars below the same week
in 1928.
Livestock loading amounted to 22.542 cars, a decrease of 6.687 cars under
the same week in 1928 and 4,429 cars under the same week in 1927. In
the Western districts alone livestock loading totaled 17,374 cars, a decrease
of 5,651 cars under the same week in 1928.
Loading of merchandise less than carload lot freight totaled 260,766 cars,
an increase of 463 cars above the same week in 1928 but 3,912 cars under
the same week in 1927.
Forest products loading amounted to 66,592 cars, 612 cars below the
same week in 1928 and 5,198 oars below the same week in 1927.
Ore loading amounted to 11,925 cars, 3,812 cars above the same week
In 1928 and 970 cars above the same week two years ago.
a successful period for sales of ordinary life insuarnce throughout the country. Every section shows an increase in this
period over the preceding twelve months. The United
States as a whole increased sales 6% in these months over
the preceding year. These figures are issued by the Life
Insuarnce Sales Research Bureau and represent the experience of 78 companies having in force 88% of the total
legal reserve ordinary life insurance outstanding in the United
States. The record of the various sections during February
is supplied as follows by the Bureau:
New England.
The New England states as a whole show a gain of 5% over February
1928. Connecticut leads with a 25% monthly increase. A section gain.
of9% Is recorded for the first two months of 1929, Connecticut again leading
with a 19% gain. For the twelve-month period Just ended, the New England states increased 6% over sales in the preceding twelve months.
Middle Atlantic.
Sales in the Middle Atlantic show a 7% monthly gain over February
1928. The three states in this section paid for over one-third of the total
Insurance sold in the United States in February. All states in this section
show substantial increases for the first two months of 1929 and for the
twelve-month period just ended.
East North Central.
The East North Central states record the largest increase of any section
over February 1928, a gain of 9%. Every state except Wisconsin shares
this gain for February. For the first two months of 1929 this section again
shows the largest increase. a gain of 16% over the same period in 1924
Every state in the East North Central section shows increased sales for the
first two months of 1929 and for the twelve month period Just ended over
the preceding twelve months.
West North Central.
iThe West North Central states show a monthly decrease of 4% over
February 1928. All states in this section felled to equal their 1928 record.
For the first two months of 1929 this section as a whole shows an increase
of 5% over the same period in 1928. Every state in this section records
gains for the twelve-month period Just ended over the preceding twelve
months, the average being 4%.
1992
FINANCIAL CHRONICLE
South Atlantic.
This section averages an increse of 3% over February 1928. A 4% increase is reported for the first two months of 1929 as compared to the same
period in 1928. Sales in the twelve-month period just ended equal those
of the preceding twelve months.
East South Central.
The East South Central states as a whole show a monthly decrease of
3%. The four states in this section all failed to equal their record In February 1928. although the decreases were small. For the first two months
In 1929 the East South Central states just equaled their production In the
same period in 1928. For the twelve-month period ending February 28
1929 the section as a whole showed a 2% Increase over the preceding twelve
months.
West South Central.
This section shows a 2% loss in February over February 1928. Louisiana
leads this section vdth a gain of 13%. For the first two months of 1929
the West South Central states record a 1% increase over the first two
months in 1928. For the twelve month period just ended this section
records a 4% gain over the preceding twelve months.
Mountain.
In February the Mountain states equaled their production in February
1928. Nevada leads all states in the United States and records a monthly
Increase of 42%. For the first two months of 1929 the Mountain section
Increased 7% over the same months in 1928. For the twelve-month period
Just ended, the section reports a gain of 4% over the preceding twelve
months.
Pacific.
The Pacific states with a gain of8% over February 1928,show the second
largest increase of the sections. The increase is shared by all the states.
For the first two months of 1929 the Pacific states show a 14% gain over
the same period in 1928. All states shared this gain. For the twelve-month
period Just ended, all states also share in the 4% section increase over the
preceding twelve-month period.
[VOL. 128.
industrial indicators for February remained essentially
favorable," says Edwin J. Kunst, Manager of the Indianapolis division of the Indiana University Bureau of Business
Research, in the March issue of the "Indiana Business Review." The "Review" is published monthly by the Fletcher
American National Bank of this city and is prepared by the
I. U. Bureau of Business Research. "The limestone industry has been set back somewhat by the decline in national
building activity. New contract awards in Indiana, however, showed exceptional gains over last month and last
year. Pigiron output set a new average daily record, and
should continue at a high rate during the current month.
Automobile output came out of its end-of-the-year slump
with a record-breaking February, according to advance
estimates," says Mr. Kunst.
The industrial situation may be characterized as booming,
according to the "Business Review." Manufacturing activity in the country as a whole is going along at a good rate.
New records seem to be assured for the first half year in the
steel and automotive industries. Cotton, silk, and rayon
producers are making progress, but woolens continue unfavorable. Some increase in commercial and industrial
building has been more than offset by declines in residential
and engineering construction. The stock market exhibited
some uneasiness during February. Money rates continue
firm with little hope of easing in the near future. There
has been an increase in foreign trade, and a return of gold
influenced by high interest rates here. Chain store systems
and mail-order houses continue to report mounting sales
figures, while department stores are about holding their own.
The "Review" states that cold weather in February
stimulated retail sale of coal, but this market support will
soon be removed. Steam railroads and electric utilities in
Indiana are consuming more coal than last year. A merger
of 15 Indiana companies with others in southern and eastern
fields is being considered.
Canadian Sales of Life Insurance Continue to Gain—
February Sales Increase 17% Over February 1928.
Sales of ordinary life insurance continue to show large
gains in Canada. The volume sold in February was 17%
greater than the sales in February 1928. This unusually
large gain was not localized but was shared by all the provinces, and 73% of the reporting companies recorded monthly
gains over the previous year. This general increase in sales
slfows that the month of February was one of prosperity
througout the Dominion. These figures are furnished by
the Life Insurance Sales Research Bureau and are based on
the experience of companies having in force 84% of the
total legal reserve ordinary life insurance outstanding in Survey of Bank of Montreal—Reports New Record in
Volume and Value of Business—Sales Tax Reduced
In Canada. The adviCes from the Bureau add:
—Some War Taxes Abolished.
The largest gain made by any province in February was one of 26%
In Manitoba. Ontario followed closely with a 22% increase over February
Aggregate business in Canada has reached a new high
1928. Quebec shows a monthly increase of 16%.
For the first two months of 1929 every province except New Brunswick record in both volume and value, according to the monthly
recorded material increases over the same period in 1928. The largest summary of the Bank of Montreal (issued March 22) which
gins for the first two months were made by the three provinces—Alberta,
points out that few branches of industry and trade have
Ontario and Quebec which paid for about 75% of the insurance sold in
failed thus far to measure up to and a little beyond the high
February in the Dominion.
For the year ending February 28 1929, Canada as a whole showed the mark of 1928. The lowering of the Canadian sales tax is
unusaully large gain of 14% over the preceding twelve month period.
Every province recorded increased sales in the period. Among the prov- noted in the summary,from which we quote as follows:
The budget of the Finance Minister, brought down this month, had
inces, Alberta leads with a 25% gain.
All reporting cities recorded large gains for the month of February and practically no bearing on business conditions. Tariff changes were unfor the first two months of the year. The largest increase in February was important. but a reduction in taxation, estimated at $25,000,000. was
made by Ottawa which recorded sales 97% greater than In February 1928. made by lowering the sales tax from 3% to 2% and by abolishing the war
taxes on transportation tickets and telegraphic messages.
The first quarter of the year has witnessed a larger movement of merCountry Suffering from Expectation of Too Much chandise in production, importation and distribution than a year ago.
Prosperity According to Union Trust Co. of Cleve- Few branches of industry and trade have failed thus far to measure up to
and a little beyond the high mark of 1928, and in both volume and value
land.
aggregate business has reached a new record. The opening of Spring finds
"The country is suffering from the expectation of too much the general outlook favorable. The carry-over of wheat Is larger than
interests; overseas markets
before, to the
prosperity," says the Union Trust Co.,Cleveland. "Reports evermore receptiveadvantage of transportationmany years past; with few
are
to our products than for
ef good business continue to flow in from all over the country. exceptions Industries are working well up to capacity; much railway conEmployment and industrial activities are high, and earnings struction is shortly to be begun; mineral output grows and prospecting will
be widely
maintains
are large. "It is this promise of prosperity which is raising Its activityprosecuted during the summer; building constructionwith; more
and important engineering works are to be gone on
stock market prices to such unprecedented levels, and is in motor cars than over before are being turned out; the index of employment
is high; rolling mills and fabricators of iron and steel are notably busy; and
turn responsible for the diversion of a large share of our the
distribution of general merchandise is well maintained.
credit supply into the direction of brokers'loans," says the
Although it is much too early to consider crop prospects, it is announced
that the prepared acreage in the three prairie provinces Is upwards of a
bank in its magazine,"Trade Winds." It goes on to say:
This in turn is Increasing interest rates to such a point that the cost of million acres larger than last year, 17,453,000 as compared with 16,296,000
credit may prove a burden upon business, thereby threatening the very acres. Farm products have averaged good prices during the winter, with
the exception of potatoes, the market for which was depressed by an
prosperity upon which stock market expectations are based.
unns
The recent stiffening in prices of a number of basic commodities has given da utnally large production, and eggs, of which the supply has been abunrise to the fear, in some quarters, that we are entering upon a period of
Gross railway earnings, which declined in the early weeks of the year,
commodity speculation. This, in the past, has often followed a period of
principally because of a smaller wheat movement in the Western provinces,
stock speculation and rising money rates.
Increased
.
.
The trend in this direction is most pronounced in the case of copper. are againeagain on the upgrade. Ineased car-loadings are now being reCotton and crude rubber also have advanced. Demand for basic products
corded.The flurry in the newsprint industry caused by apprehension of price
has been heavy and it may well be that price increases are merely a reflection of this demand rather than an evidence of commodity speculation. cutting has been removed by mutual agreement both as to price and proIt is an open question as to how long the automobile industry can continue duction. The outlook is for a production of from 75% to 80% of rated
at its present record breaking level. It would seem probable that as the capacity, according to consumption; in February it was 77.9%.
The welfare of many trades and industries and the measure of employseason advances distribution may-experience more resistance, and factory
schedules undergo some curtailment. However, It is encouraging to note ment are closely related to the state of building construction, and building
that American automotive exports in January were 48% greater than one construction of all kinds keeps at a high level. Contracts awarded In Feb-ruary, amounting to 528,426,000, were larger than In the like month in
year ago.
any previous year, and enough construction during the spring and summer
has either
contracted for or is in process of award to ensure continued
Business Review of Fletcher American National Bank activity inbeen important industry.
this
of Indianapolis—Industrial Indications in Indiana
Favorable—Limestone Industry Affected by DeWholesale Price Index of National Bank of Commerce
cline in Building.
in New York.
"With the steel, automobile, and related industries at
Wholesale prices, as measured by the 23 basic commodirecord levels, with continued recovery in coal production, ties used in the index of the National Bank of Commerce in
and with an early resumption of building activity, Indiana New York, showed another small gain between Feb. 15 and
MAR. 30 1929.]
FINANCIAL CHRONICLE
1993
March 15. At 90.9 the index stood .5 of a point above its Report on Wholesale and Retail Trade in Philadelphia
February level and 3.3 points higher than in December 1928.
Federal Reserve District.
This is the highest point reached since January 1927 and
The following advance report on wholesale and retail
represents a gain of 5.3 points during the past twelve months. trade in the Philadelphia Federal Reserve District during
The bank also says:
February is made available by the Federal Reserve Bank
Although only eight commodities advanced in price between Feb. 15
of Philadelphia:
and March 15, while seven declined, the average of the advances was about
four times that of the declines.
Copper lead the advances with a gain of nearly 17%. Lead continued
the upward trend which began in December. Cattle and hogs both advanced about 13%. March is the third month in which the price of hogs
has shown a substantial gain but (tattle are now selling for practically the
same price as in December. Rubber dropped back slightly following the
25% gain of last month.
Continued Increase in Industrial Consumption of Electric Power in Philadelphia Federal Reserve District.
Consumption of electrical energy by industries in the
Philadelphia Federal Reserve District has increased further,
the gain from January to February being 5.3% and 18.8%
as compared with a year earlier. The Federal Reserve Bank
of Philadelphia, in its advices, adds:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
FEBRUARY 1929.
Net Sales During Month.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
February.
Change
Change
from
from
Jan. 1929. Feb. 1928.
Kilowatt. Per cent.
1,784,000
-0.2
K. IV. H.
521,299,000
-5.1
88,264,000 -14.0
313,934,000
-9.3
119,101,000 +18.0
446,579,000
+1.9
97,128,000
-6.2
10,834,000 -12.9
86,294,000
-5.3
269,820,000
+1.5
5,873,000 -12.2
56,008,000
-9.2
207,934,000
+5.3
79,631,000 +16.1
Per Cent.
+22.6
+20.7
+286.9
-6.4
+453.2
+26.9
+8.4
+5.9
+8.7
+15.4
+1.7
+7.7
+18.8
+126.4
Business Conditions in Philadelphia Federal Reserve
District
-Continued Seasonal Expansion in Trade.
The Business Review, April 1, of the Philadelphia Federal
Reserve Bank,states that further seasonal expansion in trade
and industry is evidenced by reports received by the Bank.
The volume of distribution and output of commodities has
increased in recent weeks and exceeds that of a year ago, the
Bank says, and it adds;
Demand for manufactured products has increased materially since
the
middle of last month and compares rather favorably with that of a year
ago.
This improvement during the month has been especially pronounced in
fabricated metal products, most of the textile manufactures, chemicals,
confectionery, paper, and building maetrials. Unfilled orders generally are
larger than those at the end of last month and exceed the volume at the same
time last year.
Factory activity shows marked gains during the month, as is usual in the
spring. The demand for workers by employers continues active and is well
ahead of a year ago. Employment in this section has increased recently
surpassing the number of wage earners at the same time last year. Wage
distribursements also have increased substantially in comparison with a
month and a year earlier. Consumption of electrical energy by industries
likewise showed a noticeable gain between January and February.
The volume of production is increasing seasonally, and in many
lines is
reported to be larger than a year ago. In February pronounced gains
over
a year earlier occurred in the output of pig Iron, iron and
steel castings,
and cement. Some of the textile lines also showed favorable
comparisons
with a year earlier.
Building operations have expanded as usual at this season, as indicated
by
preliminary estimates on building contracts for new construction.
The
value of contract awards in February was considerably smaller than a
year
earlier but larger than in January. Building permits declined noticeably
In the month and the year. The real estate market in Philadelphia
continues
rather slow. Forced sales, however, have decreased lately
•
Mining of both anthracite and bituminous coal has slackened somewhat,
but the volume of output in recent weeks exceeded that of a year
ago.
Production of crude and refined oils, on the other hand, has been seasonally
In larger quantity, and also compares favorably with a year ago.
Distribution of goods continues in increasing volume. Railroad shipments of merchandise and miscellaneous commodities in this section
have
risen in the latest four weeks and as compared with a year ago.
Total
shipments also have been slightly larger than in the previous four weeks
and
are well ahead of last year. Check payments in this district during the
latest four weeks have shown little change but have continued materially
larger than a year ago.
Retail trade is fairly active, sales having increased since the middle
of
last month. This is due largely to the usual Easter demand. Sales in
February, however, were smaller than a year earlier, owing partly to fewer
trading days. Wholesale and jobbing trade is fair, and business in February
was larger than in the same month last year.
Registration of new passenger cars in Pennsylvania showed a considerable
gain in February over the previous month and a year before, while registrations of new and old passenger automobiles in Delaware declined. Sales
of ordinary life insurance increased in the month and in the year.
Money rates are firmer than a month ago. In this district member banks
report an increase in loans and a decline in deposits, and borrowings from
the Federal Reserve Bank increased. The heavier loan volume was due in
part to an expansion in loans on securities, but more particularly to an
Increase in Commercial loans, which reflects rising activity in business.
50.9
105.9
48.6
*43.9
Boots and shoes
*132.6
Drugs
*49.9
Dry goods
Electrical supplles••
Groceries
*94.2
*68.9
Hardware -62.4
Jewelry
*99.4
Paper
+15.9% -11.1%
-20.1
+2.0
-14.2
86.9
66.4
70.1
87.0
-0.1
-3.7
+12.3
-12.5
+15.4
-3.1
Accounts Outstanding
at End of Month.
Total sales of electricity also showed a gain of almost 2% in the month
and nearly 27% in the year. The output of electric power by 12 reporting systems during February was smaller than in the preceding month
but considerably larger than a year ago, as indicated by the following table:
Electric Power-Philadelphia Federal Reserve
District
-12 Systems.
Stocks at End of Mo.
Index Numbers
Compared Compared Compared Compared
(P. Ct. of 1923-1925
with
with
with
with
Monthly Average
Previous
Previous
Same
Same
Month
Month
Month
Month.
Jan.1929. Feb.1929.
Last Year.
Last Year.
+5.7
-28.7
-2.5
+3.0
+2.3
-3.5
+2.3
-6.3
+14.4
-4.6
Collections
During Month.
Compared Compared Ratio to Compared Conqpared
with
with
with •
Net Sales
with
Previous
Same
Same
During Previous
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies**
Groceries
Hardware
Jewelry
Paper
-4.5%
-4.7
-6.8
-7.9%
-6.6
-6.0
621.5% -30.5% -8.2%
-12.3
141.5
+16.6
-11.9
353.8
-6.2
-3.5
+0.7
-7.4
-6.1
-1.3
-4.4
+0.1
132.6
239.8
478.1
135.2
-14.4
-65.6
+13.7
+3.3
-10.1
+11.8
+10.3
• Revised. ** Only two firms reported.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF FEBRUARY 1929.
brutes Numbers
Net Sales.
of Sales
(% of 1923-25 Feb. 1929 Jan. 1
Monthly Av'ge.) Compared
to
with
Feb. 28
Jan.
Feb. Feb.1928. 1929.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia.
Apparel stores
Men's apparel stores_ _
In Philadelphia_ _
OutsidePhiladelpiaa
Women'sapparelstores
In Philadelphia.-
82.1
*77.9
75.3
73.2
-7.6
-8.0
-10.4
-2.1
81.i
I14.7
---7
-4.8
101.5
-8.9
80.8
____
____
-6.8
---------12.7
120.0
-3.2
90.6
___.
____
-3.2
-3.1
_
__89.5
*107.3
-6.0
ShoeOutsidePhiladelPhia- _stores
•72.1
-8.6
69.6
Credit stores
Stores in:
*84.7
Philadelphia
74.5
-9.5
Allentown, Bethlehem
96.9
82.7
-7.7
and Easton
+5.9
78.8
85.6
Altoona
71.6
-1.4
81.4
Harrisburg
86.0
59.9
Johnstown
+2.8
81.9
+2.9
76.8
Lancaster
77.2
75.6
-0.8
Reading
68.2
70.1
+1.3
Scranton
72.8
74.6
-5.5
Trenton
61.2 -11.1
68.1
Wilkes-Barre
Include d in 'a 11 other"
Williamsport
91.1
88.1
-5.5
Wilmington
Include d in 'a 11 other"
York
-0.1
All nthar eltlef
Stocks at
End of Month
Compared with
Month
Ago.
Year
Ago.
-3.1
-3.6
-4.9
-1.3
+16.4
+16.5
+22.2
+8.3
-5.1
-6.8
-8.4
-4.5
-2.2
+0.9
-6.9
+0.5
+0.9
-3.6
-2.6
-3.1
+4 - 4
--.
3
+73.4
+11.5
+11.0
+13.3
-0.3
-1.0
+4.7
---9
i
+13.7
+2.4
+4.8
+6.3
-2.6
-5.9
-3.7
+22.6
-5.6
-6.4
+5.2
+3.0
-2.3
+0.1
-1.3
+0.6
-3.5
-8.5
-0.2
+7.2
+9.9
-1.7
+16.9
+7.3
+5.0
+9.1
+12.2
-9.8
-5.9
+2.5
-14.8
+0.4
-8.6
-11.3
-5.3
+7.6
-4.0
+10.3
+2.7
+2.7
+9.3
+3.1
Stocks Turnover
Feb. 1 to Feb. 28.
-1
Accounts Collections
During
Receivable
Month
at End of
Mo Com- Compared
.
pared with
with
Year Ago. Year Ago.
1929.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel store
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown. Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
All other cities
1928.
0.52
0.49
0.55
0.43
0.48
0.45
0.48
0.41
0.46
0.51
0.39
0.96
1.04
0.54
0.36
0.30
0.46
0.50
0.40
0.96
1.03
0.58
0.37
0.27
+9.6
+10.3
-8.1
+6.3
0.60
0.39
0.42
0.43
0.54
0.39
0.38
0.43
-1.7
+9.9
+1.6
-5.5
+19.9
+11.4
0.39
0.46
0.49
0.56
0.36
Included
0.41
Included
0.36
+0.6
+2.8
0.39
0.43
-15.3
0.42
+13.6
0.51
+1.5
0.40
In "all other"
+7.1
043
In "all other
+14.8
0.33
=1:0
-4.9
+13.2
+8.1
+6.6
+7.0
*Revised.
Manufacturing Activities in Chicago Federal Reserve
District-Decline in Shoe Manufacturing-Gains
in Automobile Sales.
In its Monthly Business Conditions Report April 1 the
Federal Reserve Bank of Chicago thus reviews manufacturing activities and output.
FINANCIAL CHRONICLE
1994
[VOL. 128.
Shoe Manufacturing, Tanning and Hides.
-Production of shoes at factories in the Seventh (Chicago) Federal Reserve district declined 3% In
February from the preceding month, according to preliminary estimates of
the United States Department of Commerce. Reports from respresentative
tanneries show that sales of leather in the district were larger than in
January, but below a year ago; production decreased in both comparisons.
February sales of packer green hides at Chicago were in smaller volume
than in the preceding month and trading in calf and kip skins remained
rather quiet: shipments from the city and purchases by district tanners also
were reported as less than in January.
Furniture.
-A decline of 2.8% from the preceding month and a gain of
10% over a year ago were reported in orders booked during February by
26 furniture manufacturers of the Seventh Federal Reserve district. In the
monthly comparison, 15 of the firms showed increases, while less than half
of them had gains over a year ago. Shipments increased 9.2% over January, through aggregating 4.2% under February 1928. The amount of
unfilled orders on hand Feb. 28 was 12.4% more than a month previous and
3.1% heavier than on the corresponding date in 1928. An average rate of
operations in February of 73.4% of capacity compared with 76% a month
previous and was also slightly less than last year.
Automobile Production and Distribution.
-Expansion in automobile production continues, with total United States output in February establishing
a record. The number of passenger cars produced (407.589) Increased 16.7%
over January and 40% over a year ago. Output of trucks totaled 58,495.
or 13.4% larger than in January and 79.2% above Feb. 1928.
New cars sold during February in the Middle West, both at wholesale
and retail, showed decided gains over the preceding month and likewise
Increased as compared with the corresponding period last year, except for a
slight decline from last February in the aggregate value of retail sales.
Used car sales Increased in the moneh-to-month but declined in the yearly
comparison. Stocks continued to gain, those of both new and used cars at
the end of February exceeding thoselheld a month previous and a year ago.
Of the total retail sales of 42 dealers, 50.5% were made on the deferred
payment plan, which compares with an average of 52.4% in January and of
48.1% for 24 firma in February last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in Feb. 1929, from previous months.
than on Jan. 31 or a year ago by 6.5 and 2.9%. respectively. Stock turnover for the month (the ratio ofsales to average stocks) was 29.5% compared
with 30.0 for the same period of 1928; turnover for the year to date averaged
59.4% against 59.2 last year. Collections during February and accounts
receivable the end of the month were smaller than for January, falling off
17.0 and 9.2%; as compared with February a year ago, collections increased
8.9% and accounts receivable 11.4%. The ratio of collections during the
month to accounts outstanding the end of the preceding month averaged
37.3% for February this year against 39.0% in 1928.
Chain Store Trade.
A decline of 0.9% from January was shown in aggregate sales of 22 chains
operating 2.519 stores during February, while the number of stores increased
0.4%. In the comparison with February a year ago,total sales gained 5.1%
and the number of units 15.0%. Average sales per store fell 1.3% below the
proceeding month and were 8.7% under last February. Drug,five-and-tencent, musical instruments, furniture, and women's clothing chains showed
aggregate sales larger in February than a month previous, with grocery,shoe,
cigar, and men's clothing chains recording recessions; with the exception of
groceries, furniture, and musical instruments, all groups had larger sales
than a year ago.
Oiher Retail Trade.
In retail shoe trade February sales of Seventh District dealers and department stores fell 23.3% below January and were 5.5% smaller than
In February last year; for the first two months of this year sales totaled
2.1% less than in the corresponding period of 1928. Stocks on hand the
end of February gained 11.5% in the monthly and 8.2% in the year-to-year
comparison. Collections by dealers during the month and accounts receivable the end of the month declined 3.2 and 24.6%, respectively, from
the preceding month with increases of 19.7 and 5.9% shown over a year ago.
The ratio of accounts receivable to sales averaged 90.5% for February,
78.4% in January, and 75.8% for February 1928.
Twenty-five dealers and the furniture and furnishings sections of 27'
department stores reported sales aggregating 19.5% more in February than
a month previous and 0.1% above a year ago. Stocks had increased 3.3%
by the end of February over January 31 and were 6.0% heavier than on the
corresponding date of 1928. Installment sales of 19 dealers gained 38.7%
In the month-to-month comparison and 1.4% over a year ago. Collections
on this type of sales were 2.5% smaller than in January bilt 10.5% larger
Change from Companies. Included
%
Jan. 1929. Feb. 1928. , Jan. 1929. Feb. 1928. than in February 1928, while total collections Increased 0.4% and 3.5%.
respectively, in the two comparisons. Accounts receivable the end of
February declined 0.9% from January 31 but were 4.3% heavier than a
year ago.
+25.8
+15.7
28
37
+27.2
28
+1.1
37
Sales of 100 retail hardware dealers in the five States including the Seventh
District totaled 0.1% smaller in February than a month previous and for 104
+31.9
+23.3
73
93
dealers were 7.4% under a year ago. For the first two months of 1929,
+53.5
-1.0
73
93
sales aggregated 6.4% less than in the corresponding period of 1928. In
+27.6
44
+65.8
64
the month-to-month comparison, only Indiana and Michigan dealers re+29.4
44
+37.8
64
ported increased sales, the gains averaging 16.7 and 1.4% respectively,
while in the comparison with February last year sales in Michigan alone
+26.5
-4.3
73
93
were larger, by 7.9%.
+11.1
41
+25.9
61
41
+5.7
+15.5
61
New Cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand Feb. 28
Number sold
Value
Used Cars:
Number sold
Salable on band
Number
Value
Merchandising Conditions in Chicago Federal Reserve
District
-Wholesale Trade Larger-Department
Store and Chain Store Trade Falls Off.
A falling off in department store and chain store trade in
February as compared with the previous month, and a
larger volume of wholesale trade is shown in the following
summary of merchandising conditions in the Chicago Federal
Reserve District, given in the Monthly Business Conditions
Report, April 1, of the Chicago Federal Reserve Bank.
Wholesale Trade.
February sales by half the reporting lines of wholesale trade in this district
were larger than a month previous and half the groups recorded gains over
February 1928. For the year to date, aggregate sales in the wholesale
grocery, dry goods, drug, and electrical supply trade have been heavier
by 3.7,6.3, 7.8, and 14.8%,respectively, than for the corresponding period
of 1928. while wholesale hardware sales have declined 1.5%. and wholesale
shoe trade by 12.5%. Collections were generally smaller in February
than a month previous and with the exception of the dry goods and electrical
supply trade fell below a year ago. Prices were reported as firm by the
majority of firms making comments thereon. Impassable roads and
severe weather continued to act as deterrents to increased business during
February
WHOLESALE TRADE DURING THE MONTH OF FEBRUARY 1929.
Net Sates During Month
Per Cent Change from
Stocks at End of Month
Per Cent Change from
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Same Month
Last Year,
Preceding
Month.
Same Month
Last Year.
(35)- 9.8
(13)- 3.2
(9)+10.3
(15)-11.0
(8)+23.6
(33)+ 1.1
(36)- 2.1
(13)- 6.6
(9)+ 4.7
(15)+ 2 6
.
(8)13.6
(33)+18.
5
(24)- 0.3
(8)+10.9
(7)+ 3.1
(i3)+ 2.3
(6)+ 2.9
(25)4- 2.7
(24)4- 1.6
(8)- 5.6
(7)- 7.3
(13)4. 0.1
(61+ 5.1
(23)+ 5 5
.
Accounts Outstanding End of Month.
Per Cent Changefrom
Preceding
Month.
Groceries- Hardware
Dry goods.
Drug.
Shoes
Elec. seep_
Same Month
Last Year.
Ratio to
Net Sales
During
Month.
(32)- 0.9
(131+ 0.0
(9)+ 0.4
(13)- 3.2
(7)+ 6.2
(32)- 3.8
(33)- 7.7
(13)- 1.2
(9)+ 1.
3
(13)- 2.9
(7)- 1.9
(28)+30.9
(33) 106.6
(13) 238.8
(9) 324.2
(13) 147.5
(7) 349.6
(32) 141.6
Collections during Month
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
(26)- 4.5
(11)-19.6
(8)-12.0
(9)-15.3
(6)-24.8
(251-11.4
(27)- 0.3
(11)- 4.2
(7)+10.2
(9)- 4.8
(6)-11.8
(24)+21.1
Business Conditions in San Francisco Federal Reserve
District-Activity Well Maintained in February.
According to Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent, of the Federal Reserve Bank of
San Francisco, seasonal activity in industry and trade in
the San Francisco Reserve District was well maintained
during February, 1929, and the volume of business transacted continued at levels above those of a year ago. Preliminary reports for March indicate that the customary
spring expansion in activity has been experienced during
that month. Under date of March 20 Mr. Newton also says:
Demand for credit was relatively heavy during February and early
March, and interest rates ranged higher than at any time in recent years.
The banking record of the period Is distorted by the financial adjustments
which accompany the March tax assessment and tax payment dates,
but over the period as a whole it gives some indication of underlying credit
trends. Total loans at reporting member banks of the District increased
from 1,293 million dollars to 1.306 million dollars between Feb.6 and March
20, the result entirely of increased securities loans. Commercial loam of
these banks on Mar. 20 were $2.000,000 or 0.2% below a year ago and
their security loans were $73,000,000 or 21% above a year ago. Total
discounts at the Federal Reserve Bank of San Francisco declined from
$82,000,000 on Feb. 6 to $72,000.000 on Mar. 20, but were still $9,000,000.
or 14% higher than in March, 1928. Interest rates on all classes of paper
have tended upward during recent weeks.
Expansion of industrial production during February was largely the result
of increased activity in the mining and the petroleum refining industries
The copper mines of the District are now quite generally operating on overtime schedules. Unfavorable weather during February caused some reduction of lumber output, but early March reports gave evidence of the resumption of an active production program. The downward trend in the volume
of urban building continued.
Trade was well maintained during February and was more active than a
year ago. After allowance for the usual seasonal movements, reported
value of sales at wholesale and at retail was smaller than in January.
The volume of merchandise carloadings in the District was unchanged as
compared with the previous month. Sales of new automobiles increased
by more than the usual seasonal amount during February.
Weather conditions have not been wholly favorable in the agricultural
areas of the District. and some damage to crops and a decline in condition
of livestock have been reported. During early March, the widespread
shortage of water was partially relieved by general rains.
Sale'ofA. C. Radio Receiving Sets in 1928 Increased
456% Over 1927-Reduction in Battery Set Sales.
The number of A. C. (alternating current) radio receiving
sets sold in 1928 increased 456% over 1927, according to a
statement issued by Edgar H. Felix, radio consultant of
the National Electrical Manufacturers Association. The
statement says:
Figures in parentheses indicate number of firms included.
Department Store Trade.
Sales of 100 department stores in the Seventh District fell off 2.3% in
February from the preceding month, but exceeded February a year ago by
1.1%;for the first two months of 1929 sales were larger by 3.9% than for the
Corresponding period of 1928. In the month-to-month comparison, stores
This remarkable increase is indicated by the January 1 quarterly survey
in Detroit and in 53 smaller cities of the district reported a heavier volume of stocks in the hands of radio dealers and gross sales prepared by
the Deof aggregate sales, with Chicago, Indianapolis. and Milwaukee showing partment of Commerce in co-operation with the Radio Division
of the
recessions: as compared with February last year, Chicago and Detroit National Electrical Manufacturers Association. The total
number of
recorded increases, while in Indianapolis, Milwaukee, and the smaller AC, DC (direct current) and battery sets sold by radio dealers
increased
edam.sales were lower this year. Stocks on hand February 28 were heavier from 1.558,040 to 2.196,242 for 1927 and 1928 respectively.
FINANCIAL CHRONICLE
MAR. 30 1929.]
These calculations of actual sales confirm the accuracy of the estimates
made by the McGraw-Hill Publishing Company which indicate that
2,550.000 sets were manufactured by the industry during 1928. The
"Nema"January 1 survey shows 67,214 sets in the hands of dealers and
assuming a total of 150,0011 additional sets in the hands of Jobbers, manufacturers and enroute for shipment, the grand total becomes 2,400,000
with the difference of 150,000 easily accounted for by mail order sales and
variations in the estimates. The gain of 1928 sales over 1927 in number
of sets sold of all kinds amounted to 40%.
Some of the four and one-half fold increase in the sale of A. C. sets 113
accounted for by the reduced sale of battery powered sets which fell from
1.143,031 in 1927 to 303.435 in 1928, and from 73.4% of the total set sales
to only 13.9% for 1928.
This reduction in battery set sales has an important bearing on total
retail sales, inasmuch as each battery receiver requires a complement of
associated accessories having a value usually equal to that of the receiver
itself. An idea of retail sales thus lost can be gained from the fact that on
January 1 1927, there were 197,431 "A. A-B and B" power units in the
hands of dealers while a year later this number had fallen by about twothirds to 66,115. The reduced sale of accessories, lower price of tubes
accompanying receiver sales and the tendency to make receivers complete
with loud speaker and radio furniture, has concentrated most of the sales
made by radio dealers in the products of receiver manufacturers and greatly
reduced the formerly large associated accessory and supply business.
Furthermore, the average price of receivers has fallen off so that the retail
dealer must sell more sets to make the same profit he did formerly. The
average sales made per receiving set sold has decreased from $231. In 1927
to 8158. last year. In fact, the survey shows a retail sale of $342,536,848
for the calendar year 1928 as compared with 1927 sales through radio dealers
of $360,258,135.
A truer and more optimistic picture is gained by considesing the actual
radio season running from midsummer to midsummer. The indicated
sales of 8186,152.039 for the fourth quarter of 1928 amounted to 53.5%
of the year's total business. If the two remaining quarters of the 19281929 radio season run ahead of the corresponding quarters of last season
at the same rate, tho total business will be in excess of $650,000,000.
1995
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 142
mills reporting, shipments were 13.45% above production, and orders
27.50% above production and 12.39% above shipments. New business
taken during the week amounted to 76,307,050 feet (previous week 69,687.851); shipments 67,896.075 feet (previous week 63.453.393): and production 59.848.178 feet (previous week 63.530.664). The normal production (three-year average) of these mills is 72.193.070 feet.
The Western Pine Manufacturers Association of Portland. Ore., reports production from 35 mills as 32,777,000 feet, as compared with a
normal production for the week of 30,109,000. Twenty-six mills the
previous week reported production as 19.409.000 feet. There were considerable increases in shipments and new business last week. due to the
larger number of reporting mills.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 20 mills as 16,565.000 feet. as
compared with a normal figure for the week of 17.057.000. Twenty-two
mills the week before reported production as 20.286,000 feet. Shipments
showed some decrease last week, while hew business was about the same as
for the preceding week.
The California Redwood Association of San Francisco. reports production
from 12 mills as 6,625,000 feet, compared with a normal figure of 7.058,000.
Thirteen mills the week earlier reported production as 6.459.00) feet.
There was a noticeable increase in shipments last week,and a slight decrease
in orders.
The North Carolina Pine Association of Norfolk, Va.. reports production
from 69 mills as 10.456,000 feet. against a normal production for the week
of 10,988.000. Seventy mills the previous week reported production as
£1,153,000 feet. There were nominal increases in shipments and new business
last week.
The Northern Pine Manufacturers Association of Minneapolis. Minn..
reports production from 9 mills as 3.420.000 feet, as compared with a
normal figure for the week of 6.226,000. and for the preceding week 2,825.000. There was a notable increase in shipments last week, with approximately a 50% reduction in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis.(In its softwood production) reports production from 32 mills
as 3.791,000 feet, as compared with a normal production for the week of
5,378,000. Thirty mills the week before reported production as 3.944.000
feet. Shipments showed an increase of nearly 75% last week, with new
business about the same as for the previous week.
Lumber Demand Continues Strong.
Lumber demand continued its strong upward trend for
the week ended Mar. 23, when 798 hardwood and softwood
mills, 14 less than the previous week, reported to the National Lumber Manufacturers Association a gain of 25,000,000 feet in new business. Orders reached a total of
420,881,000 feet for the week, as against 395,689,000 for
812 mills a week earlier. This increase is contributed by
both the hardwood and softwood mills. Softwood mills,
with 19 less mills reporting, gave new business as 363,499,000 for the past week, as against 343,386,000 for the
previous week. Hardwood mills, with 12 less units 'reporting, gave orders as 57,382,000 feet, compared with
52,303,000 feet the preceding week. Both production
and shipments for the combined groups were slightly lower
than that reported for the larger number of mills the week
before. Production stood at 369,979,000, as against 380,364,000; and shipments were 391,689,000, compared with
406,581,000. In view of the fewer reporting mills, production remains at practically the same rate as the previous
week, and shipments are in excess of production.
Unfilled orders for eight reporting associations were the
equivalent of 27.1 days average production; unfilled orders
a week earlier of 26.8 days production, continues the "Association," which we further quote:
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis. reports production from 51 units as 11.742.000 feet, as
compared with a normal figure for the week of 12.853.000. Forty-six units
the preceding week reported production as 11.437.000 feet. There were
nominal increases in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 275 units as 39.474.000 feet as against a normal production for the week of 49.437,000. Two hundred and seventy units the week
earlier reported production as 40,090.000 feet. There were notable increases 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 12 WEEKS; AND FOR WEEK ENDED
MAR.23 1129,
Average
Production
For Week.
Orders.
Shipments,
Production.
Association—
(Feet).
(Feet).
(Feet).
(Feet).
Southern Pine (12 weeks)... 785,987.000 801.218.000 856,373,000
76.307,000 72,193,000
67,898,000
59.848,000
Week (142 mills)
West Coast Lumbermen's—
1,880,589,000 1,854,609,000 2,023.232,000
(12 weeks)
185,281,000 183.313,000 202.7.18,000 172,279.000
Week (204 mills)
Pine Mfm.(12 wks) 340,513,000 401.767,000 443,832.000
Western
37,120,000 30.109,000
35,014.000
32,777,000
Week (35 mills)
Cal. White & Sue. Pine—
179,262,000 304,819.003 306,670,000
(12 weeks)
22,506.000 17,057.000
20,407,000
16.565,000
Week (20 mills)
88,259,000
79,191,000
81,037,000
Cal. Redwood 12 weeks)
6,060,000 7.058.000
7,333,000
6,625.000
Week (12 mills)
97,955.000
No. Car. Pine (12 weeks)__ 115,352,000 107,787,000
8.338.000 10,988.000
8.613,000
10,458,000
Week (69 mills)
93,913,003
87,147.000
45,842,000
No. Pine Mfrs. (12 wks.)
7,035.000 6,228.000
8.923,000
3,420,000
Week (9 m1113)
Unfilled Orders.
No.Hemlock & Hardwood—
47.604,000
38,810,000
Softwoods (12 weeks) — 55,043.000
The unfilled orders of 341 Southern Pine and West Coast mills at the
3,365,000 5,378.000
4,272,000
3,791,003
Week (32 mills)
1,071,724,725 feet, as against 1,046,521,750
end of last week amounted to
Softwoods total(12 wks.) 3,483,625,000 3.675.348.000 3,957,838.000
feet for 341 mills the previous week. The 142 identical Southern Pine
318,763,000 335,801,000 363 499,000 321,288,000
Week (523 mills)
mills in the group showed unfilled orders of 261,159.725 feet last week, as
No.Hemlock & Hardwood—
against 252.748,750 feet for the week before. For the 199 West Coast
Hardwoods(12 weeks) . 157,256,000 111,903.000 114 496.000
8.536.000 12,853,000
mills the unfilled orders were 810,565,000 feet, as against 793,773,000feet
8.828.000
11,742,000
Week (51 units)
199 mills a week earlier. Altogether the 523 reporting softwood mills Hardwood Mfrs. Institute—
for
479,286,000 514.896,000 540,605.000
(12 weeks)
had shipments 105% and orders 114% of actual production. For, the
48,846.000 49.437,000
47,060.000
39,474,000
Week (275 units)
Southern Pine mills these percentages were respectively 113 and 128: and
for the West Coast mills 99 and 109. Of the reporting mills, the 523 with
Hardwood total(12 wks.) 636,542,000 626,799,000 855,101,000
57,382,000 62,290.000
55,888,000
61,216.000
Week (326 units)
an established normal production for the week of 321,288,000 feet, gave
actual production 99%, shipments 105% and orders 113% thereof.
The following table compares the lumber movement as reflected by the
reporting mills of eight softwood and two hardwood regional associations
for the two weeks indicated:
West Coast Lumbermen's Association Weekly Report.
Past Week.
Preceding Week 1929
(Revised).
Softwood.
Mills for units)'
Production
Shipments
Orders (new business)
Hardwood.
Softwood.
Hardwood.
523
318,763,000
335.801,000
363,409,000
326
51.216.000
55.688,000
57,382,000
542
324.950,000
351,921,000
343.386,000
338
55.414,000
54.660,000
52,303.000
• A unit is 35,000 feet of daily production capacity.
According to the West Coast Lumbermen's Association,
reports from 203 mills show that for the week ended March 16
orders were 3.17% under production, while shipments exceeded output by 7.73%. The Association's statement
follows:
.
WEEKLY REPORT OF PRODUCTION, ORDERS. AND SHIPMENTS.
203 Mills report for week ending March 16 1029.
(All mills reporting production, orders and shipments.)
Feet.
185.022.156 (100%)
Production
179.172.707 (3 17% under production)
Orders
199.330.358 (7.73% over production)
Shipments
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 199 mills reporting for the week ended Mar. 23 totaled
202.313.000 feet, of which 67,137.000 feet was for domestic cargo delivery.
and 40,075.000 feet export. New business by rail amounted to 83.755.000 COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
feet. Shipments totaled 183.149.000 feet, of which 54.258.000 feet moved
OPERATING CAPACITY (249 IDENTICAL MILLS).
Rail shipments
coastwise and intercoastal, and 38.705.000 feet export.
(All mills reporting Production for 1928 and 1929 to date). Feet.
totaled 78,839.000 feet, and local deliveries 11.346.000 feet. Unshipped
206.014.777
March 16 1929
orders totaled sio,n65.000 feet, of which domestic cargo orders totaled Actual production week ended weeks ended March 18 1929
171.702,374
Average weekly production 11
309.264,000 feet. foreign 242.965.000 feet and rail trade 258.336.000 feet. Average weekly production during 1928
196.363.394
196.120.674
Weekly capacity of these mills is 226.338.000 feet. For the 11 weeks ended Average weekly production last three years
282.885.847
Mar. 16. orders reported by 143 identical mills were 11.9% over production :Weekly operating capacity
x Weekly operating capacity Is bmed on average hourly production for the twelve
and shipments 1.2% over production. The same mills showed a decrease
normal number of operating hours per week
last months preceding mill check and the
inventories of 1.1% on Mar. 16, as compared with Jan. 11929.
In
1996
FINANCIAL CHRONICLE
WEEKLY COMPARISON FOR 199 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and
shipments are complete for the
last four weeks.)
Weeks EndedMar. 16.
Mar. 9.
Mar. 2.
Feb. 23.
Production (feet)
182.791,154 177,579,631 180,794,683 167,534,177
Orders (feet)
175,212,920 189,789,489 174,888,558 173,028,572
Rail
75.491.329 78,542,108 81,696,315 69,463.644
Domestic cargo
61,047,27865,466,58048,008,399 61,908,154
Export
32,714,592 33,669,304 30,375,354 32,446.788
Local
15.959,721
12,111,497
14,808,490
9,207,986
Shipments(feet)
195.346,569 168,461,660 166,114,039 160,620,820
Rail
78,774,370 72,585,656
70,893,335 65,766,182
Domestic cargo
61,953,013 51,371,159 47.410,308 58,716,793
Export
38,659.465 32,393,348 33,001,906
26,929,859
Local
15,959,721
12,111,497 14,808,490
9,207.986
Unfilled orders (feet)
793,773,375 815,808,723 796,836,892 791,012,055
Rail
254,850,847 258.829,338 254,166,393 244,752,332
Domestic cargo
297,137,703 308.724,019 294,996,562 294,519,287
Export
241,784,825 248,255,366 247,673,937 251,740,436
112 IDENTICAL MILLS.
(All mills whose reports of production, orders
and shipments are complete for 1928
and 1999 to date.)
Average 11
Average 11
Week Ended
Weeks Ended
Weeks Ended
Mar.16'29.
Mar. 16 '29.
Mar. 17'28.
Production (feet)
115,779,405
99.292,710
107.141,668
Orders (feet)
118,052,609
108,800,007
112.876,799
Shipments (feet)
131,093,312
100,285.989
103.499.093
DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.
9'29(109 Mills).
[VoL. 128.
ment likewise enjoyed better business than last year, according to the Motor & Equipment Association, which goes
on
to say:
Total British Columbia 26,295,338 2,781,073
Aggregate shipments of parts, accessories and
garage equipment manufacturers to vehicle makers and the wholesale
trade In February reached
an index figure of 212% of the January 1925
base, which is 100, a new
record high, as compared with 188 in January
this year, 171 in February
last year and 146 in February 1927. Both shipment
s of parts and accessories to the car makers and of garage repair
equipment to the trade scored
record increases.
Although figures for March are not yet
available, original equipment
makers, as well as makers of service parts and
garage equipment for the
wholesale trade, operated throughout March
at levels considerably ahead
of last year, thereby assuring a record first quarter.
Wholesalers of service parts, accessories and
shop equipment, reporting
their sales for the M. E. A. Business Bulletin,
had an aggregate February
sales volume 5% ahead of January 1928.
The sales figure of 105% for
February compares with 114% in January this
year. The shorter month
and unfavorable weather in some of the north
Middle Western States had
some deterring effect on wholesalers' business.
Preliminary reports from
wholesalers indicate that March business has been
running strong.
The greatest gain in the manufacturing division
was made by the group
of manufacturers supplying motors, bodies,
parts and accessories to the
car and truck makers for original equipment.
The index figure for this
group rose to 243% of the January 1925 index, a
record figure for all time,
Unfilled
which compares with 212% in January. 187 in
February last year and 158
Orders
In February 1927. This increase reflects the
Cancelheavy production in the carShipWeek Ended
Ratans.
meats. Mar. 9 '29. truck industry and increased patronage of the parts specialist
s by the vehicle
makers.
Shipments by manufacturers of service parts
to the wholesale trade In
Feet.
Feet
Feet
11,289,610 84,997.614 February were 136%. compared with 128 in February last year and
100
109,000 23,925,674 143,598,906 In February 1927.
1,952,575 5,859,454
Service equipment shipments-that is. repair
shop machinery and tools
to the wholesale trade reached 192%, as
109,000 37,167,859 234,455,974
compared with 173 in January,
158 in February 1928 and 155 in February
1927. The February figure
was surpassed by only two months, March
and April in 1927 and the same
264,000
868,965 two months in 1926.
3,647,694 18,843,904
Accessory shipments to the trade In February
300,000 5,111,848
were 69% as compared
with 91 in February last year.
4,211,694 24,864,717
Total domestic cargo-- 247,953,481 52,855,763
109,00041,379.553 259,320,691
Orders on
Hand Begin'g Week
Orders
Mar. 9 '29. Received.
Washington iil Oregon
(93 Mills)California
Atlantic Coast
Miscellaneous
Feet.
Feet.
77,873,875 18,413,349
136,951,578 30,682,002
6.832,690
979,339
Total Wash.& Oregon_ 221,658,143 50,074,690
Brit. Col.(16 Mills)
California
Atlantic Coast
Miscellaneous
474,965
658,000
20,568,588 1,903,010
5,251,785
160,063
Falling Off in Canadian Pulp and Paper Exports During
February.
February exports of pulp and paper from Canada were
valued at $14,399,942, according to the report issued by the
Canadian Pulp and Paper Association. This was a decline
of $1,736,256 from the January total and was less than the
total for Feb. 1928, by $1,271,846. We quote from the
Montreal "Gazette" of March 23 which says:
Report of Finishers of Cotton Fabrics.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, arranges for
a monthly survey within the industry. The results of
the
inquiries are herewith presented in tabular form. The
Secretary of the Association makes the following statem
ent
concerning the tabulation:
The figures on the attached memora
ndum are compiled from the reports
of 28 plants, most of which are represent
plants,
work and we believe it is well within the ative to statedoing a variety of
facts
that these figures
Exports of wood-pulp in February were valued at $3,198,8
represent a cross section of the industry
.
28 and exports
of paper at $11,201,114 as compared with $3,645,1
Note.
-(1) Many plants were unable to give details
54 and $12,491,044
under the respective
respectively in January.
headings of white goods, dyed goods, and
printed goods, and reported their
Details for the various grades of pulp and paper in Feb.
total, only; therefore, the column headed
"total" does not always represent
1929 and 1928
are as follows:
the total of the subdivisions, but is a correct
total for the district.
(2) Owing to the changing character of business
and the necessary
changes in equipment at various finishing plants.
February 1929.
February 1928.
It is impracticable to give
average percentage of capacity operated
in respect to white goods as disPulp
Tons.
tinguished from dyed goods. Many of the
Tons.
machines used in a finishing plant
are available for both conversions, therefore
Mechanical
the percentage of capacity
9,927
276,333
14.371
374,921 operated and
Sulphite bleached
the work ahead is shown for white goods
20,758 1,598.373
18,064 1,339,896
and dyed goods.
Sulphite unbleached
14,427
712,662
14,845
759,501 combined.
Sulphate
9,682
582,584
15.084
893.046
Screenings
1,343
PRODUCTION AND SHIPMENTS OF FINISHE
28,876
1,939
35,648
D COTTON FABRICS.
Total
56,137 3,198,828
64,303 3,403,212
Paper
Newsprint
Whoa
Dyed
Printed
174,469 10.615,726
183,414 11,822,383
February 1929.
Goods.
Wrapping
Goods.
Goods.
1,665
Total.
187,762
1,736
187,309
Book (cwts.)
7,944
59,438
3,924
32.824 Total finished yds. billed during month
Writing (cwte.)
1,039
8,596
184
1,483
District 1
All other
10,612,699 14.237.233 13,009,340 44.003,43
329.592
3
324,577
2
4,157,348
582.408 4,092,536 16,570,725
3
Total
7,184,048 4,615,449
11,201.114
11,799,497
12,368,576
5
4,714,811 1,442,965
6,157,776
8
For the first two months of the year exports,of pulp
2,886,625
and paper were
2,886,625
valued at $30,356,140 as compared with a
Total
total of $29,559,830 in the
29,555,531 20,878,055 17,101,876
corresponding two months of 1928. an increase for the current year
81,418.056
of Total gray yardage of finishing orders
received
$976,310.
District 1
Wood-pulp exports in the two months were valued
13,125,783 15,218,236 16,567,514
at $6,843.982 and
2
5,759,098 4,445,280 3,070,954 47,142,311
exports of paper at $23,692,158 as compared with
18.882,450.
a
$6,474,659 and $23,8.552,824 4,103,575
085.171, respectively, in the first two months of 1928.
12,656,399
5,048,427 1,947,127
6,995,554
8
Quantities and values for the various grades were
2,782,856
as follows:
2,782,856
Total
35,268,988 25,714,218 19,638.468
No. of cases finished goods shipped to
88.459,570
2 Months 1929.
2 Months 1928.
customers
Pulp
District 1
Tons.
$
Tons.
5,182
5,520
4,057
28,508
2
3,608
687
Mechanical
12,945
3
26,698
696,395
650,801
4.437
25,148
2,325
Sulphite bleached
6,762
5
44,086 3.372,286
4.100
33,722 2,542.759
Sulphite unbleached
4,106
8
29,017 1,445.108
2,070
32,245 1.647.684
Sulphate
2,070
20,988 1,258,253
26,417 1,557,504
Screenings
Total
3,530
71.940
19,403
65,911
3,420
8,532
4,057
54,391
No. of oases of finished goods held in
Total
storage at end of month
124,319 6,843,982
120,952 6,474,659
Payer
District 1
2,713
3.962
Newsprint
2,947
le.toa
2
369,516 22,589,341
3,984
340.880 22,063,053
770
Wrapping
11,418
8
3.097
340.061
894
2.923
320.600
Book (cwts.)
6,331
5
13.461
108,585
1,998
8,314
67,480
Writing (cvrts.)
1,998
8
1,060
9,336
11,743
698
1,197
All other
6913
644,835
622.295
Total
10,287
4,732
Total
2,947
37,153
23.692.158
White dl Dyed
23,085,171 Total
average % of oopoolt °Pleated
Combined.
Pulpwood exports in the first two months of the year
,
District 1
amounted to 192,549
68
100
cords valued at $1.732.922 as compared with
73
2
286,838 cords valued at
59
123
74
$2.590,613 exported in the corresponding months of
72
1928.
72
76
78
154
154
Automotive Parts Industry Has Record First Quarter.
Average for all districts
89
107
74
ahead
Manufacturers of automotive parts and equipment, keep- Total average work to daysat end or
month expressed
District 1
ing pace with the record car and truck production,
4.0
24.
8.0
2
have
2.2
12.4
4.9
had the greatest first quarter in the history of the industr
8
3.1
y
8.1
4.8
and in all probability will have a record first half, as well.
4.8
10.4
2).4
Wholesalers of service parts, accessories and shop equipAverage foe all districts
3.8
22.9
MAR. 30 1929.]
FINANCIAL CHRONICLE
Total finished yds.billed during month
District 1
2
3
5
8
Dyed
Goods.
1Thite
Goods.
January 1929.
Printed
Goods.
at every station where there are goods to be unloaded, the passengers have
to wait."
Total.
10,521,421 13,749,856 13,378,500 42,509,696
662,649 3.975,470 16,686,395
4,547,281
10,966,072
7,441,317 3,524,755
5,599,478 1,652,591
7,252.069
4.261,471
4,261,471
Total
32,370,968 19,589,851 17,353,970 81,675,703
Total gray yardage of finishing orders
received
District 1
12,653,119 16,154,401 13,281,861 44,715,211
2
6,398,871 4,680,576 2,180,753 17,448,031
3
8,347.858 4,308,180
12,656,038
5,461,161 1,837,043
6
7,298,204
4.184,269
4,184,269
Total
37,045,278 26,980.200 15,462.614 86.301.753
No. of cases finished goods shipped to
customers
27,699
District 1
5,066
5,567
4,146
2
3,923
12,999
758
3
2,409
7,044
4,635
5
3,531
3,531
8
1,923
1,923
Total
No. of cases of finished goods held In
storage at end of month
District 1
2
3
5
8
19,078
srpriura
3,662
731
2.733
16,087
11,659
6.166
1,749
713
2,733
36,374
86
101
63
62
63
65
164
61
91
65
3.7
2.7
2.8
5.0
18.2
20.2
7.7
6.9
3.6
2.8
5.0
18.2
18.6
5.6
Burley Tobacco Growers' Co-operative Association
Closing Up Its Affairs.
According to a "Times" dispatch from Lexington, Ky.
March 15 the Burley Tobacco Growers' Co-operative Assn.
is ending its career. The dispatch says:
During the six years of its activity in Kentucky, Ohio, West Virginia,
Missouri, Tennessee, Indiana and other States it sold nearly $200,000,000
worth of tobacco pooled by its 110,000 farmer members.
Within sixty days. unless unforeseen difficulties arise, the business will
be closed up, according to a statement to-day by President James C. Stone,
as a result of arbitration findings in the settlement of accounts between the
association and district warehousing corporations.
President Stone says it Is the purpose of the directors of the Burley
Association to so close up the affairs of the association as to preserve the
framework of the co-operative marketing organization without further
expense to the members, yet ready to serve them in case of need for tobacco
marketing in the future, should the need arise.
53,196
3.8
Average for all districts
Total average work ahead at end of
month expressed In days
District 1
2
3
5
8
4,146
10,070
4,393
White and Dyed
Combined.
59
50
63
65
164
Total
8.734
2,860
3,839
909
1,749
713
Total average % of capacity operated
District 1
2
3
5
8
tor all ri letrlete
Petroleum and Its Products-Industry Feels Confident
That A. P. I. Curtailment Plan Will Meet Success.
Much confidence is felt in the producing end of the petroleum industry that the American Petroleum Institute's program of curtailment, which includes limiting output,effective
April 1, to the daily average output in 1928, will result in
a correction of present conditions of overproduction. The
industry as a whole has shown more of a spirit of co-operation
and is acting more as one unit than has ever before been the
case, even in the days of the war. R. C. Holmes, President
of the Texas Company, and Chairman of the general curtailment committee of the American Petroleum Institute,
offered a report to E. B. Reeser and the board of directors
of the Institute, on March 27, which was adopted. Follow:
jug this adoption, Mr. Reseer made the following statement
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes available
the following preliminary report on the hosiery industry by
125 hosiory mills in the Philadelphia Federal Reserve District from data collected by the Bureau of the Census:
PERCENTAGE CHANGES FROM JANUARY TO FEBRUARY 1929.
Men's.
Women's.
FullFullfashioned. Seamless. fashioned. Seamless.
-15.7
Hosiery knit during month
-14.7
Net shipments during month
Stock on hand at end of month, fin+10.8
ished and in the gray
-7.9
Orders booked during month
Cancellations during month
+1218.3
Unfilled orders at end of month
+5.3
+0.6
-16.2
--3.6
+6.0
-8.8
-6.5
+7.3
+12.1
+8.8
-20.9
+30.1
-16.8
+3.6
--11.9
--51.1
--8.3
Athletic.
Total,
+10.2
Boys'
Misses' & Infants'.
Children.?.
Hosiery knit during mouth
Net shipments during month
Stock on hand at end of month, finished and in the gray
Orders booked during month
Cancellations during month
Unfilled orders at end of month _ _ ...._
-10.4
-8.4
+0.7
+20.8
+64.3
+37.0
-4.4
+0.1
-4.4
+20.0
+4.0
-3.7
-14.1
-10.0
+867.0
-15.4
+6.9
+31.1
+418.5
+4.1
+3.3
-7.2
+8.9
-11.8
Coffee in Torreon is 60 Cents a Cup-All Prices in Beleaguered City Go Skyward, Travelers Assert, and
Money Is Scarce.
Regarding living costs in Mexico, as a result of the rebelion, an Associated Press dispatch from El Paso, Tex., Mar.
16, published in the New York "Times" said in part:
Some who seek the thrills of battle have found happiness in the war-like
atmosphere and not a few soldiers of fortune from far-off European countries, wearing spic and span uniforms reminiscent of the World War, have
cast their lot with the revoluntary forces of northern Mexico.
But the high cost of living presents some of the inconveniences. All
but the wealthy suffer. A cup of coffee, for instance, costs 50 cents in
the city of Torreon. Food prices of all kinds have shot skyward. Banks
have ceased to function, at least temporarily.
Mexicans who have aided the revolution have hanging over them the
fear created by a report that one of the Federal generals has already sentenced to death 500 citizens of Torreon.
Travelers from Torreon arriving at the border tell stories of hardships
for the private individuals, of the stern army discipline which prevails
among the rebel troops of General Escobar and the contrasts that the
present conflict offers with uprisings of the last two decades.
H. N. Fleming Jr., one of the arrivals from Torreon, described the organization of the revolutionary stronghold as remarkable. The uniforms
of the soldiers are new and neat and there is marked discipline everywhere,
he related.
"General Escobar, the supreme thief of the revolution, has his headquarters in a train parked in the railroad yards, ready to move at any
time if necessary," said Mr. Fleming. "The city is orderly, but there is
almost no money in circulation.
"Even the American Consul. James C. Powell Jr., has no money, and
told me he had to eat on his Credit. The rebels seized the banks. Food
and other prices are prohibitive. A cup of coffee, for example, costs 50c.
"Although railroads are in operation between Torreon and Juarez, the
service is estremely slow. Trains carry passenger and freight cars. and
1997
By April 1 we will witness at least 50% of the conservation program in
operation and by July 1. probably 100% effective in the five regional
sections.
For the first time in its history the industry has a definite remedial plan
in which all its members may participate. The way has been paved in
several States already through legislation, both enacted and proposed, to
prorate production in the important oil States of Oklahoma. Texas and
California.
Self-imposed prorationing however on the part of several territories. has
not proved entirely successful, as witness the results in California, where
fields vary from 9 to 31% in effectively living up to agreements. The
details of the conservation plan have been placed in the hands of a regional
committee in five petroleum producing sections of the United States and
Latin America, and it is up to the committees to work out the amount of
curtailment needed in their respective sections.
The decrease in oil production effected for two weeks
after the record figure of 2,700,000 barrels per day was
made, was not repeated during the week ended March 23.
The daily average output during this period was 2,655,600
barrels, a gain of 30,000 barrels a day over the previous
week. A goodly portion of the increase came in Oklahoma
which was up 28,000 barrels per day and most parts of
Texas gained slightly. California production fell off 16,000
barrels a day. Daily average production a year ago at this
time was 2,388,600 barrels, so that the task which the
industry has set itself is to reduce the daily average production about 300,000 barrels. The most pretentious plans
for proration in the various fields have never come anywhere near this figure, although the State of Oklahoma, when
its production rose to the neighborhood of 730,000 barrels
per day, agreed on a plan for a cut of 80,000 barrels and in
the week ended March 16 did accomplish this objective.
Strong hope for co-operation in the A.P.I. plan for curtailment in world fields outside the United States is held out
by the statement of Sir Henri Deterding, head of the Royal
Dutch-Shell oil combine, that his companies agree in principle that curtailment of output all over the world is needed.
Sir Henri was a guest of the,A.P.I. at the conference of
directors on March 27.
No changes in posted prices of crude oil were made during
the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
$4,10 Smackover, Ark., 24 and over____
Bradford, Pa
1,75 Smackover. Ark., below 24
Corning, Ohio
1.35 El Dorado. Ark, 34
Cabell, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
MidcontInent, Oklahoma, 37
.80 Artesia, N. Mex
Corsicana, Tex., heavy
.87 Santa Fe Springs. Calif., 33
Hutohinson, TM..35
.80 Midway-Sunset. Calif., 22
Luling, Tex
1.20 Huntington, Calif.. 26
Spindletop, Tex., grade A
1.05 Ventura. Calif., 30
Spindletop, Tex.. below 25
.65 Petrolia, Canada
Winkler. Tex
$.00
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
-GASOLINE DEMAND SHOWS EFFECT
REFINERY PRODUCTS
OF GOOD WEATHER-KEROSENE STRONG AT GULF AND
ATLANTIC PORTS.
The demand for gasoline shows a noticeable improvement and the belief is growing that the market will start
its usual spring upward swing within a short time. U. S.
1998
FINANCIAL CHRONICLE
[VOL. 128.
Motor gasoline is still quoted at 8% cents, f. o. b. refinery
or terminal, in this territory and tales of cutting under the
open figure are becoming less frequent. Consumption is
gaining slowly all through the New York and eastern territory and with continued good weather shold soon take a
sharp turn for the better.
Chicago has also seen a better demand for motor fuel and
the prevailing price is now 73.( cents per gallon, M cent
above the figure of a week ago. North Texas and Oklahoma gasoline is fractionally higher. Tankwagon prices
throughout the country were unchanged over the week.
Kerosene is showing strength and this is attributed both in
Gulf and Atlantic Coast markets to the much better inquiry for export goods. Furnace oils are easy with the
letting up of the demand which saw its peak with the cold
weather of the early part of March. Gas oils, fuels and
diesels are steady although the market has not been active
in the past 10 days.
Price changes in refined products during the week were
as follows:
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 ending March 23 1929 was 1.550,300
barrels, as compared with
1,511.050 barrels for the preceding week, an increase
of 39,250 barrels.
The Mid-Continent production, excluding Smackover
(Arkansas), heavy
oil, was 1,500,450 barrels, as compared with
1,461.200 barrels, an increase
of 39,250 barrels.
The production figures ofcertain pools in the
various districts for the current week, compared with the previous week, in
barrels of 42 gallons. follow:
-Week Ended-1
-Week EndedOklahoma
-Mar.23 Mar.16! North LouisianaMar.23 Mar.16
Allen Dome
26.300 26,700 Haynesville
5,450
5,500
Bowlegs
35.850 33,350 Urania
5,950 6,000
Bristow-8110k
19,350 19.350
Burbank
22,400 22.5001 Arkansas
Cromwell
7.700 7.100 Champagnolle
10.100 9,750
Earisboro
61,200
Smackover (light)
6,350 6,450
Little River
80.500 75,000 Smackover (heavy)
49,850 49,850
Logan County
11.500 11.550
Maud
31,300' 32,600
Coastal Texas
Mission
31,050 30,400 Hull
10.200 10.650
Bt. Louis
100,650 93,800 Pierre Junction
12.500 12,850
Searight
10.750 9,500 Spindletop
33.200 33,800
Seminole
34,360 30.700 West Colmobla
8,250 7.000
Tonkawa
10,050 10,100
KansasCoastal Louisiana
Sedgwick County
10,950 10,900 East Hackberry.........1. 6,600
6,900
Panhandle Twat
Sulphur Dome
2,100 2,100
Carson County
6.000 5,700 Sweet Lake
400
400
Gray County
23.900 21.600 Vinton
4,350 4,500
Mar. 23.
-Standard Oil Co. of Indiana advances tankwagon price of Hutchinson County-- 26,150 26.600
North Texas
kerosene one cent per gallon throughout its territory.
Wyoming
Archer County
16,900 17,100 Salt Creek
34,200 28,450
Gasoline. U. S. Motor, Tankcar Lots. F.O.B. Refinery.
Wilbarger County
27,500 26.500
New York (Bayonne).08)4 Arkansas
West Central Texas
0634 North LouLsiana__ 07
Montana
Brows County
West Texas
.06)6 California
8,750 8.800 Sunburst
.0854 North Texas
0634 Sthackletord County5,300
5,450
Chicago
0754 Los Angeles, export_ .0714 Oklahoma
California
13,000 13.100
07
New Orleans
West Texas
0761 Gulf Coast.export-.08
Pennsy'veld&
Dominguez
.09
10,600 11,000
Crane & Upton Counties. 50,050 49,600 Elwood-Goleta
Gasoline, Service Station, Tax Included.
29,000 26,500
Howard County
47,350 45.900 Huntington Beach
46,500 46.500
New York
Cincinnati
Pecos County
.19
18
86,700 87.100 Inglewood
MInneaPothl
182
26.000 26,500
Atlanta
.21
Denver
Reagan County
New Orleans
16
18,400 18,500 Kettlernan Hills
.196
3,400 3.400
Baltimore
.21
Detroit
Winkler County
188 Philadelphia
168,900 166,600 Long Beach
zo
185.500 185.000
Boston
.20
Houston
East Central Texas
.18
San Francisco
.216
Midway-Sunset
72,000 72,000
Buffalo
.15
Jacksonville
Corsicana-Powell
.24
Spokane
8.300 8.400 Rosecrans
.205
7,000 6,500
Chicago
15
Kansas City
Southwest Texas
179 St. Louis
169
Santa Fe Springs
157,000 175,000
Laredo District
11.900 12,000 Seal Beach
Kerosene, 41-43 Water IA bite, Tankcar Lots. F.O.B. Refinery.
34,500 35,000
Luling
12.750 12.550 Torrance
New York (Bayonne).0854 I Chicago
15,000 15,000
.0534 New Orleans
0734 Salt Flat
36,700 31.050 Ventura Avenue
North Texas
65,500 55,600
.05)6 I Los Angeles. export- .05)4 I Tulsa
.0634
Fuel OIL 18-22 Degree, F.O.B. Refinery or Terminal.
Now York (Bayonne) 1.05 I Las Angeles
Spain Reported Dissatisfied with Workings of Oil
70 I Gulf Coast
.65
Diesel
2.00 I New Orleans
.85 !Chicago
.55
Monopoly-Profits for Year Said to Be Only $2,Gas Oil. 32-36 Degree, F.O.B. Refinery or Terminal.
400,000-Private Concession Foreseen.
New York (Bayonne).0554 'Chicago
.03 I Tulsa
.03
I
Under date of March 15 a cablegram from Madrid to
No Persian Oil Concession-Secretary of Legation Says the New York "Times" said:
Despite official announcements to the contrary, it is understood
on good
Reports Are Without Foundation.
authority that the Government is disappointed with the working
of the
Prince M. Firouz, Secretary in charge of economic affairs present system of ell monopoly and that there is a probability of the monopdropped and a concession awarded to some private company.
at the Persian Legation in Washington, in a statement on oly beingat
Those
present controlling the monopoly
March 20 at the Hotel Plaza New York, denied that oil and further hampered in their projects byare said to be 112 disagreement
the opposition of powerful
concessions in North Persia had been given to any foreign banking interests. The real profits for the first year's operation were said
to be only 16.000,000 pesetas (about 82,400.000
). while the public has been
country. The "Times" quotes him as saying:
paying 20% more for gasoline than the market justifies.
There have been reports circulated that the Standard Oil and the
Anglo-Persian Oil Co. have In their possession oil concessions in the
north
of Persia. I would like to point out that the North Persia oil concession
s
have yet not been definitely given to any foreign company and such report.
are devoid of foundation.
The Persian Government has laid as a definite part of its policy the
encouragement of American capital to help develop Persia's vast natural
resources, and there is no doubt that there is a big opportunity for American
Capital to enter the country, which will result in mutual advantage to
both
Persia and the United States.
American export commodities to Persia, which are chiefly automobiles,
are on the free list, and the tariff facilities granted by the Persian Government to Americr:n exports is in itself proof of the sincerity of the Persian
Government and its ardent desire to promote economic relations between
the two countries. I would like to point out that any readjustment in the
tariff will be watched with close interest and the Persian Government feels
Confident that any revision will be based on facts rather than on sentiment
,
In which case it is to be hoped nothing will be done that Is detrimental
to
the commercial relations of the two countries..
Crude Oil Output in United States Rises.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended March 23 1929 was 2,655,600 barrels, as
compared with 2,625,150 barrels for the preceding week, an
increase of 30,450 barrels. Compared with the output for
the week ended March 24 1929 of 2,387,000 barrels per day,
the current figure shows an increase of 268,600 barrels daily.
The daily average production east of California for the week
ended March 23 1029 was 1,881,700 barrels, as compared
with 1,835,550 barrels for the previous week, an increase
of 46,150 barrels. The following estimates of daily average
gross production, by districts, are for the weeks shown below:
DAILY AVERAGE PRODUCTION (FIGURES IN
BARRELS).
Weeks EndedMar.23'29. Mar. 16 '29. Mar. 9 '29. Mar. 24'28.
Oklahoma
677.660
649.450
644.100
680.250
Kansas
94.950
96,450
111.450
95.400
Panhandle Texas
58,150
55.950
71.400
55,350
North Tevis
83.650
82.80067.550
81,750
West Central Texas
52.350
53,000
55.250
55,350
West Texas
384.560
380.850
342.050
887.050
East Central Texas
19.800
19.900
23.450
21,300
Southwest Texas
68.650
63.150
23.950
60.950
North Louisiana
35.850
36.050
44.000
35.650
Arkansas
74.700
74.500
85.300
73.600
Coastal Texas
128,150
129.000
124.500
101.000
Coastal Louisiana
20.600
21.200
20.100
17.750
Eastern
109,250
108.750
108.000
101,250
Wyoming
53.200
47.450
58.850
53.600
Montana
10.200
9.100
11,950
8.650
Colorado
7.050
6.760
7.000
7.450
New Mexico
2.950
2,250
1.600
2.250
California
773.900
789.600
795.300
618.000
Total
2,655.600
2.625,150
2.665,950
2.387.000
Official figures show a profit of 90,000.000 pesetas, but
these do not
take into consideration the loss of 50,000,000 in customs
revenue formerly
obtained, as the monopoly has the right to bring oil in
free of duty.
The total sales of gasoline during the year amounted
to 350,000.000 liters*
Proposal to Restrict Crude Oil Production in 1929 to 1928
Level Approved at Meeting in New York-Sir Henri
Deterding of Royal Dutch Shell Group Said to be in
Agreement With Plans.
Plans to hold down the output of crude oil production
during 1929 to the level of output in 1928 were approved at
a meeting in New York on March 27 of directors of the
American Petroleum Institute, representing, it is stated,
practically the entire petroleum producing and refining industry of the Western Hemisphere. According to the New
York "Journal of Commerce" the plan becomes effective
April 1, next, and will affect crude oil production in the
Pacific Coast, Gulf and Atlantic coasts and the interior sections of the United States, as well as in Colombia, Venezuela
and Mexico. The paper quoted, which noted that the object
sought is "to avoid the widely fluctuating and unprofitable
conditions resulting from overproduction," added:
It (the plan) will be administered by five
regional bodies from the
petroleum industry; one for the Pacific Coast,
one for the State of
Texas, Louisiana and Arkansas, one for the
Atlantic Coast States,
one for the interior of the United States, and
one for Mexico and
the northern section of South America.
It recommends that the daily average
production on the two continents should not exceed the daily average
output during the year
1928, "with the knowledge that this
should fully meet the consumption requirements if proper and economical
refining methods are
applied." The daily average production
of petroleum in the United
States during 1928 was 2,453,000 barrels,
in Venezuela 295,350 barrels,
in Colombia 53,702, and in Mexico 136,066
barrels.
To Ask Government Approval.
It will also be submitted immediately to
the Government for approval,
and the co-operation of the Federal
Conservation Board and the
Department of Commerce will be sought
in putting the plan into
effect.
The meeting, which finally decided that
the industry should henceforth operate only under self-imposed restriction
s, was held in the offices
of the American Petroleum Institute,
250 Park Avenue, where after
a day-long discussion of these plans,
submitted by the committees on
crude oil production and conservation and four
regional committees,
it was formally announced that the board
of directors of the Institute
had approved their findings unanimously.
•
•
•
MAR. 30 1929.]
FINANCIAL CHRONICLE
An idea of the industry representation in this program will be seen
in that the eighty members of the regional conunittee alone represent
724% of domestic petroleum production and 88% of the foreign
production of the western hemisphere.
A statement was made to the press following the meeting by the
Institute's President, E. B. Reeser, who is also head of the Barnsdall
Oil Corporation, which revealed that the parties to the agreement look
for immediate results after April 1.
"On that date we will witness at least 50% of the conservation in
operation and around the beginning of July probably 100% in the five
regional sections.
"For the first time in its history, the industry has a definite remedial
plan in which all its members may participate. The way has been
paved in several States already through legislation, both enacted
and proposed, to prorate production in the important oil States
of Oklahoma, Texas and California.
"Self-imposed proporationing, however, on the part of certain
territories has not proved entirely successful, as witness the result
in California, where fields vary from 9 to 31% in effectively
living up to agreements.
"The details of the conservation plan have been placed in the
hands of a regional committee in five petroleum producing sections
of the United States and Latin America, and it is up to the committees to work out the needs for their respective sections."
Sir Henri Deterding, Managing Director of the Royal
Dutch-Shell Union Oil Companies, who arrived in New York
on March 26 on the Ile de France to participate in the meeting on March 27, is said to have indicated his co-operation
in the matter, the New York "Journal of Commerce" of
March 28 reporting this as follows:
Sir Henri Deterding Indorses Plan.
"I came here free to act," Sir Henri stated, "and the mantle
of obligation fell from my shoulders when I left London. Remember
I am not a member of the American Institute and therefore am not
bound by any action it may take. Nevertheless you may say that
the Dutch Shell interests are in full accordance with the plan adopted by the Institute's board of directors today."
"Are you entirely willing, Sir Henri, that the Dutch Shell interests
on this continent curtail their production?" he was asked.
"We are perfectly willing to do anything that anyone else in the
industry is ready to do," was his laconic reply, and added that
if "the others offered the co-operation on conservation that our
interests have put forward there would be no difficulties whatsoever
in reaching an agreement."
In its reference to Sir Henri the "Journal of Commerce"
also said:
The international aspect of yesterday's action was provided by
Sir Henri Deterding, Managing Director of the Royal Dutch Shell
Union companies, and unofficial representative of the British Govern.
ment, which is controlling stockholder in the Anglo Persian Oil
Co. The presence of this important foreign representative did not
make for smooth sailing, it was admitted by persons presents at the
discussions.
The Dutch Shell interests in Venezuela, Colombia and in this
country, however, became parties to the agreement before the end
of the session, and only after prolonged discussions among the
regional committee members upon suggestions put forward in the
interest of the foreign companies by Sir Henri, who while not a
member of the American Institute was nevertheless "willing to cooperate," according to a state he made to newspaper men following
adjournment.
Questioned as to the objections raised by Sir Henri Deterding
to the plan, Mr. Reeser said be believed the concurrence of the
Dutch-Shell inteersts was absolute.
"Differences of opinion will naturally develop in a matter of such
magnitude," he said, "but the foreign companies have agreed in
principle, and will enlist their producing units in the United States
and South America in the plan. Bear in mind, also, that there were
three Dutch-Shell representatives on the committees which drafted
these recommendations.
"The petroleum industry in the past has expended large sums of
money in producing oil which were not necessary. The platform
adopted today contemplates holding oil reserves in the ground instead of in storage. The storage method is impracticable, expensive
A good deal of oil is lost in evaporation.
"Increased profits will accrue to the producers, but at the same
time the price of gasoline need not necessarily rise, for both
producer and consumer will benefit through the narrowing of the
cost in getting the product from the refinery to the ultimate consumer.
Cites Low Earnings.
"The industry, as a whole, has not earned over 34% for a
number of years, and during 1927 it earned less than 1% on the total
investment, chiefly because of overproduction and unnecessary competition.
"Once the machinery for oil conservation has been set up in the
various producing regions it will become permanent."
Question of Dictator for Oil Industry.
Asked to comment upon reports that both former President
Coolidge and Gen. John J. Pershing had been asked to consider a
"dictatorship" over the industry, similar to the post now occupied
by Will H. Hays in the motion picture industry, Mr. Reeser replied
that such a suggestion had not been put forward at any of the board
meetings of the Institute.
Those who listened to yesterday's deliberations at the board
meeting stated that the Dutch Shell interests had conceded a good
deal in subscribing to any curtailment program in South America
at this time. "Sir Henri proved a stumbling block during the
early committee negotiations today," said an American official as
he emerged from the room, "but one can understand his insistence
for recognition of certain rights when we consider the situation in
South American territory."
In Venezuela, it was pointed out, the Pan American Petroleum,
through its subsidiary, the Lago Oil & Transport, now has brought
1999
its output in Venezuela up to a point where it is second to that
o fthe Royal Dutch. Both companies have been talking curtailment
of output, but actually both are engaged in a lively race for business.
The Lago company has just opened a new refining plant of 110,000
barrel capacity on the Island of Aruba Dutch West Indies. The
Royal Dutch interests have had refining facilities for several years
past and it is said that export buyers have been enabled to purchase
refined petroleum products fractionally below the United States Gulf
market.
As the board of directors adjourned during the morning for
lunchen, Sir Henri was surrounded by newspapermen and pressed for
a statement. "We have not found the co-operation here we expected," he said. "The Royal Dutch interests on the other hand
are most willing to help, and if the conservation plans fail it
will not be our fault. We are offering 100% co-operation. I will
not ask for a thing I could not contribute myself."
From the same paper we take the following regarding the
resolutions adopted, and the report submitted:
Adopt Resolutions.
The text of committee resolutions and report submitted to the board of
directors of the Petroleum Institute reads as follows:
"Whereas, the Federal Oil Conservation Board has repeatedly called
the attention of the country to the over-production of crude oil and the
consequent waste of this irreplaceable national resource, and has repeatedly invited the industry to co-operate with governmental agencies
in improving the situation and has said, 'the complete organization of
co-operative effort is recommended, with simple but effective working
units that will insure full contact of the industry with both State and
Federal Government and continuous contact of all operators in an oil
field'; and
"Whereas, the State authorities of the principal oil producing States
have exhibited a keen interest in the subject and a desire to have the
co-operation of the industry in formulating and carrying on an effective
program;
"Therefore, be it resolved, That theproduction of the four regional
areas represented by the committees will be sufficient for 1929 to meet
the consuming requirements of the territories which they supply if the
1928 basis of production be adopted.
"Be it further resolved,. That beginning April 1, 1929, the average
production of the four regions on a daily basis should not exceed the
average daily production during the year 1928, and that each regional
committee be requested to meet, either through its elective representatives on the general committee, or as a whole, with the general committee
in New York, at the institute, on the morning of the 27th, at 9 o'clock,
to report to the general committee whether or not the production in the
to
1928 average for that rezio n.e
broughte
respectiveregions can
fntjerresoivedatneventnvnraberepoltsand
the
ii
the approval of the institute that the action be at once submitted to the
Federal Oil Conservation Board for its approval, and if approved by the
Federal Oil Conservation Board that the State authorities in the principal
oil producing States be at once advised of the proposed action, which
shall become effective as the policy and program of the institute if
approved by such State authorities."
The report continues:
"We are in accord with the suggestion that the maximum production
fixed for the year 1929 would probably be sufficiently high for possibly
one, two, three or more years, through such gradual improvement in
refinery processing as may produce the requirements of gasoline and
other essential petroleum products; and that it is desirable that this
figure for maximum crude petroleum should not be increased until the
maximum yield of these products, on the whole, has been accomplished.
"That so long as serious over-production exists in the world, a permanent organization within the American Petroleum Institute should be
formed for study of the situation, not only in the United States but
throughout the world. Such an organization would work closely with
the Department of Commerce and the Federal Oil Conservation Board
for the freest possible dissemination of knowledge of conditions in the
separate regions and in the aggregate
"Ascertain whether Federal aid or legislation is now considered necessary, and if so the extent and nature of such aid or legislation as would
be needed to sustain control of production as well as to give the necessary support, if such authority is needed, to co-operate with other
nations in the world-wide conservation and orderly development of
petroleum deposits; and to deal, to whatever extent is necessary and
desirable, and permissible, with the world situation, having in mind that
this is possibly essential to the success of any real, effective conservation
plan.
"Determine whether we, as an American nation, should find it desirable to encourage the same degree of restriction and conservation on
the part of foreign fields as of our own, or whether it would be in our
interest to assume the larger share of restriction here at this time in
order to prolong the life of our own fields or deposits.
"Consider what may, and should be, the attitude of countries which
are producing petroleum as differing from those countries which do not
produce. Should not the countries without production have quite as
much, if not more, interest in the conservation and control of production as those countries which are exhausting their known supplies? Take
such action as may be necessary to create accurate representations and
importance of the plan which we are undertaking.
"Determine more accurately the extent to which crude production, as a
whole, may possibly be reduced to bring about a satisfactory reduction
in stocks and constitute a more substantial conservation.
"Determine what can be properly undertaken to encourage a check on
wasteful consumption of petroleum products as a part of the conservation
activities.
"Assume the responsibility for maintaining, with such national and
State aid as can be secured, the orderly control of production and making
of such adjustments from time to time as are necessary to make the
plan workable and effect the purpose of same."
Among those in attendance were:
R. C. Holmes, Texas Co., New York.
E. B. Reeser, Barnsdall Corporation, Tulsa.
W. C. Franklin, Tidal Oil Co., Tulsa.
W. S. Fitzpatrick, Prairie Oil & Gas Co., Independence, Kan.
W. S. Farish, Humble Oil & Gas, Houston.
H. E. Sinclair, Sinclair Continental Oil Co., New York.
A. J. Ryles, Tide Water Associated Oil Co., New York.
Mark I.. Requa, World War Federal Oil Commissioner, San
Francisco.
Dr. George Otis Smith, representing the United States Geological
Survey, Washington.
Herbert L. Pratt, Standard Oil of New York, New York.
W. C. Teagle, Standard Oil of New Jersey, New York.
E. G. Seubert, Standard of Indiana, Chicago.
2000
FINANCIAL CHRONICLE
W. T. Halliday, Standard of Ohio, Cleveland.
Sir Henri Deterding, Royal Dutch Shell Union Oil companies.
J. Howard Pew, Sun Oil Co., Philadelphia.
J. Edgar Pew, Sun Oil Co., Dallas.
E. R. Brown, Magnolia Oil Co., Dallas.
Roy B. Jones, Panhandle Producing and Refining Co., Wichita
Falls.
John L. Gray, Shaffer Oil and Refining Co., Tulsa.
F. B. Fretter, National Refining Co., Cleveland.
L. J. Drake, Union Tank Car Co., Chicago.
C. H. Kountz, Prairie Pipe Line Co., Independence, Kan.
0. D. Donnell, Ohio Oil Co., Findlay, Ohio.
J. C. VanEck, Shell Union Oil Corporation, New York.
G. Legh-Jones, Shell Co. of California, San Francisco.
[VOL. 128.
The "Wall Street Journal" of March 22 announced the
following from Los Angeles:
Regional committee of American Petroleum Institute, which went
into session Thursday at Los Angeles, has appointed F. C. Van Deinse,
formerly vice president of California Petroleum Corp., as oil umpire
and mediator between operators in California, in line with resolutions
which have been adopted by members for conservation of crude and
restriction of output to 1928 levels, at least effective April 1.
Regional committee of A. P. L, composed of heads of practically
all the large oil companies operating within the State, of which K. R.
Kingsbury is chairman, met and appointed a committee of ten, with
Lionel Barneson, president of General Petroleum Corp., as chairman.
Sub-committee appointment was for the purpose of devising ways and
means for curtailment. Recommendations of the committee which were
Prior to the afternoon meeting, says the "Journal of adopted provide for appointment of Mr. Van Deinse, who no longer
is active in the oil business, for enforcement of curtailment and as
Commerce," of March 28, R. C. Holmes, president of the mediator.
Effective April 1, it is proposed that curtailment ranging from 8%
Texas Co. and general chairman of the Committee on World
to 32% shall be effective at Elwood, Long Beach, Santa Fe Springs,
Production and Consumption of Petroleum and Its Products, Seal Beach,
Ventura Avenue and Kern River front. Reduction in
issued the following statement:
output of from 9% to 10% will be effective in other fields, with the
aim to bring output down to 1928 levels.
"In attempting the formulation of a plan whereby the conservation of crude oil can become an actual condition and accomplishment, and at the same time avoid the widely fluctuating and unprofitable condition resulting from overproduction, the committee Gasoline Price War Called Off in California
-6-Cent Inhas been guided by the thought that whatever is practical and can
crease Adopted.
be accomplished by co-operation without violation of the law should
From the "Herald-Tribune" we take the following from
be done without further delay.
"The efforts being made by the petroleum industry to curb San Francisco March 19:
overproduction have been with the full knowledge of the Federal
With machine like precision Pacific Coast Oil leaders are carrying out
and State authorities, and we believe constitute the logical steps their well laid plans for improvement of the oil industry through
that can and should be taken to bring about more economical oper- rigorous reduction of crude production and adherence to the American
ation and better stabilization of the industry in the interest of Petroleum Institute code of ethics.
both the industry and the public.
The gasoline price war which has raged for two months and reduced
"The committee is recommending to the directors of the American the retail price of gas to nine cents in many instances, and to three
Petroleum Institute that any plan of action to be taken be submitted cents in one isolated case, is now definitely over.
The giant Standard Oil Company of California this morning anto the Federal Oil Conservation Board for its approval, and, if approved by this board, that State authorities in the principal oil nounced a 6 cent increase in the wholesale price of gasoline and the
six other major coast petroleum corporations soon followed suit. Even
producing sections be advised of the proposed action."
the Texas Company, long the belligerent in this district, has come
From the "World" of March 29 we take the following:
into the fold. By noon today gasoline prices all over the Pacific Coast
Members of the general committee of the Institute met yesterday generally has been changed from the previous day's quotations of 10 to
to complete plans for further subdivisions of the committees which 17 cents a gallon to 16 to 23 cents a gallon, while a price of 20
will draw up the final plans for pro-rating and reduction of crude cents was almost the rule. Although there are several details yet to
be ironed out, such as the differences between the garage owners and
oil production.
The plans of the Institute for control of production have been service station men, it may be stated that the gasoline war is definitely
over.
sent to the Federal Oil Conservation Board for approval, and R. C.
Several hours before Standard of California gave the signal for the
Holmes, Chairman of the Conservation Committee and four regional
committee heads will confer with Federal authorities and seek approval gasoline armistice it took a step which must be regarded as an overt
stroke against the Rio Grande and Barnsdall Oil companies for their
of the plan before attempting to put it into effect.
stepping up of
Further details of the formation of the American Oil Export County, Calif. production in the Elwood Terrace field, Santa Barbara
Association were completed at a meeting of that institution, held
These two companies, which between them control the production of
at No. 26 Broadway. This association was formed under the same the Elwood Terrace field,
had been selling the oil to Standard of
legislation which enabled the formation of the Copper Export Asso- California. Recently, however, it
is said in well informed oil circles
ciation without prosecution for combination in restraint of trade.
they had been increasing production, despite nation-wide efforts to cut
Walter C. Teagle, President of the Standard Oil Company of New down on oil production. Only last week the production of this field
. Jersey, was one of the prominent executives present, and Sir Henri was lifted 1,000 barrels to an average daily production of 26,000 barrels.
Deterding, managing director of the Royal Dutch-Shell oi 'group
By reducing by 24 cents the price per barrel of crude oil of 34
paid a brief visit to the meeting. Organization details occupied most degrees gravity, Standard has retaliated against these companies. The
cut is expected to be reflected in the earnings of Barnsdall and Rio
of the attention of the meeting, it was said at its conclusion.
Fixing of prices for export, to be followed by an advance in Grande temporarily, with the latter company suffering most since its
Elwood Terrace interests comprise a larger portion of its total business
domestic prices, was not discussed, it was added.
than those of Barnsdall.
The appointment by the Institute of a Committee on
With present average production about 30,000 barrels daily, less oneWorld Production and Consumption of Petroleum and Its sixth royalty, this means approximately $6,000 daily on 25,000 barrels
output between the two companies. Rio Grande does some refining on
Products was noted In our issue of Feb. 23, page 1151.
its own account, however, and has some contracts calling for premium.
Barnsdall officials have been informally quoted here as believing that
the measure is only a temporary one.
Secretary Wilbur of Department of Interior Seeks Opinion
Another very favorable oil development is expected to become known
from Attorney General as to Legality of Restriction of shortly. This is the introduction of a bill in the California Legislature
which devises means for carrying out Governor Young's plans for the
Crude Oil Production.
restriction of production of natural gas.
Announcement was made on March 28 by Secretary of the
Interior Wilbur that he had sought from U. S. Attorney
Copper Price Goes to 24M Cents.
General Mitchell a ruling as to the legality under the SherThe following is from Brooklyn "Eagle" of March 29:
man anti-trust law of the plan approved in New York on
The present level of copper prices has reached 245c. per pound, as
March 27, and referred to elsewhere in our issue today, to
compared with
restrict the 1929 output of crude oil to the 1928 level. The the beginning ofthe average of 1416c. per pound prevailing from 1913 to
the recent rise. If the present price persists, the
tons of primary metal which the United States will probably1,000,000
statement issued by the Department said:
produce
that it had been during 1929 will cost the consuming public an additional amount of at
"The Secretary of the Interior stated this afternoon
proposed that the president of the American Petroleum Institute and least $200,000,000,states the statistical research department of the National
the chairmen of the general and regional committees of that institute Electric Light Association in a survey made public to-day.
come to Washington for a meeting with the Federal Oil Conservation
Board on Wednesday April 3.
"He also stated that he had asked the Attorney General of the Copper Holds at 24 Cents, Delivered—Panicky
Stock
United States for an opinion as to the legality under the Sherman act
Market Retards Buying of Non-Ferrous Metals.
and the Clayton act of the plans publicly proposed by the Petroleum
The panicky condition of the stock market appears
Institute, and also as to any possible powers of the Federal Oil Conto have
servation Board in the control of petroleum production."
had a retarding influence on the demand for
non-ferrous
metals. The activity that was so general a week
ago is
Agreement to Curtail Oil Production in California—Oil evident at present only in zinc. Tho upward march of
copper prices has halted, at least temporarily, at
Umpire Named.
24 cents
Associated Press advices March 27 from Los Angeles a pound, delivered Connecticut, "Engineering and Mining
Journal" reports, adding:
stated:
Weakness of spot lead In London has served to lessen the demand
for
An agreement to curtail the daily average production of crude oil that metal.
Tin is somewhat easier, and the other non-ferrous metals are
in California by at least 188,000 barrels was reached here last night by substantially
unchanged.
300 petroleum operators in the state. The daily average production
A large proportion of the tonnage of copper sold has been In
small lots.
has been near 800,000 barrels in recent weeks.
indicating that
Operators reported that as much as 400,000,000 cubic feet of natural rationing out producers are finding it necessary to continue their policy of
their copper to fabricators. About 81% of the tonnage sold
gas had been going to waste every day in the State because of flush during the
week was for June and July delivery. Export demand in the
production from new wells.
past few days has been slow. Copper Exporters, Inc., quotes copper at
.Fred C. Van Deinse,former President of the Ventura Refining 24% cents. c.i.f. basis.
The increased differential between domestic and
Company, was chosen oil umpire for the State. Committees of oil foreign prices
is due
operators are to meet him each week to see that the curtailment is the higher prices. to higher insurance and interest charges resulting from
Approximately 56,000 long tons of copper have been
carried out.
sold for export this month. London appears to have adopted a bearish
MAR. 30 1929.]
FINANCIAL CHRONICLE
2001
position, Judging by the recent declines in electrolytic and standard copper
on the London Metal Exchange.
Prime Western zinc sold in excellent volume, and delivery well into the
second half of the year has been specified on most of the business. Most
producers are asking 6.80(46.85.cents per pound.
The contract price of lead held at 7.75 cents. New York.
World's Production
Production of Steel at Record Breaking Volume-Stocks
Lower Than at Jan.1 Last
-Pig Iron Price Advanced.
A 25e. a ton advance in iron ore, a further stiffening of
Northern pig iron prices, and added forward commitments
in finished steel are fresh evidences of the buoyant situation
in the iron and steel industry, reports the "Iron Age" of
Copper at Higher Rate Than a March 28, which adds:
of
Year Ago.
According to figures compiled by the American Bureau of
Metal Statistics, the copper production for the month of
February, by principal countries of the world which furnished
about 98% of the total, amounted to 161,254 short tons, as
compared with 144,546 tons in the same month last year and
175,783 tons in Jan. 1929. The daily rate of production for
these countries in Feb. 1929 was 5,759 short tons, as against
5,670 tons in the preceding month and 4,984 tons in Feb.
1928. Production of non-reporting countries is reported at
3,000 tons per month.
Total output of copper for the two months ended Feb.28
1929 (excl. non-reporting countries) amounted to 343,037
short tons, as compared with 285,092 tons in the corresponding period in 1928.
A comparative table follows:
MONTHLY COPPER PRODUCTION (IN SHORT TONS).:
(By principal countries of the world, which furnished about 98% of world's total.)
Monthly Production.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Monthly avant..
1928.
Daily Rate.
1929.
1927.
4,624
4,745
4,398
4,324
4,488
4,475
4,264
4,355
4,443
4,686
4,733
4,806
4,534
4,984
4,672
4.781
4,940
5,216
4,942
5,124
5,151
5,601
6,027
5,685
5.670
5,759
-__-
4.543
5.138
8.714
142,337
132,870
136,347
135,729
139,114
134,243
132,186
135,015
133,291
145,278
141,975
148,961
140,546
144,546
144,843
143,427
153,414
156,474
153,190
158,838
154,518
173,623
180,813
176.240
175.783
161.254
1,658,346
128.106
1,880,471
166.706
343.037
171.518
1928. 1929.
----
a Table includes production by the United States, Mexico, Canada, Chile and
Peru, Japan, Australia, Europe (Partly estimated) and Belgian Congo.
American Mining Congress Says Advance in Copper
Price Is Due to Fear of Shortage of Metal.
The recent advance in the price of copper is attributable
to the panicky fears of consumers over a threatened shortage
of the metal, according to information reaching the American
Mining Congress, which states that the price increase of
20% over the pre-war level is not as pronounced as in the
case of other commodities, which have shown an advance
of between 40 and 45%. Considering the increased cost
of all factors of production and the decreased purchasing
value of money, students of the situation do not regard
the present price of copper to be extraordinary, says the
Mining Congress, which adds:
On behalf of the copper-producing industry, it is stated that it has been
under a heavy strain to meet an unprecedented demand, both domestic
and foreign, for copper products. Consumers are understood to have paid
little head to the statistical warning of 1928 which indicated on the basis of
copper stocks then on hand, that there would be a shortage toward the
end of the year unless buying methods were revised. Although American
mines and refineries worked to capacity during the latter part of 1928
and barely were able to keep abreast of the demand, there came an overwhelming buying movement which has been steadily maintained, causing
an inevitable rise in prices. The range of prices during the year was
from 13.775 cents to 16.275 cents per pound. With the beginning of 1929
the industry experienced the most persistent buying movement of its
history and the price rose steadily as would any commodity whose demand
exceeded the supply. The industry has made every effort to meet the
situation, production being spurred to the limit. Notwithstanding the
rising prices, copper buyers here and in Europe have asked for more copper
and large consumers have placed orders for months ahead. World deliveries of copper in 1928 showed an increase of 14%,while world production
showed an increase of only 11%•
Copper buying comes in waves, according to those familiar with the
industry. When copper prices are dropping, those who need copper are
inclined to hold off in the hope that they will drop still further. When
copper prices start to go up, all hands madly rush in to stock up, fearing
they will go still higher before they fill their requirements.
"How anybody familiar with the steadily increasing demands for metal
that have been made on the copper producers can criticize the industry
for the present shortage is not easy to understand," says a copper expert
In a letter to the American Mining Congress. "There is an erroneous
idea in some quarters that mine production controls the amount of copper
available for industry. As a matter of fact, it Is the refinery output alone
which counts. The refinery is the neck of the bottle. It does not matter
how you steam up production, the available supply is the refinery output
and that alone. American refineries can turn out Just so much copper
and for months they have been worked to the limit to turn it out to the
last possible pound. There has been a tendency to attribute the rapid
price advances to the operations of Copper Exporters, Inc. This is absolutely without foundation. Since early last fall every advance in the
export price of copper has been forced by the open domestic market
advance in the United States. Every advance abroad was preceded by
advancing price levels in the United States at which sales were actually
made."
The advance in Lake Superior ore, established in sales estimated at
1,000,000 tons, is the first change in price since 1925 and the first
increase since 1923.
Since a rise of 25c. a ton in ore adds about 50c. a ton to the cost
of making pig iron, Northern blast furnaces, already fortified with heavy
bookings, have taken a still stronger market position. Closely following
the advance of 50c. a ton in the Valleyes, eastern Pennsylvania furnaces
have raised prices an equal amount and Buffalo producers have increased
quotations $1 a ton for local delivery and 50c. a ton for Eastern shipment
A Detroit furnace has announced an advance of 50, a ton on foundry
grade and $1 a ton on malleable, and higher prices at Chicago are regarded as an early possibility.
A contrary situation obtains in the South, where the Virginia producer,
influenced by the recent drop of $1 a ton in Alabama iron, has reduced
quotations 50c. a ton.
In finished steel the inflow of business shows signs of subsiding, following heavy specifying against first quarter contracts. In most products
mills are fully obligated through April and in lighter products, notably
some finishes of .sheets, through May and into June.
Unfilled orders of independent sheet mills showed a gain of more than
50,000 tons in February and on March 1 were equal to nearly 22
/
1
months' production. Heavy specifying this month has probably resulted
in a further increase in unfilled tonnage, despite the high production of
the mills.
Liberality in accepting specifications against first quarter contracts
was an important factor contributing to the large commitments of the
mills. The further expansion of their obligations necessarily postponed
tests of price advances, but the view in some quarters is that producers,
desiring to maintain steady plant operations, are apprehensive of the
effects of a higher market.
First quarter prices in sheets have not disappeared and, in some cases,
second quarter contracts have been accepted at those figures.
A fair volume of second quarter business in bars, plates and shapes has
been taken at advances. How well prices on these contracts will hold
awaits actual placing of shipping instructions. The tensest situation in
finished products is in the Chicago district, where deliveries on bars and
plates now extend beyond 10 weeks.
Sales of finished steel at Chicago for the week were the third largest
since Jan. 1, and specifications were the heaviest in several years.
With virtually no signs of abatement in the activity of consuming
industries, steel production appears to be based on actual needs. The
one cloud on the horizon is the possibility that some burrs have duplicated orders in their anxiety to insure the receipt of material in time
to meet their requirements. Of all the finished products, sheets are
most likely to have been affected by such buying.
Steel production remains at practical capacity in the Chicago district,
at 95% in the Greater Pittsburgh area and at high rates elsewhere. The
'average oprations of Steel Coroporation subsidiaries are estimated at 97%.
The outlook in structural steel continues to improve, particularly in
the New York metropolitan district. Bids have been asked on three additional subway sections, making a total of 81,000 tons of subway work
now pending. Tenders will be received April 8 on 23,000 tons for the
first section of an elevated highway along the North River.
Railroad equipment buying is featured by orders for 55 locomotives
and 1700 cars. The Southern Railway purchase of rails, mentioned a
week ago, totaled 43,500 tons, of which 28,800 tons was placed with the
Tennessee Coal, Iron & R. II. Co., 12,700 tons with the Bethlehem Steel
Co. and 2000 tons with the Illinois Steel Co.
Pig iron buying has been active in some districts, totaling 40,000 tons
at Cleveland, 32,000 tons at St. Louis and 16,000 tons at New York. A
sanitary ware maker placed 5000 tons for a Baltimore plant and 10,000
tons for a Louisville foundry. The recent decline of $1 a ton In Southern
iron has enabled it to reach points north of the Ohio River. Sales of
10,000 tons of the Southern product were made in the St. Louis district.
On the other hand, some Northern producers find it difficult to supply their
customers. A steel works that ordinarily has surplus iron to offer has
been forced to buy a substantial tonnage. Cleveland, which has shipped
considerable boat iron in recent years to more western points, may soon
be the recipient of water shipments from another producing district.
Heavy melting scrap has advanced 50c. a ton at Philadelphia and 25c.
at Chicago.
Furnace coke at Connellsville, in sympathy with reduced demands for
domestic fuel, has again declined 10c. a ton, now being available at $2.90.
The "Iron Age" composite price for pig iron has advanced 9c. to $18.38
a gross ton, the level of two weeks ago. Finished steel remains at 2.391c.
a lb., as the following table shows:
Finished Steel.
March 26 1929. 2.391e. a Lb.
One week ago
2.3910.
One month ago
2.391o.
One year ago
2.357c
10-year pre-war average
1.689c.
Based on steel bars, beams,tank plates,
wire nails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
High.
Lola,
1928_2.3910. Dee, 11 2.314e. Jan. 3
1927_2.4530. Jan. 4 2.2930. Oct. 25
1926-2.4530. Jan. 5 2.403o. May 18
1925-.2.5600. Jan. 6 2.8960. Aug. 18
1924_2.789o. Jan. 15 2.460o. Oct. 14
1923-2.824c. Apr. 24 2.4465. Jan. 2
Pig Iron.
March 26 1929. $18.38 a Gross Ton.
One week ago
$18.29
One month age
18.38
One year ago
17.67
10-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and fousdry irons at Chicago;
Philadelphia. Buffalo, Valley and Bk.
mingham.
Mob.
Low.
1928_318.59 Nov.27 117.04 July 24
1927___ 19.71 Jan. 4 17.54 Nov. 1
1926_ 21.54 Jan. 5 19.46 July 13
1925- 22.50 Jan. 13 18.96 July 7
1924.... 22.88 Feb. 26 19.21 Nov. $
1923___ 30.86 Mar.20 20.77 Nov.30
Never has so much pig iron and finished steel been made
as in the quarter now ending, yet, far from exhausting the
country's requirements, backlogs generally are longer and
deliveries are more deferred than when the quarter opened,
states the "Iron Trade Review" of March 28, which is
further quoted:
Since Jan. I the daily rate of pig Iron output has risen from 110.800 tone
to about 116.500 tons, and of steel ingots fom 166,000 tons of about 185.000 tons. Approximately 10.300.000 tons of pig iron and 13.600,000 Lou
-a quarterly record for both-have been produced
of Ingots
2002
was about 84%.
The "American Metal Market" this week says:
According to the average of the last six years the spring peak in steel
production would fail in the present week and there is no reason to expect
the peak to fall later this year.
As to steel buying no seasonal movement can be measured for the reason
that there are advanced asking prices on second quarter contracts in many
lines, causing specifications or shipping orders to be particularly heavy on
expiring contracts. Many of these Carried March 15 as the date for completion of specifying, but necessarily there is some leeway.
Production of Steel Rails in the United States in 1928
and Prior Years.
The American Iron & Steel Institute under date of March
22 1929 also made public the following statistics regarding
the production of rails in the United States in 1928.
PRODUCTION OF RAILS BY PROCESSES, GROSS TONS, 1913-1928.
Open-hearth Bessemer
Rerolled.
Electric
Total
! VIN,
, NOt.-.COC
IONNWC C,
r
- cOonNM.NOMO,M.VNN=
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
i928
•Rerolled from old steel rails.
eivia.
,
im—;atiMmeet W4
0400 0...00040..040000c
3,502,780
2,436
2,527,710 817,591
1.945,095
178
1,525,851 323,897
2 209 203
1,775.168 326,952, .
2 854,518
.
2,269,600 440,092
2 944 161
.
--._
2,292.197 533,325.
540 892
2,
1,945.443 494,193.
2,203,843
50
1.893,250 214.121
2,604,116
297
2,334,222 142.899
2,178,818
5
55,559
2,027,215
2,171,776
____
22,317
2,033,000
2,004,516
118
25,877
2,738,779
16,0692,433,332
2,307,533
2,785.257
9.687---_
2,691,823
,
3 217 649
12,533.
3,107,992
2,806,486
1.566____
2.717,865
2.647.493
438
2 7111
2 5510 141
CO 0040 -.043Ca 4-0
4.
Ntow...wW.N
:
40.
05,0 -40a0.00,0Cp
1915
1916
1017
1918
l919
920
[921
922
923
924
925
926
927
928
742.816
688,995
518,291
766,851
566.791 1,225,341
763,526
989,704
882.673
.592,462
888,141
665,165
965,571
478,892
495,577
729,118
952 622
433,333
902,748
849.566
214,936
728.604
902,900
271.731
1,465,850
864.965
300,907
853,431
1,175,581
213,274
1,636,631
765,371
219,648
1,966,440
797,662
256,287
539,445 1,314.424 I 617,524
173,257
445 393 1.21(3.719 716.42S
125 7211
2,204,203
2,854,518
2,944,161
2,540,892
2,203,843
2,604,116
2,178,818
2,171,776
2,904,516
2,433,332
2,785 257
3.217,649
2,806,486
2 447 493
Pig Iron Production in United States During Calendar
Year 1928 in Comparison with Previous Years.
The American Iron & Steel Institute on March 20 1929
gave out the following compilation dealing with the production of pig iron and ferro-alloys in the United States in 1928.
-All pig iron and ferro-alloys are included, whether made
Classification.
in blast furnaces or in electric furnaces. Pig iron is defined as "a metallic
product, the result of blast furnace or electric smelting of iron ores, which
is used as part or all of the initial metallic charge in steel making, puddling,
and producing molten metal for foundry use."
Pig iron made with bituminous coal is included under coke pig iron.
Pig iron made with mixed anthracite and coke Is included in anthracite
pig iron. Pig iron made with electricity Is included in coke pig iron.
Low-phosphorus pig iron, that is. Iron running under 0.04% in phosphorus,
is included in Bessemer pig iron. Pig iron containing from 0.04 to 0.10%
of phosphorus is classified as Bessemer. The figures for 1913 and subsequent years include under basic iron a small quantity of charcoal iron of
basic grade. In 1912 and prior years charcoal pig iron of basic quality
was not Included in the basic production. Nearly all the charcoal iron is
classed as foundry pig iron. Under "all other grades" are included white
and mottled, miscellaneous grades of pig iron, and direct castings.
Ferro-alloys include ferro-manganese, spiegeleisen, ferro-silicon (containing 7% and over of silicon). ferro-phosphorus, ferro-vanadium, ferrochrome and other ferro-alloys.
-ALLOYS BY STATES, 1924-1928.
PRODUCTION OF PIG IRON AND FERRO
Total gross tons
1927.
1926.
1925.
1924.
States.
Massachusetts
New York & New Jersey-Pennsylvania
Maryland
Virginia
Alabama
W. Virginia & Kentucky
Tennessee
Ohio
Illinois
Indiana & Michigan
Wisconsin & Minnesota
Mo.. Iowa, Ccio.& Utah_
___ __ 12,729,261 2,775,351
2,187.733 I
12.523.485 13,587,881 11,829,599
805,373 1 954,763
705,377
103,000(
125,325
2,830,023 2,953,294 2,782,993
699,514
516,094
651,983
133,785
110,146
110,232
8,862.696 9.359,275 8,502,459
3,604,255 3,659,974 3,588,595
4,119,811 4,377,068 4,201,802
455.727
537,499
468,479
641,057
633,864
505.217
1928.
2,562,715
12.422.602
1,050.876
2,546.009
864,922
110.837
9,098,739
3,942,412
4,583.065
339,267
634,270
31.405.790 36,700.566 39,372,729 36,565,645 38,155,714
30.874,765,36,116.311 38,698,417 35,858,232 37,401.648
754.066
707,413
674.312
531.0251 584.255
Pig Iron
Ferro-alloys
-ALLOYS BY STATES, 1927-1928,
PRODUCTION OF PIG IRON AND FERRO
SHOWING INCREASE OR DECREASE BY STATES.
Production (Gross Tons).
States.
Pig Iron
Pennsylvania
Ohio
Indiana & Michigan
Illinois
Alabama
Massachusetts & New York_
Maryland & Virginia_ ___
W. Virginia & Kentucky__ _ _
Colorado & Utah
Wisconsin dr Minnesota-Tennessee
r cent. increase. r cent.
tuz I.
r cent.
laza.
32.22 11,466,457
24.11 8,407,243
12.25 4,199,517
10.54 3.588.463
6.73 2.758,387
6.33 2,615.556
941,501
2.75
697,184
2.31
613,627
1.61
455,727
.91
114,570
.24
12,052.405
9,017,025
4,583,065
3,942,412
2.517.485
2,366.890
1,028.506
862,706
600,366
339,267
91,431
31.98
23.45
11.71
10.01
7.69
7.29
2.63
1.94
1.71
1.27
.32
100.00 35.858,232 100.00 1,543,416
37,401,648
Total pig iron
Ferro-Alloys
370.197
Pennsylvania
195.825
New York & New Jersey_ _ _ _
115.618
Dhlo, III., Ia., Mich, A Colo.
72,426
Va., W. Va., Ala. & Tenn
6.11
7.25
9.13
9.86
*8.73
*9.51
9.25
23.74
*2.16
*25.55
*20.20
4.30
7,055 1.94
36.030 22.55
*9,445 *7.55
13,013 21.90
754.066 100.00
Grand total
363,142 51.33
159,795 22.59
125.063 17.68
59,413 8.40
707,413 100.00
46,653
6.59
38,155,714 - -- 36,565,645 __ _ 1,590,069
Total ferro-alloys
49.09
25.97
15.33
9.61
4.35
37,401,648 98.02 39,858,232 98.07 1,543,416 4.30
Pig iron
707,413 1.93
754,066 1.98
46,653 6.59
Ferro-alloys
• Decrease.
PRODUCTION OF COLD,HOT AND WARM BLAST CHARCOAL PIG IRON.
1924.
1925.
1926.
1927,
1928
212,710
Kinds of Pig Iron.
Cold blast
11ot and warm blast
1,014
195,150
400
163,480
164.569
142,960
212,710 196,164
103,880 164,569 142,060
Total gross tons
PRODUCTION OF PIG IRON BY GRADES AND FERRO
-ALLOYS BY
KINDS. 1927-1928, SHOWING INCREASE OR DECREASE.
Grades of Pig Iron and Kinds
of Ferro-Alloys.
1928.
Pig Iron
22,124,410
Basic
Bessemer & low-phosphorus 9,013,847
4,209,790
Foundry
1,922,970
Malleable
88,362
Forge
42,269
All other pig Iron
Total pig iron
Ferro-Alloys
Ferro-manganese
3plegeleisen
Ferro-silicon
All other ferro-alloys
Total ferro-alloys
Grand total
*Decrease.
Per
Cent.
.1,001
The gain is due to the fact that independents have raised their rate to a
shade over 93%,compared with 92 % a week ago and 92% two weeks ago.
The United States Steel Corp. Is continuing at around 97%, which was
the rate of the two preceding weeks. For the entire industry the average is
around 95%,against 943•5% in the previous week and 94% two weeks ago.
At this time last year the Steel Corp. was running at a fraction over
90%, with independents at nearly 79%, and the average for the industry
Under 50 50 & Less 85 & Less 100 & Less 120 Lb,. Total Gross
Tons.
Pounds. Than 85. Than 100. Than 120. & Over.
004000400404-.00
.1.0.e.0000040004
OS
0 000000404 •-+
04004,000C'. 0400004
cocoom,
pcom*.
.40MM N N
Ingot steel production increased fractionally the past week,
the "Wall Street Journal" of March 26 says. More than
this could not be expected, as the industry is working practically at capacity, adds the "Journal," which continues:
Years,
,
.r.;
.r.c-NcINMNMCoOr
00.pnW0P0o1MNO.
poned.
Rising prices on pig iron and heavy steel have advanced the "Iron
Trade Review" composite of 14 leading iron and steel products 20 cents this
week, to 836.57. the highest point this index has touched since June. 1927.
PRODUCTION OF RAILS BY WEIGHT PER YARD, 1915-1928.
882 ,.72.-.V.040VH
C"
C.NM
04
Cl:
With stocks, both of producers and consumers, lower than on Jan. 1,
it Is assumed that this record-breaking volume of iron and steel has passed
directly into consumption. Speculative buying appears negligible. Producers generally are confident that April activity will approximate that
of March. Chicago district steelmakers. In fact, see every ton of ingots
to be made to July 1 definitely earmarked.
The past week's contracting for second quarter steel has been out of
balance with current production, but this is ascribed to the turn of the
quarter, advancing prices and the tight delivery situation. On sheets.
strip, bars and plates. 5 to 12 week's delivery is being promised and consumers continue solicitous of places on mill books, to which their specifications attest .
Slight shifts among major outlets for vrteel seem scarcely to have effected
the general level of business. Automotive output is more spotty; some
makers have accumiated adequate stocks of cars for spring campaigns and
are easing off. while others are stepping up rates. Freight car buying is
lighter. while more locomotives have been bought. Wire products are
moving to rural districts in greater volume.
Excepting pig iron in the South, the iron and steel price situation Is distinctly stronger. On steel bars, plates and shapes, new business is predicated on I .95c. Pittsburgh, though some large users have not yet bought.
Higher sheet prices will not be tested until April. but are steadier. Pig
Iron prices are advancing.
Despite a shortage of semi-finished steel, Chicago steelmaking operations have gained several points and this week average 98%. Pittsburgh
Only a lack of sheet bars
mills also have forged ahead, and are at 95%
and billets keeps Youngstown district mills under capacity. Steel corporation subsidiaries are unchanged at 96%•
Price strength has Its taproot in Lake Superior iron ore, formally advanced 25 cents per ton, or about 6% for the 1929 season. Sales exceeding
1,000.000 tons and affecting long-term contracts appear to have established
the first Increase in ore in five years. Inquiry is heavy and ore users generally
covering promptly.
Reflecting in part this strength in ore, basic iron has advanced 50 cents
per ton, to $18. valley, on a sale of 5.000 tons to a Pittsburgh district
steel works. Foundry iron has been put up 50 cents and malleable iron $1
per ton at Detroit. 'I he Buffalo market is up $1. Sales in all districts continue vigorous, though lacking the volume of a buying movement.
Restricted credit seems not to have affected the structural market, and
the eastern markets are unusually active for the season. Three office
buildings in New York. requiring 33.000 tons, have been awarded. A
steel mill at Detroit requires 20.000 tons and one at Monroe. Mich.. 3,750
tons. Chicago district fabricators may be pinched in getting prompt
deliveries
Carbuilders at Chicago. where some plate deliveries are 12 weeks deferred,
are specifying 25.000 tons weekly and still are hampered. Over 30,000 tons
of plates is pending for ships.
Not in eight years have steel bar mills at Chicago received so heavy
specifications as in the past week. Automotive requirements for all classifications of bars also maintain capacity rates at Pittsburgh, Youngstown
and Cleveland mills.
Mahoning valley mills have been compelled to turn aside attractive sheet
orders this week. Deliveries have become further deferred at Chicago.
Statistics for indeSpecifications are somewhat lighter at Pittsburgh.
pendent sheetmakers for February reveal production, shipments and orders
the January rate.
fractionally under
Cross-hauling of semi-finished steel mirrors the unusual shortage of this
basic material. A mechanical breaikdown in a Cleveland district mill
has necessitated shipments from Chicago and Pittsburgh. Some material is
Moving from Alabama to Chicago.
Eighty-five locomotives, including 35 for the Erie, have been distributed
In the past week. About 2.240 freight and 15 miscellaneous cars have been
awarded. Action on 4,300 cars for the New York Central has been post-
Years.
[Vol.. 128.
FINANCIAL CHRONICLE
1927.
Per
Cent. Increase,
10,357,064 53.98 2,767,346 14.30
9,105,915 25.40
.92,068 s1.01
5,504,419 15.35 *1,294,629 *23.52
223,387 13.14
1,699,583 4.74
144,532
*56,170 .38.86
.40
.13
46,719
*4,450 *9.53
37,401,648 100.00 38,858,232 100.00 1,543,416
}
Per
Cent,
4.30
6.31
419,213 55.59
394,346 55.74
24,867
303.505 40.26
31,258 4.15
278,277 39.34
34,790 4.92
25,318 9.10
*3,532 *10.15
754,066 100.00
707,413 100.00
38.155.714
_ 36.565.645
46.653
6.59
1.590.069
4.35
FINANCIAL CHRONICLE
MAR. 30 1929.]
2003
Estimated Production of Beehive Coke (Net Tons).
Output Lower-Bee1929
Week Ended
1928
Mar. 16 Mar.9 Mar. 17
to
to
hive Coke Production Increases.
1928.
1929.b
Date.
1929.c
Date..
102,700 100,700 71,500
971,300
698,500
According to the United States Bureau of Mines, the Pennsylvania and Ohlo
10,400 10.200 14,500
102,800
149,700
West Virginia
2,000
4,500
2,100
18,600
50,100
output of bituminous coal for the week ended March 16 Georgia, Ky. and Tennessee
5,900
5,900
4,800
52.600
51,200
Virginia
66.700
51,300
amounted to 9,609,000 net tons, a decrease of 651,000 tons Colorado,Mai]and Washington_ 5,800 6,100 4,300
as compared with the preceding week and 334,000 tons below
126,900 124,900 99,600 1,212,000 1,000,800
United States total
21,150
20,817
16.600
18.646
15.397
the figure reported for the week ended March 17 1928. The Daily average
a Minus one day's production
Pennsylvania anthracite in the week ended March years. b Subject to revision. cin January to equalize number of days in the two
output of
Revised.
16 1929 totaled 1,191,000 tons, a decrease of 230,000 tons
from the previous week, but was 145,000 tons over the week Coal Concerns Move to Stabilize Mining-Eastern and
ended March 17 1928. The Bureau further shows:
Western Companies Merge for Economy in Operation and Sales.
BITUMINOUS COAL.
The total production of soft coal during the week ended March 16 1929.
According to Washington advices to the New York
including lignite and coal coked at the mines, is estimated at 9,609,000
net tons. Compared with the output in the preceding week, this shows a "Times" the National Coal Association stated on Mar. 24,
decrease of 651,000 tons, or 6.3%. Production during the week In 1928 that the movement for larger units of production and sales,
corresponding with that of March 16 amounted to 9,943,000 tons.
through mergers of properties or unification of management,
Estimated United States Production of Bituminous Coal (Net Tons). Incl. Coal Coked.
in order to stabilize the bituminous coal industry, was
1928-1929------1927-1928
Coal Year
Coal Year
making rapid headway. The dispatch continued.
Bituminous Coal and Anthracite
to Date.
Week.
11,154,000 465,115,000
1,859,000
1,648,000
10,260,000 475,375,000
1,649,000
1,710,000
9,609,000 484,984,000
1,602,000
1,648.000
March 2
Daily average
March 9 b
Daily average
March 16 c
Daily average
Week.
10,036,000
1.673,000
10,392,000
1,732.000
9,943,000
1,657.000
to Date.a
435,683.000
1,542,000
446,075,000
1,546,000
456,018,000
1,548.000
a Minus two days' production 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
16 (approximately 294 working days) amounts to 484.984,000 net tons.
Figures for corresponding periods in other recent coal years are given below
1927-28
456,018,000 net tons I 1925-26
515,174,000 net tons
1926-27
567,092,000 net tons 1924-25
452,838,000 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 March 9 1929 is estimated
at 10,260,000 net tons. This is a decrease of 894.000 tons. or 8%,from the
output in the preceding week. The following table apportions the tonnage
by States and gives comparable figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
'Week Ended
March
March 9
March 2 March 10 March 12
1923
1928.
1929.
State1927. Average a
1929.
Alabama
373,000
472,000
361,000
383,000
423.000
Arkansas
42,000
50,000
29,000
29,000
22,000
Colorado
179,000
255,000
157,000
230.000
195,000
1,137,000 1,363,000 1,717,000 2,267.000 1,684,000
Illinois
Indiana
391,000
431,000
503,000
705,000
575,000
Iowa
100,000
101,000
106.000
152.000
122.000
Kansas
39.000
63,000
70.000
108.000
84.000
Kentucky-Eastern
940.000
986,000
907.000
914.000
560,000
286,000
Western
337,000
380.000
424.000
215.000
Maryland
58,000
64,000
58.000
64.000
52.000
Michigan
12,000
18,000
17.000
13.000
32,000
Missouri
75,000
89,000
81,000
72.000
60.000
Montana
57,000
75,000
67,000
56,000
68,000
New Mexico
55,000
57,000
62,000
58.000
53,000
North Dakota
61.000
44,000
51,000
30.000
34,000
Ohio
452,000
426,000
201,000
833,000
740,000
Oklahoma
85.000
45,000
69 000
55,000
Pennsylvania(bituminous) 2,617,000 2,714,000 2,514,000 3,495,000 3,249.000
Tennessee
117,000
122,000
121,000
143,000
118.000
Texas
19,000
20,000
18.000
28.000
19.000
Utah
102,000
149.000
86,000
80,000
68,000
Virginia
274,000
287,000
230,000
268,000
230,000
Washington
48,000
131,000
45.000
48,000
74.000
West Virginia-Southern b 1,957,000 2,083,000 1,792,000 2,106,000 1,203,000
Northern c
677,000
691,000
671,000
907,000
686,000
Wyoming
131.000
149,000
129,000 149.000
136,000
Other States
1,000
2,000
4,000
5,000
7.000
Total bituminous coal-10,260,000 11,154,000 10,392,000 13,724,000 10,764,000
Pennsylvania anthracite
1,221,000 1,492,000 1,488,000 1,478,000 2,040,000
Total all coal
11,481,000 12,646,000 11,878,000 15,202.000 12,804,000
a Average weekly rate for entire month. b Includes operations on the N. & W.;
0. & O.: Virginian: K. & M.. and Charleston division of the B. & 0. c Rest of
State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
March 16 is estimated at 1.191,000 net tons. Compared with the output
in the preceding week, this shows a decrease of 30.000 tons, or 2.5%•
Production during the week in 1928 corresponding with that of March 16
amounted to 1,046,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1928-1929-----927-1928
Coal Year
Coal Year
1Veek EndedWeek.
to Date.
Week.
to Date.a
March 2
1,492,000
74,352,000
1,294,000
72,999,000
March 9
1,221,000
75,573,000
1,486,000
74,485,000
March 16
1,191,000
76,764.000
1,046,000 75,531,000
a Minus two days' production in April to equalize number of days in the two coal
years.
BEEHIVE COKE.
The total production of beehive coke during the week ended March 16
is estimated at 126,900 net tons, as against 124,900 tons in the preceding
week. Production during the week of 1928 corresponding with that of
March 16 amounted to 99,600 tons. In the Connellsville coke region,
according to the Connellsville "Courier," there was a net increase of 210 in
the number of ovens fired during the week ended March 16.
An affiliation between the Westmoreland Coal Co. of Pennsylvania and
the Stonega Coal & Coke Co. of Virginia is forecast by the election of
Edward B. Leisenring as President of the former, the Association said.
Other movements for economy in operation were reported by the association as follows:
The General Coal Co., a sales subsidiary of Stonega, will take over the
sales of Westmoreland's coal, thus obtaining an annual distribution of
about 12.000,000 tons.
The Admiralty Coal Corp.. a new company owned Jointly by the Stonega
Coal & Coke Co. and the Chicago, Wilmington & Franklin Coal Co..wM
take over the two mines of Stonega in the New River district of the West
Virginia smokeless field.
• The General Coal Co. will handle eastbound coal of the new company,
while the Chicago company will sell the westbound coal.
Three Indiana companies producing coal by stripping have been brought
under the unified management of R. H. Sherwood as President and General
Manager. These are the Patoka Coal Co. of Indianapolis, the SherwoodTempleton Coal Co.and the Central Indiana Coal Co.
The Brewerton Coal Co. has acquired the Wallace Coal Co.. a St.Louis
wholesale firm, and consolidated this company with its own sales or-
ganization.
Monthly Production of Coal by States in February.
The total production of bituminous coal for the country
as a whole in February is estimated at 47,271,000 net tons,
in comparison with 51,456,000 tons in January, reports the
United States Bureau of Mines. The average daily rate
of output in February was greater by 21,000 tons, or 1.1%
than the average rate for the month of January.
The production of Pennsylvania anthracite decreased from
7,337,000 net tons in January to 6,670,000 tons in February.
The average daily rate of output in February, however, was
2,000 tons higher than that for the month of January. The
Bureau also reports:
' Estimated Production of Coal by States in February (Net Tons) a.
Feb. 1929. Jan. 1929. Feb. 1928. Feb. 1927, Feb. 1923,
State1,954,000
1,648,000 1,460,000
1,540,000
1,629,000
Alabama
230,000130,000
128,000
230,000
101.000
Arkansas
848,000
943,000
1,156,000 1,215,000
921.000
Colorado
6.710.000 7,214,000 5,941,000 8.726.000 7.938.000
Illinois
1,860.000 1,830,000 1,668,000 2,645,000 2,439,000
Indiana
390.000
580,000
440.000
480.000
542,000
Iowa
278,000
480,000
328,000
310.000
377,000
Kansas
3.715,000 2,216,000
Kentucky-Eastern _ 4,010,000 4,295,000 3,684,000
1,470,000
1,592.000
1,710,000
902,000
1,505,000
Western
240.000
2N:
290,000
ggg
260.000
?gt 000
:
Maryland
65,000
70,000
68.000
Michigan
268,000
298,000
410,000
390,000
316,000
Missouri
260,000
265,000
327,000
340,000
317,000
Montana
253.000
277,000
245.000
235,000
233,000
New Mexico
194,000
142,030
285,000
260,000
147,000
North Dakota
820.000
3.053.000 2,764,000
1,900.000 2,010,000
Ohio
240,000
280,000
455,000
245,000
383.000
Oklahoma
Pennsylvania (bit.)....11,206,000 12,487,000 10,244,000 13,135,000 12,300,000
484,000
559,000
505,000
493,000
505,000
Tenneesee
75,000
105.000
92,000
93,000
84,000
Texas
370,000
373,000
698,000
610,000
382,000
Utah
987,000 1.049.000
1.165,000 1,210,000
8.48.000
Virginia
174,000
216.000
258,000
265,000
307,000
Washington
11,140,000 12,444,000 10,259,000 11,310,000 7.170,000
West Virginia
532,000
576.000
720,000
621,000
635.000
Wyoming
17,000
20,000
6,000
8.000
Other States_b
27,000
Total bitum. coal.47.271.000 51,456,000 41,351,000 52,697,000 43,645,000
5,812,000 7,602,000
Pennsylvania anthra_ 6.670,000 7,337,000 5,582,000
53,941,000 58,793,000 46,933,000 58,509,000 51,247,000
Total all coal
a Figures for 1927 and 1923 are final. b This group is not strictly comparable
in the several years.
-Above are given the first estimates of production of bituminous
Note.
coal, by States,for the month of February. The distribution of the tonnage
is based in part (except for certain States which themselves furnish authentic
data) on figures of loadings by railroad divisions, furnished by the American
Railway Association and by officials of certain roads, and in part on reports
of waterway shipments made by the U. S. Engineer office.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 27, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows an increase for the week
of $81,400,000 in holdings of discounted bills, and decreases
of $28,400,000 in bills bought in open market and of $15,-
000,000 in U. S. Government securities. Member bank
reserve deposits declined $7,400,000, while Government deposits increased $18,800,000, cash reserves $1,200,000 and
Federal Reserve note circulation $11,300,000. Total
bills
and securities were $37,900,000 above the amount held on
March 20. After noting these facts, the Federal Reserve
Board proceeds as follows:
2004
[VOL. 128.
FINANCIAL CHRONICLE
Holdings of discounted bills increased $91,000,000 at the Federal Reserve
Bank of New York, $20,000,000 at Boston, $8,600,000 at Philadelphia
and $6,800.000 at Cleveland, and decreased $52,500,000 at Chicago. The
System's holdings of bills bought in open market declined $28,400,000 and
holdings of certificates of indebtedness, which last week included a temporary certificate for $19,000,000 issued by the Treasury to the Federal Reserve Bank of New York, declined $15,300,000, while holdings of U. S.
bonds and Treasury notes were practically unchanged.
Federal Reserve note circulation was $11,300,000 larger than a week ago,
the principal increases being $8.300,000 at Philadelphia, $7,000,000 at
Cleveland and $5,000,000 at Chicago.
Mar.27 1929. Mar.20 1929. Mar.28 1928.
$
$
$
Reserve with Federal Reserve Bank____ 170,000,000 176,000,000 177,000,000
Cash in vault
15,000,000
16,000,000
16,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,197,000,000 1,255,000,000 1,246,000,000
655,000,000 655,000,000 656,000,000
33,000,0003,000,000
22,000,000
152,000,000
328,000,000
170,000,000
369,000,000
150,000,000
369,000,000
86,000,000
146,000,000
28,000,000
The statement in full, in comparison with the preceding •Revised. a 1928 figures in process of revision.
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 2048 and 2049. A Complete Returns of the Member Banks of the Federal
summary of the principal assets and liabilities of the Reserve
Reserve System for the Preceding Week.
banks, together with changes during the week and the year
As explained above, the statements for the New York and
ended March 27, is as follows:
Chicago member banks are now given out on Thursdays,
Increase (-I-) or Decrease (—)
simultaneously with the figures for the Reserve banks themDuring
Week.
Year.
Mar.27 1929.
selves, and covering the same week, instead of being held
$
2
$
Total reserves
2,879,015,000
+1,224,000
—51,492,000 until the following Monday, before which time the statistics
Gold reserves
2,709,260,000
—2,753,000
—50,703,000
covering the entire body of reporting member banks, in 101
Total bills and securities
1,409,712,000 +37,941,000 +152,691,000
cities, cannot be got ready.
Bills discounted, total
1,024,130.000 +81,393,000 +500,034,000
Beginning with the statement of Jan. 9 1929, the loan
Secured by U. S. Govt. obliga'ns 621,980,000 +33,541,000 +299,946.000
Other bills discounted
402,150,000 +47,852,000 +200,088,000 figures exclude "Acceptances of other banks and bills of
Bills bought In open market
208,427,000 —28,411,000 —137,676,000 exchange or drafts sold with endorsement," and include all
U. S. Government securities, total 170,310,000 —15,041,000 —215,522,000 real estate mortgages and mortgage loans held by the banks;
Bonds
—4,100,000 previously acceptances of other banks and bills sold with
51,611,000
Treasury notes
91,190,000
+286,000 —72,422,000
Certificates of indebtedness
27,509,000 —15,327,000 —139,000,000 endorsement were included with loans, and some of the
Federal Reserve notes in circulation 1,652,879.000 +11,302,000
+85,827,000 banks included mortgages in investments. Loans secured by
Total deposits
—20,829,000 U.S. Government obligations are no longer shown separately,
2,383,386,000 +13,076,000
—24,962,000 only the total of loans on securities being given. FurtherMembers' reserve deposits
2,332,181,000
—7,363,000
Government deposits
—1,352,000
23,405,000 +18,835,000
more, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
Returns of Member Banks for New York and Chicago
obligations and those secured by commercial paper, only
Federal Reserve Districts—Brokers' Loans.
a lump total of the two being given. The figures have also
Beginning with the returns for June 29 1927, the Federal been revised to exclude a bank in the San Francisco disReserve Board also commenced to give out the figures of the trict, with loans and investments of $135,000,000 on Jan. 2,
member banks in the New York Federal Reserve District, which recently merged with a non-member bank.
as well as those in the Chicago Reserve District, on ThursIn the following will be found the comments of the Federal
days, simultaneously with the figures for the Reserve banks Reserve Board respecting the returns of the entire body of
themselves, and for the same week, instead of waiting until reporting member banks of the Federal Reserve System for
the following Monday, before which time the statistics cover- the week ended with the close of business March 20:
ing the entire body of reporting member banks in 101 cities
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on March 20 shows increases for the
cannot be got ready.
week of $122,000,000 in loans. of $75,000,000 in investments and of $299,Below is the statement for the New York member banks 000,000 in Government deposits, and decreases of $117,000,000 in net
and that for the Chicago member banks thus issued in demand deposits, of $50,000,000 in time deposits and of $5,000,000 in
advance of the full statement of the mbmber banks, which borrowings from Federal Reserve banks.
Loans on securities increased $131,000,000 at
latter will not be available until the coming Monday. The 000,000 in the New York district, $27,000,000all reporting banks, $91.in the Chicago district,
New York statement, of course, also includes the brokers' $11.000,000 in the Cleveland district, $7,000,000 in the Philadelphia
district and $6,000,000 in the Boston district. "All other" loans increased
loans of reporting member banks. The grand aggregate of
$17.000,000 at reporting banks in the New York district, and declined
these brokers'loans the present week decreased $144,000,000. $26,000.000 in the Chicago district and $8,000,000 at all reporting banks.
While this is a substantial decline, it is not "even sufficient
Holdings of U. S. Government securities, largely in connection with the
to offset the increase of $166,000,000 last week. The Treasury's quarterly financial operations, increased $38.000,000 at reporting
banks in the New York district. $19,000,000 in the Chicago district.
amount of these loans on March 27 at $5,649,000,000 com- $9,000,000 in the Cleveland district. $6,000,000 in the Dallas district and
pares with $5,793,000,000 March 20 1929 (this latter being $77,000,000 at all reporting banks. Holdings of other securities increased
the high record for all time) and with $3,825,000,000 on $7,000,000 at reporting banks in the Boston district and declined $2,000,000
at all reporting banks.
March 28 1928.
Net demand deposits, which at all reporting banks were $117,000,000
below the March 13 total, declined in all districts except New York, which
shows an increase of $36,000,000, the principal decreases by districts
being:
Boston $36,000,000, Philadelphia, $23,000.000. Kansas City
$16,000,000, Cleveland and St. Louis $15.000,000 each, Atlanta $14,000,000
and Richmond $11.000,000. Time deposits declined $23,000,000 at re7,366,000,000 7.340,000,000 7,001,000,000 porting banks in the Chicago district. $13,000,000 in the San Francisco
Loans and investments—total
district, $9,000,000 in the New York district and $50,000,000 at all re5,484,000,000 5,449,000,000 5,121,000,000
Loans—total
Porting banks. All districts participated in the increase of $299,000,000 in
2,852,000,000 2,833,000,000 2,524,000,000 Government deposits.
On securities
2,632,000,000 2,616,000.000 2,597,000,000
All other
The principal changes in borrowings from Federal Reserve banks for the
the Chicago district and
1,881,000,000 1,892,000,000 1,880,000,000 week comprise increases of $24,000.000 in
Investments—total
000 in the St. Louis district and decreases of $25,000.000 in the San Fran1,109,000,000 1,122,000,000 1.067,000,000 cisco district, $16,000,000 in the New York district and $6,000,000 in the
U.S. Government securities
772,000,000 770,000,000 813,000,000 Dallas district.
Other securities
A summary of the principal assets and liabilities of weekly reporting
744,000,000 744,000,000 757,000,000
Reserve with Federal Reserve Bank
53,000,000
55,000,000
Cash in vault
50,000,000 member banks, together with changes during the week and the year ending
March 20 1929, follows:
5,251,000,000 5,290,000,000 5,451,000,000
Net demand deposits
Increase (-I-) or Decrease (—)
1,187,000,000 1,160,000,000 1,114,000,000
Time deposits
Since
129,000,000 129,000,000
85,000,000
Government deposits
Mar. 20 1929. Mar. 13 1929. Mar. 21 1928.
$
$
$
133,000,000 124,000,000
Due from banks
120,000,000 Loans and Investments—total...—
22,581.000
'+199.000
+1,026,000
927,000,000 898,000,000 1,074,000,000
Due to banks
16,552,000
•-122,000
Loans—total
+1,202,000
Borrowings from Federal Reserve Bank_ 204,000,000 126,000,000
108,000,000
7,642,000
On securities
+131,000
+1,097,000
Loans on securities to brokers and dealers
8,910,000
All other
*-8,000
+105,000
For own account
1,071,000,000 1,091,000,000 1,121,000,000
1,680,000,000 1,768,000,000 1,427,000,000
Fo account of out-of-town banks
6,028,000
+75,000
—177,000
account of others
2,898,000,000 2,934,000,000 1,278,000.000 Investments—total
For
U.S. Government securities_._.
3,113.000
+77,000
+83,000
Total
5,649,000,000 5,793,000,000 3,825,000,000
2,915,000
—2.000
Othersecurities
—260,000
On demand
5,205,000,000 5,332,000,000 2,925,000,000
1,715,000
—11,000
+14,000
„On time
444,000,000 460,000,000 900,000.000 Reserve with Federal Res've banks
Cash in vault
235.000
—10,000
—7,000
Chicago,
2,096,000,000 2,142,000,000 1,969,000,000 Net demand deposits
Loans and investments—total
13,281,000
—117,000
—150,000
Time deposits
6,805,000
—50,000
+93,000
1,643,000,000 1,678,000,000 1,480,000,000
Loens—total
305.000
Government deposits
+299,000
+24,000
On securities
918,000,000 972,000,000 819,000.000
from
1,179,000
+30.000
+10,000
All other
724,000,000 706,000,000 661,000,000 Due from banks
Due to banks
2,831,000
—14,000
—371,000
Investments—total
453,000.000 464,000,000 490,000,000
711.000
Borrowings from Fed. Res. banks..
—5.000
+358,000
U.S. Government securities
201,000,000 206,000,000 212,000,000
Other securities
252,000,000
258,000,000 278,000,000
*March 13 figures revised.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES,
New York.
Mar,271929. Mar.201929, Mar,281928.
$7,000,-
MAR. 30
1929.]
FINANCIAL CHRONICLE
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department
of Commerce.
The Department of Commerce at Washington releases for
publication March 30 the following summary of market
conditions abroad, based on advices by cable and radio:
BOLIVIA.
The improvement in Bolivian trade of the preceding two months was
maintained during March. Commercial conditions are reported to be satisfactory but some uneasiness is expressed for the future. Collections were
fairly good during the month and a careful credit policy was adopted by
leading merchants. Government salaries continue in arrears. Many leading
merchants and importers have been forced to reduce salaries and employees
In an effort to cut down overhead expenses. Profits are considerably behind
those of last year and several large firms are conducting their business at a
loss. The low price of tin restricts purchases by the mining companies.
BRAZIL.
General business during March was extremely dull. Exchange weakened
with a very decided undertone of uncertainty, and few coffee bills were in
the market. The Bank of Brazil is reported to be restricting its foreign
exchange transactions. It is still not rediscounting. Money is tight, and
rates high. The Government denies any negotiations for or intentions of
securing a foreign stabilization loan. The coffee market has been fluctuating slightly, but recently it has been steadier and it is believed that former estimates of excessive damage by rains are exaggerated, and figures are
not appreciably changed, the Santos crop being still estimated locally at
14,000,000 bags. Sugar stocks on March 1 amounted to 85,000 bags of
60 kilos each at Rio, and at Pernambuco, to 979,000 bags. On the 226
stocks were, Rio, 105,000 bags, and Pernambuco. 1,021,000 bags. Prices
are high, wholesale prices for unrefined sugar at Rio averaging about 8
cents per pound.
BRITISH MALAYA.
Local markets are comparatively inactive following the native New
Year. Figures for February foreign trade just released show declines in
both exports and imports from January and a drop of 10% in value on
total trade compared with February of last year. Import trade in Feb.
1929, was valued at 72,319.000 Straits dollars ($40,500,000) and exports
amounted to 75,118,000 Straits dollars ($42,070,000).
CANADA.
The trend of general business continues very satisfactory with mild
weather and the early Easter accelerating the movement of spring lines.
Generally satisfactory conditions are reported from most points in the
Prairie Provinces, although Winnipeg hardware trade reports less active
demand than a year ago and Calgary difficult collections. Vancouver
reports are encouraging. The price of ingot lead has been steadily advancing and has resulted in a firmer tone in lead products. The high price
of copper continues to sustain quotations in copper and brass manufacture.
It is expected that substantial sales of mechanical equipment and supplies
will be made in connection with mining development programs announced
by northern Quebec and Ontario companies. The lumber trade is reported
to be distinctly optimistic as a whole, although operating costs have increased. The winter's lumber cut in Eastern Canada is estimated locally
at about 80% of the 1927-28 cut, but in the Georgian Bay district output
was heavier:
CHILE.
Retail sales in Santiago improved steadily during March, reacting after
the summer dullness. The wholesale turnover continues high and reports
of important commercial areas indicate a satisfactory volume of business.
However, reports from Valparaiso, Iquique and Antofagasta state that the
present trend toward centralization of nitrate production in the hands of a
few interests is increasing purchases by these industries for their consumption and for their commissaries direct, thereby curtailing the demand for
goods through local middlemen and importers. The banking situation
remained practically unchanged. Commercial banks increased their rediscount rates of 7% and above by 3.1 to %. Collections are somewhat
more difficult. Circulation of the Central Bank notes, showed a substantial increase and on March 15 amounted to 355,144,385 pesos, Government monetary issues on the same date amounting to 16,138.580 pesos.
Activities of the stock exchange were more pronounced during the month.
Transactions in shares were greater than in any similar period in more
than two years. Bonds were weaker, but transactions have continued
above the average Harvesting of the 1928-29 crops is about concluded.
Production figures are not yet available, but the yields are said to appear
to be slightly above those of 1927-28, with higher average prices, notwithstanding the drop occurring in corn and bean prices. The economic situation of the farmer is good, and 1928-29 was a second successive favorable
agricultural year. Manufacturing industries report better business with
a good outlook for cement, wood products, and knit goods.
2005
exports at 124,000,000 florins, as compared with 218,000.000 florins and
152,000,000 florins, respectively, during February 1928. The adverse
trade balance for the first two months of this year reached 135,000.000
florins, as compared with 143,000,000 florins during the similar period of
last year. Ordinary revenues of the Government during February totaled
37,403,000 florins. Receipts during the first two months of this year
were above estimates. Unemployment has increased considerably, the
index for the period. Feb. 4 to Feb. 9, reaching 14.6 as compared with
7 for the corresponding period of 1928.
NETHERLAND EAST INDIES.
Despite comparatively low prices for export products, Netherland East
Indian business continues favorable. Import trade has been well maintained, largely in connection with the native new year business. During
the New Year celebrations retail trade was fairly active, resulting in some
liquidation of the heavy textile stocks. Expansion continues in automotive
business and several new American makes have entered the market for
which dealers are eagerly extending service facilities. Distribution of
canned goods is generally active with considerable competition from Japanese brands. Interest in American radio sets is noted. The sugar market
has strengthened and demand for the new crop is good. Rubber is somewhat irregular; several estates are reported to have sold their production
two years ahead. For the first time at this season advanced sales of the
new crop of kapok have been made.
POLAND.
Foreign trade for January closed with an adverse balance of 78.208.000
zlotys (par value 30.1122), an increase of 48,985,000 zlotys over that for
the preceding month and of 30,492,000 zlotys over the monthly average for
the latter half of 1928. The rise in the adverse balance for January was due
exclusively to a large increase in imports (55,600,000 zlotys), as exports
have also increased by about 6,000,000 zlotys.
SWEDEN.
The favorable trend in Swedish industry and trade continued during
February and the early part of March. Although the unusually severe
winter caused considerable difficulties, the industrial production was
maintained at a high level. Ice conditions improved toward the middle of
March but caused a considerable drop both in imports and exports during
February. Large quantities of merchandise usually arriving in Stockholm
by boat had to be transported from the west coast ports by rail and considerable losses were incurred as a result of freight charges. The ice also
interfered with the Baltic ferry service and ferries very often were tied up
two or three days at a time. Efforts were made to use aeroplanes to expedite the mail and passenger services. Some anxiety was felt in Stockholm
because of the dwindling supplies of coal and the impossibility of getting
boats through with fresh cargoes from either England or Poland. In isolated
instances, industrial plants were forced to close down because of lack of
coal. Prices of many foodstuffs advanced sharply. The wholesale index for
February was 139. an increase of one point. Pronounced easiness characterized the money market during February, and there were numerous
Indications that the needs for credit were less than a year ago. The reserve
of foreign bills at the Bank of Sweden has remained practically unchanged.
since early in January.
UNITED KINGDOM.
Following the Easter recess, Parliament will reassemble on April 15 and
the Government budget for 1929-30 will be presented on that day or the
day following. Two weeks before the end of the financial year, the current budget showed a surplus of E2,000,000 but payments to the debt
sinking fund are £11,000,000 less than at the corresponding date a year ago.
Year end receipts, however, are expected to result in a substantial budget
surplus. The coal trade continues active, although with the passing of
the very cold weather demand is less urgent. Output for the week ended
March 9 amounted to 5,526,000 tons, or nearly 100,000 tons more than
the amount raised during the week ended Feb. 9 and nearly 750,000 tons
more than the total for the week ended March 10 1928. Labor returns
for March 11 showed decreases in registered unemployment in Great
Britain and Northern Ireland of 118,500 work people and 1.400 work
People respectively, from the numbers reported a week previous. The
total for Great Britain was 1,269,000 and for Northern Ireland 37,000.
as against 1,342,600 and 38,700 a month ago.
URUGUAY.
The economic situation of Uruguay during March was generally satisfactory. Business followed an even trend, but it is expected that it will
take a sharp upward turn as soon as the Government has awarded the
contracts calling for the construction of the railway between Florida and
Sarandi del yi, and of the colonia to Montevideo highway, involving the
expenditure of a total exceeding 8,000.000 pesos. Wholesalers and importers report that the volume of business during early fall was less than
during the corresponding period of the previous year. Imports are increasing but exports continue to decline. The wool market continued to be
dull and buying was restricted to small lots. This season's exports from
CHINA.
Oct. 1 to Feb. 28 amounted to 79,926 bales as against 103,312 bales during
General trade outlook in Hongkong and Canton is more promising than the
corresponding period of the previous season. The United States confor some time past, with indications of gradual improvement. Conditions
tinues to be the heaviest buyer of Uruguay's wool. The dry cattle market
throughout Kwantung provinces are more peaceful than for several years. has improved
owing to the resumption of buying for export; and the tone
Motor road construction continues satisfactory in both Kwangsi and
of the wet salted cattle hide market was firmer, owing to the interest disKwantung Provinces, particularly in Kwangsl. Canton is still reluctant
played by local consumers in prime lots. The recovery in wheat prices
to embark upon any extensive building program, awaiting further eviwill probably cause, it is believed, the Government to abandon its price
dence of political stability and, especially assurances against the imposistabilization scheme. The prices paid for live cattle showed slight imtion of unreasonable taxes. No change is noted in the general business
provement. The frigorificos are killing a smaller number of cattle and a
situation in the Shanghai area. Uncertainty with regard to the political larger
number of sheep. The commerciol banking situation was quiet.
outlook continues to adversely influence business operations.
and rates declined slightly. Collections are regarded as having been
satisfactory, and time and sight bank deposits are expected to be greater
FRANCE.
The unfavorable showing of French foreign trade during January was than in February when they totaled 150,988,000 pesos.
repeated in February, when imports exceeded exports by 1,044,000,000
TheDepartment's summary also includes the following
francs, as compared with an export surplus of 53,000,000 francs during the
same month of last year. The adverse balance for the first two months with regard to the Island Possessions of the United States:
of this year was 2,516,000,000 francs, as against 2,100.000.000 francs for
PHILIPPINE ISLANDS
the entire year 1928. Total imports during February were valued at 5,162,With the exception of the textile market, which continued dull, February
000,000 francs, an increase of 810,000.000 francs, as compared with February 1928; exports amounted to 4,118.000,000 francs, a decline of 287.000.- business in the Philippines was favorable Indent business in textiles is
depressed on account of very heavy arrivals, Chinese merchants being
000 francs.
overstocked and selling at a sacrifice February's automotive market was
JAPAN.
Business is dull with, however, a more promising outlook. The budget slower than the previous month with a marked decline in sales of medium
has passed the Upper House of the Diet, and the bill providing for a reduc- and large cars. Demand for foodstuffs was generally satisfactory, especially
in the fresh fruit trade. Sugar milling is preceding satisfactorily. Protion in the luxury tariff has passed the Lower House.
duction in Luzon may exceed estimates, but heavy rains of last November
NETHERLANDS.
may reduce the output from mills in Negros. The growing cane is in good
As an aftermath of the freezing weather during February traffic diffi- condition. The abaca market was generally quiet in February with heavy
culties still exist and numerous Rhine barges, as well as freight cars, at the arrivals and sellers holding for price improvement. Copra arrivals have
German border are awaiting transportation facilities. Foreign trade de- been seasonally low and abnormally curtailed from areas affected by last
clined during February with imports valued at 178,000,000 florins and November's typhoon.
2006
FINANCIAL CHRONICLE
PORTO RICO
Retail businessi n the coastal towns; especially San Juan and Mayaguez,
is characterized as good, but wholesalers report trade very dull and collections increasingly difficult in interior districts Banks report collections
good from the larger firms In the important trade centers, but otherwise
difficult. Drugs, furniture and drygoods are among the lines in which the
most trouble has been met. The present state of affairs is a natural consequence of the practical absence of coffee and citrus fruit exports, and the
delayed movement of tIle sugar crop as well as the low prices prevailing for
the latter commodity. Foodstuffs merchants especially complain of dull
business, although the potato trade is an exception.
[VOL. 128.
0 Does notInclude gold bullion or foreign coin other than that held by the Treasury,
Federal Reserve Banks,and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account Is excluded, and gold held abroad for
Federal Reserve banks is included.
C These amounts are not included in the total since the money held in trust
against gold and silver certificates and Treasury notes of 1890 is included under
gold coin and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from thls total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total includes $19,592,480 of notes in process of redemption, $157,934,581
of gold deposited for redemption of Federal Reserve notes, $6,715,188 deposited for
redemption of national bank notes, $2,050 deposited for retirement of additional
circulation (Act of May 30 1908), and $7,531,256 deposited as a reserve against
Postal savings deposits.
I Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta
Note.—Gold certificates are secured dollar for dollar by gold held In the
,
for their redemption: silver certificates are secured dollar for dollar by Treason
standard
silver dollars held In the Treasury for their redemption: United States notes are
secured by a gold reserve of 5156,039,088 held In the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are
also secured dollar for dollar by standard silver dollars held in the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the Issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%. Including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes in actual circulation. Lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
UnIten States for their retirement. A 5% fund /9 also maintained lawful money
GovernmTreaaurer of the United States for the redemption of national banknotes
with the secured Cleat bonds.
CS
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The Sun Life Assurance Co., regarded as one of the most important
financial groups in Canada, is seeking to keep control of the company in
Canadian hands by legislative enactment and a bill providing for this has
i
r64 ,, 0o6 reached its second reading in the Senate.
0
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million under its present charter without coming to Parliament.
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Last Friday it became understood in Wall Street that Ford Motor of
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purchased the stock in the United States on a "when issued" basis were
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*U0)=11114.2 Ur
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 31 1927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now
excluded, and gold held abroad for Federal Reserve banks
is now included; (3) minor coin (nickels and cents) has
been added. On this basis the figures this time, which are
for Feb. 28 1929, show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $4,698,- Montagu Norman Re-Elected Governor of the Bank of
England.
362,323, as against $4,656,617,424 Jan. 31 1929 and $4,690,Montagu Norman was re-elected Governor of the Bank
430,100 Feb. 29 1928, and comparing with 85,698,
214,612
on Oct. 31 1920. Just before the outbreak of the World of England on March 26. Sir Ernest Harvey was named
War, that is, on June 30 1914, the total was only $3,458,- Deputy Governor.
,
059,755. The following is the statement:
Bill to Regulate Control of Sun Life Assurance Co.—
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Canadian Senators Defend Measure Keeping Stock
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From the New York "Herald Tribune" of March 26 we
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Increases in Gold Encourage London—Market Still
Nervous, However, Regarding Wall Street as Key
to World Credit Situation.
The March 25 issue of the "Times" contained the following from London, March 22:
000-.920
The slightly more confident feeling which developed in the London
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-g newed anxiety in the money market and rather marked depression in the
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stock market later in the week, owing to the fears of an immediate ad1..t -110.14
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vance in the New York rediscount rate.
oonm 8.slisovr..m
le
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..E.:-.4eum
000 CO
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on Thursday consequently was received with relief, and once again rather
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brighter views are being taken of the monetary situation. It is recogic
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nized, however, that the key to the situation lies in Wall Street and that
,_,t- 2.i u 8, CO M
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the position there continues a decided menace not only to the credit posi'4
tion in America but to the whole international monetary situation. Dis0
a,
rm cussion of past events, possible remedies and the probable future course
cacoor-,
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; of the money rates continued to be very widespread, and
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America has
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probably never before been so much in the financial picture as today.
4'Mcl?5,1gg But with all this discussion, matters do not appear to be advanced to any
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S 0i 6 i i 2 ai one's satisfaction and a solution of the American financial problem appears
v=vowg1..1s
003
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mE.40 mm no nearer.
6
a OgEg mOr4r.;
Fear Rise in Loan Rate.
a Includes United States paper currency in circulation in foreign countries and
On one point, however, London appears to have made up its mind.
She amount held by the Cuban agency oithe Federal Reserve Bank of Atlanta.
that there is much less to fear from an advance in the redisand that is
a a
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8.211,982,901
8,360.797,917
8,479.620,824
5.396.596,677
3,796,456.764
1,007,084,4831
.
2
0
8.220,939,222
Total.
4 00
MAR. 30 1929.]
FINANCIAL CHRONICLE
count rate in America than in a rise in the call money rates in New York.
It is the very high level of these rates which has worked mischief at other
financial centres and rendered the international money situation so unstable. This condition will continue and possible defense measures taken
until speculation in America wanes and money is released for employment
in more legitimate objects.
While still highly nervous regarding the outlook, some favorable features
in the situation are not being ignored by bankers here. Since the bank
rate was raised sterling has been kept above the gold export point, while
the Bank of England has been able to increase its gold holdings from /150,000.000 to nearly /153,000.000. This increase is no less satisfactory
because the Bank of England has been obliged to depart from its normal
custom and has had to pay considerably higher prices than it usually does
in order to make sure of securing supplies from the open market. Such a
course is abundantly justified by the unusual nature of the present situation.
Continent Releases Gold.
Our higher level of money rates has also to some extent resulted in a
release of gold by certain Continental State banks. Germany has released
gold for America, while Holland has also exported /2,000,000 of gold
during the past few days. Export duty on gold is a somewhat mysterious
transaction, since the metal was sent to this country but not to the Bank
of England. There seems little doubt, however, that the operation has
been rendered necessary by the high level to which the rate of exchange
between London and Amsterdam has risen, also by the exhaustion of
Dutch credit in the London market. The same is true regarding Germany,
but it is considered very unlikely that Europe will send any important
quantity of gold London-ward, because Continental countries are as anxious
to protect their gold reserves as is England and they advance their money
rates rather than release gold.
2007
discount seasonally with the Reichsbank and have therefore a big supply
of cash to offer in callable credits. This action of the commercial banks
was due to their expectations of a very heavy quarter-end demand for
money, which induced them to begin rediscounting earlier in the month
than usual. The Friday day loan rate was 4-654 %, month loans 7-8
and private discounts 614. Improvement in the money market is possible after the middle of April, when the Republic. which has been a heavy
borrower, will have to be repaid credits out of quarterly tax payments.
Australian Banks Seek New York Bank Accounts.
From Washington March 24 the New York "Times"
reported the following:
Any American bank of good standing presumably can obtain an account
in Australia, and the new condition facilitates the financing of exports
from that country, according to a report made to the Department of
Commerce by Consul-General E. M. Lawton at Sydney.
In September the first account was granted to a New York bank by the
Commonwealth Bank of Australia, Mr. Lawton said, and an account was
also offered to the same bank by the Union Bank of Australia. Three
such offers were refused by the New York bank.
"American exporters and importers, or at least the banks looking after
the bills of exchange, may now save the long delays in transferring money
on foreign bills," Mr. Lawton added. "The question is not of local competition in either case, but of facilitating the business of the Australian
exports' and importer."
Russian Soviet Gold Case—Bank of France Considers
Trial of Replevin Action to Obtain $5,000,000
Europe Is Skeptical of Gold Restrictions—Possibility
Shipment—Suit Pending a Year—Chase National
of Embargo on Metal Shipments to United States
Bank Unable to Receive Bullion.
Is London and Amsterdam View.
Counsel for the Bank of France considered on March 23
Under the above head, the New York "Times" announced
the question of bringing to trial the action for replevin it
the following from London March 22:
against the Chase National Bank and the Equitable
It is possible in the present circumstances to imagine a situation wherein brought
the countries outside of America might be forced to place an embargo on Trust Co. a year ago to obtain from then a $5,000,000 shipgold exports to the United States because of the damage they would be ment of gold received from Russia. This is learned from the
inflicting upon themselves in endeavoring to check the gold strain by raisMarch 24, which added.
ing bank rates. There is no reason whatever yet to anticipate such ex- New York "Times" of
treme measures. Such action would, of course, imply the breakdown
of the gold standard, although it would also mean there was something
much amiss in the American policy.
Dutch Indicate Disapproval of Gold Embargo.
Amsterdam advices March 22 are quoted as follows from
the "Times":
The possibility of an embargo on gold is due to the efforts being made
by the Bank of England to prevent a rise in the rediscount rate. Dutch
bankers are unwilling to accept the suggestion seriously, as it would unavoidably lead to a general embargo, which is out of the question.
Foreign Bills Sold by Bank of Holland—Reduction in
Holdings Explains Gold Shipments from Amsterdam
to London—Aim to Protect Exchange.
Advices March 21 from Amsterdam, Holland, were published as follows in the New York "Times" of March 25:
Last week the Bank of Netherlands discounted more than 46,000,000
guilder bills owing to expectations of higher discount rates. Part of this
money was invested in monthly brokers' loans yielding 5%. part in dayto-day money, which soon fell to 3%.
A total of 31,000,000 guilders in foreign bills was sold last week and
this week again 37,000.000, leaving only 64,000,000 bills on hand, against
220,000,000 at the end of the year. This development explains in measure
the bank's exports of gold to London. The bank has remaining in its
Possession gold amounting to nearly 24,000,000 guilders. This gold is
intended to serve for the further protection of exchange, or when the
danger is passed for a transfer into foreign bills.
According to information given by Premier Baldwin the economic position of England is steadily improving. Coal exports are increasing and
the steel and shipbuilding industries have a greater amount of unfilled
orders than for a long while before. Unemployment,too, is falling. Owing
to this development the Bank of England Is doing its utmost to prevent a
rise in the discount rate.
Germany Continues to Support Mark—Dollar Purchases
Influenced by Increase in Brokers' Loans in New
York—Gold Shipments Explained.
From the "Times" of March 25 we take the following
from Berlin March 22:
The Bank of France's case received a setback Friday (Mar 22) when
Federal Judge Goddard denied all but a minor motion to have the defenses
raised by the American banks stricken out. If the Bank of France decides to stand trial, the American banks will be entitled to argue all points
of defense admitted by Judge Goddard.
The sweeping nature of Judge Goddard's option is understood to have
come as a surprise to the Bank of France's counsel. His granting of a
large measure of judicial recognition of the present Russian Government
in his opinion was unexpected by the Bank of France, and it was thought
likely that this aspect of the opinion might be made a point of attack by
the French interests.
Double Liability Foreseen.
In his opinion Judge Goddard held that to deprive the American banks
of the right to show title of the gold would be to place them in a position
where they would incur liability both from the Bank of France and from
the Russian State Bank, whose agents they are. The Bank of France may
plead that an agreement existing between the Russian bank and its American agents eliminates any claims which the Russian bank might make as a
result of the bullion transfer.
The gold was sent to its American agents here by the Russian bank a
year ago. The Treasury Department refused to assay the metal and the
Bank of France, asserting that revolutionary bodies had confiscated $10,000,000 of its war time gold holdings in Russia, brought an action in replevin
to obtain possession of the treasure.
The suit of the Bank of France has proved for a year an embarrassment
to the Chase National Bank and the Equitable Trust Co., which lead in
financing $140,000,000 of trade annually between the United States and
Russia. The large purchases of American goods by the Russian Government would under ordinary procedure entail regular gold shipments here
In the present impasse Rus.sian gold reaches here only under the imprint
of the German Reichsbank or other foreign institution. Until the Bank
of France's suit is settled or abandoned the American banks will be unable
to accept gold shipments from their Russian correspondent.
National City Gave Up Business.
Judge Goddard's decision served to call attention to a situation which
has intrigued Wall Street for some years. The National City Bank interests, which floated large Imperial Russian bond issues here during the
war, have since repudiation of the bonds by the Soviet Government retrained from participation in trade movements with that country.
The Chase Bank interests, long the chief rivals of the National City
Company, made this situation the opportunity to acquire this profitable
business. The Chase interests have developed their Russian business in
the face of considerable obstacles, among which was the suit of the Bank
of France.
This developments in the ease were reported from time
to time in these columns, our last reference appearing in
the "Chronicle of Sept. 29 1928, page 1749.
The Reichsbank's intervention to maintain the reichsmark exchange
against the depressing influences of the outflow of funds is apparently
not concluded. Further sales of Reichsbank gold with this aim in view
Is considered probable by Berlin banking circles. Early last week the
dollar was quoted in Berlin fractionally lower than at the end of the pre- Moscow Soviet to Control Sale of Sugar—Prevent
ceding week, but on Friday the dollar again rose and the movement of
Hoarding and Speculation.
funds westward continued. It is reported that the new increase in New
Because of mass hoarding and speculation in sugar, M.
York brokers' loans, with the possible result of a rediscount rate advance
next week, led to purchases of exchange in the fear of a further rise in Sorokin, Chairman of the Moscow Consumers' Co-operathe dollar.
The Reichsbank's return for the second week of March shows 60.000.000 tive Society, said on March 22, that the Moscow Soviet
marks decline in the legal cover of the exchange reserve, which is now at was adopting a control system for sugar similar to the
the record low figure of 68,000,000 marks. In addition the Reichsbank present control of bread. Associated press advices from
lost approximately 20,000,000 marks from its exchange reserve. Altogether
the bank has sold 386.000,000 marks in exchange and gold since interven- Moscow reporting this added:
Those possessing bread books will be able to buy definite quantities of
tion action began. The decline of 36,000,000 marks shown in the gold
reserve in the return for March 15 does not represent a new sale of gold, sugar, the idea being to counteract speculation, hoarding and the buybut represents gold shipments to New York for the purpose of strengthen- ing up oflarge quantities by people coming from other cities for this purpose.
ing the Reichsbank's gold deposit there and will reappear in the return
The inauguration of a sugar control system by the Moscow
after the gold arrives in New York.
Soviet was further referred to as follows in Associated Press
The Reichsbank had no reason for making this shipment unless It expects to be compelled to sell gold within a short time. The exchange re- accounts from Moscow March 23:
The action followed a run on the sugar bins during the last three days,
serve is now so small that the sale of gold will be the Reichsbank's only
resource if the outflow of funds continues. Day money was easier this when long queues formed in fron of the Government stores and co-operaweek and the supply plentiful, the reason beingithat commercial banks tives, buying sugar in huge amounts.
2008
FINANCIAL CHRONICLE
Moscow normally consumes from 200 to 225 carloads of sugar a month,
but on a single day, March 20, the population bought 93 carloads. The
sugar run apparently was prompted by rumors of a shortage.
To prevent a real shortage the authorities adopted a system whereby
each person designated as a toiler has the right to buy each month two kilograms (about four and four-tenths pounds) of sugar for himself and a
similar amount for each member of the family. The system of sales to nontoilers is being formulated.
It is felt that the new scheme will assure a plentiful supply until the
coming crop appears in the market. The success of the bread book system is
pointed out as indicating the possibilities of the plan. Soviet officials dedared to-day that Moscow and the state were provided with food and
staples this past winter more plentifully than in the year before.
[VoL. 128.
the Treasury; furthermore, the cash balance in the Treasury reached 325
millions, with a total of 1.755 million lire of cash items.
The total Italian internal debt at the end of February 1929 amounted to
87.138 millions, with a small increase over the previous month, due to
settlement operations; paper circulation reached on the same date a total of
16.197 million lire, with a decrease of 392 millions from the preceding month.
State paper circulation of small denomination was reduced by 37 million
lire.
Definitive Bonds of Hungarian-Italian Bank, Limited
Available.
Hallgarten & Co. are notifying holders of HungarianItalian Bank, Limited (Magyar-Olasz Bank ResvenytarProposed Agricultural Bank in Yugo slavia to Grant sasag) 73z% 35-year sinking fund mortgage gold bonds,
series AC, dated Oct. 1 1928, due Oct. 1 1961, that definitive
Easy Credits in Behalf of Farming.
Associated Press advices from Belgrade March 22, stated: bonds of this issue are expected to be ready for delivery in
Efforts to put Yugoslavian agriculture on a firm financial basis have been exchange and upon surrender of interim receipts on and
undertaken by the Council of Ministers engaged in drawing up a new
after April 1, at which time the first coupon representing six
government program.
2% per annum will be payable. The
It is proposed to establish a new agrarian bank with a capital of 300.- months,' interest at 7%
000,000 dinars (about $5,250,000), that may be increased to 100,000.- exchange will be made at the office of Hallgarten & Co.,
000 dinars, which would grant immediate credits for the purchase and
44 Pine St., New York City.
distribution os seeds to peasants before sowing time.
The Minister of Agriculture reported that preliminary work on the
bank scheme had been completed. The bank is to grant credits at low
rates of interest to peasants in order to lighten the burden of heavy loans
they have contracted.
$42,000 of American Portion of Greek Government
Refugee Loan Drawn for Redemption.
Speyer & Co. announce that $42,000 bonds of the American portion of the Greek Government 7% refugee loan of
1924 have been drawn for redemption at par on May 1.
Of this amount, $35,000 of bonds were drawn for the regular
semi-annual sinking fund and the balance of $7,000 out of
additional funds received from the sale of land to refugees.
Revenues of Province of Callao (Peru) for 1928.
Revenues of the Province of Callao,Peru,securing its guaranteed and secured sinking fund 732% gold bonds, amounted
for 1928 to 93,030 Peruvian pounds, or $372,120 at the
current rate of exchange, according to advices received by
J.& W.Seligman & Co. This is 2.2 times the annual service
charges of $165,000 on the bonds. Revenues of the Province Yield During 1928 of Revenues Pledged for Bulgarian
for 1927 were $360,124.
Refugee Loan.
An announcement by Speyer & Co. says:
Bonds of Argentine Government Drawn for Redemption.
The yield during the calendar year 1928 of the revenues pledged for
the Bulgarian 7% Refugee Settlement Loan of 1926 amounted, at par of
J. P. Morgan & Co. and the National City Bank of New exchange
(138 lava to the dollar) to about $3,362.000, or about 2M times
York, as fiscal agents, have issued a notice to holders of the annual service requirements of that loan. The yield of such revenues
Government of the Argentine Nation external sinking fund during 1927 amounted to about $3,099,000, or about 234 times the annual
requirements.
6% gold bonds, issue of May 1 1926, due May 1 1960, to service revenues pledged for the Bulgarian
The
% Stabilization Loan of
the effect that $109,000 principal amount of the bonds have 1928 yielded during the calendar year 1928 about $9,806,00, or over 436
been[drawn by lot for retirement at par and accrued interest times the annual service requirements, as against $9,154,000, or over
434 times the annual service requirements, in 1927.
on May 1, out of sinking fund moneys. Bonds so drawn will
be paid May 1 1929, upon presentation and surrender, with
coupons maturing on and after the redemption date attached, Guaranty Trust Company Finds Inflationary Tendencies Not General—Federal Reserve Discount
at either the offices of J. P. Morgan & Co., 23 Wall St., or
Rate Out of Line with Rate for Commercial
at the head office of the National City Bank of New York,
Paper—Inexperienced Speculators Responsible for
55 Wall St., after which date interest on the drawn bonds
Absorption of Credit.
will cease.
J. P. Morgan & Co., and the National City Bank of New
Those who find encouragement in the belief that the
York, as fical agents, have also issued a notice to holders of credit situation is out of the control of the Federal Reserve
Argentine Government Loan 1927, external sinking fund authorities might well consider the fundamental elements
6% gold bonds, public works issue of May 11927, due May 1 involved in the situation as it stands at present, states the
1961, to the effect that $109,000 principal amount of these issue of the "Guaranty Survey" published March 25 by the
bonds have been drawn by lot for retirement on May 1, Guaranty Trust Co. of New York. "The most significant
out of sinking fund moneys, at par and accrued interest. feature, and one that is frequently underemphasized, is
Payment will be made upon presentation and surrender of that the majority of the speculators, on whom the responthe bonds with coupons maturing on and after the redemp- sibility for the huge absorption of credit in the stock market
tion date attached, at either the offices of J. P. Morgan & rests, are people whose knowledge and experience in finance
Co., 23 Wall St., or the head office of the National City dates no further back than the last few years," the "Survey"
Bank of New York, 55 Wall St., on May 1, after which date says. "Their willingness to accept many securities at prices
interest on the drawn bonds will cease.
which offer a ridiculously low yield indicates that to them
speculation is a game in which the rate of call money is the
determining factor." The Survey continues:
Kingdom of Belgium Bonds Drawn for Redemption.
On the
Reserve
a
J. P. Morgan & Co. and the Guaranty Trust Co. of New regarding other hand, theexcessive Bank of New York has issuedcallwarning
absorption of funds on the
the danger of
money
York have issued a notice to holders of Kingdom of Belgium market; and co-operation has been given by many of the leading member
banks in New York and elsewhere. The desirability of having a central
25
-year external gold loan 7M% sinking fund redeemable
banking system in this country with prestige sufficient to enable it to
bonds issued under loan contract dated May 28 1920, re- serve as a moral leader in all financial operations Is well understood by the
porting the receipt of $2,300,000 as a sinking fund for the leading bankers. The supply of acceptances and government securities
to a
redemption and payment of $2,000,000 bonds which have held by the Reserve Banks has been reducedtheselow figure, and the Reserve
in the open
banks cannot continue indefinitely to sell
in an
been drawn by lot for payment at 115% on June 1 1929. attempt to lessen the momentum of credit expansion. On market 1 the
March
Bonds so drawn will be paid June 1 upon presentation and rediscount rate of the Federal Reserve Bank of Dallas was raised from 434%
to 5%,
in the
surrender with Dec. 1 1929 and subsequent coupons at- of the this action marking the first change1928. rediscount rate of any
Federal Reserve banks since August,
tached, at the offices of J. P. Morgan & Co., 23 Wall Street,
If the unjustifiable expansion of credit takes place in those activities
or at the Guaranty Trust Co. of New York, 140 Broadway, that will ultimately affect the purchasing power of the dollar in general,
Inflation may be said to exist, but, if the excessive expansion of credit is
after which date interest on the drawn bonds will cease.
absorbed by only one activity, such as security speculation, without afItalian Treasury Situation—Surplus of 103 Million Lire
Reported at End of February.
Romolo Angelone, Commercial Attache of the Royal
Italian Embassy, in advices to us under date of March 25
says:
I am just in receipt of a cable communication from Senator Antonio
Mosconi, the Italian Minister of Finance, dealing with the Italian Treasury
situation at the end of February 1929. On that date the Italian budget
showed a real surplus of 103 million lire.
The account kept by the Treasury with the Banea d'Italia for fiscal operations showed,at the end of that month,a credit of 1.430 millions in favor of
fecting the price level of commodities in general, the term inflation must be
confined to that one activity. The test of general and complete currency
Inflation, therefore, Is to be found in an excessively high level of commodity
prices, which is brought about by credit expansion not fully warranted by
the level of legitimate industrial and commercial activity.
Elements in Currency Inflation.
Conditions in January, 1920, may be taken as a basis on which to compare
the present erect% situation, because they occurred during a period of a relatively high level of industrial activity, just before a decline. Among the
significant items in determining, in a very general way, whether the credit
structure suggests any inflationary tendencies are the total gold reserves
of the Federal Reserve banks, the amount of discounted bills held by the
Reserve banks, the index of industrial activity, and the commodity price
1920, when the credit inflation was approximately at
level. In Janu
MAR. 30 1929.]
FINANCIAL CHRONICLE
its high point, the total gold reserves were comparatively low, and holdings
of discounted bills were high; but the level of industrial activity was well
below that of May, 1923, and February, 1928, while commodity prices
were at an extremely high level.
The Reserve ratio is frequently cited as an index of currency inflation:
but the Reserve ratio in itself means little unless interpreted in the light of
the level of industrial activity. Changes in the Reserve ratio brought about
by increases or decreases in the amount of gold held by the Federal Reserve
banks or by the expansion or contraction of credit and notes are significant
only as an indication of the amount of Reserve credit available for expansion, not as a measurement of the degree of inflation existing at any given
time. However, it is true that changes in the Reserve ratio may at times
influence the policy of the Federal Reserve Board, which in turn may have
a direct bearing on the flow of credit.
Should there be no substantial decrease in brokers'loans in the near future
there is only one solution to the problem. When the commercial paper
rate is 554-6% and the acceptance rate is 535-5M % a 5% rediscount rate
is distinctly out of line. There is little doubt that the Reserve authorities
have refrained from raising the rate because such a step would, temporarily
at least,further increase the cost of money for business purposes. However,
the absorption of funds in a speculative debauch may easily reach a point
where the potential danger to business would be much greater than any
burden that a higher rediscount rate could possibly impose. The patience
of the Reserve authorities so far indicates that it is their desire to let the
situation work itself out through natural channels, but in the final analysis
It is within their discretion to determine the time when the burdens imposed
on business by a higher rediscount rate will be justified by the elimination
of those of a more serious nature.
inflationary Tendencies Not General.
In current discussions of the credit situation, it is frequently contended
that the currency of the country is undergoing a process of inflation. Many
foreign economists, particularly, have pointed out that we are heading
toward a condition of credit inflation such as was experienced in 1920, with
all its accompanying evils. A comparative study of credit conditions,
however, presents serious doubts as to the soundness of such beliefs.
If by inflation is meant an excessive amount of credit being used to finance security speculation, resulting in a level of security prices in many
Instances far above that which Is warranted by corporate earnings, it is
conceded that there is a kind of inflation existing at present. But the further
contention that there exists a general currency inflation which reduces the
purchasing power of the dollar in regard to commodities in general is not
substantiated by facts. Currency inflation or deflation is determined.
not by the amount of credit in use at any given time, but rather by the
amount of credit in excess of that absorbed in functions which are justified
by their contribution to a sound economic system.
Certainly there is nothing in the present situation resembling the inflated
credit structure of 1920. Commodity prices, as contrasted with security
prices, have remained at a comparatively stable level for some time in the
Past—and complete inflation cannot exist if commodity prices are at relatively low levels. The stability of commodity prices in the recent past,
however, is due partly to the fact that tendencies toward a rising price
level have been offset by an increase in the supply of commodities; for
industry in the last few years has been neutralizing the small margins of
profit brought about by intense competition through large-scale production wherever possible. At the same time, the level of wages has been
rising proportionally, releasing purchasing power capable of absorbing this
increased production.
It is often pointed out that a decline in security prices in the near future
would release sufficient funds to cause money to become a drug on the
market, and thus bring about commodity price inflation. This would be
true, provided there were no corresponding reduction in the total amount
of bank deposits outstanding. Should a decline in brokers' loans occur,
however, it is likely that the member banks would allow their loans and
deposits to remain at the lower figures, rather than increase them through
the costly process of rediscounting at the present high level of rediscount
rates.
Fifty-Six Export Associations Representing 800 Industrial Enterprises Formed Under Webb-Pomerene
Act According to Dominick & Dominick.
About 56 export associations representing some 800
industrial enterprises have been formed under the WebbPomerene Act, exempting the American export business from
anti-trust restrictions, according to the review published
by Dominick & Dominick on March 23. About 22 associations represent producers of raw material such as sulphur,
lumber, cement and other building materials; 12 represent
producers of foodstuffs;and 22 are manufacturing concerns of
various kinds. Because of the enormous growth of American
industry, the export market has become of steadily increasing importance and the utility of the Webb-Pomerene Act
should be extended in the next few years. The total value of
the exports of all these associations has increased very greatly
in the past decade and in 1927 amounted to about $300,000,000 as compared with $75,000,000 in 1919. This figure of
$300,000,000 has undoubtedly been very greatly augmented
in 1928, largely due to the heavy exports of copper. It is
pointed out by Dominick & Dominick that the Act was
originally designed to aid small American exporters. Recently, however, it has been utilized by such large industries
as lumber, sulphur, sugar, copper, zinc and steel. The development of large units and their consolidation under one
direction are a recognized trend in domestic American
business to-day, and the further extension of export associations represents an attempt to apply the same principles
in the increasingly competitive foreign market.
Change in Bond Market Analyzed by John Moody
Sees Stabilization Resulting from Stock Speculation.
The day when the bond market as a whole can be looked
upon as holding possibilities of capital appreciation, when
new issues are "snapped up" and go quickly to a big premium
2009
over the offering price, is fairly definitely past, subject, of
course to the trend of money rates, according to John
Moody, President of Moody's Investors Service, who states
that if such factors as the European experience are taken
into consideration, influence of customer and employee
ownership of stocks, development of investment trusts,
&c., that there appears to be definite reason for believing
that bonds as a class will never regain the preponderant
popularity they once held. Mr. Moody says:
If new financing is to be done through stocks, and if old bond issues are
to be gradually retired, then, at least, we must not expect an over-supply
of bonds and debentures for those who still demand or need that sort of
investment. Probably, in the course of years, the bond market will become
synonymous with a "gilt edge" market and will not include a hundred and
one different shades of quality, which now characterizes it. These are
definitely bullish points.
Putting both sides together, It appears that this broad change is distinctly to the good, so far as bond investors are concerned. It should
result in a relative stabilization of the bond market conditions.
According to Mr. Moody, there is no reason to suppose
that foreign bonds, either Governmental or company obligations, will fall off in quantity or quality in the near future.
They may, he says, decline temporarily in popularity, as
they have done recently, on account of so much interest in
stocks, but their merits as income producers will sooner or
later be clearly seen.
Common Stocks at Current Price Level Discussed by
Dwight C. Rose, of Scudder, Stevens & Clark.
An address by Dwight C. Rose, of Scudder, Stevens &
Clark, Investment Counsel, on "Common Stocks at the
Current Price Level" has been made available in pamphlet
form. The speech was delivered at the joint annual meeting
of the American Statistical Association and the American
Economic Association, held at Chicago on December 27 1928.
The address stresses some of the unfavorable factors to be
considered in common stock purchases at the current price
level. Many of the more optimistic aspects of the current
situation had already been brought out by other speakers,
and in the view of Mr. Rose, did not require further emphasis. In the course of his remarks Mr. Rose said:
The evidence upon which the investor must exercise judgment as to the
participation he will maintain in high-grade common stocks at the present
level of prices may be divided into three broad classifications:
First.—What has the average intelligent investor actually accomplished
through common stock investments over the last quarter century?
Second.—What were the fundamental qualities inherent in these common stocks upon which this successful experience was primarily dependent?
Third.—To what extent have important changes in these fundamental
qualities altered the character of common stocks as an investment medium?
In conclusion, in summarizing the evidence he had been
examining against the common stock, Mr. Rose had the
following to say:
First, we have found that the actual annual return realized from stocks
by a wide group of intelligent investors (the nearest thing we had to investment trusts over the last quarter century) was only 7.24%.
Second,the combined influence of changing commodity prices and changing interest rates may have been responsible for as much as 25% of
the upward trend in industrial stock prices during this period. If this influence continues as favorable in the future as it has in the past, the common
stockholder may expect to fare as well at its hands over the next twenty years
as it has over the last twenty: if this influence should continue on a fairly
even keel such SS we have observed during the last four or five years,
whatever advantage the common stockholder gained from this influence
In the past would be eliminated in the future; if, however, the combined
influence of changing commodity prices and changing interest rates should
be reversed over the next twenty years, this might operate to the distinct
disadvantage of the holder of common stocks.
Third, as for the most important change that has taken place in the
fundamental factors responsible for the favorable experience from common
stocks in the past—a reduction in the earnings basis from 12% to 6%—two
alternatives appear:
1. Confidence in the long-term results to be accomplished from common
stocks may eventually be shaken and some of the risks involved made more
apparent, resulting in a drop in stock prices to a substantially lower level—
perhaps an earnings basis somewhere near the old ratio of around 12%
May again Come into vogue. If this should eventuate, the purchaser of common stocks at current levels stands to lose anywhere up to 50% of his purchase price.
2. The other alternative is that the seasoned common stock may have
become permanently intrenched in an accepted investment position (a
place heretofore held by the bond alone) where the factor of future growth
will always be discounted in an inflated market price. If this should eventuate, and the average annual return on a diversified group of common
stocks continues to be only slightly in excess of the earnings basis upon which
they are purchased, the investor buying on a 6% earnings basis to-day
should expect an average return of only half that realized during the last
quarter century when the earnings basis was around 12%. (If. howeveri
new money reinvested by corporations should continuo to earn on the
average 12%, while the market value of their shares is continuously inflated
to a 6% earnings basis, it would under such conditions be possible for the
trend of market appreciation to continue undiminished, but the rate of
current income would continue only about half that realized during the
past quarter century.)
In concluding this case, I would suggest one general question for consideration: If the prospective annual return to an investor in a diversified group
of common stocks over the next twenty years is not substantially more than
the earnings basis upon which purchases are made,how much ofa differential
are you going to demand between the earnings basis on which you will buy
common stocks and the yield currently available from long-term bonds?
At the present time this differential is about 1%. Is it enough to compensate for the added risk involved in common stocks?
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FINANCIAL CHRONICLE
[vol.. 128.
were expected to make similar demands,
reports said that other houses
Secretary of Commerce Lamont Says Stock Market but a canvass of many of the New York houses with Chicago branches
Disturbances Have Less Effect on Business Than revealed no such plans.
Surprise at the move was expressed by a number of the houses queried,
in Past.
one of which declared that not only did it not contemplate similar action
In the opinion of Secretary of Commerce Lamont, stock but that it saw no reason for the decision.
market disturbances are likely to have less effect on business
activity than they have in the past. Nearly all of the Study of Inter-District Circulation of Federal Reserve
Notes by H. B. Flinkers of Cleveland Federal
indications studied by the Government's trade observation
Reserve Bank—Loss of Gold Holdings Through
service indicate that a maintenance of prosperous conExchange of Notes.
ditions is likely, Secretary Lamont said, according to
Associated Press advices from Washington on March 28,
Some new features of the inter-District circulation of
which quote Secretary Lamont as saying:
Federal Reserve notes are presented in a study of the subject
Nearly every indicator as to trade that we use shows a favorable outmade by H. B.}linkers, Research Statistician of the Federal
look to-day. There Is no reason to believe that the nation will not be as
prosperous in 1929 as in 1928. It is a fact that while financial and monetary Reserve Bank of Cleveland. Mr. Flinkers states therein:
conditions influence business, modern production and distribution more
and more tend to be guided by accurate statistical information related
definitely to potential supply and demand for products concerned. This
body of tested data is nowadays more valuable in estimating future prospects
than actions of stock exchanges.
The "Wall Street Journal," in its account of Secretary
Lamont's observations, stated:
The automobile Industry should continue indefinitely at a high rate of
activity, the Secretary believes. The so-called "saturation point" appears
to be more distant as time passes. Prospects for foreign business and for
replacements, both domestic and foreign, together with the general prosperity of the nation, make the future of this industry bright, the Secretary
thinks.
Business failures are much smaller than a year ago, the Secretary says,
both in number and In the amount involved. There always will be some
failures, but at present there is no important class of business in which
failures are notable.
While current activity in the construction industry is lower than a year
ago, it is too early to believe that a definite trend has been established,
according to Mr. Lamont. Decrease in residential building probably
Indicates that the country Is caught up in that line.
The foreign trade outlook is very bright, according Co the Secretary.
No new trade promotion activities are contemplated by the Department
of Commerce, but all of those already in operation will be continued, he
indicated.
Stock Margins at 50%—Survey Shows Many Firms
Are Making That Charge.
The margin charged by Stock Exchange firms in stock
transactions is tending to standardize at or near 50%
a survey on March 27 disclosed, according to the New
York "Times" of March 28, which said:
Some firms are charging 50%, others 40% and others from 25 to 50%•
However, members of some firms said that no fixed rules were followed
and that margins, while higher than they were a month ago, were set
according to circumstances.
Hornblower & Weeks is charging 50% on practically all stocks, although
on accounts opened before March I the charge is 40%. Emanuel Ziegler &
Co. Is charging 50% on all transactions. Block, Maloney & Co. is charging
40%. Logan & Bryan and E. A. Pierce & Co. are charging from about
35 to 50%. Hayden, Stone & Co. are charging from 30 to 50%. Pynchon
& Co. are charging about 25%. E. II. Hutton & Co. are charging 40%
on the average. C. B. Barney & Co. are charging from 40 to 50%. J. S.
Bache & Co. are charging from 25 to 50% and in some cases are demanding
cash in full. Babcock, Bushton & Co. are charging around 30%•
Call Hundreds of Margins—Brokers' Demands Issued
by Wire—Say Accounts Are Satisfactory.
following is from the "Times" of March 26:
The
Hundreds of margin calls went out by telegraph yesterday, brokers
adopting this means of communication in order to reach their customers
quickly and also to impress them with the urgency of the requests.
Ordinarily margin calls are mailed out In the afternoon and at night after
the close of the market. Where traders* accounts are badly impaired,
these are frequently reinforced with telephone calls the next day. Saturday night, however, many margin traders had the unpleasant experience
of being awakened by the arrival of telegrams asking for additional funds to
protect their accounts. Last night a great many more received telegraphed
requests. This morning's mail will deliver thousands of other margin calls.
In spite of the thousands of margin calls sent yesterday and Saturday,
brokers said that their margin accounts were in satisfactory condition. The
cans for more margin in most instances went to small traders.
Record for Odd-Lot Firm—De Coppett & Doremus
Report 1,000,000 Shares Traded on March 26.
The following is reproduced from the "Times" of March 28:
De Coppet & Doremus, odd-lot specialists, traded In 1,000,000 shares on
Tuesday, said to be a record volume of trading for any firm. As a result
of the transactions, 1,150,000 shares went through the firm's offices yesterday. On Dec. 10 the firm put through more than 1.500,000 shares, but
this was on a Monday, when there was clearance of the previous Friday's
and Saturday's trading.
The record established by De Coppet & Doremus shows the extent to
which small traders were affected by Tuesday's drop in prices, which meant
a wholesale elimination of small traders.
E. A. Pierce & Co. to Make No Purchases of Chicago
Stocks on Margin.
In an announcement issued in Chicago on March 22,
E. A. Pierce & Co. said:
We shall make no further purchases of Chicago stocks on margin.
One of the comments on the above appeared in the
"Sun" of March 22 as follows:
Branch offices of E. A. Pierce & Co. have been ordered to accept no trades
In stocks listed on the Chicago Stock Exchange except for cash. Chicago
Our study shows that in every month of the last five years, the gold
holdings of the Cleveland bank suffered a loss through this exchange of
Reserve notes, and it also reveals what is even more indicative that the
Cleveland bank, with but few exceptions, lost gold to each of the other
Federal Reserve banks in each month of each year. During these years.
the total debits to the account of the Cleveland because of note transfers
wen) $502.712,000, while offsetting credits (i.e., debits to the account
of other Federal Reserve banks) amounted to $249,785,500. Since the
debits to our account exceeded our credits, the net loss to our gold holdings
was the difference between the two amounts given or $252.926,500. This
represents an average loss of $50,000,000 per year, and the question,
therefore, is very properly asked: Why are more Fourth District notes to be
found in circulation in the other Federal Reserve districts than notes of
other districts in circulation here.
"The real answer to this drain on Fourth District notes,"
he says "appears to lie in a corollary to the statement that the
Fourth District people are the `travelingest' people in the
country. The real answer lies apparently in the demand for
currency to facilitate 'vacation' travel. It is not within
our province to say that Fourth District people have more
leisure time for travel, nor is it ours to say that they have
more of the wherewithal which enables them to travel."
We give herewith Mr. }linker's remarks on the subject,
omitting the charts referred to by him.
That's Where Our Money Goes.
Federal Reserve notes today constitute about one-third of the circulating
media of the entire country. Although issued by the several Reserve banks
In the System,these notes are obligations of the United States Government,
and may be redeemed in gold on demand.
Any Federal Reserve bank may issue these notes upon proper application to the Federal Reserve Board at Washington, but against any notes
so issued, the issuing bank must maintain in gold a reserve of not less than
40% of the total amount of notes issued and a collateral security of 60%•
Notes once issued pass freely from hand to hand, and may, therefore, beCome part of the circulating media in a section of the country quite removed from the Issuing bank. It is upon just such a free and wide circulation of Federal Reserve notes that this article depends.
Article 16 of the Federal Reserve Act, which authorizes the issuing of
these notes, also provides that "whenever Federal Reserve notes issued
through one Federal Reserve bank shall be received by another Federal
Reserve bank, they shall be promptly returned for credit or redemption to
the Federal Reserve bank through which they were originally issued or
upon the direction of such bank of issue, they shall be forwarded direct to
the Treasurer of the United States to bo retired. No Federal Reserve bank
shall pay out notes issued through another bank under penalty of a tax of
10% upon the face value of the notes so paid out."
Under the law, therefore, no Federal Reserve bank may pay out into
circulation the notes of other Reserve banks. When notes Issued by one
Federal Reserve bank are received by another Reserve bank, they are
sorted as to their fitness for further circulation—if fit, they are forwarded
to the Issuing bank for the credit of the receiving bank. and if unfit, they
are forwarded to the United States Treasurer at Washington for redemption and destruction.
As a result of these provisions, there has been set up within each Federal
Reserve bank and within the entire System a mechanism to facilitate this
exchange of notes between the Reserve banks. It *win be seen at once
that there are numerous cross currents of debits and credits and final payment is effected by means of a daily clearing through the agency of the
gold settlement fund. The latter is, in short, a clearing house for all
transactions that take place between the several Reserve banks. The
Reserve banks find it convenient to have on deposit in Washington large
amounts of gold with which to effect a daily settlement of all the various
transactions between the banks, and while there is no physical transfer of
the gold thus deposited, there is a day-to-day change in ownership.
Note clearings form one type of transaction between the Federal Reserve
banks. At the close of business each day, each Federal Reserve bank and
branch wires to the Federal Reserve Board the amount of notes which are
being returned to each of the Reserve banks or the amount of notes of
other Reserve banks which are being forwarded to the Treasury for redemption and destruction. By wiring this information, the Reserve banks
obtain immediate credit for the notes thus dispatched. On receipt of these
wires, the account of each Federal Reserve bank In the gold settlement
fund is debited or credited, as the case may be, and each Reserve bank
informed by wire of the net result.
At each Reserve Bank, therefore, there are two sets of daily telegraphic
reports—one a record of the debits to be made against the accounts of the
other Reserve banks for the credit of the particular bank, and the other a
record of the debits made against the account of the particular bank for the
credit of other Reserve banks. When the former entirely offset the latter.
the account of the particular bank is, of course, unaffected. 'When the
former exceed the latter and when the latter exceed the former, the difference must be made up by a payment of gold. In the one case, the account
of the particular bank in the gold settlement fund is credited—in the other
it receives a debit. An analysis of these daily telegraphic advices for the
Federal Reserve Bank of Cleveland for the last five years indicates that the
loss to the gold holdings of the Cleveland bank through this exchange of
notes has been a considerable one, and the analysis also reveals some very
interesting information regarding the inter-district movement of Fourth
District notes.
Our study shows that in every month of the last five years, the gold holdings of the Cleveland bank suffered a loss through this exchange of Reserve
notes. and It also reveals what is even more indicative that the Cleveland
MAR. 30 1929.]
FINANCIAL CHRONICLE
2011
bank, with but few exceptions, lost gold to each of the other Federal Reserve other districts—or, it might be said, that these two districts exhibit charbanks in each month of each year. During these years, the total debits to acteristics of both. This type of seasonal exhibits losses which are below
the account of the Cleveland because of note transfers were $502,712,000, average during the summer months: above average during the early fall;
while offsetting credits (i. e., debits to the account of other Federal Reserve below average during the Winter, and above average during the early
banks) amounted to $249.785,500. Since the debits to our account exceeded Spring.
The figures as heregiven form the basis for the statement that the greatest
our credits, the net loss to our gold holdings was the difference between the
two amounts given, or $252,926,500. This represents an average loss of drain on Fourth District notes lies in the demand for currency to facilitate
$50,000,000 per year, and the question, therefore, is very properly asked: "vacation" travel. This conclusion is reached from a study of the figures
Why are more Fourth District notes to be found in circulation in the other themselves as well as from a study of the seasonal co-efficients based on
these figures. Both the original data and the seasonals show above average
Federal Reserve districts than notes of other districts in circulation here.
The answer this question adequately, one must consider the geographical losses for the entire district for the summer months, yet these same figures
position of the Fourth District. TheFourth District includes, as no doubt when studied more closely reveal different tendencies for the different
the reader is aware, all of the State of Ohio. western Pennsylvania, eastern sections of the country. Our figures reveal quite accurately above average
Kentucky, and the six panhandle counties of West Virginia. A glance at losses to the northern districts in the summer months and above average
a map showing the Federal Reserve System reveals the fact that the Fourth losses to the southern districts in the Winter months.
The tired business man often announces that he is going to "sneak away"
District is surrounded by no less than six other districts. No other Federal
from his office for a week or two, but on the basis of the data here presented,
Reserve district is similarly situated.
Here, then, is an answer, in part, to the inter-district movement of notes. one may wonder whether the "sneaking away" is quite as secretive as It
The circulation of money, which respects no natural boundaries, could might be or if the whereabouts of said tired business man is quite as unhardly be expected to observe the artificial limits created by the Federal announced as it is assumed.
It should be remembered that we have here considered the movement of
Reserve Act. Being so completely surrounded by other districts, it is not
at all surprising that Fourth District notes should find their way into other Federal Reserve notes only and that these notes constitute but a part of the
districts. Approximately 42% of our losses to gold holdings were to the New circulating paper media of the country. But it is extremely difficult, if no:
York bank, 20% to the Chicago bank, and 10% to the St. Louis bank. impossible, to obtain similar information for the other kinds of paper
The percentages for the other banks range from 6% for Richmond to eight- money, and we are forced to base our conclusions solely on the movement
tenths of 1% for Minneapolis.
of Federal Reserve notes. It is believed, however, that the other forms of
The courious thing is that there is no reciprocal flow, in amount, of notes paper money exhibit much the same movement as do Federal Reserve notes.
of other districts into our own. If the geographical position of the Fourth TABLE I.—NET LOSSES TO THE GOLD HOLDINGS OF THE FEDER AL
District is such that the flow of notes into other districts is facilitated, it
RESERVE BANK OF CLEVELAND THROUGH NOTE TRANSFERS.
appears reasonable to suppose that there would be something more of a
1926.
1927.
1925.
1928.
1924.
return flow of notes of other districts. But that is not the situation indicated January
1,845,300 3,106,000 4,787,100 3,760,100 4,625,900
by the figures given above.
February
2,220,100 3,551,100 3,307,000 4,312,200 4,009,600
It must be remembered that the thing with which we are concerned of March
1,526,400 3,188,200 3,510,000 4,014,500 5,008.800
the physical phenomenon of the movement of Fourth District notes out is April
2,624,700 2,714,300 4,005,100 3,541,800 2,505,300
this district. It has been jokingly remarked that the people of the Fourth May
3,146,700 3,485,100 3,378,000 4,309,000 4,515,300
District are the "travelingest" people in the country, but that statement, June
2,146,200 3,624,900 3.353,100 4,600,900 3,783,400
made in jest, carries with it perhaps more than a modicum of truth.
4,137,000 5,715,900 3,389,900 4,186,700 3,730,500
July
A glance at a railroad map of this section of the country shows that the August
4,806,600 5,349,500 4,366,400 7,320,000 6,234,200
Fourth District is traversed by all the main roads running east and west. September
5,304,200 6,760,000 6,483,800 6,857,000 5.959,000
Most points in the district are within a night's ride of each other, and the October
4,270,500 5,564,200 5,172,700 5,452,200 5,924,600
most important markets of the country are within a night's ride of points November
4,024,900 4,419.100 4,629.500 4,928,200 3,463,200
in the district. The Fourth District has been described as the most pro- December
3,868,300 5,085,700 3,219,300 4,647,000 3,168,000
ductive area in the entire country, and it is reasonable to assume that the
39,920,900 52,564,000 49.601,900 57,911,600 52,928,100
Total
production of this district will attempt to find adequate market outlets.
Such an attempt to find outlets means something in the nature of a sales
TABLE IL—SEASONAL COEFFICIENTS.
force which in turn means travel back and forth, and that in turn means
Total
Northern Southern
Middle
Losses. Districts. DO:rids. Districts.
perhaps that more Fourth District notes are taken out of the district than
82
92
151
96
notes of other districts brought in.
January
91
80
161
97
The real answer to this drain on Fourth District notes appears to lie In a February
84
73
136
102
corollary to the statement that the Fourth District people are the "travel- March
77
84
108
101
ingest" people in the country. The real answer lies apparently in the April
83
81
68
98
demand for currency to facilitate "vacation" travel It is not within our May
96
51
91
91
province to say that Fourth District people have more leisure time for June
104
112
58
96
nor Is it ours to say that they have more of the wherewithal which July
travel,
72
123
136
97
enables them to travel. But this fact remains—the months which show August
141
81
130
108
the greatest net losses to the gold holdings of the Federal Reserve Bank of September
93
129
121
107
Cleveland are the months of August, September and October, with the peak October
102
108
103
103
being reached in September. There must, of course, be a lapse of time November
129
94
90
99
between the day that Fourth District notes are paid out by the Cleveland December
bank and the day they are returned for credit. This would tend to place
the withdrawal of notes from this district sozne time previous to September
—and if it occurs in the months just previous to September. as the figures Formation of Investment Fund by Spencer Trask & Co.
seem to imply, it OCCUrs when vacation travel is admittedly at its height.
—Private Offering of Shares to the Firm's Clients.
In addition, our study shows quite clearly the effect of two kinds of vacation
Announcement is made by Spencer Trask & Co. that they
travel—to northern points in the summer months and to southern points
in the winter months.
have completed the organization of a corporation known as
Chart I shows the net losses to the gold holdings of the Cleveland banks
Spencer Trask Fund, Inc. No public offering of the stock is
by months for the five-year period, and it will be observed that the greatest
losses were sustained during the months immediately following the peak being made, the shares being offered privately to the clients
in vacation travel. It will be noticed from both the chart and the table of Spencer Trask & Co. The initial offering price is $42 a
which accompanies it that there was no wide fluctuation in the total losses
The partners of the firm and members of the orover the five-year period, and this lends weight to the statement that per- share.
haps this is the usual experience of the Cleveland bank. The total losses ganization will make a substantial investment in the shares
for 1924, to be sure, are somewhat smaller than those for the other years, at the initial offering price. In making public the formation
but this is explained in part by the fact that the Cleveland bank during the
Spencer Trask & Co. said:
closing months of 1924 undertook a policy of paying out gold certificates of the new organization,
Spencer Trask Fund, Inc. is a corporation formed by us to meet the
in considerable quantity, and this policy continued into January of 1925.
demands of our clients for an investment medium
During 1926 and again during 1928. the Cleveland bank paid out gold increasingly insistent
purchase and sale of
certificates in considerable quantity, but in these two years it was not the affording them the opportunity of profiting through the
securities and through participations in syndicates and underwritings. this
result of a definite bank policy to that effect.
experience which the
If this experience is the usual one for the Cleveland bank, it is perhaps medium at the same time having behind it the wide
more than 60 years of
no stretch of the imagination to assume that a large part of the drain on firm of Spencer Trask & Co. has accumulated during
Directors will be
Fourth District notes comes about as a result of vacation travel. The sea- service as investment specialists. The initial Board of
structure of
sonal co-efficient of losses based on the figures contained in table I shows composed of partners in the firm of Spencer Trask & Co. The
investigation and
that the first six months of the year are as a rule below the yearly average; the corporation was decided upon only after a thorough
abroad and of the many more
the next four months are above the average (August. September and analysis of investment funds long existing
recently established in the United States.
October are considerably above), while December is again below.
So far, however, we have concerned ourselves only with the total losses
The authorized capital stock of the Fund is 2,000,000
to the gold holdings because of note transfers. Our next interest was that of shares, without par value, all of the same class and with
determining the losses to each of the other districts—and more particularly
determining the seasonal fluctuation in our losses to each of the other identical rights. The stock may be issued from time to time
districts.
at the discretion of the Directors and all outstanding shares
An inspection of the seasonal co-efficients based on the figures reprebe fully paid and not liable to any call or assessment.
senting losses of gold to each of the other Federal Reserve districts reveals will
three distinct types of seasonal variation. These seasonal co-efficients are There are no ptions on any unissued stock and no subgiven in Table II and are pictured graphically in Chart III.
scription rights of any description that will tend to dilute
The first type of seasonal variation is that which shows a decided increase
value of the Corporation's assets. The Bankers
to gold holdings during the summer or early fall months. All the actual
in the losses
the northern and northwestern Federal Reserve districts show practically Trust Co., of New York, will act as transfer agent, and the
the same tendency and the seasonal co-efficient as here given VMS com- Bank of America National Association, of New York, will be
piled front the data relating to these districts!. The districts exhibiting the
registrar. An unusual f eature of the Spencer Trask Fund
first type of fluctuation arc: Boston, New York, Philadelphia, Chicago.
Minneapolis and Kansas City. The typical seasonal for these districts Inc. is the provision for the repurchase of its shares by the
shows the losses to gold holdings above the average during all of the summer corporation itself. "It is the intention of the firm" said their
and early fall months and losses below the average during the spring and
statement, "under all normal circumstances to maintain a
winter months.
The seasonal co-efficient of the second type shows a situation which is regular market for the corporation's shares at approximately
Just the reverse of the first. The second type of seasonal shows losses to their asset value, but if for any reason this market should
gold holdings below average during the summer and early fall months, but
maintained by the firm, provision is made for the
losses above the average during the spring and winter months. The districts not be
which exhibit this type of seasonal are the southern and southwestern purchase of its shares by the corporation itself, upon predistricts, namely, Atlanta. Dallas and San Francisco.
sentation of same by any holder, to the extent that it has
In between these two types of seasonals is a third type of seasonal—the assets legally available for such purpose, whether arising out
fluctuation shown by the two "buffer" districts. Richmond and St. Louis.
These two districts exhibit no seasons 1Variation at all as compared with the of paid-in surplus, other surplus, net profits or otherwise."
2012
FINANCIAL CHRONICLE
I. Montefiore Levy in Letter to Secretary Mellon Says
Federal Reserve Board Should Make No Statements
Influencing Stock Market—Secretary Mellon's
Reply.
Stating that in his opinion "the Federal Reserve Board
ought to decide upon the amount of the reserves, arrange its
affairs accordingly and make no statements for the purpose
of influencing the stock market, I. Montefiore Levy, a
lawyer of this city, addressed the following letter to Secretary
of the Treasury Mellon:
I. MONTEFIORE LEVY
Counsellor at Law
233 Broadway
New York
March 12 1929.
Hon. Andrew W. Mellon,
Secretary of the Treasury.
Washington, D. C.
Dear Sir:
As the head of our financial system, the Federal Reserve Board's position
must be causing you considerable study•
The elements that make loans necessary are so varied that an attempt
to control their amount by depressing the stock market may be more
harmful than effective. To illustrate, one of my clients when he was called
upon for additional margin procured the money by taking a first mortgage
on his property; another client sold gilt-edged bonds and used the proceeds
to buy stock in a falling market; one of my friends borrowed from his bank
ostensibly for his business, but used the money to cover margin requirements
on stock.
It is my opinion that the Federal Reserve Board ought to decide upon the
amount of the reserves, arrange its affairs accordingly, and make no statements for the purpose of influencing the stock market.
Prosperity is very much a matter of psychology and if the Federal
Reserve Board continue its pessimistic note it may create a panic.
When Andrew Jackson was elected President on a pledge to curb speculation, he did it, among other things, by withdrawing money from the
banks, thus forcing them to call loans. Loans did come down,so did prices,
trade collapsed, and the country went into a period of depression. If we are
not careful the Federal Reserve Board may do exactly'the same thing.
In view of expressions of opinion on this subject by other financiers, you
may feel justified in saying something yourself at some appropriate time.
With deep admiration for your distinguished work,
Respectfully,
I. MONTEFIORE LEVY.
Secretary Mellon's reply follows:
THE SECRETARY OF THE TREASURY
WASHINGTON
March 23 1929.
Dear Mr. Levy:
letter of March 12 with reference to the present position of the
I have your
Federal Reserve Board and the market. After reading your letter. I can
not help but feel that you had in mind statements made by newspapers and
others rather than anything said by the Federal Reserve Board itself. I am
accordingly sending you a copy of the Board's statement which was made
public under date of Feb. 7, outlining their position on this subject.
Sincerely yours,
A. W. MELLON
Secretary of the Treasury.
I. MONTEFIORE LEVY,Esq.,
Woolworth Building,
233 Broadway,
New York.
The Board's statement, referred to above, was given in
our issue of Feb. 9, page 822.
Credit Situation in New York—Call Loan Rate 20% on
Heaviest Day's Trading—Over 8 Million Shares Dealt
in—National City Bank Aids Money Market.
A break in stock market prices on Monday, March 25,
when call money went to 14% (the highest since July 1,
1920), was followed on March 26 by a stupendous volume
of trading, with the further rise in call money to 20%—
heavy selling, and new low prices during the day, giving
place in the last hour to a spurt in buying orders, with
advancing prices. The amount of shares traded in that day
reached over eight million shares, actually 8,216,740 shares.
The "Times" of March 27 thus recorded the previous day's
(March 26) market developments:
[VoL. 128.
New low prices for the year established by more than 300 separate
industrial and railroad issues.
The New York "World" of March 27 described Tuesday's
break and subsequent recovery as follows in an article by
Laurence Stern:
The deadlock which has existed for weeks between the stock market
and the Federal Reserve Board was smashed yesterday in a trading
session which broke Wall Street records, stock prices and speculators
galore.
Never before has the financial district experienced a day of such
amazing volume and such kaleidoscopic change. During the greater
part of the Stock Exchange's five-hour business period a veritable flood
of liquidation converged upon the commission houses of lower Manhattan
from every quarter of the civilized world. Under this impact the stock
list buckled and broke, dozens of popular issues declining as much as
10 points or more.
Buying Matches Selling.
Then, as if by magic, the storm clouds lifted. In the last hour and a
half frenzied buying assumed proportions which matched the previous
selling. In this rush the heavy losses were scaled down and in numerous
stocks converted into net gains.
An observer looking merely at the closing quotations would assume
it had been a comparatively mild and peaceful day; but those participating in the jarnbore, either as buyers or sellers, must have had all the
thrill of riding a bucking broncho. For countless thousands of small
speculators it was a bitter, bruising experience.
In that quick change from extreme depression to brisk rally, a remarkable transformation occurred in the character of ownership of the floating
supply of stocks in Wall Street. Over-extended or frightened speculators
by the thousands stepped out or were thrown out. Prudent investors and
nimble traders with a supply of reserve cash stepped in. The familiar
speculative cycle had completed itself in record time.
Values Wiped Out, Restored.
The process represented the most violent contortion Wall Street has
ever witnessed. It wiped several billions of dollars from the paper
valuation of listed securities and just as quickly made restitution. It
was a financial earthquake whose force extended to every securities
exchange in the country and to most of the commodity markets. It not
only smashed security values but sent cotton and grain prices tumbling.
In this mad rush a total of 8,246,740 shares of stock changed hands
on the floor of the New York Stock Exchange. The former record,
established in a booming bull market on Nov. 23, 1928, was 6,954,000
shares.
The unprecedented volume of business sorely taxed the physical resources of the Exchange and of the hundreds of brokerage firms. It
completely swamped the quotation ticker, which spent most of the day
printing ancient history. This device, considering a mechanical marvel
not so long ago, became a thing to be sneered at.
Ticker Lags All Day.
In the first half-hour, with 705,400 shares dealt in, it fell ten minutes
behind floor operations. At noon 2,839,400 shares had changed hands
and the tape was twenty-six minutes late. Its lag had been increased to
fifty-eight minutes by 1:30 P. M. and 5,639,400 shares had been dealt
in. At 2:10 it was one hour and thirteen minutes behind and transactions totaled 6,686,500 shares. At the clang of the closing gong at
3 o'clock it was an hour and twenty-three minutes late. It recorded the
final sales of active stocks at 5:06:30 P. M., by all odds a record in
tardiness.
The early smash in prices followed seven consecutive sessions of liquidation and, like Monday's sharp decline, was directly caused by a severe
squeeze in call money. The renewal rate was 12%, the highest since
early January. Although withdrawals of funds did not exceed $15,000,000, the potential supply appeared suddenly to have been dammed
up. The rate advanced to 15% and the floodgates of liquidation were
opened. By early afternoon, as brokers made frantic bids for funds, the
rate had advanced in another single jump to 17%.
Selling then reached its crest, establishing prices which appealed to a
horde of bargain hunters. At this first indication of substantial demand,
fast-working bearish speculators began to convert their profits into cash
by covering short lines. The rally was on.
It made no difference that call money soared to 20% shortly before
2 P. M. The market already had become immune to further shock.
The final increase was utterly ignored, causing not a ripple, although it
established the highest rate since Feb. 5, 1920.
Unusual significance attaches to the development of this situation in
the call-loan market. It is the most important credit development since
the Federal Reserve Board on Feb. 7 issued its now famous warning
against further expansion of the volume of credit utilized in the stock
market. The squeeze supplies tangible evidence that the banks of the
country, whether by concerted agreement or tacit understanding, are
co-operating with the Reserve Board in its program. The result must
be judged an important victory for the central banking power.
After getting over the first shock of that Feb. 7 warning, Wall Street
had spent weeks wondering what the Reserve Board would do. Through
sale of Government bonds and by increasing the rates on bankers'
acceptances the board exerted a steady but moderate pressure on the
Stocks crashed yesterday in the biggest market day in the history of
the Stock Exchange. 'Nervous and apprehensive over lost profits and
quickly mounting losses, speculators, from the shoe-string trader with money market. This was not enough to convince the speculative public
an odd-lot to the plunger with thousands of shares, dumped them into that the board meant business.
the maelstrom as the rate for the use of call funds on securities mounted
Attack Unexpected.
from 12% to 15, then to 17, and finally to 20%.
Wall Street was mainly concerned over the possibility of a raise in the
.A brisk recovery in the last hour of trading, ranging from 5 to 20
points, brought many stocks to a point where losses on the day were level of rediscount rates, the most powerful weapon in the hands of the
inconsequential, but that rally was too late for thousands of stock- board. It saw little evidence that the bankers were co-operating with the
holders and speculators who had thrown their holdings overboard earlier board in reducing collateral loans and scarcely expected a decisive attack
in the day. Paper losses, although impossible of accurate calculation, from this front, although the possibility had been freely discussed.
Approximately half of the money used in the call market represents
ran into millions of dollars.
the surplus funds of corporations and wealthy individuals over which
the banks have no direct control. Because of this circumstance many
The Events of the Day.
speculators jumped to the conclusion that the Reserve banking system
Outstanding developments of the day were:
A turnover on the New York Stock Exchange of 8,246,740 shares, had lost its former control over the general money market.
But the difficulty is that at certain credit settlement periods, notably
exceeding the largest previous day's turnover by 1,292,720 shares;
Advance in the call-money rate to 20%, the highest since Feb. 5, 1920, around the first of each month, some of this uncontrolled money is withWith "Street funds" reported loaned at 22%, on calling of only drawn from the market for dividend and interest payments and other
purposes. Acute stringency then arises unless the banks step in and
$10,000,000;
Weakness in the bond market, with the year's biggest sales, aggregating fill the gap.
In the past they have been willing to do so. Why the showdown has
$13,874,000, and with drastic declines, especially in convertible bonds;
Lower prices in practically all commodities, with cotton, wheat and been so long delayed is not clear. The opportunity presented itself on
March 1 and again on March 15. It was not grasped, however, perhaps
corn most seriously affected;
MAR. 30 1929.]
FINANCIAL CHRONICLE
because of the important March 15 financing program of the United
States Treasury.
The first evidence of drastic banking action came in Chicago last week
when banks there demanded that collateral loans be reduced 25%. The
resultant selling movement extended to the national market on the Stock
Exchange here and offered a strong hint, which many overlooked, that
similar pressure be exerted at this centre.
It was a prime opportunity for the banks to make the most of their
power, for April 1 is a quarterly settlement date, involving the heaviest
credit turnover since Jan. 1. Money is now being withdrawn to meet
this demand, corporations have little they can spare for the next few days
and the banks are deliberately keeping hands off. That is why a 20%
bid is necessary to attract funds. It probably will attract a supply
today, and the stringency may soon be relieved.
2013
were some sharp losses at the close, it was true, but many, stocks
recovered all of the lost ground and most of them a part of it. Despite the fact that the recessions, net, were smaller than on the previous day, the market .was much more violent and spectacular than
was Monday's. Such representative issues as United States Steel,
Anaconda, Bethlehem Steel, General Electric, Johns Manville, Kennecott Copper and Allied Chemical and Dye led the recovery.
Feature is Tremendous Volume.
Possibly the day's single outstanding feature was the tremendous
volume of sales, constituting a new high record for all time for a
single five-hour day. These sales, representing the first 8,000,000share turnover that has ever been reeled off, were not entirely visible
to the market watchers because of the abbreviations which eliminate
all record of volume of less than 5,000 shares. The cumulative volume,
Reserve Meeting To-Morrow.
as recorded by the tickers yesterday, in comparison with the next
largest day, on Nov. 23, is shown in the following table:
Wall Street has lost almost all fear of tomorrow's weekly meeting of
Nov. 23, 1928
directors of the Federal Reserve Bank of New York. In view of the March 26, 1929
1,327,200
drastic shake-out which has occurred the possibility of an increased redis- 10:30 A. M.— 705.400
—2,839,400
3,418,400
count rate is regarded as an academic matter. If it comes few expect it 12:00 M.
1:30 P. M.-5,639,400
5,312,000
to have any important market effect. Most doubt that it will come,
5,699,100
2:10 P. M.-6,688,500
because the selling of the last eight days will produce a huge decline
6,954,020
3:00 P. M.-8,246,740
in the next weekly report on brokers' loans, probably more than enough
So critical has the credit situation become, and so nervous and apThe last hour's rally on Tuesday is detailed in the New prehensive, that liquidation soon developed in other markets. Agricultural commodities were hit hard by the day's developments, because
York "Times" of March 27 follows:
in a measure the transactions in futures in these markets must be
The policy of restricted credit for speculative purposes, espoused sustained by credits or funds which may be termed speculative.
by the Federal Reserve Board and now concurred in generally by
The day's declines in these markets, nervously sympathetic with
bankers throughout the country, was the prime factor behind one of stocks, were as follows:
the most drastic shake-outs the market has ever experienced. The
Cotton-7 to 21 points.
intention of the board to bring about a diversion of the country's
Wheat— 2% to 35.c.
available credit supply from the securities markets to the normal
Corn-234 to 3c.
channels of business has been well known to the country at large, but
Oats—% to 134c.
until the last few days was not taken seriously. Pools continued to
Coffee
-6 to 10 points.
push up their stocks and prices were halted only by an advance in
Provisions
-5 to 40c.
the call rate.
Sugar-3 to 5 points.
Tighter and tighter the strings about the credit supply have been
That a 20% rate for call funds, in view of the present thriving
drawn by bankers, particularly since the tremendous expansion of $166,- industrial state of the country, is obviously artificial is freely ad000,000 in brokers' loans last week. It culminated in the smash in mitted. However, bankers, especially New York bankers, are cooperatthe market on Monday, when the call rate ran up to 14%, and in ing with the Federal Reserve Board in withholding new credits on
another drastic decline yesterday when the 20% figure for call loans securities and drawing tight the lines wherever possible. At one time
was reached on withdrawals of only about $10,000,000 from the call yesterday afternoon, with money at 20% and with something over
money market, a comparatively small sum in consideration of the size $10,000,000 wanted at the Exchange call desk, there was available for
of the credits speculatively employed.
lending purposes little more than $300,000.
Opening is Closely Watched.
1921 Situation Paralleled.
With the background of a week's steady decline back of them, and
with tremendous recessions established in stocks of all sorts on Monday, the opening of yesterday's market was watched with interest
wherever an Exchange ticker tapped out its hieroglyphics.
With drawn faces, plainly exhibiting their nervousness, thousands
watched with breathless interest the few first quotations. Margin calls
had gone out by the hundreds on the previous night. Mainly, they
were well answered, but in those cases in which no response was
made, orders to "sell at the market" were entered by brokers for their
customers' accounts. The first few minutes of trading were uneventful. A fitful, but feverish rally was started in a few isolated issues,
but it did not last long. Stocks sold for what they would bring,
either by force of necessity due to lack of additional margin, or out
of the hands of thoroughly frightened speculators, soon overwhelmed
the markets, and by the time renewal rate of 12% had been posted
the market was in full retreat.
The morning smash was one of the widest on record. Stocks dropped
like plummets, from 5 to 17 points and with no visible signs of support. Thousands of accounts were wiped out in this violent swing and
many thousands of speculators, on their own volition and in a stage
bordering panic, committed financial hari-kari. Every brokerage house
in New York and throughout the country was jammed to the doors
with excited customers.
The most recent parallel offered in financial history occurred in
January and February of 1921, and as at the present time it was
money stringency which brought about the tremendous liquidation which
marked the collapse of the post-war boom. On only two days of
January, 1921, did the call rate fail to get above the 6% figure. On
the 2d, 13th and 14th the high figure was 15%. On the 12th and
the 29th the high was 18% and on the 30th it was 20. This condition continued through February of 1921, a high of 16% having
been recorded Feb. 1, of 14% Feb. 2, of 25% Feb. 4, of 20%
Feb. 5, of 17% Feb. 6, of 14% Feb. 9, and then gradually getting
down to 7% and then to 6%, but with an other spurt upward on
Feb. 25 to a high of 15%, with 10% the prevailing rate on Feb. 26
and 10 to 12% the range on Feb. 27. The renewal was 14% Feb 2,
3 and 4, 17% Feb. 5 and 6, 14% Feb. 9, 10% Feb. 10, 8% Feb. 11,
7% Feb. 13, 16 and 17, 6% Feb. 18, 19, 20 and 24, 7% Feb. 25 and
10% Feb. 26 and 27.
"The back of the bull market has been broken," was the word that
went about Wall Street yesterday. At any rate, speculative courage
has been scotched, and it will require many days for the market to
recover from such drastic declines as overwhelmed the market in the
first two days of this week.
Noting that more normal conditions were established in
the stock market on March 27 by the failure of money rates
Tickers Fall Far Behind.
Their difficulties multiplied because the tickers fell behind on the to go above the renewal figure of 15% and a broad recovery
opening of the market and were from an hour to an hour and a in prices occurred which extended to most issues on the list,
half late from midafternoon on. At 3 o'clock the market was ninetythree minutes late and the day's final quotation was not printed until and stating that about $40,000,000 had been made available
5:14%. This brought intensified confusion. Prices on the floor were in the money market, the "Journal of Commerce" of March
at times from 5 to 10 points away from the current quotations on the
tickers, and "tape readers" had no opportunity to get their bearings. 28 said:
According to money brokers, about $40,000,000 of new funds were
About all they could do was to buy or sell at the market and to
made available to the market, to a large extent from Canada. Canatake what prices they could get.
The difficulties thus encountered are illustrated by the fact that in dian exchange was acutely weak as a result. The foreign institutions
the afternoon rally, when Radio common was quoted on the tape at were said to be strongly influenced by the fact that a short period of
83, it was selling on the Exchange floor at 95. Similar conditions high money seemed to be assured here. These outside sources of
funds generally do not become productive when higher rates for only
existed in most volatile issues.
a day or two are indicated, it is said, but prospects of sustained high
'The following table shows by periods the delay in the ticker:
rates have an important influence in attracting money.
Minutes
Minutes
Time
Delayed
Volume Lower.
Time
Delayed
10:15
9
1:00
46
The rally in stocks yesterday carried issues back to a point where
10:30
10
1:15
51
a substantial part of Monday's decline was cancelled. While all groups
10:45
11
1:30
58
participated in the recovery, the oils, coppers, steels and many in11:00
13
1:45
63
dustrial specialties made the greatest gains. In a very few cases,
11:15
14
2:00
69
stocks shot up to new high prices. Among the latter were Inter11:30
15
2:15
75
national Telephone & Telegraph, which rose 1834 to 260%. The rails
11:45
21
2:30
77
showed a gain roughly equal to one-third that of the general industrial
26
12:00
2:45
80
averages.
12:15
30
3:00
93
The volume of turnover showed a substantial decrease, fa1him ti
12:30
31
5:144
Close
5,613,400 shares. Brokers ascribed this to the absence of the volumi12:45
35
nous necessitous selling, which took place in the market the previous
day, which swelled the sales to the highest figure yet attained. The
Rally Comes Unexpectedly.
The market's recovery was as spectacular as it was sudden, and advance was said to have corrected the generally impaired margin
market the
to most persons unexpected. It did not start until well after 2 P. M., positions of many traders, and to have removed from the
have thinly
at a time when the market was weakest, with money at 20% and many forced stop-loss orders, which had been placed to
margined accounts.
trading in a state of almost complete demoralization. It developed
National City's Position.
from a combination of factors: first, the throwing into the market of
buying orders in large volume of five pivotal stocks by one of the
The local banks were said to have played no important role in yeslargest financial institutions; second, by purchases made by terday's lending, although they added greatly to general confidence.
Street's
investment trusts, corporation officials and individual buyers, who The National City Bank was especially prominent in this connection,
were taking stocks on a scale; third, by those who had sold for the offering $25,000,000 in $5,000,000 units at 1% gradations from 16 to
decline and who had to rebuy their stock to garner their profits. These 20%. It is thought this attitude of the National City Bank which
factors provided a resilient cushion from which stocks rebounded when other institutions were expected to follow, would act to discourage any
the decline had run its course, and in such buoyant fashion as quickly renewed tendency to sharp advances in the call money rate. In fact,
to restore professional confidence, at least, all along the line. There local banks actually made heavy calls of funds, one large institution
2014
FINANCIAL CHRONICLE
calling $20,000,000 at the same time that it offered large amounts of
new money, according to money brokers.
Stephen Baker, Chairman of the Bank of the Manhattan Co., expressed
the attitude of the banks as being designed to 'avoid a stampede in the
market, although they favored a slow and steady reduction in the volume
of call loans at the present time.
Recounting the developments on Thursday, March 27 (the
Stock Exchange was closed yesterday—Good Friday—and
will also observe today—Saturday—as a holiday) the New
York "Times" of yesterday stated:
Despite the violent smashes of stocks in the earlier part of the week
and the elimination of thousands of speculators irom market consideration,
stocks on the average show a gain on the four-day week which closed
yesterday, the advances of the last two trading days wiping out the losses.
The record for the four days, among the wildest in market history,
with the gyrations of the average of fifty representative stocks as compiled by "The New York Times" is as follows:
Net Change 50
Sales
Combined Averages
5,860,210
—5.87
Monday
Tuesday
8,246,740
—2.00
Wednesday
5,618,990
+5.91
Thursday
5,096,320
+3.30
Total
24,822,260
+1.34
Further recovery was accomplished yesterday by a market which appeared to have shed its apprehension and in which the bears were in
flight most of the day. Gains ranged from a point or so to more than 14.
The main trend was upward and buyers wet e in the majority. Pool
Operations have hen resumed in aggressive fasl,ion and individual buyers
once more are taking stocks in a determined fashion and the market is
evidently in a much sounder condition.
Two developments served to sustain the market yesterday. First was
the reduction of the call money rate yesterday from 15% by easy stages
down to 8%. Ample funds were to be had in the "Street market" at 6.
This was due to the dumping into the money market of funds which
have been segregated here for interest and dividend payments on April 1,
which will amount to about $500,000,000, to the reloaning of the interior
bank funds at this centre, and to the attraction to this market of a
considerable amount of foreign funds, seeking the high rate of return
available in the American money market.
Borrowings were light. Brokers find that weak accounts have been
liquidated, many large accounts reduced and borrowing necessities generally are light.
The seconu factor to promote cheerful market feeling was the expectation that brokers' loans would show a tremendous reduction. Disappointment was expressed when the figures were finally made public by
the Federal Reserve after the market's close. They showed a contraction
of $144,000,000, lacking $22,000,000 of wiping out the expansion of the
previous week.
Yesterday's market was full of features. Communications issues, particularly Radio and International Telephone and Telegraph, pushed
vigorously ahead on reports that a merger of the two companies was
under negotiation. The copper shares responded well, as did most of
the steel and motor issues, although gains in these groups were moderate.
As already noted, the sensational rally in the last hour on
Tuesday was followed by further recovery on March 27
and 28 from the strained conditions prevailing on the preceding days of the week (the market on Wednesday and
Thursday assuming a marked buoyancy) ; the easier conditions in the money market, on March 27, said the "Journal
of Commerce" were ascribed by money brokers to the influx
of funds from foreign sources, but in Wall Street most
attention was paid to the statement of President Charles E.
Mitchell of the National City Bank that his institution for
one would not permit a crisis to occur by withholding funds
in response to a warning by the Federal Reserve authorities.
This statement by Mr. Mitchell appeared in the "HeraldTribune" of March 27 as follows:
"So far as this institution is concerned," declared Charles E. Mitchell, president of the National City Bank, yesterday, "we feel that
we have an obligation which is paramount to any Federal Reserve
warning, or anything else, to avert, so far as lies within our power,
any dangerous crisis in the money market.
"While we are averse to resorting to rediscounting for the purpose
of making a profit in the call market, we certainly would not stand
by and see a situation arise where money became impossible to secure
at any price."
Disclaiming any attempt to speak for New York bankers as a whole,
Mr. Mitchell made it plain, nevertheless, that he doubted whether
any of the great banks of the city would deliberately stand aside and
see a crisis precipitated rather than extend credit to the stock market.
As far as the National City was concerned Mr. Mitchell said, no
sooner did word come of the straitened credit conditions which had
caused the rates on demand loans to leap successively from the renewal rate of 12% to 15%, 17 and finally 20%, than the bank supplied a substantial sum of money to the market.
Another prominent bank president, who refused to be quoted, asserted that his institution was prepared to do everything in its power
to relieve the situation. "Our statement will show," he said, "that
we have gone to the Reserve heavily in order to meet the present
credit crisis."
There has been widespread credence given to the belief that, in
response to Federal Reserve pressure, local member banks had agreed
to refrain from "easing the situation" over the end of the quarter
as they did over the year's end, at which time the rise in call money
was halted at 12%.
This belief was vigorously denied by prominent bankers yesterday,
who asserted that it is ridiculous to suppose that the great New York
banks would deliberately co-operate to bring about a state of demoralization in the stock market. Money, they emphasized, was tight. But,
they declared, the banks would not see the situation grow to panic
proportions, and they were well able to lend assistance before such a
state was reached.
[Vora. 128.
On March 27 the "Wall Street Journal," indicating the
move taken by the National City Bank in assisting the
money market, said:
National City Bank continues its policy of standing ready to supply
the money market with funds if necessary. Charles E. Mitchell, persident, stated the bank offered an additional $25,000,000 to be loaned
as follows: $5,000,000 each at 16%, 17%, 18%, 19% and 20%.
There is no concerted action among the banks to supply the money
market with funds nor is this action prompted by any intimations
from the Federal Reserve Bank. The City Bank is taking the initiative in this regard in expectation that other banks will follow suit to
prevent any undue stringency in the market.
Criticism of President Mitchell's action by Senator Carter
Glass is referred to elsewhere in this issue.
The market break of this week was preceded, as indicated in our issue of March 23 (page 1828), by uneasiness
evidenced on the stock market on March 22, at which time
conferences, presumably on credit conditions, were had between Governor Harrison of the New York Federal Reserve
Bank and the Federal Reserve Board. As to the break on
Monday, March 25, we quote the following from the New
York "Journal of Commerce" of March 26:
A rise in call money to 14% along with growing uneasiness over
the credit situation and the fear of further drastic corrective action
by the Reserve authorities caused a severe break in prices on the New
York Stock Exchange yesterday. Active stocks showed losses ranging
from 3 to 50 points in numerous instances, and the decline compared
with severity with that of December 7, the worst ever recorded in the
history of the exchange.
The widespread chaarcter of the liquidation which swept the market
yesterday was indicated by the turnover of approximately 5,860,000.
This represents one of the heaviest turnovers in recent months.
Brokerage house opinion turned bearish, and rumors of further adverse credit developments circulated freely in Wall Street. There
was general fear that the Reserve Board would seek to prevent a
reversal of the market and a resumption of the upward movement by
raising the rate this week, thus making its action effective at the
psychological moment. Another widely circulated report was that a
fundamental change would take place in the Administration attitude
toward the speculation situation, and that Secretary Mellon may resign the Treasury portfolio in the Cabinet before long. (This was
later denied, Ed.)
The decline in the market yesterday was well-nigh universal, as
brokers sought to correct the impaired margin situation. The decline
in prices during the last few days has been severe enough to impair
the accounts of many customers, especially as the leading brokerage
houses are insisting that the recently established rigid requirements
be kept good. The margin situation is regarded as the most delicate
feature in the immediate future outlook for the market.
Scarcity of Money.
A rise in call money had been anticipated this week, but the advance came sooner and was more drastic than had been anticipated.
Brokers were especially surprised when the establishment of a 12%
'rate in the afternoon failed to bring out any funds, while about
$30,000,000 was demanded on the floor of the exchange by brokers to
replace funds withdrawn, to a large extent by Chicago brokers.
When the 14% rate was reached, the highest figure since July 1,
1920, money brokers hastily canvassed the Wall Street banks for funds.
At least three of the leading institutions refused to advance money
even at this rate, but others did put out small amounts and it is
estimated that about $30,000,000 was loaned at the high rate.
Behavior of Over the Counter Stocks in Stock Exchange
Crash.
Trading in the "Over Counter Market" during the early
part of the week reflected to some extent the erratic movements of the "big board." On Wednesday, however, an all
around improvement characterized the movements of the
market and brisk rallies among the more important issues
carried many of the more active stocks to higher levels. The
noteworthy price changes among the bank stocks included a
loss on Monday of 200 points by the First National Bank of
New York followed by a further drop of 80 points on Wednesday. Bankers Trust yielded 125 points on Monday and on
Tuesday United States Trust dropped about 100 points.
Recessions ranging from 5 to 60 points were also recorded by
some of the more popular issues. Conspicuous on the upside were such issues as National City, Chase and Guaranty,
followed by Manhattan Company, Park and Irving Trust
Co. On Wednesday Chemical National moved ahead 75
points and Farmers Loan and Trust improved 70 points.
Most of the insurance stocks were quiet during the forepart
of the week and obtainable at lower levels until Wednesday
when many of the more prominent issues displayed sharp
improvement as a result of the brisk advances all along the
line. The principal advances were National Fire and Automobile 50 points, City of New York 20 points. Aeronautical
stocks followed the trend of the market and eased off from 2
to 6 points during the early part of the week but recorded
substantial gains as the drift turned upward on Wednesday.
The most impressive of the gains included National Air
Transport 10 points, Western Air Express 7 points and
Lincoln Aircraft 3 points which raised most of these shares to
the levels of the early part of the week. Chain store stocks
were featured on the downside by A. & P. common, Metropolitan Chain (new) and J. C. Penny (new) common all of
MAR. 30
1929.]
FINANCIAL CHRONICLE
2015
give
greater power
venes April
which slipped back from 3 to 5 points. Industrial and public its will. It 15, in an effort to other the board are preparing to enforce
Senatros
is reported that
to launch
eased off on Monday and Tuesday, but turned an attack upon the speculative era on the exchanges shortly after
utilities
strong later in the week, when moderate gains were recorded Congress assembles.
Glass a Financial Authority.
by such stocks as National Paper & Type, Jenkins Draper
Senator Glass is a member of the Senate Banking and Currency
Corp. and Eismann, common. Dictaphone common, Committee and has been one of the leading figures in the Senate
Bowman-Biltmore issues and Scovill-Adams Mills were in connection with financial legislation. He had charge of the Federal
Reserve System measure in the House in the administration of Woodpractically at a standstill.
when Senator Glass, then a Representative,
chairto On Thursday bank stocks and trust company issues forged row Wilson, House Committee on Banking and Currency. was served
He
man of the
vigorously ahead and sharp upturns were scored by several for a time in the second Wilson Administration as Secretary of the
prominent issues. First National Bank of New York for Treasury and chairman ex-officio of the Federal Reserve Board.
instance advanced about 200 points, United States Mortgage & Trust gained 50 points, Seaboard moved up 35 points President Mitchell of National City Bank Says His
and Corn Exchange Bank 30. The insurance group disInstitution Will Continue to Aid in Critical
played renewed activity and were featured by Aetna Life
Money Market Situations.
of which recorded a gain of 35 points.
and Phenix each
Supplementing his statement earlier in the week that
Home Insurance improved 12 points and Aetna Casualty &
his institution would stand ready to aid in a threatened
Surety climbed about 15 points. Aeronautical stocks were in
crisis, Charles E. Mitchell of the National City
active demand and moved briskly upward, Lincoln Aviation money
of New York, further indicated yesterday (March 29)
Corp. gaining 3 points and susbstantial improvement was Bank
Bank's intention to do its part in relieving a tense
recorded by National Air Transport and American Airports. the
money situation, his utterances, however, containing someIndustrial stocks were moderately stong and were represented
a warning against overconfidence on the part Of
on the upside by Canadian Celanese, preferred with a gain of what of
speculators. Mr. Mitchell was yesterday reported as
5 points and Industrial Finance, preferred which advanced
3 points, Chain stores were active but generally lower. saying: be assumed that we will endeavor at all times to avoid critical
It can
Sugar stocks most of which had been somewhat sluggish situations, but we will not be alone. Other banks, it is safe to assume.
during the early part of the week displayed renewed activity, will take the same view.
Saw Services Effect Otherwise.
Savannah climbing upward 3 points and National and
It was not so much the amount of money we lent, but the fact that money
Fajardo 1 point each
could be had. If we had withheld our funds, in my opinion, it would have
had a very serious effect on the business of the whole country.
The above is an extract from last nights' Brooklyn
Senator Carter Glass Criticizes President Mitchell of National City Bank of New York for Extending Financial "Eagle"; another of yesterday afternoon's papers—the
Aid to Stock Market—Says Action Unfits Him for New York "Telegram"—indicated as follows what Mr.
Position as New York Federal Reserve Bank Director. Mitchell had to say to newspaper reporters:
The credit crisis of this week is a closed book; that is obvious from the
Criticizing the action of President Charles E. Mitchell,
way money acted during the past two days.
President of the National City Bank, in extending financial
But on the heels of this assurance Mitchell warned against overconfidence
For if the
aid to the stock market following the break on Monday and on the part of the public. speculatorspublic were to assume that an "all
a recurrence of the crisis of Tuesday
has been set for
Tuesday, March 25 and 26 (which we refer to elsewhere in clear"signal
would be inevitable, he said.
today), Senator Glass declares that Mr. Mitchell
our issue
Still Points to Expansion.
"vigorously slaps the Board [Federal Reserve] squarely in
"It would be unfortunate," he said, "if any action we took to meet the
the face and treats its policy with contempt and contumely." crisis had been construed by the public as indicating that our warnings,
and again repeated, in regard to undue credit expansion had in any
Senator Glass characterizes Mr. Mitchell's course as "a chal- againbeen changed."
way
the authority and the announced policy of the
lenge to
Mitchell's statement was made to newspaper men summoned to his office.
by the criticism directed against him
Federal Reserve Board," and he says "the challenge ought to Although he may been actuated in Washington last night, he declined by
to
Senator Carter Glass of Virginia
and courageously dealt with."
be promptly met
discuss the statement in which the Senator said Mitchell should resign as
Reserve Bank.
The Senator adds that "the Board should ask for the a director of the New York Federal
"I have nothing to say about the Glass matter." he said.
Immediate resignation of Mr. Mitchell as Class A director of
He then launched upon an analysis of the present credit situation and
the New York Federal Reserve Bank." The statement of Indicated, although he did not say so in so many words, that he felt it incumbent upon him to make a further statement of his position, in View of
Senator Glass, issued at Washington March 28,follows:
great influence the announcement he made Wednesday had had upon
"The Federal Reserve Board has adopted the administrative policy
of having Federal Reserve Banks remonstrate with member banks
against permitting the facilities of the Federal Reserve System to
be used for stock speculative purposes.
"This should have been done long ago, before the situation got out
of hand. Now that it has been done, a Class A director of a Federal
Reserve Bank, himself President of a great banking institution,
vigorously slaps the Board squarely in the face and treats its policy
He avows his superior obligation
with contempt and contumely.
to a frantic stock market over against the obligation of his oath as
a director of the New York Federal Reserve Bank under the supervisory authority of the Federal Reserve Board.
"Mr. Mitchell's proclamation is a challenge to the authority and
the announced policy of the Federal Reserve Board. The challenge
ought to be promptly met and courageously dealth with. The Board
should ask for, the immediate resignation of Mr. Mitchell as a Class
A director of the New York Federal Reserve Bank.
"If the National City Bank in New York, or any other member
bank of the System anywhere, imagines it is greater than the Federal
Reserve System and may defy and reject the considered policy of the
Federal Reserve Board, it should at least be given to understand
that the President of such a bank will not be permitted to have an
official part in the management of the Federal Reserve System.
"I do not know what the Federal Reserve Board will do about
it, but I have a very decided iconviction as to what it should do, and
that swiftly.
"The whole country has been aghast for months and months at
the menacing spectacle of excessive stock gambling, and when the
Federal Reserve Board mildly seeks to abate the danger by an
administrative policy, fully sanctioned by law, rather than by a prohibitive advance in rediscount rates, which might penalize the legitimate
business of the entire country, an officer of the System issues a defiance
and engages in an attempt to vitiate the policy of the Federal Reserve
Board.
"Whatever his abilities as a banker may be, or however high his
character, the spirit manifested by Mr. Mitchell totally unfits him
the
the subsequent course of stock prices.
Own Bank's Loans Drop Again.
His own bank, he said, had increased its loans in the call money market
by something more than $25.000,000 Tuesday and Wednesday. At the
high point of the bank's "street loans" Wednesday the figure stood at
5150.000,000.
This, he said, compared with an average which fluctuates between
$100,000,000 and $125,000,000. Yesterday the total was somewhat reduced, and to-day it stands at $139,000,000.
Not one cent of this $130,000,000 represents money obtained at the
Federal Reserve Bank, for at the close of business yesterday the National
City had settled all its accounts and to-day had no rediscounts with the
Federal Reserve.
Borrowed Only $35,000,000.
During the crisis of Tuesday the National City called on the Federal
Reserve for approximately $35,000,000. This was not a large amount,
relatively, compared with the sums it had sought at other times, for the
figure had often run well above $50.000,000, he said.
Even during the present week, when credit had been exceptionally
stringent the National City had been a Federal Reserve borrower only
three days out of six, he said. These were Tuesday. Wednesday and Thursday: Frequently there are periods of weeks when the bank does not rediscount any paper.
His action of Tuesday, when he went to the rescue of a falling stock
market, induced wholly by a credit squeeze, he regarded as a "public
service for the protection of business, industry and commerce generally::
he said.
Aid Didn't lean Approval.
"It was only a matter of common sense to give our aid at a time when
the credit situation became tight," he said.
His chief concern now, he said, was that the public might fail to realize
that going to the aid of the market did not carry with it the approval of
speculative excesses.
"I feel that the people of this country as a whole would be well-advised
to bear in mind that the credit situation can again become serious unless
they voluntarily see to it that in their margin accounts they lean leas
for the position of director of a great Federal Reserve Bank. This is heavily upon loans," he said.
He declined to set a figure at which accounts should be margined, but
not an age for the manifestations of a Nicholas Biddle."
was an unhealthy condition which permitted seculators to enlarge
Referring to the issuance of the above, the "Tines" in a said it
their operations by making an ever greater demand upon the brokers.
28 said:
who in turn called upon the banks to finance their customers.
Washington dispatch March
Simultaneously it was indicated that Senator Glass, who has been
-AIL
Says He Has no Cure
deeply stirred by the speculative activities on the New York Stock
Asked how he expected to induce the public to become more conservative
the Reserve Board has faced in its in Its transactions, he said he had no cure-all.
Exchange and the obstacles that
efforts to effect a reduction of the huge total of brokers' loans, intends
"I should certainly dislike to set myself up as a preacher on financial
to introduce a measure in the special session of Congress, which con. matters," he said. "But I do have a feeling that if people individually
2016
FINANCIAL CHRONICLE
stopped to consider the condition which has developed they would feel
impelled to exercise restraint."
The real problem, as he saw it, he said, was the maintenance of confidence in the business structure without permitting this confidence to
grow into exuberance.
"Undoubtedly," he said. "some of the people who lacked conservatism
a week ago are now quite conservative."
The criticisms of Senator Glass are noted elsewhere in
our issue to-day.
Credit Situation at Chicago—Vast Sums on Call at
New York Made Available to Chicago Banks—
Governor McDougal of Chicago Federal Reserve
Bank Confers with Federal Reserve Board.
The credit situation at Chicago, which has given almost
as much concern as that in New York, was reported on
Mar. 22 to have caused the putting into motion of plans
for a $40,000,000 money pool. While President Wood of the
Chicago Stock Exchange is reported as stating that the
move to relieve the situation represents in no wise a "money
pool", it was stated in the Chicago "Journal of Commerce"
of Mar. 25 that "millions of dollars of corporate funds which
have been placed on call in the New York stock market will
be made available to Chicago brokers to-day in an effort to
right a credit situation here which has become more acute
each day and which has been given the attention of the
Federal Reserve authorities." In stating this the Chicago
"Journal of Commerce" added:
The amount of money which will be made available for loans on collateral security has not been made known, but a score or more companies
have announced their willingness to co-operate to the extent of loaning
out from $500,000 to $2,000.000 or more. The total of corporate funds
which might possibly be transferred has been estimated as high as $100,000.000.
These funds will enable the brokers to liquidate a large part of their
Collateral borrowings from banks and in that respect help the banks to
reduce their borrowings from the Federal Reserve Bank of Chicago.
Not a Money Pool According to President of Chicago Stock Exchange.
This movement is in no wise a money pool, it was made plain last night
by R. Arthur Wood, President of the Chicago Stock Exchange. No
money pool has been formed here, nor will there be, Mr. Wood declared,
adding that there is nothing serious or critical about the money situation
in Chicago.
"Due to pressure put on our local banks recently by the Federal Reserve
Board a condition did arise wherein the brokerage houses of Chicago were
asked to co-operate with the banks in assisting to bring about a reduction in the loans of our banks from the Federal Reserve Banks," he said.
"This situation has been met in an orderly maner without the necessity
of setting up any artificial machinery.
"In order to bring relief to Chicago banks several member firms of the
Chicago Stock Exchange have asked individuals and corporations whose
securities have been listed and distributed in this market to make available
their surplus funds for collateral loans.
"As a financial market, Chicago has developed during the last year to an
extent that has required the fullest co-operation of all agencies here. This
co-operation has met every legitimate demand that has faced us. This is
evidenced by the fact Chicago investment houses, including the securities
departments of the banks and trust companies, investment bankers and
underwriting concerns, both members and non-members of the Chicago
Stock Exchange, have been bringing out a larger volume of securities
than heretofore.
"During 1928 the trading on the Chicago Stock Exchange was four
times the trading done during 1927. So far this year we have traded in
four times the volume traded here during the same period in 1928. With
this tremendous growth it would be folly to think that out banking and
brokerage institutions have not had new problems and new conditions to
meet. We have met these problems and conditions and there is nothing
In the present situation to lessen out confidence in the future."
[VOL. 128.
Associated Press accounts from Chicago, Mar. 22, carrying reports of the so-called "money pool," said:
The "Herald and Examiner" tomorrow will say that a $40,000,000 pool is
being raised to offset the drastic forced calling of brokers' loans by local
banks acting under pressure from the Federal Reserve Board.
Ten million dollars of the pool will be available tomorrow, and the balance will be raised by Monday, the newspaper will state. The pool. it
will say, is being raised by corporations whose stocks are listed on the
Chicago Stock Exchange, out of town banks and individuals.
The raising of the pool was disclosed to-night, "The "Herald and Examiner" will say, at a conference between prominent bankers and governors
of the Exchange behind closed doors.
It was stated in a Chicago dispatch Mar. 26 to the New
York "Evening Post" that the "withdrawal of call loans
from New York the last two days have totalled $25,000,000,
mainly by six Chicago corporations, mostly connected with
the radio and automobile industry," the dispatch continued:
This move is to help Chicago banks, the Federal Reserve Bank and Stock
brokerage houses.
One local bank has reduced its commitments to the Federal Reserve
$7,000,000 in two days. Stock brokers have of late in a few instances cut
commitments to banks more than $2,000,000. A number of local brokers
have transferred loans from Chicago to New York and others are reducing
lines of stocks through sales, some ranging up to 25%.
In referring to the consideration of measures to remedy the
situation the New York "Times" had reported the following
from Chicago, Mar. 23:
Various plans for alleviating Chicago's tight money situation continued
to be discussed to-day, but no concerted action was taken. Following
a conference between officials and governors of the Exchange and representatives of the big Chicago banks on Friday night, heads of several corporations whose stocks are listed on the Chicago Exchange announced
they would withdraw money that they now have loaned in the New York
call money market and make it available for loans on Chicago stocks. It
Is reported that a $40.000,000 pool is being formed for this purpose. The
Wextark Radio and Sonatron Tube companies are said to have pledged
$1,000,000 and $600,000 respectively.
Among the plans suggested at the conference was a campaign to get
the heads of Chicago corporations to restore their principal corporations to
restore their principal deposits in the Chicago banks, thereby enabling the
banks to reduce their borrowings at the Federal Reserve Bank and adopt
a more liberal policy of lending on Chicago stock. It was argued that
wealthy Chicagoans, who have made fortunes in this territory and whose
companies have prospered here, should be willing to forego the somewhat
higher interest to be obtained on the surplus funds of their companies
In New York in order to help the Chicago credit situation.
Another suggestion was that Chicago brokers who are carrying New
York stocks for customers should borrow on these securities in New York
and relieve the Chicago banks from carrying such loans. While the
brokers might have to pay higher interest rates in the New York market, which is not limited by such a law as the 7% maximum fixed in Illinois
the interest rate would be charged against customers, and it is believed they
would make little objection.
Brokers reported that heads of several corporations had made Individual arrangements for loans on their securities without recourse to the
banks.
The further advices to the same paper Mar. 25 follow:
Ready response to efforts of Chicago bankers and brokers to alleviate the
credit stringency in this reserve district was reported on all sides to-day.
Several Chicago corporations and wealthy individuals offered larger sums
to be loaned to brokers, either through the Chicago Stock Exchange or by
Individual arrangement.
"We estimate about $10,000,000 has been offered to brokers through the
Stock Exchange and that several additional millions have been loaned to
brokers by private arrangements," Arthur R. Wood, President of the
Chicago Stock Exchange,said to-night.
"Of course, it should be understood that the Stock Exchange itself Is not
having anything to do with the making of loans. The Stock Exchange
does not want to be in the position of agent for lenders and so apportioning
money or judging collateral. It is best for the banks and the lenders to do
that. The funds being loaned by corporations and individuals will help the
banks as much or more than the brokers. The latter will be enabled to
reduce their bank loans and the banks will be able to reduce their borrowings
Exchange Under Pressure.
at the Federal Reserve Bank. This is being done and as a result some of the
Considerable selling pressure has been felt on the Chicago Stock Ex- banks are adopting a more liberal policy as to loans on Chicago stocks."
It was reported that Vincent Bend's, head of the Bendix Corp.. made a
change in the last week as the result of the banks calling upon brokers to
liquidate a large part of their loans. The borrowings have been cut down loan of 3600.000 to two big Chicago brokerage houses, while the Pines
Winterfront Co. will make about $1,500,000 available within the next week.
in accordance with the requests and the bringing in of corporate funds
Up and down LaSalle St. heads of brokerage houses reported reducing
will enable the brokers to reduce their bank commitments still further.
The present situation in Chicago necessitating the liquidation of loans, their bank loans as the result of private borrowings and transferring funds
is due to several factors. Surplus corporate funds which ordinarily have from New York.
been placed on deposit in banks have been attracted to the New York stock
The "Herald Tribune" under date of Mar. 25 indicating
market by the high interest rates which prevail there. With time loans
commanding 8% and call money recently ranging as high as 10%, the in a Chicago dispatch telling of what was being done said in
attraction has been great.
part:
The result has been that banks have found themselves with decreased
Corporations whose securities are listed on the Chicago Stock Exchange
deposits at a time when commercial requirements are increasing. The
reserve ratio of the Federal Reserve Bank of Chicago has shown a steady and who had surplus funds loaned out in the East came forward almost
unanimously in helping right the situation here. Among the companies
decline and is at a level now which threatens to force an advance in the
rediscount rate, a course which would penalize business by increasing making money available for Chicago brokerage houses were mentioned the
the charge on its credit requirements. In an effort to avoid such a step. Bend's Corp., the Borg-Warner Corp., the Grigsby-Grunow Co., the
the member Federal Reserve banks have been pressed by Reserve authori- Sonatron Tube Co.,the Zenith Radio Corp. and the Wextark Radio Stores.
Inc.
ties to reduce their borrowings at the central bank.
Results attained so far in the reduction of brokers' loans in Chicago are
More Funds Sought Here.
regarded as very satisfactory. Bankers here have suggested to stock comAnother factor which enters into the present credit situation in Chicago mission houses that their commitments be cut down about 25% on an
'the flow to this centre of a large part of the collateral borrowings which average, allowing a month if necessary to bring about such a curtailment.
ormerly had been placed in New York. Eastern banks for many months One leading firm, however, has effected a reduction of about $2,000,000,
have been under pressure to reduce the amount of brokers' loans and the or approximately 20% of its loans here, since last Wednesday.
Contrary to belief in many quarters, the corporate funds made available
funds have been sought here. At the same time the broadening of the
Chicago Stock Exchange list and the heavy trading here have added to here are not being used to bolster the Chicago Stock Market. The money
requirements.
merely takes the place of the loans paid off at the banks.
the increased credit
Chicago listed stocks gave a much better account of themselves in
Heavy loans on bonds which have not moved readily into investors'
to-day's trading than the New York market. The average of 20 leading
hands also have contributed to the situation.
Because of the inability of brokers to obtain additional funds at the issues here was off about 4M points for the day.
banks here, a number of Chicago Stock Exchange firms recently adopted
Incidentally we likewise give the following which the
a policy of not accepting margin orders in certain issues here. Orders.
however, have not been refused where payment is to be made in full.
"Times" announced from Chicago Mar. 20:
There does not appear to be any discrimination by the banks between
The big Chicago hanks to-day launched a drastic move to reduce loans
Chicago and New York listed stocks in the present situation. Further for speculative purposes. Several informed their broker.clients that their
loans are being denied irrespective of the collateral being offered as security. collateral loans must be reduced by 25 to 50% and It was understood that
MAR. 30 1929.]
FINANCIAL CHRONICLE
other banks will take similar action. It is said the banks will seek to reduce
loans to individuals secured by speculative securities.
The primary object of the movement is to permit the banks to cut
down their borrowings from the Chicago Federal Reserve Bank. The
Reserve authorities for some weeks have urged them to reduce their borrowings but with indifferent success. Within the last day or two, however,
the Reserve Bank has practically issued an ultimatum that rediscounts
must be reduced.
This means the banks must call in some of their loans to brokers and
customers.
In view of this development, there was somewhat less acute fear in La
Salle Street to-day that the Chicago Reserve Bank will increase its rediscount rate Friday, although just what the directors will do on Friday
or next week is problematical. If the Chicago banks make reasonable
progress in reducing their rediscounts the reserve authorities, it is thought,
may hold off, as otherwise a higher rediscount rate is regarded as inevitable.
2017
One conclusion reached by observers is that the Board is most reluctant to use its influence to bring about an advance in discount rates
because of a fear that such a step would react upon business. But
such speculation has scant basis of fact in any word that comes from
officials at the Treasury Department. At the moment the activities
of board members and of other Treasury officials are more closely
guarded than at any time since the board by its warning of Feb. 6
made it known that it considered the credit situation acute.
The "Herald-Tribune" stated that the meeting of the
Board on Monday, March 25, was one of its regular daily
sessions, and while the credit situation may have been
under discussion again, there was nothing to indicate it.
Neither Secretary Mellon nor George L. Harrison, Governor
York, who attended last
In our issue of a week ago, Mar. 23, page 1829, we re- of the Federal Reserve Bank of New
week's meetings, were present. The return of Mr. Harrison
ferred to the interest attaching to the meeting of the directhe
tors of the Chicago Federal Reserve, because of the possi- was noted in the Washington dispatch, March 25, of
bility of an increase in the discount rate, no action, however, "Herald-Tribune," which also said:
The Federal Reserve Board, reported to be satisfied that credit
having been taken toward this end at that time.
throughout the system is backed by a strong reserve, is marking time,
On Mar. 27 Governor McDougal of the Chicago Reserve it was learned to-day from some sources.
Though unofficial, the
Bank was in conference with the Federal Reserve Board at information is that no immediate change in the discount rate is being
Washington. With regard thereto the Washington corre- considered.
The Board, however, is keeping a close watch on the money
spondent of the New York "Journal of Commerce" on Mar. flowing into speculative channels through broker's loans. While it may
27 stated:
have adopted a hands-off policy for the moment, this condition might
The Federal Reserve Board transferred its chief thoughts to-day to be changed at almost any time if the situation appears to become
Chicago when it met for two hours with Governor J. B. McDougal of the serious. The fact that the Board met again to-day without making
Chicago Reserve Bank.
an announcement strengthens the belief, however, that nothing will be
When the meeting broke up there was Governor Roy A. Young's usual done now.
"No announcement," nor would Governor McDougal say anything for pubBoard and Treasury Silent.
lication. The Chicago governor declined to comment on questions as to
the $40,000,000 brokers' pool in Chicago or the prospects of that bank inWith call money up to 14% and unusual conditions obtaining in
creasing its rediscount rate at the meeting Friday.
the market, the Board and the Treasury Department to-day drew
It was assumed that McDougal outlined the situation which caused the about themselves a cloak of silence more impenetrable than that which
Chicago banks to begin calling loans, with the result that call money guarded the Board's proceedings during last week.
At his regular
ascended to the new level of 20% yesterday. In turn it was likely that the press conference Andrew W. Mellon, Secretary of the Treasury, said
Reserve Board gave McDougal a picture of the general situation through- that he had nothing to say with regard to his conference with the
out the country to guide him and his board of directors in what future Board on Friday or about the credit situation generally.
action may be taken.
The Board, it is understood unofficially, believes that the ratio of
71.7% of the total reserves to deposit and Federal Reserve note
Credit Situation in Philadelphia—Report Stock Ex- liabilities combined gives ample assurance of solid finances over the
change Officials Confer with Philadelphia Federal country. Thus the directors see no reason for changing the discount
rates, this information suggests.
Reserve Bank.
In some quarters fears that a general rise in the discount rate
27, the New York "Times" printed would prove harmful to business over the country have become evident.
In its issue of March
The Board is anxious to avoid any such condition, according to this
the following Philadelphia dispatch:
source, and thereby is moving cautiously in dealing with speculation.
The closeness of the credit situation in the Philadelphia district was admitted today. So serious was it that the Board of Governors of the Philadelphia Stock Exchange had a special meeting this afternoon to discuss the
money question, but it came to no conclusion except that the Stock Exchange officials confer with the local Federal Reserve Bank and other
large banking institutions to see if 801110 relief measures could be obtained.
It was explained that there was no disposition to critize the banks.
Every banker questioned during the day declared that money was
"very scarce." but most of them said that their commercial requirements
were being taken care of. Owing to the stand taken by the Federal Reserve Board, there was said to be disinclination on the part of most banks
in this district to borrow further from the Federal Reserve Bank.
Loans of Philadelphia banks for the week ending last night nevertheless increased $2,687,000 to $1,171,645,000. or $72.000,000 above the total
of a year ago, and the larger banks were continuing to borrow to some
extent. The general view was that this was to care for the rising commercial demand in the district. Reserve with the Federal Bank fell $39,931,000 and cash in vaults $52,000. The deposits of local banks are now close
to the year's low. They dropped $10,793,000 for the week, bringing the
total to $1,027.561,000, comparing with $1,023,016,000 for the same week
In 1928.
The view here was that money was harder to obtain than in New York.
Call money here remained at 6%.
Melbourne F. Middleton Jr., President of the Philadelphia Stock Exchange, said tonight that while local brokers seemed to be suffering unnecessarily, only by an appeal to the banking authorities here could the
situation be remedied. Some other directors of the Exchange declared
privately that local bankers in their efforts to obtain profit for their institutions disregarded the welfare of Philadelphia brokerage houses. At least
ten big houses today were unable to obtain funds here to finance their
transactions and had to appeal to New York banks for aid, it was said.
Meetings of Federal Reserve Board This Week Without
Development—Governor McDougal of Chicago Federal
Reserve Bank Confers With Board—Semi-Annual Meeting of Governors Next Week.
Meetings of the Federal Reserve Board at Washington
have continued daily since that of March 22, at which Governor Harrison of the Federal Reserve Bank of New York
was present, and to which reference was made in our issue
of March 23, page 1S2.8. Regarding the Board's session of
March 23, the "Times" had the following to say in a Washington dispatch that day:
The Federal Reserve Board met again this morning, ostensibly to
discuss developments in the credit situation, but at the conclusion
of the conference it was announced that there was no statement to
make. Secretary Mellon, Chairman ex-officio of the Board, was at the
Governor George L. Harris of the New York bank
consultation.
talked with members, but did not participate in the Board's formal
deliberations.
It is understood that the Board members watched with great interest the trend of activities on the stock exchanges in New York and
Chicago, but again efforts to obtain any comment were futile.
Reports at the Treasury were that the Board would continue into
next week the series of meetings which marked the last, and which
attracted wide interest when Secretary Mellon joined in the conferences, following Friday's meeting of President Hoover's Cabinet.
Banks in Stronger Position.
The sole aim of the Board is to keep the credits in such shape
as to avoid any "frozen loans," and, it is said, it is concerned more
with this situation than those which directly affect only the stock
markets.
Although there is still a feeling that speculative loans are too high,
it was said, the position of banks throughout the system is being
strengthened. Steps to remedy any discord which may exist, it is
understood, are under way among member banks.
In spite of the new peak in brokers' loans announced last week,
much of the heavy increase is traceable to the payment of income
taxes. There was an extension of credit due to temporary borrowing
for making the payments because of the huge brokerage business of
1928, is the understanding here.
On March 26, in an account from Washington of a session held that day by the Board, the New York "Times"
of March 27 said:
While prices on the New York Stock Market broke today the
Federal Reserve Board held another meeting of nearly two hours without reaching a conclusion bearing on the credit situation, so far as
the public was advised.
Board members are keenly observant of speculative activities in
New York, but it is believed that, for the present, they have no
intention of taking action.
With call money quoted as high as 20%, the withdrawal of funds
for payment of dividends, and the calling of loans by members there
seemed to be no immediate probability of a raise in rediscount rates
in New York and other big money centres.
Treasury officials believe that the country is in for a big industrial
year, unless there is an upset by the use of undue sums for speculative
purposes, and hope is expressed that in the near future there will be
a response to the Federal Reserve Board statement of Feb. 7 urging
cooperation in checking the volume of credit utilized for speculation,
That warning, it is believed here, has had some effect despite the fact
that last week brokers' loans reached $5,793,000,000.
J. B. McDougal, Governor of the Federal Reserve Bank of
Chicago, was present at the Board's meeting on March 27,
and as to this session the Washington bureau of the "HeraldTribune" reported as follows:
Despite the general recovery to-day in the New York stock market
and the accompanying partial relief from money stringency, the Federal
Reserve Board still preferred, so far as a public statement is concerned, to ignore the credit situation. Neither Governor Roy C. Young,
the chairman, nor other members would comment on conditions or
on the outlook for the next few days.
Some significance was attached to the presence at to-day's meeting
of the board of J. B. McDougal, Governor of the Federal Reserve
Bank of Chicago. The withdrawal of huge funds from the New York
call market was generally charged to the Chicago Reserve district,
according to reports here.
Mr. McDougal would not comment on
this, nor reveal his mission in Washington.
Rumors with regard to the Board and Andrew W. Mellon, Secretary
of the Treasury, continued to fly thickly from Wall Street to Washington. They ranged from reports of Mr. Mellon's resignation to
rumors that optimistic statements would be forthcoming from the
Treasury. None of these have proved to have the slightest basis in
2018
fact. They have been ignored or denied time and again since the
break in the market.
The Board's meeting to-day lasted for two hours, which is about the
normal length of time the officials are closeted together. Theye were
undoubtedly watching stock market conditions very closely, but gave
no public evidence of it. It is stated in some sources, however, that
the Board believes the market will fully adjust itself, and that general
credit conditions will be considerably improved over the present.
The action of Charles E. Mitchell, President of the National City
Bank of New York, in assuming improvement of stock market conditions in spite of the Reserve Board's movement to cut off the
speculative supply of money, failed to arouse any of the officials to
a statement. Question after question was turned back by the members of the Board without so much as a nod.
It becomes more apparent, it is insisted unofficially, that the board
will refrain from any move at this time which would be made public.
If the Board is taking any steps to curb the money flowing to Wall
Street, they are being taken in utmost secrecy.
Comment was made as follows by the New York "Journal
of Commerce" regarding a session of the Board on March 28:
There was little change in the Federal Reserve situation.
The
Board held a meeting of about two hours' duration described as routine
character, and adjourned its meeting without any change in the rediscount rate.
The drop of $144,000,000 in brokers' loans was regarded as significant
in indicating the cooperation of the member banks in diverting loans
from the speculative market.
Of greatest satisfaction to the Board was the drop of $88,000,000
in the New York Bank loans "for the account of out-of-town banks."
This was held to show that the banks outside of New York city are
in close co-operation with the Board and that money is moving back
to the other Reserve Districts to take care of the spring demands of
industry, commerce and agriculture.
Some officials professed to believe that the tight money situation will
be eased somewhat after the quarterly dividend payment season has
passed.
Corporations are said to have withdrawn heavily from the
call money market to handle their quarterly transactions, while banks
were called upon to do the same thing in order to accommodate regular
customers.
Officials, however, declared that this does not mean "easy money"
and that such a condition cannot be anticipated until "things get
right." This was taken to refer to a very heavy drop in the brokers'
loans.
Semi-Annual Meeting of Governors Next Week.
Unusual importance is attached to the semi-annual meeting of the
Federal Reserve Board governors to take place next Monday, Tuesday
and Wednesday.
This gathering comes at a time of crisis in the right of the Reserve
Board to check the use of bank credit for speculative purposes. It
will bring together for the first time since the Board started its active
campaign, aimed at securing the co-operation of the member banks,
the heads of the twelve Reserve Banks.
While little information is expected to be divulged by the proverbially
tight-mouthed Reserve officials, undoubtedly the principal discussions
will revolve around the credit situation, with the renewed demand for
commercial and industrial credit, attending on the spring expansion.
Governor Young of Federal Reserve Board to Make
Visit to Western Federal Reserve Districts in April.
Governor Roy A. Young of the Federal Reserve Board
will make a trip to California and other Western Reserve
Districts some time in April, it was learned on March 26,
says the Washington correspondent of the New York "Journal of Commerce," which states:
Governor Young probably will go West by the way of St. Louis and
Dallas. Ile has already visited these Districts, but has not since becoming head of the Board inspected the banks and branches of the San Francisco District. Ile may visit Kansas City.
At the Governor's office it was thought likely that Young would visit
Loa Angeles, San Francisco and possibly the branches in the northern
portion of the District.
The trip was described as without particular significance except that
Governor Young desired to obtain a first hand view of conditions in the
Far West. The San Francisco bank still remains on a 4%% rediscount
rate along with the Kansas City and Minneapolis banks.
Governor Young will make a number of speeches during the summer,
one before the Minnesota Bankers' Association. None is scheduled for
the Western trip, although Young may later decide to make informal
talks at some of the cities he visits.
Annual Report of Federal Reserve Bank of New York
—Heavy Gold Outflow and Rapid Increase in
Volume of Credit Two Major Influences on Credit
Conditions.
Two major influences upon credit conditions and upon
the operations and conditions of the Federal Reserve Banks
during 1928 are noted by the Federal Reserve Bank of New
York in its fourteenth annual report, covering the year
1928, made public Mar. 22. "The first" says the report"
was a considerable shrinkage of the credit base through
a continuation of the heavy outflow of gold which began
in 1927; the second was a tendency toward rapid increase
pa the volume of credit. This combination of events the
report points out, had not been encountered in a number
of years." It further notes:
"The gold exports made a considerable drain on the country's stock of
gold, and while gold reserves remained in a strong position, the outflow
Indicated that the peroid when rapid expansion of bank credit could be
based on new acquisitions of gold without an increase in the use of Federal
Reserve credit has passed and that conservatism in the use of additional
credit was in order..
[Vol.. 128.
FINANCIAL CHRONICLE
According to the report "there has been little evidence
of inflated inventories or of inflated commodity prices."
It states that "while the gold exports and credit expansion
of 1928 have not given rise to any general unsoundness in
the country's credit and business structure there have
been consequences which may not be regarded with entire
complacency." It goes on to say:
By reason of increases in loans when their deposits were shrinking, due
to gold exports, many of the banks of the country became over-loaned.
At the end of the year nearly ono-half of the reserves of the member banks
represented money borrowed from the Reserve Banks.
"Interest rates advanced steadily during the year. The increases were
most severe in the rates for Stock Exchange loans, and business was generally
able to obtain necessary funds at fairly reasonable rates. There was a
tendendy, however, for the high rates on Stock Exchange loans to cause a
gradual rise in the cost of commercial credit.
"Another potentially unfavorable influence upon business has been a
decrease in flotations of bond issues. This decrease has been largely offset by issues of stock, but the flow of new money for certain types of new
undertakings, especially in the field of construction work, has been much
reduced.
"Current high interest rates on security loans in the United States are
drawing funds from all over the world and placing pressure upon many
of the foreign exchanges. This pressure has been accentuated by a decrease in foreign financing in the United States. and has become sufficiently
strong during the latter part of the year to draw gold from other countries.
and thus to be an influence toward higher interest rates abroad. These
are conditions which if long continued may be expected to affect adversely
the trade of the world, and reduce the world's power to purchase the products of this country.
"The stock market, into which has flowed most of the year's increase in
credit, is now borrowing far larger amounts of money than over before.
The volume of trading has been unprecedented, and prices of securities
have advanced very rapidly. Those borrowing the money are not receiving
as large a current yield from their securitied as they are paying in interest
on their borrowed money."
The increased dependence of member banks upon the
Federal Reserve Banks, the increasing practice of Corporations and individuals in the Stock Exchange Money Market,
and the dependence of the acceptance Market upon the
Federal Reserve Banks are among the matters discussed
in the report, from which we quote as follows:
Gold Aforements.
The heavy gold export movement of the second half of 1927 was continued
In the first half of 1928, largely in connection with the French program of
monetray stabilization which required additions to that country's gold
reserve. During the autumn gold imports of moderate volume took place
as a consequence of weakness in sterling and some of the other exchanges.
but near the end of the year a temporary strengthening of the foreign exchanges stayed the movement, except for seasonal shipments to and from
Canada. A renewed earmarking of gold at the New York Reserve Bank
for foreign account in November and December caused some reduction
In the gold stock. The principal gold movements for 1928 are summarized
below.
Net Imports From—
Canada
Great Britain
Greece
Net Exports To—
$79,700,000 Franco
5,000,000 Argentina
3,400,000 Germany
Italy
Brazil
Uruguay
Poland
Venezuela
Netherlands
Belgium
India
3307,000,000
64,900,000
23,600,000
26,100,000
25,000,000
9,000,000
6,000,000
5.500,000
4,000,000
2,000,000
1,500.000
Some of the shipments in 1928 were of gold purchased and earmarked
in 1927, but there were additional amounts of gold earmarked, part of
which was held awaiting shipment or other disposition at the end of the
year. The total amount of gold held under earmark at the Federal Reserve
Bank of New York for foreign account at the close of 1928 was $79,765,000.
Altogether the net loss of gold during 1928, with that of the last four
months of 1927, constituted the largest gold outflow from the United
States that has ever occurred, and reduced the gold stock of this country
by about 10%•
Expansion of Credit.
In the spring of 1928 there was a rapid expansion of bank loans, which
within a period of ten weeks was nearly equal to the average annual increase
in bank credit during recent years. Subsequently, however, the position
of commercial banks became increasingly unfavorable to the further expansion of their loans, and the demand for credit was met largely by loans
from other sources, which had the effect of causing more intensive use of
existing bank credit, rather than by further expansion of bank loans.
Part of the increased demand for bank credit in 1928 was the result of
the recovery in industrial activity and trade, but this accounted for only
a minor part of the rapid expansion in the spring of the year. The largest
and most insistent demand was from the security markets. Traditionally
the call loan market has been viewed as a place for the temporary employment of surplus bank funds. In 1928, however, notwithstanding the large
loss of gold, which under conditions existing before the Federal Reserve
System would have forced a large liquidation of bank credit, the security
markets called for additional credit in amounts larger than ever before.
This large demand, when most of the larger banks not only had no surplus
funds, but were, in fact, becoming increasingly dependent upon the Reserve
banks for the maintenance of their required reserves, was a principal cause
of the recurrent periods of high call money rates during the year.
The preceding diagram shows that reporting member bank loans on
stocks showed a comparatively small net increase in 1928, whereas brokers
loans increased by about 1,500 million dollars. The large increase in
brokers loans without a corresponding increase in member bank credit was
effected through the relending of existing bank deposits by individuals,
corporations, non-member banks, and foreign lenders. The results of this
relending of deposits to security brokers, who put them Into very active
use, were reflected in a much larger volume of bank debits against deposits
than in any previous year. and in a rate of turnover of bank deposits that
has not been approached in many years if ever before. For the last quarter
of the year the velocity of deposits in New York City was 39% greater
than in the last quarter of 1927 and for principal clearing house centers
outside New York the increase was 11%•
MAR. 30 1929.]
2019
FINANCIAL CHRONICLE
Decline in Deposits Relative to Loans.
of deposits, why the total
There were reasons, other than the relending
greatly increased use of credit
volume of bank deposits did not reflect the
the increase in bank loans
during the year. Deposits did not even reflect
1928 and August, deposits
and investments. Between the beginning of
over 800 million dollars
of reporting banks in the Second District declined
million, and in other
while loans and investments were reduced only 280
300 million, while loans and
districts deposits were reduced approximately
investments increased over 300 million.
and investments was
The increasing spread between deposits and loans
was gold exports, which
due to several factors. One of the principal causes
and investments. From
always result in a loss of deposits relative to loans
dollars of deposits during
this cause there was a loss of nearly 300 million
were the reduction of
the first seven months of the year. Other factors
Reserve banks, and in400 million dollars in the security holdings of the
profits of member
creases in the paid-in capital, surplus, and undivided
and Oct. 3 1928.
banks totaling 500 million dollars between Dec. 31 1927
Increased Dependence on the Reserve Banks.
bank sales of
The losses of deposits due to gold exports and Reserve
but they were not
securities reduced the loanable funds of the banks,
investments, and
accompanied by corresponding decreases in loans and
banks, so that
had to be replaced largely by borrowings from the Reserve
bank disthere was an increase of about 500 million dollars in Reserve
counts in the course of the year.
to gold exports, and a considerable
Almost all of the loss of deposits due
sustained by New
part of the loss due to Reserve bank security sales, were
drew funds
York City banks, but the resulting advance in money rates
other districts
from other sections of the country; so that the banks in
as the preceding diagram
shared in the loss of deposits. Consequently,
was distributed
shows, the increase in borrowings from the Reserve banks
the Second
throughout the country. In January 1928, member banks in
District were borrowing an average amount equal to 16% of their reserves;
reserves and at the
in July their borrowings were equal to 42% of their
District inyear-end, 40%. Member banks outside of the New York
50% in
creased their borrowings from 21% of their reserves in January to
July, and 48% at the year-end.
followed by
This substantial increase in member bank indebtedness was
the latter
a liquidation of the investment holdings of these banks during
holdings rapidly
half of the year. Banks in this district reduced their
a more gradual
from June to August, and banks in other districts reported
but continuous reduction from May to December. '
FOREIGN ISSUES FLOATED IN UNITED STATES.
(Refunding Issues Excluded.)
1927.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
8127,000,000
78,000,000
107,000,000
217,000,000
43,000,000
124,000.000
70,000,000
109,000,000
85,000,000
234,000,000
107,000,000
81,000,000
$115,000,000
98,000,000
114,000,000
113,000,000
216.000,000
193,000,000
48,000,000
1,000,000
95,000,000
71,000.000
71,000,000
110,000,000
61,382.000.000 61,245.000,000
foreign issues during the
This shows an almost complete suspension of
flotations accompanied the
summer, and, although a resumption of new
total amount of foreign securities
firmer bond market of the autumn, the
of the year was 42% smaller
offered in this market during the last half
previous year, though the total
than in the corresponding period of the
than in 1927.
amount of issues for the year was only 10% less
Total
Federal Reserve Policy.
and the threat of world
In the year 1927 a domestic business recession
considerations in the determinacredit stringency had proved important
Reserve Bank of New York.
tion of general credit policy by the Federal
business was recovering rapidly
As 1928 advanced it became clear that
credit conditions were
from its brief recession and further, that European
reason of the prospective, and
in a much more solid position, partly by
finances and partly by reason
before long actual, stabilization of French
European countries had acof the bulwark of exchange balances which
these two problems ceased
quired here and elsewhere. Thus early in 1928
to be of pressing importance.
growth in the volume of credit
It became clear early in the year that the
industrial credit require-.
far outstripping ordinary commercial and
was
that increases in credit
ments. Many years of experience have shown
unfortunate results, to speculabeyond business needs lead ordinarily to
which end in depressions. It
tive excesses, to price increases, to booms
of banks of issue to subject
has, therefore, become the prudent practice
test of higher interest rates.
extraordinary increases in the use of credit to the
Reserve Bank of New York
The major credit policy of the Federal
in discount rates bringfound expression during the year in three increases
Feb. 3, May 18 and July 13.
ing the rate from 3% to 5% by changes on
the New York Bank parand in sales of Government securities in which
Money Rates.
operation. These
ticipated with the other Reserve banks in a common
ess to the Reserve
money caused primarThe increase during the year in member bank indebtedn
operations accentuated the tendency towards higher
at New York. For
additional bank credit.
banks was accompanied by a rapid rise in money rates
by gold exports, and the strong demand for
the amount of ily
year of exerting their
several years there has been a close relationship between
The Reserve banks faced the problem during the
in leading cities and the level Influence towards restricting the rapid expansion of credit, without at the
Reserve bank discounts for member banks
al paper rates was
. This problem became
of money rates. The rise in open-market commerci
same time unduly penalizing business enterprise
usual autumn de, rates charged
much loss than for stock exchange time loans. Moreover
pressing in the autumn when the beginning of the
increased less more
banks
higher. To prevent
on commercial loans to customers by New York City
mand for funds found interest rates firm and tending
open market, and rates on too great credit stringency at that time, the Reserve banks avoided adthan rates on commercial paper sold in the
have shown only
es, such as are frequently
customers' loans outside of the large cities are reported to
vances in their buying rates for bankers acceptanc
es in a volume
a slight increase.
during the autumn season, and purchased acceptanc
the kind made
on
Federal Reserve
The largest advances in money rates were in rates charged
which was more than sufficient to provide the additional
1928, and which are inwithout further credit strain.
needed to meet seasonal requirements
of loans which were in strongest demand during
by stocks and funds
have already shown how
eligible for rediscount at the Reserve banks—loans secured
Figures and diagrams earlier in this report
in
exchange time money during the last four months of 1928 rates for funds to be used for call and time loans to brokers and dealers
bonds. Stock
correthe
during the second half
averaged over 7%, as compared with slightly over 4% during
securities advanced to considerably higher levels
and bankers acceptThat rates should have been
sponding period in 1927, whereas commercial paper
of the year than rates on commercial loans.
rates at times
demand for funds for
ance rates showed a rise only about half as large. Call loan
so differentiated may be ascribed first, to the huge
rise then even time money rates, and in the latter speculative use, and second, to the unwillingness of many lenders and
showed a much larger
in 1920.
of this type of loan, banks
part of 1928 averaged higher than at any time since early
particularly banks to make increasing amounts
, and preferring also
preferring to favor their regular commercial customers
Effects of Higher Money Rates.
t.
to loan upon paper eligible for rediscoun
bank sales
Loans by Others Than Banks.
The advance in money rates during the spring of 1928 and
in bond prices from
over the volume
of investments were accompanied by a steady decline
One limitation to banking and Federal Reserve control
in the market
March until August, and some congestion of unsold securities
practice of corporations and individuals in
gold exports and of credit was the increasing
money market.
for new issues, which had been unusually active despite
of bonds in the lending funds in the stock exchange
about 1% billion dollars
other indications of firmer money conditions. New issues
During 1928 loans of this sort have increased
Some recovery
e in the neighborhood of 3
New York market declined abruptly during the summer.
and at the end of the year totaled somewher
but the volume of new bond issues remained conreported both by New York City
occurred in the autumn,
billion dollars, if loans of this character
siderably smaller than a year previous.
members are included. While these loans
new capital as banks and by stock exchange
Domestic industries, however, suffered no shortage of
loans, in reality they involve a use of
stock offered in form are independent of bank
the
Issues of stock were unusually large. The total volume of
The borrower of these funds receives a bank deposit, and
or 99% larger than in 1927, and was bank funds.
in 1928 was 2,900 million dollars,
of an inactive deposit into an active
the operation in effect is the conversion
turnover or velocity of bank
in any other recent year. This increase more than offset
larger than
rate of
of one, with the consequence that the
earlier in this report. Thus
decline of 800 million in now bond offerings, so that the total volume
in deposits is much increased, as was indicated
now capital issues for domestic corporations in 1928 was much larger
without increasing the amount of funds in the
the increase in these loans,
the volume of transactions paid
volume than in 1927.
banks, has resulted in a large increase in
Short-term funds appear to have been available during the year for
for with checks drawn against bank deposits.
every necessary business use. Reporting member bank loans other than
not, however, oall for any addiThis more active IA° of deposits does
those secured by stocks and bonds showed a substantial increase over 1927,
only on the total volume of
tions to bank reserves which are computed
whereas in that year there had been little increase over 1926, in the Second
use, except, of course, that there
deposits without regard to the activity of
a decline in other districts.
District, and
demand deposits. It does not
distinction between time deposits and
The amount of commercial paper sold in the open market continued to is a
the past year has been from
appear that the principal transference during
decline, apparently reflecting in part a tendency toward a larger amount
but rather from a less active to a more active
a smaller demand for loans time to demand deposits,
of direct borrowing from banks, and in part
was made a matter of careful
of demand deposits. This practice
from industries which in the past have been large borrowers through the use
during the year, and as a result
study by the Now York Clearing House
open ntarizet, due in some cases to financing their requirements through
House and made effective on
regulations were adopted by the Clearing
the sale of securities. The volume of acceptances outstanding, however,
that members of the Clearing House Assoprevious year. Although Sept. 1 1928. which provided
was larger throughout the year than in any
placed for customers to a minishould increase the charge on loans
acceptance rates were more than 1% higher than a year previous, there ciation
loans for amounts less
of 3% per annum, and should not place
no evidence that the foreign trade of this country could be financed mum
was
more cheaply in other markets. There was indeed a considerable further than $100,000.
result in diminishing the amount
These regulations, however, did not
increase in the amount of bills sold in the New York market to finance
others than banks; in fact, loans
of funds lent on the Stock Exchange by
trade between foreign countries.
City banks increased about 450
for others as reported by the New York
r, and the end of the year.
million dollars between the first of Septembe
Foreign Exchange and Foreign Financing.
The rapid increase in loans of this sort undoubtedly was facilitated by
The strength in foreign exchange which developed during the low money
the rates for stock exchange loans
the differential during the year between
rate period of 1927 was fairly well maintained during the first five months
funds, by reason of which a
and the return from other employment of
of 1928, partly duo to seasonal causes and partly to the large influence of corporation or individual received a considerably larger return on funds
of funds in anticipation of French monetary stabiliin Governthe unusual movement
employed in this fashion than on funds left on deposit or invested
zation. From June to September, however, seasonal tendencies combined ment securities or bankers acceptances.
the foreign
with the attraction of high money rates in New York to depress
effect upon the credit structure, these
From the point of view of their
,
exchanges rapidly. In the cases of British and Argentine exchanges the loans by others require careful scrutiny because they are a potential charge
of gold to New York
decline proceeded far enough to cause a movement
they are largely outside of the control of
countries found it against bank reserves although
during the autumn. Moreover, many of the European
manner in which these loans may, in fact
ble amount of the banking organization. The
necessary in supporting their exchanges to use a considera
.
become a charge against bank reserves was illustrated by occurrences over
months.
the dollars accumulated here in preceding
year drew to a close a considerable number of coran abrupt decline in the flota- the year-end. As the
A related effect of high money rates was
and others began to withdraw funds from the market probably
The following table shows this porations
Such withdrawals for foreign accounts
tion of foreign securities in this market.
offered here in 1928 for "window dressing" purposes.
bank's record of the par amount of foreign securities
were evidenced by a considerable strengthening in a number of European
comparison with the amount offered in 1927.
in
2020
FINANCIAL CHRONICLE
exchanges which was followed after the first of the
year by a weakening as
the funds were returned to this market. There
was also a considerable
transfer of funds from New York to other districts
in the United States.
Altogether, withdrawals of this sort from the call
loan market for accounts
other than banks totaled close to 6300,000,000. and
for out-of-town banks
were over 6200,000,000, so that New York banks
were called upon to put
into the market nearly S600.000,000 of their
own funds to replace the
funds drawn out. This increased both the loans
and deposits of the New
York City banks and consequently their reserve
requirements, compelling
them to borrow heavily from the Federal Reserve
bank.
The possibility of such withdrawals and their
replacement by bank loans
makes it prudent to consider these loans as a
potential charge against the
country's basic bank reserves.
[VOL. 128.
tions of this bank are omitted from this
report, with the exception of the
following statement of condition and stateme
nt of income and disbursements
during the year, and a further table showing
the volume of operations.
STATEMENT OF CONDITION.
Resources.
Cash Reserves held by this bank against
its
deposits and note circulation:
Gold held by the Federal Reserve Agent
as
Part of collateral deposited by bank when
it obtains Federal Reserve notes. (Gold
is
lodged partly in vaults of bank and partly
with the Treasurer of the United States)
Gold redemption fund in hands of the Treasurer of the United States to be used
redeem such Federal Reserve notes as to
are
presented to the Treasury for redemption
Gold and gold certificates in vault
Gold in the gold settlement fund lodged
with Treasurer of the United States for
the purpcse of settling current transactions between Federal Reserve districts_ _
Legal tender notes, silver and silver certificates in the vaults of the bank (available
as reserve only against deposits)
Dec. 311928.
Dec. 311927.
$198.684,435.65
$320,067,446.59
Condition of the Acceptance Markel.
In the past year as indicated in a previous
section of this report, the
20,143,971.71
17,171,916.69
volume of acceptances issued in the United
355,489,488.96
372,076,393.63
States has reached new high
levels, the total outstanding on Dec.
31 being $1,284,000,000. This increase to new high figures here, with
a like increase in other world money
markets, indicates in part the continue
d recovery of world trade from the
142,380,038.48
150,285,227.00
post-war recession and in part the
effect of reduced long-term foreign
financing in New York. The increase
in the United States was duo in con22,040,487.00
siderable measure to financing of transact
24,598,953.00
ions between European countries.
Total cash reserves
The experience of the year has given emphasi
$893,199,937.81
s to the dependence of the
Non-reserve cash consisting largely of Na- $738,738,421.80
acceptance market upon the Federal Reserve
tional bank notes and minor coin
banks, as the very large
23,448,743.37
volume of acceptance financing was possible
20,923,803.11
only through the support of Loans and Investments:
the Reserve banks whose holdings during
Loans to member banks:
the autumn reached the highest
On security of obligat'ns of the U. S_
point for many years, between
340,156,350.00
$450,000,000 and $500,000,000. In fact,
230,800,050.00
By discount of commercial or agricultural
the market for these acceptances
was furnished very largely by purchases
paper or acceptances
114,823,824.23
for the account of foreign banks and purchase
50,537,894.62
Acceptances bought in the open market—
s for the account of Federal
152,413,222.32
97,652,134.74
Reserve banks.
United States Government bonds, notes,
and certificates of indebtedness
This Is evidently not a satisfactory
49,377,400.00
181,479,900.00
condition of affairs from either the
point of view of the development of the
Total loans and investments
bill market in this country or the
$665,770,796.55
$560,469,979.36
point of view of the effectiveness of
Miscellaneous Resources:
Federal Reserve policy. In recent
Bank premises
months, those most closely concerne
$16,087,269.97
$15,881,823.71
d with the acceptance market have
Checks & other Items in process of collect'n
studied methods of bringing about an enlarge
195,086,461.94
193,847,416.29
All other miscellaneous resources
ment of the domestic market
for acceptances and it is to be hoped
990,031.34
6,104,632.87
that means will be found for accomplishing this end. Until It is possible to
Total miscellaneous resources
bring about lagrer purchases of
$212,164,663.25
$215,833,872.87
acceptances by domestic banks, the future
of the acceptance market In
Total resources
this country will remain in some measure
$1,640,122,624.97 81,690,427,593.15
doubtful.
In other countries the acceptance market
Liabilities—
rests primarily on large purCurrency in Circulation:
chases of acceptances by principal banking instituti
ons which regard these
Federal Reserve notes in actual circulation,
bills as their principal secondary reserve.
In view of the increasing proPayable on demand. These notes are seportion of the assets of the banks in this
cured in full by gold and discounted and
country which consist of securities
and security loans, and in view of
purchased paper
the diminishing amounts of Government
$354,182,618.25
8390,343,496.50
securities available, bankers may well
give consideration to the possible
Total currency in circulation
value of holding a portfolio of bankers
$354,182,618.25
$390,343,496.50
acceptances. In this country, whore Deposits:
the amount of bank reserve is
Reserve deposits maintained by member
rigidly controlled by law, and where banks
rely so largely on the Federal
banks as legal reserves against the deReserve System for adjusting their reserves,
posits of their customers
there is the possible danger of giving
970.894,567.47 1,009,922,990.27
too little attention to tho requireU. S. Govt. deposits carried at Reserve
ments of sound banking, which
are not necessarily met fully by compliBank for current requirem'ts of Treasury
8,497,390.46
1,565,311.84
ance with legal reserve requirements.
Other deposits including foreign deposits,
deposits of non-member banks, dcc
9,384,907.24
12,761,471.57
Foreign Relations.
The bank continued during the year to
Total deposits
act as correspondent for foreign
$988,776,865,17 $1,024,249,773.68
banks of issue and continued to invest
funds for these banks in bankers Miscellaneous Liabilities:
Deferred items, composed mostly of uncolacceptances or in Government securities. The amount
of funds invested
lected checks on banks in all p arts of the
In this fashion declined during the
course of the year as a consequence of
country. Such items are credited as dethe movement of funds to the New
Posits after average time needed to collect
York market, and consequent weakness
In foreign exchanges, which made
them elapses, ranging from 1 to 8 days
it necessary for a number of foreign
172,070,145.45
170,612,489.82
All other miscellaneous liabilities
countries to employ a part of their balances
3,687.141.30
1,905,036.39
at this institution to support
their exchanges.
Total miscellaneous liabilities
1175,757,286.75
172,517,526.21
No new credits were granted to banks
stabilization purposes Capital and Surplus:
of issue for
Capital paid In, equal to 3% of capital
In 1928, but the credit for the Bank Polski arranged
and
in 1927, in association
surplus of member banks
with other banks of issue, was renewed for a
50,123,050.00
40,309,600.00
period of one year. Under
Surplus—That portion of accumulated net
the terms of these arrangements the Federal
earnings which the bank is legally reReserve Bank of New York
in association with other Federal Reserve
quired to retain
Banks agreed to purchase from
71,281,904.80
63,007,196.76
the Bank Polski up to a total of $6,250,0
00 of prime commercial bills.
Total capital and surplus
The credit arrangements which had been
$121,405,854.80
$103,316,796.76
entered into in December 1927
With the Banca d'Italia, also in participation
Total liabilities
with principal banks of issue,
$1,640,122,624.97 $1,690,427,593.15
expired in December 1928 without renewal.
In June 1928, the French Government
announced the establishment of
Income and Disbursements.
Its currency on a gold basis and the legal revaluat
ion of the franc in terms
Total earnings during the year 1928 wore nearly
of gold. The Bank of France did not find it necessar
$8,000,000 larger than
y to obtain foreign In 1927 as a consequ
credits in support of the stabilization
ence of increased loans to member banks at somewhat
program because it possessed such higher discount
rates, and increased holdings of acceptances also yielding
large balances in the other money markets
of the world. With the stabili- at a somewha
t higher rate than in 1927. The income from Government
zation of the franc upon a gold basis most
of the principal countries have securities was
smaller than in 1927. reflecting a decrease in holdings of
now stabilized their currencies.
such securities.
dembership Changes in 1928.
The cost of current bank operation was slightly Increase
d over 1927
There continued to be a gradual growth in
the membership of the Federal due largely to a steady growth in the volume of operations as indicate
d
Reserve System in this district, due principally to the organiza
tion of new in a succeeding table. The cost of Federal Reserve currency was reduced
banks. Mergers and consolidations accounted
for the majority of the due to readjustments in the program of printing notes incidental to the
decreases. The accompanying tables show the number
of banks in the pending introduction during 1929 of currency of smaller size. The deducSecond District, classified accordin
g to their charters. whether State or tion from earnings for depreciation, self-Insurance, &c.. reflects in part a
National, and give an analysis of the causes
of changes in membership loss arising front sales of Government securities, mado as a matter of policy.
during the year.
Regular dividends were paid and in addition more
than $8.000,000 was
NUMBER OF MEMBER AND NON-MEMBER BANKS
IN SECOND FED- added to tho bank's surplus, bringing the surplus to a little over $71.000.000.
ERAL RESERVE DISTRICT AT END OF YEAR.
This surplus is still nearly 630,000,000 less than
the subscribed capital of
the bank.
December 31 1928.
December 311927.
Volume of Operations.
Type of Bank.
The following table shows the volume of the principa
MemNan- Per Cent Meml operations of the
Non- Per Cent
bers
members members bers. members members bank in 1928 as compared with 1927, and indicates a continued increase
in
most departments.
National banks
State banks x
Trust companies
775
49
114
0
220
190
100
18
37
771
55
111
0
225
186
100
20
37
Total
038
410
70
937
411
70
• In actual operation at
end of year. x Exclusive of savings banks.
CHANGES IN FEDERAL RESERV
E MEMBERSHIPS IN SECOND DISTRICT DURING 1928.
Total membership beginning
of year
937
Increases:
National banks organized
19
Conversion of non-member banks to
National
2
Admission of State banks
4
Total increases
25
Decreases:
Member banks combined with other
members
22
Absorbed by non-members
2
Withdrawals
0
Insolvencies
0
Total decreases
Net increase
Total membership end of year
24
1
938
Reports of Operation.
Since reports of operation of each Reserve
bank are published in the
annual report of the Federal Reserve
Board, detailed figures of the opera-
1928.
Number of Pieces Handled—
Bills discounted:
Applications
Notes discounted
Bills purchased in open market for own account
Currency received and counted
Coin received and counted
Checks handled
Collection items handled:
United States Government coupons paid
All other
U. S.securities—Issues, redemptions, and exchanges by fiscal agency department
Transfers of funds
1927.
18,076
38,056
95,845
666,298,000
1,341,373,000
177,349,000
31,024
99,238
640,967,000
1,189,801,000
168,724,000
7,602,000
2,615,000
9,931,000
2,259,000
1,504,000
402,000
2,196,000
355,000
Amounts Handled—
Bills discounted
Bills Purchased in open market for own account 124,791,838,000
2,019,361,000
Currency received and counted
4,347,922,000
Coln received and counted
668,085,000
Checks handled
115,190,618,000
Collection items handled:
U. S. Government coupons paid
250,025,000
All other
2,803,037,000
U. S. securities—Issues, redemptions, and exchanges by fiscal agency department
3,985.049,000
Transfers of funds
55,469,947.000
14,625
.d
•
513,854,347,000
1,975.505.000
4,159,621,000
588,422,000
100,206,587,000
250,622,000
2,385,753,000
t
5,219,626.000
50.898.108,000
MAR. 30 1929.]
FINANCIAL CHRONICLE
The profit and loss account of the Bank for 1928 and
1927 was given in our issue of Feb. 2 page 669.
Acceptances as Security for Public Deposits in Texas.
The following is from the March "Bulletin" of the Federal
Reserve Board:
Legislation recently enacted in the State of Texas, with relation to the
pledging of securities by depository banks holding county deposits, adds
bankers' acceptances to the list of acceptable securities. The law requires
them to be "bank acceptances of banks having a capital stock of not less
than 5500,000."
2021
In 1927 Mr. Broderick received the decoration from the Government of
Poland of the Commander's Cross of Polonia Restituta in recognition of
his services as a member of the Kemmerer Commission.
Mr.Broderick is a graduate of New York University school of commerce,
accounts and finance, and has served as President of the alumni association.
He has been prominent in the educational work of the American Institute of
Banking for many years, having been Chairman of the educational committee of the New York chapter. Chairman of the national committee which
worked out the first course of post-graduate study for the American Institute
of Banking in 1918, and founder of the Bankers'Forum. New York City.
In noting Mr. Broderick's appointment the "Herald
Tribune" in its Albany dispatch March 23 stated:
Among the matters pending for the consideration of the new superintendent will be the failure of the City Trust Co. of New York. As a result of
this failure a few weeks ago Superintendent Warder has been the target of
much criticism and Governor Roosevelt has been asked to order an investigation of the Department. The Governor said Mr. Broderick will be
given a free hand to look into the matter as carefully as possible.
Federal Reserve Institutions to Act with International
Reparations Bank—Dr. Burgess of New York
Federal Reserve Bank Returns from Conferences
Saying That New Institution Is Assured.
The proposed reorganization of the City Trust Co. under
Plans for an international reparations bank have reached a the name of the Mutual Trust Co. was noted in our issue of
point, where its formation is assured and its organization March 23, page 1840.
and method of operation have been largely defined, it was
stated in New York on March 28 by Dr. W. Randolph Secretary Wilbur Names Committee to Pass on CanBurgess, Assistant Federal Reserve Agent at the New York
cellation of Outstanding Leases on Government
Federal Reserve Bank, according to the New York "Journal
Oil Lands.
of Commerce" of March 29, the account in which also stated:
Secretary Ray Lyman Wilbur of the Department of the
Dr. Burgess returned on Tuesday from a trip to Paris, where he has Interior issued on March 16 a departmental order appointing
assisted in drafting plans for the new International Bank during the past a committee of three to pass upon outstanding permits to
month,representing the local Reserve Bank at the conferences.
lands and to make
It was indicated by Dr. Burgess that the Federal Reserve Bank of New prospect for oil and gas on Government
York is empowered to act as correspondent for foreign central banks under recommendations as to which of those permits should be
Its charter, and that from this it may be deduced that no additional legis- cancelled. The members of that committee are: The
lation would be needed to permit the local Reserve institution to act in
the Director of
this capacity for the new Reparations Bank. In the capacity of corres- Commissioner of the General Land Office,
pondent, the new Reparations Bank may also send to and receive gold the Geological Survey, and the Solicitor of the Department.
from the Reserve banks, and may act in the exchange markets in co-operaThe order, which also lays down the general policy with
tion with them. This would be similar in principle to the relations now
relation to these permits to be followed by the Department,
maintained by the Reserve banks with their foreign correspondents.
follows the recently declared policy of President Hoover
No Ownership.
On the other hand, there is no expectation that the Reserve Banks would (referred to in the "Chronicle" of March 16, page 1671)
buy stock in the now International Reparations Bank, or take a proprietary that "there will be no leases or disposal of Government oil
Interest in it in any other way. No statement has yet been forthcoming
lands, no matter what category they may lie in, of Governas to which Governments, individuals or banks abroad will furnish the
ment holdings or Government controls, except those which
capital for the new institution.
Regarding the operation of the new institution, Dr. Burgess said that it may be mandatory by Congress. In other words," said
in financing foreign trade, especially
would function as an important factor
Hoover, "there will be complete conservati on of
in Germany and would also engage in security transactions which would President
lead to the creation of exchange in Germany's favor. This, he said, is sub- Government oil in this Administration."
stantially what press despatches have indicated to be the function of the
In detail Secretary Wilbur's order of March 16 follows:
On the other hand, Dr. Burgess said that reports as to the
institution.
The Federal oil conservation policy announced by President Hoover will
amount at which German reparations are to be fixed were "unsubstantiated
be energetically executed by the Interior Department.
but shrewd" guesses of the newspaper correspondents.
There are more than 5,000 applications for oil and gas permits on public
Dr. Burgess further indicated that, as at present contemplated, the
General Land Office in Washington and an unknown
International Reparations Bank is not likely to require special legislation in lands pending in the
offices. Steps were taken several days ago toward
European countries. Thus, there would be a minimum of delay in getting number in the field
such applications, and registers of local land offices have
the institution under way and in enabling it to do business where necessary. the rejection of all
not to receive new applications.
The location of the institution, he said, has not as yet been definitely chosen. been instructed
Probably in none of the cases on hand has the applicant expended money
To Cut Gold Shipments.
for developmental purposes, although be may have gone to some expense
evidence in support
It is believed that the International Reparations Bank will earmark gold in opposing conflicting claims or furnishing additional
in the other central banks as occasion arises. This will reduce the necessity of his application.
Where land covered by pending applications is likely to be drained by
for international gold shipments. Should a particular European currency
lands, the question of granting permits
fall to a level at which ordinarily it would be necessary, in order to protect adjoining wells on privately-owned
in the light of facts developed by
its exchange, for that country to ship gold to the United States, the central on Government land will be considered
investigation.
bank of the country would instead instruct the Federal Reserve Bank to departmental
With regard to the 20,000 outstanding permits on public lands,the departtransfer the required amount from the balance of the International Bank to
ment will deal fairly with holders who have been diligent in maintaining
the account of the central bank.
drilling operations have been started and are
The central bank could then transport its gold to the International Bank, their equities. Where actual
will be given to carry on developmental work
instead ofshipping it across the ocean to New York,thus saving on insurance being continued, opportunity
to finally determine the character of the land. Immediate steps will be
and shipping charges.
such permits where no drilling has been done
This reduction of charges in transporting gold would narrow the range taken, however, to cancel all
between the gold import and export points for currencies, since these or money spent in development.
To determine the facts in connection with existing oil and gas permits, I
charges are an important factor in calculating the points at which gold can
Commissioner of the General
be shipped from one country to another without loss to the importing have named a committee consisting of the
Survey, and the Solicitor ofr
country. The narrowing of this range would in turn make for more stable Land Office, the Director of the Geological
which have
foreign exchange rates, it is said, the reason being that these rates fluctuate the Department. They will consider the extent of operations
been prosecuted under outstanding permits to determine whether perbetween high and low gold points.
should be recognized and to make
mittens have acquired equities which
Dr. Burgess' departure for Europe was noted in our issue appropriate recommendations.
Where permits are now in good standing, either because of recent issue or
of March 2, page 1312.
previous extension of time, no action will be taken during the remaining
period covered by the permit. When that time has expired, however,
Joseph A. Broderick Named as New York State Superin- and the permittee has failed to comply with the terms of his permit, he will
tendent of Banks to Succeed Frank H. Warder be called upon immediately to show cause why the permit should not be
canceled. This includes so-called group developments heretofore approved
Whose Term Expires July 1.
and In which extensions have been allowed, where permittees are engaged
Gov. Roosevelt on March 23 named Joseph A. Broderick In a joint drilling program, test wells being drilled by a responsible drilling
area covered
as New York State Superintendent of Banks, succeeding company on some of the public lands in theprosecuted, noby the permits.
adverse action
So long as this program is being diligently
Frank H.Warder whose term expires July 1. The nomination
was confirmed by the State Senate at Albany on March 26.
A statement issued at tho Governor's office on March 23 said:
will be taken.
No leases will be issued for oil and gas production unless required by
mandate of law, such as discovery under existing permits, as provided by
the mineral leasing Act, or through the advertisement of a minimum of 25.Congress
000 acres of Osage Indian lands annually, as directed by the Act of
approved March 2 1929.
Mr. Broderick was horn in New York City, Dec. 1881. He began his
banking career as a junior clerk with the old State Trust Co., which later
was consolidated with Morton Trust Co., New York City. Resigned as
On March 15 President Hoover, at his conference with
Assistant Secretary In the latter company in 1910 to accept appointment as
New York State Bank Examiner. Organized the credit bureau of that newspaper men, replying to questions relative to his policies
department and developed a system of examination for foreign exchange
said:
departments. Ile was the first American official to examine branches of respecting oil conservation,
"Not only do we propose to stop the issue of development permits over
American banks in Europe. In 1910 he also acted as consultant to the
which permits
Public domain and other lands in control of the Government.
District Attorney of New York in connection with banking investigations.
Secretary Wilbur
Mr Broderick was a member of the original committee appointed by constitute the first step in the leasing of oil resources. but
their status.
the Secretary of the Treasury in Jan. 1914, to work out proposals for proposes to review all outstanding permits to determine
"Where holders are complying with the law, they need have no anxiety
the technical organization of Federal Reserve banks. Upon organization of
permits for oil exploration by
the Federal Reserve Board, he was appointed Chief Examiner of the as to restrospective action, but some 34.000
law was passed in President
Federal Reserve System. Later be became Secretary of the Board, at the drilling have been issued since the leasing
same time continuing in charge of all examination work, at various times, Wilson's administration.
"Of these, some 20.000 are outstanding at the present time. Under
examining each of the 12 Federal Reserve banks. Resigned in Aug. 1919,
proceed in definite stages under time limits
to become Vice-President of the National Bank of Commerce of New York. these permits drilling must
It is obvious that no large proportion of 20,000 oil wells are being drilled on
with which institution he was identified for nine years.
2022
FINANCIAL CHRONICLE
[VOL. 128.
lands under these permits. Thus many persons have not complied
with
the requirements of the law and in effect have abandoned their
rights.
"I have approved the recommendation of Secretary Wilbur to appoint
a departmental board, representing the different bureaus interested,
whic
will review the whole situation.
"Being fairly familiar with the sentiment of our Western States, I can
at once refute the statement that the people of the West object
to conservation of oil resources. They know that there is a limit to oil supplies
and that the time will come when they and the nation will
need this oil
much more than it is needed now.
"There are no half measures in conservation of oil. The Government
must cease to alienate its oil lands if we are to have conservation."
Northcutt Ely Made Executive Assistant to Secretary
of Department of Interior.
Announcement of the appointment of Northcutt Ely, of
New York, as Executive Assistant to the Secretary, was
made on March 18 at the Department of the Interior.
Mr. Ely is a lawyer, 26 years of age, who has been in practice
in New York, associated with the firm of Single & Single.
His assignments have had to do largely with admiralty and
The "Times," in a dispatch from Washington March 15, maritime cases. Much of his life, however, ha's been spent
in the West where he has had direct contact with the problems
said:
that come under the Department of the Interior. This is
Co-operation With Producers.
the second assistant appointed by Secretary Wilbur. The
Co-operation with private oil producers is the next step the administration will take to make thoroughly effective its conservation plans. Presi- first was Ernest Walker Sawyer, an engineer.
dent Hoover has had several interviews this week with consulting engineers and owners of private oil wells. He is hopeful that the private operators will be able to reach agreements to conserve oil through support of
the State Governments and without coming into conflict with the antitrust laws
Ralph Arnold, a consulting engineer of California, today told the President what private operators had under consideration to supplement the
Government's program. The big operators, he said, were meeting in
Houston and expect to reach an agreement which would prevent much
"wildcatting" and lead to control of oil production.
"The Government conservation policy was announced just at the right
time to be most helpful to the oil men, who have been studying the subject
for the past two years without effect," he said. "I believe the Houston
meeting will agree on a program that, in connection with the Government's efforts, will go a long way to conserve this country's oil."
On March 21 Secretary Wilbur issued an order to land
agents and others outlining the plan of general procedure
in the Department of the Interior for executing President
Hoover's public land oil conservation policy. This was
noted in a "Times" Washington dispatch, from which we
quote further as follows:
Permits not involving the expenditure of money in development, it has
been decided, will be denied by the General Land Office and fifteen days
will be allowed by those who assert that money has been expended to prove
their contention.
The order reads:
Order No. 338.
The following outlines the general procedure in the Department of the
Interior for executing the President's public land oil conservation policy:
1. All oil and gas applications and permits pending in the office of the
First Assistant Secretary of the Interior, under the general leasing act,
will
be returned to the General Land Office.
2. All oil and gas cases pending in the office of the solicitor will be reviewed
to determine their present status. Those coming within the new policy
should be returned to the General Land Office.
3. The preparation of letters in the General Land Office calling upon
delinquent permittees to show cause why their permits should not be canceled vrill be expedited.
4. 011 and gas permits now in good standing will not be proceeded against
so long as the terms of the permits are being timely compiled with.
Burial Services for Late Melville E. Stone of Associated
Press Held in Washington—Ashes Placed in Vault
with Bodies of Woodrow Wilson and Admiral
Dewey.
' Burial services for the late Melville E. Stone, formerly
General Manager and Counselor of the Associated Press, of
which he was one of the founders, were held in Washington
on March 23, when his ashes were committed to the crypt of
Bethlehem Chapel in the Washington Cathedral, where the
bodies of former President Woodrow Wilson and Admiral
George Dewey rest. Mr. Mellville, who last August
reached his eightieth birthday, died in New York on Feb. 15.
Regarding the service the Associated Press accounts from
Washington March 23 said in part:
The final honors accorded the Journalist were in recognition of his service
In the advancement of national and international journalism. The Episcopal burial service was conducted by the Right Rev. James E. Freeman,
Bishop of Washington. assisted by the Very Rev. G. C. F. Ilratenahl,
dean of Washington. The actual lowering of the ashes into the chapel vault
was reserved for members of Mr. Stone's immediate family and associates.
President and Mrs. Hoover sat on the right side of the chapel during
the ceremony. Behind them were Justices Stone and Butler of the Supreme
Court, Vice-President Curtis, the Secretaries of State, Treasury, Interior
and Labor, the Postmaster General and Attorney General, and members
of the Senate and House. Ambassadors, Ministers and other representatives of nearly a score of nations also were seated in this section.
Widow Unable to Be Present.
On the left side were Miss Elizabeth Stone, daughter of the Journalist, a
niece, two grandchildren and Arthur S. Thompson, Mr. Stone's Secretary.
Mrs. Stone was unable to leave her New York home. With members of the
family were Frank 13. Noyes, President; Kent Cooper, General Manager.
and members of the board of directors of The Associated Press.
As the strains of Chopin's "Funeral March" sounded from the chapel organ the funeral procession, which had formed in the adjoining Chapel of
St. Joseph of Arhnathea, began its advance promptly at 11 o'clock through
the south corridor to Bethlehem Chapel.
The procession passed slowly by the tombs of Woodrow Wilson and
To Consider Permittee Equities.
5. Where a permittee is entitled to a lease because of discovery, it is Admiral George Dewey and up the centre aisle toward the altar. Ths
mandatory to lease only one-fourth of the area, under strict interpretation cathedral crucifer, robed in white vestments and carrying the cross, led
of the President's oil policy, except that when the permit covers 160 acres or the procession, followed by the men and boys' choir, the cathedral verger
less,the permittee would be entitled to lease the full acreage. The remainder and the clergy.
The catafalque. draped in gold-fringed damask and containing the urn
will not be leased unless such action is required in the public interest.
6. The departmental committee, consisting of the solicitor, the Com- with the ashes of Mr. Stone, was carried by four bearers. . . .
After the congregation had departed, the family returned to witness
missioner of the General Land Office and the Director of the Geological
Survey, will consider the extent of operations which have been prosecuted the rites of committal. Immediate associates of Mr. Stone and the officiatunder existing oil and gas permits, to determine whether permittees have ing clergymen were the only others present.
acquired equities which should be recognized and make appropriate recommendationei to the Secretary. In reviewing permits, representative Federal Trade Commission
to Conduct Inquiry into
cases may be recommended for public hearing before the Secretary of the
Newsprint Industry in Accordance with Senate
Interior to determine lines of policy.
7. Registers of local land offices will not receive applications for oil and
Resolution.
gas permits after March 12 1929. and will reject all pending applications for
The Federal Trade Commission announced on March 19
permits. They will forward to the General Land Office all applications for
extensions of time, Sm., relative to outstanding permits.
that it has accepted Senate Resolution 337 calling for inves8. Applications for extension of permits on band should be disposed of tigation
of practices of manufacturers and distributors of
promptly. Those not involving expenditure of money in development work
will be denied by the General Land Office. All other cases will be referred newsprint paper. The Commission's announcement says:
The inquiry will be carried on in strict compliance with the terms of the
to the special committee by memoranda of the General Land Office showing
the facts disclosed by the record and of the geological survey as to the resolution. The Commission will employ and rely on all powers legally
available to it, whether contained in its organic act or elsewhere.
status of development work. .
The inquiry will be in charge of the chief examiner's division of the
Actual Development Required.
Commission.
Senate Resolution 337, adopted Feb. 27 1929. is as follows:
9. The General Land Office will hold for eancelltion, allowing 15 days
In which to show cause, all permits on which there is no prima facie evidence
RESOLVED,That the Federal Trade Commission is requested to make
an investigation upon the question of whether any of the practices of
that expenditure of money in development work has been made. All other
the manufacturers and distributors of newsprint paper tend to create
cases should be referred to the special committee by memoranda of the
a monopoly in the supplying of newsprint paper to publishers of small
General Land Office showing the facts disclosed by the record and of the
daily and weekly newspapers or constitute a violation of the anti-trust
Geological survey as to status of development work.
laws, and to report to the Senate as soon as practicable the results of
such investigation together with its recommendations, if any, for
10. All oil and gas permits in the Geological Survey pending report
necessary legislation.
to the General Land Office will be promptly considered under the new
policy. Where these cases involve conflict of agricultural and mineral
The adoption of the resolution by the Senate was noted
rights, or questions of similar character, they should be returned to the
in our issue of March 9, page 1494.
General Land Office with appropriate report when such is required under the
new policy: otherwise without report.
11. Supervisors of oil and gas operations in the Geological Survey must 1,042 Companies in 1928 Report Rise of 17.19% in Net
deny approval to notices of intention to drill on permits that are not shown
Profits Over 1927, According to Ernst & Ernst.
to be in good standing by the terms of the permit itself or an approved
extension of time.
Total net profits of 1,042 companies in 38 business groups
12. The Geological Survey will report to the Secretary on the like- amounted
to $3,748,051,000 in 1928, an aggregate gain of
lihood of oil and gas drainage of Government lands in various producing
and wild-catting fields where a claim of drainage is made. The special 17.19% over 1927 and 11.35% over 1926, according to a
committee will consider the question of drainage only when incidentally compilation prepared by Ernst & Ernst, accountants, from
involved in individual permits before it for consideration.
published financial statements. For 815 industrials the
13. Permits issued and outstanding in executive order Indian reservations
under the Act of March 3 1927, will be considered and disposed of in the compilation shows an aggregate increase in earnings over
same manner as provided in the foregoing paragraphs.
1927 of 20.49%; for 120 public utilities, an increase of
RAY LYMAN WILBUR,
Secretary of the Interior.
18.70%; 82 railroads, 9.90%; 25 financial institutions,
70.36%. "But this improvement," Ernst & Ernst say,
FINANCIAL CHRONICLE
MAR. 30 1929.]
2023
"was quite irregular, both by groups and by members of and $48,927,670 in the first quarter of 1928. The statement
issued in the matter says:
the same groups." They further state:
Ofthe 815 industrials, 516 were up,299 were down;of 120 public utilities,
92 were up, 28 down; 82 railroads, 54 up, 28 down; 25 financial companies.
21 up,4 down. Furthermore, of the 35 groups of industrials, nine showed
lower earnings in 1928 than in 1927; clothing manufacturers, restaurant
chains, furniture manufacturers, glass products (very slight decrease),
railroad equipment, rubber products, shoe manufacturers, textiles and miscellaneous traders. The other industrial groups showed increases by widely
varying percentages. Of the 38 groups in all, 14 showed aggregate profits
lower in 1928 than in 1926 as compared with the nine which were lower in
1928 than in 1927. Three groups showed continued downward trend
through both 1927 and 1928.
Varying factors were responsible for the failure of certain industries to
realize their share of the nation's prosperity. In some lines excess capacities
and overproduction created extremely competitive situations resulting in
price declines. In others foreign competition and outside influences on
commodity prices were the cause of material shrinkages which had to be
absorbed in operations. In still other instances a generally depressed
condition of earlier years continued into 1928. and these industries apparently have not yet been able to adjust themselves adequately to present-day
demands. Changing trends in the general economy of business likewise
have had their effects, aiding certain industries, but making it harder
for others.
The figures themselves do not give an accurate picture of improvement
from year to year. Industry is continually tending toward consolidations
and the building of larger units through the acquisition of businesses in
either related or unrelated lines. Any compilation such as this which compares the profits of individual companies over periods of time necessarily
fails to measure the earnings of these added businesses applicable to the
years prior to their acquisition by the present owners. This factor, among
others, would seem to suggest that any cross--eetiunal study of the trend
,
of business profits might indicate a slightly meet favorable operating progress than would be borne out by a complete summary of industry as a whole.
These earnings figures may paint the picture a little too bright.
Expansion of industries through the opening of new fields or new markets
likewise tends to influence unduly a current year's showing compared with
that of a previous period, to the extent that present returns include any
tisplaced business of other lines or enterprises. This is particularly evident
In the case of chain stores, public utilities. &c., but is by no means limited
to these groups. While the difference or increased earning power may be
partly offset by added costs usually incident to acquisition of new properties
or expansion into new fields, it is probable that current profit figures contain
Increases which, as a general rule, exceed these added costs.
Another feature, particularly important during the past year, relates to
the items of security sales and income from investments. It is believed
that a considerably greater portion of the aggregate corporate income may
be attributed to investment earnings in 1928 than in previous corresponding
periods.
It must be remembered also that such compilations of earnings as can be
made at this time include mainly the larger corporations and only a proportion of these. The tabulation includes only those companies whose
figures are available for the three Consecutive years. The figures are only
Indicative, therefore, and do not necessarily give a true measure of prosperity.
CORPORATION PROFITS, 1028 AND 1927.*
Increase 1928
1928
Profits.
Industrials-Amusement companies
Automobile manufacturers...
Auto parts and accessories
Brass and copper products-.
Building supplies
Business equipment
Chemicals
Clothing manufacturers
Coal mining
Department stores
Drugs
Electrical supplies
Bakeries
Beverages, confections
Meat packers
Restaurant chains
Other food products
Furniture manufacturers
Glass products
Ilardware manufacturers....
Iron, steel
Machinery, tools
Metal products-Sundry....
Mining and smelting
011 producers and refiners
Paper manufacturers
Printers, publishers
Railroad equipment
Real estate, Insurance
Rubber products
Shoe manufacturers
Textiles
Tobacco products
Miscellaneous traders
Unclassified Industrials
$
14,905,000
365,076,000
60,137,000
12,084,000
60,588,000
1,866,000
74,315,000
17,322,000
6,013,000
136,086,000
20,161,000
5,084,000
42,627,000
28,213,000
22,632,000
5,327,000
113,189.000
7,204,000
2,653,000
3,971,000
200,472,000
39,396,000
36,784,000
114,379,000
223,985,000
13,830,000
7,307,000
24,656,000
25,277,000
9,601,000
23,459,000
13,159,000
86,850,000
8,374,000
58,023,000
Over
1926.
Over
1927.
% %
8.65
14.94
38.74 19.67
56.31 60.86
43.55 56.59
1.37
*6.63
26.57 24.44
33.01 31.62
*4.03 *13.30
1.87
*48.14
8.86
27.42
17.17 15.42
2.45
*14.74
5.26
13.25
20.71 10.97
*7.78 43.46
*4.32 *9.77
20.26 14.71
*20.39 *2.75
*6.08 *0.87
*1.86 20.05
•1.19 33.28
11.93 21.92
15.15 30.44
33.14 43.78
*9.75 94.44
5.09 11.57
48.80 17.70
*42.08 *25.52
157.79 30.54
*38.76 *79.98
11.9 *11.39
165.1 *15.93
1.99
7.27
*1.70
26.8
19.87 17.51
No. of Companies
Over under
1927 1927 Total.
3
11
24
8
41
3
10
15
5
25
11
5
4
9
14
1
27
3
2
8
23
39
14
20
30
15
8
5
11
2
2
21
11
25
83
4
1
3
3
28
0
2
22
4
11
1
2
5
4
3
3
14
6
3
1
1
16
11
7
9
9
4
11
3
8
6
29
5
27
33
7
12
27
11
69
3
12
37
9
36
12
7
9
13
17
4
41
9
5
7
24
55
25
27
39
24
12
16
14
10
8
50
18
52
96
The increased payment of dividends this year is unusual, as payments
of dividends during the first quarter of any year are usually smaller than
In the preceding quarter due to the usual distributions of extra and special
year and dividends during the closing quarter of each year.
Standard Oil Co. of Indiana's payments were largely responsible for the
Increase. The company paid a total of $15,677,877 in the first quarter
of the year compared with $8,077,597 in the last quarter of last year. The
company paid a 50% stock dividend and on the new stock paid the regular
quarterly dividend of 62% cents a share and an extra dividend of 50 cents.
Prairie Pipe Line Co. also accounted for a good part of the increase, its
disbursements totalling $5.062,500 as against $2,835,000 the previous payment. This company paid a 25% stock dividend and reduced the par
value of shares from $100 to $25 increasing the number of shares fivefold.
On the increased capitalization, an extra dividend of 50 cents along with a
quarterly dividend of 75 cents a share was paid.
The record of quarterly dividends during the past few years is as follows:
1st Quarter. 2d Quarter. 3d Quarter. 4th Quarter. Pull Year.
$63,379.618
1929
48,927,670 $57,694,206 $50,068,102 362.050,357 3218,740,339
1928
55,873,413 54,291,615 47,728,440 55,724,472 213,617,944
1927
40,580,317 50,618,451 46,427.278 62,685,548 200,327,590
1926
34,355,618 41,905,728 35,140,584 42,104,169 153,506.094
1925
Proclamation of President Hoover Making Effective
National Origins Clause of Immigration Law.
Indicating that he had been advised by the AttorneyGeneral that it was mandatory upon him to issue a proclamation establishing "national origins" as the basis of the
immigration quotas, President Hoover on March 22 proclaimed the annual quota of each nationality effective
July 1 1929. The President states that while he is strongly
in favor of restricted and selected immigration, he has
opposed the national origins basis. He adds, "I therefore
naturally dislike the duty of issuing the pro clamation and
installing the new basis; but the President of the United
States must be the first to obey the law." The President's
statement making known his opposition to the clause,
follows:
"The Attorney General has advised me that in failure of Congress to
suspend action. it is now mandatory upon me under the Immigration Act
to issue the proclamation establishing 'national origins' as the basis of
the immigration quotas. The proclamation must be issued prior to Apr. I
and will be issued at once. It will go Into effect on July 1 unless action
Is taken by Congress in the meantime.
"While I am strongly in favor of restricted and selected immigration. I
have opposed the national origins basis. I, therefore, naturally dislike
the duty of issuing the proclamation and installing the new basis, but the
President of the United States must be the first to obey the law."
Believing that the 1924 law determining admissions a
2% of the foreign born in the United States in 1890 is
unworkable, President Hoover, it is stated in a "Times"
dispatch from Washington March 22, expects to recommend
its repeal to the special session of Congress. If it acts
favorably before July 1, the national origins quotas will
not go into effect on that date, and the present law will
be continued another year.
It was noted in Washington advices March 22 to the
"World" that the preliminaries toward repeal have already
been arranged, for Majority Leader Tilson of the House
announced that:
"with an apparent sentiment in the House against the National Origins
method of computing immigration quotas, I feel confident that if a resolution is passed by the Senate during the extra session of Congress either repealing or further postponing the effective date of this part of the law it
will receive favorable attention in the House before July 1."
The account in the "World" went on to say:
It is by no means certain that the Senate will pass such a resolution.
The House passed it during the recent session but it was turned down by
the Senate, the Immigration Committee voting seven to four against it
when Senator Nye (Rep., N. 1).) Introduced the measure.
The matter has an intense political application, inasmuch as the new
process cuts down the Irish and Scandinavian quotas and increases the
British and Italian.
Leader niacin in his comment added:
"In view of the opinion submitted by the Attorney General, the President has no discretion either to ignore or postpone the national origins
provision of the Immigration Law. It is not too late, however, for Congress to act before July 1, when this new basis for immigration quota goes
815
1,885,005,000 13.90 20.49 518. 299
Total Industrials
28
120
Into effect.
672,713,000 32.75 18.70 92
Public utilities
9.90 54
82
28
1,140.776,000 *3.13
Railroads
"The House of Representatives has three times expressed its willingness
25
4
49,557,000 85.63 70.36 21
Financial
to postpone the taking effect of the national origins provision. The effective date of the provision was twice postponed by resolutions which
1042
359
3.748.051.000 11.35 17.19 683
Total
and the House again expressed itself in tho last session
•Compilation prepared by Ernst dz Ernst from published financial statements. passed this body
by passage of a measure which failed to be acted upon in the Senate
before adjournment."
Saw No Real Opposition.
First Quarter Standard Oil Dividends Break All Records
When the Senate turned down the postponement it knew, of course, that
-Distributions Total $63,379,618-Highest in Any
Hoover had declared himself against the national origins system. but
Three Months Period-Compilation by C. H. Pforz- Senator Reed of Pennsylvania, who led the movement to force the operation
heimer & Co.
of the Act, and others took the position that Mr. Hoover was only against
a political expedient and was not really interested, when the
Dividend distributions by the various companies com- the measure asover.
campaign was
the Standard Oil group aggregated $63,379,618 for
President Hoover takes an active part in pressing for the repeal or
Unless
prising
this same argument
the first quarter of 1929, a new high record for all time, for an armistice, it Is not at all unlikely that insist in the light of will
the
prevail again. It is rather difficult for him to
regardless of the special extra distributions made by some of recent disclosure of his views about the impropriety of the Executive seeking
years. The total, according to to force legislation on Congress. On the other hand,it must not be assumed
the companies during recent
waived his constitutional prerogative of
figures compiled by Carl H. Pforzheimer & Co., specialists that he has he shall judge necessary and expedient." recommending "such
measures as
securities, compares with dividend distribuWhether he presses for the enactment or contents himself with recomin Standard Oil
tions aggregating $62,050,357 for the final quarter of 1928 mending it in his message, the outcome is bound to be considered as de-
2024
FINANCIAL CHRONICLE
monstrating whether he is or is not able to control Congress
-a question
that comes up whenever a new President comes in.
Strain on Session Limits.
There is additional importance attached to the measure, for it constitutes the first attempt to break down the limitations intended for the
extra session, which were announced as being confined to farm relief and
tariff. If national origins is admitted, there will be various other measures
essayed.
The new method of figuring quotas is by making a hypothetical estimate
of the racial divisions of the population of the United States in 1890, for a
rough standard, and applying it to the census of 1920.
The Commission established by the Act to determine the national origins
of the people of the United States on the basis of the population of 1920
consiated of the Secretaries of State. Commerce and Labor. This method of
computing the quotas is objected to principally on the ground that it is
Impossible to determine with any degree of accuracy the national origins
of the American people. The Commission itself in making its first report
said:
"In our opinion the statistical and historical information available raises
grave doubts as to the value of these computations as a basis for the purposes intended."
The opinion has been expressed that if the door is opened for national
origins repeal it will be impossible to bar it to consideration of the Reapportionment Bill, which involves a new census and changes in the number of
Representatives to which the various States are entitled. This was also
passed by the House, but the Senate failed to act on it. It is even more a
political queston than the immigration quotas.
The "Herlad-Tribune" of March 22 had the following
to say regarding the views of those in favor of the "national
origins" basis:
Proponents Confident.
Meanwhile, proponents of the national origins plan are confident that
they can beat the repeal measure,if necessary, in both houses of Congress.
"Sentiment in favor of the national Origins plan of restricting immigration
has been growing rapidly with better understanding of just what it is," said
Demarest Lloyd, Chairman of the National Immigration Legislative Committee to-day. "I am sure that there is a majority in the House and in the
Senate for the national origins plan. In fact several members of the last
House told me they voted for the postponement of the national origins
going into effect, although they would never have voted to repeal it. We
will be even stronger in the new house.
"I am sure, therefore, that it cannot be repealed and will be put into
effect on July 1."
One of the chief attacks against the national origins quota plan is on
the basis of inaccuracy. Certainly it is nothing like as inaccurate a method
of computing quotas as the 1890 census plan. Incidentally, many people
have a false impression of what the 1890 system now in effect is, and what
the national origins plan is.
Under the 1890 plan the quotas are determined, not from the total number
of persons in the country when the 1890 census was taken, but on the basis
Purely of the foreign-born population recorded in the census of that year.
The native-born population of the country recorded in that census is
utterly ignored in figuring the quotas based on it.
Says 1920 Census Is Included.
Correspondingly there has been much misrepresentation of the national
origins plan. It has been said, erroneously, that it was based exclusively
on the 1790 census. Actually it takes into consideration that census and
every succeeding census down to and including 1920. The whole object
Is to allot quotas to foreign nations based on the precise percentage of population which persons of that blood formed in this country as of 1920. The
use of the previous censuses, beginning in 1790,is to determine as accurately
as possible the derivation of our population by percentages by the time
1920 had been reached. The object also is to maintain the flow of immigration so as to maintain the percentage of various nationalities poured
into our melting pot up to and including 1920.
Mr. Lloyd insisted that the 1890 census basis, which has been in effect
now for several years, is subject to grave inaccuracies because of the creation of so many new countries in Europe, and the radical shifting of boundary lines. He cited the point that in the 1890 census, there was no division
of Poles, Czechs, Jugoslavians and many other of the new nationalties
Some 60% of the total number was subject to error, he said.
The following is the proclamation issued by President
Hoover:
By The President of the United States of America.
-A Proclamation:
Whereas it is provided in the Act of Congress approved May 26 1924,
entitled "An Act to Limit the Immigration of Aliens into the United States,
and for Other Purposes," as amended by the Joint Resolution of March 4
1927, entitled "Joint Resolution to Amend Subdivisions (b) and (e) of
Section 11 of the Immigration Act of 1924. as amended," and the Joint
Resolution of March 31 1928, entitled "Joint Resolution to Amend Subdivisions (b) and (e) of Section 11 of the Immigration Act of 1924, as
Amended," that:
The annual quota of any nationality for the fiscal year beginning July 1
1929, and for each fiscal year thereafter, shall be a number which bears
the same ratio to 150,000 as the number of inhabitants in continental
United States in 1920 having that national origin (ascertained as hereinafter provided in this section) bears to the number of inhabitants in continental United States in 1920. but the minimum quota of any nationality
shall be 100. Section 11(B).
For the purpose of subdivision (B) national origin shall be ascertained
by determining as nearly as may be, in respect of each geographical area,
which under Section 12 is to be treated as a separate country (except the
geographical areas specified in subdivision (C) of Section 4), the number
of inhabitants in continental United States in 1920 whose origin by birth
or ancestry is attributable to such geographical area. Such determination
shall not be made by tracing the ancestors or descendants of particular
individuals, but shall be based upon statistics of immigration and emigration, together with rates of increase of population as shown by successive
decennial United States censuses, and such other data as may be found
to be reliable. Section 11 (C).
For the purpose of subdivisions (B) and (C) the term "inhabitants in
continental United States in 1920" does not include (1) immigrants from
the geographical areas specified in subdivision (C) of Section 4 or their
descendants, (2) aliens ineligible to citizenship or their descendants, (3)
the descendants of slave immigrants, or (4) the descendants of American
aborigines. Section 11 (D).
The determination provided for in subdivision (c) of this section shall
be made by the Secretary of State, the Secretary of Commerce and the
Secretary of Labor, jointly. In making such determination such officials
may call for information and expert assistance from the Bureau of the
Clensua.
[vol.. 128.
Such officials shall, jointly, report to the President, the quota of each
nationality, determined as provided in subdivision (b), and the President
shall proclaim and make known the quotas so reported. Such proclamation
shall be made on or before April 11929. If the proclamation is not made on
or before such date, quotas proclaimed therein shall not be in effect for any
fiscal year beginning before the expiration of 90 days of the date of the
proclamation.
After the making of the proclamation under this subdivision the quotas
proclaimed therein shall continue with the same effect as if specifically
stated herein, and shall be final and conclusive for every purpose except
(1) in so far as it is made to appear to the satisfaction of such officials and
proclaimed by the President, that an error of fact has occurred in such
determination or in such proclamation. or (2) in the case provided for in
subdivision (c) of section 12. If, for any reason, quotas proclaimed under
this subdivision are not in effect or any fiscal year, quotas or such year
shall be determined under subdivision (a) of this section. Section 11 (e).
Annual Quotas Determined
And whereas, the Secretary of State, the Secretary of Commerce and the
Secretaty of Labor have reported to the President that, pursuant to the duty
imposed and the authority conferred upon them in and by the Act approved
May 26 1924, they jointly have made the determination required by said
Act and fixed the quota of each respective nationality in accordance therewith to be as hereinafter set forth;
Now, therefore, I, Herbert Hoover, President of the United States of
America, acting under and by virtue of the power in me vested by the
aforesaid Act of Congress, do hereby proclaim and make known that the
annual quota of each nationality for the fiscal year beginning July 1 1929,
and for each fiscal year thereafter, has been determined in accordance
with the law to be, and shall be, as follows:
NATIONAL ORIGINAL IMMIGRATION QUOTAS.
Country or AreaQuota.
Country or AreaQuota.
Afghanistan
100 Morocco (French and Spanish
Albania
100 zones and Tangier)
100
Andorra
100 Muscat (Oman)
100
Arabian Peninsula
100 Nauru (British mandate)
100
Armenia
100 Nepal
100
Australia (including Tasmania,PaNetherlands
3,153
pua and all islands appertaining
New Zealand
100
to Australia)
100 Norway
2,377
Austria
1,413 New Guinea, territory of(including
Belgium
1,304
appertaining islands) Australian
Bhutan
100
mandate
100
Bulgaria
100 Palestine. with Trans-Jordan (BritCameroon (British mandate)
100
ish mandate)
100
Cameroon (French mandate)
100 Persia
100
China
100 Poland
6,524
Czechoslovakia
2,874 Portugal
440
Danzig, Free City of
100 Ruanda and Urundi (Belgian manDenmark
1,181
date)
100
100 Rumania
Egypt
295
Estonia
116 Russia, European and Asiatic
2,784
Ethiopia (Abyssinia)
100 Samoa, Western (mandate of New
Finland
569
Zealand)
100
France
3.086 San Madno
100
Germany
25,957 Siam
100
Great Britain & Northern Ireland_65,721 South Africa, Union of
100
Greece
307 Southwest Africa (mandate of the
Hungary
869
Union of South Africa)
100
Iceland
100 Spain
252
India_
100 Sweden
3,314
Iraq (Mesopotamia)
100 Switzerland
1,707
Irish Free State
17,853 Syria and the Lebanon (French
Italy
5,802
123
mandate)
Japan
100 Tanganyika (British mandate)
100
Latvia
236 Togoland (British mandate)
100
Liberia
100 Togoland (French mandate)
100
Liechtenstein
100 Turkey
226
Lithuania
386 Yap and other Pacific islands under
Luxemburh
100
Japanese mandate
100
Monaco
100 Yugoslavia
845
All quotas hereby established are available only for persons who are
eligible to citizenship in the United States and admissible under the immigration laws of the United States.
The immigration quotas assigned to the various countries and quotaareas are not to be regarded as having any political significance whatever.
or as involving recognition of new governments, or of new boundaries, or of
transfers of territory, except as the United States Government has already
made such recognition in a formal and official manner.
In witness whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the city of Washington, this 22d day of March in the year of our
Lord, 1929, and of the Independence of the United States of America, the
153d.
HERBERT HOOVER.
By the President:
FRANK B. KELLOGG,
Secretary of State.
The most important changes, according to the Philadelphia
"Ledger," follow:
unco
1890
Foreign
Born
Census,
Great Britain and
Northern Ireland _34,007
Irish Free State
28,567
Germany
51,227
Sweden
9,561
Norway
•
6,453
Denmark
2,789
Poland
5,982
National
Origins.
65,721
17,853
25,957
3,314
2,377
1,181
6,524
Russia
Italy
Czechoslovakia
France
Switzerland
Austria
Hungary
Belgium
Foreign
Born
Census.
9,248
3,845
3,073
3,954
2,081
785
473
512
National
Origins.
2,784
5,802
2,874
3,086
1,707
1,413
869
1,304
Universal Cotton Conference Agrees to Issue Tentative Preparation Types.
The issuance of tentative types illustrating preparation
of long staple cotton of the grades strict middling, middling,
and strict low middling, for permissive use during the next
two years was unanimously agreed to at the third international biennial Universal Cotton Standards Conference
which concluded its sessions at Washington, D. C. on March
19. It was agreed that possible modification of these tentative standards following their use during the two year
period, and provision for more definite promulgation of
the standards may be considered at the next biennial conference. The Department of Agriculture, announcing this
on March 20 said:
MAR. 30 1929.]
FINANCIAL CHRONICLE
2025
The conference also went on record as urging the improvement of present Lewis. Railroad Data, published Mar. 22 by the Comginning methods used by American ginners, resulting in deterioration in mittee on Public Relations of the Eastern Railroads from
the quality of spinnable cotton, declaring that poor ginning methods are
detrimental to the interests of cotton growers, cotton merchants, and which we take the foregoing, also states:
The Hoch-Smith Resolution directed the Commission, with due regard
spinners.
A proposal to issue physical standards for the grades good middling "to the maintenance of an adequate system of transportation" to indescriptive vestigate and "effect with the least practicable delay such lawful changes
spotted to low middling spotted, inclusive, and to establish
standards for light tinged cotton of the same grades was considered but no in the rate structure of the country as will permit the freedom of moveconclusion was reached. The new spotted and light tinged gradestjaad been ment by common carriers of the products of agriculture,including live stock,
suggested to take the place of the present descriptive standards for spotted at the lowest possible rates compatible with the maintenance of adquate
cotton which embrace all cotton which in color falls between the present transportation service."
Under Orders from Congress.
white and yellow tinged boxes. The European representatives expressed
themselves as wishing to withhold a decision for the time being.
The Commission does not question the right of Congress to take any
The European representatives offered a proposal "that the standards action it sees fit. Under the law the Commission's duty is to try to comof blue and yellow stained cotton be transferred to inactive standards, plete all assignments from Congress.
and that such standards be not submitted to be passed at the biennial
In an address before the Traffic Club of Milwaukee. Commissioner
conferences." No action was taken on this proposal since these standards Meyer stated recently that the resolution attempted"to make the railroads
are now an essential part of the universal standards, but the matter of in the United States the shock absorber and balance wheel for the entire
their presentation to future conferences was taken under consideration. economic life of the country to the extent to which this may be accomThe conference considered the inclusion of the Japan Cotton Spinners' plished through the instrumentality of railroads rates." Excerpts of this adAssociation and the Japan Cotton Merchants' Union as parties to the dress were published in Railroad Data Feb. 1 and Feb. 8.
Universal Standards Agreements. The Department of Agriculture proThe constitutionality of the Hoch-Smith Resolution is now being chalposed to allow the Japanese organizations to become parties to the agree- lenged in the Supreme Court of the United States in the California fruit
ments in view of the increasing importance of Japan as a cotton buying rate case. In this instance the Commission gave effect to its interpreta-country, now the third largest buyer of American cotton. The European tion of the resolution by ordering a reduction in rates of approximately 8%
representatives presented the following resolution on this point:
on perishable fruits from California to various destinations. The interested
"In regard to the question of the Japanese Associations becoming signa- railroads contend that this action is confiscatory, and are making it a
tories to the agreements, the European Exchanges adhere to their previous test case.
decision that they cannot agree to any change in the present status. They
The National Association of Owners of Railroads and Utilities Securities
have no objection, however, to the Department of Agriculture making a
separate agreement with Japan but 50% of the voting power must be considers the resolution "a political rate-making fallacy." and advocates
retained by the European Exchanges. Under such circumstances Japan its immediate repeal.
would be welcomed to take part in the passing of the Standards."
In his review of the Commission's work under the Hoch-Smith ResoluThe Department announced that it would give further consideration tion, Commissioner Meyer says in part:
to this matter.
"Since the passage of the resolution we have had to dispose of about 3,500
The conference approved 65 sets of the Universal Standards for American formal rate cases in addition to many thousands of other formal and incotton for use during the next two years. One set was drawn by lot and formal proceedings. Parties interested in these cases had their rights
placed in the United States Treasury as first reserve set. The other sets under the law and it was our duty to attend to their complaints as efficientwere also drawn by lot to be distributed among the exchanges, associa- ly as possible. We have not understood that the resolution authorizes us
tions, and the trade.
to postpone work in connection with and in consideration of the thousands
The conference was held for the purpose of approving copies of the of matters that the citizens of this country have been accustomed to bring
Universal Cotton Standards for use by the United States Department of to us.
Agriculture and the arbitration committees of the European cotton associaDisposed of 3,500 Cases.
tions during the two-year period beginning August 1 1929. This selec"We have given reasonable preference to cases involving agricultural
tion of copies of the standards is provided for by agreements between the products and cases affecting agriculture. Of the 3,500 rate cases about
Secretary of Agriculture and the European associations. Nils A. Olsen, one-third related to products of agriculture. Of this one-third, 529 have
Chief of the Bureau of Agricultural Economics, was chairman of the con- been individually classified as follows:
ference.
"Grain and grain products, 237; live stock, 38; vegetables, 52; cotton,
Representatives at the conference were.
44; cotton linters, 20; cottonseed products, 55; apples, 35; fruits in general.
J. C. Finlay and A. C. Nickson, Liverpool Cotton Association, Ltd.; 48; total, 529.
Wm. Heaps, Richard Brooks, and II. Robinson (unofficial), Manchester
"All the cases disposed of might have been classified, but I did not feel
Cotton Association, Ltd.
Justified in spending the time and money necessary to do it. Since its
A. Schadegg and J. Westphalen-Lamaitre. Syndicat du Commerce des passage all of our rate cases have been decided in the atmosphere created
Cotons au Havre.
by the resolution. We have exerted a steady pressure to confine rates on
Heinrich Westschulte and George Albrecht Frust, Bremer Baumwoll- agricultrual products which are depressed within the lower belts of the
borse.
larger zone of reasonableness while the pressure has been equally constant
Luigi Garbagnati, Achille Olcese, and Dr. Aldo Scaravaglio (unofficial). not to restrain unduly the maintenance of rates in the higher belts of the
Associazione Italiana Fascista Degli Industriall Contoniere.
zone of reasonableness for those commodities which are not depressed and
Auguste L. M. Van Heron,jr., Robert Pfileger, and Leopold F. Francois, which possess a greater ability to bear a higher rate.
Marche de Coton a Gand.
"It is immaterial whether we mention the resolution in a particular
Pedro Baste and Mateo Olive, Centro Algodonero de Barcelona.
report or not. It is there just the same, like every other provision of the
I. J. Kalmon and C. Stahl, jr., Vereeniging voor den Katoenhandel Inter-State Commerce Act. It operates on every case which is brought
te Rotterdam.
before us. It is utterly incorrect to assume that the resolution was conF. ITolroyd and Joseph Wild, Federation of Master Cotton Spinners
sidered by us only in those cases in which we specifically mention it or
Associations, Ltd. of England.
only in the larger proceedings conducted expressly under it."
J. M.Locke, R. C. Dickerson, F.Lindsay, and J. K. Dorrance, American
Cotton Shippers Association.
Sydney 13Iuhm, American Cotton Manufacturers Association.
A. W. Fisher, Cotton Manufacturers' Association of North Carolina. Southern Pacific Shops in Texas and Louisiana Grant
W. A. Floyd and E. W. Montgomery, Cotton Manufacturers' AssociaIncreased Wages.
tion of South Carolina.
The following Houston (Texas) advices appeared in the
J. B. Kane, Cotton Manufacturers' Association of Georgia.
C. B. Howard, Howard Roberts, C. A. Martin, and D. D. Williams, "Wall Street Journal" of March 19:
the American Cotton Growers Exchange.
Some 5,000 employees in the Southern Pacific Co. shops in Texas and
S. Y. West, Arkansas Cotton Trade Association.
Louisiana will have their wages increased $500,000 annually. The inD. H. Williams, Atlantic Cotton Association.
crease is three to five cents an hour for mechanical employees and was
W. R. Meadows, Chicago Board of Trade.
agreed to by officials of the company and officials of the Association of
Howard M. Peek, California-Arizona Cotton Association.
Shop Crafts Employees, following several days' negotiations.
F. R. McGowan, Cotton Textile Institute.
W. E. Emley, Department of Commerce.
G. M. McInture, Mississippi Farm Bureau Cotton Association.
Russel Fisher and John Holt, National Association of Cotton Manu- Missouri-Kansas-Texas RR. Grants Wage Increase to
facturers.
Shopmen—Wage Increase on St. Louis-San
T. A. Parton, New England Cotton Buyers Association.
Francisco.
II. Baumgarten, New Orleans Cotton Exchange.
Philip B. Weld, Now York Cotton Exchange.
The Missouri-Kansas-Texas RR. on March 14 announced
W. D. Maxwell, Oklahoma State Cotton Exchange.
shopmen, involving
Fred Taylor, Samuel Steers, J. M. Slattery, and D. M. Brightman. that it had granted a wage increase to
about 2,200 employees, effective March 1. The St. Louis
The Rubber Association of America, Inc.
E. D. Hazelhurst, Southern Cotton Shippers Association.
"Globe-Democrat" in reporting this, said:
Charles Holmes, Staple Cotton Co-operative Association.
W. E. Williams, manager of personnel, who made the announcement,
Prof. R. R. Childs, Georgia State College of Agriculture.
declined to reveal the amount of the increase, but said it was "a satisfactory
John Fuesier and Peter O'Donnell, Texas Cotton Association.
settlement, in line with settlements made recently by other railroads in
Mehl Inouye, Southern Cotton Co., Dallas, Tex., representing the our immediate territory." The increase affects locomotive and car meJapan Cotton Spinners' Association and the Japan Cotton Merchants' chant's, their helpers and apprentices in shops and roundhouses throughout
Union was present at the invitation of the Department of Agriculture.
the territory served by the Katy, including Missouri, Kansas, Oklahoma
A previous item regarding the conference appeared in our issue of March and Texas.
16, page 1659.
Williams said the increase schedule was in line with those granted by the
the Frisco Texas & Pacific, Union Pacific and Santa Fe Lines.
Hoch-Smith Resolution Governs Rate Policies—Commissioner Meyer Reviews Work of the Inter-State
Commerce Commission Under This Edict.
The loch-Smith Resolution, passed in 1925, has been
the determining influence in all rate decisions of the InterState Commerce Commission since that time, according
to Commissioner B. H. Moyer who has had jurisdiction of
this work. His views are contained in a summary reviewing
all the work which has been accomplished under the provisions of the Hoch-Smith edict. The summary was recently
transmitted to the Senate Committee on Inter-State Commerce by the Chairman of the Commission. Ernest I.
St. Louis
-San Francisco Road.
Effective March 1, the Frisco has granted its 4,000 shopmen a voluntary wage increase of approximately 5%. The scale is: First class mechanics, minimum of 81 cents an hour, compared with a previous salary of
75 cents an hour; piece workers, flat 5% increase; second class mechanics
-cent minimum from 60 cents; third class mechanics in
increased to 65
locomotive department, increased to 53 cents from 48 cents; third class
mechanics in maintenance of way department, same increase; apprentices
-cent scale increase, the scale ranging from 32 to 57 cents
were granted a 2
an hour; first class tank truckmen, increased to 70 cents from 65 and 66
cents; second class, up to 60 cents from 56 and 57 cents; third class, up to
53 cents from 48 and 49 cents. Passenger car department, first class mechanics, 80 cents from 76 and 77 cents; firit class freight car men, up to
70 cents from 65, 66 and 67 cents; car inspectors. 72 cents from 68 cents;
second class car men. 60 cents from 55 and 57 cents; third class car men,
53 cents from 49 and 49 cents.
2026
FINANCIAL CHRONICLE
[VOL. 128.
office worker is generally higher than that of the manual
Northern Pacific Ry. Grants Increased Wages to
laborer, the former is likewise more apt to be affected by
Shopmen.
The following is from the St. Paul "Pioneer Press" of the post-war rise in prices.
From an international standpoint, the real wages of the
March 21:
Wage increases aggregating $500,000 were granted shop and roundhouse United States are the highest in the world. Compared with
employees of the Northern Pacific Railway Wednesday following two Great
Britain, for example, with 1913 as the basis of 100,
weeks of negotiations between the company and the men.
The increase will affect 5,500 men in St. Paul and the Northwest. The the index figure for British wages in 1927 was approximately
new wage scale will go into effect April 1 and continue in operation until 189, or over 28 points lower than that for
the United States,
Dec. 311930. The old wage contract for shopmen expired Dec. 31.
while the cost of living index is very nearly the same as for
Petitions for similar wage boosts are expected to be made by shopmen
of the Great Northern, Soo Line and other carriers in the St. Paul district. the United States. Expressed in terms of pounds of bread
The Northern Pacific increases will range from 2 to 5 cents an hour. and butter, weekly earnings in the
United States supply a
according to S. A. Wilder, assistent to the Vice-President in charge of
quantity equal to 717,in the United Kingdom 367,in France
operations. The raise represents a compromise between the railroad and
the employees who had asked a boost of 6 cents an hour, approximating a 269, in Germany 217, and in Italy 166.
total of 6750,000.
About $100,000 annually will be added to payrolls in the Twin Cities
by the increase, men benefitting at the Como, Mississippi Street and Saving of Waste Gave Ford Motor Co. $16,000,000 Profit
Third Street shops in St. Paul and at plants in Minneapolis. Blacksmiths
in 1928—Floor Sweepings, Gas and Platinum Help
boilermakers, car men, machinists, sheet metal workers and electricians,
Swell Profits.
their helpers and apprentices and other shop and roundhouse employees
By salvaging everything from "floor sweepings to platiwill receive the added wages.
The Burllngton, Rock Island, Union Pacific and Santa Fe systems num" the Ford
Motor Co. made more than $16,000,000 out of
have made similar settlements with their shop employees but the Northern
Pacific is the first of the northern transcontinentals to make a new contract by-products last year, according to a statement made public
with its men.
on March 11 by a representative of the company. The
Negotiations leading to the new scale were carried on with the company "Times"
in stating this added:
by a committee of 33 men headed by E. N. Rogers of Billings. Mont.,
Everything that cannot be used in motor car building is sold or devoted to
representing the Northern Pacific Association of Shop Craft employees.
William Eggert. Secretary of the St. Paul branch of the Association, stated the manufacture of marketable porducts, he said,and investigations are
Wednesday night that although he did not know what the general reaction cenducted regularly to find new uses for what would otherwise be wasted.
The principal by-products, with their value in 1928 and 1927, were listed
would be to the new wage scale, a number Of employees with whom he had
In the statement as follows:
talked seemed satisfied with the increase.
1927.
1928.
Ammonium sulphate
6703,412.66
6814,259.62
Benzol—Motor
917,958.59
1,767.341.95
Reading Road Increases Wages of Station Agents.
Cement
1.098,162.46
819.195.05
Charcoal
329,776.64
362,375.88
Associated Press advices from Philadelphia, March 23, Coal
3,760.227.45
2,834.677.36
Coke
1.669,854.01
3,627.953.20
said:
Gas
580.367.75
439,349.89
The Reading Company announced to-day that more than 1,300 station Glass
1,529.272.52
1,857.309.50
employees had been granted increases in wages aggregating more than Lumber
103,301.65
103,414.56
iron10 .77
$75,000 a year. The increase, effective March 16, amounts to 2 cents Pig
,544
Scrap
1,710.044.73
3,573,877.60
an hour for employees of all freight stations, station warehouses, transfers Slag
77,379.14
161,049.52
including truckers, freight handlers, janitors, baggage handlers, train Wood distillation
418,740.94
324.432.37
Johansson gauge
callers and gatemen.
64,041.16
78,891.32
It was also announced that a six-day working week for all employees in
Total
$13,016,539.68
$16,774,672.59
the telegraph department will be effective April 1. Those employees
There was a gain of 6110,846 in the value of ammonium sulphate, whia
have also had their pay increased 4 cents an hour.
Agent telegraphers and similar agents working six days a week have is sold for fertilizer. Gas worth 6439,349.89, sold to the Detroit City Gas
Co., was the quantity accumulated over week-ends and holidays, when
had their pay increased 3 cents an hour. All other telegraph employees
will receive an increase of 2 cents an hour. More than 1,200 men will plarits were not operating at full capacity.
Waste wood from the sawmill and body plant of the Ford Motor Co. in
be affected in the telegraph department, involving more than $130,000
northern Michigan is converted into charcoal briquets and industrial chemiyearly.
cals, and slag is sold in the Detroit area for surfacing roads.
Increased wages granted by the Reading road to shopcrafts were noted in these columns Feb. 9, page 829.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Harry H.
Wage Increase on Kansas City Southern RR.—Dividend Meyer, deceased, was reported posted for transfer to Hartley
to Common Stockholders.
C. Davidson for $438,000, ex-rights. With the election of
Associated Press advices March 25 from Kansas City eleven new members on March 28 the present membership is
1,203. The number of members was increased Jan. 24 1929
stated:
C. E. Johnston. President of the Kansas City Southern RR., to-day from 1,100 to 1,375.
announced a salary Increase of 3c. an hour for 800 clerks. He also announced a 5% dividend on all common stock as of record March 1. This
will be the first dividend paid to common stockholders in several years.
Two New York Cotton Exchange memberships were reported sold this week, that of Edgar W. Willmer to William
S. Dowdell for $42,000. down $3,000 from the last preceding
Strike Decision of Southern Ry. Shopmen Due Mar. 31.
sale, and that of Carroll V. Geran to John H. McFadden Jr.,
From the "Post" we take the following Richmond, Va., for another for $40,000.
advices March 25:
Whether 8,000 shopmen employed by the Southern Railway System
The New York Stook Exchange, as likewise the other comwill strike will be decided March 31, when sealed ballots being cast by
mail are opened at the shopmen's union office in Washington. The modity exchanges in New York and elsewhere, observed
strike vote resulted from their failure to obtain a wage increase originally Good Friday yesterday (March 29) by remaining closed.
asked in May 1928, which was before the Railway Board of Mediation
While there will be no trading on the Stock Exchange to-day
until withdrawn early this year.
Spokesmen for the Southern Ry. held that the matter was before the (Saturday), members have been called upon, in the followBoard of Mediation and said the road planned no action.
ing notice, to keep their offices open for the transaction of
regular office busines,:
NEW YORK STOCK EXCHANGE
Extent of Wage Earner's Participation in National
Committee of Arrangements
Prosperity—Real Wages of U. S. Highest in World
March 27 1929.
Says New York Trust Co.
To the Members of the Exchange,
The Governing Committee at a meeting held on March 27 1929 adopted
The extent of the wage earner's participation in the nathe following:
tional prosperity is discussed in the issue of "The Index"
Resolved, That the Exchange be not opened for trading on
Saturday
30 1929.
published by The New York Trust Co., made public Mar. 18. March Be It Further Resolved,
And
That the offices of members and of the
"In view of the 71% increase in the cost of living in this change remain open for the transaction of their regular office businessExon
country since 1914 it is apparent that real wages are 50% that day.
The Committee of Arrangements requests that it be promptly
informed
greater than before the war and that this greater income has of any members whose offices are not open in compliance with
the second
been accompanied by a decline of from 8 to 10% in the hours paragraph of the above resolution, and it will take immediate action in
the matter.
of work per week," states "The Index." "No other country
Specialists must be at their offices or see that their clerks have
sufficient
hasrecorded an equalimprovementin the laborer's condition." authority to settle open trades.
Members must use every endeavor on this day to compare all
It is pointed out that the trend of wages has been charactransactions
that are open and to receive give-ups from specialists.
terized by a slow increase from 1909 to 1914, a sudden rise
It is urgently requested that all firms having failed securities
from 1914 to 1920, a brief but marked decline, and then a make arrangements to receive the same up to 11;30 o'clock onto receive,
Saturday
morning.
steady increase since 1922. In general the rise in wages has securities Ills also requested that every effort be made to deliver failed
in the same manner.
particularly affected the industrial worker. While the averBy order of the
age weekly earnings of industrial'workers during 1927 were
COMMITTEE OF ARRANGEMENTS.
approximately 117% above those in 1914, clerical salaries on
The New York Curb Market, the New York Cotton Exthe average were only about 74% above the pre-war level. change, the National Metal Exchange, the
National Raw
It is noted that since the standard of living of the average Silk Exchange and the Rubber Exchange are among
tho local
MAR. 30 1929.]
FINANCIAL CHRONICLE
exchanges which voted to close yesterday and to-day. Members of the Rubber Exchange have been requested by the
board to keep their places of business open to-day (March
30) for the completion of deliveries on March contracts.
The securities division of the New York Produce Exchange
will remain closed to-day, in addition to yesterday; the
grain and cotton seed oil division of the Produce Exchange,
closed yesterday, will be open to-day. The Chicago Board
of Trade, which was closed yesterday, will likewise be open
to-day. The stock exchanges throughout the country observe the two days as holidays. The following is from the
"Times" of March 29:
Canadian stock exchanges will be closed to-day, to-morrow and Monday.
The Winnipeg Grain Exchange will reopen to-morrow after observing
Good Friday.
The Liverpool market will be closed to-day and Easter Monday. but will
be open to-morrow. All Argentine markets were closed yesterday and will
not reopen until Monday.
George F. Baker, Sr., Chairman of the Board of the
First National Bank of New York, observed his 89th birthday on March 27 at Jekyl Island off the coast of Brunswick,
Ga. Members of his family and E. E. Loomis, President of
Lehigh Valley RR. were present at the birthday dinner.
Albert Strauss, a member of the New York Stock Exchange house of J. & W. Seligman & Co., died at Haddon
Hall, Atlantic City on March 28. Although he had suffered
impaired health for two years, the death of Mr. Strauss
came unexpectedly. Death was attributed to pneumonia.
Mr. Strauss was born in New York on Aug. 26 1864. He
attended grammar school until he was 15 years old, when he
entered the College of the City of New York as a member of
the class of '84. He left college at the beginning of his
junior year and the degree of Bachelor of Science and
membership in the honorary scholastic society of Phi Beta
Kappa were subsequently conferred. After leaving college,
he entered the employ of J. & W. Seligman & Co. as an office
boy. He continued with that firm to the end of his life as
clerk, confidential power of attorney and partner, except
during a few years from August 1917, when he withdrew
to enter the service of the United States Government, first as
a "dollar-a-year-man" to advise the Government in relation
to international financial transactions and gold movements,
and then, in addition thereto, as member of the War Trade
Board and Vice-Governor of the Federal Reserve Board.
In 1919 he was a member of the financial section of the
American Commission to Negotiate Peace. In 1920 he resigned his Government activities, and on Jan. 1 1921,
rejoined the firm of J. & W. Seligman & Co. with which he
has been connected for nearly 50 years. During that time,
he was connected with many of the firm's major activities.
2027
of the Bank of United States will become effective Apr. 1.
An item regarding the proposed merger and increase in
capital appeared in these columns Mar. 16, page 1674.
The stockholders of the Nassau National Bank and the
Granite National Bank both of Brooklyn at a special meeting
on March 22 approved a proposal to combine the institutions. The merger which will go into effect April 1 will
become effective through an exchange of stock in the ratio
of three shares of the Nassau for five of the Granite. Reference to the proposed consolidation appeared in our issue of
March 16, page 1675.
Directors of the Community National Bank of Buffalo,
N. Y. have decided to increase the capital of the institution
from $1,000,000 to $1,250,000, as reported in the New
York "Times" yesterday, March 29. Stockholders will
receive the right to subscribe for the additional stock at the
price of $125 a share, par value $25 a share, in the ratio of
one share of new stock for every four shares held. Of the
$1,250,000 thus obtained, $250,000 will be added to the
capital of the bank and $250,000 to surplus, while $300,000
will be added to the capital of Niagara Investors, the bank's
investment affiliate, and $450,000 will be added to the
bank's surplus. The name of the securities company will be
changed to the Community National Corp.
The movement toward the consolidation of banking institutions in this city continues to spread. On Mar. 28
it was announced that the directors of the Chemical National
Bank and the directors of the United States Mortgage &
Trust Co. have voted to merge the two institutions under
the title and name of Chemical Bank & Trust Co. Special
meetings of the stockholders of the respective institutions
will be called to ratify the merger. As of Dec. 31 last,
statements of the two institutions showed total resources
approximating $400,000,000, and deposits of $282,000,000.
Details of the plans are announced as follows:
The combined institutions will operate under a trust company charter
and will have its main office at 165 Broadway.
The seven branches of
the Chemical and the four branches of the U. S. Mortgage & Trust Co. will
be continued at their present locations. The office of the 11. S. Mortgage
& Trust Co. at 55 Cedar St. will be continued. John W. Platten, Presdent of the U. S. Mortgage & Trust Co. will be Chairman of the Board,
and Percy H. Johnston, President of the Chemical National Bank, will be
President of the merged bank. Official and clerical organizations of both
institutions will be retained and the Directorate of the new bank will be
made up of the present Chemical National Bank Board together with a
substantial representation of the present U. S. Mortgage & Trust Co.
directors.
Preparatory to the merger, the Chemical National Bank will declare a
stock dividend of $4,000,000 to its present shareholders, thereby increasing
its outstanding capital stock from $6.000,000 to $10,000,000 and giving
each shareholder two new shares for every three shares at present held.
The United States Mortgage & Trust Co will increase its capital stock
from $5.000.000 to $8,000,000 by issuing 30,000 additional shares of stock
which will be offered to its present stockholders at par, giving each shareNational Bank of Commerce in New York announces the holder the right to subscribe for three new shares for every five at present
appointment of William R. Hoge as Assistant Trust Officer. held.
The combined capital, surplus and undivided profits of the merged institutions and of the Chemical National Co., Inc., the affiliated securities
The following notice is issued by the National Bank of company, will be approximaetly $45,000,000. The Chemical Bank &
Trust Co. will have $15.000,000 capital, $15,000,000 surplus, and approxiCommerce in New York:
$6,000,000 undivided profits, while the capital, surplus and unThe stock transfer books of National Bank of Commerce in New York mately
divided profits of the Chemical National Co., Inc., will be about $9.000,000.
will close finally at 3 p. m. Apr. 3 1929. The stock transfer books of its
All of the capital stock of the Chemical National Co.. Inc., will be held by
successor, Bank of Commerce in New York will not open until 9 a. m.
trustees for the benefit of the stockholders of the Chemical Bank & Trust
Apr. 9 1929.
Consequently only stockholders of record as of 3 p. m. Apr. 3 1929 will Co.
The $15,000,000 of capital stock of the merged bank will be split 10 to 1,
be entitled to the subscription rights expected to be granted.
and the par value of the shares will be $10. Present shareholders of the
The bank is to merge with the Guaranty Trust Co., as Chemical Bank will receive 10 shares of such new stock for each share of
indicated in these columns Mar. 2, page 1319; Mar. 9, page their old stock. The stockholders of the U. S. Mortgage & Trust Co.
will receive 6X shares for each share of their stock after the increase of the
1496 and Mar. 16, page 1675.
capital of the Trust Company to $8,000,000 has been effected.
The following outline of the history and traditions of the
The Hibernia Trust Co., the new financial institution two institutions is also made public.
which will start business on May 15 with a capital of $3,The Chemical National Bank is the outgrowth of the N. Y. Chemical
000,000 and surplus of $2,000,000, has announced heavy Manufacturing Co. which began business in 1823. Its charter was amended
over-subscription of its stock. Subscription books have In April 1824 to permit it to do a general banking business, and on Aug. 2
1824, the Chemical Bank opened for business at 216 Broadway opposite
been closed. In making allotments the organizers adhered St. Paul's Church. It was the first bank to locate on Broadway, and now
their original plan of concentrating as much of the stock as Broadway has banks 10 miles above where the Chemical Bank first started.
to
1844
possible in the hands of persons and firms who are prospective In large at the expiration of its charter, the banking businessahaving grown
to
proportions, the chemical business was sold and
new charter
customers of the new bank. The institution will locate at was acquired under the name of the Chemical Bank. In 1850 it moved
St., corner Cedar St. Items regarding its to Broadway and Chambers St. and occupied that corner for 78 years.
57 William
is said to
organization appeared in these columns Feb. 2, page 674; moving to 165 Broadway on Oct. 1 1928. The Chemical Bankmore than
be the oldest inhabitant of Broadway operating continuously for
page 831, and Feb. 16, page 1675.
Feb. 9,
105 years under its own name. Early in 1865 as an act of patriotism it
At a special meeting on Mar. 25 stockholders of the Bank
of United States, the Colonial Bank both of this city and
of the Bank of the Rockaways of the Borough of Queens,
N. Y. ratified a proposal to merge the Colonial Bank and
the Bank of the Rockaways into the Bank of United States.
The stockholders of the Bank of United Staes also voted an
increase in capital of the institution from $17,866,800 to
$20,875,000. The consolidation and increase in capital
joined the national banking system. It has always been known for its
conservatism.
The bank has had an unusual dividend record In the forties of the
last century it was at the rate of 12% per annum; in the fifties at the rate
of 24; in the sixties at the rate of 36%; in the seventies at 100%; in the
eighties at 150%; and thereafter at the same rate until 1907. when it distributed a 900% stock dividend.
In the nineties its stock sold at $5,000 for $100 share, the highest price
at which any bank stock in the world had sold up to that time.
Since 1844 when the Chemical Mfg. Co. was transformed into a bank
Pure and simple, there have been paid in cash in dividends $8,150 upon
each $100 share of the original stock. The average dividend rate Over the
2028
FINANCIAL CHRONICLE
period of 84 years has, therefore, been about 100% per annum. The
present value of the equivalent of an original share is about $20,800. It
Is therefore demonstrated that the original investor of $100 has had a
profit of $28,800.
The U. S. Mortgage & Trust Co. was chartered in 1871 by special act
of the New York Legislature as the U. S. Mortgage Co. and started business with a paid-in capital of $1.000,000. Among its founders were the
late J. Pierpont Morgan, Abel A. Low, Charles G. Landon and David
Dows. In 1893 for the purpose of enlarging the company's powers the
charter was amended increasing the capital to $2.000,000 and subsequently
the company's name was changed to the U S. Mortgage & Trust Co.
Stock dividends of 50% and 33 1-3% were paid respectively in 1921 and
1928 and in the latter year valuable subscription rights were given to
stockholders. Since 1893 cash dividends aggregating $14,450,000 have
been paid.
The company is well known throughout this country and abroad, as in
addition to old established banking connections and a well developed trust
business, both corporate and personal, its mortgage lending operations are
conducted in 65 of the largest cities of the South and West.
The main offices have been located at the present address. 55 Cedar St.,
since 1893. The company was one of the first to establish branch offices,
the branch at Broadway and 73rd St. having been opened in 1902.
John W. Platten was born at Port Perry. Ontario, Canada, and started
his business career in the office of the Assistant General Passenger Agent
of the N. Y. P. & O. RR. at Cleveland. He later went to the Erie RR.
where he was made Treasurer in 1901. In 1904 he was made Second VicePresident of the Lehigh Valley RR. In 1905 he became Vice-President
of the U. S. Mortgage & Trust Co., and in 1910 he was elected President
of that institution. He is a director of the Commercial Trust Co. of New
Jersey, Hudson & Manhattan RR. Co., International Mercantile Marine
Co.. Missouri
-Kansas
-Texas RR., Third Avenue Ry. Co and subsidiaries,
United States Safe Deposit Co.. and Treasurer and Director of the Atlanta
& Charlotte Air Line Ry. Co.. Vice-President and Chairman of the Board
of the Gulf Mobile & Northern RR. Co. and subsidiaries, and Chairman
of the Board and Director of the Gulf States Steel Co.
Percy H. Johnston was born at Lebanon, Ky. in 1881. His first banking connection was with the Marion National Bank of Lebanon. Ky., in
1897. In 1906 he was appointed a National Bank Examiner; in 1909 he
was appointed Chairman of the National Bank Examiners south of the
Ohio and East of the Mississippi Rivers. In 1911 he was appointed one
of the four National Bank Examiners-at-large In 1913 he entered the
Citizens National Bank of Louisville, Ky., and by the time he came to
New York in October 1927 he had become its Senior Vice-President. In
1917 he joined the Chemical National Bank as Senior Vice-President and
Director and was elected its President in January 1920. At the time he
came to the Chemical that bank had deposits of $34,000,000 and total resources of less than $50,000,000. As of Dec. 31 last, that bank had dePosits of $208,900.000 and total resources of $289,415,000. He Is a Director in a score of large and important companies, among them the New
York Life insurance Co.. Standard Sanitary Mfg. Co.. Fidelity Union
Trust Co of Newark, National Surety Co.. Electric Auto-Lite Co.. Huyler's, Inc., Seamen's Bank for Savings, U. S. & Foreign Securities Corp'n.,
Boomer-dePont Properties Corp'n., Montclair Trust Co., Pennsylvania
Bankshares Corp'n of Pittsburgh and many others.
The Chemical National Bank of New York announces
the election of John J. Smith as Assistant Vice-President in
its Brooklyn office, which is located at Court and Joralemon
Streets. Mr. Smith was formerly with the Chemical Bank
as Manager of its new business department, leaving there in
1926 to become associated with Carl S. Heidenreich in the
organization of the Citizens Bank of Brooklyn. He has
been Vice-President of the Citizens Bank since its organization and resigns that position to return to the Chemical
Bank. Mr. Smith is a native of Brooklyn, is a member of
the Reserve Officers Corps, Bankers Club of Brooklyn,
Flatbush Chamber of Commerce and the Brooklyn Institute
of Arts and Sciences.
[VoL. 128.
A corporation trading exclusively in over-the-counter.
securities has been formed by interests identified with the
Municipal Bank & Trust Co., it was learned, with the filing
of a certificate of incorporation in Delaware for the Municipal Trading Corp. The new corporation will have a capitalization consisting of 50,000 shares of 7% cumulative convertible preferred stock and 200,000 shares of no par value
common stock. The creation of the Municipal Trading
Corp., whose paid-in capital upon completion of organization will amount to $2,500,000, will take over the trading
heretofore conducted by the Municipal Financial Corp.,
whose stock is soon to be merged into units with that of the
Municipal Bank. Stock of the new corporation has been
underwritten by the Municipal Financial Corp. and associates. A portion of this stock is expected to be subscribed
for by stockholders of the bank and the financial corporation
and the balance will be offered for public subscription.
Incident to the split up of the stock of the Title Guarantee
& Trust Co., referred to in these columns, March 23, page
1845, Clarence H. Kelsey, Chairman of the board, stated
that the officers and trustees had become convinced that the
cost of a share of the stock at the present time prevented its
proper distribution and the enlargement of the list of stockholders; that there were many people whom the company
would like to see as stockholders who were deterred from
becoming such by reason of the amount required to purchase
a few shares of the stock. Another reason was that this
same thing made it difficult for estates which had to sell
large blocks of stock to do so without a marked concession
in price, which resulted very frequently in estates suffering
substantial losses in any forced realization on their holdings.
Mr. Kelsey said further:
The company formed in 1882, commencing business in 1883, had had a
uniform growth. Of its $33.000,000 of capital funds only $4,378,000 has
been paid in by the stockholders. Continuously since 1880 it has paid
dividends of a substantial amount and in the last five years has earned
each year over 54% on its capital and over 16% on its entire funds. Both
of these figures are among the highest of any financial institution in the
City.
The company does large trust and mortgage business, having sold over
$180.000,000 mortgages during 1928. So far this year it has sold in excess
of the amount disposed of during the same period last year. Its title
insurance business has increased constantly, as each year it has handled
a larger percentage of the real estate business done. It has banking branches
in Manhattan, Midtown, Brooklyn, Jamaica and Long Island City, and
business branches also in Mineola, Riverhead, Harlem and Staten Island.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of March 22 1929,issued March 27,
shows deposits,including outstanding checks of $639,842,390,
total resources of $846,488,748, and capital, surplus and undivided profits of $105,078,324. The statement reports
undivided profits of $15,078,324, which figure represents a
gain of $1,701,305 since Dec. 31 1928, the date of the last
published statement. The current Guaranty figures do not
reflect the merger between the Guaranty Trust Co and the
National Bank of Commerce which will not become effective
The Board of Directors of The National Park Bank of until early in May.
New York approved on Mar. 28 a plan providing for changes
Nathan S. Jonas, President of Manufacturers Trust Co.,
in the capital of the bank and for the organization of a secuannounces the promotion of Emanuel M.Reeves to the posirities company. The bank's announcement says:
It is proposed that the par value of the capital stock be reduced from tion of Assistant Secretary, at the Capitol Office, Seventh
$100 to $20, whereby the stockholders will receive 5 shares of $20 per Ave. and 37th Street, this city.
value for each share of $100 par value now held. It is also proposed that
a stock dividend of 20% will be declared, whereby each holder of 5 of
these new shares will receive an additional share of the new $20 stock.
It is planned that the new securities company will be initially financed
by transfer of approximately $3,000,000 from the Bank to the now corporation. The securities company will then issue to the shareholders of the
bank one share of its stock for each share of bank stock then outstanding.
Shares of the security company will be held by a depositary and will be
evidenced by endorsement of a deposit receipt on the certificate for bank
shares.
A further increase of the bank's capital Is contemplated from $12.000,000 to S15,000,000, by the issuance of 150,000 additional shares of $20
par value. These new shares of bank stock, together with 150.000 additional shares of the authorized capital stock of the securities company will
be offered to the shareholders of the bank in units of one share of bank
stock and one share of new securities company stock, so that each holder
of one share of bank stock of $20 par value will be entitled to subscribe to
of a unit. The purchase price of complete units will be $70. of which
$40 will constitute the price of the now share of bank stock and $30 will
represent the price of the share in the new securities company. The
additional shares of bank stock and new corporation stock will be similarly
joined together by an endorsement of a deposit receipt upon the certificates for the shares of bank stock.
Messrs. Charles Scribner, John G. Milburn. David M.Goodrich, Thomas
I. Parkinson and Chas. S. McCain will act as members of a shareholders
committee under an agreement to which the stockholders will be asked to
assent by depositing their stock with the bank as a depositary.
kit Complete information as to the plan will be contained in a circular letter
to be sent to all stockholders of the bank early next week.
A proposal to increase the capital of the Rye Trust Co.
of Rye, N. Y., from $100,000 to $200,000 ratified by the
stockholders on March 13. The subscribers to the new stock
are expected to pay for it in full about May 15 at which date
the increase will become effective. The par value of the
stock is $100 a share and the price at which it will be sold to
present stockholders is $200 a share.
The stockholders of the First National Bank of Rockville
Centre, L. I., at a special meeting on April 24 will vote on a
proposal to change the par value of its stock from $100 to
$20, giving each present stockholder five shares of new stock
(par $20) for each share of old stock (par $100). The
change is to become effective May 15.
Supplementing our item of March 23 (page 1845), stockholders of the New England Trust Co., Boston, at their
special meeting on March 27 authorized the proposed increase
in the bank's capital,recommended;by the directors,raising the
same from $1,000,000 to $1,200,000, according to the Boston
"Transcript" of that date. Disposition of the 2,000 share of
The Chase National Bank of this city on March 19 was new stock was left by the stockholders to be determined
authorized by the Comptroller of the Currency to establish by the directors, "it being understood that these additional
shares would be issued to persons connected or associated
a branch office at 18 East 48th St., this city.
with Stone & Webster, Inc." The plan is to sell the new
MAR. 30 1929.1
FINANCIAL CHRONICLE
stock to Stone & Webster interests at the current appraisal
value of $500 a share. This will yield $1,000,000, leaving
$800,000 to be added to the present surplus of $2,000,000.
Undivided profits now total about $800,000. When the
increase becomes effective, capital and surplus will total
$4,000,000.
Gordon L. Willis, President of the Hampshire County
Trust Co. of Northampton, Mass., tales up his new duties
on April 1 as Vice-President of the Central Trust Co. of
Cambridge, Mass. This institution is the oldest bank in
Cambridge and its capital and surplus account is larger than
any other suburban bank in New England. Mr. Willis was
formerly with the Old Colony Trust Co. of Boston, then
later Cashier of the Third National Bank of Pittsfield, Mass.,
and President of the Hampshire County Trust Co., of
Northampton, Mass.
Stockholders of the Merchants' Bank & Trust Co. of Hartford, Conn., met on March 18 and approved a proposed
increase in the company's capitalfrom $100,000 to $200,000,
according to the Hartford "Courant" of March 19. At the
same meeting the directorate was increased by the addition
of three new members, Harold C. Davis, John F. Gaffey and
Louis F. Dettenborn being elected. The increase in capital,
the paper mentioned said, is part of an expansion program
projected by the Merchants' Bank tYG Trust Co. The new
stock, par value $100 a share is being offered to shareholders
of record March 18 at $125 a share, the premium of $25 a
share to be added to surplus account, making the same $50,000. Payment of 50% of the subscription price will be due
April 1 and the remainder on May 1. The Merchants Bank
& Trust Co. was chartered in 1922.
According to the Hartford "Courant" of March 20, directors of the Riverside Trust Co. of Hartford on March 19
decided to increase the bank's capital from $300,000 to $400,000,subject to the approval of the stockholders who will meet
April 9 to vote on the proposal. The new stock, consisting
of 1,000 shares of the par value of $100 a share, will be offered
to stockholders of record May 15 at $300 a share in the proportion for each three shares of old stock held. The additional $200,000 accruing to the bank from the sale of the new
stock will be added to surplus account, increasing that item
from $400,000 to $600,000, and making the combined capital
and surplus of the institution $1,000,000, instead of $700,000
as at present. The Riverside Trust Co. began _business in
July 1907 with a capital of $150,000, which was increased to
$300,000 Aug. 10 1925. The officers include: Edward T.
Garvin, President; Walter 0. Eitel, Treasurer; S. A.
Andretta, Secretary; Frank H. McMahon, Assistant Treasurer, Miss Catherine A. Baker, Assistant Secretary, and
Russell A. Wilcox, Trust Officer.
From the Boston "Herald" of March 23 it is learned
that the directors of the Winchester Trust Co. of Winchester, Mass., have approved sale of the majority of the
bank's stock to the Old Colony Associates, a subsidiary of
the Old Colony Trust Co., Boston. The stock is reported
to have been sold for $525 a share. At the last transfer
some time ago it sold for $250 a share, it was stated.
James C.White,Federal Receiver of the Citizens' National
Bank of Woonsocket, R. I., has been appointed a VicePresident of the North Western Trust & Savings Bank of
Chicago, according to the Chicago "Journal of Commerce,',
of March 22, which went on to say:
Mr. James C. White for some years was the representative in Poland
of the Polish National Committee. After resuming his newspaper work.
he serve as the representative of the "Morning Post" of London and the
Philadelphia "Public Ledger" In Eastern Europe. He returned to the
United States in 1924, to take up work of a political nature. Before
the close of the last campaign he was named by the Comptroller of the
Currency as Federal Receiver, and he is relinquishing that post to accept
the Vice-Presidency of the North Western Trust.
Stockholders of the Commercial Trust Co. and the Mercantile Trust Co., both of Jersey City, N. J., at a special
meeting on March 19 ratified a proposal to consolidate the
institutions under the title of the Commercial Trust Co.,
the Mercantile Trust becoming the Mercantile Office of the
Commercial Trust. The merger will become effective Apr. 1.
John Scott Mabon, President of the Hudson Trust Co.
of Union City and Hoboken, N. J., died on March 21 at his
home in Hackensack, N. J. Mr. Mabon was 73 years of age.
2029
At a special meeting of the directors of the Union Rank
& Trust Co. of Philadelphia held March 23, Joseph S. McCulloch tendered his resignation as President of the institution and Ernest T. Trigg, a director, was appointed President in his stead, but later resigned as noted below, when
it was deemed best to turn over the deposits and the assets
of the institution to the Corn Exchange National Bank
& Trust Co. George G. Pierie, Jr., also a director of
the bank, was made a Vice-President. Both Mr. McCulloch and Mr. Trigg are city representatives of the Philadelphia Rapid Transit Co. Mr. McCulloch's resignation
was a sequel, it is understood, to a presentment to Judge
Edwin 0. Lewis on March 20 by the special (August) Grand
Jury, in which it was declared that $10,246,228 had been
deposited in the Union Bank & Trust Co. under fourteen
fictitious names between April 1925 and May 1927, which
accounts, the presentment stated, "were used in large part
in the financing of liquor operations." The official statement regarding the change in the bank's officials, as printed
in the Philadelphia "Ledger" of March 24, was as follows:
At a special meeting of the board of directors of the Union Bank &
Trust Co. of Philadelphia held this morning, Mr.J. S. McCulloch presented
his resignation as President, which was accepted. Mr. Ernest T. Trigg
was elected President and Mr. George G. Pierie Jr.: Vice-President. In
accepting the election as President, Mr. Trigg stated:
"I am willing to accept this position at this time and to do my full part
in carrying on the service which this bank has rendered over a period of
70 years. I realize that the unfavorable publicity which has been given
to this institution has caused some lack of confidence. The bank is in good
financial condition,and with the earnest, whole-hearted support of the directors, which has been assured, and with the continued loyalty and confidence
of the depositors, there need be no question in their minds or in the minds
of the stockholders as to their interests being fully protected and the bank's
service continued on a high plane of efficiency.
"The first thing which will be done will be to go into every point which
was raised by the recent Grand Jury report and the necessary action taken.
"This bank will not tolerate any transactions of any nature which do
not measure up in the best sense to the interest of its depositors and stockholders, as well as to the public conscience."
It appears,"early last fall," we quote from the paper mentioned, "in the special Grand Jury inquiry into large-scale
bootlegging, gang murders, police corruption and other forms
of organized crime, District Attorney Monaghan took up
the trail of more than $10,000,000 of accounts, long since
closed out, that were carried in 1925-1926 in the Union Bank
& Trust Co. under fictitious names. At that time Mr.
McCulloch was absent from the city on a trip to Europe.
Some of the bank officials were questioned, and later, on his
return from abroad, Mr. McCulloch was before the special
Grand Jury several times.
"In its presentment to Judge Edwin 0. Lewis last Wednesday (March 20), the Grand Jury commented on "inability
of officials and employees of the bank to remember names"
and other facts regarding the mysterious depositors.
"'It certainly bespeaks knowledge on the part of officials
and employees of the bank,' the presentment continued,
'of the real identity of persons with whom they were dealing.'
"The jurors declared they found behind the fourteen fixtitious depositors such figures as Max (Boo Boo) Hoff,
Charles Schwartz, Samuel Lazar, Arthur Lipschutz, Harry
Sheikman, Harry Roth and Herman Feuerstein, and another
allegation was that thousands of dollars in loans were made
to 'men notoriously engaged in the liquor traffic,' and Mr.
McCulloch was mentioned in the presentment as having
acted as agent for members of the same group in purchase of
seashore property involving large amounts, but, the presentment declared,like'every official and employee,' he professed
ignorance of the men who opened and carried accounts under
fictitious names.
"Judge Lewis, considering the Grand Jury presentment,
remarked,'The bank or some persons in authority evidently
made themselves almost co-partners with men who not only
violated the laws of the United States, but defied them,'
and the jurist suggested revocation of the bank charter
by the Attorney-General of Pennsylvania. A State inquiry
has since been indicated.
"Mr. McCulloch has refused any statement since the
presentment was made and held to that policy on Thursday, when Councilman Roper told him,'You should either
disprove or deny these charges and imputations or get off
the Transit Board as a city representative.'"
Mr. Trigg, according to the Philadelphia "Ledger,"
has been a leading figure in the business world some years
and was formerly President of the Chamber of Commerce.
Among various institutions, he is a director of the Bankers
Trust Co. of Philadelphia. Mr. Pierie, the new Vice-President, is a director ,of the Nice Ball Bearing Co. of Philadelphia and the Oil Seeds Corp. of Baltimore. The Union
Bank&Trust Co.was a consolidation formed in 1927 of the
Union National Bank and the Mutual Trust Co., giving the
2030
FINANCIAL CHRONICLE
combined institution at that time resources of approximately $36,000,000. The alleged fictitious name bootlegger accounts, it is said, were carried in the Union National
Bank prior to the consolidation. Mr. McCulloch entered
the Union National Bank as a Vice-President in 1915, becoming President two months later. In 1923 it was announced he had obtained controlling interest in the stock of
the institution.
That an inquiry by the State Senate Committee on Banks
and Building and Loan Associations into the election of
Mr. Trigg as President of the Union Bank & Trust Co. is
sought by Senator Samuel W. Salus was reported in the
Philadelphia "Bulletin" of Monday, March 25. In his
statement to the committee Senator Salus was quoted as
saying:
[VOL. 128.
was the previous day (Thursday) appointed President of
the Union Bank & Trust Co. to fill the vacancy caused by
the resignation of Mr. Trigg. Mr. Webb was also made a
director in lieu of Mr. Trigg. Later the following statement
was issued by the Union Bank & Trust Co:
"At a meeting of the Board of Directors of the Union Bank and Trust
Company, held to-day at his earnest request, the directors accepted the
resignation of Ernest T. Trigg as President of the bank.
"Mr. Charles J. Webb was elected director and president in his place.
"Mr. Webb is a stockholder of long standing in the Union Bank and
Trust Company and leading wool Merchant and manufacturer. He is
internationally known and is a director of the Corn Exchange National
Bank and Trust Company."
Following his appointment as President, Mr. Webb was
quoted as saying that he will continue as President of the
Union Bank & Trust until the details of its absorption by the
Corn Exchange Bank have been completed.
I think the committee could well afford to investigate the recent election
of Ernest T. Trigg as President of the Union Bank & Trust Co. I cannot
By unanimous action of the stockholders of Federal Trust
understand what either the bank's officials or the public have to gain by the
election of Mr. Trigg. He was a member of the board of directors of this Co. and Bankers Trust Co., these two institutions will be
bank and must have known what was going on in the bank, if anything was consolidated as Bankers Trust Co. of Philadelphia. This
being done that was improper.
will be accomplished at the close of business to-day (March
If there was nothing improper, there was no reason to remove Mr.
McCulloch as President. If anything was wrong, Mr. Trigg, as a director, 30). The larger Bankers Trust Co., beginning Monday
should have known of it. If, as a director, he allowed business in the bank (April 1) will operate at five offices, the main office Walnut
which the bank should not have had, how can he be any improvement as
at Juniper; 713 Chestnut St., Broad St. at Federal, 52nd
President? How can the public have confidence in making President a
man who sat by as a director and permitted to happen things which the St. at Ludlow, and Broad St. at Louden. It will have
Grand Jury said did happen?
$3,725,000 of capital, $500,000 surplus and in excess of
Or was Mr. Trigg a director in the Union Bank of the same type as he
profits. Balance sheets of the two comwas a director for the City of Philadelphia on the P. R. T. Company board $650,000 undivided
—a director who did not direct, and who admitted before Council's Trans- panies yesterday showed combined deposits in excess of
Donation Committee he knew nothing about what was going on in the $22,000,000, and total resources of $34,950,000. An anP. R. T. management. Mr. Trigg certainly held a position of grave responsibility to the citizens of Philadelphia, and Council's inquiry showed he nouncement in the matter says:
The Federal Trust Co. business, established in 1908, has developed to
paid no attention to his duty and neglected the interests of the citizens.
Mr. Trigg's colleague on the P. R. T. board was Mr. McCulloch, who also the largest of its kind in South Philadelphia. Bankers Trust Co. began
business Jan. 1 1927 and has made steady and substantial progress since the
was his colleague in the Union Bank.
beginning. Through the Federal office, Broad St. at Federal, close contact
The situation now however has completely changed. will be maintained with South Philadelphia and all its activities, and the
Acting at the request of the Philadelphia Clearing House, policy will be to further business enterprises in that section of the city in
on Wednesday, Mar. 27, the Corn Exchange National Bank every way possible.
Officers of the enlarged institution, as in the consolidation
& Trust Co. of Philadelphia took over the Union Bank &
Trust Co. An announcement in the matter by Charles agreement approved by each company March 28, are as
S. Calwell, President of the Corn Exchange National Bank follows:
Chairman of the Board, Jacob Netter; President, Samuel
& Trust Co., said:
The Board of Directors of the Union Bank and Trust Company, at a H.Barker; Senior Vice-President, J. Milton Lutz; Vice-Presimeeting held this morning, March 27, took appropriate action whereby dents, George C. Brown Jr., F. Raymond Scott, Edwin
its assets and deposits have been taken over by the Corn Exchange National
A. S. Ruggiero; Treasurer,
Bank & Trust Co. This was done after conference with the Clearing Ristine, Max Weinmann and
House Committee of the Philadelphia Clearing House, which requested E. Raymond Scott; Secretary, C. E. Mayo; Assistant Treasthe Corn Exchange to act.
urers, C. E. Mayo, Daniel A. Ryan, Harry H. Bucks,
Drexel & Co. have pledged their co-operation.
In taking this constructive step in the interest of Philadelphia business Lena Smith and George J. Hess; Assistant Secretary, Paul
houses the Corn Exchange further enlarges its influence and ability to E. McLean; Trust Officer, Maurice R. Reeve; Assistant
serve the community LIS a whole.
Trust Officer, F. S. Goglia; Title Officer, Henry'M. Keller;
Its last statement showed resources in excess of $100,000,000, and these
Assistant Title Officer, Albert A. Mosser.
resources are now very greatly enhanced
Stockholders of the Norristown-Penn Trust Co., NorrisIn a fuller statement, appearing in the Philadelphia
town, Pa., on March 26 approved resolutions of the board
"Ledger" of Thursday, Mar. 28, Mr. Calwell said in part:
"The Union Bank has a large number of small business houses among its of directors as follows:
depositors and customers. It also has upwards of 8,000 savings accounts
"The Union Bank is not insolvent, but an unfortunate situation had
arisen which , if allowed to continue, would have seriously affected the
business of the small concerns having their accounts with the Union Bank
and also the savings depositors.
"In the work that we have undertaken of absorbing the business of
the Union Bank we will have the active co-operation of all members of the
Clearing House Association and Drexel & Co.
"The business of the Union Bank will be liquidated by us. We will
pay off all obligations of the Union Bank and will turn over to the stockholders of the institution the balance remaining after the payment of all
1. That the par value of the capital stock of the company be reduced
from $100 par value to $25 par value and that the company issue four shares
of the $25 par value stock of reach share of $100 par value stock now held
by the stockholders of the company.
2. That the authorized capital stock of the company be increased from
$1,000.000 to $1,250,000.
3. That the additional capital stock shall be divided into 10,000 shares
of the par value of $25 per share and shall be issued at $50 per share, $25
to be paid in as capital and $25 to be paid in as surplus.
4. The rights to subscribe to such new shares are to be issued on the basis
of one new share for each four shares of $25 par value stock held by stockdebts.
holders.
"For the present all offices of the Union Bank will be continued as
5. The rights to subscribe to full shares must be presented with subscripbranch offices of the Corn Exchange National Bank and Trust Company." tion not later than the first day of May, 1929, after which date the company reserves to itself the right to sell all shares not subscribed for.
According to the same paper Mr. Trigg (who, as stated
6. New stock subscription to be paid as follows. $10 per share on May 1
Union Bank & 1929: $20 per share on June 11929; $20 per share on July 11929. with the
above, has been elected President of the
unpaid installments
any one or
any of
Trust Co. on Mar. 23 to succeed Mr. McCulloch) resigned right to anticipate payments tomore interest at the rate on 5% perthe said
bear
of
annum
dates; installment
issuing the following from the dates of the respective payments to July 1 1929.
his office on Wednesday, Mar. 27,
•
7. Transferable warrants will be issued to stockholders on April 8 1929
statement:
2 1929.
"The officers and Board of Directors of the Union Bank and Trust as of record April
Company have been working on plans best to safeguard the future interest
perfectly solvent,
C. S. Newhall and Adolph Long have been elected direcof its depositors and stockholders. While the bank is
it has been realized for several days that some action, should be taken tors of the Roxborough Trust Co. of Philadelphia, Pa., to
would conserve the assets of the institution.
which
and William Spink, deceased.
"At a meeting of the Board of Directors held this morning appropriate succeed William R. Haggart
action was taken whereby its assets and deposit liabilities have been taken
over by Corn Exchange National Bank and Trust Company. This was
Pursuant to a resolution of the directors, stockholders of
done after a conference with the Clearing House Committee of the Philadelphia Clearing House Association. Drexel & Co. have pledged their the Suburban Title & Trust Co. of Philadelphia on Mar. 17
co-operation.
ratified plans to increase the company's capital from $250,000
"This insures the payment in full of all deposits of the Union Bank and
shares
gives to the customers of the bank the facilities of to $500,000, the increase being represented by 10,000
Trust Company and
one of the largest banks in the country. Every member of the Board of of $25 par value stock,according to the Philadelphia"Ledger"
Directors of the Union Bank and Trust Company has pledged his ear- of Mar. 18. The new stock will be sold to present sharenest support to Corn Exchange National Bank and Trust Company in
holders at $50 a share, of which $25 will go to surplus account,
Its enlarged activities."
Mr. Trigg was furthermore reported as saying that the
resignations of all the officers of the Union Bank & Trust
Co. had been placed in the hands of Mr.Calwell.
In its issue of yesterday (Mar. 29) the Philadelphia
"Ledger" stated that Charles J. Webb, Vice-President and a
director of the Corn Exchange National Bank & Trust Co.,
giving the institution $500,000 capital and $500,000 surplus.
Announcement was made on March 19 by C. Addison
Harris Jr., President of the Franklin Trust Co.,Philadelphia,
that the directors had increased the semi-annual dividend
on the company's stock from 9 to 10%, according to the
MAR. 301929.]
FINANCIAL CHRONICLE
Philadelphia "Ledger" of March 20. Mr. Harris pointed
out that this was the fifth consecutive year in which earnings
have justified increases in the bank's dividend rate. The
same paper stated that the reduction in the par value of
the bank's capital stock from $100 to $10 a share, referred
to in our issue of Jan. 19, page 354, will become effective
April 1, on which date the stockholders will receive ten
shares of new stock for each share then held.
2031
President, and M. D. Galleher, Assistant Secretary of the
Northern Trust Co., is Secretary and Treasurer. R. L.
Griggs is President of the Northern National Bank, while
J. W. Lyder is President and Trust Officer of the Northern
Trust Co.
The proposed consolidation of the First National Bank of
St. Louis and the Liberty Central Trust Co. of that city,
reference to which was made in our issue of Feb. 16 last,
William C. Berlinger has been elected a director of the page 1009, was consummated on March 23 under the title
National Security Bank of Philadelphia, to succeed the of the First National Bank in St. Louis. The new bank is
late J. Harper Dripps.
capitalized at $11,000,000.
Union Trust Co. and the National Bank of Commerce of
Organization of one of the largest financial institutions in
Detroit, announce the opening of their new building at
the northwest to own and operate banks throughout the
Griswold and Congress Sts., Tuesday, April 2 1929
Ninth Federal Reserve District, was announced on March
The new West Toledo National Bank, Toledo, Ohio, the 25 by L. E. Wakefield, President of the First National Bank
granting of a charter for which by the Comptroller of the in Minneapolis, and R. C. Lilly, President of the First
Currency was noted in the "Chronicle" of Dec. 22 1928, National Bank in St. Paul. The new corporation, to be
page 3491, was formally opened, according to the Toledo known as the First Bank Stock Investment Co.,will be owned
"Blade" of Mar. 15. The new bank is housed in a new jointly by these two Minneapolis and St. Paul institutions,
building at the corner of Sylvania Ave. and Berkely Drive, which have total resources of approximately $275,000,000.
Toledo. A night depository has been provided for the In addition to the establishment of individual banks where
theatres, restaurants and drug stores in•the community. The proper banking facilities do not now exist,"the new company
institution, which is the second national bank in Toledo, will be in a position to give real assistance to bank clients of
starts with a capital of $200,000 and paid-in surplus of the two Twin City institutions when capital is needed,"
$100,000. Officers are as follows: Joseph A. Yager, Presi- Mr. Wakefield said. George H. Prince, Chairman of the
dent; George U. Roulet, 1st Vice-President; Roy C. Start, First National Bank of St. Paul, will be Chairman of the
2nd Vice-President; Roy W. Babcock, 8rd Vice-President; Board of the new corporation. Paul J. Leeman, ViceHerman H.Giese, Sec. of Board,and J. D.St. John, Cashier. President of the First National Bank of Minneapolis, will be
President. R. C. Lilly, President of the St. Paul institution,
Consolidation of the Springport Bank, Springport, Ind.,
which was recently consolidated with the Merchants National
and the Mt. Summitt State Bank, Mt. Summitt, Ind.,
Bank of St. Paul, and Mr. Wakefield, will be Vice-Presidents
both in Henry County, was announced by the State Banking
of the First Bank Stock Investment Co.
Department on March 23, according to the Indianapolis
The new corporation will purchase and control the stock
on to say that all business
"News" of that date, which went
of selected banks throughout the Ninth District with a view
of the Springport Bank was being transferred to the Mt.
to bringing these banks into closer relation for their mutual
Summitt institution where operations will be carried on.
advantage and the better service each will be able to give
Assets of the Springport bank are listed at $75,000 and
particular territory, Mr. Lilly said. The statement adds:
those of the Mt. Summitt Bank at $135,000. The Citizens' its
Affiliation of the two banks in the new corporation is one of the most
Bank of Newcastle, Ind., owns the controlling interest Important forward moves in northwest banking of recent years. in the
State
opinion of leading business men of Minneapolis and St. Paul.
in the Mt. Summitt Bank.
It will tie together more closely than ever before the financial structure
of Ninth District and will provide a group of stronger individual banks
throughout the District, with greater facilities for development of their
adjacent territories. All of the resources of the two Twin City banks will
be back of the project.
The new corporation will not be a holding company owning the two
Twin City banks thus closely affiliated, but will itself be owned outright
by the banking institutions.
Officers of the new corporation stressed the point that this co-ordinated
project in no way implies a merger of the two banks. Both banks will
continue to function independently under their present staffs of officers and
directors, and under the ownership of their present stockholders.
Directors of the new corporation will include the Presidents of the six
It was closed by Luther Symon, State Examiner, and since that time the
Citizens Bank of Anderson has been receiver for the Markleville State Bank. largest railroads serving the northwest, in addition to many of the most
prominent business men of both cities. The directors will be:
It was said any action which would be deemed necessary would have to be
Ralph Budd, President, Great Northern Railway Co.
taken soon or the statute of limitations would prevent it.
Charles Donnelly, President, Northern Pacific Railway Co.
Witnesses to-day included depositors of the bank. Since the failure, the
L. W. Hill, Chairman of the Board, Great Northern Railway and of the
receiver filed suits against the directors for $50,000 damages, alleging,
among other things, neglect in looking after the bank affairs. It was Board of the First National Bank of St. Paul.
C. T. Jaffrey, President, Minneapolis. St. Vaul and Sault Ste Marie
finally decided to submit the bank failure to the grand jury.
Railway Co.
Directors of the First National Bank of Chicago and the
Fred W.Sargent, President, Chicago and North Western Railway Co.
H.A. Scandrett, President, Chicago, Milw. St. Paul & Pacific RR.
First Trust & Savings, Bank have declared a quarterly
Frederick E. Williamson, President, Chicago Burlington & Quincy RR.
dividend of $4.50 per share on the stock of the First National
Shreve M. Archer, President, Archer-Daniels Midland Co.. Minneapolis.
Bank, payable March 30. The entire amount of this dividend
Julian B. Baird. Vice-President, Merchants Trust Co.. St. Paul.
Russell M. Bennett, Mineral Lands, Minneapolis.
is derived from a dividend declared by the First Trust &
F. R.Bigelow,President, St. Paul Fire & Marine Insurance Co.. St. Paul.
Savings Bank on its stock, all of which is held in trust for the
E. L. Carpenter, Pres. Shevlin Carpenter & Clarks Co.. Minneapolis.
F. A. Chamberlain, Chairman Exec. Corn., First Nat. Bank in MinpLs.
benefit of the stockholders of the First National Bank.
Hovey C. Clarke. Treas. Crookston Lumber Co., Minneapolis.
It is the present intention of the Board of Directors to pay
Franklin M.Crosby, Vice-President, Washburn-Crosby Co.. Minneapolis.
quarterly dividends derived from the First National Bank of
S. W. Dittenhofer, President The Golden Rule, St. Paul.
E. T. Foley, President, Foley Brothers, St. Paul.
Chicago and the First Trust & Savings Bank taken together
Harry P. Gallaher. Pres. Northwestern Consol. Mining Co.. Minneapolis.
at the rate of $18.00 per share per annum on the stock of the
Charles W. Gordon, President, Gordon & Ferguson, Inc., St. Paul.
First National Bank.
Theodore W. Griggs, President, Griggs, Cooper & Co., St. Paul.
William Hamm,Jr., Vice-President, Theo. Hamm Brewing Co., St. Paul.
Nicholas Roberts, President of S. W. Straus & Co.,
Isaac E. Hansen, Vice-President, First National Bank, St. Paul.
Harry J. Marwick, Secy.-Treas. Mayo Clinic, Rochester, Minn.
was elected a director of the Straus National Bank & Trust
John H. Hauschild, President, Chas. W.Sexton & Co., Minneapolis.
Co. of Chicago at a special meeting of the directors held
Horace M. Hill, President, Janney, Semple, Hill & Co., Minneapolis.
recently, according to the Chicago "Journal of Commerce"
Louis K. Hull, President, Western Pacific Land & Timber Co., Minn'lls.
Chas. G. treys, Vice-Pres.-Treas., Russell-Miller Milling Co.,
of March 26. Mr. Roberts fills the vacancy on the board
Horace H. Irvine, Vine Lands and Lumber, St. Paul.
caused by the retirement of A. W. Straus.
John Junell. Attorney, Minneapolis.
Charles 0. Kalman, Kalman & Co., St. Paul.
As of Mar. 15,a new organization—the Northern National
Frank B. Kellogg, former Secretary of State, St. Paul.
William P. Kenney, Vice-President, Gt. Northern Railway, St. Paul.
Corporation—took over the bond and security business
Horace C. Klein, Managing Partner, Webb Pub. Co.. St. Paul.
heretofore conducted by the Northern Trust Co. of Duluth,
P. J. Leeman, Vice-President, First National Bank, Minneapolis.
Minn. The new corporation and the Northern Trust Co.
R. C. Lilly. President. First National Bank. St. Paul.
Summer T. McKnight, President. S. T. McKnight Co., Minneapolis.
are both affiliated with the Northern National Bank of
W.G. Northup. President, North Star Woolen Mills Co., Minneapolis.
Duluth and form with that institution the Northern National
J. A. Oace. Vice-President. First National Bank. St. Paul.
E. B. Ober. President. Minn. Min. & Mfg. Co., St. Paul.
Group. Stanley L. Younge, a Vice-President of the NorthA. F. Pillsbury, Vice-President, Pillsbury Flour Mills, Co.. Minneapolis.
ern Trust Co., heads the new corporation; S. R. Kirby,
C.S.Pillsbury, Vice-President, Pillsbury Flour Mills Co.. Minneapolis.
of the Northern National Bank, is VicerVice-President
P. M.Prince, Chairman of the Board, First National Bank, Mini:ills.
Advices from Anderson, Ind., on Feb. 28 to the Indianapolis "News" stated that the failure of the Markleville
State Bank, Markleville, Ind., which occurred on Mar. 1
1927, was being investigated on that day (Feb. 28) by the
Madison County Grand Jury "to determine, it was said by
Oswald Ryan, prosecuting attorney, whether there was any
criminal liability In connection with the collapse of the
bank." We quote further from the advices as follows:
2032
FINANCIAL CHRONICLE
George H. Prince, Chairman, First National Bank, St. Paul.
George W.Robinson,President, Tri-State Tel. & Tel. Co.. St. Paul.
L. E. Wakefield, President, First National Bank, Minneaplois.
E. C. Warner, President, Canadian Elevator Co., Ltd., Minenpolls.
Robert W.Webb,President, First Minneapolis Trust Co., Minneapolis.
F. B. Wells, Vice-President, F. H. Peavey & Co., Minneapolis.
Stuart W. Wells, President, Wells-Dickey Co., Minneapolis.
F. E. Weyerhaeuser, Lumber, St. Paul.
R. M. Weyerhaeuser, Lumber, St. Paul.
D. N. Winton, President, The Pas Lumber Co., Minneapolis.
The participation of St. Paul and Minneapolis banking institutions in
the formation of the First Bank Stock Investment Co. was noted to-day,
by those prominent in the civic affiars of both cities, as an outstanding Indication of growing co-operative spirit between St. Paul and Minneapolis.
It is felt that this instance of collaboration signalizos a more general realization that the two cities must together concentrate their efforts in building up
their same trade territory, Mr. Wakefield said:
[VOL. 128.
on March 25 elected an Asst. Cashier of the First National
Bank in Minneapolis. Mr. Rathbun has been transferred
to the Main Office where his work will be chiefly in the Bank's
extension department. Mr. Rathbun has been associated
with the Produce State Bank since its organization in 1923.
The bank became affiliated with the First National Group
in January 1928. Previous to his connection with the Produce State Bank, Mr. Rathbun was Superintendent of Banks
for the State of Minnesota, having served in that capacity
in 1922 and 1923. Mr. Jensen is a former State Bank
Examiner.
Guy V. Jensen, former Cashier of the Produce State Bank
and more recently associated with the credit department of
the main office of the First National Bank, has returned to
the Produce State Bank, where he will succeed Mr. Rathbun
as Vice-President and executive officer.
Executive offices of the First Bank Stock Investment
Co. will be maintained both in Minneapolis and St. Paul.
Capital of the corporation will total $25,000,000. Plans for
the company include not only, it is stated, purchase of a
majority interest in the stocks of certain banks, but also the
A. H. Schroeder, until recently President of the Farmers
establishment of banking facilities where none exist at pres- & Merchants State Bank of Faribault, Minn., on March 11
ent. "The First National Bank of St. Paul and the First was sentenced by Judge F. W.Senn in the District Court at
National Bank of Minneapolis have long been identified with Waseca, Minn., to a term not to exceed ten years in the
every forward movement in this section of the country, and State Penitentiary at Stillwater, Minn., following his plea
in recognition of changing factors in the methods of handling of "guilty" to forgeries in the bank totaling $88,205, accordbanking business, we are organizing the First Bank Stock ing to a press dispatch from Faribault on the same date,
Investment Co." Mr. Wakefield said. "It is our intention, published in the St. Paul "Pioneer-Press" of March 12. The
through this company, to give real assistance to our banking irregularities extended over a period of ten years, the forged
clients in cases where added capital is needed, and to estab- notes ranging in amount from $125 to $5,500. The closing
lish individual banks where proper banking facilities do not of the Farmers & Merchants State Bank by the State Banknow exist. The matter of the organization of this company ing Department and the arrest of Schroeder were noted in
has been long and carefully considered by our own directors, the "Chronicle" of March 16, page 1677.
as well as the directors of our associate in St. Paul, and the
motive ever in the minds of all of us is that we may be
From the Richmond (Va.) "Dispatch" of March 26 we
more useful and helpful to the business and banking interests learn that stockholders of the Liberty Bank & Trust Co. of
of the Northwest.
that city on March 25, unanimously approved the purchase
"We and our associates in this venture have every reason of the institution by the Richmond Trust Co., effective
to believe that the organization of the First Bank Stock April 1. The quarters of the Liberty Bank & Trust Co. at
Investment Co. is a practical and constructive piece of 3011 West Cary St., will be operated as a branch of the
banking," Mr. Lilly said. "The move is in line with the Richmond Trust Co., with Julian T. Winfree, now President
current trend toward group banking. The new company has of the Liberty Bank & Trust Co., as Manager. Carter N.
back of it the huge resources of the two oldest and largest Williams Jr., President of the Richmond Trust Co., anbanks in the Twin Cities. Its operations will be guided by nounced that no immediate change in the personnel of the
what we believe to be the strongest and most representative acquired bank is contemplated. The paper mentioned
group of men ever assembled on the directorate of a fin- furthermore said:
According to report, the Richmond Trust assumes all liabilities of the
ancial initution in this territory. Recognizing the responLiberty
and to other
sufficient of the
sibility devolving upon us in purchasing a controlling assets toto depositorsliabilities. Thebanks, purchasing will be liquidated
balance the
remaining assets
interest in other banks, it is our hope and belief that this and distributed among the Liberty's stockholders. The Liberty will surcompany will be a powerful factor in strengthening the render its charter, and its business and good will is to be acquired by the
Richmond Trust.
financial situation in the territory it will serve."
Detailed arrangements to effect the sale have been virtually completed
The First National Bank of Minneapolis began business
A press dispatch from Charleston, W. Va. on March 25,
Dec. 12 1864, and is now in its 65th year as a national
institution. Its origin dates back 71 years and its history is appearing in the New York "Journal of Commerce" reported
bound up in the earliest records of the town and city of that the proposed consolidation of three banks in that city,
Minneapolis. The founders of the institution were in the namely the Union Trust Co., the Citizens' National Bank,
banking business, it is stated, before Minnesota was ad- and the Charleston National Bank, with combined resources
mitted as a State, and the Bank had been in operation of approximately $17,000,000, was approved by the respecseven years before Minneapolis acquired a population of tive stockholders of the institutions at meetings held the
20,000. With the development of Minnesota and adjoining previous week. The new organization, it was stated, will
States in the Ninth Federal Reserve District, the activities occupy the quarters now used by the Charleston National
of both Minneapolis and St. Paul institutions were extended Bank. The officers will include W.A. McCorkle, Chairman
to provide additional facilities for other banks throughout the of the board; Isaac Lowenstein, President, and W.0. Abney,
Northwest and to assist in the development of agriculture Vice-President. The consolidation, it is understood, will
become effective April 1, or shortly thereafter.
and industry.
Bernard V. Moore, Deputy Governor of the Minneapolis
Stockholders of the Farmers & Merchants National Bank
Federal Reserve Bank, was on Monday, March 25 elected a
Vice-President and director of the First Minneapolis Trust of Stanley, Page County, Va., at a special meeting held
Co. and of its affiliated organization, the First Minneapolis recently voted to increase the bank's capital from $25,000
Co., at the quarterly meetings of the boards of directors of to $50,000 and to qualify as a bank with trust powers, acthe two companies. Mr. Moore will continue in his present cording to advices from Richmond on March 14. to the
position until May 1 when he will assume his new duties as "Wall Street Journal." No other bank in Page County has
an executive officer of the trust and investment firms and as trust powers, the dispatch said, the nearest being in Harrisonassistant to Robert W. Webb, President of both companies. burg. The Farmers & Merchants National Bank is housed
in a new building.
The following statement regarding his career is furnished:
Born at Tipton, Indiana, Nov. 10 1882, Mr. Moore is 46 years of age.
Graduating from the Tipton High School he spent three years at DePauw
University, then transferred to Columbia University from which he graduated in 1904 with the degree of L. L. B.
For four and a half years he served as Secretary of the Pacific Coast
Hardware and Metal Dealers Association, then in 1910, entered the banking business as Cashier of the Dakota Trust & Savings Bank of Fargo,
North Dakota. After exactly ten years in this position he came in 1920
to the Federal Reserve Bank in Minneapolis as Cashier. For a time he
Was in charge of loans and closed banks, later becoming Deputy Governor
in charge of loans and discounts.
By reason of his long and varied experience, Mr. Moore Is an authority
on the financial situation in the Ninth Federal Reserve District and enjoys
an extraordinarily wide acquaintance among bankers and business men
In the District.
R. B. Rathbun, formerly Vice-President of the Produce
State Bank,a unit of the First National Group of Banks, was
The Middle Georgia Bank of Eatonton, Ga., was reported
closed on Mar. 4 in a press dispatch from Eatonton on that
date to the Atlanta "Constitution." Dr. B. W. Hunt was
President. The bank's embarrassment was due to the strain
to which "It has been subjected since the advent of the boll
weevil, which practically annihilated the cotton crop of
Putnam County." The advices further said:
The Middle Georgia Bank, under the direction of Dr. Hunt, stood the
shock, though at heavy personal cost to him and to his brother-ln.law, E.
B. Ezell. In many cases out of their own pockets they stood the losses
of farmers who were in dire distress by assuming their bank obligations.
Others were carried over from year to year and finally it was found impossible to realize on much of the frozen paper that was considered u
good as gold a few years ago.
MAR. 30 1929.]
FINANCIAL CHRONICLE
It is said that Dr. Hunt and Mr. Ezell put up as much as 830,000 out
of their own funds to save the bank, but it was found impossible to do so.
This bank was established by Dr. Hunt and Mr. Ezell many years ago
and no man in Putnam county has done more for the development of the
county or is more highly esteemed in the county than Dr. Hunt. He has
the universal sympathy of the community, which realizes fully that he
stood by the bank to the limit of his resources.
Paul M. Davis, President of the American National Bank
of Nashville, Tenn., announced on March 23 that the executive committee of the institution has decided to increase the
bank's capital from $1,500,000 to $2,000,000 and the proposed enlargement will be submitted to the stockholders for
their approval shortly, according to the Nashville "Banner"
of March 23. The new stock, according to Mr. Davis, will
be offered to the shareholders, in the proportion of onethird of a share of new stock for each share of old stock held,
at the price of $200 a share, half of which will go to capital
and half to surplus. With the increase in stock the bank
will have a capital of $2,000,000 and surplus of approximately the same amount. The combined capital of the
American National Bank and its affiliated institution, the
American Trust Co., will be $3,000,000. It was furthermore stated that the par value of the bank's shares will be
reduced from $100 a share to $10 a share, so that the capital
(when the increase becomes effective) will consist of 200,000
shares.
Out on the Pacific Coast the merger spirit has brought
into existence the eighth largest bank in the United States.
At the close of business to-day (March 30) the two largest
banks operating exclusively in Southern California will be
consolidated to form a new bank bearing the name SecurityFirst National Bank of Los Angeles, with J. F. Sartori as
President and Chairman of the executive committee and
Henry M. Robinson as Chairman of the board of directors.
An announcement in the matter says:
The Los Angeles-First National Trust & Savings Bank, of which Mr.
Robinson was President, dates from 1875. while the Security Trust &
Savings Bank. headed by Mr. Sartori, was founded in 1889. Thus the
consolidated bank has its roots deep in the soil of Southern California.
Its predecessors knew Los Angeles when it was still a frontier town struggling with its law and order problems and they played no small part in
developing it into the world-famous metropolis that it now is.
With a capital account of $50,000,000 and resources exceeding $600,000.000, the Security-First National Bank of Los Angeles takes its place well
toward the top of the giant banking institutions which are the outgrowth
of the tendency toward consolidation apparent throughout the nation's
business enterprises. It gives California additional representation among
the "first ten" with a bank operating in communities extending from
Fresno and San Luis Obispo to the Imperial Valley.
The group of officers and the departments which will have in charge
the administrative and executive phases of the organization are housed
temporarily in a central administrative office at the corner of Sixth and
Spring Streets. A permanent central bank building at another site in
which the enlarged activities of the new bank can be properly conducted
is contemplated for the future.
Under the terms of the exchange, First National stockholders received
550,000 shares of the new bank stock while Security stockholders received
528,000 shares. Up to March 30, stockholders of the consolidating bank
had the right to buy stock in the new bank at $100 per share. First National shareholders had the right to buy 55,000 shares, while Security
stockholders had the right to buy 52,800 shares. There are now outstanding 1,200,000 shares of Security-First National Bank of Los Angeles, having a par value of $25 per share. The stock is currently quoted at around
$130 on the Los Angeles Stock Exchange.
Formation of the Security-First National Co. as the investment arm of
the new institution has been effected. It has a capital account of $6.000.000 and is owned beneficially by the shareholders of the new bank. This
company has taken over the bond and securities business formerly conducted by the Security Co. and the First Securities Co., investment subsidiaries of the consolidating banks. However, both of the old investment
subsidiaries will remain in existence to act as holding companies for the
surplus assets of each bank. These assets will be retained by them for
five years to guarantee on each side the assets contributed by each to the
consolidated bank.
In addition to operating many branches within the metropolitan area of
the city of Los Angeles, the Security-First National Bank of Los Angeles
operates in the following communities in California: Alhambra, Beverly
Hills, l3rawley, Brentwood Heights, Burbank, Calipatria, Carpenteria,
Compton, Coalinga. Culver City, Dinuba, Eagle Rock, El Centro. Exeter,
Fillmore, Fresno, Fullerton, Glendale. Guadalupe, Hanford, Huntington
Beach, Huntington Park, Inglewood, Lindsay. Lompoc, Long Beach. Lynwood, Moneta, Monrovia, Montrose. Montebello, North Hollywood, Ocean
Park, Oxnard, Palms. Pasadena, PortervIlle, Redlands, San Fernando,
San Luis Obispo, San Pedro, Santa Ana, Santa Barbara, Santa Maria,
Santa Monica, Santa Paula, Saticoy, Sawtelle, South Pasadena, Strathmore, Tulare, Van Nuys. Venice, Visalia, Westmoreland. Whittier and
Wilmington.
While the economies to be effected by'the consolidation of two great
banking systems is one of the motivating factors in the creation of the
Security-First National Bank, It is essentially in recognition of the growing importance of Los Angeles as a financial center that the new bank has
come into existence. With the expansion of the industrial and agricultural
empire of the Southwest comes the need for greater scope and efficiency in
meeting the financial requirements which such expansion entails.
In expressing their satisfaction over the terms of the consolidation. Mr.
Sartori and Mr. Robinson stated the faith which the board of directors of
their respective banks had in the establishment of a banking institution
Their enthusiastic approval
to rank among the "first ten" of the nation.
and the stockholders' ready ratification resulted from the belief that the
attracting to the Southland a greater volume
new bank will be the means of
of business than ever before, and building there an even greater empire of
industry, commerce and finance.
Both the President of the new bank and the Chairman of its board are
hankers of national reputation. Mr. Sartori who organized the Security
2033
Bank in 1889 has been a bank executive in Southern California for more
than 40 years, is a former President of the savings bank division of the
American Bankers Association and has served for five terms as President
of the Los Angeles Clearing House Association. He has also served for
20 years as a member of the committee on legislation and taxation of the
California Bankers' Association, was for many years its Chairman and
had much to do with the drafting of the California Bank Act, considered
a model of banking legislation throughout the country. He has played a
large part in the civic and club life of Los Angeles and is a director in many
corporations.
Mr. Robinson has been a Los Angeles banker since 1920. when he became President of the Los Angeles-First National after an eventful career
in the East and Middle-West as a lawyer, newspaper publisher, banker,
and director of large corporations. During the World War he served as a
member of the United States Shipping Board and of the Council of National
Defense. After the war he served as a member of the Supreme Economic
Council of the Peace Conference at Versailles and as one of the three commissioners who evolved the Dawes Plan.
The honorary chairmanship of the board was conferred upqn J. M,
Elliot, who was President of the First National for 24 years prior to 1916
when hs became Chairman of the board. He has been connected with
the First National since 1881. Maurice S. Hellman is Vice-Chairman of
the board. He was a Vice-President and Chairman of the board of the
Security Bank and had been with that institution for nearly 40 years.
Several changes were made in the personnel of the Seattle
National Bank, Seattle, Wash., at the director's organization meeting on Jan. 8, according to the Seattle "Post-Intelligencer" of Jan. 9. H. C. MacDonald, heretofore Cashier,
was made Vice-President and Cashier; F. H. Brownell, Jr.,
and Charles W. More, who had been Assistant Vice-Presidents, were made Vice-Presidents; H. S. Grande, Manager
of the bond department, was given the added title of Assistant Vice-President; W. R. Kahlke was appointed an Assistant Vice-President and Thomas M. Pelly was made Assistant Trust Officer. E. W. Andrews (heretofore an Assistant Vice-President of the Seattle National Bank) was selected, it was said, to be Vice-President and General Manager of the Bank for Savings of Seattle, now a asubsidiary
institution of the Seattle National Bank, his formal appointment being scheduled for Jan. 16.
At the stockholders' meeting of the Seattle National held
on Jan. 8 a proposal to reduce the par value of the bank's
shares from $100 a share to $20 a share, recommended by
the Directors, was ratified. There are now authorised 100,000 shares of $20 par value stock of the Seattle National
Bank. All directors of the bank were re-elected.
The appointment of Charles H. Stewart as a Vice-President of the Portland Trust & Savings Bank of Portland,
Ore., was announced by the bank's President, Dean Vincent,
on Feb. 19, according to the Portland "Oregonian" of Feb.
20. Mr. Stewart's appointment was to become effective
March 1. With reference to his banking career, the paper
mentioned had the following to say:
Mr. Stewart is a native of Albany, Ore., where for ten years he was
associated with the First National Bank of Albany. Fran 1913 to 1917
he was State Bank Examiner for Oregon, and in this capacity he acquired
a wide acquaintanceship with banks and bankers throughout the State.
In 1917 he joined the staff of the Federal Reserve Bank of San Francisco
and for some time was manager of the Salt Lake Federal Reserve branch
bank. Later he was transferred to San Francisco as assistant deputy
governor for the 12th Federal Reserve District.
He came to Portland ten years ago to accept a position as Tice-President of the Northwestern National Bank, where he remained aix years.
Through handling the Northwestern's correspondence with outlying banks
he renewed and widened his acquaintance in Northwest banking circles.
When ths Northwestern Bank closed out its business Mr. Stewart became
actively connected with the Continental Security Company, with offices
in the American Bank building. He will continue his connection with
the security company as active Vice-President in addition to his duties at
the Portland Trust & Savings Bank.
From the Portland "Oregonian" of March 5 we learn that
the new American National Bank, formed by the consolidation of the Portland National Bank and the American
Exchange Bank was formally opened for business on March 4
in the former quarters of the American Exchange Bank at
Sixth and Morrison Sts. Charles Hall, President of the
Pacific Bancorporation, which controls the new bank, was
among those who greeted those visiting the bank on the opening day. The American National Bank has resources in
excess of $7,000,000. It has commercial accounts of approximately 10,000,000 and about the same number of savings
accounts. The proposed union of the Portland National
Bank and the American Exchange Bank was noted in our
issue of Feb. 9, page 835.
That a merger of the Fidelity National Bank of Spokane,
Wash., with the Old National Bank & Union Trust Co.
of that city was in process, which would result in an institution with total resources exceeding $30,000,000, was reported
In a dispatch from Spokane on March 23 to the "Wall Street
News." The consolidation will be effected by the organization of a new corporation, it was said.
2034
FINANCIAL CHRONICLE
The directors of the Canadian Bank of Commerce (head
office Toronto) announce that, in view of the increase in
the bank's business, they have decided to increase the
paid-up capital stock of the bank from $24,823,400 to the
round figure of $30,000,000. This action has been made
possible by the approval which the Dominion Treasury Board
has given to the by-law passed by the shareholders at the
last annual meeting, increasing the authorized capital from
$25,000,000 to $50,000,000. As provided by the Bank
Act, the new stock, which amounts to $5,176,600, will be
allotted to already existing shareholders on a pro rata basis
as follows: Every shareholder on record at the close of business on April 26 will be allotted on that date, at a price of
$200 per share, one new share for every five shares already
held. This will bring the capital up to $29,788,000. In
order to complete the round figure of $30,000,000, an additional 2,120 shares will be allotted, one new share for every
117 already held. This method of allotment has been
adopted since the Bank Act does not permit the allotting of
fractions of a share, but any sums in excess of $200 per share
in respect of fractions of shares offered for subscription to
the public will be ratably distributed to the shareholders from
whose shares the fractions arose. The premium of $100 per
share at which the new stock will be allotted will be credited
to the bank's reserve fund and when the entire transaction
is completed the paid-up capital will be $30,000,000 and the
reserve fund $30,000,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market this week suffered the worst break of
the year and in fact the worst in many years if not in the
entire history of the Stock Exchange. The market was
weak on Saturday and this was followed by a tremendous
slump on Monday. On Tuesday the break reached spectacular proportions following the advance of call money
to 20% and an avalanche of selling orders came on the
market that taxed the facilities of the tickers to the utmost.
The turnover reached the amazing total of 8,246,740 shares,
establishing the highest record in the history of the New
York Stock Exchange, and no less than 517 stocks fell to the
lowest figures of the year, though with a rally of sensational
proportions in the last hour as the National City Bank offered large supplies of money, relieving the tension. On
Wednesday and Thursday trading conditions slowly drifted
back to normal as call money became somewhat easier.
The weekly report of the Federal Reserve Bank made
public after the close of business on Thursday showed a reduction of $144,000,000 in brokers' loans in this district
the present week. Call money quoted at 14% on Monday
reached a record top for recent years at 20% on Tuesday,
slipped downward to 15% on Wednesday and closed at 8%
on Thursday.
The market suffered a sinking spell during the short
session on Saturday when practically the entire list was
under pressure. Numerous speculative favorites of recent
days yielded ground and losses ranging from one to six
points were recorded at the close. United States Steel,
common, dipped to 181 where it was down 23' points on the
day, carrying with it many of the independent issues including Vanadium Steel, Bethlehem Steel and Republic
Iron & Steel. Copper stocks resisted pressure for a while,
but the deluge of offerings of Anaconda forced that and
most of the others downward despite the further advance
%
in the price of metal to 243 cents. Radio Corporation
moved down to a new low on the break, closing below 89
with a loss of more than three points on the day. Utilities,
Motors and both American and Continental Can suffered
equally severe reverses. On Monday the stock market
broke wide open as the call money rate soared to 14% and
an avalanche of selling orders carried many of the leaders
downward from 3 to 20 points. The outstanding feature
of the day was the strength of Radio Corporation which
withstood the deluge of selling and moved steadily upward,
closing at 913i with a net gain of four points. Copper
stocks were badly hit, especially Anaconda, which closed at
155 with a loss of nine points. Greene Cananea was down
13 points, Kennecott was off about five points and Chile
%
Copper lost nearly 11 points and closed 1103 . In the early
trading International Tel. & Tel. moved into new high
ground with an advance of 10 points, but this gain was entirely wiped out in the later recessions. United States
Steel, common, Bethlehem Steel and many of the high
priced industrial stocks and specialties slid down with a
crash, the losses ranging from 2 to 10 or more points.
[VoL. 128.
Tuesday brought one of the most drastic selling waves the
market ever has suffered, an acute shortage of call money
forcing the rate up to 20%. Huge blocks of stocks were
dumped into the market and for a short time the session
bordered on a panic. More than 8,200,000 shares were
dealt in and hundreds of stocks were pushed downward to
new low levels. Around 2 o'clock the market staged a remarkable recovery from its early demoralization, many of
the old time speculative favorites closing with sizable gains
on the day. A typical example of the wide fluctuation in
price movements was American Can which broke to 111 and
closed at 1193'i with a net gain of three points on the day.
Goodyear Tire & Rubber dropped below 128 and climbed
back to 133% with a net gain of 33 points and a host of
other active stocks made similar gains. Copper stocks were
under pressure most of the session, but they, too, forged
ahead to higher ground at the close.
On Wednesday the market continued its remarkable
rally from the severe break it experienced on the preceding
day, many of the more active speculative issues closing with
gains ranging from 2 to 10 points. Call money was more
plentiful and, as the rate moved down to 15%, stocks continued to show pronounced strength. Copper shares moved
forward with considerable buoyancy, Kennecott and Anaconda both reaching higher ground. One of the strong
features was Int. Tel. & Tel. which lifted its top into new
high ground, with an advance of 183 points. Case Thresh%
ing Machine at 440 was 10 points higher, American Can sold
off in the first hour but came back with a sharp gain later in
the day. United States Steel, common, also cancelled its
earlier loss and closed with a gain of nearly 2 points. Other
noteworthy gains for the day included Advance Rumely
3
points, Amer. Tel. & Tel., 7% points, Baldwin Locomotive,
13 points, Commercial Solvents, 10 points, Mathieson
Alkali, 143/ points, General Electric, 73/i points, Houston
Oil, 10 points and Woolworth, 73% points. Radio Corporation which see-sawed back and forth all day improved 3
points. The market quieted down somewhat on Thursday,
with Radio Corporation the outstanding feature, on the upside as it moved ahead to 1093., with a net gain of 934
points. Int. Tel. & Tel. was heavily bought and closed at
2743, a net gain of 14X points. Oil shares were in active
demand at improving prices, particularly Shell Union, Sinclair, Pan-American and Atlantic Refining, all of which
closed higher. Railroad shares were quiet, though considerable activity was apparent in New York Central amd Baltimore & Ohio, both of which reached higher levels. The
New York Stock Exchange was closed on Friday in observance of Good Friday and will be closed to-day as an
added holiday.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended March 29.
United
States
Bonds.
Slate,
Municipal ct
Foreign Bonds.
2,144,570
5,860,210
*8,246,740
5.618,990
5,096,320
Total
81,031,000
$3,005,000
2,361,000
7,616,500
3,653,000
9,848,000
2,831,000
9,846,500
2,214,000
9,325,000
HOLI DAY
8237,000
383,000
373.000
690,000
504.500
26.966.830
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
839.641,000 I 812,090,000
12,187.500
Week Ended March 29.
Sales at
New York Stock
Exchange.
1928.
1929.
Jan. Ito March 29.
1929.
1928.
26,966,830
23,337,464
294,436,250
176,415,414
$2,187,500
12,000,000
39,641,000
32,729,000
18,465,000
57,574,850
$35,116,600
162,311,050
420,515,000
$49,119,250
228.424,125
556,447,560
853,918,500 578,768,850
-No, of shares.
Stocks
Bonds.
Government bonds- - State and foreign bonds
miso bonds
Railroad
Total bonds
Railroad,
dbc..
.
Bonds
3626,942,650
$833,990,925
'New high record for a single day's transactions.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mar. 29 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey 11,..k mamid
Philadelphia.
Baltimore.
Shares. Bond Sates. Shares. Bend Sales, Shares. Bond Sales.
*40,688
*86,712
•105,707
*78,944
*76,372
$37,000
82,086
82,C00
517,000 a49,216
5,000 Maryland Day
42,000 a74,864
27,100
80,398
16,500
73.000 a127,595
48,000
56,048
15,500
18,000 a88,741
47,400
83,150
28,500
20,000 a74,278
HOLI DAY
388,423
8170,000
414,694
$67,500
20,682
0
5159.50
454 424
2242.000
468.705
866.000
24.478
$161.500
• In addition, sa es of rights were: Saturday, 100: Monday. 2,307: TileedaY. 846:
Wednesday, 795; Thursday, 797.
a In addition, Wee of rights were: Saturday. 765: Monday.8,065: Tuesday. 5,241:
Wednesday, 5,861; Thursday. 4,528.
b In addition, sales of rights were: Saturday. 429: Tuesday, 1,535; Wednesday.
1,077; Thursday, 4,685. Sales of scrip were: Thursday, 17-20. Salsa ef warranls
were: Tuesday, 80; Thursday. 10.
2035
FINANCIAL CHRONICLE
Mut. 30 1929.]
and fresh buying has been recorded for this account, although re-sale
have also been made by the same quarter. American operators hays
THE CURB MARKET.
the Curb worked both ways but on balance have been rather buyers. The market
Ffigh money rates and the calling of loans caused
concerned exhibiting
the factors
and continues narrow and, with none ofthere is, atmost moment, nothing to
the
any decided attitude towards silver,
Market on two successive days this week-Monday
present
-to suffer one of the most drastic and general de- indicate the likelihood of any appreciable departure from the
Tuesday
Thurs- level of prices.
clines in recent years. However, on Wednesday and
Kingdom imports and exports
The following were the United
were registered from mid-day on the 4th inst. to mid-day on the llth inst:
day the market rallied and a good part of the losses
Exports.
Teleg. new stock was an
Imports.
recovered. Internat. Telep. &
£15,000
£20,000 Germany
the Irish Free State
75.470
11,575 Netherlands
West Africa
outstanding feature and one of the few exceptions to
British
24.095
31,070 Egypt
selling up from 773' to 94%, with Canada
12,058
general rule, the stock
2,083 Irish Free State
Other countries
30.644
British India
Ford Motor of
4
the final transaction for the week at 933 .
10,505
Other countries
Canada also shows substantial improvement. After a break
2167.773
£64,728
from 955 to 882 it moved upward, reaching 1129, the close
INDIAN CURRENCY RETURNS.
.
Mar. 7. Feb. 28. Feb. 22.
to-day being at 1120. Auburn Automobile from 180 fell
(In Lacs of Rupees)19170
19247
19155
in circulation
9936
to 1573,recovered to 177 and rested finally at 1743j. Bohn Notescoin and bullion in India
9996
9902
103, sold up to Silver coin and bullion out of India
Silver
Aluminum & Brass dropped from 115 to
.
321i
3.221
3222
Gold coin and bullion in India
from
Gold coin and bullion out of India
1163 and at 113% finally. Checker Cab Mfg. corn.
i5iti
4121
4327
85%, with the closing sale Securities (Indian Government)
785
1053
1054
80 sold down to 65, then back to
Securities (British Government)
900
650
650
to-day at 833.. Crocker-Wheeler Elec. Mfg. slumped from Rills of exchange
inst. consisted of a
The stock in Shanghai on the 9th
290 to 221, but recovered to 285. Goldman-Sachs Trading
silver bars, as compared
ounces in sycee, 112,000,000 dollars and 10.800
broke from 1163j to 973., but moved back to 111. Grigsby- with about 69,900,000 ounces in sycee, 111,000,000 dollars and 11.900
%
Grunow Co. corn. declined from 1577/i to 1323 and sold silver bars on the 2d inst. Quotations during the week:
Bar Gold per
Bar Silver per Oz. Std.
Oz. Fine.
back to 155%. Trans America Corp. sold down from 141%
2Mos.
Cash.
845. 1134d.
2634d.
261-16d.
7
to 129 and up to 136%. Utilities in common with the rest March 8
84s. 11hd.
26-d.
26-d.
March
84s. 11 heL
26-d.
28-d.
of this market suffered in the break, but the subsequent March 9
25 15-16d. 845. 113.d.
25 15-16d.
11
Ms. 109(d.
26-d.
26 -d.
rallies left prices higher in most cases. Electric Bond dr March 12
March
848. 1134d.
261-164.
28-d.
84s. 11.37d
Share new lost twelve points to 73, but recovered to 84, the March 13
26.021d.
.....26-d.
Average
months' delivery are
final transaction being at 83%. Electric Investors dropped
The silver quotations to-day for cash and two
as and 1-164. above those fixed a week ago.
/
from 104% to 90, but sold up to 1067 3, the close to-day being respectively the same
4
at 1063 . United Gas Improvement sank from 1733 to
-PER CABLE.
4.
ENGLISH FINANCIAL MARKETS
,.
1553 and recovered to 1687/8, closing to-day at 1683
quotations for securities, &c., at London,
quiet. Humble Oil & Refining moved down
Oil stocks were
The daily closing
%
from 1045 to 99% and up to 111, with a final reaction to as reported by cable, have been as follows the past week:
Frt.,
Thurs.,
Wed.,
Tues.,
Man..
SW.,
109k
29.
Mar. 23. Mar. 25. Mar. 26. Mar. 27. Mar. 28. Mar.
Market transactions for the
26 1546
A complete record of Curb
26 1-16
26 1-16
28
Silver, p. oz_d- 2634
848.1135d. 80.1134d. 849.11 Ad.
Gold,p. tine oz. 848.1144d. 842.1130.
week will be found on page 2069.
5834
554
5635
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Muted
Mar.29.
Stocks
(No. Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
777,700
1,480,900
2,210,900
1.479,900
1,315,800
TotaL
7,265,200
Rtehts
Domestic
Foreign
Government
3750,000
16,700
1,571,000
38,200
2,189,000
59,000
1,475,000
57.600
1,675,000
43,400
HOLI DAY
$118,000
447,000
569,000
346,000
263,000
87,660,000
5534
101%
9734
Consols.235%-__
British, 5%._ ____
British, 434%_ ____
French Rentes
(in Paris)_tr_ ____
French War L'n
(in Paris) 1r ____
72.40
99.30
1014
9734
10134
973(
Closed
72.40
Closed
99.20
10134
974(
HOL1DAY
72.20
99.30
The price of silver in New York on the same days has beau
31,743,000
Silver in N. Y., per oz.'
gem
5634 (ell3
Foreign
5635
5634
5634
COURSE OF BANK CLEARINGS.
Bank clearings will again show a satisfactory increase the
based
present week. Preliminary figures compiled by us,
telegraphic advices from the chief cities of the country,
upon
THE ENGLISH GOLD AND SILVER MARKETS.
that for the week ended to-day (Saturday, March
We reprint the following from the weekly circular of indicate
bank exchanges for all the cities of the United States
Samuel Montagu & Co. of London, written under date of 30)
from which it is possible to obtain weekly returns will be
Jan. 13 1929:
18.5% larger than for the corresponding week last year. The
GOLD.
England gold reserve against notes amounted to £151.473,325 total stands at $14,190,870,247, against $11,977,558,056
The Bank of
on the 6th int. (as compared with £150.897.002 on the previous Wednesday) for the same week in 1928. At this centre there is a gain for
-when an
and represents a decrease of £2,432,990 since April 29 1925
ive
the five days ended Friday of 38,3%. Our comparat
effective gold standard was resumed.
week about £382,000 bar gold from South summary for the week follows:
In the open market this
214,900
Africa was available. India took about £39,000, the Continental trade
£70,000, and the home trade £50.000: the balance was secured by the
Bank of England as shown in the figures below.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx of £222,872 during the week
under review:
Mar.7. Mar.8. Mar.9. Mar. 11. Mar. 12. Mar.13.
Nil £10,000 £221.000
£4,104
£1,618
Received
Nil
Nl
5,000
£1,7Oil
£5,149
Nil
2,000
Withdrawn
was in bar gold from South Africa. WithThe receipt yesterday
drawals consisted of £6,850 in bar gold and £7,000 in sovereigns.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Exports.
Imports.
£27,238
£10.000 Germany
Irish Free State
20,269
28.882 France
British West Africa
25,600
804,341 Switzerland
British South Africa
15,675
6,231 Austria
France
56.472
2,577 Egypt
United States of America
British India
78,882
Straits Settlements
12,700
2.275
Other countries
£239,111
.£852,031
A Reuter message from Berlin dated March 7 stated that for the first
Reichsbank has been obliged
time since the stabilization of the mark the
to sell part of its gold in order to meet reparation requirements and for
the purpose of refunding maturing short-term foreign credits. Altogether
46.000.000 marks have been sold to America, reducing the Reicbsbank's
bullion stock to 2,683.000,000 marks. According to the Frankfurter
"Zeitung" the gold was sold te the Federal Reserve Bank in the form of
bars, and a portion was provided from bullion deposits held abroad, which
. There
are being partly replenished from the holding of the Reichsbank
have been no private exports of gold as a result of arbitrage transactions.
likely.
nor are any such operations considered
The Transvaal gold output for the month of February last amounted
to 815,284 fine ounces. as compared with 876,452 fine ounces for January
1929 and 816,133 fine ounces for February 1928.
SILVER.
The week has seen no movement of importance in silver prices and a
quietly steady tone has been maintained. The Indian Bazaars show
few sings of activity, but China has taken some interest in the market
Cleartnes-Returns by Telegraph.
Week Ended March 30.
1929.
1928.
Per
Cast.
Thirteen cities, 5 days
Other cities, 5 days
58,699,000,000 56.288,000,000 +38.3
+4.3
583,028.814
587,247,203
--9.9
445,000,000
405,000,000
+6.1
395,000,000
419,000,000
99,752.340 +10.4
110,134,092
-2.8
114,900,000
111,700,000
-2.2
167,128,000
163,462,000
156,504.000 +24.6
194,975,000
-4.7
136,800.000
130,433,779
146,043.518 +19.1
204,000,000
97,924,792 +22.3
119,780,618
75,180.587 -24.2
56,993,601
51,907,447 -20.6
41,238,478
$11,242,964,771 88,737.167.298 -28.7
926,389,345 +16.9
1,082,760,435
Total all cities, 5 days
All cities, 1 day
312,325,725,206
1,865,145,041
$9,663,558,641
2,314,001,415
-6.4
-19.4
Ian 570 247
111 077 AAR OAR
4.15 A
New York
Cnicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
.r....1 .11
Afton Mr
MITIVik
SIC
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all oases 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. 23. For
that week there is an increase of 18.1%, the 1929 aggregate
of clearings for the whole country being $14,673,954,987,
against $12,428,998,694 in the same week of 1928. Outside
of this city however, the increase is only 2.3%, the bank
exchanges at this centre recording a gain of 25.1%. We
2036
FINANCIAL CHRONICLE
[Vol.. 128.
group the cities now according to the Federal Reserve districts
Week Ended March 23.
in which they are located, and from this it appears that in the Marian as
Inc. or
1929.
1928.
Dec.
1927.
New York Reserve District (including this city) there is a
gain of 25.2%, in the Philadelphia Reserve District of 7.3%,
$
6
8
%
Seventh F
and in the Cleveland Reserve District of 13.9%. The Boston Mlch,-Adrlacder al Reserve D istrict.-Chi cago.293,534
240,162 +22.2
230,537
Ann Arbor.--825,393
694,394 +18.9
1,039,128
Reserve District shows a loss of 8.6% and the Richmond
Detroit
- - 262.368,684 186,737,936 +40.5 148,432,541
Grand Rapt is.
_
Reserve District of 1.4% while the Atlanta Reserve District
7,347,831
8,059,752 -8.8
7,586,438
Lansing _ .
3.802,299
-3.124,291 +21.7
2,174,000
records an increase of 4.5%. In the Chicago Reserve District Ind.
-Ft.Way ne
3,628,478
3,032,797 +19.6
2,740,582
Indianapolis -21.282.000
19,311,000 +10.2
19,443,000
the totals are larger by 2.4%, in the St. Louis Reserve
South Bend.
2,943,782
2,701,600 +9.0
3,845,700
Terre Haute
District by 4.5% and in the Minneapolis Reserve District Wis.-Milwau- 5,179,197 5,011,900 +3.3 5,907,604
tee
33,548,669
39.124,947 -14.3
42,474,805
by 11.7%. The Kansas City Reserve District shows an Iowa-Ced, B.
89.
2,800,472
3,083,280 -9.2
2,506,801
Des Moines .-.
9,903,566
9,825.536 +0.8
8,874,379
increase of 13.2%, the Dallas Reserve District of 13.9%
Sioux City..
.7,364,021
7.286,645 +1.1
6,592,881
Waterloo .
-1,468.590
1,364,334 +7.6
1.194,395
and the San Francisco Reserve District of 8.3%.
re.
-Bloom t'n
1.905,721
1,752,202 +8.8
1,479,649
Chicago
.__ 655,289.898 705,519,569 -7.2 640,235,058
In the following we furnish a summary by Federal Reserve
Decatur
.._
1,176,486 116.604,794 +1.8
1,274.299
Peoria
5,607,549
districts:
5,508,404 +1.8
4,236,641
Rockford...
.- Springfield.. _
..
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 23 1929.
1929
&Total(20 el
Inc.or
Dec.
1928
1926
1927
Federal Reserve Diets.
8
$
$
%
$
1st Boeton- -- -12 Cities
579,193,233
633,844,758 -8.6
442,246,331
487,995,235
2nd New York-11 " 10,228,166,861 8J69,128,177 +25.2 5,887,103,082 5,972,406,738
3rd Philadel'1a_10 "
640,612,609
597,179,651 +7.3
539,479,183
604,670,876
4th Cleveland-- 8 "
466,897,977
410,052,401 +13.9
391,764,276
376,412,350
.
5th Filehteiond 6 "
173,892,093
176,308,885 -1.4
167,988,128
179,316,186
207,767,959
5t$ Atlanta- _--13 "
200,246,625 +4.5
196,225,326
243,043,072
1,033.390,02e 1,009,081,490 +2.4
7th Chicago __..20 "
905,217,1
888,736,263
227,878,133
8th St. Louis- 8 "
218,102,076 +4.5
215,923,984
211,564.342
5th Minneapolis 7 "
128,497,472
114,939,199 +11.7
103,060,84.
110,984,781
101161KansaaCity 12 "
252,817,903
223,336,328 +13.2
224,924,129
217.713,833
5 "
llth Dallas
83,763,744
73,557,310 +13.9
74,778,489
70,672,951
12th San Fran..17 '
663,176,990
603,221,796 +8.3
583,248,728
506,196,083
129 cities 14,673,964,987 12,428,998,884 +18.1 9,731.9
Total
40.626 9, . 67
868 801, 0
Outaide N. 1'. City
4,997,817,482 4,482,964,561 +2.3 3,953.374,379 4,005,954,268
flangu1s.
RI eltlo.
451564783
4111 241 ?RA .4-95
1211 428 845
257 128 214
• We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 23.
Ckartnes 66
1929.
1928.
Inc. or
Dec.
First Federal Reserve Dist rict-Bosto nMaine-Bangor
572.574
589.547 -2.9
3,359,772
Portland
3,247,723 +3.4
Mass.
-Boston.- 519,000,000 579,000.000 10.4
1,325.182
Fall River1,781,237 25.6
1,148,693
Lowell
1,030,421 +11.5
New Bedford-.
1,197,604
1,083,848 +10.5
4,503,144
Springfield_
5,160,868 12.7
3,584.301
3,247,271 +10.4
Worcester
-Hartford.
Conn.
20,327,590
15,227,947 +33.5
8,597,225
New Haven...
8,217,952 +4.6
R.I.-Providence
14,986,300
14,521,500 +3.2
N.H.-Manches't
736,442 590,548
19.8
Total(12 cities)
579,198,233
633.844,756
Second Feder al Reserve D Istrict-New
-Albany._
5,429.192
6,112,573
N. Y.
1,394,423
Binghamton...
1,155,696
48.514,213
63,355,967
Buffalo
Elmira
933,006
1,306,945
Jame.5town....1,297,581
1,038.904
New York...- 10076137,505 8,051,472,890
12,350,224
14,968.736
B.ochester
Syracuse
.5.471,805
5,750,376
.
Conn.
-Stamford
4,273,454
3,870.760
N. J.
1,027,949
-Montclair
853,794
Northern N.J.
37,095.635
51,483,400
-8.6
1927.
1926.
679,139
3,081,584
395.000,000
1,584,123
1,045,328
945,313
4,855,820
3,388,552
12,247,441
7,110,517
11,728,600
579,914
561,679
3,047,103
440.000.000
1,652,049
795,152
1,039,908
4,867,831
2,963,880
14,601,262
6,212.828
11,742,800
510,713
442,246,331
487.995.205
York
-11.2
6,425,583
4,405,087
+20.7
907,100
786.800
+12.0
46,223,453
46.718,064
+40.1
853.394
818,698
-20.0
1,495,110
1,502,578
+25.1 5,771,568,246 5,860,647,402
11,914,252
+21.2
10,318,023
+5.1
5,034.700
4,949,955
+10.4
3,721,494
3.907,161
+20.2
788,544
486,596
38,071,206
-7.3
37,806,374
Total(11 cities) 10226.166.851 8,169.128,177 +25.2 5.887,103.082 5.972,406.738
Third Federal Reserve Dist rict-Phitad elphlaPa.-Atoona....1,493,168
1,398,547 +6.8
1,726,335
Bethlehem.
4,501,914
5,058,836
4,225,601 +19.7
Chester
1,278,416 -2.1
1,252,089
1,245.017
Lancaster
0.5
2,100,379
2,111,323 1,906,751
Philadelphia... 611,000,000 566.000,000 +8.0 510,000,000
Reading
3,720,697
0.1
3.576,502
3.579,957 Scranton
5,926,238
8,164,601 5,854,829
27.4
Wllkes-Barre. _
3,739,126
3,699,730
*3,700,000 -0.1
York
2,086,692
1,729,575 +20.6
1,588,038
N.3.
-Trenton..
5,198,458
13.5
4,318,477
4,991,631 Total(10 cities)
640,512,609
1,450.660
4,320,346
1,2(30,437
2,094,648
577,000,000
3,369,588
5,691,909
3,235,259
1,678,528
4,569,510
539,479,163
604,670,876
Fourth Fader al Reserve D Istrict-Clev eland
Ohio-Akron. _
6,669,000
5.411,000 +23.2
5,136,000
Canton
4,248,715
3,888,268 +9.3
3.566,428
Cincinnat...-76,013,203
74.552,731 +2.0
73,515,717
Cleveland
159,689.91
120,751,929 +32.2 106,622,711
Columbus
14,813,000
-15,466,300
14,838,700
Mansfield
3,136,854
2,755,993 +13.8
1,994,248
Youngstown 5.017,260
4.937,824 +1.6
4,825,395
Pa.-Plttsburgh.. 197,310,043 182,288,356 +8.2 181,265,077
5,394.000
4.883,882
67,449,801
104,393,960
13,527,600
2,175,522
4.951,839
173,635,746
Total(8 cities)_
466,897,977
597,179,651
+7.3
410,052,401 +13.9
391,764,276
676,412,350
1,088,345
4,353,803
47,942,000
2,183,659
86,935,092
25,465.229
1,412,036
7,593,805
49,733,000
2,401.426
94,500,716
23,675,203
176,308.885 1.4
167,968,128
179,316,186
Sixth Federal Reserve Dist rict-Atlant aTenn.-ChatVga
8.891,203
8,874,707 +1.5
2,900.310
Knoxville
*3,000.000 -3.3
25,815,655
22,509,176 +14.7
61,311.058
Ga.-Atlanta--51.615.968 +18.8
2,000,603
Augusta
2,067,758 3.2
1.677,324
2,077,907 -19.3
Macon
Fla.-Jack'mv
19,409.554
19,125,853 +1.5
4,159,000
Miami
4,031.000 +3.2
Ala.-Birreing'm.
24,098,769
24,124,540 0.1
1,651,157
1,316,714 +25.4
Mobile
Min.
-Jackson_
2,128.000 +19.2
2,536,000
Vicksburg
311,656
259,963 +19.9
La.-NswOrl
53.001.670
59,115.032 -10.3
8,511,339
2,742,961
20,387,130
46,410.178
1.794,603
1.850,149
24,139,614
7.764,493
23.564,315
1,857,696
1,761,000
298,531
55,143.317
8,411,911
2,830.683
21.806.171
69,505,248
2,063.861
1,535,427
37,431,755
16,010,202
27,487,214
2,213.711
1.578,000
352,148
51,816,741
Total(13does)
173,892,1 !I
207,767,069
200,240,625
+3.7
196,225,326
243,043,072
3,043,715 +33.7
2392,979 +3.7
66) 1.033,390,026 1,009,081.490
3,345,670
2,597,499
$
166,460
1,197,088
174,888,624
7,656,640
2,390,000
2,206,179
18.357,000
2,451,400
5,131,382
42,143,200
2,512,830
10,455,213
7,019,329
1,200,055
1.557.029
595,237,638
1,232,926
4,396,197
2,959,533
2,577.534
+2.4
905,217,130
885,736.253
Eighth Fed Ora 1 Reserve Dia trict.-St. L ouis.Ind.-Evansvlitie
5,710.411
5,166,036 +11.1
Mo.-St.Louisi.._ 145,200,000 140,400,000 +3.1
Ky.-Loulavil e _
36,261.182
35,401.914 +2.1
Owensboro_
367.004
289,725 +26.6
s
Tenn.-MemP1;123,231,923
20,988.708 +10.7
Ark.
-Little R ick
15,259,746
13.924,648 +9.5
Ill-Jacksonv ile
349.681
328,042 +6.5
Quincy
1,498,186
1,603.003 -6.8
5,289,071
138,800,000
35,856,550
346,034
20,257,000
13,345,178
315,486
1,717,715
4,896,762
141.100.000
30,180,590
343,871
20,471,068
12,561,860
407,648
1.592.543
+4.5
215,926,984
211,554,342
Ninth Fede ral Reserve Dist rict-Minne spoilsMlnn.-DulutI
6,614,108
6,405,483 +3.3
Minneapolis
81,024,126
71,018,731 +14.1
St. Paul....
34,019,601
30,424,268 +11.8
No. Dak.-Fa'go
2,009,150
1,749,100 +14.9
S. D.-Aberd ien
1,082,568
1,422,221 -23.9
Mont.-Blllla is614,919
649,396 -5.3
Helena
3,133,000
3,270,000 -4.2
5,365,371
65,200,365
26.784,163
1,606,282
1,084,447
464,221
2,556,000
6,128,849
70,655,262
27,798,460
1,730,126
1,528,537
489,774
2,653,773
Total(8 citi 5).
Total(7 clti 0_
227.878,133
128,497,472
218.102,076
114,939,199 +11.7
103,060,849
110,984,781
Tenth Fede ral Reserve Dist riot-Kansa s CityNeb.-Fremo ,t.
385,002
388.373 -0.9
Hastings....546,849
590,221 -7.3
Lincoln
4,220,833
4,820,007 -8.6
Omaha
48,094,012
44,787,066 +7.4
Kan.-ToPek
3.732,120
3,781,056 -1.3
7,359,091
Wichita
._
8,060,390 -8.7
Mo.-Kan. Cl y- 145,588,918 123,222,989 +18.1
St. Joseph7.342.384
6,798,391 +8.0
Okla.
--Okla. C It;
32,470,000
28.781,579 +16.9
1.300,199
S in.
1,118,329 +16.3
a
Denver
a
1,778,495
Pueblo
1,1
87,928 +49.7
402.942
391,767
4,104,820
37,195,150
2,649,286
7.485,376
131,614,267
5,955,799
32,803,924
1,203,498
a
1.117,300
375,314
489,642
4,111.430
41,512,810
2,637,206
7,373,010
126,384,182
7,264,722
25,511,420
1,137,684
a
916,413
223,336,329 +13.2
224,924,129
217,713,833
Eleventh Fe de cal Reserve District
-Da IlasTex.
-Austin..__
2,073,901
1,548,195 +34.0
58,029,690
Dallas
51,131.207 +13.2
Fort Worth.
13,807,618
11,197,850 +23.3
Galveston.
5,046,000
4,397,000 +14.8
La.-Shrevepo t.
4,806.535
5,283,058 -9.0
1,707.559
48,347.418
11,383,720
8,602,000
4,737,802
1,391,388
45,087,249
12,385,000
6,447,000
5,262,314
74,778,499
70,572,951
Total(12 citi mil
Total(5 elti )-
252,817,903
83,763,744
73,557,310 +13.9
Twelfth Fed er al Reserve D (strict
-San Francl scoWash.
59,962.212
-Seattle58,434,926 +2.6
45,740,587
43,206,982
Spokane._
14,101,000
13,089,000 +7.7
10,999.000
9,683,000
Yakima
1,490.921
1,373,535 +8.2
1,182,252
1,273,939
Ore.
-Portland
36,491,327
34,016,196 +7.3
33,022,665
36,395,750
Utah-S. L. Clty
19.204,288
17,150,746 +12.0
14,904,205
15,293,335
Cal,
-Fresno..
3,278,202
3,242,660 +1.1
3,101,530
2,957.514
Long Beach_ _
10,042,313
7,814,168 +28.5
7,340,165
7,357,458
Los Angeles242,930,000 200,950,000 +20.9 247,396,000 166,587,000
Oakland _ ._
19,468.868
.
19,231,999 +1.2
17.354,564
19,441.814
Pasadena- -..
7,700,159
6,736,214 +14.3
6,539.273
6,324,924
Sacramento..
.7,722,816
7,182.029
5,126,384 +40.0
7,374,945
San Diego ..
5,543,401
4,727,314
4,956,410 +11.8
5,334,363
San Francis ).. 216.559,939 222,541,493 -2.7 175,649,000 176.215,000
San Jose__ -- 2,913,930
.
2,379,986 +22.1
1,977.517
2,305,710
Banta Barba s_
1,637,351
1,436,091 +14.0
1,139,834
1,499,801
Santa Monicis_
2,061,450
2,010,287 +2.8
1,949,706
2.115,548
Stockton
..
2,609,600
2,731,700 -4.5
2,502,300
2,768,000
Total(17 elti 5) 653.176,990 603,221,795 +8.3 583,248,728 506,195,083
Grand total (1 29
cities)
14673954,987 12428998,694 +18.1 9,731,942,625 9,866,601,670
Outside New Yo rk 4.597_817_482 4.492.964.551
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Viotoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat
Peterborough
3herbrooke
Kitchener
Windsor
Prince Albert--.Moncton
Kingston
Matham
3arnia
Total(31 cities)
+2.3 3.960.374.379 4.005.954.268
Week Ended Mar. 21.
Clearings at
1929.
Fifth Federal Reserve Dist rict-Richin ondW.Va.-Hunt'g'n
1,268,035
1,031,713 +22.
Va.-Norfolk
4,623,887
4,766,314 3.
Richmond
42,620,000
48,273,000 7.9
S.C.
-Charleston
2,253,927
*2,000,000 +12.7
1114.-Baltirnore_
91.550,897
94,262,392 -2.8
D.C.-Washing'n
31,566,344
27,975,466 +12.9
Total(6 cities).
4.069,339
2,584,517
1926.
$
158,242,772
155,389,104
45.205,291
38.039,522
8.211.607
6,373,856
3,250.859
6,237.666
18,678,804
2,783,995
3.147,617
3,167,782
6,908,052
4,972,359
617,977
690,622
2,471,367
1,284,878
1,597,916
919.643
813.657
647,904
906,485
1,025,138
1,319,494
6,862.625
502,825
825,360
782,495
689,806
717,265
481.264,723
1928.
Inc. or
Dec.
6
%
142,337,624 +11.2
142,701,334 +8.9
55,344,610 -18.3
21,530,292 -14.3
8,220,870 -0.1
5,362,214 +18.9
3,323,994 -2.2
5,749,096 +8.2
14,794,069 +26.3
2,487,625 +11.1
2,550.532 +23.4
2,818,341 +12.2
6,110,483 +13.1
5,068.108 -1.9
568,044 +8.8
868,582 -20.5
2,269,781 +8.8
1,232,061 +4.3
1,292,901 +23.6
838,907 +9.6
915,051 -11.1
465,160 +39.2
737.252 +23.2
967,566 +6.0
1,075,691 +22.7
5,201.574 +31.9
397,040 +28.3
787,280 +4.8
734,741 +6,6
882,206 -21.8
621,938 +15.3
438,247,786
*Estimated a No longer report clearings.
+9.8
1927.
$
100,603,098
107,500,159
44,704,156
16,580,153
5,895,364
5,587,133
2,515,706
5,090,246
7,954,927
2,381,119
1,882,523
2,778,505
4,303,352
3.608.551
475.210
529,530
1.532,225
1,033,819
944,857
793.481
692,221
282,738
742,857
878,313
977,302
4,791.102
377,041
748,418
486,492
828,823
608.013
326.730.598
1926.
$
79,188,978
85,703,127
45.864,377
20.403,238
5,134,957
7,609,126
2,497,391
4,125,574
8.706,462
2,365,647
1,971,829
2,312,899
4,329,907
3,3213,382
489,520
496,050
1,692,518
972,158
921,736
564,819
796,825
268,037
763,681
724.143
773,408
3,700.226
360,962
758,718
472,721
287,295,214
MAR. 30 1929.]
mmercia1 antl1tcUanonsRem
-All
Breadstuffs figures brought from page 2147.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at
Oats.
Corn,
Wheat.
Flour.
2037
FINANCIAL CHRONICLE
Rye.
Barley.
bbls.1961bs. bush.60 lbs. bush.56 lbs.bush. 3215s.bush.481bs. bush.56lbs.
316,000
37,000
155,000
248,000 1,156,000
235,000
Chicago
104.000
325,000
179,000
129,0001
1,317,000
Minneapolis. _
62,000
39,000
28,000
1,239,000
6.0001
Duluth
185,111
33,000
48,000
16,000
215.0001
32,000
Milwaukee._.
1,000
4,000
451,000
Toledo
. 1238,000
41 000
24,000
6,000
10,000
57,000
Detroit
206,000
476,000
27,000
Indianapolis..
33,000
502.000
757,000
538,000
126,000
St. Louis__ _ _
86,000
77,000
231,000
35.000.
Peoria
60.000
2,000
56,000
1,254,000 1,246,000
Kansas City 246,000
461.000
471,000
Omaha
24,000
317.0001
106,000
St. Joseph_
2,000
277,000
263,0001
Wichita
72,000
26,000
61,0001
Sioux City.
._
Oats.
Wheat.
Corn.
bush.
bush.
United States
-bush.
259,000
22,000
Wichita
4,172,000
757,000
St. Joseph. Mo
1,754,000
364,000
171.000
12,000
Peoria
526,000 1,380,000 1,187,000
Indianapolis
7.545,000 2,331,000 1,254,000
Omaha
Rye.
bush.
Barley.
bush.
4,000
3.000
111.000
43,000
95,000
Total March 23 1929..123,215,000 34,539,000 13,119,000 6,841,000 8,463,000
Total March 16 1929_ _123,515,000 34,298,000 13,925.000 6,683,000 8,934000
Total March 24 1928._ 68,660,000 44,153,000 16,979,000 4,894,000 2.637,000
-Bonded grain not included above: Oats. New York, 237,000 bushels:
Note.
PhIlaaelphia. 6,000; Baltimore, 5,000: Buffalo, 288,000; Duluth, 14,000; total,
550,000 bushels, against 147,000 bushels in 1928. Barley, New York, 494,000
bushels; Boston, 100,000; Philadelphia, 130,000; Baltimore, 291,000; Buffalo, 928,000; Buffalo afloat, 258,000; Duluth, 111,000: total, 2,312,000 bushels, against
1,227,000 bushels in 1928. Wheat, New York, 3,624,000 bushels: Boston, 1,503,000;
Philadelphia, 3,388,000; Baltimore, 3,768,000; Buffalo, 7,439.000; Buffalo afloat,
3,060,000; Duluth, 278,000; Toledo afloat, 600.000; total, 23,660,000 bushels.
against 14,627,000 bushels in 1928.
Canadian
380,000
739,000
411,000
9,450,000
Montreal
5,163,000 2,041,000 6,780,000
Ft. William & Pt. Arthur 61,406,000
41,000
296,000
7,792,000
" afloat
2,934,000
200.000 1,396,000
9,138,000
Other Canadian
8,877,000
Total March 23 1929.. 87,786,000
8.357,000
Total March 16 1929._ 86,783,000
2,550,000
Total March 24 1928._ 76,931,000
Summary
123,215,000 34,539,000 13,119,000
American
8,877,000
87,786,000
Canadian
2,621,000 8,883,000
2,508,000 8.541.000
3.247.000 3.876,000
6,841,000 8,463,000
2,621,000 8,883.000
243,000
402,000
305,000
Total March 23 1929..211,001.000 34,539,000 21,996,000 9,462,000 17,346,000
Total March 16 1929..210.298,000 34,298,000 22,282,000 9,191.000 17,472,000
Total March 24 1928..145.591.000 44,153,000 19,529,000 8,141,000 6.513.00
Since Aug. 116,966,000 397,615,000210,332,000 105,507,00080,292,00021,101,000
1928
16,423,000 362,194,000 224,772,000 110,109,000 59,924,000 27,083,000
1927
16,028,000 270,618,000 166,863,000 106,269,000 30,777.00024,626.000
1926
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Mar. 22, and since July 1 1928 and 1927,
are shown in the following:
Total wk. '29
Same wk. '28
Same wk '27
453,000
488.000
484,000
5,369,000
6,165,000
2,973,000
6,062,000
5,068,000
3,586,000
829,
2,018,000
2,929,000 1,071.000
429,000
1,874,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 23, follow:
Receipts at
New York_ _
Portland. Me.
Philadelphia
Baltimore_ _
Newport News
Norfolk
New Orleans.
Galveston.
Montreal....
St. John, N.B
Boston
Oats.
Corn,
Wheat.
Flour.
Barley.
Rye.
371,000
609,000 2,216,000
Total wk.'29_
Since Jan.1'29 6,632,000 36,352,000 12,987,000
487.000
386,000
3,000
3,879,000 6,653,000 1,787,000
326,000
Week 1928_
486,000 2,455,000
Since Jan.1'28 5,674,000 30,039,000 58,885,000
52,000
432,000 621,000
4.927.000 6,954.000 3.184,000
1928-29.
Week
Mar. 22.
I
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
194,000, 202
2,000
30,000
386,00
395,000
320,000
9,000
8
15,0001
7,000
268,000
38,000
92,000
12,000
33,000
533,000
16,000
1,000
1,000
18,000
175,000
18,000
48,000
30,000
34,000
107,000
42,000
12 000
17,000
16,000
60,000
20,000
83,000
640,000
44,000
20,000
1,000
42,000
83,000,
Wheat.
Exports from-
Corn.
Oats.
Flour.
Barley.
Rye.
Bushels. Bushels. Barrels. Bushels. Bushels.
128,553
50,000
870,000
320,000
9,000
112,000
11,000
174,000
17,000
9,000
230,000
2,000
1,000
1,000
6,000 194,000
27,000
57,000
64,000 442,000
6,000
83,000
20,000
640,000
44,000
6,000
2,000
New York
Portland. Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N. B
Houston
Halifax
Total week 1929.. 2,416,000
3194.430
Same week 1928
720,000
522 474
144,000
153.132
245,553
234.288
357.000
Bushels.
85,138
8,000
131,000
15,000
62,000
83,000
60,000
50,000
494,138
271_506
The destination of these exports for the week and since
July 1 1928 is as below:
Exports for Week
and Since
July Ito
Flour
Week
Mar.23
1929.
Since
July 1
1928.
Wheal.
Week
Mar. 23
1929.
Since
July 1
1928.
Corn.
Week
Mar. 23
1929.
Since
July 1
1928.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
609,000 60,046,726 196,000 9,467.110
United Kingdom. 65,608 2.614,122
108,606 3,985,868 1,737,000 164,104,959 478,000 16,334,962
Continent
279,000
5,000
6,000
182,000
264,000
So.& Cent. Amer. 7,000
60,000
40,000
1,000
358,000
12,000
723,000
West Indies
20,000
1,000
Brit.No.Am.Cob3.
64,000 3,220.733
2,250
Other countries_ _. 52,339 1,167,177
Total 1929
Total 1928
245,553 8,390,167 2,416,000 227,731,418
234.288 8.685.043 3.194.430 193.279,698
720,000 26.709,322
522,474 7.088.145
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 23, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
afloat
Toledo
afloat
Detroit
Chicago
•
afloat
Milwaukee
afloat
"
Duluth
afloat
"
Minneapolis
Sioux city
88. Louie
Kansas City
GRAIN STOCKS.
Oats.
Barley.
Corn.
Rue.
Wheat.
bush.
bush.
bush,
bush,
bush.
63,000
93.000
15,000
181.000
219,000
8,000
5%000
59,000
8,000
100,000
75,000
386.000
95,000
4,000
177,000
168,000
1,179,000
8.000
77,000
47.000
914,000
21,000
569,000
2,000
71.000
238,000
1,156,000
182,000
5,000
344,000
31.000
2,688.000
124,000
387.000
4,908,000 2,455,000 2,008,000
1,730,000
44,000
272,000
77.000
7,000
2,581,000
280,000
550,000
11.000
25,000
31,000
45,000
247,000
876,000
13,216,000 13,380,000 2,372,000 2,437,000
274,000
1.520,000
529,000
582,000
441,000
482.000 2,5112,000
342,000
190,000
870,000 2,116.000 1,304,000
25,710.000 4100,000
278,000
410,000
30.777,000 1,411,000 2,151,000 1,364.000 3.771,000
229,000
693.000
431.000
8,000
326,000
3,350,000 1,444.000
11,000
33.000
6,000
18,621.000 3.015.000
Since
July 1.
1928-29.
1927-28.
Since
July 1.
Week
Mar. 22.
Since
July 1.
1927-28.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
703.0001 30,762,000 10,449,000
North Amer_ 8.159,000428,730,000367,851,000
2,128,000 9,320.000
1,827.000f 16,048.000
Black Sea..
179,670.000210,818,000
Argentina_ _ 8,121,000 137,604,000112,369,000 909
3.616,000 80,192.000 47,703,000
Australia _
8,240,000
India
511,000 23,790.000 20,651,000
496,000 35,884,000 24,920,000
0th. countr's
Total ._
20,392.000683,602,000 570,403,000 2,123,000236,049,000257,966,000
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange March 23 to March 28, both inclusive (Friday, March 29, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
• Receipts do not include grain passing through New Orleans for foreign ports
or through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Mar. 23 1929, are shown in the annexed
statement:
Corn.
Wheat.
Exports.
Stocks-
•Xl{e5
I nurs.
Last Week's Range for
1Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
1935 1955
•
-Fox A
Ahrens
8554
81
Amer Laund Mach corn.25 84
20
28
•
Amer Products corn
23
23
*
Preferred
9455
90
Amer Rolling Mill cora...25 93
1734 18
Amer Thermos Bottle A_ •
47
47
50
Preferred
373.1 4534
42
Amrod Corp
2334 233.4
100
Baldwin corn
27
21
• 2434
Buckeye Incubator
325 325'
Carey (Philip) coal_ _ _100
100
12034 12034
Preferred
2135 2134
•
Central Brass A
• 2455 2434 26
Churngold Corp
35
35
Cin BaliCrank pref._ _ _100 __35
9755 9855
.
Cin Gas & Elec prat _ _ _ 100 98
136 136
100 136
Cin Gas TransP
126 126
100 126
Cin Land Shares
96
95
C N & C Lt & Trac coin 100 96
100
723.4 74
Preferred
4855 51
50 50
Cin Street RY
120 122
50
Cin & Sub Tel
3634
36
Ciiii Union Stk Yards_ _100
8334 8334
Cin Postal Term pref._100
•
5434 5414
City Ice & Fuel
• 3134
3134 3134
Coca Cola A
30
50
3034
Cohen Dan
70
70
Cooper Corp new pref_.100
973.4 99
•
Crosley Radio A
106 106
Crown Overall pref._ .100
35
30
100 32
Dow Drug corn
1834 1934
Eagle-Pleher Lead corn _ _20 18'%
73
72
Early & Daniel corn
34
34
•
Egry Register A
341 345
Fifth-Third-Union Tr_ _100 341
435 437
National
100 436
First
37
35
Formica Insulation
• 36
25
25
100
Fyr Fyters A
• 5234 51
5334
Gibson Art corn
3934
100 303.4
29
Goldsmith Sons
58
54
Gruen Watch coca
• 55
100
115 115
Preferred
13
13
Hatfield-Campbell corn._• 13
6455 6834
Hobart Nits
• 65
55
55
Int Print Ink
• 55
100
102 10455
Preferred
3434 3534
Jaeger Machine
2834
25
Julian Kokenge
• 25
37
37
40 37
Kahn participating
23
21
•
Kodel Elec & Mfg A
10
99
90
Kroger corn
Lunkenheimer
30
• 303.4
3034
100 353.4
Nianischewitz com
353.4 36
•
McLaren Cons A
1734 1734
25
24
•
Meteor Motor
100 2934
2934 3034
Moores Coney A
9
8
8
100
B
160 165
100 163
Nash (A)
2955 32
Nat Recording Pump __• 30
4334 44
•
Paragon"A"
2535
• 2455 23
"B'.
340 363
Proctor & Gamble cam - _20 350
100 103% 10334 104
61* preferred.
100 10035
100
'
Pure 0116% prof
62
62
• 62
Rapid Electrotype
100
5034 52
Richardson (new)
25
25
100
Fyr Fyters "A"
30
30
United Milk Crate"A" _.• 30
107 110
10 107
U B Playing Card
97
9934
U E3 Print & Lith corn _ADO
8
6
•
U S Shoe com
75
75
‘xmltale•ar Pan,'littrn
.
•No par value,
Range Since Jan. 1.
Low.
High.
Feb
Feb 20
85 18
Mar 96
Jan
2,060 81
Mar 34
Jan
10 20
Mar 30
Jan
160 23
Jan
Mar 105
776 90
350 1634 Jan
Jan
16
300 47
Jan 4755 Jan
Mar
2,050 3734 Mar 50
Jan
100 2334 Mar 29
Jan 2755 Mar
1,439 10
Jan 39155 Mar
12 230
Jan
Feb 128
7 120
160 2134 Mar 2754 Jan
ran
Mar 37
160 20
Jan
232 3334 Jan 40
Jan
292 9755 Mar 99
Jan 136% Mar
10 126
Feb
Feb 129
2 125
Mar 9834 Jan
210 95
Feb
40 7034 Feb 77
1,213 4831 Mar 5534 Jan
Jan 130
Jan
132 119
51) 3535 Jan 4455 Jan
50 8334 Jan 8534 Feb
Jan
55 5454 Mar 63
20 3055 Feb 3434 Feb
145 2915 Mar 3155 Mar
Jar
Jan 80
54 68
Feb
Feb 97
135 88
Feb
Feb 108
78 106
Mar 4134 Jar
185 30
1,647 1855 Mar 2134 Jar
Feb
Jan 75
7 69
Jar
Feb 37
50 34
Mai
Mar 360
38 327
Jar
Mar 450
54 430
730 2634 Jan 4034 Mai
Mar 2834 Pet
50 25
Fet
278 483.4 Jan 58
Jan 3634 Jar
274 24
Pet
Jan 60
685 50
34 1143.4 Jan 1153.4 Ms
Jan
13
91
1334 Yet
Pet
417 6355 Mar 70
Mar 6334 Jal
105 55
Pet
Jan 108
65 102
Jai
109 3155 Mar 45
Jai
Mar 30
165 25
Jai
25 3634 Jan 42
Pal
Jan 29
210 15
Jai
Mar 116
11 90
Ja
Jan 32
168 28
Jan
393.4 Fel
238 33
Ja
18
456 1654 Jan
Ja.
Mar 36
5 24
3,894 2934 Mar 3034 Ma
Ma
Mar 10
8
1,798
Jo
Jan 175
252 150
245 293.4 Mar 3455 Fe
Ma
Feb 44
35 42
Ms
1,292 2234 Jan 30
Jan 375
Fe
763 279
500 10234 Feb 104% Ms
Mar 10334 Jo
135 100
Feb 68
70 58
MA
25 5034 Mar 58
Ms
50 25
Mar 2834 Fe
50 30
Mar 37
Jai
Mar 115
15 107
Ja
148 8534 Jan 100
Fe
3
Js
8
534 Feb
T.
7 74 14 .74n 07
2038
FINANCIAL CHRONICLE
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
By Adrian H. Muller & Son, New York:
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
Mar. 20
-The Arcadia National Bank, Arcadia, Calif
$50,000
Correspondent, W. L. D. Brown, Arcadia, Calif.
Mar. 20
-The Yorktown Heights National Bank, Yorktown
Heights, N Y
50,000
Correspondent, Mortimer F. Mekeel, Yorktown
Heights, N. Y.
Mar. 23
-The Citizens National Bank of Chicago Heights,Ill._ _
200,000
Correspondent, Thomas G. Deering, 208 S. LaSalle
St., Chicago, Ill.
Mar. 23
--The Lincoln National Bank of Syracuse,N.Y
750,000
Correspondent, Clarence R. King, Syracuse, N. Y.
CHARTERS ISSUED.
Mar. 18
-First National Bank in Moorhead,Minn
$100,000
President, J. H. Deems.
Mar. 19
-The First National Bank of New Bern,N.C
150,000
President, J. V. Blades. Cashier, W. J. Caroon.
"The Citizens National Bank of l'ortland, Ore.",
Portland, Ore.
Mar. 19
-Conversion ofthe Citizens Bank ofPortland. Ore _ _ _ _
200,000
President, E. A. Clark. Cashier, H. Ambler.
Mar. 20
-West Palm Beach Atlantic National Bank, West
Palm Beach,Fla
100,000
President, H. Martin. Cashier, George F. Walz.
Mar. 21-The Blair National Bank of New York,N.Y
200,000
President, Elisha Walker. Cashier, Arthur L. Stemler.
Mar. 22
-The Farmers National Bank of Fairfax, S. Dak
25,000
President,John N.Ellerman. Cashier,I. E.Andersen.
Mar. 22
-First National Bank in Deer Creek, Minn
25,000
President,Isaac Hazlett. Cashier. Theodore L. Lee.
CHANGES OF TITLES.
Mar. 19
-The Farmers National Bank of Fort Gibson. Okla., to "First
National Bank in Fort Gibson."
Mar,20
-The First National Bank of Roscoe. N. Y., to "The First National Bank & Trust Co. of Roscoe."
Mar. 21-The National Bank of Germantown, Philadelphia, Pa., to
"National Bank of Germantown SC Trust Co., Philadelphia."
Mar.122-The Security National Bank of Faribault, Minn., to "The
Security National Bank & Trust Co. of Faribault."
[vol.. 128.
Shares. Stocks.
Per share.
30 units Lehigh & Wilkes-Barre
Corp. units, consist of 1 share 6%
pref.. par $50, and 1 share common
$440 per unit
2-80 of
(1-40 of 3i) royalty interest in M. Conard Farm, Seminole County, Okla., 2 units, sold
present owner by J. Edward
Jones April 27 1928 for $9,800:
received therefrom to date
$801.54
$500 lot
1,950 W. P. Tanner-Gross & Co..
Inc.. 7% preferred
$6,000 lot
247 5-10 Colorado dc Eastern RR.,
pref.: 2.450 Detroit Toledo &
Ironton Ry., lot pref. ctt. dep._&5 lot
Shares. Stouts.
$ Per share.
750 Frank & Dugan, Inc.. pref. _5200 lot
1,015 Economy System Co., Inc.
(N. Y.); 1,000 Entine. 011 Corp.
(Del.), com.; ne par; 3,000 Pioneer Oil Corp. (Me.), par $1:
500 Monte Cristo Sonora Mining
Co. (Aria.), par El;
Idlers
Realty Co., Inc. (N. Y.)
$8 lot
Bonds.
Per Cent.
$621,000 principal amount of 1st
mtge. 6% s. f. gold bonds of
Cuban Sugar Mills Corp., dated
Jan. 1 1917. due Jan. 1 1932,
bearing interest coupons maturing on and after Jan. 1 1928._ 50
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per St.
14 United States Trust Co.,Boston.410
2 Laconia Car Co., common
354
8 Bk. of Commerce & Trust Co__ _1773.4 65 Shawmut Bank Invest. Trust
54
20 Boston National Bank
11 Amer. Mfg. Co., com_44-4434 ex-div.
205
10 First National Bank of Boston
27 special units First Peoples Trust_ 3
494%-494% ex-div. 2 Howes Bros. Co., let pref. cl. B__ 75
300 U. S. Worsted Corp., 1st pref
lc 1 unit First Peoples Trust
40
1 Esmond Mills, pref
99
2 Fiberlold Corp., pref
112 ex-die.
71 Acadia Mills
1034 18 Atlantic Gas & El. Corp.. el. A_ 49
4-8 Pepperell Mfg. Co
13
1 unit First Peoples Trust
40
10 Warwick Mills
183.4 5 special units First Peoples Trust._
3 Naumkeag Steam Cotton Co_130 ex-dlv 110 Nantasket Beach Steamboat 3
100 Arnoskeag Co. (old)
Co
90
175447
48 Naumkeag Steam Cotton Co..
26 unite First Peoples Trust
40
COMITIOD
130 ex-div 116 J. R. Whipple Corp., 1st pref.._ 44
17 New England Southern Mills,
10 Old Colony Trust Assoc_ _52 ex-div.
pref. (certif. of deposit)
70e 3 Howes Bros. Co.. 1st pref., el. B. 75
10 Arlington Mills
3234 13 Mutual Finance Corp., pref.,
91 Naumkeag St. Cotton Co_ _130 ex-div.
par $50; 6 common as bonus_ _ _ _ 79
5 Merrimack Mfg. Co., pref
76
7 units First Peoples Trust
40
15 Brockton G. L. Co., v. t. e.,
6 special units First Peoples Trust
3
par $25
393.4 37 Old Colony Trust Assoc.....55 ex-dtv.
15 Fall River Electric Co., v. t. c.,
Bonds.
Per Cent.
par $25
57 ex-div. $2,000 Shawmut Bank Investment
100 W. M. Lowney Co
300
Trust 50, March 1952
88 dr int.
118 Post Office Square Co., Pref..
Rights.
$ Per MAI.
certificates of deposit
2
100 North Boston Lighting Proper10 Springfield GM Light Co.,
ties (undeposlted)
1 9-16
undeposited, par $25
613.'. 59 Nor. Bost. Ltg. Props., V. t. e__ 354
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per at. Shares. Stocks.
$ per sta.
5 Merchants National Bank
17 unite First Peoples Trust_.40 ex-div.
486
35 First National Bank _ __ _495% ex-div. 20 Heywood Wakefield Co. 1st pt._ 661-4
6 National Shawmut Bank_._327 ex-div. 10 Milton Bradley Co. pref...109 ex-div.
40 Naumkeag Steam Cotton Co.,
25 Crocker Garage Co., Falmouth_ 50
130 ex-div. 4 units First Peoples Trust_ .40 ex-div.
.
7 Ludlow Mfg. Associates
10 Salem Gas Light Co. par $25._ __ 45
184
2 Pepperell Mfg. Co
1 unit First Peoples Trust__ _40 ex-div.
100
19 Hamilton Woolen Co
134 7special units First Peoples Trust__ 3
2 Brookside MU!.
53
f special unite First Peoples Trust__
3
50 Naumkeag Steam Oot i i 1 Co
tPlymouth Cordage Co
71%
alluntington Chambers Trust_ _ _ 95
'a Oesl-d
16 Nashua & Lowell RR .___ 2754 1.28
Lialt First Peoples Trust
3
5 Worcester Cense : St .R
, 1
1601dColony Trust Assoelates
54
1st pref., par $80
2154 dAmer. Mtg. Co. Diet
6734
75 Saco Lowell Shops common
1054 9Amer. Mfg. Co. common
4314
21 Saco Lowell Shops 1st pref
35
7fOld Colony Investment Trust.. 2434
10 William Whitman dr Co., Inc.,
290Id Colony Trust Associates-- 55
preferred
9254 ex-div.
$ per right.
Rights10 Public Service Corp. N. H.6%
1 fliamilton Woolen Co
114
preferred
97
80 No, Bos. Ltg. Prop. undep_.1 9-16
10 Heywood Wakefield Co. 2d Pref. 41%
VOLUNTARY LIQUIDATIONS.
Mann8-Th e First National Bank of San Springs, Okla
- $50,000
Effective Feb. 6 1929. Lig. Agent, O. L. Stewart,
Sand Springs, Okla. Succeeded by a new State
bank.
Mar.120-The City National Bank of Decatur,Tex
50,000
Effective Feb. 19 1929. Lig. Agent,the First National
Bank of Decatur, Tex. Absorbed by the First
National Bank of Decatur, Tex., No. 2940.
Mar 21-The First National Bank ofPoultney, Vt
50,000
Effective Mar. 5 1929. Lig. Agent, Henry Spallholz. Poultney. Vt. Succeeded by First National
Bank in Poultney, Vt., No. 13261.
Mar. 22
-The Citizens National flank of Norfolk,Neb
100.000
Effective Jan. 18 1929. Lig. Committee: E. M.
Huntington, E. H. Sutherland, F. A. Peterson, Jr.,
and Jack Koenigstein, Norfolk, Neb. Absorbed by
By A. J. Wright & Co., Buffalo:
Nebraska State Bank of Norfolk, Neb.
Shares. Stocks.
$ per sh.1Shares. Stocks.
$ per sh.
Mar. 23
-The First National Bank of Westerville,Ohio
25,000 50 Boston & Montana Devel. Co.,
50 Strab Oil Co., par $25
$I 106
Effective Mar. 15 1929. Lig. Agent. H. T. Hance,
N.Y.certificate. Par $5
25c. lot 1,000 Pawnee Kirkland Gold Mines,
Westerville. Ohio. Absorbed by Bank of Wester500 Goldhill Mines, par $1
30.
par $1
20.
ville Co., Westerville. Ohio.
Mar. 23
-The First National Bank ofPompey'sPillar Mont _ _ _
25,000
Effective Mar. 19 1929. Lig. Agent, George C. SinDIVIDENDS.
ton, Pompey's Pillar, Mont.
CONSOLIDATIONS.
Mar. 23
-First National Bank in St. Louis,Mo
$10,000,000
Liberty Central Trust Co.,St. Louis. Mo
3.000,000
Consolidated to-day under the Act of Nov. 7 1918. as
amended Feb. 25 1927, under the charter and title
of "First National Bank in St. Louis," No. 170.
with capital stock of $11.000,000.
Mar. 23
-The First National Bank of St.Paul,Minn
3,000,000
The Merchants National Bank of St.Paul. Minn _ _ _ _ 2,000,000
Consolidated to-day under the Act of Nov. 7 1918.
under the charter and title of "The First National
Bank of St. Paul," No. 203, with capital stock of
$5,000.000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Mar. 19
-The Chase National Bank of the City of New York, N. Y.
Location of branch, 18 East 48th St., Borough of Manhattan,
New York City.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per St. Shares. Stocks.
$ per 85.
5 First Nat. Bk. of Philadelphia_ _.
2 Phila. & Hub. Mtge. Guar. Co__ _130
584
27 Overbrook National Bank
10 Union Traction Co., certif. of dep 351.
183
10 Lancaster Ave. Title & Trust
100 Huntingdon dr Broad Top Mtn.
Co., par 550
RR. & Coal Co., pref
100
25 Pennsylvania Co. for Insurance
2 Hest. Mantua & Fair Pass. Ry
25%
on Lives. &c., par $10
1 Union Passenger fly
150
100
5 Continental-Equitable Title &
5 Phila. dr Grays Ferry Paw Ry___ 5054
Trust Co., par $50
100 U. 8. Bank & Trust Co
45
10
5 Sixty-NInth Street Terminal Title
Union Bank & Trust Co. as follows:
& Trust Co., par $50
5 18 291:5 ® 289:5 ® 28.5:5 (S)
179
25 Integrity Trust Co., par $10_ _ _ _190
285:5 ® 270: 2610 264; 5 ® 255;
3 Belmont Trust Co., par $50
20 ® 252; 10 ® 25554; 60 0
17554
40 Belmont Trust Co., par $50
25214; 5
25114; 2 (0 251; 5(8
175
2521-4; 5 (ES 251; 20 ft 2503.4:
30 Bankers Trust Co. of Phila.,
Par $50
143
20 ® 251; 3 ® 25014: 20 25011:
10 Counties Title & Trust Co.,
1 ® 250%;5 ® 251%;7® 251%.
Ardmore,Pa
Bonds.
160
Per Cent.
2 Penn National Bank
$5,000 Illinois Coal Corp. 7s, 1943,
840
6 Bank of Nor. Am. & Tr. Co_ _ _550
certificates of deposit
550
$155 lot
5 Tradesmens Nat. Bk. & Tr. Co_ _585
$5,000 Richland Coal Co., 654s,
2 Ninth Bank & Trust Co
635
1931, certificates of deposit._ _860 lot
2 Oakmont National Bank, Upper
Rights.
$ per Right.
Darby,Pa
15 Jenkintown Bank & Trust Co.
205
25 Security Title & Tr. Co., par $50 70
110
18 880
68 Real Estate-Land Title & Trust
10 Suburban Title & Trust Co.
Co., par $10
79
45
@ $50
11 H. K. Mulford Co., Par $50.- - 75
254 2-3 Phila. Co. for Guaranteeing
100 Courier-Post Co., Camden,
Mortgages. ® 3200
125
Preferred
90 ex-rights
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Baltimore & Ohio, corn.(guar.)
Preferred (guar.)
Carolina Clinchftold & Ohio. corn.(riu.)_
Delaware Lackawanna & West. (quar.) _
Georgia RR.& Banking(Wen)
Nord Railway (France)
Norfolk & Western, ad). pref.(qu.)
Reading Company, com.(quar.)
Wabash Ry., Pref. A (quar)
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
154 June 1 fielders of rec. Apr. 13a
June I Holders of roe. Apr. 13a
1
1
Apr. 10 Holders of roe. Mar. 30
.$1.50 Apr. 20 *Holders of rec. Apr. 8
•
23.. Apr. 15 •Holders of rec. Apr. I
*25
•I
may 18 •Holders of rem Apr. 30
May 9 •Holders et rec. Apr. 11
•S1
134 May 25 Holders of rec. Apr. 20
Public Utilities.
Amer.& Foreign Power 2d pf. (quar.)- -- $1.75 May 1 Holders of roe. Apr. 15
Brooklyn Borough Gas part pf.(quar.).. •75e. Apr. 1 *Holders of rec. Mar. 19
Participating preferred (extra)
•634c. Apr. I •Holders of rec. Mar. 19
Cincinnati Street Ry.(quar.)
•75c. Apr. 1 *Holders of rec. Mar. 25
Cities Sore. Pow.& Light $7 pf.(mthly.) •
681sc Apr. 15 •Holders of rec. Apr. 1
$6 preferred (monthly)
•50c. Apr. 15 *floiders'of rec. Apr. 1
$5 preferred (monthly)
•
411te Apr. 15 •Holders of rec. Apr. 1
•3
Edison Elec. III., Boston (quar.)
May 1 *Holders of rec. Apr. 10
Electric Power & I.t.. corn. (guar.)
'25e. May 1 •Holders of roc. Apr. 13
Foreign Power Securities Corp. pf.(nu.)- 134
May 15 Holders of roe. Apr. 30
General GOA & Elec., coin.(guar.)
3734c. Apr. 1 Holders of rec. Mar. 28a
Milwaukee Elec. Ry. atz Light, Pt.(quilt.) 134 Apr. 30 fielders of rec. Apr. 20
Ohio Bell Telephone, pref. (quar.)
I% Apr. 1 Holders of roe. Mu. 20
Phila. & Camden Ferry (quer.)
$1.25 Apr. 10 *Holders of rec. Mar. 27
•
Quebec Telephone & Power, el. A (qu.) 40c. Apr. 1 Holders of rec. Mar. 15
Rhode fold. Pub.Sere., el. A ((luar.) - -- - .$1
May 1 "Holders of roe. Apr. 18
Preferred (guar.)
•
50c. May 1 'holders of roe. Apr. 18
San Diego Consol. Gas & Elec. pf. (qu.)154 Apr. 15 Holders of roe. Mar. 31
Seattle Lighting, 7% pref.(quar.)
•
I% Apr. 15 "Holders of rec. Apr. 1
Southern Canada Power, corn. (quar.):250. May 15 Holders of ree. Apr. 30
West Kootenay Pow.& Light. pf. (qu.). I% Apr. 1 Holders of rec. Mar. 26
Banks.
American Union (quar.)
I% Apr.
Trust Companies.
Bank of Sicily Trust Co. (quar.)
U.S. Mtge. & Trust (quar.)
2.50 Apr. 10 .11older% of rec. Mar. soa
4
Apr. 1 holders of rec. Mar. 28
1 Holders of rec. Mar. 22
Miscellaneous.
Abbott Laboratories, corn. /No. 1)
50e. July 1 Holders of rec. June 20
Aero Supply Mfg.,class A (guar.)
373.4c. Apr. 1 *Holders of rec. Mar. 20
Alabama Fuel & Iron (qilar.)
134 Apr. 1 Mar. 22 to Mar. 30
Alexander Industries-dividend omitted
Alliance Realty (quar.)
6214e. Apr. 20 Holders of roe. Apr. 8
Allied Chem. dr Dye Corp., com.(qu.).. $1.50 May 1 Fielders of rec. Apr. 0
MAR. 30 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Amer.Bond & Sh.,com.(pay.ln com.stk.) .11 Apr. 1 *Holders of rec. Mar. 25
Corn.(extra payable in corn. stock). _ *fl. Apr. 1 *Holders of rec. Mar. 25
Preferred (guar.)
•434c Apr. 1 *Holders of rec. Mar.25
Preferred (extra)
*64c. Apr. 1 *Holders of rec. Mar. 25
May 1 'Holders of rec. Apr. 11
Amer. Coal of Allegheny Co. (quar.)- *31
May 1 *Holders of rec. Apr. 10
Amer.Comm'l Alcohol, pref.(guar.)_ _ _ _ •1
Apr. I Holders of rec. Mar. 26
Amer. Credit Indemnity (St. Louis)(qu) $1
Amer. Ice. corn. (guar.)
500. Apr. 25 Holders of rec. Apr. 5
Preferred (guar.)
13.4 Apr. 25 Holders of rec. Apr. 5
American Milling, corn.(qu.)(No. 1) _ - - *50c. Mar. 30 'Holders of rec. Mar. 20
American Screw (guar.)
*$1.25 Apr. 1 *Holders of rec. Mar.20
*2
May 1 *Holders of rec. Apr. 15
Amer.Shipbuilding, corn.(guar.)
*1
Preferred (guar.)
May 1 "Holders of rec. Apr. 16
$1.25 Apr. 1 Holders of recr Mar. 20
Amer.Title & Guaranty (guar.)
Arrow Hart & Ilegeman EI.Co.co.(qu.)- *50e Apr. 15 *Holders of rec. Apr. 10
ss 1.624 Apr. 1 *Holders of rec. Mar.25
Preferred (guar.)
50e. Apr. 1 Holders of rec. Mar. 25
Arundel-Corporation (guar.)
Atlantic Ice & Coal(quar.)
'81 Apr. 1 *Holders of rec. Mar.20
Atlas Powder, pref.(guar.)
1.34 May 1 Holders of rec. Apr. 19a
Baldwin Company, corn. (guar.)
*374c Apr. 15 *Holders of rec. Mar. 29
Preferred (quar.)
'13.4 Apr. 15 *Holders of rec. Mat. 29
Bansieilia Corp., Cl. A & B (guar.) ---- *25c. Apr. 10 *Holders of rec. Mar. 30
Barnsdall Corp., cl. A & B (guar.)
*50c. May 6 *Holders of rec. Apr. 6
Bancroft(Joseph)& Sons Co.. pref.(qu.)
Apr. 30 Holders of rec. Apr. 15
Bean (John) Mfg. Co., corn
*374c Apr. 15 *Holders of rec. Mar. 31
Beck AL Corbett. pref. (quar.)
14 Apr. 1 Holders of rec. Mar. 21
Belding-Corticelli, corn. (guar.)
"14 May 1 *Holders of rec. Apr. 15
Bon And Co.. corn. A (guar.)
Apr. 30 *Holders of rec. Apr. 15
*El
Class B (guar.)
"50e. Apr. 1 *Holders of rec. Mar. 28
Bonded Capital Corp., pref. 'guar.)
14 Apr. 1 Holders of rec. Mar. 22
Brompton Pulp AL Paper (guar.)
50e. Apr. 15 Holders of rec. Mar. 30
Buckeye Pipe Line (guar.)
$1 June 15 Holders of rec. Apr. 22
Extra
$1 June 15 Holders of rec. Apr. 22
Bullard Company, corn. (qu.)(No. l)_
•40c. Apr. 1 *Holders of rec. Mar. 15
British Aluminum, Ltd.
se
Amer. dep. refs. for ord. abs
*Holders of rec. Mar. 20
Bruce Company, pref. (guar.)
1
Apr. 1 Holders of rec. Mar. 21
Canadian Brewing (guar.)
50c. Apr. 16 Holders of rec. Mar. 30
Canadian Car & Fdy., corn. (quar.)
May 30 *Holders of rec. May 15
•1
Canadian Cons. Felt, Ltd., pref
$2.50 Mar. 30 Holders of rec. Mar. 27
Canadian Industrial Alcohol
Voting and non voting stock (guar.) _
38e. Apr. 16 Holders of rec. Mar. 30
Canadian Wirebound Boxes, Ltd.
Corn. cl. A (guar.)
3740 Apr. 1 Holders of rec. Mar. 15
Castle(H. M.) & Co.(guar.)
*75o. May 1 *Holders of roe. Apr. 20
Extra
*25c. May 1 'Holders of rec. Apr. 20
Central Coal & Coke. pref. (guar.)
- 14 Apr. 15 Holders of rec. Mar. 31
Chapman Ice Cream (guar.)
'313.4c Apr. 15 *Holders of rec. Mar. 25
Chrysler Corporation (guar.)
•75e. June 29 "Holders of rec. May 31
Consol. Paper Box B (qu.)(No. 1)
.25e. Apr. 15 "Holders of rec. Apr. 1
4
Apr. 1 Holders of roe. Mar. 20
Constructive Credit Service, pref
*20c. Apr. 30 *Holders of rec. Mar. 15
Continental Motors Corp. (guar.)
Davis Industries, cl. A &II-dividend pa assed.
"35e. Apr. 1 "Holders of rec. Mar. 22
Detroit Creamery (quar.
*20c. Apr. 15 "Holders of rec. Mar. 30
Detroit Motorbus (quar.)
*2
June 15 "Holders of rec. May 31
Diamond Match (guar.)
•374c Apr. 1 *Holders of rec. Mar. 22
Diamond Shoe, corn. (guar.) (No. 1)
*14 Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
14 Apr, 1 Holders of rec. Mar. 31
Eastern Steel Prod., Ltd., pref. (qu.)Eastern Ut11. Inv. Corp. panic. pf.(qu.) $1.75 May I Holders of rec. Mar.30
$8 preferred (guar.)
$1.50 June 1 Holders of rec. Apr. 30
$1.75 June 1 Holders of rec. Apr. 30
$7 Preferred (guar.)
Economy Grocery Stores corn. (guar.)._ .25c Apr. 15 "Holders of rec. Apr. 1
Electric Hose & Rubber (guar.)
'13.4 Apr. 15 *Holders of rec. Apr.
Extra
'34 Apr. 15 *Holders of rec. Apr.
Electric Household Utilities (guar.)
*25c Apr. 25 *Holders of rec. Apr. 1
Stock dividend
'el3.4 Apr. 25 *Holders of rec. Apr. 1
May 1 Holders of rec. Apr. 1 a
Electric Shovel Coal Corp. partic.pf.(qu) $1
Eureka Pipe Line (quar.)
May 1 Holders of rec. Apr. 1
$1
Flint Rote Co., corn
37I4o. Apr. 15 Holders of roe. Apr. 1
Foster(W.C.) Co. pref.(guar.)
14 Apr. 1 Holders of rec. Mar.2
Founders Holding class A (No. 1)
*25e. Apr. 1 "Holders of rec. Mar. 2
Fary (Theo.) & Co.(guar.)(No. 1)
*40c. Apr. 1 *Holders of rec. Mar. 1
Franklin (H. H.) Mfg., corn.(quar.)
*50c. Apr. 20 *Holders of roe. Apr. 1
Preferred (guar.)
*14 May 1 "Holders of rec. Apr. 2
Gemmer Mfg.class B (guar.)
.30c. Apr. 1 *Holders of rec. Mar.2
54 Mar. 27 Holders of rec. Mar. 1 a
General Ice Cream Corp.(guar.)
Gent Outdoor Advertising corn.(quar.)_ *50e. Apr. 15 'Holders of rec. Apr.
General Realty & Utilities $6 Pref.(gU.) b$1.50 Apr. 15 *Holders of rec. Mar. 2
•
General Refractories (guar.)
*75c. Apr. 25 *Holders of rec. Apr.
*50c. Apr. 25 *Holders of rec. Apr.
Extra
Adjustment dividend
•25e. Apr. 25 *Holders of rec. Apr.
General Stock Yards Corp., corn.(qtr.) _ _ •50c. May 1 "Holders of rec. Apr. 1
May I *Holders of rec. Apr. 1
4
11
Common (extra)
*51.50 May 1 *Holders of rec. Apr. 1
$6 preferred (guar.)
Georgian, Inc., prof. A (guar.)
•40e. Apr. 15 *Holders of rec. Apr.
Gibraltar Finance Corp. of N. Y.
Preferred A (guar.)
13.4 Apr. 1 Holders of roe. Mar.2
Gold Dust Corp. common
bi May 1 Holders of rec. Apr. 1
Golds-Fisher. Inc., pref. (guar.)
$1.50 Apr. 1 Holders of ree. Mar.2
Gorham Manufacturing 1st pref.((PO -13. June 1 Holders of rec. May 1
Greif (L.) & Bros., Inc., pref.(quar.)
•$1.75 Apr. 1 *Holders of rec. Mar.2
Granby Consol. M.Sm. & Pow.(au.)... $1.75 May 1 Holders of rec. Apr. 1 a
Hart & Cooley common (guar.)
•$1.50 Apr. 1 "Holders of rec. Mar.2
Common (extra)
*50e. Apr. 1 *Holders of rec. Mar.2
Hibernia Securities pref. (guar.)
13.4 Apr. 1 Holders of rec. Mar.2
Horn & Ilardart of N.Y.corn.(guar.)
- 6234c May 1 *Holders of rec. Apr. I
Household Finance Corp., partic pref- •75e. Apr. 15 *Holders of rec. Apr.
Hungarian Fecompte & Exchange Dank_
14%
Huttlg Sash & Door, corn.(guar.)
374c. Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
13.( Apr. I Holders of rec. Mar. 21
Ideal Cement (guar.)
•75e. Apr. 1 'Holders of roe. Mar. 15
Independent 011 & Gas, corn. (quar.)_
•50c. Apr. 30 *Holders of rec. Apr. 15
Industrial Accept. Corp., 1st pref. (qu.) 14 Apr. 1 Holders of rec. Mar. 22
Second preferred (guar.)
Apr. 1 Holders of rec. Mar. 22
2
Industrial Finance Corp.. 7% pref. (f61.) 14 May 1 Holders of rec. Apr. 19
Six per cent pref.(guar.)
14 May 1 Holders of rec. Apr. 19
International Perfume, corn.(No. 1)- _ •25e June 1 *Holders of rec. May 20
Preferred (No. 1)
*64.93 May 15 *Holders of rec. May 4
Joint Investors, Inc., corn. A (quar.).__ *50o. Apr. 1 *Holders of rec. Mar.20
Common A (extra)
*25c. Apr. 1 *Holders of rec. Mar.20
Mar. 30 *Holders of rec. Mar. 22
Kalbflebich Corp., corn. (guar.)
.
091
'Preferred (quar.)
'134 Mar. 30 *Holders of rec. Mar. 22
Kawneer Company (guar.)
*624c July 15'Holders of rec. June 30
Quarterly
'623.4c Oct. 15 *Holders of roe. Sept. 30
Quarterly
•1324c JanI5'30 *Holders of rec. Dec. 31
Knott(A. J.) Tool & Mfg, Corp..pf.(qu.) 51.75 Apr. 1 Holders of rec. Mar. 15
"60c. Apr. 1 *Holders of rec. Apr. 5
Knott Corporation (quay.)
Laclede-Christy Clay Prod., pref.(qu.)134 Apr. 1 Holders of rec. Mar. 25
Laclede Steel (guar.)
50e. AV. 1 Holders of rec Mar. 23
Lakey Foundry & Mach.(guar.)
.500. Apr. 3 *Holders of roe. Apr. 15
374c. Apr. 1 Holders of rec. Afar. 20
Lane Cotton Mills (guar.)
Langendorf United Bakeries, el. A (Q11.) *50o. Apr. 1 *Holders of rec. Mar. 31
*50c. July 15 *Holders of rec. June 30
Class A and B (guar.)
*50c. Oct. 15 *Holders of roc. Sept.30
Class A and B (guar.)
*50e. Ja 15'30 *Holders of rec. Dee. 30
Class A and B (guar.)
Leonard, Fitzpatrick & Mueller, corn
- Divide nd Omi tted
'13.4 Apr. 10 'Holders of me. Apr. 6
Lindsay Light, pref. (guar.)
May 1 *Holders of rec. Apr. 20
Liquid Carbonic (guar.)
.31
*50o. Apr. 15'Holders of rec. Mar. 30
MacMillan Petroleum (guar.)
"374c Apr. 15 *Holders of rec. Mar.31
Magnin (I.) & Co., corn.(guar.)
14 Apr. 18 Holders of rec. Apr. 3
Maple Leaf Milling, pref. (guar.)
25c. Apr. 1 Holders of rec. Mar. 26
Marshall Mortgage Corp.(guar.)
ye3
Mexican Petroleum. corn. (guar.)
*$40
Common (special)
*52
Preferred (guar.)
40e. Apr. 1 Holders of rec. Mar. 28
Murray-Ohio Mfg.(guar.)
*25c. May 1 *Holders of roe. Apr. 15
National Acme, corn.(gum.)
National Food Products, som. (quar.)
- 62.1403 May 15 Holders of rec. May 36
•2
Apr. 15 *Holders of rec. Apr. 5
Class B (payable in class B stock)_
Oct. 15 *Holders of roe. Oct. 5
*2
Class B (payable In class B stk.)
2039
Per
Whits
Cent. Payable.
Name of Company.
Books Maud
Days Inclusive.
Miscellaneous )Concluded).
National Screen Service Co
•40c. Apr. I *Holders of roe. Mar.20
National Shirt Shops, Inc., pref. (qu.) - 2
Apr. I Holders of roe. Mar.27
N.J. Bond & Shareholding, pref.(qu.)
14 Apr. 15 Holders of reo. Apr. 1
New York Hamburg Corp
*51.25 Apr. 29 *Holders of rec. Apr. 15
N. Y.& Hanseatic Corp
3
Apr. 15 Holders of rec. Mar. 28
New York Investors. Inc.. corn
600. Apr. 15 Holdres of rec. Apr. 1
Second preferred
3
Apr, 15 Holders of rec. Apr. I
N. Y. Petroleum Royalty Corp
*25c. Apr. I *Holders of rec. May.20
New York Sun, Inc., 1st pref
*4
Apr. 1 *Holders of reo. Mar.31
North German Lloyd, Amer. shares-$3.41 Apr. 5 Holders of rec. Mar.30
North & Judd Mfg., corn.(guar.)
*50e. Mar. 30'Holders of rec. Mar.22
Northwest Engineering, corn.(quar.)_ *50e. May 1 *Holders of rec. Apr. 15
Ohio Brass, class B (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 28
14 Apr. 15 Holders of rec. Mar.28
Preferred (guar.)
14 May 1 Holders of rec. Apr. 12
Oil Well Supply, prof. (guar.)
Oliver United Filters, class A (quar.).
•500. May 1 *Holders of res. Apr. 19
Packard Elea Co., corn. (guar.)
Apr. 15 *Holders of rec. Mar.31
*$2
Common (extra)
4124 Apr. 15 *Holders of rec. Mar.31
35e. Apr. 10 Holders of rec. Mar.30
Partos Realty Holding Corp.. Corn. WO
43e. Apr. 10 Holders of rec. Mar.30
Preferred (guar.)
Petroleum Industries, Inc., pref.(qu.)
75o. Apr. 15 Holders of reo. Apr. 56
Pittsburgh Screw & Bolt (qu.)(No. 1)_ _
35e. Apr. 18 Holder's of rec. Apr. 4
14 June 1 Holders of rec. May 11
Pittsburgh Steel Co., pref. (guar.)
*124 Apr. 20 *Holders of rec. Apr. 1
Plymouth Cordage (guar.)
Public Security Bond AL Mtge., p1.(qu.)_ *14 Apr. 1 *Holders of rec. Mar. 25
*25e. Apr. 15 *Holders of rec. Mar.30
Republic Supply, corn.(quar,).
Common (extra)
*75e. Apr. 15 *Holders of rec. Mar. 30
Rhode Island Ice, pref. A (guar.)
31.75 Apr, 1 Holders of rec. Mar. 27
Preferred B (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 27
14 May 1 Holders of roe. Apr. 5
Richfield Oil, pref. (guar.)
Richman Bros. (guar.)
$1.50 Apr. 1 Holders of rec. Mar.25
Rockaway Point Devel., 36 pref. (qu.)._ $1.50 Apr. 1 Holders of rec. Mar. 27
Apr. 1 Holders of rec. Mar. 25
Rubber Service Laboratories, pref. (qu.) 2
St. Regis Paper, corn.(guar.)
*75c. Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
•14 Apr. 1 *Holders of rec. Mar. 15
Schulze Baking, cony. pref.(guar.)
75c. Apr. 1 Holders of rec. Mar. 15
14 Apr. 1 Holders of roe. May. 15
Preferred (guar.)
Seaboard Dairy Credit,com.(gu.)(No.1) *50c. Apr. 1 *Holders of rec. Mar.25
.
"Holde
*624c Apr. 1 'Holders of rec. Mar.25
3
Preferred (guar.)
*134
'Holders of rec. Apr. 13
Sears-Roebuck & Co.(guar.)
*el Aug. 1 "Holders of rec. July 15
Quarterly (payable in stock)
*el Nov. 1 *Holders of reo. Oct. 15
Quarterly (payable In stock)
75e. Apr. 1 Holders of rec. Mar. 20
Securities Investment, corn. (guar.) _ _ _ _
2
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
50c. May 1 Holders of rec. Apr. 15
Seeman Brothers, Inc., corn.(guar.)_ _ _ _
Segal Lock & Hardware. prof.(guar.)- -13.1 Apr. 16 Holders of rec. Mar.31
Silver King Coalition Mining (guar.)_ _ _ _ *25e. Apr. 1 *Holders of rec. Mar.20
624e. June 15 Holders of rec. June 15
Smallwood Stores, class A (guar.)
•15c. Apr. 15 'Holders of rec. Apr. 1
Southland Royalty
*550. May. 31 *Holders of roe. Mar. 20
Square D Co.. pref A (guar.)
.
- 434e. May 1 Holders of rec. Apr. 6
Steel Co.of Canada,corn.& pf.(qu.)
1.124 Apr. 1 Holders of rec. Mar. 25
Steel & Tubes, Inc., Cl. A (guar.)
*50c. Apr. 1 "Holders of rec. May. 25
Sterling Salts (guar.)
874c. Apr. 1 Holders of rec. Mar. 25
Thayers Limited, 1st pref.(quar.)
•50c. Apr. 10 *Holders of rec. Mar. 20
Toddy Corporation, class A (guar.)
*$1 Apr. 15 *Holders of rec. Mar.30
Tucketts Tobacco,corn.(guar.)
*$1.75 Apr. 15 *Holders of roc. Mar.30
Preferred (guar.)
75c. June 1 Holders of rec. May 15a
United Electric Coal Co., corn.(guar.)
United Linen Supply. cl. A(guar.)_* 8714c. Apr. 1 *Holders of rec. Mar. 20
"$1.50 Apr. 20 *Holders cf roe. Apr. 1
Class 5)(guar.)
14 Apr. 15 Holders of rec. Apr. 5
U. S. Finishing, corn.(guar.)
14 Apr. 1 Holders of rec. Mar. 13
Preferred (guar.)
U.S. Industrial Alcohol, corn.(quar.).
"$1.50 May 1 "Holders of rec. Apr. 15
U.S.Smelt. Refg.& Mining,corn.(qu.) 874e. Apr. 15 Holders of rec. Apr. 4
874e. Apr. 15 Holders of rec. Apr. 4
Preferred (guar.)
Universal Pipe & Radiator, pref. (guar.) '134 May 1 *Holders of rec. Apr. 15
•40c. Apr. 15'Holders of rec. Apr. I
Upson Company, cl. A & B (guar.)
•10c. Apr. 15 *Holders of rec. Apr. I
Class A & B (extra)
May 1 Holders of rec. Apr. 1
$1
Victor Talking Mach., com.(guar.) _ 14 Apr. 15 Holders of rec. Apr. 1
Old preferred (guar.)
$1.75 May 1 Holders of roe. Apr. 1
Prior preference (guar.)
$1.50 May 1 Holders of rec. Apr. I
Convertible pref. (quar.)
14 Apr. 1 Holders of rec. Mar. 20
Wagner Electric Co., prof.(quar.)
Warren (A. D.) Co., corn.(qu.((No. 1)_ $1.50 May 15 Holders of reo. Apr. 30
'25c. Apr. 25 *Holders of rec. Apr. 5
West Coast Bancorp., el. A & B
West Va. Pulp & Paper, corn.(guar.) - *50c. Apr. 1 *Holders of rec. Mar. 22
14 Apr. 1 Holders of roc. Mar. 20
Whitman (William) Co., tile. pfd. WO Worthington Ball Co., pfd. A.(qu.) _ - - - *50e. Apr. 15 *Holders of rec. May. 30
25c. May I Holders of rec. Apr. 20
Wrigley (Wm.) Jr. Co.(monthly)
25e. June 1 Holders of roe. May 20
Monthly
25e. July 1 Holders of roe. June 20
Monthly
25e. Aug. 1 Holders of rec. July 29
Monthly
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
When
Per
Cent. Payable.
Name of Company.
Beaks Closed
Days Inclusive.
Railroads (Steam).
Apr. 1 Holders of rec. Mar. 841
3
Alabama & Vicksburg
88c. Apr. I Holders of rec. Feb. 284
Bangor & Aroostook,00111.(guar.)
Apr. 1 Holders of reo. Feb. 284
Preferred (guar.)
14 Apr. 1 Holders of roe. Mar. 15a
Beech Creek (quar.)
2
Mar. 30 Holders of roe. Feb. 23
Breton AL Albany (guar.)
•13.4 Apr. 1 *Holders of rec. Mar. 15
Boston & Maine, old 6% prof
Apr. 1 *Holders of rec. Mar. 15
Prior preferred (guar.)
•lYi Apr. 1 *Holders of rec. Mar. 15
First preferred class A (guar.)
•2
Apr. 1 *Holders of rec. Mar. 15
First preferred class B (guar.)
•14 Apr. 1 'Holders of rec. Mar. 15
First preferred class C (guar.)
First preferred class D (guar.)
'234 Apr. 1 *Holders of rec. Mar. 15
'134 Apr. 1 *Holders of rec. Mar. 15
First preferred class E (guar.)
24 Apr. 1 Holders of rec. Mar. Is
Canadian Pacific, corn. (guar.)
Apr. 1 Holders of reo. Mar. I
2
Preferred
75e. Apr. 1 Holders of tee. mar. $a
Chesapeake Corp., common (quar.)24 Apr. 1 Holders of roe. Mar. 84
Chesapeake & Ohio. corn.(guar.)
34 July 1 Holders of roe. June fa
Preferred
134 Mar. 30 Holders of rec. Mar. 50
Chic. R. 1. & Pacific, corn. (guar.)
Apr. 20 Holders of rec. Mar. 28s
Cleve. Cln. Chic.& Elt. L., corn.(guar.)- 2
14 Apr. 20 Holders of rec. Mar. 28a
Preferred (guar.)
Apr. 1 Holders of me. Mar. ill
Consolidated RR,.of Cuba. pref.
Gulf Mobile & Northern, pref. (quar.).... 14 Apr. 1 Holders of roe. Mar. 158
214 Mar. 30 Holders of roe. Mar. 86
Hocking Valley. coin. (guar.)
14 Apr. 1 Mar. 22 So Apr. 1
Joliet & Chicago (guar.)
Kamm City Southern, corn.(qu.)(No.1) 14 May 1 Holders of roe. Mar.3041
1
Apr. 15 Holders of reo. Mar. 30a
Preferred (guar.)
874c Apr. 1 Holders of roe. Mar. 16
Lehigh Valley. COM.(guar.)
51.25 Apr. 1 Holders of roe. Mar. 16
Preferred (guar.)
$12.50 May I Holders of rec. Apr. 104
Mahoning Coal RR.,com.(guar.)
1
Apr. 1 Holders of roe. Mar. 15
Maine Central, common (guar.)
$1.25 Apr. 15 Holders of reo. Mar. 300
Midland Valley RR.,common
2
Apr. 1 Holders of rect. Mar. 204
Minn.St.P.& S.8. M.leased liners
MIssouri-Kansas-Texas, pref.(guar.)._
14 Mar. 30 Holders of rec. Mar. 154
14 Apr. 1 Holders of rec. Mar. Ss
Missouri Pacific, prof. (guar.)
2
May 1 Holders a ree. Mar. 280
New York Central RR.(guar.)
Apr. 1 Holders Os rec. Feb. 15s
N.Y. Chic. & St. L.. corn. & pref.
14 Apr. 1 Holders of rec. Mar. 146
N. Y. Lackawanna & Western (quar.)
1
Apr. 1 Holders of rec. Feb. 28a
N. Y. N.H.& Hartford. corn.(quar.)_
Apr. 1 Holders of rec. Feb. 28e
Preferred (guar.)
14 May 1 Mar. 13 to April 9
Northern Pacific (guar.)
Apr. 1 *Holders of rec. Mar. 16
Old Colony (guar.)
134 Apr. 1 Holders of rec. Mar. Si
Pere Marquette. corn. (guar.)
2
Apr. 1 Holders of res. Mar. fia
Common (extra)
14 May 1 Holders of rec. Apr. lia
Prior preference (guar.)
134 May 1 Holders of roe. Apr. 54
Five per cent preferred (guar.)
75e. Apr. 1 Holders of rec. Mar.15
Pate). Bessemer & Lake Erie. corn
Apr. 1 Holders of rec. Mar. fa
Pittab.. Ft. Wayne & Chic., corn. (qu.)_
Apr. 2 Holders of roe. Mar. 9s
Preferred (guar.)
14
•14
(au)
114
(an.) 114
14
*14
14
14
2040
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days inclusive.
Railroads (Steam) (Concluded).
Pittsburgh & West Va.. COM.(guar.)--Reading Co., 2d pref.(guar.)
Bt. Louis-San Francisco. corn. (Qua?.)..
Preferred (guar.)
Preferred (quar.)
Preferred (guar.)
St. Louis Southwestern, pref. (guar.)._
Southern Railway, C0111. (quar.)
Preferred (quar.)
Mobile & Ohio,stk. trust We
Southern Pacifie Co.(quar.)
Texas & Pacific Hy., corn,(quar.)
Union Pacific, corn. (guar.)
Preferred
United N.J. RR.de Canal Co.(luar.)-Vicksburg Shreveport & Pacific, com___
Preferred
West Jersey & Seashore
154 Apr. 30
500. Apr. 11
Apr. 1
2
134 May 1
131 Aug. 1
134 Nov. 1
lg Mar.30
2 May 1
134 Apr. 15
2
Apr. 1
154 Apr. 1
134 Apr. 1
294 Apr. 1
Apr. 1
2
234 Apr. 1
234 Apr. 1
234 Apr. 1
134 Apr. 1
Holders of rec. Apr. 15a
Holders of rec. Mar.210
Holders of reo. Mar. la
Holders of rec. Apr. 130
Holders of rec. July Is
Holders of rec. Oct. is
Holders of reo. Mar. ill
Holders of rec. Apr. la
Holders of rec. Mar. 19a
Holders of res. Mar. 15a
Holders of rec. Feb. 250
Holders of rec. Mar. 15a
Holders of roe. Mar. 10
Holders of ree. Mar. la
Mar. 21 to Mar. 31
Holders of rec. Mar. Ela
Holders of rec. Mar. 80
Holders of rec. Mar. 15a
Public Utilities.
Alabama Power,$7 prof.(guar.)
$1.75 Apr. 1 Holders of roe. Mar. 13
$6 preferred (guar.)
$1.50 Apr. 1 Holders of roe. Mar. 13
$1.25 May. 1 Holders of roe. Apr. 15
$5 preferred (guar.)
Amer. Cities Power & Lt.. el A (quar.).. (e) May 1 Holders of roe. Apr. 10
Class B (guar.)
00 May 1 Holders of roe. Apr. 10
Amer. Community Power. 1st Pt (quar.) •31.50 Apr. 1 *Holders of roe. Mar. 16
Apr. 15 *Holders of roe. Mar. 15
Amer. Dist. Teleg., core.(guar.)
*31
(
1
Apr. 15 *Holders of roe. Mar. 15
Preferred (guar.)
American & Foreign Power
1.1334 Apr. 1 Holders of rec. Mar. 15
Allotment ctfs.65% paid
$1.75 Apr, 1 Holders of rec. Mar. 150
$7 preferred (quar.)
31.50 Apr. 1 Holders of rec. Mar. I5a
$8 preferred (quar.)
250. Apr. 1 Holders of rec Mar. 15
Amer. Gas & Elec., corn.(guar.)
$1.50 May 1 Holders of rec. Apr. 9
Preferred (quar.)
Amer. Power & Light. $8 prof.(qua?.).. 61.60 Apr. 1 Holders of rec. Mar. 130
750. Apr. 1 Holders of rea. Mar. 13a
$5 preferred. series A (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Amer. Public Service. prof (guar.)
American Public Utilities
Prior pref. and partic. pref.(quar.)... $1.75 Apr. 1 Holders of rec. Mar. 15
Amer. States Pub. Service, corn. A OM.) •280 Apr. 1 *Holders of rec. Mar. 20
Amer. Superpower, 1st pref. (final.).... $1.50 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
Preference (quar.)
234 Apr. 15 Holden of rec. Mar.laa
Amer. TeleP. & Teleg• (qua"
pt.(M.). $1.60 Apr. 1 Holders of rec. Mar. I2n
Am. Wat. Wks. & El., $6 tat
Arkansas Natural Gas, pref. (quiz.).... •150. Apr. 1 *Holders of rec. Mar. 20
Arkansas Power gi Lt. $7 pref. (guar.). $1.75 Apr. 1 Holders of rec. Mar. 15
$1.50 Am. 1 Holders of rec. Mar. 15
$6 preferred (quar.)
(z) May 1 Holders of rec. Mar. 30
Associated Gas& Elec.. cl. A((MAO
Bangor Hydro-Elec., 7% pt. (quar.)... •lfi Apr. 1 *Holders of rec. Mar. 11
'134 Apr. 1 *Holders of rec. Mar. 11
6% preferred (quar.)
Apr. 2 Holders of rec. Mar. 21
Barcelona Tr., Lt.& Pr., panic.Df.(qu.)
2 Apr. 16 Holders of rec. Mar. 200
Bell Telephone of Canada (qua:.)
Apr, 15 Holders of rec. Mar. 200
Bell Telep of Pa..634% Pfd.(quar.)-Binghamton Lt., Ht.& Pow..$6 Pf.(gu.) $1.50 Apr. 1 Holders of rec. Mar. 15
$1.25 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
Birmingham Elec. Co.. $7 pref.(qua:.). $1.75 Apr. 1 Holders of roe. Mar. 12
81.50 Apr. 1 Holders of roe. Mar.12
$6 Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 11
Barton Elevated Ry., corn.(guar.)
334 Apr. 1 Holders of roe. Mar. 11
Second preferred
Brazilian Trac., Lt.& Pow.,8% pf.(q.u) '134 Apr. 1 "Holders of rec. Mar. 15
*400. Apr. 15 *Holders of rec. Apr. 1
Bridgeport Hydraulic Co
50o. Apr. 15 Holders of rec. Mar. 15
British Columbia Power Cl. A ((tuar.)
Apr. 15 Holders of rec. Apr. la
Brooklyn-Manhattan Transit com.(qu.) $1
$1.50 Apr. 15 Holders of reo. Apr. to
Preferred series A (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 7a
Brooklyn Union Gas (quar.)
Buff. Niagara & East.Pow.corn.(quar.) •300. Apr. 1 "Holders of rec. Mar. 15
*30e. Apr. 1 *Holders of rec. Mar. 15
Class A (guar.)
•400. Apr. 1 *Holders of rec. mar. 15
Preferred (guar.)
•$1.25 May 1 *Holders of rec. Apr. 15
First preferred (guar.)
IM Apr. 1 Holders of rec. Mar. 15
Calgary Power (guar.)
California Elec. Generating. met.(qua - 134 Apr. 1 Holders of rec. Mar. 5
1% Apr. 15 Holders of reo. Mar.31
California-Oregon Pow.7% Pfd.
154 Apr. 15 Holders of me. Mar. 31
Six per cent pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 14
Capital Traction (quar.)
Carolina Pow.& Light. $7 pref.(guar.). $1.75 Apr. 1 Holders of rec. Mar. 16
$1.50 Apr. 1 Holders of rec. Mar. 16
$6 preferred (qua:.)
Cent. Atlantic States Serv.. pref.(guar.) 134 Apr. 1 Holders of rec. Mar.20
Central Illinois Light,7% prof.(qua:.).. 1% Apr. 1 Holders of rec. Mar. 15
194 Apr. 1 Holders of rec. Mar. 15
6% preferred (guar.)
Central III. Pub. Serv., pref. (qua?.)... •$1.75 Apr. 15 *Holders of roe. Mar. 31
•31.50 Apr. 15 *Holders of roe. Mar.30
$6preferred ((mar)
75e. Apr. 15 Holders of roe. Mar.30
Central de S. W. Utilities core.(guar.)._
P Central States Electric
f
Common (payable in common stock)..• 100 Apr. 20 *Holders of roe. Apr. 15
250. Apr 1 Holders of roe. Mar. 11
Central States Elec. Corp. coin.(flu.)--APr, 1 Holders of rec. Mar. 11
Com.(payable in corn. stock.)
134 Apr. 1 Holders of rec. Mar. 11
Seven per cent pref.(guar.)
13.4 Apr. 1 Holders of rec. Mar. 11
Six per cent pref.(guar.)
(m) Apr. 1 Holders of rec. Mar. 11
Convertible preferred (guar.)
Cent. Stated Pow.& Light $7 M.(Qua.* $1.75 Apr. 1 *Holders of rec. Mar. 11
Chicago Aurora & Elgin, pref.(Qua:.).. •1,4 Apr. 1 "Holders of rec. Mar. 31
Chic, North Shore Ee MUw.,pref.(qu.)-- *154 Apr. 1 "Holders of rec. Mar. 15
•154 Apr. 1 *Holders of rec. Mar. 15
Prior preferred (quar.)
•650. Apr. 1 *Holders of rec. Mar. 19
Chicago Rapid Transit, pr. pf. A (qu.)
•850. May 1 "Holders of rec. Apr. 16
Prior pref. series A (quar.)
•650. June 1 "Holders of rec. May 21
Prior pref., series A (guar.)
•600. Apr. 1 "Holders of res. Mar. 19
Prior pref.. series B (guar.)
•60c. May 1 "Holders of rec. Apr. 16
Prior pref., series B (guar.)
"600. June 1 "Holders of rec. May 21
Prior pref., series B (quar.)
$31.13 Apr. 1 *Holders of rec. Mar. 20
Cinc. & Sub. Bell TeleP.(guar.)
Citizens Passenger Ry. (Phila.) (guar.). $3.50 Apr. 1 Mar. 21 to Mar. 31
Cleveland Electric Ilium., corn.(guar.). *300. Apr. 1 *Holders of rec. Mar. 20
June 1 'Holders of rec. May 15
*1
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 12
Cleveland Ry.(quar.)
50o. Apr. 1 Holders of rec. Mar. 11
Columbus Elec. & Power, corn. (guar.)31.75 Apr. 1 Holders of rec. Mar. lla
Preferred, series B (qua?.)
1.62)4 Apr. 1 Holders of rec. Mar. Ila
Preferred, series C (guar.)
$1.75 Apr. 1 Holders of rec. Mar. ha
Second preferred (qua:.)
Commonwealth Power Corp.core.(qua 750. may 1 Holders of rec. Apr. 120
$1
May 1 Holders of rec. Apr. 121
Common (extra)
134 May 1 Holders of rec. Apr. 12
Preferred (guar.)
Commonwealth Utilities, cl. A & B.(gu.) •25e. Apr. 1 *Holders of rec. Mar. 21
Apr. 1 *Holders of rec. Mar. 15
Connectieut Elec. Serv.. cony. pt.(qui- •111
Conan'. Gas, El.L.& P., Balt.,eom.(qn) •750. Apr. 1 *Holders of ree. Mu.15
•134 Apr. 1 *Holders of rec. Mar. 15
6% Preferred series D (guar.)
'13.4 Apr. 1 *Holders of roe. Mar. 15
534% preferred aeries E (guar.)
5% preferred series A (guar.)
'154 Apr. 1 *Holders of rec. Mar. 15
Consolidated Gas of N.Y., pref.(qua:.). $1.25 May 1 Holders of rec. Mar. 29a
31.25 Apr. 1 Holders of rec. Mar. 15
Consumers Power, $5 pref. (guar.)
13.4 Apr, 1 Holders of rec. Mar. 15
Six per cent preferred (cum.)
1.65 Apr. 1 Holders of roe. Mar. 15
6.8% preferred (quar.)
134 Apr. 1 Holders of roe. Mar. 15
Seven per cent preferred (guar.)
Sir per cent preferred (monthly)
50o. AM, 1 Holders of rec. mar. 15
550. Apr. 1 Holders of roe. Mar. 15
6.6% preferred (monthly)
$1.25 July I Holders of rec. June 15
Consumers Power. $5 pref.(qua?.)
13.4 July 1 Holders of rec. June 15
6% preferred (guar.)
6.6% preferred (guar.)
$1.65 July 1 Holders of rec. June 15
7% preferred (guar.)
131 July 1 Holders of rec. June 15
500 May 1 Holders of rec. Apr. 15
6% preferred (monthly)
6% preferred (monthly)
50o June 1 Holders of roe. May 15
6% preferred (monthly)
5,0e July 1 Holders of roe. June 15
Preferred (monthly)
550 May 1 Holders of me. Apr. 15
6.6%
550 June 1 Holders of rec. May 15
6.6% preferred (monthly)
550 July 1 Holders of me. June 15
6.6% Preferred (monthly)
Continents IGas & Elec.. coin.(quiz.).. $1.10 Apr. 1 Holders of roe. Mar. 120
$1.75 Apr. 1 Holders of roe. Mar. 120
Priorpreference (guar.)
Mar. 31 Holders of rec. Mar. 156
Cuban Telephone, corn.(qua:.)
2
Preferred (quar.)
13.4 Mar. 31 Holders of rec. Mar. 150
Denver Tramway. pref.((Para
The. Apr. 1 Holders of rec. Mar. 15
Apr. 15 Holders of rec. Mar. 200
Detroit Edison Co.(gusr.)
2
Detroit Electric, pref. (guar.)
'5234e Apr. 1 *Holders of rm. Mar. 20
[VOL. 128.
FINANCIAL CHRONICLE
.134
134
-- 134
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Duke Power, corn. (guar.)
'134 Apr. 1 *Holders of roe. Mar. 15
• h Apr, 1 *Holders of roe. Mar. 15
1
Preferred (mar.)
Duluth-Superior Tr. pref. (guar.)
1 Apr. 1 Holders of rec. Mar. lie
lit Apr. 15 Holders of rec. Mar. 15a
Duquesne Light, 1st pref.(quar.)
Eastern Mass. St. Ry., corn.(No. 1)... 37940 Apr. 1 Holders of rec. Mar. 15
Adjustment stock
2% Apr. 1 Holders of reo. Mar. 15
Eastern N. J. Power Co.. pref.(guar.)-- 1% Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
8% preferred (guar.)
2
Apr. 1 Holders of rec. mar. 15
Eastern Texas Elec. Co., pref. Mara -- 1,‘ Apr. 1 Holders of rec. Mar. 15a
1% May 1 Holders of reo. Apr. 15
Electric Bond & Share Prof.(quar.)
250. Apr. 15 Holders of rec. Mar. 11
Elec.Bond dc Share &cur.(guar.)
Apr. 1 Holders of rec. Mar. lla
Elec.Pow.& Lt., allot. ctfs.50%pd.(gu.)
Allotment etre.50% paid (quar.)
Apr. 1 Holders of roe. Mar. 116
31.75 Apr. 1 Holders of rec. Mar. Ila
Preferred (guar.)
Elec. Public Utilities. $7 pref. (qua?.).. 51.75 Apr. 1 Holders of rec. Mar. 12
Elec. Public Sera., pref.(guar.)
Apr. I Holders of rec. Mar. 12
Apr. 15 Holders of rec. Apr. la
El Paso Electric Co.. prof.((ara
Empire Gas & Fuel,8% pref.(mthly.).. *50e. Apr. 1 "Holders of rec. Mar. 15
•54 1-6o Apr. 1 *Holders of rec. Mar. 15
% preferred (monthly)
•58 1-3e Apr. 1 *Holders of rec. Mar. 15
7% prof. (monthly)
66 2-3c Apr. 1 *Holders of coo. Mar. 15
8% prof. (monthly)
Empire Power Corp.,$6 pref.(quarJ.
-- $1.50 Apr. 1 Holders of rec. Mar. 18
500. Apr. 1 Holders of rec. Mar. 13
Participating stock (qua:.)
Engineers Pub. Sow., corn. (quiz.).... 25e. Apr. 1 Holders of rec. Mar. 4
Common (2-100 share cora,stock).... (s) Apr. 1 Holders of rec. Mar. 46
81.25 Apr. I Holders of ree. Mar. 45
$5 convertible preferred (guar.)
..-3 1.373.4 Apr. 1 Holders of rec. Mar. 4a
$5.50 cumulative preferred(gum.)
English Elec. Co. of Can. class A (guar.) 75e. Apr. 15 Holders of rec. Mar. 30
*50c. Apr. 1 *Holders of rec. Mar. 20
Fall River Electric Light (quar.)
Federal Light & Traction. com.(quar.). 37340. Apr, 1 Holders of rec. Mar. 136
Apr. 1 Holders of roe. Mar. 13a
.
Common (Payable in common stock) 11
Federal Water Service,$7 prof.(gnur.) - 31.75 Apr. 1 Holders of rec. Mar. 150
KM preferred (guar.)
$1.6234 Apr. 1 Holders of rec. Mar. 154
$1.50 Apr. 1 Holders of rec. Max. 156
$6 preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 13
Florida Pow.& Light, Pref.(guar.)
14( Apr. 1 Holders of rec. Mar. 15
Florida Public eery., prof.(guar.)
31.50 Apr. 1 Holders of rec. Mar. 20
Foreign Light & Power $6 pref. Opera
Apr. 1 Holders of rec. Mar. 226
General Gas & Elec. $8 pref. A (guarJ -- $2
$1.75 Apr. 1 Holders of roe. Mar. 22a
$7 prof. A & B (guar.)
General Public Utilities, $7 prof. (guar.) 51.75 Apr. 1 Holders of me. Mar. 15
Gen'l Water Works & Elec..$7 pi.(fl11.). $1.75 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
Georgia Power, $6 pref. (guar.)
$1.25Apr. 1 Holders of rec. Mar. 15
$5 preferred (quar.)
51.31 Apr. 2 Mar. 13 to Apr. 1
Germantown Pass. Ry.(guar.)
31.50 Apr. 1 Holders of rec. Max.301
Gold & Stock Telegraph (qua?.)
Great Western Power,7% pref.(guar.). 134 Apr, 1 Holders of rec. Mar. 5
1% Apr. 1 Holders of roe. Mar. 5
Six per cent pref. A (guar.)
43340 Mar. 31 Holders of rec. Mar. 166
Hackensack Water. pref. A (guar.)
56e. Apr. 1 Holders of rec. Max. 211
Haverhill Gas
-Light (guar.)
*2
Mu.30 *Holders of rec. Mar. 29
Illinois Bell Telephone (guar.)
*1% May 1 *Holders of rec. Apr. 15
Illinois Northern Util. pref.(guar.)
1% Apr. 1 Holders of roe. Mar. 15
Illinois Power Co.,6% prof.(quiz.)
Apr. 1 Holders of rec. Mar. 15
Seven per cent pref. (quar.)
Illinois Power & Light6% prof.(qua:.).. 1% Apr. 1 Holders of rec. Mar. 9
Indianapolis Power & Light, pref.(gu.)- 1% Apr. 1 Holders of rec. Mar. 7
134 AP'. 1 Holders of rec. Mar. 12a
Indianapolis Water, pref. A (guar.)
134 Apr. 1 Holders of rec. Mar. 15
International Power, pref.(guar.)
500. Apr. 1 Holders of rec. Mar. 15
International Superpower
13.4 Apr. 15 Holders of rec. Mar.220
Internat. Telep..4 Teleg. (guar.)
International Utilities, class A (quar.)-. 87340 Apr. 15 Holders of rec. Mar. 300
$1.75 May 1 Holders of rec. Apr. 13a
$7 preferred (guar.)
81.75 Apr. 1 Holders of rec. Mar. 11
Interstate Power,$7 pref. (guar.)
•81.50 Apr. 1 *Holders of rec. Mar. 11
36 preferred (quar.)
Apr. 1 Holders of roe. Mar. 15
Jamaica Public Serv.. pref.(guar.)
Apr. I Holders of rec. Mar. 18
Jersey Central Power & Lt.,7% id.(qua
154 Apr. 1 Holders of rec. Mar. 18
6% pref.(quar.)
Kansas City Pr.& Lt. pref. B (quar.)... $1.50 Apr. 1 Holders of roe. Mar. 140
Kansas City Pub.Serv. pref. A (guar)
Apr. 1 Holders of rec. Mar.20
$1
Kansas Gas & Elec. pref.(qua:.)
194 Apr. 1 Holders of rec. Mar. 154
*$1.25 Apr. 10 Mar. 21 to Apr. 10
Kentucky Securities, corn. (guar.)
1% Apr. 15 Mar. 21 to Apr. 10
Preferred (guar.)
41.50 Apr. 1 *Homers of roe. Mar.18
Kings County Ltg., Cora. (guar.)
•1M Apr. 1 *Holders of rec. Mar. 18
7% pref.(guar.)
'134 Apr. 1 *Holders of rec. Mar. 18
6% prof. (guar.)
Lone Star Gas (guar.)
*50o. Mar.80 *Holders of reo. Mar. 19
Long Island Lts., ser. A. 7% pref.(qua 194 Apr. 1 Holders of roe. Mar.15
Six per cent so?. B pref.(guar.)
1% Apr. 1 Holders of roe. Mar.15
Mackay Companies, corn.(qua?.)
1,4 Apr. 1 Holders of roe. Mar.220
Apr. 1 Holders of rec. Mar.22a
Preferred (guar.)
1
Manhattan Ry., guar.(quar.)
13.4 Apr. 1 Holders of rec. Mar. 200
Memphis Pow. de Lt.,$7 pref.(qua:.).. $1.75 Apr. 1 Holders of roe. Mar. 18
$6 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Metropolitan Edison Co.,$7 pref.(qua- $1.75 Apr. 1 Holders of rec. Mar. 15
il/ preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
51.25 Apr. 1 Holders of rec. Mar. 15
Michigan Elec. Power Co.,7% pf.(qu.) 194 Apr. 1 Holders of rec. Mar. 15
Six per cent preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 30
2
Middle West Utilities Pref. (qua:.)
81.50 Apr. 1 Holders of rec. Mar.30
$6 preferred (guar.)
Holders of rec. Mar. 22
Midland Utilities, 7% prior lien (quar.). 14( Apr.
Holders of rec. Mar.22
Six per cent prior lien stook (qua?.)
13.4 Apr.
Holders of roe. Mar.22
Seven per cent prof. class A (guar.)-- 154 Apr.
Holders of rec. Mar.22
1% Apr.
Six per cent pref. class A (quar.)
Holders of roe. Mar. 16
Apr.
Minnesota Power & Light, prof.(qua:.). 194
Holders of rec. Mar. 15
$6 preferred (altar.)
$1.50 Apr.
Missouri River-Sioux City Bridge
$1.75 Apr. 1 Holders of roe. Mar. 31
Preferred (guar.)
*Holders of rec. Mar. 20
Mohawk & Hudson Power 2d pref.(au.)•$1.75 Apr.
Monongahela West Penn Public Service
Holders of roe. Mar. 15
43Mo Apr.
Preferred (guar.)
Holders of rec. Mar. 130
13( Apr.
Montana Power (guar.)
Apr. 30 Holders of rec. Mar. 31
Montreal L, Ht.& Pow. COWL (quar.).
1
6°°. r 2 Holders of roe. Mar. 30
2
MontrealTelegraph (guar.)
Holders of rec. Mar. 31
Mountain States Power, pref.(quar.)
1
rr.
Mountain States Tel. & Tel.(quiz.).... •82
Aa
M
: p .30 *Holders of rec. Mar. 15
1
Holders of ree. Mar. 15
NassauSi Suffolk Luc.. pref.((PAO-National Elec. Power, 7% pref.(gum.). 134 Apr. 1 Holders of rec. Mar. 20
14 Apr. 1 Holders of rec. Mar. 20
Six per cent preferred (quar.)
Nat. Gas & Elec. Corp.,$634 prof.(flu.)3 1.6234 Apr. 1 Holders of rec. Mar. 204
Holders of rec. Apr.d13
National Power dc Light,$6 Prof• (guar.) $1.50 May
51,4 Apr. 1 Holders of rec. Mar. 18
1 75
$7 Preferred (quar.)
Holders of roe. Mar. 15
r.
Nat. Public Service. sec. A pref.(quar.).
A ay 1 Holders of rec. Mar. 30
Nevada-Calif. Elec. Corp., pref.(qua:.). 1 t M°
New England Power Asan., corn.(qu.)-- •50o. Apr. 15 *Holders of roe. Mar.29
'134 Apr. 1 *Holders of ree. Mar. 15
Preferred (guar.)
New England Public Serv., corn. (guar.) •45e. Mar. 31 *Holders of roe. Mar. 15
Mar. 30 Holders of ree. Mar. 9
New England Telep. & Teleg.(guar.)
- 2
N. J. Power & Light. 38 pref.(qua?.)... 31.50 Apr. 1 Holders of rec. Mar. 15
31.25 Apr. 1 Holders of rec. Mar. 15
$5 preferred ((uar.)
New Orleans Pub. Serv. pref. (guar.)--- $1.75 Apr. 1 Holders of rec. Mar. 18
N.Y. Central Elec. Corp..7% pt.(qu.)- 13.4 Apr. 1 Holders of rec. Mar. 15
A5
•$1.50 Apr.
*Holders of roe. Mar. 156
N. Y.Steam Co.. $6 Pref. (guar.)
*Holders of rec. Mar. 15a
$7 Preferred (quar.)
"11.75 Apr. 15 Holden of reo. Mar. 20
54
N. Y.Telephone. pref.(Qum.)
•850. Mar.30 "Holders of rec. Mar. 16
Niagara Falls Power. cora. (guar.)
f234 Apr. 1 Holders of rec. Mar. 5
North American Co., corn.(War.)
75o. Apr. 1 Holders of rec. Mar. 5
Preferred (guar.)
North Amer. Light & Power, pref.(qua- $1.50 Apr. 1 Holders of rec. Mar. 20
25o. Apr. 1 Holders of rec. Mar. 15
Northeastern Power,cow.(guar.)
$1x A pr . 1 Holders of rec. Mar. 15
1.50 Ap . 15
Class A stock (guar.)
Holders of rec. Mar. SO
North. Indiana Pub. Serv.7% pf.(flu.)
1% Apr. 15 Holders of roe. Mar.30
Six Per cent. Preferred (guar.)
134 Apr. 15 Holders of rec. Mar.30
53.4% preferred (quar.)
1
Apr. 1 Holders of rec. Mar. 20
Northern Mexico Pow.& Devel.,
1)4 Apr. 1 Holders of roe. Mar.20
Preferred (fluor.)
1
Northern Ohio Pr. & Lt..6% P.
(qua-- 14 Apr. 1 Holders of rec. mar. 15
Apr.
Holders of rec. Mar. 15
Seven per cent pref. (qua?.)
Northern Pennsylvania Pr., $7 Pt.(QUJ 31.75 Apr. I Holders of roe. Mar. 15
Holders of me. mar. 15
$6 preferred (guar.)
14
.
Northport Water Works. pref.(guar.).. $1 ° Apr. 1 Holders of roe. Mar. 15
1;4
54
3.4
1,4
134
194
134
154
MAR. 30 1929.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
2041
Beaks Closed
Days Inclusive.
When
Per
Books Closed
Name of Company.
Cent. PaVable
Days Inclusive,
,
Public Utilities (Cone;Wad).
Banks.
Northern States Pr.(Del.). corn. A (MI.) 2
May I Holders of rec. Mar.31
Bancameriaa Corp.(No. 1)
12340 Apr. 1 Holders of rec. Mar. 18
154 Apr. 20 Holders of rec. Mar.31
Seven per cent pref. (guar.)
Bankers Corp.(guar.)
4
11
Apr. 1 *Holders of roe. Mar.22
per cent pref.(guar.)
114 Apr. 20 Holders of rec. Mar.31
Six
Bank of America, N. A.
$1 Apr. 1 Holders of rec. Mar. 16
(Ulm.)
Northwestern Bell Tele9.. corn.(qu.)
$2 Mar. 30 Holders of rec. Mar. 28a Chase National (guar.)
BM Apr. 1 Holders of rec. Mar. 13a
Preferred (guar.)
154 Apr. 15 Holders of rec. Mar. 200 Chase Securities Corp.(guar.)
1
Apr. 1 Holders of rec. Mar. 13s
Northwest Utilities, prior lien prof.(qu.) *154 Apr. 1 *Holders of rec. Mar. 15
Chatham & Phenix Nat. Bk.& Tr.(qu.) os Apr. 1 *Holders of rec. Mar. 14
Ohio Edison Co.6% pref.(guar.)
134 June 1 Holders of rec. May 15
Chelsea Exchange (guar.)
*Holders of rec. Mar. 1$
'6234c
6.6% preferred (guar.)
1.85 June 1 Holders of rec. May 15
Filth Avenue (guar.)
Apr. 1 Holders of rec. Mar. 300
r.
6
7% preferred (guar.)
154 June 1 Holders of rec. May 15
First National (guar.)
Apr. 1 Holders of re*. Mar. 254
5
5% preferred (guar.)
154 June 1 Holders of rec. May 15
First Seeurity (guar.)
Apr. 1 Holders of rec. Mar.260
20
6% preferred (monthly)
50c. Am'. 1 Holders of rec. Mar. 15
Globe Exchange (extra)
Mar. 30 Mar.26 to Mar.31
1
6% preferred (monthly)
50o. May 1 Holders of rec. Apr. 15
Hanover National(quar.)
4
Alm. 1 Mar. 20 to Mar.131
6% preferred (monthly)
50o. June 1 Holders of rec. May 15
Manhattan (Bank of the) (guar.)
4
Apr. 1 Holders of rec. Mar. 19.
8.8% preferred (monthly)
550. Apr. 1 Holders of rec. Mar. 15
National Bank of Commerce (guar.)
- 414 Apr. 1 Holders of rec. Mar. 12a
8.6% preferred (monthly)
Me. May 1 Holders of rec. Apr. 15
National City (interim)
50c. Ann 1 Holders of roe. Mar. 9
8.8% preferred(
Mo,June 1 Holders of rec. May 15
monthly)
National City Co.(interim)
50o. Apr. 1 Holders of rec. Mar. 9
Ohio Electric Power,7% pref.(quar.).
154 Apr. 1 Holders of rec. Mar.20
Park (National)(guar.)
Apr, 1 Holders of roe. Mar. 154
6
Six per cent pref.(guar.)
114 Apr. 1 Holders of reo. Mar.20
Public Nat. Bank & Trust Co.(guar.)._
4
Apr. 1 Holders of rec. Mar.20
Ohio River Edison, pref.(guar.)
*21.75 Apr. 1 *Holders of roe. Mar.20
Seaboard National (guar.)
Apr. 1 Holders of rec. Mar.22
4
Ottawa L. H.& Pow., corn.(quar.)
154 Mar.81 Holders of rec. Mar. lba Trade (guar.)
$1.50 Apr. 6 Holders of rec. Mar. 25
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 150 United States (Bank of)(guar.)
*50o. Apr. 1 *Holders of rec. Mar.22
Pacific Gas & Elec., corn. (guar.)
50o. Apr. 15 Holders of rec. Mar.30a
Units
*21.50 Apr. 1 *Holders of roe. Mar.22
6% preferred (guar.)
021.50 Apr. 15 *Holders of rec. Mar.30
Pacific lighting. 6% pref. (guar.)
*114 Apr. 15 *Holders of roe. Mar.'30
Trust Companies.
Pacific Telep. & Teleg.. corn.(guar.).
- 134 Mar.30 Holders of roe. Mar. 204 Banat Commerciale Italians Tr.(guar.). '234 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
154 Apr. 15 Holders of roe. Mar. 30s Bank of Europe Trust Co. (guar.)
75c. Apr. 1 Holden of roe. Mar.20
Panama Power & Light Corp. Pref.(qu.) '
154 Apr. 1 Holders of rec. Mar. 19
Extra
250. Apr. 1 Holders of roe. Mar.20
Penn. Central Light & Pow.$5 pt. (ifil.)_ $1.25 Apr. 1 Holders of rec. Mar. 15a Bank of N.Y.& Trust Co.(guar.)
434 Apr. 1 Holders of rec. Mar. 220
$2.80 series preferred (guar.)
70e. Apr. 1 Holders of roe. Mar. 15
Bronx County
2
Apr. 1 Holders of rec. Mar. 206
Pa. Gas& Elea. Corp.
Brooklyn (guar.)
Apr. 1 Holders of rec. Mar. 23
Seven per cent preferred (oiler.)
154 Apr. 1 Holders of roe .Mar. 20
Central Union (stock dividend)
e20
May 2 *Holders of rec. May 2
$7 preferred (guar.)
$1.75 Apr. 1 Holders of rect. Mar.20
Equitable (guar.)
Mar.30 Holders of rec. Mar. 160
3
Penn-Ohio Edison. oom.(guar.)
25e. May 1 Holders of rec. Apr. 15
234 Mar.30 Mar. 23 to Mar.31
Fidelity (guar.)
Common (1-50 share common stock)
(I) May 1 Holders of rec. Apr. 15
Fulton (Qum.)
Apr. 1 Holders of roe. Mar.25
8
id preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar.30
Guaranty (guar.)
4
Mar.80 Holders of rec. Mar. 15
7% prior pref. (guar.)
154 Juno 1 Holders of rec. May 15
Irving Trust (guar.)
334 Apr. 1 Holders of rec. Mar. 15
Penn.
-Ohio Pow.& Lt., 86 pref.(qu.)
$1.50 May 1 Holders of rec. Apr. 20
Lawyers (guar.)
*2
Mar.80 *Holders of rec. Mar. 21
7% preferred (guar.)
154 May 1 Holders of rec. Apr. 20
Manufacturers (guar.)
$1.50 Apr. 1 Holders of roe. Mar. 15
7.2% preferred (monthly)
60e. Apr. 1 Holders of roe. Mar. 20
oaa
Municipal Bank & Trost (guar.)
Apr. 1 *Holders of rec. Mar. 20
7.2% preferred (month's')
80e. May 1 Holders of roe. Apr. 20
Municipal Financial Corp., class A (qu.) *6814 Apr. I *Holders of roe. Mar.20
8.6% preferred (month's')
550. Apr. 1 Holders of rec. Mar. 20
Class B (Onar.)
*250. Apr. 1 *Holders of roe. Mar.20
6.6% Preferred (monthly)
550, May 1 Holders of roe. Apr. 20
New York (guar.)($100 Par stock)
Mar.30 Holders of rec. Mar. 23a
5
Pennsylvania Power & L.,$7 pf.
$1.75 Apr. 1 Holders of rec. Mar. 15
134 Mar. 38 Holders of rec. Mar. 23a
$25 par value stock (guar.)
$6 Preferred (guar.)
$1.50 Apr. 1 Holders of roe. Mar. 15
Title Guarantee & Trust (guar.)
4
Mar.80 Holders of rec. Mar.22
$5 Preferred (guar.)
$1.25 Aix. 1 Holders of rec. Mar. 15
d5
Mar.30 Holders of rec. Mar.22
Extra
Pennsylvania Water & Power (guar.)
6234o Apr. 1 Holders of rec. Mar. 1$
United States (guar.)
Apr. 1 Holders of roe. Mar.214
15
Peoples Gas Light & Coke (guar.)
2
Apr. 17 Holders of rec. Apr. 3,1 Westchester Title dr Trust (guar.)
3
Apr. 5 Holders of rec. Mar. 31
Peoples Light & Power corn. A (guar.)... Mo.API% 1 Holders of rec. Mar. 8
Philadelphia Company, corn. (guar.)... 51 Apr. 30 Holders of rec. Apr. la
Fire Insurance.
Common (extra)
75e. Apr. 80 Holders of rec. Apr. 10 Brooklyn Fire Insurance
$1.25 Apr. 1 Mar. 20 to Apr. 11
6% Preferred
$1.50 May 1 Holders of rec. Apr. la City of New York Insurance (guar.).- - 4
Apr. 1 Holders of rec. Mar. 211
Philadelphia Elec. Power (guar.)
500. Apr. 1 Holders of rec. Mar. lbs Home Insurance (guar.)
Apr. 1 Holders of rec. Mar. 20
5
Phila. Rapid Transit, cont. (guar.)
$1 Apr. 80 Holders of rec. Apr. 15a Rossia (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 144
Preferred (quar.)
May 1 Holders of rec. Apr. la Howie (stk. dlv. subj. to meet. Apr. 22).•e 20 May
154
4
Philadelphia Traction
Apr. 1 Holders of rec. Mar. 9
$2
Philadelphia & Western, pref.(guar.).
13234c Apr. 15 Holders of rec. Mar. 30a
Miscellaneous.
Portland Elea. Power, let pfd. (quar.)_
Apr. 1 Holders of rec. Mar. 15
134
Abitibi Pow. de Paper.6% prof.(quiz.). 114 Apr, 20 Holders of roe. Apr. Ida
Prior preference (guar.)
154 Apr. 1 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
114 Apr. 2 Holders of reo. Mar.*
Porto Rico Ry., Light & Power. Pf.(qu.) *31.75 Apr. 1 *Holders of rec. Mar.
Abraham & Straus. pref.(guar.)
May 1 Holders of reo. Apr. 154
Porto Rico Railways, prof. (guar.)
154 Apr. 1 Holders of roe. Mar. 15
Acme Steel (guar.)
Apr. 1 *Holders of roe. Mar. 20
01
Porto Rico Telephone, pref
4
Apr. 1 Holders of rec. Mar. 15a Acme Wire, pref.
May 1 *Holders of rec. Apr. 16
*2
Postal Tel Cable, non-cum. pref. (guar.) 154 Apr. 1 Holders of roe. Mar. 22a Adams Express, (guar.)
common (guar.)
$1.50 Mar.31 Holders of rec. Mar. 15a
Power Corp. of Canada, pref.(guar.).
- •1 Si Apr. 15 *Holders of rec. Mar. 30
Preferred (quar.)
$1.25 Mar.31 Holders of rec. Mar. 15e
Providence Gas, new com.(01U.)(No.1)._
25c. Apr, 1 Mar. 16 to Apr. 10
Aeolian Company, ppd.(guar.)
Mar.30 Holders of rec. Mar.20
Public Service Co.of Okla., corn.(qu.).. 2
Apr. 1 Mar. 25 to Apr. 1
Aetna Rubber common (guar.)
250. Apr. 1 Holders of rec. Mar. 16
7% prior lien stock (guar.)
154 Apr. 1 Mar.25 to Apr. 1
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 16
8% prior len stock (guar.)
154 Apr. 1 Mar. 25 to Apr. 1
114
Holders
Public Service Corp. of N.J., corn,(au.) 850. Mar.30 Holders of rec. Mar. la Agnew-Surpass Shoe Stores, pref.(guar.) *3754e Apr. 1 *Holders of rec. Mar. 15
Ahrens Fox Fire Engine,claw A (quar.).
Apr. 1
of rec. Mar. 26
8% preferred (quar.)
2
Mar.30 Holders of roe. Mar. la
Class B (guar.)
.
525e. Apr. 1 *Holders of rec. Mar. 24
7% preferred (guar.)
134 Mar. 30 Holders of roe. Mar. Is Air Reduction (guar.)
50o. Apr. 15 Holders of rec. Mar.30a
$5 Preferred (guar.)
$1.25 Mar. 30 Holders of roe. Mar. la Air
-Way Elec. Appliance corn.(quiz.).. *50c. Apr. 1 Holders of rec. Mar. 20
6% preferred (monthly)
50c. Mar. 30 Holders of roe. Mar. in
Common (extra)
12340 Apr. 1 Holders of rec. Mar. 20
Public Serv. El. & Gas,6% pref.(guar.) 134 Mar. 30 Holders of roe. Mar. la
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 20
7% preferred (guar.)
154 Mar. 30 Holders of tee. Mar. la Albany
April
Puget Sound Pow.& Lt., pr. Pf.(guar.)- $1.25 Apr. 15 Holders of rea. Mar. 20a Alberta Perforated Wrapping Paper, corn mon- Apr dl vldend omitted.
Pacific Grain pref.(guar.)
154
1 Holders of roe. Mar. 15
Preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar. 20a Allegheny Steel common_
*15e. Apr. 18 *Holders of rec. Mar. 31
Quebec Power (guar.)
500. Apr. 15 Holders of rec. Mar. 29
Common (extra)
*250. Apr. 18 *Holders of rec. Mar. 31
Trent Valley Power. Pf.(qu.)
Qifinte &
154 Apr. 1 Holders of rec. Mar. 20
.0154 June 1 *Holders of rec. May 15
Preferred (guar.)
Radio Corp of Amer.pref A (qu.)
.
_ 8734o Ain. 1 Holders of rec. Mar. la
Preferred(guar.)
0114 Sept. 1 *Holders of roe. Aug. 15
Rochester Cent.Pow. Corp.,6% pf.(qu) 134 Apr. 1 Holders of rec. Mar. 22
Preferred(guar)
.154 Dee. 1 *Holders of reo. Nov. 15
St. Louis Public Service, pref. (quar.).... 154 Apr. 1 Holders of rec. Mar. 20
Alice & Fisher, Inc., common (quar.)
*50o. Apr. 1 *Holders of roe. Mar. 12
Savannah Electric Power, prefferred.
Apr. 1 Holders of rec. Mar. 116 Allied Chem.dc Dye Corp., prof.
- 3
Apr. 1 Holders of
hi
Debenture series A (quar.)
2
Apr. 1 Holders of rec. Mar. ha Alliance Investment Cont., oom.(qu.).. 200. Apr. 1 Holders of rec. Mar. 15
rec. Mar.
(qu.).
Debentures series B (guar.)
154 Apr. 1 Holders of rec. Mar. ha
Preferred
Apr. 1 Holdres of rec. Mar. 15
$3
Shawinigan Water & Power (guar.)
50o. Apr. 10 Holders of roe. Mar. 15
Allied Refrigeration Industries
Southeastern Power & Light, corn. (qu.) (k) Apr. 20 Holders of roe. Mar. 30
Prior Prof.(guar.)
$1.50 Apr. 1 Holders of res. Mar. 15
$7 preferred (guar.)
21.75 Apr. 1 Holders of rec. Mar. 15
Aloe (A. S.) Co., corn.(quar.)
620. Apr. 1 Holders of rms. Mar. 19
26 Preferred (guar.)
21.50 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
154 Apr. 1 Holders of roe. Mar. 19
Participating pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Alpha Portland
Southern Calif. Edison. corn.(guar.).
2 May 15 Holders of rec. Apr. 20a Aluminum Co. Cement,common (quar.) *75c. Apr. 15*Holders of res. Mar. 15
of Am., pref. (guar.)... *134 Apr. 1 *Holders of roe. Mar.15
Original pref. (guar.)
500. Apr. 15 Holders of rec. Mar. 20
Aluminum Goods, Mfg.(guar.)
30e. Apr. 1 Mar 22 to Mar 31
Series C 514% prof. (guar.)
34140 Apr. 15 Holders of reo. Mar. 20
American Aggregates, pref. (guar.)
'154 Apr. 18 *Holders of reo. Mar.20
Southern Indiana Gas & El.7%',Mona- 114 Apr. 1 Holders of rec. Mar. 25
American Art Works, corn. & pref.(qu.) 114 Apr. 15 Holders of rec. Mar.31
8% preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 25
American Bank Note, corn. (quar.). 50c. Apr. 1 Holders of res. Mar. 80
8.6% preferred (guar.)
1.85 Apr. 1 Holders of rec. Mar. 25
Preferred (guar.)
75e. Apr. 1 Holders of reo. Mar. 8a
Southern N. E.Telephone(guar.)
Apr. 15 *Holders of rec. Mar. 30
*2
Amer. Bond & Mtge. pref.(quar.)
114 Apr. 1 Holders to roe. Mar. 20
South Pittsburgh Water, pref. (quar.)-- 114 Apr. 15 Holders of rec. Apr. 1
Amer.Brake Shoe & Fdy.corn.(quar.).. 40e. mar. 30 Holders of roe. Mar. 220
Southwestern Bell Telep., pref. (guar.). 154 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
134 mar. 30 Holders of roe. Mar. 230
Southwestern Gas & Elec.8% pref.(qu.) *2
Apr. 1 *Holders of rec. Mar. 15
American Can. pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 150
Seven per cent preferred (guar.)
•154 Apr. 1 *Holders of rec. Mar. 15
Amer. Car ,k Fdy., corn.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15a
Southwestern Light & Power. cl. A (qu.) 511.50 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 15a
Southwestern Power & Light, pref.(Qua *134 Apr. 1 *Holders of roe. Mar. 15
American Chain, pref. (guar.)
114 Mar 30 Holders of rec. Mar. 200
Southwest Gas Utilities, pref.(quar.).-P 1.6214 May 1 Holders of rec. Apr 20
Amer. Chatillon Corp.. pref. (luar.)..-- 111.75 May 1 *Holders of rec. Apr. SO
Springfield Gas & Elec. pref.(guar.).
- $1.75 Apr. 1 Holders of roe. Mar. 15
American Chicle, common (guar.)
50o. Apr. 1 Holders of rec. Mar. 136
Standard Gas & Elec., oom.(guar.).
- 8734o. Apr. 25 Holders of rec. Mar. 31
Prior preferred (guar.)
154 Apr. 1 Holders of rec. Feb. 26.
Prior preference (guar.)
154 Apr. 25 Holders of rec. Mar. 31
American Cigar. prof.(guar.)
134 Apr. 1 Holders of rec. Mar. lb
Superior Water, Lt.& Pow. pref.(qu.)
IM Apr.
Holders of roe. Mar. lbo American Coal, corn. (Oiler.)
May 1 *Holders of roe. Apr. 10
*111
Tennessee El. Pow. Co.,5% 1st pt.(qu.) 134 Apr.
Holders of rec. Mar. 15
American Colortyps (guar.)
Mo. Mar.31 Holders of roe. Mar. 12
6% 1st prat. (guar.)
Holders of rec. Mar. 15
134 Apr.
Amer. Cyanamid, corn. A & B (quar.)..
30c. Apr. 1 Holders of rec. Mar. 15
7% let pref. (guar.)
154 Apr.
Holders of roe. Mar. 15
Common A & B (extra)
HO. Apr. 1 Holders of rec. Mar. 15
7.2% let pref. (quar.)
Holders of roe. Mar. 15
1.80 Apr.
Preferred (guar.)
154 Apr. 1 Holders of reo. Mar. 15
6% let prof. (monthly)
Holders of roe. mar. 15
500. Apr.
American Dredging (stock dividend)
-*45
7.2% lot pref. (monthly)
Holders of rec. Mar. 15
'80o. Apr.
American Express (quiz.)
$1.50 Apr. 1 Holders of res. Mar. lba
Texas-Loulalana Power. pref. (quar.)
Holders of roe. Mar. 15
154 Apr.
American Felt, pref.(guar.)
$1.50 Apr. 1 Holders of roe. Mar. 26
'Fri-State T.& T., common (guar.)
*$1.50 Apr.
*Holders of rec. Mar. 15
Amer. Furniture Mart Building Carp.
Twin City Rapid Transit (Minneapolis).
Preferred (guar.)
114 Apr, 1 Holders of rec. Mar. 20
Common (guar.)
Apr.
1
Holders of rec. Mar. 12a American Home Products
25o. Apr. 1 Holden of roe. Mar. 14a
(monthly).-Preferred (guar.)
14 Apr.
Holders of rec. Mar. I2a Amer. Internat. Corp., corn.
Apr. 1 Holders of roe. Mar. 130
1)... $1
United Corporation pref.(guar.)
750. Apr.
Holders of rec. Mar. 11
Common (stock dividend)
82
Apr. 1 Holders of rec. Mar. Lla
United Gas & Else. Corp. pref.(guar.)._
154 Apr.
Holders of rec. Mar. lb
*82
Common (stock dividend)
Oct. 1
United Gas Improvement (guar.)
81.1214 Mar. 30 Holders of roe. Feb. 28a Amer. Laundry Mach., corn.(guar.)._
June 1 *Holders of rec. May 206
ofil
Unit. Lt.& Pow.,old el. A & B com.(qu.) 1300. May
Holders of rec. Apr. 150
Quarterly
*31
June 1 *Holders of rec. May 20
New ohms A & B corn.(quar.)
12o. May
Holders of rec. Apr. 15a American Locomotive, corn.
$2
(guar.).Mar. 30 Holders of rec. Mar. 12
Class A Preferred (quar.)
$1.83 Apr.
Holders of rec. Mar. 15a
Preferred (guar.)
Mar.
Holders
$1 Apr.
Class B preferred (guar.)
Holders of rec. Mar. lba Amer. London & Empire Corp., pf.(qu.) 114 Apr. 30 Holders of rec. Mar. 134
750.
1
of roc. Mar. 20
United Public Service $7 pref.(guar.)
$1.75 Apr.
Holders of rec. Mar. 15
American Manufacturing, corn.(quar.)
750. Mar. 31 Holders of roe. Mar. 15
United Public UM.,$G pref.(OIL)
*Holders of rec. Mar. 16
111.50 Apr.
Common (guar.)
750. July 1 Holders of roe. June 15
$7 preferred (guar.)
*$1.75 Apr.
*Holders of roe. Mar. 15
Comm on (guar.)
750. Oct. 1 Holders of rec. Sept,15
United Utilities. pref. (guar.)
154 Apr.
Holders of rec. Mar. 15
Common (guar.)
750. Dee. 31 Holders of roe. Dec. 15
Holders of rec. Mar. 5
Utah Power dr Light $7 pref.(guar.).
- $1.75 Apr.
Preferred (guar.)
11$ Mar. 31 Holders of rec. Mar. 15
96 preferred (guar.)
Apr.
Holders of rec. Mar. 5
21.50
Preferred (guar.)
154 July 1 Holders of rec. June 15
Utilities Power & Lt. class A (quar.)
abOo Apr.
Holders of roe. Mar. 9
Preferred (guar.)
154 Oct. I Holders of rec. Sept. 15
WM Apr.
Holders of rec. Mar. 9
Class B (guar.)
Preferred (guar.)
134 Dec. 31 Holders of roe. Dee. 15
Preferred (quar.)
Holders of rec. Mar. 9
154 Apr.
Amer. Pneumatic Service lit pf.
'8734e Mar.30 *Holders of rec. Mar.lb
$1.75 Mar. 30 Holders of rec. Mar. lea
West Penn Elec. Co., class A (quiz.)
2d preferred (guar.)
*750. Mar.30
154 May 1 Holders of roe. Apr. 5a Americas Radiator, common (guar.)._ $1.25 Mar.30 *Holders of rec. Mar.25
West Penn Power,7% prof.(guar.)
Holders of reo. Mar. Ila
134 May 1 Holders of roe. Apr. ba Amer. Railway Express (quar.)
Six per cent preferred (guar.)
$1.60 Mar. BO Holders of rec. Mar. 15a
Western Massachusetts Cos.(guar.)._ 62140. Mar. 30 Holders of rec. Mar. 19
common
*500. Apr. 15 *Holders of rec. Apr. 1
(quar.). 154 Apr. 15 Holders of rec. Apr. la American Rolling Mill.common (guar.). 'fa
Western Power Corp., 7% pref.
Common (payable in
stock)._
July 30 *Holders of rec. July 1
Western Union Telegraph (guar.)
Apr. 15 Holders of rec. Mar. 22a Amer. Safety Razor (guar.)
2
$1
Apr. 1 Holders of rec. Mar. 88
whinnies Elec. Co. pref.(guar.)
134 Apr. 1 Holders of req. Mar. 6
Extra
• 260. Apr. 1 Holders of rec. Mar. Oa
Name of Company.
P
134
154
154
134
Per
Name of Company.
cent.
When
Payable
Books CIOSea
Days Inclusive.
Miscellaneous (Continued).
75e. Apr. 1 Holders of rec. Mar.25
American SaJamandra Corp.(quar.).
•11( Apr. 1 *Holders of rec. Mar.20
American Screw (guar.)
750. AM. 1 Holders of rec. Mar. 203
American Seating (guar.)
•500. Apr. 1 *Holders of rec. Mar. 15
American Silver (guar.)
AM. 1 Holders of rec. Mar. 160
American Snuff, corn. (guar.)
114 Apr. I Holders of reo. Mar. 16a
Preferred (guar.)
Amer.Solvents & Chem.. partici. pf.(qu) •75e. Apr. 1 *Holders of rec. Mar. 12
*31.50 May 1 *Holders of rec. Apr. 10
Participating pref.(extra)
- 750. Apr. 15 Holders of rec. Apr. 10
Amer. Steel Foundries, corn. (guar.).
Preferred (guar.)
1% Mar.30 Holders of roe. Mar. 163
500. Apr. 1 Holders of rec. Mar. 160
American Stores, corn.(guar.)
- 1% Apr. 2 Holders of res. Mar. fia
Amer. Sugar Refining, pref. (guar.).
750. Apr. 15 Holders of rec. Apr. la
Amer. Sumatra Tobacco common (gu.)_
$1.50 Mar. 30 Holders of rec. Mar. 23a
American Surety Co. (guar.)
"250. May 1 *Holders of rec. Apr. 20
Amer. Thermos Bottle corn. A (quar.)
Preferred (guar.)
•8714e Apr. 1 *Holders of reo. Mar.20
1% Apr. 1 Holders of reo. Mar. 96
American Tobacco, Pref.(guar.)
Apr. 15 Holders of rec. Apr. 50
2
Amer.Type Founders am.
(guar.)
1% Apr. 15 Holders of reo. Apr. 50
Preferred (guar.)
76e. Apr. 1 Holders of rec. Mar. 180
Amer. Writing Paper. Pref.(qu.)(No. 1)
American Yvette Co.. corn.(au.)(No. 1) *We.
$1.75 May 20 Holders of roe. Mar. 29a
Anaconda Cooper Mining (guar.)
600. Apr. 1 Holders of roe. Mar. 44
Anchor Cap Corp., corn.(guar.)(No. 1)
1.6234 Apr. 1 Holders of rec. Mar. 46
$634 convertible Pref.(guar.)
Anchor Post & Fence (850. cash or 234%
Apr. 1 Holders of reo. Mar. 15
stock)
750 May 6 Holders of roc. Mar. 290
Andes Copper Mining (guar.)
1% Apr. 1 Holders of rec. Mar. 20
Alrez Electric Mfg. pref. (guar.)
1
Apr. 1 Holders of rec. Mar. 20
Preferred (extra)
15( ADC. 1 Holders of roe. Mar. 9a
Armour Os Co.(Hi.) prof.(guar-)
134 Apr. 1 Holders of reo. Mar. 90
Armour de Co. of Del. pref.(guar.)
,
•3735e Apr. I *Holders M rte. Mar. 9
Armstrong Cork, COIM11011 (dear.)
.1214 Apr. 1 *Holders of reg. Mar. 9
Common (extra)
500. Apr. 1 Holder, of rec. Mar. 250
Corp. common (guar.)
Artloom
37340 Mar. 30 Holders of rec. Mar. 16
Art Metal Construction (guar.)
Asbestos Corp., Ltd., 7% pref.-April divide nd omit ted
-Associated Apparel Industries
'331st. Apr. 1 *Holders of rec. Mar. 21
Common (monthly)
*331e. May 1 *Holders of rec. Apr. 19
Common (monthly)
0
.331. . June 1 *Holders of rec. May 21
Common (monthly)
*331se. July 1 *Holders of reo. June 20
Common (monthly)
250. Mar. 31 Holders of rec. Mar. 15
of Canada common
Associated Brew.
pr. 1 Holders of roe. Mar. 15
11(
Preferred (guar.)
52e. May I Holders of roe. Apr. I3a
Associated Dry Goods corn.(guar.)
1% June 1 Holders of rec. May Ila
First preferred (guar.)
1% June 1 Holders of reo. May lla
Second preferred (guar.)
50e. Mar. 30 Holders of roe. Mar. lea
Associated 011 (guar.)
Associates Investment Co., corn. (guar.) •87140 Mar. 31 *Holders of rec. Mar. 21
111.75 Mar. 31 *Holders of roe. Mar. 21
Preferred (guar.)
Associated Portland Cement Mfrs., Ltd
Holders of rec. Mar. 16
Amer. dep. recta. for ord. reg. shares-- 8
Astor Financial Corp. clue A (guar.).-- 8734c Apr. 1 Holders of reo. Mar. 20
Atlantic Gulf de West Indies 1313. Lines,
Mar. 30 Holders of roe. Mar. Ila
$1
Preferred (guar.)
June 29 Holders of rec. June 10a
21
Preferred (guar.)
Sept.30 Holders of rec. Sept. 10a
$1
Preferred (guar.)
Dec. 3 Holders of reo. Dee. lba
$1
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 21
1
Atlantic Terra Cotta, pref.(guar.)
Apr. 15'Holders of rec. Apr. 1
"51
Atlas Plywood (guar.)
•662-30 Apr. 1 *Holders of rec. Mar. 22
Cement, pref
Atlas Portland
Apr. 1 'Holders of rec. Mar. 21
"1
Auburn Automobile (guar.)
Apr. 1 'Holders of rec. Mar. 21
0e2
Stock dividends
pr. part. *50o. Apr. 1 *Holders of rise. Mar. 15
Automatic Regis. Mach., cony.
760. Apr. 15 Holders of roe. Mar. 30a
Autosales Corp. pref.(guar.)
75o. Apr. 1 Holders of roe. Mar. lla
AutoStrop Razor. elms A (guar.)
•80e. Apr. I "Holders of rec. Mar. 15
Axton-Fisher Tobacco Co.. com.A
151 Apr. 1 Holders of rec. Mar. 20
Babcock & Wilcox Co.(guar.)
.500. Apr. 1 *Holders of rec. Mar. 20
Bmkstay Welt Co.. corn
Apr. I *Holders of rec. Mar. 20
Common (payable in common stock)_ efl.
Cohen, 181 pref. (qu.) I% Apr. 1 Holders of rec. Mar. 23
Beer, Sternberg &
Apr. I Holders of rec. Mar. 23
2
Second preferred (guar.)
'13310 Apr. I *Holders of rec. Mar. 15
Baker (IL.) Chem.(qu.)(No. 11)
1% Apr. 1 Holders of rec. Mar. 1
Bakers Share Corp.. e0m. (guar.)
•25e. Apr. 1 *Holders of roe. Mar. 20
Balaban & Eats. corn.(monthly)
*I% Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Baldwin Rubber Co.. class A (guar.).- *3714c Mar. 30'Holders of rec. Mar. 20
1% June 1 Holders of roe. May 13a
Baroberger (L.)& Co..615% Df.(pu.)__
1% Sept. 2 Holders of roe. Aug. 120
It%% Preferred (guar.)
1% Deo. 2 Holders of rec. Nov. lb
614% Preferred (guar.)
•75e. Apr. 1 'Holders of rec. Mar. 15
Banoomit Corporation
Bancroft(Joseph)& Sons Co.corn.(on.) 6214e Mar. 30 Holders of rec. Mar. 15
Apr. 15 *Holders of rec. Apr. I
Bankers Capital Corp.. pref.(guar.)--July 15 *Holders of rec. July 1
•52
Preferred (guar-)
Oct. 15 *Holders of reo. Sept. 30
•$2
Preferred (quar.)
Jan15'30 *Holders of roc. Dec. 31
•52
Preferred (quar.)
Bankers Investment Tr. of Am.,cam... •12c. Mar. 30 *Holders of rec. Mar. 15
•150 Mar. 30 *Holders of rte. Mar. 16
Debenture sharea (guar.)----755. Apr. 15 Holders of me. Mar. 300
Bankers Securities Corp., eons.(colar.)-940. Apr. 15 Holders of roe. Mar. 304
Common (extra)
750. AM. 15 Holders of rec. Mar. 30a
Participating preferred (guar.)
260. Apr. 15 Holders of roe. Mar. 30e
Participating preferred (extra)
260. Apr. 1 Holders of rec. Mar. 20
Bankinstoeks Holding Corp., coin. (qu.)
200. Apr. 1 Holders of rec. Mar. 25
Bankstooks Corp.of Md..corn. AA.B(au)
811( Apr. 1 Holders of rec. Mar. 25
Preferred (guar.)
60o. Apr. I Holders of rec. Mar. 14a
Barker Bros. Corp.. corn. (guar.)
1% Apr. 1 Holders of roe. Mar. 140
Convertible 634% preferred (quar.)1% Apr. 1 Holders of roe. Mar. 28a
Bernet Leather. prof.(guar.)
50e. Pr. 1 Holders of reo. Mar. 200
Baxter Laundries, corn. A (guar.)
1% Apr. 1 Holders of rec. Mar. 200
Preferred (guar.)
500. Apr. 15 Holders of rec. Mar. 310
(guar.)
Bayuk Cigars, oom.
I% Apr. 15 Holders of roe. Mar. 31a
First preferred (guar.)
Apr. 1 *Holders of roe. Mar. 20
Beatrice Creamery, COM. MAO
•131 Apr. 1 *Holders of reo. Mar. 20
Preferred (guar.)
750. Apr. 10 Holders of roe. Mar. 250
Itemb-Nnt Packing (guar.)
134 Apr. 1 Holders of roe. Mar. 1
Belgo Canadian Paper pref.(guar.)
•600. Apr. 1 *Holders of reo. Mar. 15
Bandit Corp.(guar.)
131 Apr. 1 Holders of rec. Mar. 15
Benson &Hedges(Canada). Ltd-0.02W
•30c. Mar. 30'Holders of rec. Mar. 20
Berry Motor (Guar.)
$1 May 15 Holders of roe. Apr. 19a
Bethlehem Steel,corn
1% Apr. I Holders of roe. Mar. 4a
Preferred(gum.)
Bigelow-Hartford Carpet. pref. (guar.). "1% May I *Holders of rm. Apr. 18
'134 Aug. 1 *Holders of roe. July 18
Preferred (titter.)
*134 Nov. 1 "Holden of roe. Oct. 18
Preferred (gear.)
BIngluun Mines
500. Apr. 5 Holders of reo mar. 20a
•600. Apr. 1 "Holders of rec. Mar. 15
Bbssel(T. E.) Co., Ltd.(No. I)
Bliss(B. W.) Co.. eon.(guar.)
.250. Apr. 1 "Holders of roe. Mar. 19
Apr. 1 Holders of me. Mar. 19
First preferred (guar.)
$1
•87340 Apr. I 'Holders of rec. Mar. 19
Second preferred class A (quart
Second preferred class B (quar.)
•150. AM. 1 'Holders of roe. Mar. 19
"Holders of roe. Mar. 15
"50o. Apr.
Blue Ribbon, Ltd.(guar.)
Blumenthal(Sidney) & Co. Pref.(MO-- 1% Apr. 1 Holders of reo. Mar. 1130
•76e. Apr. I *Holders of reo. Mar. 15
Bohn Aluminum & Brass (guar.)
*500. Apr. 1 Holders of reo. Mar. 15
Extra
Apr. 1 *Holders of rec. Mar. 20
'Si
Borg Warner Corp. corn.(guar.)
Apr. I Holders of roe. Mar. 20
•f2
Corn, payable In common Mock)
•111 Apr. I Holders of reo. Mar. 20
Preferred (must.)
Apr. 15 Mar.23 to ADC. 13
51
Borne Serymser Co
50e. Apr. 15 Mar.23 to Apr. 13
Bxtra75e. Apr. 1 Holders of rec Mar. 23
Boyd-Weish Shoe (MIKr
$1.75 Apr. 1 Holders of rec. Mar. 20
Bridgeport Machine, pref.(guar.)
50o. Apr. I Holders of rec. Mar. 155
&VG Mfg Co., Imo., class A (guar.).
Mar.30 Holders of reo. Mar. 20
*SI
Brfstel-Myers Co.(quit.)
•250. Mar.30 Holders of rec. Mar. 20
Extra
Mar. 31
26e. Apr. 1 Mar. 16 to
Briffsh-Amerlean 011 (guar.)
British Amer. Tot).ordinary (interim)._ (0 Mar. 30 Hold, of coup. No.129(1)
Mar.30 Holders of coup. No. 51
23.4
Preferred
Mar. 16
Brit. TIM Investorejno.,e1.A(bl-mthlY) 50o. Apr. 1 Holders of reo. Apr. 15a
760. May 1 Holders of rec.
Brockway Motor Truck. eons.(guar.)-Holders of roe. Mar. Ila
114 Am. 1
Preferred (guar.)
76e. May 15 Holders of reo. Apr. 26
Eranswick-Balke-Conander. earn. (gu.)131 Apr. 1 Holders of me. Mar. 20
[VOL. 128.
FINANCIAL CHRONICLE
2042
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
26e. Apr. 1 Holders of reo. Mar. 22
Brunswick Site Co
Buckeye Union011-Common and preferr ed cilvi dendsP used
26e. Apr. 1 Holders of roe. Feb. 214
Bucyrus-Erie Co., corn.(gum.)
6234 Apr, I Holders of rec. Feb. 21s
Convertible Prof.(guar.)
154 Apr. 1 Holders of reg. Feb. 210
Preferred (guar.)
Budd Wheel, pref. (acct. accum. div.).- $5.25 Mar. 30 Holders of rec. Mar. llits
40e. Apr. 1 Holders of rec. Mar. 21
Building Products, Ltd., class A (qu.)-1 1( Apr. 1 Mar. 26 to Apr. 1
Bulkley Building, Pref. (quar.)
55e. Apr. 1 Holders of rec. Mar. 21
Burkart (F.) Mfg., pref. (guar.)
114 Apr, 1 Holders of rec. Mar. I31
Burns Bros.. pref.(guar.)
76e. June 10 Holders of rec. May 275
Burroughs Adding Mach. (guar.)
600. May 1 Holders of me. Mar. 290
Bush Terminal Co.. cam.
(gum)
1114 May 1 Holders of rec. Mar. 291
Common (payable in common stock)
13.1 Apr. 16 Holders of roe. Mar. 296
Debenture stock (guar.)
Bush Terminal Bldgs.. prof.(quar.)-... 151 Apr. 1 Holders of roe. Mar. lia
60c. Mar. 30 Holders of me. Mar. 15a
Butte & Superior Mining (guar.)
I% Apr. 1 Holders of reo. mar. 20
Buzza Clark Inc..pref. (guar.)
111 May 1 Holders of reo. Apr. 154
Byers(A. M.) Co., pref.(guar.)
Byllesby(H. M.)& Co., com.A&B (au.) 600. Mar.30 Holders of rec. Mar. 20
60e. Mar. 30 Holders of rec. Mar.20
Preferred (guar.)
Calamba Sugar Estates. corn.(qua:.)--. .400. Apr. 2 *Holders of rec. Mar. 16
California Consumers Co., $7 pf.(gu.)-- 31.75 Apr. 1 Holders of me. Mar. 16
•500. Apr. 1 *Holders of rec. Mar. 21
Califomla Ink, class A (guar.)
California Petroleum-April 1 div. omit fed.
Mar, 30 Holders of rec. Feb. 28.
Calumet & Heels Consol. Copper (guar.) $1
$1.
Apr. 1 Holders of ree. Mar. 15
Cambria Iron
134 Apr. 1 Holders of ree. Mar. 26
Cambridge Rubber. pref. (guar.)
Canada Bread, Ltd.
$1.75 Apr. 1 Holders of reo. Mar. 15
A and preferred B (guar.)
- 154 Mar. 30 Holders of roe. Feb. 28
Canada Cement, Ltd., pref. (guar.).
Apr. 15 Holders of rec. Apr. la
Canada Dry Ginger Ale. Inc. (quar.)- -- 51
Canada Foundries & Forg., class A (au.) 3734 Apr. 16 Holdree of rec. Mar. 30
pref.(quar.)_. '134 Apr. 1 *Holders of reo. Mar. 16
Canada Steamship Lines,
Canadian Canners, Ltd., corn.(No. 1) •1234e Apr. 1 'Holders of rec. Mar. 15
•134 Apr. I 'Holders of rec. Mar. 15
Six per cent 1st Prof.(guar.)
•200. Apr. 1 *Holders of rec. Mar. 15
Convertible preference (guar.)
134 Apr. 10 Holders of rec. Mar. 22
Canadian Car & Fdry.. prof.(quart
Apr. 4 *Holders of rec. Mar. 22
Ltd., COM.(quar.)-- "2
Canadian Cottons,
•114 Apr. 4 *Holders of rec. Mar. 22
Preferred (guar.)
134 Apr. 15 Holders of rec. Sitar. SO
-Morse Co. pf.
Canadian Fairbanks
134 Apr. 1 Holders of rec. Mar. 16
Canadian General Elec., pref. (quar.)-11( Apr. 15 Holders of rec. Mar. 30
Canadian Industries, pref. (guar.)
•25c. Apr. 30 *Holders of rec. mar.30
Industries, Ltd. (extra)
Canadian
Apr. 16 Holders of reo. Mar. 31
5
Canadian Iron Foundries, prof
154 Apr. I Holders of roe. Mar. 20
Canadian Locomotive, pref. (guar.) -Canadian Paperboard, Ltd.. M.(qu.) -- I% Apr. 1 Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 20
*2
Canadian Westinghouse (guar.)
Canal Construction cony. pref.(guar.).- •37140 Apr. 1 *Holders of reo. Mar. 241
21.75 Mar. 31 Holders of rec. Feb. 26
Canfield 011, corn,& prof.(guar.)
$1.75 June 30 Holders of fee. May 29
Common & preferred (guar.)
51.75 Sept.30 Holders of rim. Aug. 20
Common & preferred (guar.)
g1.75 Dec. 31 Holders of Fee. Nov. 20
Common & preferred (guar.)
.700. Apr. 1 *Holders of rec. Mar. 18
Cannon Mills (guar.)
Capital Administration Co.. Ltd.,
*75e. Apr. 1 *Holders of rec. Mar. 16
Preferred allotment certificates
150. Apr. 1 Holders of rec. Mar. 15
Capital City Surety
15c. Apr. 15 Holders of rec. Mar. 25
Capital Securities Co., Inc. corn.(qu.)__
•114 Mar. 30 'Holders of reo. Mar. 25
Carey (Philip) Mfg., pref.(guar.)
Case(J. I.) Thresh. Mach.corn.(guar.). 134 Apr. 1 Holders of rec. Mar. Ila
134 Apr. 1 Holders of roe. Mar. lls
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 186
Cavanagh-Dobbs. 1110., pref. (guar.)._
6234c Apr. I Holders of rec. Mar. 20
CeCo Manufacturing,corn.(guar.)
Celanese Corp. of Am., prior pref.(au.). 134 Apr. 1 Holders of roe. Mar. 16
50e. Apr. 1 Holders of roe. Mar. 15
First partle. pref. (guar.)
51.75 June 1 Holders of rim. May 10
Celluloid Corp., 1st partio. prof.
Mo. Apr. 1 Holders of roe. Mar. 151
Co., corn. (guar.)
Celotex
134 Apr. 1 Holders of rec. Mar. Hs
Preferred (guar.)
500. Apr. 1 Holders of reo. Mar. 2e0
Central Aguirre Associates (guar.)
Me. Apr. 10 Holders of reo. Mar. 235
Central Alloy Steel, corn. (guar.)
151 Apr. 1 Holders of rec. Mar. 134
Preferred (guar.)
(MO .500. Apr. 1 *Holders of rec. Mar. 20
Central Dairy Products, Apart. M.
$1.75 Apr. 1 Holders of rec. Mar. 15
Central Distributors, pref. (guar.)
76e. Apr, 1 Holders of rec. Mar. 15
Central National Corp., el. A (quar.)___
Apr. 1 Holders of rec. Mar. 1511
f5
(gum.)
Century Electric Co.corn.
21.75 June I Holders of roe. May 18a
Century Ribbon Mills. pf.(gum.)
Certain-Teed Products, pref.-April divi dead o milted
7150. Mar. 31 Holders of me. Mar. 145
Carlo Corporation (guar.)
134 Mar. 30 Holders of reo. Mar. 20
Chase Brass & Copper pref. A (qu.)
25o. May 15 Holders of rise. May I
Corp.. cl. A & 13 (qu.)
Chelsea Exchange
Mar. 30 fielders of reo. Mar. Its
51
Chesebrough Mfg.(guar.)
50o. Mar. 30 Holders of roe. Mar. 81
Extra
*Holders of roe. Mar. 15
•750. Apr.
Chic.& Jeff. Fuse & Eleo.(No. 1)
*Holders of roe. Mar. 16
*600. Apr.
Extra
Tool
Chicago Pneumatic
Holders of roe. Mar. 264
New cony. preference (qu.) (No. 1).. 8714e Apr.
Holders of rec. Mar. d21
Chic. Railway Equipment, Pref. (au).. 1% Aor.
Holders of reo. Mar. 204
25e. Apr.
Chicago Yellow Cab (monthly)
Holders of reo. Apr. 191
25e. May
Monthly
Holders of roe. May 201
25e. June
Monthly
Holders of reo. Mar.
75e. Apr.
Chickasha Cotton 011 (guar.)
Holders of roe. June 104
750. July
Quarterly
87%0 Apr. 2 Holders of roe. Mar. 295
Chile Copper Co.(guar.)
30 Holders of ree Mar. 2.
75e. M.
Chrysler Corp. common (gum.)
Holders of reo. Mar. 1$
34 Apr.
Cities Service, corn.(monthly)
Holders of roe. Mar. lb
Apr.
Coro.(mthly) payable in corn.stk... 134
Holders of roe. Mar. 15
preference BB (mthly.). 500. Apr.
Preferred and
Holders of roe. Mar. 15
6o. Apr.
Preference B (monthly)
14 May
Holders of rec. Apr. 15
Cities Service, common (monthly)
Holders of roe. Apr. 15
may
(f)SS
Com.(payable In common stock)
Holders of rec. Apr. 15
50e. May
Preferred and preference BB (mthly.).
Holders of red. Apr. 15
Sc. May
(monthly)
Preference 11
Holders of roe. Mar. 27
151 Apr.
City Investing. prof. (guar.)
•400. Apr. 1 *Holders of roe. Mar. 20
City Machine & Tool, corn.(guar.)
Holders of roe. Apr. 164
87101. May
City Stores Co.. class A (quart
Holders of rec. Mar. 20
18e. Apr.
Claremont Investing Corp.. corn.(guar.)
Holders of roe. Mar. 20
31e. Apr.
Preferred (guar.)
Clark Lighter, Inc., cl. A-dividend Pass ed.
*Holders of reo. Apr. 20
Claude Neon Elea. Prod., corn. (qu.) -- •20e. May
'Holders of rec. Mar. 20
'250. Apr.
Preferred (guar.)
$1 Apr. 2 Holders of reo. Apr. 15
Cleveland-Cliffs Iron (guar.)
'Holders of reo May 15
•60e June
Cleveland Stone. common (guar.)
'Holders of reo. Aug 15
*50o. Sept
Common (mar.)
Holders of reo. Mar. 20
- 500. Apr.
Cleveland Union Stock Yards (guar.)
*Holders of ree. Mar. 20
*60c. Apr.
Club Aluminum Utensil (guar.)
Holders of reo. Mar.215
- 114 Apr.
Cluett. Peabody & Co., pref. (guar.).
Holders of ree. Mar. 124
AM.
$1
Coca-Cola Co., corn. (guar.)
Holders of roe. Mar. 124
Apr.
2
Coca-Cola International(guar.)
Holders of roe. Apr. 15
37140. May
Cockshutt Plow Co.. Ltd.(guar.)
Holders of rec. Mar. 154
62140. Apr.
Cohn-Hall-Marx, corn. (guar.)
Holders of reo. June 15
62340. July
Common (guar.)
*Holders of reo. Mar. 18
Apr.
*51
Coleman Lamp & Stove, corn
Mar. 30 Holders of reo. Apr. 15
60e.
Colgate Palmolive Peet Co., common__ _
Holders of rec. Mar. 9
134 Apr.
Preferred (guar.)
Holders of reo. June 8
13.4 July
Preferred (guar.)
Holders of reo. Sept. 7
134 Oct.
Preferred (guar.)
13.4 Janl'30 Holders of roe. Dee. 7
Preferred 'guar.)
•50e. Mar. 30 *Holders of roe. Mar. 14
Colts Patent Fire Arms Mfg. (qual.)...
4
*50o. Mar. 30 *Holders of roe. Mar. 9
Commercial Credit, corn. (guar.)
•114 Mar. 30 *Holders of rec. Mar. 96
634% first preferred (guar.)
•433(e. Mar.30 *Holders of rte. Mar. 24
7% pref. (guar.)
*60e. Mar. 30 *Holders of reo. Mar. 95
8% pref. (guar.)
Apr. 1 Holders of roe. Mar. 54
Commercial Invest. Trust corn. (guar.). $1
Apr. 1 Holders of roe. Mar. 64
Common (payable in corn. stook).- - fl
114 Apr. I Holders of reo. Mar. 54
7% first preferred (gum)
134 Apr. 1 Holders of roe. Mar. 54
614% first pref.(guar.)
Apr. 1 Holders of reo. Mar. 164
52
Commercial Solvents Corp. (qua:.)..
4
Apr. 1 Holders of rec. mar. 15
e2
Stock dividend
Community State Corp., A & B (guar.). 131 May 15 Holders of me. May 10
114 Sept. 2 Holders of roe. Aug. 25
Class A & B (guar.)
154 Dee. 81 Holders of rec. Dee. 20
Clam A & B (guar.)
Conde Nast Publication. Inc.,atm.(gn.) 50e, Apr. I Holders of rec. Mar. 214
MAIL 30 1929.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Compost/.
2043
Per
When
Cent. Payable
Books
ledl
Daps inclusive.
Miscellaneous. (Continued)
Miscellaneous (Continued).
Apr. 1 Holders of rec. Mar.29
Erskine-Danforth Corp. prof. (attar.)--- 2
Apr. 1 Mar. 17 to Mar.31
Conduits Co., Ltd.. preference (guar.)._
Apr. 1 Holders of too. Mar.20a
$1.25 Apr. 1 Holders of rec. Mar. 140 Evans Auto Loading.Cock dividend_ _ -- e2
(guar.)
Congress Cigar
0/12
Oct. 1 *Holders of roe. Sept.20
Stock dividend
Conley Tank Car, corn., dividend omItte d.
Apr. 1 Holders of rec. Mar.20
Evans
-Wallower Lead Co., pref. (qu.)
"2 Mar. 31 *Holders of rec. Mar. 21
Preferred (quar.)
75e. Mar. 30 Holders if rec. Mar. 120
Fairbanks, Morse & Co., coin. (qua?.)...
*50e. Apr. 2 *Holders of rec. Mar. 25
Consolidated Bakeries
*2 Apr. 1 "Holders of rec. Mar. 21
Consolidated Cigar Corp.. corn.(quar.)_ $1.75 Apr. 1 Holders of rec. Mar. 185 Fairmount Creamery, corn. (quar.)
Apr. 1 *Holders of rec. Mar.21
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 15
Consolidated Dairy Products (quar.)..„
250. Apr. 1 Holders of rec. Mar. 15
Fanny Farmer Candy Shops, com.(qu.)
814 Apr. 1 Holders of ree. Mar. 15
Stock dividend
600. Apr. 1 Holders of rec. Mar. 15
Preference (guar.)
Consolidated Film Industries
20c. Apr. 1 Holders of rec. Mar. 15
50e. Apr. 1 Holders of rec. Mar. 150 Faultless Rubber, corn. (guar.)
Common (quar.)(Ns. 1)
14 Apr. 1 Holders of roe. Mar. 15
Preferred (guar.)
500. Apr. 1 Holders of rec. Mar. 9a
Participating. pref.(guar.)
'1 54 Apr. 1 "Holders of rec. Mar. 8
Federal Bake Shops. prof.(qua?.)
Consolidated Food Prods., Ltd. A (gu.). 374c. Apr. 15 Holders of rec. Mar. 30
"25e. Apr. 1 'Holders of rec. Mar.20
Federal Drop Forego (qua?.)
250. Apr. 10 Holders of rec. Apr. 4
Consol. Lead & Zinc, el. A&B (guar.)...
200. Apr. 1 Holders of rec. Mar. 12
Federal Motor Truck (guar.)
25o. Apr. 1 Holders of ree. Mar. 18
Consolidated Retail Stores, oom.(guar.)
"780. Apr. 1 *Holders of roe. Mar.20
Federal Screw Works (quar.)
Apr. 1 Holders of rec. Mar. 18
$2
Preferred (quer.)
'2
Apr. 15 *Holders of rec. Apr. b
Federal Terra Colts. corn. (guru%)
*2 Apr. 25'Holders of rec. Apr. 15
Consolidated Royalty Oil (quar.)
Federated Business Publications
(No.1)_ _ "4331c Apr. 1 'Holders of rec. Mar.20
Consolidated Steel 7% Pf.(gu.)
6234c Apr. 1 Holders of ree. Mar.20
let preferred (quar.)
(quar.) _ *14 Apr. I *Holders of rec. Mar. 9a
Consumers Co., prior preferred
25e. Apr. 5 Holders of rec. Mar.27
30c. Apr. 1 Holders of ree. Mar. 100 Federated Metals (guar.)
Container Corp. of Amer., class A (qu.)_
150. Apr. 1 Holders of rec. Mar. 101 Feltman-Curme Shoe Stores. pfd.(qu.) - 151 Apr. 1 Holders of rec. Mar. 1
Class B (guar.)
41.25 Apr. 1 *Holders of ree. Mar.20
Ferro Enameling el A (quit.)
.151 Apr. 1 *Holders of rec. Mar. 10
Preferred
*25e. Apr. 1 'Holders of roe. Mar.20
Class B (quar.)
Apr. 1 Holders of rec. Mar. 180
Continental Baking Corp.. pref.(quar.)_ $2
$1
Apr. 1 Holders of rec. Mar.25
151 Apr. 1 Holders of ree. Mar. 15a Fifth Ave. Investing Corp., cam.(qu.)
Continental Can, pref.(quar.)
Apr. 1 Holders of rec. Mar.25
$2
10600. Nov. 1 *Holders of rec. Oct. 10
Preferred (quar.)
Coon (W.B.) Co., corn
% (q) 154 Apr. 1 Holders of rec. Mar. 185
*70e. May 1 'Holders of rec. Apr. 10
Filene's(William)Sons Co.,64 PI.
Common
134 Apr. 1 Holders of rec. Mar. 180
Seven percent. pref.(quar.)
•700. Aug 1 'Holders of rec. July 19
Common
•lli Nov. 1 'Holders of rec. Oct. 10
Filing Equipment Bureau. pref.(guar.). $1.75 Apr. 1 Holders of rec. Mar.21
Preferred
15c. Apr. 15 Holders of rec. Apr. Ba
•lli May 1 'Holders of rec. Apr. 10
Finance Co.of America,com. A & B (qu)
Preferred
43 M c. Apr. 15 Holders of rec. Apr. ba
•Ili Aug 1 *Holders of rec. July 10
Seven per cent pref. (altar.)
Preferred
$1.75 May 15 Holders of rec. May 1
50c. Apr. 15 Holders of rec. Mar. 15
First Federal Foreign Bkg. Corp.(qu.)
Copper Range Co. (guar.)
Apr. 1 Holders of rec. Mar. 130
2
"50e. Apr. 20 *Holders of rec. Apr. 1
First Nat.Pictures, let pref.(quar.)
Corn Products Refg., corn. (guar.)
3740 Apr. 1 Holders of roe. Mar. Uta
•lli Apr. 15'Holders of rec. Apr. 1
First National Stores, corn.(quar.)
Preferred (qua?.)
Fitzsimmons & Connell Dredge & Dock.
$1
Apr. I Holders of rec. Mar.20
Coronet Phosphate
June 1
50c. Mar. 30 Holders of rec. Mar. 151
Corn.(1-40th share coin.elk.)
COLY, Inc.(guar.)
Sept. 1
n14 May 28 Holders of rec. May 13
Corn.(140th share com.stk.)
Stock dividend
(I) Deo. 1
n14 Aug. 27 Holders of roe. Aug. 12
Corn.(1-40th share corn.stk.)
Stock dividend
Apr. 15 Mar. 27 to Apr. 15
3
a131 Nov. 27 Holders of rec. Nov. 12
551 Fifth Ave., Inc., pref
Stock dividend
75e. Apr. 1 Holders of rec. Mar. 130
Fleischmann Co. common (guar.)
*50c. Apr. 10 *Holders of rec. Apr. 1
Creamery Package Mfg., corn. (qu.)
134 Apr. 1 Holders of rec. Mar. 15a
Florshelm Shoe,prof.(guar.)
*131 Apr. 10'Holders of rec. Apr. 1
Preferred (qua?.)
Apr. 1 Holders of rec. Mar. lb
$2
"20. Apr. 10 'Holders of rec. Mar. 31)
Flour Milts of Amer., pref.ser. A (qu.)
Cresson Cons. Gold M & M (qu.)
4351e. Apr. 15 Holders of rec. Mar.29
25e. Apr. 1 Holders of rec. Mar. 20a Fokker Aircraft, 1st pref. (guar.)
Crosley Radler,new stock (guar.)
•300. Apr. 1 *Holders of rec. Mar.20
•50c. Mar. 30 "Holders of rec. Mar. 11
Foote Bros. Gear & Mach., Corn.(qu.)
Crowley, Milner dr Co., core. (guar.)
•154 Apr, 1 *Holders of rec. Mar.20
Preferred (guar.)
Crown Willamette Paper. 1st pf. (qu.). 131 Apr. 1 Holders of rec. Mar. I30
$734e Apr. 1 Holders of rec. Mar.20
*14 Apr. 1 *Holders of rec. Mar. 13
-Burt Co., class A (quit.)
Foote
Second preferred (guar.)
•250. Apr. 1 'Holders of rec. Mar.21
250. Apr. 15 Holders of rec. Mar. 30e Forhan Co., corn. (guar.)
Crown Zellerbeeh Co. corn.(quar.)
*40e. Apr. 1 "Holders of rec. Mar.21
14 Apr. 30 Holders of rec. Apr. I50
Class A (qua?.)
Crucible Steel, cons.(quar.)
•25e. Apr. 1 *Holders of rec. Mar. 15
131 Mar. 30 Holders of rec. Mar. 15e Formica Insulation (qua?.)
Preferred (quar.)
"400. Apr, 1 *Holders of roe. Mar. 15
*34 Mar. 31 'Holders of rec. Mar.20
Extra
Crystallite Products 7% pf.(No. 1)
Apr. 1 *Holders of rec. Mar.27
•1
Dividend omitted
Foster & Kleiser, pref. (qua?.)
Cuban-Amer. Sugar. corn. & pref
Apr. 15 Holders of rec. Mar. 304
$1
Apr. 15 Holders of rec. Apr. 5
Fez Film Corp.. class A & B (quar)
Cudahy Packing, corn. (qua?.)
$1
250. Apr. 1 Holders of rec. Mar. 115
3 May 1 Holders of rec. Apr. 20
Fraser Companies. Ltd., (guar.)
preferred
6%
May 1 Holders of rec. Apr. 154
$1
34 May 1 Holders of rec. Apr. 20
Freeport-Texas Co. (qua?.)
7% preferred
34 Apr. 1 Mar. 16 to Apr. 1
French (Fred) Constr. Co.. prof
624e Apr. 1 Holders of rec. Mar. 15
Curtis Mfg. (quar.)
"lit Apr. 1 *Holders of rec. Mar.25
50c. Apr. 2 Holders of reo. Mar. 200 Fuller Brush, pref. (quar.)
Curtis Publishing (monthly)
Apr. 1 Holders of roe. Mar. Ha Fuller(George A.)Co., partic.pr.pf.(qu.) $1.50 Apr. 1 Holders 0111)e. /AU.10
Preferred (quar.)
$1.50 Apr. 1 Holders of ree. Mar. 10
Cum.& partic. prof.(qua?.)
Danish American Corp., let pref. (qu.)- 51.75 Apr. 1 Holders of rec. Mar. 20
".500. Apr. 1'Holders of rec. Mar. 18
$1.75 Apr. 1 Holders of rec. Mar. 20
Fulton Sylphon (guar.)
Second preferred (quit.)
*68 if° Apr. 15 *Holders of rec. Mar.30
Gait (Robert) & Co., cl. A (quar.)
'250. Apr. 15 *Holders of ree. Apr. 1
Darby Petroleum (qua?.)
*31 Apr. 1 *Holders of rec. Mar.20
(guar.)
Apr. 15 *Holders of rec. Apr. 1
Galesburg Ceulter-Dise.
Davenport Hosiery Mills, cont.(guar.).- •500.
•25e. Apr. 1 *Holders of rec. Mar.20
•1 if Apr. I 'Holders of rec. Mar.20
Extra
Preferred (guar.)
"75e. Apr. 1 *Holders of rec. Mar.25
*30. Mar. 30
Gemmer Mfg., cl. A (guar.)
Dayrock Mining (No. 1)
$1 Apr. 1 Holders of rec. Mar. 130
June 1 *Holders of rec. May 22
Docker (Alfred) & Cohn, Inc.. pref.( au.)
Gent. Amer.Task Car (quiz.)
$1 July 1 Holders of rec. June 135
•151 Sept. 1 *Holders of rec. Aug. 22
Preferred (quan)
Quarterly
Apr, 1 Holders of to.. Mar. 13a
1
dividend
*31.50 Apr. 1 'Holders of r cc Mar. 15
Deere & Co.. corn. (qua?.)
Stock
July 1 Holders of rec. June 13e
1
May 1 Holders of rec. Apr. 20
Dennison Manufacturing, deb.stk.(qu.) $2
Stock dividend
Mar. 30 Holders of rec. Mar. 235
$2
lit May 1 Holders of rec. Apr. 20
General Baking Co., Pref• (qua?.)
Preferred (quar.)
$1.50 Apr. I Holders of rec. Mar. 19
2 Apr. 1 Holders of rec. Mar. 15
Detroit di Cleveland Nay.(guar.)
General Baking Corp., pref. (quar.)
May 1 Holders of rec. Apr. 16a
$1
Detroit Paper Products (guar.)(No. 1). *30c. Apr. 1 *Holders of rec. Mar. 20
General Cigar. corn.(guar)
1% June 1 Hoidens of rec. May 21e
Devoe & Reynolds, Ine.,com.A & B(qu.) 600. Apr. 1 Holders of rec. Mar. 210
Preferred (quar.)
Apr, 26 Holders of rec. Mar. 116
15e. Apr. 1 Holders of rec. Mar. 21a General Electric(quar.)
$1
Common A & B (extra)
150. Apr. 26 Molders of rec. Mar. ha
lit Apr. 1 Holders of rec. Mar. 210
let & 2d pref. (quar.)
Special stock (guar.)
'Holders of rec. Mar.20
(No.1)-500. Apr. 15 Holders of rec. Apr. 1
*50c• Apr.
Devonshire Invsting, com (qu.)
General Fireproofing. corn.. (qua?.).
*Holders of rec. Mar.20
*35c. June 1 *Holders of ree. May 20
*14 Apr.
Dexter Company (qua?.)(No. 1)
Preferred (guar.)
Holders of rec. Mar. 14a
•50c. Mar. 31 *Holders of rec. Mar. 24
$1.50 Apr.
Diamond Elea. Mfg., corn. (guar.)
Mills. Inc., pref.(qua?.)
General
Holders of rec. Apr. $a
•lli Mar. 31 'Holders of rec. Mar. 24
14 May
Preferred (Oust.)
General Motors,6% pref.(qua?.)
Holders of rec. Apr. fie
25c. Apr. 15 Holders of rec. Apr. 1
14 May
Dictograph Products Co., Inc. (guar.)._
8% deb. stk.(guar.)
134 May 1 Holders of rec. Apr. 81
Direction der Dlsconto-Gesellschaft (Berl in)
7% prof.(quar.)
May 25 Holders of coupon No.3
•
Amer.she.(sublect to meeting Mar.25) 10
Gen. Pub. Serv. Corp. 2531 Pi.(qu.-- 2 1.3731 May 1 *Holders of rec. Apr. 10
*S1.50 May 1 *Holders of rec. Apr. 10
.
Diversified Trustee Shares, series B _ _ _ 76.450 Apr. 1
$6 preferred (quit.)
2
Mar. 30 Holders of rec. Mar. 20
Dixon (Joseph) Crucible Co.(quar.)____
General litglicay Signal, corn. (quit'.)... $1.25 Apr, 1 Holders of rec. Mar. Ila
2
Mar. 30 Holders of rec. Mar. 20
13.4 Apr. 1 Holders of rec. Mar. ha
Extra
Preferred (quit.)
"37a. Apr. 1 *Holders of me. Mar.25
Doehler Die-Casting, 7% pref.(guar.).- 8734c Apr. 1 Holders of rec. Mar.20
General Spring & Bumper cl.A(No.1)
$1.75 Apr. 1 Holders of rec. Mar. 20
'37 34t Apr. 1 'Holders of rec. Mar.25
$7 preference (quit'.)
Class B (No. 1)
250. Apr. 20 Holders of rec. Mar. 30a General Tire & Rubber, pref. (quar.)
131 Mar. 31 Holders of rec. Mar. 200
Dome Mines. Ltd. (guar.)
Apr. 15 Holders of rec. Mar. 30
30c. Apr. 1 Holders of rec. Mar.20
Dominion Engineering Works(quar.).- $1
Geometric Stamping
Dominion Glass Ltd., cers. & pfd.(qu.). 151 Apr. 1 Holders of roe. Mar. 15
•65c. Mar. 31 *Holders of rec. Mar.20
Gibson Art Co., corn (guar.)
154 Mar. 31 Holders of rec. Mar.22
Dominion Rubber, Ltd., pref. (guar.)._
Gilbert (A. C.) Co., noper prof. (qu.)... 8731c APr. I Holders of rec. Mar.23
013i May 1 Holders of rec. Apr. lba
Dominion Stores, Ltd., corn.(guar.)... 75e. Apr. 1 Holders of rec. Mar. 15
Gimbel Bros.. pref.(quar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Oct. 1
Dominion Textile, corn.(guar.)
Gladding,McBeen& Co.,corn(in corn stk) "2
Apr. 15 Holders of roe. Mar.30
Preferred (quit.)
Gleaner Combine Harvester, corn.(gel.)- $1 Apr. 1 Holders of rec. Mar. 19
Ili Apr. 1 Holders of rec. Mar. 15
Douglas(W. L.) Shoe, pref.(quar.)
373.4c Apr, 1 Holders of rec. Mar.180
Glidden Co.,corn.(guar.)
"25e. Apr. 1 'Holders of rec. Mar. 21
Dow Drug, corn. (qua?.)
124c Apt. 1 Holders of me, Mar.18a
Common (extra)
'154 Apr. 1 'Holders of ere. Max. 21
Preferred (guar.)
lit Apr. 1 Holders of rec. Mar.18e
Prior preferred .quar.)
$1 Apr. 1 Holders of rec. Mar. 2
Holders of rec. Mar.20
Draper Corporation (guar.)
Globe-Wernicke Co., corn. (quit.)
El 50 Apr.
•14 Apr. 1 "Holders of rec. Mar. 18
Dunham (James II.) & Co.. core.(quar
•37c. Apr.
"Holders of rec. Mar.20
Goldblatt Bros., Inc., corn.(No. 1)
"14 Apr. 1 'Holders of rec. Mar. 18
First preferred (quar.)
14 Mar. 31 Holders of rec. Mar. 15e
Gold Dust Corp.. prof. (guar.)
'131 Apr. 1 *Holders of ree. Mar. 18
Second preferred (quit.)
Holders of rec. Mar. 22
Goldman Sachs Trading Corp.(guar.) - el 34 Apr.
$1
Apr. 15 Holders of rec. Apr. la
Dunhill International (quar.)
Apr, 1 Holders of roe. Dec. 31
$I
Goldwyn Investment Corp..extra
el
Apr. 15 Holders of rec. Apr. la
Stock dividend
June 1 "Holders of rec. May 10
Goodrich (B. F.) Co., corn. (quar.).._ "El
el
July 15 Holders of rec. July la
Stock dividend
Goodrleh (B. F.) Co., pref. (quar.)
14 Apr. 1 Holders of rec. Mar. 85
el
Oct. 15 Holders of rec. Oct. la
Stock dividend
151 July 1 Holders of rec. June 10
Preferred (quar.)
•51.75 Apr. 1
Dunlop Tire & Rubber, pt. (quar.)
Goodyear Tire & Rub. pf.& let pf.(au.) 14 Apr. 1 Holders of roe. Mar. la
Apr. 1 Holders of rec. Mar. 15a Goodyear Tire & Rub (Canada) Pf.(qu.) 14 Apr. 1 Holders of roe. Mar. 15
$2
Duplan Silk Corp., pref. (qua?.)
DuPont(E. I.) de Nem. & Co.
•780. Mar. 30'Holders of me. Mar.21
Gorton-Pew Fisheries (guar.)
14 Apr. 25 Holders of tee. Apr. 10a
Debenture stock (quar.)
Mar. 30'Holders of rec. Mar.,21
Extra
'31
400. Apr. 1 Holders of rec. Mar. 9
Durant Motors of Canada
Gorham Mfg., corn. (quit'.)
50e. June 1 Holders of tea. May 1
Eagle-Picher Lead Co.,cone.(quar.)...- •20c. Apr. 15 *Holders of rec. Mar. 31
Common (quit.)
50c. Sept. 1 Holders of rec. Aug. I
•75c. Mar. 30 *Holders of rec. Mar. 20
Common (quar.)
50c. Dec. 1 Holders of rec. Nov. 1
Early & Daniels, cola. (quar.)
'154 Mar. 30 *Holders of rec. Mar. 20
Preferred (guar.)
June 1 Subj.to stkholders. meet,
Common (payable in common stock). 15
374e Apr. 1 Holders of rec. Mar. 20a Gotham Silk Hosiery. corn.(guar.).- 624c Apr. 1 Holders of rec. Mar. 120
Rolling Mill (quar.)
Eastern
Eastern Steamship, ist pref.(quar.)-. "31.75 Alm. 1 *Holders of rec. Mar. 23
7% preferred (quar.)
154 May 1 Holders of rec. Apr. 12a
o87310 Apr. 1 *Holders of rec. Mar.23
No par preferred (quer.)
Gottfried Baking, Inc.. Prof.(quar,)__.. 14 Apr. 1 Holders of rec. Mar.20
2
Apr. 1 Holders of roe. Mar.2$
Eastern Utilities Investing Corp.
Goulds Pumps common (quit,)
$1.25 Apr. 1 Holders of rec. Feb. 28
$5 prior pref.(quar.)
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar.20
*2
Apr. 1 *Holders of rec. Feb. 11
Graham-Paige Motor Co. pref.(guar.).- '154 Apr, 1 'Holders of rec. Mar.lb
East Hartford Co.(No. 1)
Air. 1 *Holders of rec. Feb. 11
*3
250. Mar.30 Holders of rec. Mar.29
Grand Rapids Varnish, corn. (guar.).Extra
$1.25 Apr. 1 Holders of rec. Feb. 28a Grant(W. T.) Co.(quer.)
250. Apr. 1 Holders of tee. Mar. 17
Eastman Kodak, cont.(guar.)
75e. Apr. 1 Holders of rec. Feb. 28a Great Lakes Towing, tom.(qu.)
$1.25 Mar. 31 Holders of rec. Mar. 15
Common (extra)
14 Apr. 1 Holders of rec. Feb. 28s
Preferred (quar.)
151 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
6o. Apr. 1 Holders of rec. Mar. 1
Ecquadorian Corp., ordinary
Great Northern Iron Ore Properties- $1.25 Apr. 30 Holders of rec. Apr. 50
14 Apr. 1 Holders of rec. Mar.120
70e. Apr. 2 Holders of ree. Mar.lbe
Great Western Sugar. corn.(qua?.)
Edwards(Wm.) Co., pref. (quar.)
250. Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 15e
Elder Mfg., core. (qua?.)
Apr. 1 Holders of rec. Mar. 21
2
Green (Daniel) Felt Shoe, pref. ((puar.)- $1.50 Apr. 1 Holders of tee. Mar.25
let preferred (qua?.)
$1.25 Apr. 1 Holders of rec. Mar. 21
$2 Apr. 1 Holders of rec. Mar. 70
Greene Cananea Copper (quar,)
Class A (guar.)
$1 Apr. 1 Holders of rec. Mar. 150 Greenfield Tap & Die.6% prof.(guar.). 131 Apr. 1 Holders of rec. Mar. 15
Electric Auto Lite, con.(guar.)
50c. Apr. 1 Holders of rec. Mar. 15a
2
Apr. 1 Holders of rec. Mar. 15
s% preferred (guar.)
Common (extra)
Apr. 1 Holders often. Mar. 15a Greenway CorP., 5% prof. (quit.)
•750. May 15 *Holders of rec. Hay 1
Preferred (quar.)
$1.25 Apr. 1 Holders of rec. Mar.20
•750. Aug. 15 'Holders of res. Aug. 1
5% preferred (qua?.)
Electric Controller & Mfg.(quar.)
API% 1 Holders of rec. Mar. 20
*750. Nov. 16 *Holders of rec. Nov. 1
51
5% preferred (quer.)
Extra
80e. Apr. 1 Holders of rec. Mar. 15
Electric Stor. Battery', corn. & pfd.(eu.) $1.25 Apr. 1 Holders of rte. Mar. 9a Greif Bros. Cooperage, el. A (guar.) ---oil
Apr. 1 *Holders of rec. Mar.20
Grigsby-Grunow Co.(quit.)
"31 Apr. 1 *Mar. 24 to Apr. 1
Elec. Vacuum Cleaner (guar.)
*51 Apr. 1 *Mar. 24 to Apr. 1
Guardian Investors $7 let pref. (qu.) __ 01.75 Apr. 1 Holders of ree. Mar. 15
Mara
$1.50 Apr. 1 Holders of rec. Mar. 15
151 Apr. 1 Holders Of ree. Mar. 20
$6 first preferred (quar.)
Emerson Elec. Mfg., pref.(guar.)
780. Apr. 1 Holders of ree. Mar. 15
Second preferred (qua?.)
Empire Bond & Mtge., eom•((Aar.).-- $1.50 Apr. 1 Holders of rec. Mar. 21
$1
Apr. 1 Holders of rec. Mar. 15a
154 Apr. 1 Holders of rec. Mar. 21
Gulf States Steel, coin.(qua?.)
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 155
234 Mar.30 Holders of rec. Mar.23
Preferred (qua?.)
Empire Safe Deposit (qua?.)
50c. Apr. 1 Holders of rec. Mar.23
134 July 1 Holders of roe. Juno 15a
Preferred (qua?.)
Enamel Products (guar.)
151 Oct. 1 Holders of tee. SOM.164
Preferred (quay.)
Endicott-Johnson Corp.. corn.((man).- $1.25 Apr. 1 Holders of res. Mar. 18a
Apr. 1 Holders of roe. Mar. 18a
151 Jan 2'30 Holders of rec. DOS. 160
Preferred (quar.)
Preferred (qt'.)
50c. Apr. 1 Holders of roe. Mar. 1$
50e. Apr. 1 Holders of rec. Mar. its Gurd (Charles)& Co.,corn.(quar.)
(qUar.)....
Equitable Office Bldg..eonr•
Apr. 1 Holders of roe. Mar. 15a
131 Apr. 1 Holders of res. Mar. 15
Preferred (quar.)
Preferred Mar.)
151
13.4
•151
134
'154
154
154
151
134
2044
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days IncSnake.
Miscellaneous (Cont(nued).
Gall Oil Corp.(quit.)
.37340 Apr. 1 *Holders of rec. Mar. 20
Hablrahaw Cable dc Wire (No. 1)
25c. Apr. 1 Holders of me. dFeb.211a
Hahn Dept. Stores, f('(% Pf.(qu.)(No.1) 1% Apr. 1 Holders of rec. Mar. 21a
Hall (W.F.) Printing common (quer.)
•250. Apr. 30 *Holders of roe. Apr. 20
Hamllton Bank Note Engraving of Ptg.
Common (quiz.)
*7140 May 15 *Holders of rec. May I
Hamilton Cotton Co.. Ltd. pref
50c. Apr. 1 Holders of roe. Mar. 15
Hamilton United Theatres(Canada)
Preference (qaar.)
1St Mar.30 Holders of roe. Feb. 28
Ranee (P. H.) Knitting. Pref.(quar.)
1( Apr. 1 Holders of rec. Mar. 29
Harbauer Co.common (quar.)
250. Apr. 1 Holders of rec. Mar.250
114 Apr. 1 Holders of ma. Mar.20.
Preferred (gnu.)
Harbison-Walker Refract.. pref.(quer.). 134 Apr. 20 Holders of rec. Apr. 104
Hawaiian Cora. & Sugar (monthly).... •25o. Apr. 5 Molders of rec. Mar.25
Hayes Body Corp. (quit.) Pay. In stk.) •e2
Apr. 1 Holders of rec. Mar. 25
(
Quarterly (payable in stock)
July 1 Holders of rec. June 25
•e2
*ea
Oct 1 eHoidcm of rec. Sept.25
Quarterly (payable In stock)
seg
Quarterly (Payable In stock)
an 2'30 Holders of rec. Dec. 24
Hazel-Atlas Glass (quar.)
*50c. Apr. 1 Holders of roe. Mar. 16
Extra
525c. Apr. 1 Holders of rec. Mar.16
Heath (D. C.) & Co., pref.(quit.)
la( Mar.30 Holders of roe. Mar.29
$1.25 Apr. 1 Holders of rec. Mar. lla
Helms(Geo. W.)Co..corn.(quit.)
la( Apr. 1 Holders of rec. Mar. lie
Preferred (qua?.)
Hayden Chemical, corn.(No. 1)
500. May 1 Holders of rec. Apr. 10
350. Apr. 26 Holders of roc. Apr. 19
Hibbard,Spencer, Far latik0o.(mthl.7.)
350. May 31 Holders of rec. May 24
Monthly
350. June 28 Holders of rec. June 21
Monthly
1% Apr. 15 Holders of rec. mar.30
=men Collieries. este. (quiz.)
114 Apr. 15 Holders of rm. Mar. 30
Preferred (quit.)
Elnde & Danch Paper. prof.(suit.).... *250. Apr. 1 Holders of rec. mar. 15
Holland Furnace, corn. (Quiz.)
6214c Apr. 1 Holders of rec. Mar. 15.
.5c. Apr. 15 Holders of reo. Mar. 31
Holly Development (quiz.)
250. Mar. 30 Holders of rec. Mar. 15
Holly 011
Apr. 1 Holders of rec. Mar.23
Holmes(D. H.) Co., Ltd.(quiz.)
Apr. 2 Holders of rec. Max.26
Holt. Renfrew At Co., coin.(quit.)
Apr. 2 Holders of rec. mar.26
Preferred (guar.)
Honey-Dew, Ltd., class Prat. (quiz.). $1.75 Apr. 1 Holders of rec. Mar. 15
•
Mar. 30 Mar. 24 to Mar. 31
Home Title Ins.(quit.)
3
*25c. Mar.30 Holders of rec. Feb. 28
Horni Signal Mfg. eons. de AA 0111.)
•
600. Mar. 31 Holders of rec. Mu.15
Heakins Manufacturing, agra. (guar.).Mar. 31 Holders of rec. Mar. 15
Common (quit.) extra_
/25 Apr. 1 Holders of rm. Mar. 15
Corn.(payable In common stock.)
Houdaille Hershey Corp.. cl. A (No. 1)- •6234c Apr. 1 Holders of rec. Mar. 25
*37340 Apr. I Holders of rec. Mar. 25
Claes 13
•
Howell Elec. Motor cl. (qu)(No. 1). 254. Mar.30 Holders of roe. Mar. 15
Apr. 15 Holders of rec. Mar.36.
$1
Howe Sound Co.(quar.)
*1.25 Apr. 1 Holders of rec. Mar. 1 la
Hudson Motor Car (quar.)
Apr. 1 Holders of rec. Mar. 26
Hudson River Navigation Corp. Pf.(qu.) 52
•30e. Apr. 1 Holders of rec. Mar. 12
Humble Oil & Refining (quer./
*200 Apr. 1 Holders of rec. Mar. 12
Extra
Humphreys Mfg.,coca. & pref.(quar.)-. *50c. Mar. 31 Holders of req. Mar. 15
Hungarian Gen'l Say. Bk.(Budapest)._ •14
.250 Apr. 1 *Holders of rec. Mar. 6
Hunts, Ltd. (quer.) (No. I)
Hupp Motor Car (Stock dividend) (qu.) e214 May 1 Holders of re). Apr. 164
ea% Aug. 1 Holders of rec. July 15.
Stock dividend (quiz.)
Stock dividend (guar.)
023,4 Nov. 1 Holders of roe. Oct. 15a
50c May 1 Holders of rec. Apr. 154
Hupp Motor Car (quiz.)
Apr. 1
Huron & Erie Mortgage(guar.)
*2
July 2
*2
Quarterly
*2
Oct. 1
Quarterly
114 Apr. 2 Holders of rec. Mar.1111
Huyler's of Delaware. Id.(quar.)
. $1 Apr. 1 *Holders of roe. Mar.*
1
.
Hydraulic Brake (quar.)
114 Apr. 1 Holders of me. Mar.!,
Hydraulic Press Brick peel.(quiz.)
*600 Apr. 15 *Holders of rec. Apr. 3
Illinois Brick (quar.)
•600. July 15 *Holders of rec. July 3
Quarterly
Quarterly
*60. Oct 15 *Holders of rec. Oct 3
134 Mar.30 Holders of reo. Mar.26
Imperial Royalties pref. (monthly)
180. Mar.30 Holders of rot). Mar.25
Class A preferred (monthly)
Imperial Tobacco of Canada
Mar.30 Holders of rec. Mar. 7
3
Preferred
*61 Apr. 2 *Holders of rec. Mar. 26
Independ. Pneumatic Teel ((Mar.)
May 15 Holders of rec. Apr. 26
Indiana Pipe Line (gnu.)
$1
May 15 Holders of rec. Apr. 26
$1
Extra
1/4 Apr. 1 Holders of roe. Mar. 214
Indian Motecyele, pref. (attar.)
114 Apr. 1 Holders of rec. Mar. 2a
Indian Refining, pref.(quar.)
2
Mar. 30 Mu.28 td Mar.31
Industries Devel. Corp.. pref. (quar.)
Inspiration Consol. Copper Co. (quit.). $1 Apr. 1 Holders of rec. Mar. 146
Instill Utility Investment, Dr. pf.(qua -- *51.37 Apr. 1 *Holders 0 rec. Mar. 16
53c. Apr. 1 Holders of rec. Mar. g
Insurance Securities Co.. Inc
114 Apr. 1 Holder, of rec. Mar. 20
Insuranshares Corp. pref. ((ivar.)
Intercontinental Invest. Corp. com.(Qu.) •25c. Apr. 1 *Holders of rec. Mar.26
•114 Apr. 1 *Holders of rec. Mar.26
Preferred (guar.)
Internat. Business Machines(guar.).- $1.25 Apr. 10 Holders of res. Mar. 22s
Internat.ButtonholeSewingMach.(qu.) _
200. Apr, 1 Holders of rec. Mar. 16
Internal Combustion Engineering pf.(qu) $1.75 Apr. 1 Holders of rec. Mar. 29.
Int. Cont. Invest. Corp.corn.(quer.).-- •25e. Apr. 1
*250. July 1
Common (quiz.)
May 1 Holders of rec. Mar. 30.
Internat. Educational Publishing, pref._ Si
International Equities Corp. cl A (qu.) 8734c. Apr. 1 Holders of roe. Mar. 204
International Germanic Co.. Ltd.
750. Apr. 1 Holders of rec Mar. 22
Participating preferred (quiz.)
Internat. Harvester, new no par (quiz.). 6210 Apr. 15 Holders of rec. Mar. 25a
80c. Apr. 15 Holders of rec. Mar. 254
Internal. Match, corn.(quiz.)
80e. Apr. 15 Holders of roe. Mar. 256
Participating preferred (quiz.)
200. Mar.30 Holders of pee. Mar. is.
Internat. Nickel of Canada,o0m.(qu.) $1.75 May 1 Holders of rec. Apr. 26
Preferred (quar.) No. 1
l3( Apr. 15 Holders of rec. Mar. 23.
Internat. Paper,7% prof.(guar.)
134 Apr. 15 Holders of res. Mar. 254
Sir per cent pref.(quit.)_
Internat. Paper & Power,7% pref.(qn.) 114 Apr. 15 Holders of rec. Mar. 25a
134 Aspr. 15 Holders of rec. Mar. 264
Six per cent pref.(qua?.)
Internat. Projector common (guar.).
- 250. Apr. 1 Holders of me. Mar. 21
$1.75 Apr. 1 Holders of rec. Mar.21
27 preferred (qua?.)
Properties,cl. A (quiz.) - *65c.
International
6234e Apr. 1 Holders of rec. Mar. 15
International Shoe, corn.(quiz.)
Mc. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
•500. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
*50o. June 1 *Holders of roe. May 16
Preferred (monthly)
*600. July 1 *Holders of rec. Juae 15
Preferred (monthly)
•500. Aug 1 *Holders of nso. July 15
Preferred (monthly)
•500. Sept. 1 *Holders of roe. Aug. 15
Preferred (monthly)
*500. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
*500. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*500. Dee. 1 *Holders of me. Nov. 15
Preferred (monthly)
•50e. Jan l'30 *Holders of roe. Dee. 15
Preferred (monthly)
International SliverApr. 1 Holders of rec. Mar. 124
Preferred (quar.)
Apr. 1 Headers of rec. Mar. 154
Interstate Dept. Sta., earn.(qua(1qe. 1)
Apr. 15 *Holders of rec. Apr. 5
$1
Interstate Iron & Steel,corn.(quar.).-... 0
*52 Apr. 1 *Holders of rec. Mar. 15
Intertype Corp., 1st pref. (quar.)
600. Apr. 15 Holders of rec. Doe. 31
Investors Capital Corp., common
Apr. 1 Holders of rec. Mar. 210
$1
Island Creek Coal,corn.(gnu.)
$1.50 Apr. 1 Holders of rec. Mar. 21a
Preferred (quar.)
500 Mar. 30 Holders of rec. Fob. 28
Isle Royale Copper
•300. Apr. 15 *Holders of rec. Mar. 15
Jackson Motor Shaft
Apr. 16 Holders of rec. Mar.30
61
Jewel Tea, corn. (quit.)
Johns-Manville Corp., coin. (quit.).... 750. Apr. 15 Holders of roe. Mar.250
134 Apr. 1 Holders of rec. Mar. Ila
Preferred ((tiara
Joint Security Coil)
fl
May 1 Holders of rec. Apr. 20
Corn.(Payable In corn,stalk)
11
Aug. 1 Holders of rec. July 20
(Payable In corn.stock)
Com •
fl
stock)
Nov. 1 Holders of rec. Oct. 20
Com•(Payable In corn.
750. Apr. 1 Holders of rec. Mar. 15
Jonas & Naumburg Corp.Pref.(quer.)
Jones & Laughlin Steel. Pref. (quiz.)... 114 Apr. 1 Holders of rec. Mar. 13a
$ 1.1214 Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Stove, corn.(quit.)
*114 Apr. 1 *Holders of rec. Mar.20
Stock dividend
Kalamazoo Vegetable Parchment(qu.)._ •150. Mar. 31 *Waders of rec. Mar. 21
•150. June 30 *Holders of rec. June 20
Quarterly
*150. Sept.30 *Holders of rec. Sept.20
Quarterly
*15e. Dec. 31 *Holders of rec. Deo. 21
Quarterly
- 370, Apr, 29 Holders of rec. Apr. 10a
Kaufman Dept. Storm corn. (guar.).
114 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
114
sso.
Name of Company.
[VOL. 128.
Per
Whets
Cent. Payable.
Books Masa
Day( Inclusive.
Miscellaneous (Continued).
Kaufman (Chas. A.) Co., Ltd.(qu.)---- 234 Apr, 1 Holders of reo. Mar.23
Kaynee Co., common (extra)
•12140 Apr. 1 *Holders of rec. Mar. 20
Common (extra)
•12140 July 1 *Holders of rec. June 20
Kaynee Company common (quar)
62140. Apr. 1 Holders of rec. Mar. 20
154 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
Keith-Albee-Orpheuns pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 196
Kelley Island Lime at Trauma (quiz.)... 62140. Apr. 1 Holders of rec. Mar. 22
Kelsey-Hayes Wheel, corn. (quar.)
500. Apr. 1 Holders of rec. Mar. 210
*114 May 1 *Holders of rec. Apr. 19
Preferred (quar.)
Kennecott Copper Corp., new stk.(qv.). 51
Apr. 1 Holders of rec. Mar. 10
Ken Rid Tube & Lamp
.37340 Apr. 1 *Holders of rec. Mar. 20
Clime A (guar.)(No. 1)
Kentucky Rock Asphalt, corn (qu.)400. Apr. 1 Holders of rm. Mar. 15
Corn.(payable In corn, stock)
A
Apr. 15 Holders of rec. Apr. 1
Keystone Steel & Wire coramon (go.) -- .750. Apr. 15 *Holders of rec. Apr. 5
Preferred (quiz.)
*114 Apr. 15 *Holders of rec. Apr. 5
Kimberly-Clark, corn. (quiz.)
•62140 Apr. 1 *Holders of rec. Mar. 12
Preferred (quiz.)
*131 Apr. 1 *Holders of rec. Mar. 12
King Edward Hotel Ltd. common
51.50 Apr. 1 Holders of rec. Mar. 20
Kinney (G. R.) Co., Inc.. com.(quiz.). 250. Apr. 1 Holders of roe. Mar. 210
Kirsch Company pref. (quar.)
*450. Apr. 1 *Holders of me. Mar.20
Knapp-Monarch, pref
81140. Apr. 1 Holders of rec. Mar. 16
Knox Hat, prior pref.(quiz.)
$1.75 Apr. 1 Holders of rec. Mar. 150
Prior preference(Wan)
51.75 July 1 Holders of rec. June 15a
Prior preference (quiz.)
51.75 Oct. 1 Holders of rec. Sept. 160
750 June 1 Holders of rec. May 15a
Participating pref. (quar.)
750 Sept. 3 Holders of ret). Aug. 150
Participating pref. ((mar.)
75o Dee. 2 Holders of rec. Nov. 15a
Participating pref.(quar.)
0
.134 Apr. 1 *Holders of rec. Mar. 11
Koppers Gas & Coke, Pref.(qua?.)
Kraft-Phenix Chews. cont.((Mar.)
87140. Apr. 1 Holders of rec. Mar. 180
1.6214 Apr. 1 Holders of rec. Mar. 186
Preferred (quar.)
400 Mar. 30 Holders of rec. Mar. lie
Kresge (S. S.) Co., corn. (quiz.)
114 Mar. 30 Holders of rec. Mar. 110
Preferred (quiz.)
Kroger Grocery & Baking corn.(quar.).. fli
Apr. 1 Holders of roe. Mar. lla
•114 Apr. 1 *Holders of rec. Mar. 15
First preferred (quar.)
•114 May 1 *Holders of rec. Apr. 16
Second preferred (quar.)
Laboratory Products (quit.)
*500. Apr. 1 *Holders of rec. Mat.20
•e3 Apr. 15 *Holders of roe. Mar.20
Stock dividend
Lake Erie Bolt & Nut (qua?.)
50c. Apr. 1 Holders of rec. Mar.2.3
Lakey Foundry & Mach.
Stock dividend
•e234 Apr. 80 *Holders of rec. Apr. 15
Stock dividend
•e214 July 30 *Holders of roe. July 15
*e214 Oct. 30 *Holders of rec. Oat. 15
Stock dividend
Lambert Company,corn.(quar.)
$2 Apr, 1 Holders of ree. Mar. 18a
•75c. Mar. 31 *Holders of rec. Mar. 20
Landers, Frary & Clark (mar.)
•750' June 30 *Holders of rec. June 19
Quarterly
Quarterly
*750. Sept. 30 *Holders of rm. Sept.20
Quarterly
•750. Dec. 31 *Holders of roe. Dec. 21
Lane Bryant,Inc., COCn.(guar.)
50o. Apr. 1 Holders of roe. Mar. 15
Lane Drug Stores Inc. cony. pi.(dn.)
-- •50c. Apr. 1 *Holders of rec. Mar. 15
La Salle Extension University, pref.(qu.) 114 Apr. 1 Holders of rec. Mar. 21
Lawyer's Mortgage Co.(guar.)
$3.50 Mar.30 Holden of roe. Mar.22
3
Apr. 1 Holders of rec. Mar. 210
Lawyers Title & Guaranty (guar.)
Lawyers Westchester Mtge.& Title(qu.) $2 Apr. I Holders of rec. Mar. 19
*8714c Apr. 1 *Holders of rec. Mar. 15
Leath & Co., pref
Lebanon Finance Corp. Cl. A (quiz.).... *25c. Apr. 3 *Holders of rec. Mar.23
Lehigh Portland Cement corn.(war.)
62340 May 1 Holders of rec. Apr. 13a
114 Apr. 1 Holders of rec. Mar. 146
Preferred (quar.)
Lehigh Valley Coal Sales
90c. Mar. 30 Mar. 16 to Mar. 30
Lehigh Valley Coal Corp. prof.(No.I)75c. Apr. 1 Holders of rec. Mar. 150
Lesalngs. Inc. (quar.)
150. Apr. 1 Holders of rec. Mar. 11
Extra
50. Apr. 1 Holders of rec. Mar. 11
Liberty Baking. pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 25
Liggett & Myers Tobacco, pref.(quar.)- 114 Apr. 1 Holders of me. Mar. Ila
Lincoln interstate Holding Co
16o July 1 Holders of ma June 20
Link Belt Co.
600. June I Holders of rec. May 154
(MAO
Lion 011 Refining, corn. (quar.)
•500. Apr. 27 *Holders of rec. Mar. 29
Locomotive Firebox (quar.)
•350. Apr. 1 *Holders of rm. Mar. 18
Extra
•500. Apr. 1 *Holders of rec. Mar. 18
Loew's, Inc., corn. (guar.)
500. Mar.30 Holders of rec. Mar. 144
London Packing, corn. (quar.)
*750.
Loose-Wiles Biscuit common (quar.)
sac May 1 Holders of rec. Apr. 184
First preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 186
Lord & Taylor, corn.(quiz.)
42.50 Apr. 1 *Holders of roe. Mar. 16
Second preferred (quiz.)
*2
May I *Holders of rec. Apr. 17
Lorillard (P.) Co. pref.(quar.)
114 Apr, 1 Holders of rec. Mar. 154
Lowensteln(M & Sons,Inc., 1st pf.(qu). •134 Mar.30 *Holders of rec. Mar. 30
Ludlow Typograph,coin.(quar.)
50e. Apr. 1 Holders of rec. Mar. 21
Preferred (quiz.
$1.75 Apr. 1 Holders of rec. Mar. 21
Ludlum Steel, corn. (quar.)
500. Apr. 1 Holders of rec. Mar. 204
Preferred (quit.) (No. 1)
1.82% Apr. 1 Holders of rec. Mar. 200
Lunkenheliner Co., pref. (qua?.)
•111 Mar. 30 'Holder, of rec. Mar. 20
Preferred (quar.)
*I% June 29 *Holders of rec. June 19
•134 Sept. 30 *Holders of rec. Sept.20
Preferred (guar.)
•114 Dee. 31 *Holders of rec. Dee. 21
Preferred (quar.)
MacAndrews & Forbes, corn. (quar.)
650. Apr. 1 Holders of rec. Mar. 300
Preferred (quit.)
114 Apr. 1 Holders of rec. Mar. 300
McCall Corp.(quiz.)
May.
Holders of rec. Apr. 204
$I
McCaskey Register, 1st pref.(quar.).. 134 Apr.
Holders of rec. Mar. 25
Second preferred (quiz.)
Holders of roe. Mar. 25
2
Apr.
MeCord Mfg., pref. (quit.)
41.75 Apr.
*Holders of rec. Mar. 20
Debentures stock (quar.)
*50c. Apr.
Holders of rec. Mar. 20
McCord Radiator & Mfg.(quiz.)
*750. Apr.
*Holders of rec. Mar. 25
Macfadden Publications, corn.(special). •100. Apr.
*Holders of rec. Feb. 28
McGraw-Hill Publishing
14 Apr.
Holders of rec. Mar. 200
750. Apr.
McKee(Arthur G.)& Co., cl. A (quit.).
Holders of rec. Mar. 20
McKeeeport Tin Plate (quar.)
51 Apr.
Holders of rec. Mar. 250
McLellan Stores, cl. A & B
•200. Apr.
*Holders of rec. Mar. 20
Preferred (guar.)
•114 Apr.
*Holders of rec. Mar. 20
McQuay-Norris Mfg.(quar.)
500. Apr.
Holders of rec. Mar. 20
Mack Trucks, Inc., corn.(guar.)
$1.50 Mar.3 Holders of rec. Mar. 154
Macy(R H.)ex Co., corn.(quiz.)
500. May 1 Holdem of rec. Apr. 260
Madison Square Garden Co.(quar.)_.. 3734.3 Apr, 1 Holders of rec. Apr. 54
Magma Copper Co.(quar.)
$1.25 Apr. 1 Holders of rec. Mar. 306
Magor Car Corp.. pref.(quiz.)
•154 Mar.30 *Holders of rec. Mar. 22
Mallituma (H.II.) & Co., pref.(quiz.).. 134 Apr. 1 Holders of rec. Mar. 21a
Manhattan Financial Corp. al. A (qua
3714a. Apr. 1 Holders of roe. Mar.20
Class B ((ar.)
100. Apr. 1 Holders of rec. Mar.20
Manhattan Shirt, pref. (quit.)
114 Apr, 1 Holders of rec. Mar. 166
Manning,Bowman & CO.class A (qu.)._ •37340 Apr. 1 *Holders of rec. Mar. 20
Class B (quar.)
•12340 Apr. 1 *Holders of rec. Mar. 20
Manning-Maxwell & Moore (quar.)
134 Apr, 2 Holders of rec. Mar. 31
Mapes Coruna. Mfg.(quit.)
500. Apr. 1 Holders of rec. Mar. 14
Margay Oil Corp.(quar.)
50e. Apr. 10 Holders of rec. Mar. 19
Marion Steam Shovel,common dividend omItt ed.
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Marlin-Rockwell Corp.COM.(guar.)-500. Apr. 1 Holders of rec. Mar. 220
Common (extra)
600. Apr. 1 Holders of rec. Mar. 220
Martel Mills Inc. pref.(quiz.)
$1.75 Apr. 1 Holders of rec. Mar.20
ea 1.1234 Mar.30 *Holders of rec. Mar.
Maryland Casualty(quer.)
15
Mangey-Harris Co.. Ltd., corn.(qu.)
750. Apr, 15 Holders of ree. Mar.
Mathieson Alkali Works, corn.(quar.).. $1.60 Apr. 1 Mar. 18 to Mar.30
26
Corn. (stock div.-3 shame for 1)...
(/)
Preferred (quit.)
134 Apr. 1 Mar. 16 to Mar.28
Maud Muller Candy
250. Apr. 1 Holders of roe. Mar. 15
Maytag Co.. corn.(quiz.)
3714e Apr. 1 Holders of roe. Mar. 16.
Mead Johnson & Co., corn.(guar.)
•750. Apr. 1 *Holders of rec. Mar. 15
Mead Pulp et Piper, corn.(qua?.)
*El Apr. 15 *Holders of rec. Apr. 1
Merchants & MinersTransportation(qu) *6214c Mar.31 *Holders of rec. Mar. 13
Merchants Petroleum (quar.)
•2 Apr. 19 *Holders of rec. Mar. 31
Extra
•2 Apr. 19 *Holders of tea. Mar. 31
Merck Corp. pref.(qua?.)
$1
Apr. 1 Holders of rec. Mar. 18
Mergenthaler Linotype (guar.)
$1.25 Mar. 30 Holders of rec. Mar. els
Extra
500. Mar.80 Holders of rec. Mar. 60
Merrimack Chemical (quit.)
•$1.25 Mar.30 *Holders of rec. Mar. 16
Metal & Mining Shares, corn
300. Apr. 1 Holders of rec. Mar. 15
Prefrred (quiz.)
750. Apr. 1 Holders of rec. Mar. 15
Metropolitan Paving Brick, pref.(quar.) 114 Apr. 1 Holders of rec. Mar.15
Meyer-Blanke Co.common (quiz.)
31140. Apr. 10 Holders of rec. Apr. 1
Preferred (quar.)
I% Apr. 1 Holders of ree. Mar. 20
Michigan Steel Tube Prod.. corn
•37110 Apr. 1 *Holders of rec. Mar. 20
MAR. 30 1929.]
Name of Company.
2045
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
Miscellaneous (Continued).
*450. Apr. 1 *Holders of rec. Mar. 20
Ontario Mfg.(quar.)
Apr. 1 Holders of rec. Mar.22
Midland Steel Products, corn. (guar.). $1
*15c. Apr. 1 *Holders of repo. mar. 20
Extra
48e. Apr. 1 Holders of rec. Mar. 22
Common (extra)
Orange Crush, Ltd., let Pref.(quar.).. 13' Apr. 1 Holders of req. Mar.20
Apr. 1 *Holders of rec. Mar.22
*$2
Preferred (guar.)
50e. Apr. 1 Holders of rec. Mar.20
Secondpreference (quar.)
Apr. 1 *Holders of rec. Mar.22
(extra)
*31
Preferred
2
Apr. 1 Holders of rec. Mar. 19e
Orpheum Circuit, pref.(guar.)
75e. Apr. 1 Holders of rec. Mar. 12
Midvale Company (guar.)
$1.50 Apr. 15 Holden, of rec. Mar. 30a
Otis Elevator common (guar.)
111 Apr. 1 Holders of rec. Mar.25
milgrim (H.)& Bros., Inc. pf.(qua
134 Apr. 15 Holders of rec. Mar. 30a
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 15
"87%c
Miller & Hart, Inc., cony. pref.
134 July 15 Holders of rec. June 29a
Preferred (guar.)
500. Apr. 1 Holders of rec. Mar. 16
Miller (I) & Sons. corn. (guar.)
114 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
40c. Apr. 1 Holders of rec. Mar.20
Miller Wholesale Drug (guar.)
134 J'n15'30 Holders of rec. Dec. 316
Preferred (guar.)
Mlnneapolls-Honeywell Regulator
111 Apr. 1 Holders or rec. Mar. 19a
Otis Steel, prior pref. (quar.)
*51.25 Aug. 15 *Holders of rec. Aug. 3
Common
$1
Apr. 1 Holders of rec. Mar. 16a
•15i May 1 *Holders of rec. May 1
Owens Bottle,corn.(guar.)
Preferred (quar.)
*500. May 15 *Holders of rec. Apr. 30
Pacific Associates(guar.)(No.1)
Aug. 1 *Holders of rec. Aug. 1
Preferred (quar.)
*Holde
.87H3 Nu 1 'Holders of roe. Apr. 15
"
250.
Pacific Coast Biscuit, cons.(qua
*111 Nov.1 *Holders of rec. Nov. 1
Preferred (guar.)
1 *Holders of rec. Apr. 15
Preferred (quar.)
Mitchell(3.5.) Co., Ltd., pref.(guar.). 111 Apr. 2 Holders of rec. Mar. 15
"500. Apr. 15 "Holders of rec. Mar. 31
Pacific Equities (guar.)
Holders of rec. Mar. 15
Mock, Judson & Voehringer, pf.(qua- 11( Apr.
*leo. Apr. 15 *Holders of rec. Mar. 31
Extra
62)4e Mar. 31 Holders of rec. Mar. 9a
Mohawk Carpet Mills (guar.)
*$1.50 Apr. 1 *Holders of rms. Mar.20
Pacific Indemnity Co.(No. 1)
Mar. 16 to Mar.31
13 Apr.
Mohawk Rubber, pref. (guar.)
250. Mar.30 Holders of rec. Mar. 126
Packard Motor Car (monthly)
Holders of nsc. Mar. 15
87Mc Apr.
Monroe Chemical, corn.(guar.)
25e Apr. 80 Holders of rec. Apr. 126
Monthly
Holders of rec. Mar. 15
8714c Apr.
Preference (quar.)
250 May 31 Holders of ree. May lba
Monthly
*Holders of rec. Mar.20
'62340 Apr.
Monsanto Chemical Works(guar.)
500 May 31 Holders of rec. May Ila
Extra
*Holders of rec. Mar.20
*e10 Apr.
• Stock dividend
Apr. 1 Holders of rec. Mar.20
$1
Page-Hershey Tubes corn.(qUara
*Holders of rec. Mar.20
Montgomery Ward & Co.,class A (qu.)_ *$1.75 Apr.
111 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
*373ic
Montroy Investment Co.(quar.)
750 Apr. 1 Mar. 16 to Apr. 1
Paragon Refining, pref.(guar.)
*250. Apr. 1 *Holders of rec. Mar. 15
Moon Corp., Ltd.(guar.)(No. 1)
600 Apr. 1 Holders of rec. Mar. 19
Paramount Cab Mfg.(quar.)
*1/i Apr. 1 *Holders of rec. Mar. 15
Preferred A (guar.)(No. 1)
Paramount Famous Lasky Corporation
*114 Apr. 1 *Holders of rise. Mar. 15
Preferred B (quar.)(No. 1)
75e. Mar.30 Holden of req. Mar. 86
(quar.)
common
Morgan Lithograph-April dividend om itted
750. Apr. 14 Holders of ree. Mar.28
Park & Tilford (stock diva (guar.)
Morgans, Inc., cl. B dividend passed
Cl Apr. 14 Holders of rec. Mar.29
Stock dividend(guar.)
250. Apr. 15 Holders of rec. Apr. 2a
Morris (Philip) & Co.,Ltd.(quar.)
20e. Apr. 10 Holders of rec. Mar. 196
Park-Utah Consol. Mime (guar.)
.600. Apr. 1 'Holders of rec. Mar.28
Morris Plan of N. Y., new stk. (guar.). 4
*250. Mar.31 *Holders of rec. Mar. 18
Parke, Davis Co.(guar.)
*150. Apr. 2 *Holders of rec. Mar. 15
Morristown Securities(guar.)
*1003. Mar.31 *Holders of rec. Mar. 18
Extra
nee. Apr. 2 *Holders of tee. Mar. 15
Extra
6231e. Apr. 1 Holders of rec. Mar.24
Pedigo-Weber Shoe (quar.)
Mar.30 Holders of rec. Mar.25
2
-Bond Co.(guar.)
Mortgage
250. Apr. 1 Holden of rec. Mar. 15
Pander(D.) Grocery Co.,class B (qn.)
*20. Apr. 15 *Holders of rec. Mar. SO
Mountain & Gulf 011(guar.)
250. Apr. 1 Holders of rec. Mar. 15
Class B (extra)
65e. Apr. 1 Holders of rec. Mar. 15
Mountain Producers(guar.)
111 Apr. 1 Holders of rec. Mar. 15a
Penick & Ford, Ltd., pref.(guar.)
Mt. Royal Hotel Co., Ltd., pref. (qua - 134 Apr. 1 Holders of rec. Mar.15
May 15 Holders of rec. May 6
$1
Penmans, Limited. corn. (guar.)
Muncie Gear Co.class A (guar.)(No. 1) "50e. Apr. 1 "Holders of ree. Mar. 15
134 May 1 Holders of rec. Apr. 22
Preferred (Quara
*500. July 1 *Holders of rec. June 15
Class A (quay.)
Penney (J. C.) Co.6% pref.(guar.)._ *134 Mar.30 *Holders of rec. Mar.20
*Mks Oct. 1 *Holders of rec. Sept.15
Class A (guar.)
$1.25 Apr. 15 Holders of rec. Mar. be
Pennsylvania Salt Mfg.(guar.)
*50o. Jan 110 *Holders of rec. Dee. 15
Class A (guar.)
*250. Apr. 1 *Holders of rec. Mar. 8
Peoples Drug Stores, corn
Apr. 2 *Holders of ree. Mar.22
*2
Murphy (G. C.) Co.. pref. (quar.)
*50e. Apr. 1 *Holders of rec. Mar.20
Perfect Circle (guar.)
21
July 2 *Holders of rec. June
*2
Preferred (guar.)
*37340 Mar.81 *Holders of rec. Mar. 18
Perfection Stove (monthly)
Oct. 2 *Holders of rec. Sept.21
*2
Preferred (guar.)
'87)40 Apr. 3 *Holders of rec. Apr. 18
Monthly
50o. Mar.30 Holders of roe. Mar. 15
Myers (F. E.) & Bros., corn. (quar.).
*37340 May 31 *Holders of rec. May 17
Monthly
Preferred (guar.)
$1.50 Mar.30 Holders of rec. Mar. 15
*37140 June 30 *Holders of rec. June 18
Monthly
*75e. Apr. 1 *Holders of ree. Mar. 15
Nachman Springfield Corp. (quar.)
*87110 July 31 *Holders of rec. July 18
Monthly
Apr. 1 Holders of rec. Mar.22
Nashua Mfg., pref. (qua?.)
13'
*37140 Aug. 31 *Holders of rec. Aug. 16
Monthly
500. May 1 Holders of rec. Apr. 15
National American Co. (guar.)
*37340 Sept.30 *Holders of rec. Sept.18
Monthly
Nat. Baneservice Corp.(guar.)
"21 25 Apr. 1 *Holders of rec. Mar. 15
*37340 Oct. 31 *Holders of rec. Oct. 17
Monthly
25e. Apr. 15 Holders of rec. Mar.200
Nat. Belles Hess(guar.)
*37140 Nov.80 *Holders of rec. Nov.18
Monthly
el Apr. 15 Holders of rec. Mar.206
Stock dividend (guar.)
*3734e Dec. 31 'Holders of rec. Dee. 18
Monthly
July 15 Holders of rise. July la
el
Stock dividend (guar.)
37340 Apr. 1 Holders of rec. Mar. 116
Oct. 15 Holders of rec. Oct. la Pet Milk,corn.(guar.)
el
Stock dividend (guar.)
IM Apr. 1 Holders of rec. Mar. 11
Preferred (qua?.)
Ja.15'30 Holders of rec. Jan.2'30a
el
Stock dividend (guar.)
Apr. 1 Holders of rec. Mar.25
1
Nat Belles-Hess, new corn.(qu.)(No.1) 250. Apr. 15 Holders of rec. Mar. 200 Petroleum Royalties (monthly)
34 Apr. 1 Holders of rec. Mar.25
Extra
25c. July 15 Holders of rec. July la
New common (qua?.)
(gum) '13' Apr. 1 *Holders of res. Mar.28
250. Oct. 15 Holders of rec. Oct. la Pettibone Milliken & Co.. Pref.
New common (guar.)
'22.50 Apr. 1 *Holders of rec. Mar.15
250. Jan. 15 Holders of rec. Jan.2'30a Phelps Dodge.Corp.(qua?.)
New common (guar.)
National Biscuit,corn.(guar.)
51.50 Apr. 15 Holders of rec. Mar.29a Philadelphia Dairy Products. pr.pf.(q1.) 51.6234 Apr. 1 Holders of rec. Mar.20
250. Apr. 15 Holders of rec. Apr. 2
& Co., Ltd.(guar.)
21 Apr. 1 Holders of rec. Mar. 15
Philip Morris
National Breweries, Ltd..corn.(quiz.)
40a. Apr. 1 Holders of rec. Mar. 2041
Philippe (Louis) Inc.. cl. A (guar.)
1.54 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
4311c Apr, 1 Holders of rec. Mar. 12
Phillips Petroleum Co.. corn.(QUM.) -- 117340. Apr. 1 Holders of rec. Mar. lee
National Candy. corn. (guar.)
First and second preferred Mara ---- 114 Apr. I Holders of rec. Mar. 12
Pick (Albert)& Barth & Co., pref.(qu.) *111 Apr. 1 *Holders of rec. Mar. 15
373.40 Apr. 1 Holders of rec. Mar.20
200. Apr. 2 Holders of rec. Mar. 11
Nat. Cash Credit Assn., corn.(quar.)
Plekrel Walnut Co.((Mara
- 50o. Apr. 1 Holders of rec. Mar.15
Corn.(stk. div. 3-100 share corn. stk.) (f) Apr. 2 Holders of rec. Mar. 11
Pie Bakeries of Amer., class A (guar.).
111 Apr. 1 Holders of rec. Mar.15
150. Apr. 2 Holders of rec. Mar. 11
Preferred (quar.)
Preferred (guar.)
37340 Apr. 1 Holders of rec. Mar. 15
200. Apr. 2 Holders of rec. Mar. 11
Preferred (extra)
Pierce Governor Co.((Mara
*500. Apr. 1 *Holders of rec. Mar. 16
(qua?.)
Apr. 2 Holders of rec. Mar. 11
Pref. (stk.(11v. 3-160 share pf. stk.).Pittsburgh Plate Glass.corn.
Apr. 1 *Holders of rec. Mar.25
-We Apr. 15 Holders of rec. Mar.290 Pittsburgh Steel. corn.((Mara
Nat. Cash Register, class A (qua?.)
*131 Apr. 1 *Holders of rec. Mar. 1
May 15 *Holders of rec. May 1
4
12
National Casket, common
Pittsburgh Steel Fdy., pref. (quar.)
37340 Apr. 1 Holders of rec. Mar. 20
May 15 *Holders of rec. May 1
Common (payable in common stock).
Polymet Mfg.common (guar.)
134 Apr. 10 Holders of rec. Mar.206
•111 Mar.30 *Holders of ree. Mar. 15
Preferred (qua?.)
Porto Rico Amer.Tobacco,CIA (qua
750, Apr, 1 Holders of rec. Mar. 46 Prairie Pipe Line. new $25 par stk.(qua - 75e. Mar.30 Holders of rec. Feb. 286
Nat. Dairy Products, corn.(mar.)
500. Mar.30 Holders of rec. Feb. 28a
Apr. 1 Holders of rec. Mar. 46
fl
Corn. (payable In corn. stock)
Extra
*51 Apr. 1 *Holders of rec. Mar. 15
July 1 Holders of rec. June 3a
Common (payable in common stk.).- fl
Pratt & Lambert& Co., corn.((Man)
60. Apr. 4 Holders of rec. Mar. 14
Oct. 1 Holders of rec. Sept. 3a
Common (payable in common stock). 11
Premier Gold Mining
111 Mar.30 Holders of rec. Mar. la
*111 Apr. 1 *Holders of rec. Mar. 4
Preferred A & B (quar.)
Pressed Steel Car, pref.(guar.)
34 Apr. 1 Holders of rec. Mar. 15
(qua?.)
(stock diva-- el00 May 20 Holders of roe. Apr. 25
National Dairy Products
Price Bros. Co., Ltd.. pref.
111 Apr. 1 Holders of rec. Mar. 15
62140. Apr. 15 Holders of rec. Apr. 1
National Fireproofing. pref. (quar.)
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 250
2
*72340 Apr. 15 *Holders of rec. Apr. 1
Preferred (extra)
Procter & Gamble Co.8% Pt.(Quar.)
500. Apr. 15 Holders of rec. Mar.314
62340. July 15 Holders of rec. July 1
Preferred (guar.)
Pro-au-lac-tic Brush. corn.
6234e. Oct. 15 Holders of rec. Oct. 1
1.)
Preferred (guar.)
Public Sec. Bond&Mtge.COrP.,PL(q1 - $1.75 Apr. 1 Holders of rec. Mar.25
114 Apr. 1 Holders of rec. Mar. 10
*250. Apr. 1 *Holders of rec.dMar.30
National Fuel Gas ((roar.)
Pure Oil Co.,534% pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 10
*2
Apr. 1 *Holders of rec Mar. 16
National Grocers. Ltd. pf.(quar.)
Six per cent preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
2
$1.25 Mar.30 Holders of rec. Mar. 15a
preferred (qua?.)
National Lead,eons.(guar.)
Eight per cent
Apr. 15 *Holders of rec. Apr. 1
$1.50 May 1 Holders of rec. Apr. 190 Quaker Oats, corn.(quar.)
*51
Class B preferred (qua?.)
1M Mar.30 Holders of ree. Mar. 18
AM. 15 *Holders of rec. Apr. 1
124
National Locorlce, pref. (qua?.)
Common (special)
(f) Apr. 20 *Holders of rec. Apr. 1
Apr. 1 Holders of rec. Mar. 15
$2
National Refining (guar.)
Corn.(In corn.stk.. one new for ea. 25)
*134 May 1 *Holders of rec. May 31
*50e. Apr. 15 *Holders of ree. Mar. 20
Nat. Rubber Machinery (No. 1)
Preferred (quiz.)
500. Apr. 15 Holders of rec. Apr. 1
*75c. Apr. 1 *Holdres of rec. Mar. 20
National Standard Co.(quar.)
Q. R. B. Co.. corn. (guar.)
111 Apr. 15 Holders of rec. Apr. 1
5003. Apr. 2 Holders of res. Mar.20
National Steel Car (guar.)
Preferred (quar.)
*80c. Apr. 1 *Holders of rec. Max. 15
50e. Apr. 1 Holders of rec. Mar. 4
National Sugar Refining (qua?.)
Raybestos Company common
111 Mar.30 Holders of rec. Mar. 20a Real Silk Hosiery Mills. pref. (qua?.)-.- 111 Apr. 1 Holders of rec. Mar.136
National Supply. pref.(quar.)
350. Apr. 1 Holders of roe. Mar. lb
$1.25 Apr. 1 Holders of rec. Mar. 180 Reaps Buttonhole Mach (guar.)
National Surety ((Mara
Sc. Apr. 1 Holders of rec. Mar.15
3734e Apr. 1 Holders of rec. Mar. 14a Reece Folding Mach.(quar.)
National Tea, new corn.(guar.)
'134 Apr. 1 'Holders of rec. Mar.20
Nat. Trade Journal, Inc., corn.((Ma --- 6234c Apr. 2 Holders of rec. Mar.22
Regal Shoe, pref. (quar.)
Apr. 1 Holders of rec. Mar.22
Naumkeag Stearn Cotton Co.(guar.)
-- $3
Refs (Robert) &
1st pref.(qua?.)-- 131 Apr. 1 Holders of ree. Mar.256
6234c Apr. 1 Holders of ree. Mar.15
411.31 Apr. 1 *Holders of ree. Mar. 15
Mehl Corporation, 1st Pref.(guar.)
Reliance Mfg.(guar.)
Co..
•50c. Apr. 1 *Holders of rec. Mar. 19
•111 Apr. 1 *Holders of rec. Mar.20
Nelson (Herman) Corp.(gusra
Remington Arms, 1st pref. (quar.)
750. Mar. 30 Holders of rec. Mar. 15a Remington Rand Co.. Inc. 1st pf.((Ma - 111 Apr. 1 Holders of rec. Mar. 8a
Nevada Consol. Copper Co.((Mara
"400. Apr. 1 *Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 80
2
Newberry (J. J.) Co., cons.(guar.)
Second preferred (guar.)
"1.2140 Apr. 15 *Holders of ;loc. Mar.30
New Bradford Oil (qua?.)
Remington Typewriter. corn. (guar.) - "21.25 Apr. 1 *Holders of rec. Mar. 80
Apr. 1 *Holders of rec. Mar. 80
*$4
N.J.Co-Oper. Finance Corp.. pt.(No.1) 1734c Apr. 1 Holders of sec. Mar. 20
Common (extra)
$1
Apr. 15 Holders of rec. Mar. 30
*111 Apr. 1 *Holders of two. Mar. 8a
Newmont Mining (guar.)
First preferred (quar.)
"75c. Mar. 31 *Holders of rec. Mar.20
Apr. 1 *Holders of rec. Mar. 86
*2
Newton Steel, new tom.(qua (No. 1)
Second preferred (quar.)
'1)4 Apr. 30 *Holders of rec. Apr. 5
20e. Apr. 1 Holders of rec. Mar. Ila
Preferred (guar.)
Roe Motor Car (guar.)
Mc. May 1 Holders of rec. Apr. 4a
20c. Apr. 1 Holders of ree. Mar. Ila
New York Air Brake (guar.)
Extra
Apr. 1 *Holders of rec. Mar. 9
Republic Brass Corp., class A (qua?.)... "21
N.Y.& London Management pt.(No.1) *750. Apr. 1 *Holders of rec. Feb. 19
5
Apr. 1 Holders of rec. Mar,22
Republic Iron & Steel, pref. (guar.)
N.Y.Title & Mortgage (quar.)
-- 134 Apr. 1 Holders of rec. Mar. lla
1
Apr. 1 Holders of rec. Mar.22
Reynolds(R.J.) Tob.,com.& com.B(qu) 60c. Apr. 1 Holders of rec. Mar. 180
Extra
43110 Apr. 1 Holders of rec. Mar.20
111 Apr. 1 Holders of rec. Mar. 15
Rice-Stix Dry Goods, corn.(guar.)
Nichols Copper Co., class A (guar.) _.
Holders of rec. Mar. 15
"750. May 1 *Holders of rec. Feb. 1
tery
a.
37
1
First preferred (quar.)
Class B
34c.Holders of rec. AM. 15
.
0750. Nov. 1 *Holders of rec. Feb. 1
preferred (guar.)
ClassB
Second
'8734c Apr. 1 *Holders of rec. Mar.30
$1.20 AM. 2 Holders of rec. Mar. 16
Richmond Radiator. pref. (qua?.)
Nickel Holding Corp., cons.(No.
*134 Mar.30 *Holders of rec. Mar.20
25e. Apr. 1 Holders of rec. Mar.206
Nilee-Bement-Pond, pref. (quar.)
Rigney &
pref.,(quara
*134 June 29 *Holders of roe. June 19
July 25 Holders of rec. July 56
$1
Co..
Rio Grande 011
Preferred (guar.)
7140. Apr. 20 Holders of rec. Mar. 30
Hold. of rec. Jan. 5'30
(r)
$1
mipiesing Minas(guar.)
Rio Grande Oil
edIM Apr. 25 *Holders of rec. Apr. 5
rStock dividend
North Amer.Car Corp.. corn.(guar.)... *13234c Apr. 1 *Holders of rec. Mar. 28
Oct. 25 *Holders of rec. Oct. 5
edl
*$1.50 Apr. 1 *Holders of ree. Mar.26
rStock dividend
Preferred (quar.)
Ritter Dental Mfg..corn.(qu.)(No.1)-•5234c Apr. I
North Amer.Investment.6% pf.(guar.) 134 Apr, 20 Holders of rec. Mar. 31
111 Apr. 20 Holders of rec. Mar.31
*45e. Apr. 1 *Molders of rec. Mar. 20
Ross Gear & Tool tom.(quar.)
514% preferred (guar.)
250. Apr. 1 Holders of rec. Mar. 18
Royal Baking Powder, corn.(quar.)-___
North Amer. Investors Corp. corn.(qu.) 250. Apr. 1 Holders of rec. Mar. 15
114 Apr. 1 Holders of rec. Mar. lfa
62340. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Five per cent cony. stk.(guar.)
*10c. Apr. 1 *Holders of rec. Mar.20
14 May 15 Holders of rec. May 100
Royalty Corp. of Amer., par. pf.(extra)
North American Oil, corn
*623jo Apr. 15 *Holders of rec. Mar. 2t
Humidor Corp.. tom (mar.)
North American Provision, pref.(gy.)_ •134 Apr. 1 *Holders of res. Mar. 9
Apr. 1 *Holders of rec. Mar. 15
*52
Safety Car Heat & Lts.(quar.)
Central Texas 011, pref.(guar.) *1.62M Apr. 1 Holders of refs. Mar. 11
North
11 Apr. 1 Holders of rec. Mar.20
111 Apr. 1 Holders of rec. Mar. 18
Safeway Stores, Inc., corn. (guar.)
North Star 011 & Ref.. pref. (quar.)-134 Apr. 1 Holders of rec. Mar.200
114 Apr. 1 Holders of req. Mar.20
6% preferred (guar.)
Northeastern Surety (quar.)
114 Apr. 1 Holders of rec. Mar.20a
19e. June 1
Northern Manufacturing.Pref.(guar.)
7% Pref. (qua?.)
50e. June 20 June 8 to June 20
19e. Sept. 1
St. Joseph Lead Co.(quar.)
Preferred (guar.)
to June 20
250. June 20 June 8
190. Dec. 1
Extra
Preferred (guar.)
50e. Sept.20 Sept. 10 to Sept.20
Quarterly
Northern Paper Mills,common(guar.) _ *1500. Mar.80 *Holders of rec. Mar. 15
25e. Sept.20 Sept.10 to Sept.20
- $1.75 Apr. I Holders of rec. Mar.23
Extra
Novadel-Agene Corp.. pref. (guar.).
Apr. 2 Holders of rec. Mar.20
$2
St. Lawrence Paper Mills. pref. (qu.).__ 134 Apr. 15 Holders of rec. Mar.28
Ogilvie Flour Mills, corn. (guar.)
14 Mar.30 Holders of rec. Mar. 156
*2
Apr. 1 *Holders of rec. Mar. 20
St. L. Rocky Mt.& Pao. Co.. com.(qua
Ohio Leather. 1st pref.(guar.)
131 Mar.30 Holders of ree. Mar.156
*114 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Second preferred (guar.)
111 Apr. 1 Mar. 16 to Mar.31
St. Louis Screw &Bolt,com.(gear.)--- *25c June 1 *Holders of roe. May 25
Ohio Seamless Tube, pref.(guar.)
*40e. Apr. 1 *Holders of rec. Mar.20
St. Maurice Valley Corp.. pref.(qu.)_. 134 Apr. 1 Holders of rec. Mar. 15
Ohio Wax Paper (guar.)
750 Apr. 1 Holders of rec. Mar. 15
75e. Apr. 15 Holders of rec. Apr. ea St. Regis Paper, corn.(guar.)
Oil Shares, Inc.. pref. (guar.)
111 Apr. 1 Holders of rec Mar 15
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
2
Omnibus Corp.,Pref.(qua?.)
2046
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company
[VOL. 128.
Per
When
Cent. Payable.
Books Closed
Days Inelustve.
Miscellaneous (Co)scluded).
Miscellaneous (Continued,
Salt Creek Consol. 011 (quar.)
100. Apr. I Holders of rec. Mar. 15
Thompson-Starrett new pf.(qu.)(No.1) 87340. Apr. 1 Holders of rec. Mar. 12
Sandrufky Cement (quar.)
Apr. 1 Holders of rec. Mar. 25
$2
Tide Water Associated Oil, pref.(quar.)_
134 Apr. 1 Holders of rec. Mar. 16
Sangamo Electric Co.(guar.)
'50c. Apr. 1 *Holders of rec. Mar. 11
Tide Water Oil, corn. (quar.)
20c. Mar. 30 Holders of rec. Mar. 166
Santa Cruz Portland Cement (quar.)..
"El Apr. 1 "Holders of rec. Mar. 21
Timken-Detroit Axle (quar.)
15e. Apr, 1 Holders of rec. Mar.20a
Sarnia Bridge class A (quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Extra
Sc. Apr. 1 Holders of rec. Mar. 20a
Savage Arms, 2d pref. ((Mar.)
*$1.60 May 15 *Holders of roe. May 1
Tobacco Prod. Corp. corn.($20 par)(lu.)
35e. Apr. 15 Holders of roe. Mar. 250
Schlesinger(B.F.)& Sena. Inc.. A.(qu.) *3734c Apr. 1 *Holders of rec. Mar. 15
Common ($100 par) (quar.)
134 Apr. 15 Holders of rec. Mar.250
Preferred (qual.)
•134 Apr. 1 *Holders of rec. Mar. 15
Tonopah Mining of Nevada
754c Apr. 20 Mar. 31 to Apr. 7
Schoenernan (J.) Inc. let pfd.(quar.)--- 1% Apr. 1 Holders of rec. Mar. 21
Tooke Bros., Ltd., pref. (quar.)
134 Apr. 15 Holders of rec. Mar. 30
Schulte Retail Stores pref. (quar.)
2
Apr. 2 Holders of rec. Mar. 120 Toro Mfg. (guar.)(No. I)
•35c. Apr. 1 Holders of rec. Mar. 25
Schulte United 50. to Si Stereo
Torrington Company (guar.)
75e. Apr. 1 Holders of rec. Mar. 20
Preferred (quar.) (No. 1)
$1.75 Apr, 1 Holders of rec. Mar. 20
Transamerica Corp.(quar.)(No. 1)- - - •21 Apr. 25 Holders of rec. Apr. 5
Scott Paper, corn.(quar.)
35e. Mar. 30 Holders of rec. Mar. 150
Stock dividend
"01
Apr. 25 *Holders of rec. Apr. 5
Corn.(in stk.sub), to stkhrs.'approv.) f2
June 30
Traveler Shoe common (quar.)
•3734c Apr. 1 *Holders of rec. Mar. 12
Corn.(In stk.sub), to stkhrs.' approv.) 12
Dee. 31
Traymore Limited. pref. (quar.)
134 Apr. 1 Holders of
Scott Paper Co. 7% ser. A pref. (qu.)_ _
May 1 Holders of rec. Apr. 16a Tr-Continental Corp.8% prof. Mara - 134 Apr. 1 Holders of rec. Mar. 20
15
rec. Mar. 15
6% series B pref. (quar.)
1% May 1 Holders of rec. Apr. 16a 'Frico Products (quar.)
% Apr. 1 Holders of rec. Mar. 15
&mill Mfg.(guar.)
•75c. Apr. 1 *Holders of rec. Mar. 22
Truscon Steel common (quar.)
30c. Apr, 15 Holders of rec. Mar. 260
Scullin Steel pref. (quar.)
750. Apr. lb Holders of rec. Mar. 30
Tublze Artificial Silk. corn. B V. t. 0
-- •$2.50 AM*.
Holders of rec. Mar. 20
Seagrave Corp. (quar.)
y300. Apr. 20 Holders of rec. Mar. 30a Underwood-Elliott-Fisher Co.,com.(qu.) El
Mar. 30 Holders of roe. Mar. 120
Sears, Roebuck & Co
Preferred and preferred B (quar.)_ __- $1.75 Mar. 30 Holders of ree. Mar. 12a
Quarterly (payable in stork) _
el
I Holders of rec Apr. 13e
May
Union Carbide & Carbon (quar.)
$1.50 Apr. 1 Holders of rec. Mar. la
Second General Amer.Investors. pf.(qu.) *31.50 Apr. 1 *Holders of rec. Mar. 15
Union Metal Mfg., corn. (quar.)
50c. Apr. 1 Holders of rec. Mar. 25
Second Inter. Secur. Corp.. com. A (au.)
500. Apr. 1 Holders of ree. Mar. 15
Common (extra)
25c. Apr. 1 Holders of rec. Mar. 25
First preferred (mar.)
75c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 20
Second preferred ((Plan)
750. Apr. 1 Holders of rec. Mar. 15
Union Steel Casting, pref. (qua.?.)
$1.75 Apr. 10 Holders of rec. Apr. 1
Second National Investors $5 pref.(Cluj_ 11.25 Apr. 1 Holders of rec. Mar. 150 Union Tobacco, class A (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Securities Management Corp.,cl. A (qu.) 134 Apr. 15 Holders of rec. Apr. 1
Union Twist Drill. corn. (quar.)
"25c. Mar. 30 Holders of rec. Mar. 22
Class B and C (quar.)
25c. Apr. 15 Holders of rec. Apr. 1
Preferred (quar.)
*134 Mar. 30 Holders f rec. Mar. 22
Sefton Mfg.. pref. (mar.)
'134 Apr. 1 *Holders of rec. Mar. 22
Unit Corp of Amer, pref.(guar.)
50c. Apr.
Holders of me. Mar. 20
&Merlins Rubber, pref.(quar.)
Apr. 1 Holders of rec. Mar. 20
2
United Aircraft & Tramp. pt. A (qu.) -- '75e. Apr.
*Holders of rec. Mar. 9
Selby Shoe, pref.(User.)
134 May 1 Holders of rec. Apr. 15
United Biscuit, pref.(mar.)
134 May
Holders of rec. Apr. 176
Selected Industries allot. Ws. 50% pd._ •63.4c Apr. 1 'Holders of rec. Mar. 15
United Cigar Stores of Am.corn.(qu.)- 25c. Apr.
Holders of rec. Mar. 8a
Selected Industries. Inc., prior stk.(qu.)$ 1.37% Apr. 1 Holders of rec. Mar. 15
United Diversified Securities. pf. (qu.).
44e. Apr.
Holders of rec. Mar. 20
Sellers(G.I.) & Sons Co., pref.((Mar.).134 Apr. I Holders of rec. Mar. 14
United Dyewood Corp.. pref.(qual.)... 134 Apr.
Holders of rec. Mar. 130
Separate Units Inc.(quar.)
$1
Apr. 1 Holders of rec. Mar. 20
United Fruit(guar.)
$1
Apr.
Holders of rec. Mar. 20
Extra
25e. Apr. 1 Holders of rec. Mar. 20
Stock dividend (1-20th share)
(e) Apr.
Holders of roe. Mar. 26
Service Station Equip., Ltd.. A & B (qu.)
40c. Apr. 1 Holders of rec. Mar. 15
United Hotels of America, pref. (quar.).
134 Apr.
Holders of rec. Mar. 20
Class A & B (extra)
be. Apr. 1 Holders of rec. Mar. 15
United Milk Crate class 13 (qual.)
•400. Apr.
*Holders of rec. Mar. 15
Shaffer Oil& Refg. pref.(quar.)
134 Apr. 25 Holders of rec. Mar. 31
,
ted rane lo.tard rupf foliar
El 50 Apr. 1, Holders of rea tot to
Shafer Co., class A (quar.)
'50c. Apr. 1 *Holders of rec. Mar. 21
United Paper Box, cl. A (qu.)(No. 1) _ *40c. Apr.
*Holders of rec. Mar. 20
Sharp & Dohme,Inc.. pref.(quar.)
$1.75 Apr. 1 Holders of rec. Mar. 22
United Piece Dye Wks.,pref.(quar.)___
134 Apr.
*Holders of roe. Mar. 20
Shattuck (Frank)(l) Co.(quar.)
*50c. Apr. 10 'Holders of rec. Mar. 20
•1% July
Preferred (quar.)
*Holders of rec. June 20
&matter(W. A.) Pen Co. (guar.)
El
Sept. 19 Holders of rec. Aug. 27
Preferred (quar.)
34 Oct.
*Holders of rec. Sept.20
Sheffield Steel,corn.(guar.)
*50c. Apr. 1 *Holders of rec. Mar 21
'1)4 Jan2'30 *Holders of ree. Dec. 20
Preferred (quar.)
Preferred (quar.)
*134 Apr. 1 *Holders of me. Mar. 21
United Profit Sharing, prof
50c. Apr. 30 Holders of rec. Mar. 30
Common (In corning() Stock)...
i
Apr
I *Holders of rev Mat 21
United Securities, Prof. (quar.)
134 Apr. 2 Holders of roe. Mar. 15
Common (payable In common stock). *fl
July I •Hohlers of roe June 20
United Share Coll).
Common (payable In common stook). eft
Oct
lioldsrs
I,
roe clept 20
Common stock tr. shares ser. A-1-.490. Apr. 1
Shell Union Oil Corp., corn.(quar.)
350. Mar. 31 Holders of rec. Mar. ea United Shoe Machinery common (qu.)_ _ 6234c Apr. 5 Holders of rec. Mar. 19
Shepard Stores. Inc., class A (guar.).
750. May 1 Holders of rec. Apr. 20
3734c Apr, 5 Holders of rec. Mar. 19
Preferred (quar.)
Sherwin-Wms. Co. Canada,corn.(quar.) •$1.50 Mar. 31 Holders of rec. Mar. 15
United Verde Extension Mining (.111.)- - El
May 1 Holders of rec. Apr. 4
Preferred (quar.)
134 Mar. 31 *Holders of rec. Mar. 15
United Wholesale Grocery, pref. A (qui) 1834 Apr. 15 Holders of rec. Mar. 25a
Shreveport-Eldorado Pipe Line (au.).
50o. Apr. 1 Holders of rec. Mar. 15a U.S. Bobbin & Shuttle, corn.(guar.).-75c. Apr. 1 Holders of rec. Mar. 20
Staloff Packing common (quar.)
300. Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Common (extra)
60c. Apr. 1 Holders of rec. Mar. 20
U. S. Bond & Mortgage. prof. (guar.).- 411.75 Mar. 31 *Holders of rec. Mar. 20
Edna% Steel Strapping. pfd. (quar.)
.62%c Apr. 15 *Holders of rec. Mar. 31
U. S. Cast Iron Pipe & Fdy., coin. (qu.)
50c. Apr. 20 Mar. 31 to Apr. 25
Simmons Company (quar.)
75c. Apr. 1 Holders of rec. Mar. 180
Common (qua?.)
500. July 20 Holders of rec. June 290
Sinclair Como]. 011. corn
50c. Apr. 15 Holders of rec. Mar. 150
Common (qua?.)
60c. Oct. 21 Holders of roe. Sept. 300
Common (extra)
Holders of rec. Mar. 150
250. Apr. 15
Common (quar.)
500. Jan20'30 Holders of roe. Dee. 810
Singer Manufacturing (guar.)
'2)4 Mar. 31 *Holders of rec. Mar. 9
First & second pref.(quar.)
30e. Apr. 20 Mar. 31 to Apr. 25
Extra
*4% Mar. 31 *Holders of rec. Mar. 9
First & second pref. (qua?.)
30o. July 20 Holders of roe. June 290
S1ass-Sheffield Steel, Inc., pref.(quar.)-134 Apr. 1 Holders of rec. Mar. 20a
First dr second pref. (qua?.)
30e. Oct. 21 Holders of rec. Sept. 300
Smith (L. C.) & Corona, corn. (qu.) _ -- •750. Apr. 1 *Holders of rec. Mar. 22
First & second pref. (quar.)
300 Jan20'30 Holders of rec. Dec. 310
Preferred (Qual.)
•134 Apr. 1 *Holders of rec. Mar. 22
U.S. Financial Corp., class A (guar.)--- •300. Apr.
*Holders of rec. Mar. 27
Sneed Royalty, class B
•200. Apr. 1 "Holders of rec. Mar. 10
United States Foil, corn. B
*25c. Apr.
'Holders of tee. Mar. 15
Sonatron Tube, el A ((mar.)
•3734c Apr. 1 *Holders of rec. Mar. 20
U.S. Gypsum,corn.(quar.)
•40c. Mar. 3 *Holders of roe. Mar. 15
Southern Ice Co., pref. ser. A (quar.)_ 51.75 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
•134 Mar.3 *Holders of rec. Mar. 15
South Penn Oil ((Mar.)
'500. Mar. 30'Holders of rec. Mar. 15
U.S. Leather prior pref.(guar.)
Holders of rec. Mar. 96
134 Apr.
South Porto Rico Sugar. corn. (quar.)- 500. Apr. 1 Holders of rec. Mar. lie
Class A partici. & cony.stock (quar.)
51
Apr.
Holders of rec. Mar. 11
Common (extra)
250. Apr. 1 Holders of rec. Mar. ha
Class A pantie. & conv. stock (qu.)- - $1
July
Holders of roe. June 100
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 1M
2
Class A partic. & cony. stock (qu.).. $I
Oct.
Holders of rea. Sept. 100
Southwest Pa. Pipe Lines
Apr. 1 Holders of rec. Mar. 15
$I
U. S. Lumber (qual.)
*134 Apr.
*Holders of rec. Mar. 28
Spang, Chalfant Co., pref. ((Mar.)
31.50 Apr. 1 Holders of rec. Mar. 15a U.S.Playing Card (quar.)
*I
Apr.
•Holders of roe. Mar. 4
Spaulding(A.G.) de Bros., new com.(qu)
40c, Apr. 15 Holders of roe. Mar. 30
U.S. Print. & Litho., corn. dr p1. (qu.)_ "$1.50 Apr.
*Holders of roe. Mar. 21
Sparks-WithIngton Co.. corn.(qual.)...
750. Mar. 30 Holders of rec. Mar. 14
U. S. Radiator. corn. (quar.)
50o. Apr. 15 Holders of rec. Apr. 1
Spencer Kellogg dr Sons, Inc. (quar.)--400. Mar. 31 Holders of rec. Mar. 15a
Preferred (Minn)
Apr.
Quarterly
40e. June 30 Holders of rec. June 15a U.S. Realty & Div.(Newark)(qu.) ...- 134 Apr. 15 Holders of rec. Apr. 1
1
Quarterly
400. Sept.30 Holders of rec. Sept. 14a United States Steel Corp.. corn.(quar.). '3734e Mar. 30 *Holders of rec. Mar. 15
134
Holders of ree. Feb. 28a
Sperry Flour, pref. (quar.)
•134 Apr. 1 "Holders of rec. Mar. 15
U.S.Tobacco. corn.(qua?.)
750. Apr. 1 Holders of rec. Mar. 13a
Spicer Mfg. pref. A (quar.)(No. 1)
75c. Apr. 15 Holders of rec. Apr. d5a
Preferred (quar.)
154 Apr, 1 Holders of rec. Mar. 1
Stahl
-Meyer, Inc.. pref. (qu.) (No. I).. el%
Universal Leaf Tobacco, corn. (Qual.)..
750. May 1 Holders of rec. Apr. 1
Stand. Comm'l Tobacco, corn. (quar.)..
25e. Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 26
Standard Holding Corp
Mar. 16
37)4e Apr. 1
Universal Pictures, let pref. (quar.)---- $2
Apr. 1 Mar. 20 to Apr.
Standard National Corp. corn. (qu.)_
- •35c. Apr. 1 *Holders of rec. Mar. 27
Universal Theatres Concession Co., pref. *620 Apr. 1 *Holders of rec. Mar. I
18
Preferred (guar.)
•134 Apr. 1 'Holders of rec. Mar. 27
Upressit Metal Cap Corp., pf.(No. 1)__ 31
Apr. 1 'folders of rec. Mar. b
Stand.011(KyJnew $10 par (qu.)(No.1) •40e. Mar. 30'Mar. 16 to Mar. 29
Utah Copper Co.(guar.)
$4
Mar. 30 Holders of rec. Mar. 1$
Standard 011 (Ohio) corn. (q11.)
62310. Apr. 1 Holders of rec. Mar. 15
Vadsco Sales Corp., pref.(qu.)(No. 1)_ _ $1.75 May 1 holders of rec.
Apr. 15
Standard Royalties, Ltd., corn.(No. 1). 1
Apr. 1 Holders of rec. Mar. 15
Van Camp Packing, prof
•4334c Apr. 1 *Holders of rec. Mar. 20
Preferred (monthly)
Apr. 1 Holders of roe. Mar.25
1
Van SIcklen Corp., class A (qua?.)
(No.1) *50c. Apr. 1 *Holders of rec. Mar.22
Standard Screw, corn. (guar.)
Apr. 1 Holders of rec. Mar. 21
2
Class A (extra)
•I5e. Apr. 1 *Holders of rec. Mar. 22
Standard Steel Construction, p1. A(qu.)
750. Apr. 1 Holders of rec. Mar. 15
Vapor Car Heating. prof.(qual.)
•134 June 10 *Holders of rec. June 1
Standard Steel Spring (No. 1)(quar.)
Mar. 31 *Holders of roe. Mar.20
*31
Preferred (quar.)
•134 Sept. 10 *Holders of ree. Sept. 2
Stanley Works (quar.)
•6234c Apr. 1 *Holders of rec. Mar. 16
Preferred (guar.)
'134 Dee, 10 *Holders of rec. Dee, 2
State Title & Mtge.(quar.)
52.50 Apr. 1 Holders of roe. Mar. 15
Vial) Biscuit, lst pref. (mar.)
134 Apr. 1 Holders of rec. Mar. 23
Steinberg's Drug Stores pref.(quar.)__ 8734c June 1 Holders of roe. May 20
Vogt Manufacturing Corp
50e. Apr. 1 Holders of rec. Mar. 15
Stein (A.)& Co.6St% pref.(quar.)___•3 1.62 34 Apr. 1 *Holders of rec. Mar. 20
Volcanic Oil de Gas (quar.)
•35c. June 10 *Holders of rec. May 31
Stein, Bloch Co., pref. (quar.)
"I% Apr. 1 *Holders of rec. Mar. 15
Extra
*Sc. June 10 *Holders of reo. May 31
Minna Radio(quar.)
Apr. 1
•234
Quarterly
•350. Sept. 10 *Holders of roe. Aug. 31
Quarterly
•2)4 July 1
Extra
'Sc. Sept. 10 *Holders of rec. Aug. 31
Quarterly _
Quarterly
*214 Oct. 1
•35c. Dee, 10 *Holders of roe. Nov.30
Sterling Motor Truck pref.(No. 1)
Extra
•250. Ayr. 1 *Holders of roe. Mar.20
*Se. Deo. 10 *Holders of ree. Nov.30
Stern Cosmetics Co., Inc.. cone. pf.(qu.)
Vulcan DetinnIng pref. & Prof. A (qu.)
50c. Apr. 1 Holders of rec. Mar. 25
134 Apr, 20 Holders of reo. Apr. Ila
Stern Brothers, class A (quar.)
Prof.(acct,accumulated dim.)
Apr. 1 *Holders of rec. Mar. 20
*El
63
Apr. 20 Holders of rec. Apr. 116
Stewart
-Warner Speedometer (stk. dlv.) z2
Wahl Company, pref.(qua?.)
Mar. 3 to Apr. 3
•134 Apr. 1 *Holders of roe. Mar. 21
Ellis Baer & Fuller, corn.(quar.)----- •3734c June 1 'Holders of roe. May 15
Weill & Bond. clue B (quar.)
•300. Apr. 1 *Holders of rec. May 18
Common (quar.)
Waldorf System, Inc., corn.(guar.)
•3734c Sept. 1 *Holders of roe. Aug. 15
375.0. Apr. 1 Holders of rec. Mar. 200
Common (quar.)
'37%c Dec. I "Holders of rec. Nov. 15
Preferred (Mar.)
(
200. Apr, 1 holders of rec. Mar. 20
Storkline Furniture, corn.(No. 1)
•250. Apr. 1 *Holders of rec. Mar. 20
Walgreen Co., pref. (quar.)
1% Apr, 1 Holders of ree. Mar. 206
Common (extra)
Waltham Watch, pref.(quar.)
'1234c Apr. 1 *Holders of rec. Mar. 20
'134 Apr. I *Holders of roe. Mar. 23
Straus(S. W.)& Co.of Del. pf. A (qui- •500. Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
•134 July 1 *Holden, of rec. June 22
Strauss(Robert T.)& Co.. pfd.(qu.) --- 134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
•134 Oct. 1 *Holders of rec. Sept. 21
Stromberg Carburetor (quar.)
75e. Apr. I Holders of rec. Mar. 18a Walworth Co.. pref. (quar.)
•750. Mar. 30 *Holders of rec. Mar. 20
Stroock (S.) Co. (quar.)
•750. Apr. 1 *Holders of rec. Mar. 15
Warchell Co., pref. (qu.)(No. 1)
"6234c May 1 *Holders of rec. Apr. 15
Quarterly
•750. July 1 *Holders of roe. June 15
Ward Baking Corp.. prof.(guar.)
134 Apr. 1 'folders of rec. Mar. 180
Quarterly
•75o. Oct. 1 'Holders of rec. Sept.16
Ward Baking Corp., class A-Dividend omitte d
Quarterly
•750. Dec. 21 *Holders of rec. Dee. 10
Warner Quinlan Co.,corn.(guar.)
50c. Apr. 2 Holders of rec. Mar. 126
Studebaker Coro.
Warren Bros.. corn. (quar.)
Apr. 1 Holders of rec. Mar. 18a
$1
Common (payablein common stock)._ 11
June 1 Holders of rec. May 10a
First preferred (guar.)
75e. Apr, 1 Holder of res. Mar. 186
Common (payable In corn. stock)---- fl
Sept. 1 Holders of roe. Aug. 10a
Second preferred (quar.)
8734c Apr. 1 Holders of rea. Mar. 184
Common (payable in corn. stock).- -- fl
Dec. 1 Holders Of roe. Nov. 9s Waukesha Motor(qual.)
"750. Apr. 1 *Holders of rec. Mar. 15
Studebaker Mall Order, class A (quar.)_ .30c. Apr. 1 *Holders of ree. Mar. 20
Waverly Oil, else A (quar.)
•3734c Apr. I *Holders of rec. Mar. 21
Sullivan Machinery (Guar.)
Apr. 15 Mar. 31 to Apr. 5
$1
Weber & Hellbroner, corn.(qual.)
'$1
Mar. 30 *Holders of roe. Mar.
Supertest Petroleum, corn. de ord. (Us.).
20e.
Mar. 15
Holders of res.
Common (payable in common stock)-- *11234 Mar.30 *Holders of roe. Mar. 16
6
Prof. A (for 5 mos. at rate of 7% p. a.)
Holders of rec. Mar. 15
Webster-Eisenlohr. Ina., pref. (guar.)._ $1.75 Apr. 1 Holders of rec. Mar. 20a
Pref. B (for 5 mos. at rate of 6% p. a.)
Holders of rec. Mar. 15
Weinberger Drug Storm, Inc.(quar.)
600 Apr. 1 Mar. 22 to Mar.31
Sweets Co. of America (quar.)
250. May 1 Holders of roe. Apr. 15
Extra
60c Apr. 1 Mar. 22 to Mar. 31
Swift & Co.(guar.)
2
Apr. 1 Holders of rec. Mar. 9
Wessoa 011 de Snowdrift, coal
0
1100 Apr. 1 *Holders of rec. Feb.028
Syracuse Washing Mach.. corn. B
•25c. Apr. 1 "Holders of rec. Mar. 22
Weeson 011 dr Snowdrift new corn.(qu.).
50c Apr. 1 Holders of rec. Mar. 150
Taggart Corp., pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 1$
West Coast Oil, pref. (quar.)
*31.60 Apr. 5 *Holders of roe. Mar. 18
Telautograph Corp., corn. (qual.)
•500. May 1 •Holdes f rec. Apr. 15
Preferred (extra)
*53
Apr. 5 *Holders of ree. Mar. 18
•
Preferred (quar.)
Apr. 10 *Holders of rec. Mar. 30
134
Western Electric (qual.)
SI
Mar.30 Holders of rec. Mar.25
Texas Corp. (guar.)
750. Apr. I Holders of roe. Mar. Sa Western Grain Co.
(quar.)(No. 1)
•154
Teton Oil & Land Co.
-No action taken on divl dend
Western Grocers, Ltd., pref.(quar.) _
134 Apr. 15 Holders of ree. Mar. 31
Textile Banking (quar.)
*2
Apr. I *Holders of rec. Mar.25
Wart= Maryland Dairy Corp., pf.(qu.) 51.50 Apr, 1 Holders of res. Mar. 20
Thompson (John R.) Co.,(monthly)
30e. Apr. 1 Holders of roe. Mar.220 Western Reserve Investing Co., p1.
(qu.) 1% Apr. 1 Holders of roe. Mar. 156
Monthly
300. May 1 Holders of rec. Apr. 236 Westinghouse Air Brake (quar.)
50e. Apr. 30 Apr. 1 to Apr. 9
Monthly
30c.Juae 1 Holders of ree. May 230 Westinghouse El. & Mfg.corn.(quar.)__
Apr. 30 Holders of ree. mar. 116
31
Thompson Products, corn. B&B (qu.)
300. Apr. 1 Holders of roe. Mar. 20
Preferred (guar.)
Apr. 15 Holders of ree. Mar. lla
$1
Common A & B (extra)
10e. Apr. I Holders of reo. Mar. 20
Westmoreland Coal (quar.)
500. Apr.. I Mar. 29 to Apr. 11
Thompson Spa., $6 pref.(No. 1)
$1.50 Apr. 1 Holders of rec. Mar. 10
Weston Elec. Instrument: class A (qu.)..
50o. Apr. 1 Holders of roe. Mar. 194
MAR. 30 1929.]
Name of Company.
2047
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
; not members of the New York Clearing House. The following are the figures for the week ending Mar. 22:
Miscellaneous )Conelisded).
Apr, 1 Holders of rec. Mar. 15
52
West Point Mfg.(quar.)
50c. Apr. 1 Holders of rec. Mar. 20
Westvaco Chlorine Products, corn
*50e. Apr. 1 *Holders of rec. Mar. 20
Wextark Radio Co.(quar.)(No. 1)
•$1.25 Apr. 1 *Holders of ree. Mar. 20
Whitaker Paper,corn.(quar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
Common (extra)
*51 Apr. 1 *Holders of rec. Mar. 20
Cl M Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
FOR THE WEEK ENDED FRIDAY, MAR. 22 1920.
50c. Apr. 20 Holders of rec. Mar.29
Oil & Refg. (quar.)
White Eagle
75e. Apr. 1 Holders of rec. Mar. 20a
White Rock Mineral Springs, corn. (qu.)
-Average Figures.
NATIONAL AND STATE BANKS
131 Apr. 1 Holders of rec. Mar. 20
First preferred (quar.)
331 Apr. 1 Holders of rec. Mar. 20 !
Second preferred
•40e. May 1 *Holders of rec. Apr. 15
Wieboldt Stores, Inc. (quar.)
Oth.Cash, Res. Dep., Dep.Other
6234c Mar. 30 Holders of rec. Mar. 200
Wilcox-Rich Corp., class A (quar.)
Grose.
Loans.
Gold. Including N. Y. and Banksand
Apr. I Holders of rec. Mar. 16
Will & Balmer Candle. Pref. (oriar.) _ - 2
Bk. Notes Elsewhere. Trust Coo. Depoeits.
131 Apr. 1 Holders of ree. Mar. 160
WIIlys-Overland Co., pref. (quar.)
pref. (acct. aoeum. ally.)
- hlka Apr. 1 Holders of rec. Mar. 90
Wilson & Co.
$
$
$
$
$
$
si May 1 *Holders pf rec. Apr. 15
ManhattanMooted il0011517(quar.)
.
•
160.563,900 21.000 1,963,800 22,320,200 1,529,900 153,374.000
May 1 *Holders of rec. Apr. 18
Extra
Bank of U.S
2,192.600
si Aug. 1 *Holders of rec. July 15 Bryant Park Bank 2.073,800 91,200 154,900 204,100
Quarterly
23.134,000
1,888,000 1,568,000
Aug. 1 *Holders of rec. July 15
Extra
Chelsea Exch.Bk_ 24,009,000
National__ 17,700,300 4,000 111,000 1.539.7001,472.900 15,925,606
Wire Wheel Corp. of Amer.. Pref.0111.3-- 13‘ Apr. 1 Holders of rec. Mar. 20
Grace
*30c Apr. 1 *Holders of rec. Mar. 15
Harriman Nat'l_ 33,397,000 20,000 766,000 4,394,000 955,000 39,681,000
Wolverine Tribe (quar.)
211,200
3,461,406
88,300
*734c Apr. 1 *Holders of rec. Mar. 15
3,915,500 30,100
Extra
Port Morris
Apr. 1 Holders of rec. Mar. 18
50e.
Wood Chemical Products. Cl. A (au.).Public National... 129.733,000 28,000 2,143,000 8,118,000 13158000 129.940,000
25c. Apr. 1 Holders of rec. Mar. 18
Brooklyn
Class B (quar.)
15c. Mar. 31 Holders of rec. Mar. 22
Woodley Petroleum (quar.)
Nassau National_ 21,318.000 93,000 308,000 1.596,000 575,000 18,763,000
99.000 8.000,000
568.000
8.200,000 5,000 122,000
Woodruff Edwards,Inc.,cl.A(qu.)(No.1) *50c. Apr. 1 *Holders of rec. Mar. 29
Peoples National_
en.......o ..7..11ntial
9 775 son
fin ono
335.000
47.700 2.415.001
Woods Manufacturing, pref.(quar.)
1( Apr. 1 Holders of rec. Mar. 25
Aeronautical Corp. (stock div.) 6100 Apr. 30 Holders ef rec. Apr. 150
Wright
Holders of roc mivr. 200
Wrigley (Wm.) Jr. Co., corn.(mthly.)._. .25e. kpr.
TRUST COMPANIES-Average Figures.
Wright Aeronautical Corp
.100 Apr. 30 Holders of rec. Apr. 15
$1 Apr. 1 Mar. 12 to
Mar. 28
Yale & Towne Mfg. (guar.)
*Holders of rec. Mar. 20
Yarns Corp. of Amer., corn. A (guar.)._ •30c.
131 Apr. 1 Holders of ree. Mar. 25
Res've Dep., Depos.Other
Yorktown Associates, Inc., let pf.(qu.)_
Or...
134 Apr. 1 Holders of rec. Mar. 25
Cash.
N. Y. and Banks and
Second preferred (quar.)
Loans.
Elsewhere. Trust Cos. Deposits.
50e. Apr. 1 Holders of rec. Mar. 15a
Young (L. A.) Spring & Wire (quar.)_.
25c. Apr. 1 Holders of rec. Mar. 15
Extra
$
$
5
$
Yeungstown Sheet & Tube. corn.(au.)__ 51.25 Apr, 1 Holders of rec. Mar. 14a
$
Manhattan-20,700 54,103,200
51.378 Apr. 1 Holders of rec. Mar. 14
705,800 11.506,500
53,566,500
Preferred (quar.)
American
16,697,900
76,500
928,700
17,227,400
Bk.of Europe & Tr
•From unofficial sourced. f The New York Stock Exchange has ruled that stock Bronx County
21.876.087
565,824 1,607,440
22,219,458
928,000 258.439,000
will not be quoted ex-dividend on this date and not until further notice I The Central Union
255,509,000 n3,722,000 4,745.000
New York Curb Market Association has ruled that stock will not be quoted ex- Empire
76,543,800 .4,981,500 2,973,500 3,569,800 72,892,200
239,939 17.968,842
dividend on this date and not until further notice.
211,209 1,320,351
18,043,026
Federation
14,781,300
446,000
14,947,000 *1,978,400
a Transfer books not closed for this dividend. d Correction. e Payable In stock. Fulton
404,409,000 3,747,000 55,951,000 2,320,000 367,304,000
J Payable in common stock. e Payable In scrip. B On account of accumulated Manufacturers
.
91,400 65,319.000
65,606,600 1,746,600 5,080,400
dividends. .f Payable in preferred stock.
Municipal
57,490.588
70,988,313 3,833,333 8,203,547
S General Realty & Utilities dividend payable either in cash or 75-1,000 share of United States
Brooklyn
common stock.
118,963,000
121,422,500 3.326,000 19,816,000
Brooklyn
British Amer. Tob. dividend is ten pence per share. All transfers received in
27,670,082
29.746,480 2,119.560 2.135.433
Kings County
Landon on or before March 2 will be in time for payment of dividend to transferees.
N. J.Ba
205205 9 R14 054
593 040
990 700
0 155 190
k Southeastern Power & Light com, stock dividend is 1-100th of a share for each ..__,Y_°_?--ae.
share held.
I 60c. cash or one-fifteenth share class A common stock.
• Includes amount with Federal Reserve Bank as follows: Central Union.
(m)Payable ak option of holder either in cash. 51.50, or in common stock at rate $32,776,000: Empire. $3,357,000; Fulton, $1,869,800.
of 1-64th share.
n Coty. Inc., declared a stock dividend of6%,payable In quarterly inatallments.
o New York Stock Exchange rules Wesson Oil & Snowdrift be not quoted ex-the
stock dividend until April 2.
-In the
Boston Clearing House Weekly Returns.
p Subject to stockholders' approval at meeting called for March 29.
z Payable also to holders of coupon No. 9.
following we furnish a summary of all the items in the
r Rio Grande Oil stock to be placed on a $2 per annum basis. The company has
Boston Clearing House weekly statement for a series of weeks:
declared $I payable July 25 and intends to declare another $1 payable on or before
Jan. 25 1930. The stook dividends are 1% shares on each 1011 shares, the first
payable April 25 with the intention to declare a second
134% having been declared
BOSTON CLEARING HOUSE MEMBERS.
134% payable on or before Oct. 25.
a Engineers Public Service Co.'s stock dividend Is two-one hundredths share
Mar. 13
Mar. 20
Changesfrom
common stock.
Mar. 27
1929.
1929.
Previous Week
1 New York Stock Exchange rules Carte Corp. be not quoted ex the stock dividend
1929.
until March 1.
$
$
u Payable in cash or stock at rate of one-fortieth share.
$
$
86,350,000
86,550,000
o American Cities Power & Light dividends are 1-3M share of class B on class A Capital
86,550,000 Unchanged
119,949.000 111,949,000
stock and 1% in class B stock on the class B stock, the class A stock having the Surplus and proflta
111,949,000 Unchanged
+4,871,000 1,120,399,000 1,108,543,000
option of taking cash at rate of 75e. per share.
Loans, discle dtinvestla_ 1,125.270,000
658,269,000 -16,508,000 674.777,000 671,234,000
$o Leas deduction for expenses of depositary.
Individual deposits
128,422,000 -5,712,000 134,134,000 128,964,000
z Associated Gas & Elec. dividend payable In class A stock at rate of 234% Due to banks
276,140,000 -1,195,000 277,335,000 281,501,000
of one share for each share held.
Time deposits
13,296,000
1,030,001
+2,135,000
15,431,000
y Eleagrave Corp. dividend payable either 30c. cash or 234% in stock at option United States depoeits
32,511,0130
27,953,000
31,240,000 -1,271,000
Exchanges for Clg. House
of stockholders.
80,270,000
86,855,000
78,660,000 -8,195,000
Due from other banks
z Stewart
-Warner Speedometer dividend subject to stockholders' meeting Apr. 2. Ree've in legal depositor's
81,412.000
81.686,001
79,526.000 -1,886,000
8,922,001
8,761,000
-286,000
8,475,000
Cash in bank
ARO MIA
-7R min
737.000
605.001
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 pre-The Philadelphia Clearing House
Philadelphia Banks.
viously issued and now makes only the barest kind of a report.
shows nothing but the deposits, along return for the week ending Mar. 23,with comparative figures
The new return
for the two weeks preceding, is given below. Reserve
with the capital and surplus. We give it below in full:
members of the Federal Reserve System
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for
are 10% on demand deposits and 3% on time deposits, all
ASSOCIATION FOR WEEK ENDED SATURDAY, MAR. 23 1929.
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus et Net Demand
Time
is not a part of legal reserve. For trust companies not
Undivided
Deposits
*Capital.
Clearing House
Deposits
Profits.
Average.
Members.
Average.
members of the Federal Reserve System the reserve required
$
$
$
$
is 10% on demand deposits and includes "Reserve with
Bank of New York & T.Co_ $6,000,000 $13,324,400 $60,804,000
$8,986,000
Bank of the Manhattan Co_ _ k22.250.000 k43,424,400 174,974,000
41,270,000 legal depositaries" and "Cash in vaults."
Bank of America Nat'l Asso- 25,000,000 37,384.000 141,572,000
48,639.000
Beginning with the return for the week ending May 14 1928,
1100,000000 1112,693300 a892,957,000 150,313.000
National City Bank
6,000,000 20,204,200 136.525,000
Chemical National Bank
10,022,000 the Philadelphia Clearing House Association discontinued showNational Bank of Commerce.. 25,000,000 48,295,300 299,604.000
34,252,000
Chat.Phex. Nat. Bk.& Tr.Co 13,500,000 15,460.600 155,139,000
41,526.000 ing the reserves and whether reserves held are above or below
010,000,000 021,983,000 123,657,000
Hanover National Bank
3,039,000
the end
112,100,000 121,157,000 173,616.000
Corn Exchange Bank
32,940,000 requirements. This will account for the queries at
10,000.000 25,594.600 128,408,000
National Park Bank
11,149,000
the table.
10,000,000 92,684,400 231,316,000
First National Bask
12,714.000 of
40,000,000 54,084.000 355,695,000
Irving Trust Co
1,000.000 1,522,300
Continental Bank
8,742,000
141,000,000 b80,067,300 6588,386,000
Chase National Bank
500,000 3.382.100
25.756,000
Fifth Avenue Bank
11,000,000 15.912.900 125,294.000
Seaboard National Bank
25,000,000 77.387,200 c319,014,000
Bankers Trust Co
5,000,000 6,187,200
U. S. Mtge. & Treat Co
56,672,000
10.000,000 22.577,900
35,341,000
Title Guarantee & Trust Co
40,000,000 63,377.000 d477,301,000
Guaranty Trust Co
4,000,000 3,771,400
42.293.000
Fidelity Trust Co
3,000,000 4,087,800
19.880.000
Lawyers Trust Co
10,000,000 25,938.100 145,495,000
New York Trust Cs
Farmers Loan & Trust Co..... 10,000,000 23,113,900 e124,809.000
30.000.000 27,098,900 1343,001,000
Equitable Trust Co
7,000,000
7,000,000
30,887,000
Com'l Nat. Bank & Trust Co_
48,927.000
660,000
65.012,000
1,015,000
5,959,000
61,180,000
5,494,000
2,702,000
67,741.000
5,157,000
2,581,000
25,094,000
25,875,000
39,402,000
2,294,000
Week Ended Mar. 23 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
Mar. 16
1929.
Mar. 9
1920.
Total.
$
$
$
$
$
67,933,0
68,833,0
9,500,0
68,933.0
59,433,0
Capital
18,521,0 201,166,0 201,641,0 201,1.41.0
Surplus and profits...... 182,645,0
98,724,0 1,171,645,0 1,168,958,0 1,1611,921,0
Loans, dints.& invest. 1,072,291,0
40,152,0
42,093,9
40,466,0
693,0
39,773,0
Exch. for Clear. HOW!!
93,498,0
89,791,6
92.508.0
91,916.0
592,0
Due from banks
123,062.0
3,190,0 126,252,0 128.506.0 131,519,0
Bank deposits
618,355,0
45,684,0 664,039,0 671,513,0 656.1148,0
Individual deposits
25,740,0 237.270,0 238,335.0 240.805,0
211.530,0
Time deposits
74,614,0 1,027,561,0 1.038,354,0 1,032,172,0
Clearing Non Member.
952,947,0
Total deposits
8,269,0
816,400
7,265.0
500,000
9,413,9
3,323,000
7,265.0
Mechanics Tr. Co., Bayonne_
5,624,000 Rea. with legal depoe_
69,767,0
66,840,0
69,121,0
66,840,0
Res. with F. R. Bank_
n•-•.....
107 irfan non AA7 It9(1 9110 A 9911 /Al nnn
•rrn ro.....
12,842.0
12,790,0
2,642,0
10,148,0
12,618,0
Cash in vault*
90.878,0
86,895.0
9.907,0
76,988,0
91,552.6
Total res. & cash held_
7
7
7
3
• As per official reports: National, Dec. 31 1928: State, Dec.311928; Trust Co.'s
3
Reserve required
As of Jan. 9 1929. h As of Jan. 26 1929. I As of Feb. 1 1929. Excess reserve and cash
Dec. 31 1928.
'
tv. went!3
7
3
3
3
As of Feb. 16 1929. k As of Mar. 7 1929.
Includes deposits in foreign branches: a $296,960,000; b $14.779,000; c $65,026,•oash In vatdt not aerated as reserve for Federal Reserve members.
900; d 5103.764,090; e 512,4.50,000; 1 $118,359,000.
2048
FINANCIAL CHRONICLE
[VeL. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 28 and showing
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results the condition
for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
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 2003, 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. 27 1929.
Mar.27 1929. Mar.20 1929. Mar. 131929. Mar. 6 1929. Feb. 27 1929 Feb. 20 1929. Feb. 13 1929.
Feb. 6 1929. Mar. 28 1928.
RESOURCES.
1
Gold with Federal Reserve agents
1,271.104,000 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 1,331,263,009
Gold redemption fund with U. S. Tress_
66,785,000
70,707,000
64,353,000
62,119,000
67.836,000
60,476,000
60.347.000
50,652,000
64,362,000
Gold held exclusively &get. F. R. notes 1,337,889,000 1,371,583,000 1,277,780,000 1,248,029,000 1,235,466.000
1,287,675,000 1.274.772.000
Gold settlement fund with F'. R.Board
709,176,000 875,996,000 767.446,000 788,107.000 796,139,000 764.092,000 752.817,000 1.257,027,000 1,381,915,0011
747.771,000 714,989,000
Gold and gold certificates held by banks_ 662,195,000 664,434,000 654,919,000 648.701,000 655.241.
AO 649,343,000 658,632,000 659,122,000 663,059,000
Total gold reserves
2,709,260,000 2,712,013,000 2,700.125,000 2,682,837,000 2,686,846,000 2.681,110,000 2,686,221,000
Reserves other than gold
169,755,000 165.778,000 160,264,000 152,755.000 157,318.000 158,751,000 161,928,000 2,863,920.000 2,759,963,060
166,685,000 170,544,000
Total reserves
2,879,015,000 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 2,930,507,000
Non-reserve cash
77.510,000
78,367,000
78,312,000
75,231,000
78.118,000
77,396,000
81,967.000
86.458,000
67,786,008
Slli discounted:
Secured by TI. S. Govt. obligations... 621,980,000 588,439,000 583,135,000 606,053,000 603,752.000 518,271,000
Other bills discounted
402.150,000 354,298,000 372,488,000 383.119,000 343,730,000 346,709,000 617,744,000 539,462,000 322,034,000
286,205,000 312,159,000 202,062,000
Total bills discounted
1,024,130,000 942,737,000 955,623,000 989,172,000 952,482.000 864,980,000
Bills bought in open market
208,427,000 236,838,000 283,101,000 304,644,000 334.075,000 355,636,000 903,90,000 851.821,000 524,096,000
391,058.000 410,742,000 346,103.006
U . S. Government securities:
Bonds
51.611,000
51,611.000
51,618,000
51,594,000
51,593,000
51,592,000
51,592.000
51,615,000
55,711,060
Treasury notes
91.190,000
90,904.000
90,502,000
90,671,000
95,144,000
90.738.000
96.843,000
97,869,000 163,612,0011
Certificates of Indebtedness
27,509,000
42,836,000
23,177,000
20,699,000
24,069,000
25,853,000
28.735.000
50.605,000 166,509,000
Total U. S. Government securities... 170,310,000 185,351,000 165,297,000 162,964,000 168,400,000 172,589,000
177,170.000 200,089,000 385,832,0011
Other securities (see note)
6,845.000
6,845,000
10.250,000
10,250,000
10,075,000
10.075,000
9,075,000
990,000
9,075,000
Foreign loans on gold
7,562,000
Total bills and securities (see note)._ 1,409,712,000 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 1,257,021,000
Geld held abroad
Due from foreign banks (see sots)
723,000
723,000
724,000
725,000
729.000
729,000
731,000
570,0011
731,000
Uncollected items
673,689,000 747,690,000 754,786,000 678,483,000 713,637.000
719,244.000 665,350,000 646,528,000 595,975,000
Bank premises
58,693,000
58.691,000
53,691,000
58,660,000
58,660.000
58,656,000
58,656.000
59,266,000
58,622,000
All other resources
7,970,000
8,010,000
8,255,000
8,062,000
8,246.000
7,934,000
7,830,000
9,826,000
7,674.000
Total resources
5,107,312,000 5.143,043,000 5,182,990,000 5,123,783,000 5,166,586,0005.107,10
0,000 5,143,935,000 5,102,145,000 4,920,951,0110
LIABILITIES.
F. R. notes in actual circulation
1,652,879,000 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 1,567,052,000
Deposits:
Member banks—reserve account
2,332.181,000 2,339,544,000 2,362,567,000 2.350,497.000 2,367,250,000
2,318,644,000 2,372,622.000 2,386.284,000 2,357.143,006
Government
23,405,000
4,570,000
7,773,000
21,577,000
21.156.000
15,187,000
24,757,000
20,862,000
24,042,000
Foreign banks (see note)
6.058,000
6,047,000
5,834,000
9
.766,0005,606.000
6,475,000
5,007,001
5,371,000
5,876.000
Other deposits
21,742,000
20,149,000
20,611,000
20,704,000
18,980,000
20,715.000
21,938,000, 17,308,010
22,667,000
Total deposits
2,383,386,000 2,370,310,000 2,396,785,000 2,402,544,000 2,412,972,000
Deferred availability items
640,280,000 701,967,000 708,172,000 628,729,000 675.013,000 2,361,021,000 2,421,522,000 2,438,140,000 2,404,215,000
Capital paid In
154,310,000 1.53,730,000 152,521,000 152.118,000 151.268.000 871,503.000 640.560.000 596,735,000 566,358,001/
Surplus
254,398,000 254,398,000 254.398,000 254.398,000 254.398,000 150,196,000 149,784,000 149,565,000 136,150.000
254.398,000 254,398.000 254,398,000 233,319,060
All other liabilities
22,059,000
21,061,000
21,105.000
19,427,000
18,986,000
18,387.000
13,857,001
16,999,000
17,914.000
Total liabilities
5,107,312,000 5,143,043,000 5,182,990,000 5,123,783,000 5,166,586.000
5,107,100,000 5,143,935,000 5,102.145,000 4,920,951,000
reserves to deposits and
Ratio of gold
F. R. note liabilities combined
67.1%
67.8%
66.7%
65.9%
66.6%
69.5%
65.8%
65.2%
65.8%
Ratio of total reserves to deposits and
F. R. note liabilities combined
71.3%
71.7%
70.7%
69.7%
69.9%
70.8%
69.8%
89.3%
73.8%
Contingent liability on bills purchased
for foreign correspondents
332,185,000 329,194,000 306,944,000 303,397,000 306,461.000
306,830,000 312,893,000 306,111,000 243,009,000
Distribution by Matur0ties1-15 days bills bought in open market.
93,984,000 124,188,000 148,860,000 145,352,000 134,661,000 122.069,000
140.202.000 138,009,000 167,981,000
1-15 days bills discounted
865,446,000 776,069,000 787,080,000 818,385,000 789.568.000
708,979,000 767,210,000 707.601.000 442,928,000
1-15 days U. S. certif. of indebtedness_
2,940,000
19.275,000
794,000
1,705,000
1,737,000
884,000
509,000
706.000
506.000
1-15 days municipal warrants
16-30 days bills bought in open market.
52,370,000
54,169,000
64.002.000
81.997,000 104,774.000 104.340.000
77,976,000
89,121.000
91,155,000
16-30 days bills discounted
40,319,000
42,865.000
45,414.000
43,094.000
41.273.000
35,853,000
35,609,000
18,829,000
36,500,000
16-30 days U. S. certif. of Indebtedness
188.000
8.216,000
7,779,000
16-30 days municipal warrants
21-60 days bills bought in open market _
33,147,000
36,423,000
51,249,000
81,864.000
77,558.000 106,076,000 135,951,000 150,152,000
58,788,000
81-60 days bills discounted
65.365,000
73,860.000
69,563,000
70,834.000
69,807.000
67.067.000
32,801,000
56.914.000
60.261.000
11-60 days U. S. certif. of indebtedness
22,863,000
4.000
31-60 days municipal warrants
61-90 days bills bought in open market _
26,164,000
19,123,000
14,613,000
11,504,000
13.419,000
19.326,000
23,381,000
28,468.000
15,457,000
61-90 days bills discounted
42,679,000
39,763,000
44,156,000
47,483,000
42,589,000
43,758,000
33,905,000
36,363,000
20.294,000
61-90 days U. S. certif. of indebtedness_
39,000
128,000
1,000
45,000
1,892,000
municipal warrants
61-90 days
Over 90 days bills bought in open market
2,762,000
2,937,000
4,377.000
3,927.000
3,663,000
3,825.000
2,403,000
2,958.000
5,901,000
Over 90 days bills discounted
10,321,000
10,180,000
9.410,000
9,376,000
9,247.000
9,323.000
10,311.000
10,896.000
9,244,000
Over 90 days certif. of indebtedness
24.441,000
23,522,000
22,383,000
18,994.000
22,144.000
16,753.000
20,245,000
27.191.000 164,108,000
Over 90 days municipal warrants
F. R. notes received from Comptroller... 2,867,384.0002,873,578,000 2.882,693.000 2,890,834,000
2,895,166.000 2.905,238.000 2.911,668,000 2,927.701,000 2,823,560,000
F. R. notes held by F. R. Agent
816,637,000 824,062,000 833,452,000 823,632,000 838,812.000 854,672.000
857,443,000 863,687.000 869,300,0011
Issued to Federal Reserve Banks
2,050,747,000 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 1,954,260,000
How Secured—
By gold and gold certificates
367,195,000 363,195,000 363,195,000 362,645.000 362,645,000 362,645.000 360,145,000
360,145,000 414,140,000
Gold redemption fund
97,659,000
97,222,000
99,244,000
87,479,000
94,768,000 101.300,000
93,611,000
97,206,000
99.152,000
Gold fund—Federal Reserve Board
806,250,000 840,459,000 750.968,000 733,786,000 710,217.000 743,254,000 760,669,000
By eligible paper
1,178,876,000 1,130,676,000 1,183,273,000 1,256,975,000 1.240.409,000 1,175,606.000 1,244,987,000 735,314,000 917,871,000
1,220,038,000 839.382,000
Total
2,449,950,0002,431,552,000 2,396,880.000 2.440.885,000 2.408,039.000 2.382.805.000 2,459,412.000
2.412,703.000 2,170,645,000
NOTE.—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
to foreign correspondents. In addition, the caption, "All other earning assets," Previously
due
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." made UP 01 Federal Intermediate Credit Bank debentures, was changed to
The latter item was adopted as a
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which,more accurate description of the total of
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. 27
1929
Two ciphers (0 ) omitted.
0
Total.
Boston. New York, Phila. Cleveland. Richmond Atlanta. Chicago, Si, Louis. Minneap,
Federal Reserve Bank of—
Kan.City, Dallas, SettFres.
RESOURCES.
3
$
3
1
1
$
$
$
$
$
$
9
/
Gold with Federal Reserve Agents 1,271,104.0 83,825,0 281,581,0 82,401,0 157,048,0 51,479,0 109,897,0 182,391,0
18.827,0 54,026,0
Gold red'n fund with U. S. Treas.
66,785,0 11.222,0
10,754,0 8,595,0 5,249,0 1,741,0 2,638,0 10,673,0 5.259,0 3.180,0 53,544,0 26,154,0 169,931,0
2,035,0 1,826,0 3,613.0
Gold held excl. aunt. F.R.notes 1,337,889,0 95,047,0 292,335.0 90,996,0 162,297.0 53,220,0 112,535,0
193,064,0
Gold settle't fund with F.R.Board 709,176,0 55.817,0 214,217,0 30,087,0 61.384,0 13,453,0 16,527,0 167.188,0 24.086,0 57.206,0 55.579,0 27,980.0 173,544.0
Gold and gold ctfs held by banks 662,195.0 23,145.0 414,346,0 37,025.0 46,057.0 14,652,0 8,140.0 58,618,0 17,836,0 27,407,0 45,787,0 32,892,0 26,581,0
10,564,0 5,504,0 5.475.0 10,503,0 28,166,0
2,709,260,0 174,009,0 920,898,0 158,108,0 269.738,0 81,325,0 137,202,0
Total gold reserves
418,870,0 52.486,0 90,117,0 106,841,0 71,375,0 228,291,0
169.755,0 16.128,0
Reserve other than gold
48,388,0 7,266,0 11.832,0 7,946.0 9,331,0 21,528,0 15,525,0 2,640,0
6,138,0 7,283,0 15,750,0
2,879.015.0 190.137,0 969,286,0 165,374,0 281,570,0 89.271.0
Total reserves
146.533.0 440,398.0 68,011,0 92.757,0 112,979,0 78,658,0 244.041,0
77,510,0 6,862,0
Non-reserve cash
29,880,0 2,418,0 5,101,0 4,971,0 5,046,0 8,121,0 4,355,0
1,156,0 2,040,0 3,454,0 4,1013.0
13111s discounted:
See. by U. S. Govt. obligations 621.980.0 42,828.0 196,001,0 67,180,0 54,491,0 19,838,0 12,519,0 115,448,0 28,033,0 11,798,0
11.411,0 6,441,0 55,994,0
402,150.0 26,554,0 103,172,0 38,625,0 29,259.0 25.078,0
Other bills discounted
37,421.0 69,232,0 26,121,0 2,525,0 18,872,0 4,884.0 20,407.0
1.024,130,0 69,382,0 299,173.0 105,805.0 83,750,0 44,914,0
Total bills discounted
49.940,0 184,680,0 54,154,0
713,401,0
208,427,0 26,095,0
Bills bought in open market
35,821,0 18,776,0 23,378,0 11.753.0 10,410,0 14,732,0 8,412,0 14,323,0 30,283,0 11,325,0 28,054.0
8,328,0 10,325,0 14,343,0
U. B. Government securities:
51,611.0
689,0
Bonds
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
91,190,0 2.534,0
Treasury notes
9,195,0 9,779.0 27.922,0
903,0 3.373,0 5,106,0 11,426.0 4,341,0
002.0 3,239,0 12.470,0
27,509,0 2,114,0
Certificates of indebtedness
9.569,0 7,747.0
845,0
301,0
378,0 2,431.0
855,0
382,0 1,136,0 1.239,0
512,0
170.310.0 5.337.0
20.10.0 0.111.0 29.3160 2 finft (1 1 775 11 97 17A n 15 ns3 0 0 957 n 0 793 n 12 201 0 13.389.0
Total U. S. Gov't securities
FINANCIAL CHRONICLE
MAR. 30 19291
RESOURCES (Concluded)
Two Ciphers (00) omitted.
New York.
Boston.
Total.
Total bills and tilcuritlee_
Due from foreign banks
Unoollected items
Bank premises
Another
Cleveland. Richmond Atlanta. C7tica4so. St. Louis. Minneap. Kan.City
Phila.
$
$
s
$
$
3
II
$
$
$
2,000,0
2,095,0
6,845,0
Other securities
Foreign loans on gold
2049
Daricut, San Fres.
S
1,500.0
$
S
1.250.0
357,237,0 142,692,0 136,443,0 59,023,0 64,126,0 226,886.0 81,629,0 33.908,0 51,901,0 37.959,0 117,094.0
24,0
18,0
29,0
99.0
24,0
28,0
33,0
52,0
74,0
70.0
218,0
194,143,0 54,698,0 66,083,0 50,940.0 24.000,0 82,298,0 28,167.0 11,670,0 36,694,0 23,083,0 37,730,0
16,087,0 1,752,0 6,535,0 3,575.0 2,744,0 8.529.0 3,893.0 2,110,0 4,140,0 1,922,0 3.704,0
515,0
319.0
709,0
428.0
897,0
501,0 1.779,0
455.0
138,0 1,184,0
970,0
1 429,712,0 100.814,0
54,0
723.0
673,689,0 64,183,0
58.693,0 3.702.0
75,0
7,970,0
5,107,312,0 365,827,0 1,567,821,0 367,142,0 496,990,0 208,314,0 244,256,0 767.228,0 186,512.0 142.328,0 208,097.0 145.615,0 407,182,0
Total resources
LIABILITIES.
F. R.flotsamn actual c1rcu1acton. 1,652,879,0 129,653,0 295,027,0 145,489,0 208,588,0 71,742,0 135,726.0 284,987,0 58,301,0 63,875,0 66,176,0 37.757,0 155.558,0
Deposits:
Member bank-reserve acc't 2,332,181,0 140,174.0 938,782.0 129,239,0 181,313.0 65,627,0 67,983,0 340,962.0 78,000.0 55,323,0 92,836,0 69,086,0 172,856.0
844,0 1,127,0 1,197,0
960,0
993,0
980,0 2,531,0
557,0 1,563,0
925,0
9,969,0 1,754,0
23,405,0
Government
193,0
146,0
234,0
801,0
193,0
228,0
421,0
269,0
596.0
562,0
433,0
1,982,0
6.058,0
Foreign bank
168,0
231,0
16,0 8,484,0
86.0 1,768,0 2,037,0
104,0
618,0
48.0
8,095,0
87,0
21,742.0
Other deposits
Total deposits
Defert..4 availability items
Capital paid in
Surplus
All other liabilities
958,828,0 131,603,0 183,084,0 67.568.0 69,277,0 346,062,0 81.231,0 56,544.0 94,324.0 70,492,0 182.754,0
181,890,0 49.808,0 62,134,0 49,241.0 21,850,0 76,194,0 29,149,0 10,757,0 33,489,0 23,542,0 38,851.9
55,229,0 14,970,0 14,683,0 6,178.0 5,344,0 19,350,0 5.508,0 3,096,0 4,297.0 4.456,0 10.893,0
71,282,0 24.101,0 26,345,0 12,399,0 10.554,0 36,442,0 10,820.0 7,082.0 9,086,0 8,690,0 17,978,0
678.0 1,148,0
725.0
974.0
5,565,0 1,171,0 2,156,0 1,186,0 1.505,0 4.193,0 1,503,0
2.383,386,0 141,619,0
640,280.0 63,375,0
154,310,0 10,306,0
254,398,0 19,619,0
22,059,0 1,255,0
5,107,312.0 365.827,0 1,567,821,0 367,142.0 496,990,0 208,314,0 244,256,0 767,228,0 186,512.0 142,328,0 208,097.0 145,615,0 407,182,0
Total liabilities
Memoranda.
70.4
72.1
72.7
77.0
48.7
71.5
69.8
64.1
71.9
70.1
77.3
59.7
71.3
Reserve ratio (per cent)
Contingent liability on bills pur15.113,0 12,813.0 45,009,0 13,141,0 8,213,0 10,842,0 10.842,0 23,654,0
chased for foreign correspond'ts 332,165,0 24,311,0 103,178,0 31,539,0 33,510,0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
397.863.0 20.594,0 120.320,0 32,912,0 30.562.0 18,664,0 32,770,0 33,839,0 10.631,0 7,743.0 12.135,0 9,521,0 68.177.0
eirculation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 27 1929.
Federal Reserve Agent at-
Boston.
Total.
New York.
Cleveland, Richmond Atlanta. Chicago. St. Louts, Aliened,. Kan.City. Dallas. San Frail,
Phila.
$
$
Two Ciphers (00) omittedF.R.notes reed from Comptroller 2,867.384,0 223,672,0
F.R.notes held by F. R. Agent__ 816,637,0 73,425,0
$
$
$
$
$
$
$
$
$
$
$
764,742,0 212.701.0 270,180,0 111,117.0222.256,0 419,246.0 81,462.0 85,392,0 104,681,0 59,800,0 312,135,0
349,395,0 34,300,0 31,030,0 20.711,0 53,760,0 100,420,0 12,530,0 13,774.0 26,370,0 12,522,0 88.400,0
F. It. notes issued to F. R. Bank_ 2,050,747,0 150,247,0
Collateral held as security for
F. F.notes issued to F. It. Bk.
Gold and gold certificates__ 367,195,0 35,300.0
97,659,0 15.525,0
Gold redemption fund
Gold fund-F.R. Board
806,250,0 33,000,0
1,178,876,0 95,400.0
Eligible Paper
415,347,0 178.401,0 239,150,0 90,406.0 168,496,0 318,826.0 68.932,0 71,618,0 78,311,0 47,278,0 223,735,0
2 449 930 0 179228.0
590.233.0 190.934.0 261.317.0 102.806.0 169,251,0 381,497,0 81.089,0 76,383,0 93.797,0 51,552,0 271,346,0
Total collateral
14.758,0
8,050,0 14,167,0
171,880,0 4,000,0 50,000,0 6,690,0 27,350.0
14,701,0 13,744,0 12,048,0 5,789,0 8.547,0 1.391,0 1,777,0 1,859,0 3,184,0 5,396,0
74,000,0 181,000,0 9,000,0 38,000.0 50,360,0 6,000,0
95.000,0 64,657,0 95,000,0 39,000,0
308,702,0 108,533,0 104,769,0 51,327,0 59.354.0 199,106.0 62,262,0 22.357.0 40.253,0 25,398,0
35,000,0
13,698,0
121,233.0
10i,415.0
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 2004 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted: In its place the number of cities Included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and investments of $135,000.000 on Jan. 2, which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON MARCH 20 1929. (In millions of dollars.)
Federal Reserve District.
Total.
Phila.
Ckveland Richmond Atlanta, Chicago. St. Louis. Minneap. Kan. City
s
$
$
1,247
2,220
680
648
3,437
722
389
687
497
$
1,949
916
1.529
521
511
2,674
528
262
449
360
1,306
201
320
154
356
1,306
1.368
243
286
85
177
143
306
118
242
426
881
159
137
763
194
128
238
137
612
336
355
74
85
67
70
368
394
78
116
72
56
116
123
97
40
386
257
76
14
128
29
40
11
37
10
257
38
46
6
26
6
56
11
36
8
113
19
5.894
1,696
133
704
280
15
1,027
977
24
357
244
8
331
231
15
1,884
1,244
37
385
235
3
224
132
2
502
180
4
312
144
21
789
965
29
46
103
181
049
55
148
102
202
50
101
82
119
235
500
58
130
45
89
116
205
63
96
142
181
20
160
sa
.1.4
01
on
one
36
15
19
7
61
Boston. New York
$
1,516
$
8.589
Loans
-total
16,552
1,121
6,375
7,64.2
8,910
469
652
3,271
3,104
513
403
714
816
6.028
395
2,214
330
691
3,113
2,915
189
206
1,225
989
105
225
1.715
235
93
17
807
66
13,281
6,805
305
872
477
13
1,179
2,831
711
On securities
All other
-total
Investments
U.S. Government'mudded
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Dna from banks
Due to banks
Borrowings from F. R. Bank
$
$
Leans and investments-601a1
$
22,581
Danes. San Frau.
a
$
s
$
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Mar. 27 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Mar.27 1929. Mar.20 1929. Mar. 28 1928
$
$
5
281,581,000 291,683,000 248,722,000
10,754,000
12,635,000
11,918,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Beard_
Gold and gold certificates held by bank_
292,335,000
214,217,000
414,346,000
304,318,000
252,108,000
417,811,000
260,640,000
290,510,000
432,382,000
Total gold reserves
Reserves other than gold
020,898,000
48,388,000
974,237,000
45,628,000
969,286,000 1,019,865,000 1,018,257,000
29,880,000
30,138,000
21,393,000
196,001,000
103,172,000
141,273,000
66,863,000
113,422,000
40,596,000
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
299,173,000
35,821,000
208,136,000
43.819,000
154,018,000
104,034.000
1,384,000
9,195,000
0,569,000
1,384,000
8,880,000
25,904,000
1,384,000
26,847,000
41,783,000
20,148,000
2,095,000
36,168,000
2,095,000
Mar.27 1929. Mar.20 1929. Mar, 28 1928.
$
R
R
218,000
194,143,000
16,087,000
970,000
218,000
197.620,000
16,087.000
823,000
218,000
154,175,009
16,543,000
1.743,000
983,532,000
34,725,000
Total reserves
Non-reserve Cash
Bills discounted
Secured by U. S. Govt. obligations__
Other bills discounted
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
70,014,000
Total resources
LtoMiIltesFein Reserve notes In actual circulation
Deposits
-Member bank, reserve sect__
Government
Foreign bank (See Note)
Other deposits
295,027,000
938,782,000
9,969,000
1,982,000
8,095,000
298,540,000
936,582,000
812,000
1,970.000
7,397,000
341,906,000
943,494,000
2,432,000
1,774,000
8,380,000
Total deposits
Deterred availability items
Capital paid In
Surplus
All other liabilities
958,828,000
181,890,000
55.229,000
71,282,000
5,565,000
946,761,000
178,607,000
54,550,000
71,282,000
5,229.000
956,080,000
133,556,000
42,468,000
63.007.000
3,378,000
Total liabilities
Total U.S. Government securities__
Other securities (see note)
Foreign Loans on Gold
1 567,821.000 1,554,969,000 1,540.395,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,567,821,000 1,554.969,000 1.540,395,000
77.3%
81.9%
78.4%
103,178.000 100,207,000
357,237,000 290,218,000 328,066.000
68,008,000
Total bills and securities (See Note)_
-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balanoes held abroad and amounts due to
NOTE.
Bank debentures, was changed to
foretgn correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit
-other securities." and the caption "Total earning assets" to "Total bills and securities.- The latter term was adopted a.9 a more accurate description Of the total of the
Lic,ount acceptances and securities acquired under the Provisions of Sections 13 and 14 of he Fedeml Reserve Act, which,it was stated, are the only Items Included therein.
2050
FINANCIAL CHRONICLE
Vaulters'
New York City Banks and Trust Companies.
mutt&
Wall Street, Friday Night, Mar. 29 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week en page 2034.
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.
West Ended Mgr. 29.
Sales
for
Week.
Par. Shares
Railroads
Canada Southern_ _100
Caro Clinch d3 Ohio_ _1
Central RR of N J_ _ _100
GIeve & Pittsburgh 100
Chic & Alton pf cti's_l
CM Sand & Glee pL.50
Range for Week.
Range Since Jan. 1.
Lowest.
Highest.
Lowest.
per share.
per share
Per share.$ per share.
Highest.
70 56
10 9134
200 30534
101 74
1001 16
101 6634
Mar 2 56
Mar 2 9154
Mar 26 30534
NIar 26 74
Mar 26 16
Mar 27 6634
Mar 25 5534
Mar 25 8934
Mar 26 30534
Mar 26 74
Mar 26 16
Mar 27 6635
Mar 6135
Feb 9254
Mar 360
Mar 7935
Mar 16
Mar 6634
303 78
1 133
801 86
100133
1001 70
Mar 27 78
Mar 26 133
Mar 2 86
Mar 26 135
Mar 27 70
Mar 27 78
Mar 26 133
Mar 26 85
Mar 28 133
Mar 27 70
Feb
Mar 80
Mar 14035 Feb
Jan 8634 Feb
Jan
Mar 140
Sac
Mar 89
Mar 26 33
Mar 2 10055
Mar 26 134
Mar 26 2734
Mar 28 180
Mar 26 3
Mar 26 13834
Mar 26 34
N1ar 23
X
Mar 23,105
Mar 2 2734
Mar 23 100
Mar 23
35
Mar 25 2435
Mar 28 180
Mar 23 2
Mar 23 12035
Mar 23 2834
Mar 23
34
Mar 23 105
Masl 37%
Mar 10535
Mar 3
Mar 3235
Mar 130
Ma
3%
Mar 140
Mar 3535
Mar 134
Feb 110
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Cavanagh-Dobbs Ine__• 3,400 3334 Mar 26 3634
Preferred
Mar 28 102
4 102
100
Celotex
• 8,70 65 Mar 28 70
I
Preferred
100
93 Mar 23 93
1
Rights
11,900 1-64 Mar 27
55
City Ice & Fuel
55 Mar 28 5735
• 3,7
j
Preferred
10
6 10335 Mar 25 104
City Investing
10 160 Mar 27 160
1001
Coca Cola class A
.1 2,211 4834 Mar 23 4834
Columbia Gas & El new .111,311 5334 Mar 26 5834
Crosley Radio Corp__ -.135,0
86 Mar 26 107
Curtis Pub Co
.' 2,900 117 Mar 28 125
• 70 1133.4 NIar 23 116
Preferred
Duplan Bilk
• 400 2034 N1ar 25 2035
1I 98 Mar 26 98
Preferred
100
Mar 23 3334
Mar 28,102
Mar 251 65
Mar 23 89
Mar 23 1-64
Mar 25 55
Mar 2 10335
Mar 27 156
Mar 25 4835
Mar 23' 5335
Mar 23,
Mar 23 117
Mar 26 11334
Mar 25 2034
Mar 26 98
Mar 4235
Mar 10534
Mar 79%
Jan 93%
Mar
X
Mar 6234
Mar 10534
Feb 160
Feb 50
Mar 66
Mar 125
Mar 129
Mar 118
Mar 28%
Mar 102
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Elk Horn Coal pref__ _50
450 834 Mar 27 934 Mar 23 834 Mar 13
91 33 Mar 23 34 Mar 23 27
Empor Capwell Corp_•
Feb 38
Eng Pttb Ser pt
1,600 0614 Mar 27 9734 Mar 28 9634 Mar 9934
Evans Auto Loaldng___ 8,100 55 Mar 26 6934 Mar 23 55
Mar 7354
Fairbanks Co pref___2
20 20 Mar 26 20 Mra 26 14
Feb 36
Fashion Park Assoc__ __• 1,100 69 Mar 26 72 Mar 28 69
Mar 72%
140 10835 Mar 23 11035 Mar 23 10435 Jan 11035
First Nat Plc lot pref.100
30,8
Fisk Rubber rights
I
Mar 25 134 Mar 23 1
Mar 3
Gen Gas & El pf A (7).....
260 107 Afar 27 110 Mar 23 107
Mar 11635
105700 1-16 Nfar 26
General Mills, rights
35 Mar 23 1-16 Mar 2
Gen Refractories rights 38,900
35 Mar 28 3 Mar 23
34 Mar 334
new. _* 11,600 5134 Mar 26 57 Mar 28 5134 111Mar 57
Gotham Silk Hoe
200 110 Mar 25 114 Mar 25 110
Grand Stores pref_ __100
Mar 116
Gulf States Steel rights 17,600 I
NIar 27 335 Mar 23 1
Mar 6
Indian Refining rights- 8,700 3 NIar 26 535 Mar 28 254
Mar 534
Certificates rights_
9,200 235 Mar26 435 Mar 28 235 Mar 535
• 130 91
Kendall Co pret
Mar 27 94 Mar 27 91
Mar 96
Brewer & Toll rights__ 102600
34 Mar 26
m Mar 135
35 Mar 25
Lehigh Valley Coal.. • 8,8
2034 Mar 28 2234 Mar 23 19
Feb 26
Preferred
50
100 3435 Mar 27 3435 Mar 27 3434 Mar 40
Link Belt Co
• 2.300 5335 Mar 26 5535 Mar 25 5334 Mar 61
Loew's pref ex warr
200 90 Mar 25 92 Mar 28 90
Mar 95
• 400 9834 Mar 26 9834 Mar 23
Ludlum Steel pref
9834 Mar 102%
Jan
Feb
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Feb
Mar
Jan
McGraw-Hill Publica_.• 900 42 Mar 26 4334 Mar 23 42
20 226 Nlar 26 240 Mar 27 226
Mexican Petroleum 1II
MilwElRy&Ltpf.1ll
20 106 Mar 26 108 Mar 26 101
Newport class A
80 43 Mar 28 44 Mar 28 43
Phila Read C & I rights_ 36,611
Niar 28
35 Mar 23
35
Phillips Jones Corp__.
70 41
Mar 28 45 Mar 27 41
Pirelli of Italy
1,800 5035 Mar 26 6534 Mar 23, 5034
Pittsburgh Steel pref_100
140 96
Mar 28 97 Mar 23' 9234
Pub Ser of NJ rights
65,500
A Mar 26
15 Mar 23
35
Ralo Corp pref B
• 35,700 74 Mar 26 7654 Mar 28 74
Southern Calif Edison He
100 3 Mar 28 3 Mar 28 3
Sparks Withington
1,40018034 Nfar 28 183 Mar 28 18054
So Porto Rico Sug pf _100
30 125 Mar 25 125 Mar 25 125
Spencer Keller &
2,200 3734 Mar 27 3934 Mar 23 3754
Spicer Corp pref A
3.100 50 Mar 27 52 Mar 25 50
Texas Corp part pd_-_25 2,800 6034 Mar 26 6534 Mar 28 5534
Full paid
100 6134 Mar27 6154 Mar 27 5635
25
U S Express
100 2,600 2% Mar 26 335 Mar 28 2
Ifni', Leaf Tobacco 91 100
1012334 Mar 23 2335 Mar 23 12034
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Mar
in Cent leased line_1
New Orl Tex & Mex_10
Northern Central____50
lens & Saratoga- Wheeling & L E
100
Indus. & Miscall.
Alleghany Corp
*58.100 2734
Preferred
100 6,900 00
Amer & For Power rights 100100
35
Am Hawaiian SS Co_101 2,700 2435
Am Radiator ctfs
4 180
Am Steel Foundries rts 17,600 2
Anaconda Copper new.60 135000 12034
Rights
464311 2634
Anchor Cap rights
3,000
M
Assoc Dr Oda 24 pf__100
100105
VA Iron Coal & Coke_100
Walgroen Co pref_ __ _100
Warner-Quinlan He
Webster Elsenloh r _ _ _ _ 25
Rights
Wells
-Fargo & Co
1
Wee'n 011s&Sndr pf old.
•
Wilcox-Rich Corp Cl A.
Class B
•
100 23
200 104
9,600
54
200 95
1,200 14
100 5
30011034
6,200 37
5,400 34
Bank, Trusr & Insurance Co Stocks.
Equit Tr Co of N[Y_ _100
130 640
Mar 48
Mar 275
Jan 10634
Mar 44
Mar 134
Mar 48
Mar 6535
Feb 97
Mar 135
Mar 7834
Mar 3
Mar 183
Mar 135
Mar 43
Mar 553-4
Feb 6634
Mar 65
Jan 434
Jan 12335
Feb
Feb
Feb
Jan
Mar
Mar
Mar 23 23
Mar 27 10434
Mar 28 1
Nfar 23 96
NIar 23 15
Mar 27 6
Mar 23 11034
Mar 26 4435
Mar 26 43
Mar 23 23
Mar 25
Feb
Mar 2810054 Mar 106
Mar
Mar 28
54 Mar 1
Mar
Mar 23 9135 Feb 113% Feb
Mar 27 14
Mar 1735 Mar
Mar 27, 335 Feb 5 i Mar
Mar 25'10635 Jan 112
Feb
Mar '23 37.), Feb 4834 Feb
Mar 23 34
Feb 4734 Mar
NIar 25 703
Mar 23,493
Jan 765
[VOL. 128.
Mar
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(All prices dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid Ask Tr.Cos.-N.Y. Bid
Ask
America
235 240 Port Morris__ 900
Equitable Tr_ 686 695
Amer Union._ 260 280 Public
295 305 Farm L & Tr_ 1540 1560
Bryant Park* 275 385 Seaboard
1040 1060 Fidelity Truet
230 250
Central
210 220 Seward
168 175 Fulton
600
Century
230 250 Trade*
310 325 Guaranty._ _ _ 1000 1616Chase
1075 1085 Yorkville
230 240 Int'lGermanie 220 230
Chath Phenix
Yorktown•
260 275 Interstate_
340 350
Nat Bk& Tr 710 725
Irving Trust_ 795 810
CheLseaEx new 113 119
Brooklyn.
Lawyers Trust
ChLs'aExC'p A 35
40 Globe Exch• _ 430 460 Manufacturers 300 161Class B
35
40 Municipal. __ 615 630 Murray
320 330
Hill
Chemical
1850
Nassau
760 785 Mutual(WestColonial*
1400
People's
1200
cheater) __ 375 400
Commerce
1160
116 Prospect
155 116- N Y Trust.. _ _ 290 295
7
Rights
173 178
Times Square 175 185
Continentals _ 590 630
Trust Co..
Title Go & Tr1020 030
Corn Exeh__ _ 935 960
New York.
U S Mtge &T 850
Fifth Avenue_ 450 2550 Banat Com'l
United Stat 4000 4166
First
600 000
Italian& Tr_ 420 430 Weetcheet'rT,llOOO
Grace
750
Bank of N Y
Hanover
1275 350
& Trust Co_ 930 960
Brooklyn.
Harriman_
1150 200 Bankers Trust1750 1825 Brooklyn ____ 1160
180
Liberty
270 280
New
181
186 Kings Co_ _ .j3200 3400
Manhattan.
890 905 Bronx Co Tr _ 480
National City 400 406 Central Union 460 468 Midwood.......l 310 325
Park
1210 250 County
580 650
Penn Exch.__ 155 165 Empire
605 620
*State banks. t New stock. z Ex-dividend. S Ex-stock dlr. y Ex
-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Mar.23 Mar.25 Mar.26 Mar.27
Mar.28 Mar.29
First Liberty Loan
High 97,833 971131 97"s2 97,
t
97,1n
33.5% bonds of 1923-47_ _ Low- 9710,3 971'31 97 33
,
37131
97 31
,
(First 335)
Close 97".• 971,82 977st
97 st
,
97 31
,
Total sales in 51,000 units__
107
22
82
136
54
Converted 4% bonds of High
1932-47 (First 4s)
Total sales in $1,000 units___
Converted 43.4% bonds{
li
of 1932-47 (First 4 Xs) LowClose
Total sales in $1,000 units__
Second converted 4 q % High
bonds of 1932-47 (First LowSecond 434.)
IClose
Total sales in 51,000 units_ __
Fourth Liberty Loan
{High
434% bonds of 1933-38
Low434,)
Close
Total sales in $1,000 units__
Treasury
{High
434s, 1947-62
Low_
Close
Total sales in 51,000 units ___
High
45. 1944-1954
Low_
Close
Total sales in 51,000 units__
High
334s, 1946-1956
LOw_
Close
Total sales in $1,000 units....
{
High
335s, 1943-1947
Low.
Close
Total sales in 51,000 units
{HIV;
355s, 1940-1943
Lew_
Close
Total sales in $1 000 units ___
{
____
98'.31
98"33
98,2si
6
___
68.'33
98".,
98 .is
,
9
___
981113
08'uHig
98.
981,
..
32
__
_
98' 33
,
98",2
981,82
144
__ __
98"13
981.33
98.4n
62
---
---_
--__
__--
_-
___
____
- __ --- _ __
98 .$1 9821,3 98.11, 66..11 982.33
,
98,333 98.13 981,31 981,11
HOLI982.33 98",, 982.s, 98"12 98"n DAY
,
98",(Fourth
80
144
208
349
105
____ 106.33 106
____ 106'n
____ 106
105",,____ 105 .s3
,
-_-- 106 at 106
,
---- 106
34
____
47
158
__._ 102.33
-___ 10-11,31 102",,
____ 1013.33
___. 1011133 102
____ 102'n
____ 101' 3 102
,
____
35
54
99'st
------- 99'ss
98"ss
99.as____
____
99'ss
98"8,
99".
_--___ 99'.
98"ss
15
__ .._
27
5
96in
____ 96433
-___
---'ss
Si)',,5"ss
-- - _
------56',,
__-_
96
5
4
____ 9 13
- ; ____ 96",,:
6--____ 96133
____
96 at
,
_-_---____
06'ss
---- 961".3
____
-The above table includes only sales of eonpon
Note.
bonds. Transactions in registered bonds were:
19 1st 434s
to 98' 31
,
110 Tress 43.4s
105 ."
,
to 105"ess
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84%0
4.85 1-16 for checks and 4.85 9-3204.85 7-16 for cables. Commercial
on
banks,sight, 4.8434:sixty days,4.79 15-1604.80; ninety days. 4.77
4.77%, and documents for payment, 4.793.4 04.79 15-16. Cotton 13-16--for payment,4.837,. and grain for payment,4.83%.
/
To-day's (Friday's) actual rates for Paris bankers' francs were
3.90340
3.9034 for short. Amsterdam bankers' guilders were
40.05040.0634 for
short.
Exchange at Paris on London, 124.20 francs; week's range, 124.21
francs
high and 124,17 francs low.
'rho range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week_
4.85 1-16
4.85 7-16
Low for the week
4.8434
4.85 9-32
Paris Bankers' Francs
High for the week_
3.9034
3.90 15-16
Low for the week
3.903.1
3.9054
Amsterdam Bankers Guilders
High for the week
40.09
40.1034
Low for the week
40.0051
40.0454
Germany Bankers' Marks
High for the week
23.72A
23.73
Low for the week
23.70
23.72
The Curb Market.
-The review of the Curb Market is
given this week on page 2035.
A complete record of Curb Market transactions for the
week will be found on page 2069.
Curb Market Transactions-Concluded from pate 2073.
Thurs.
Bid. Asked.
Maturity.
Asked.
Last Week's Range Sales
Bid.
Rause Sines Jan. 1.
Sal.
of Prices.
for
Jane 15 1929_ _ 4)4% cryai„ 99un Sept.15 1930-32 334%
Bonds (Concluded)Price. Low. High. Week.
96.33 96”st
Lore,
Ilieh.
0ept.15 1929 _ 434% (19''ss 992
'31 Mar.16 1930-32 334% 965
'13 Dawn
Dee.1$ 1929.-- 4)4% 99u, 991.33 Dee. 15 1930-32 334% 96nos 9621.1 Parana (State of) Bras 78'58 90
8835 90
13,000 8834 Mar 9334 Jan
Sept. 15 1929
434%
99"811 99"'n Prussia (Free State) 63431'51 95
94
95
14,000 95
Feb 97
Feb
Dec.15 1929
Esti 65(of '27) Oct 1552 8734 87
4%%
99"as 99' 13
,
88
64,000 87
Mar 9054 Jan
Rumanian Mono Inst 7s'59 88
88
8854 34,000 88
Mar 8935 Feb
Russian Governments
New York City Realty and Surety Companies.
634s
1019
1534 1534 11,000 1234 Feb
1735 Mar
(All prices dollars per share.)
635s ctfs
1919 1535
1435 16
36,000 1234 Jan
Mar
18
5148
1921
1434 16
61,000 1234 Feb
Ask
Bid Ask
Bid
1734 Mar
Ask
Bid
535s Certificates_ 1921 14%
1434 1534 23,000 1234 Feb
110 Lawyers West
17 54 Mar
Alliance R'Ity
90
Realty Assoc's
Saar Basin 7s
1935
98
98
chest NI dc T 300 320
7,000 98
Jan
Mar 101
AntSurety new 155 165
(Bklyn)corns 44
45
Saarbrecken 78
1935 9954 993.4 0934
1,000 99
Mar 10134 Feb
Bond & M (.1_ 520 540 Mtge Bond-- 175
let pref..___ 98
Santa Fe (City) Argentine
HomeTitlelnal 270 290 N Y Title &
24 pref ____ 97
Republic exti 7s
1945
93
93% 8,000 924
oe Jan
Mortgage-- 750 760 Westchester
Lawyers Mtge 330 335
Santiago (Chile) 7s...1949
9735 98
Jan
4,000 97;4 Jan 100
S Casualty. 450 470
Lawyers Title
Title & Tr _ 700 775
Silesia(Prov) 7s
1958 81
81
81
Mar 85
4,090 80
Jan
385
New w L._ 118 125
eGuaran
375
Switserland Govt 5346 1929 9934 9934 9934 28,000 9914 Mar 100)4 Jig.
MatUnif.
Int.
Rate.
Int.
Rats.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
here, see preceding page.
For sales during the week of stocks not recorded
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday.
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
Mar. 29.
Mar. 28.
Mar. 27.
Mar. 26.
Mar. 25.
Mar. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Slue Jan. 1.
-share jots
Ors harts of 100
Highest
Lowest
PER SHARE
Rasge for Previous
Peer 1928
Lowest
Highest
par $ per share I $ per share 5 per share $ per share
Railroads
share Shares
3
Mar 26 209 2 Feb 4 18232 Mar 204 Noy
$ per share $ per share $ per share $ per share $ per share $ Per
12,200 Atch Topeka & Santa Fe__100 19512 Jan 2 10372 Jan 7 10212 Jan 1084 Apr
2
2
2
19814 1994 1974 19912 1054 1974 197 1987 1987 1997
100 10212
1,500 Preferred
103 103
103 103
4
4
169 Jan 2 1913 Feb 4 15712 Oct 19112 May
*1034 1033 103 10312 103 103
1()0
1,800 Atlantic Coast Line RR
4
12
17512 1793 *1764 17812
3
3
4
1753 175 4 17512 177
*1754 184
100 11812 Mar 26 133 Mar 5 103 4 June 125 Dee
66,600 Baltimore & Ohio
2
121 12212 123 1247
11812 121
77 Nov 35 Aga
12212 12412 1194 123
100 78 Jan 23 8012Mar 20
800 Preferred
79
79 .78
1
79 .78
61 June 84 4 Jam
4 79
72 Jan 2
7914 793
4
*793 80
50 85 Feb 16
3,300 Bangor & Aroostook
4
1
/
4 6512 67
673
65
66
6512 664 65
68
67
100 10514 Mar 26 11012 Jan 22 104 Dec 1154 MaY
110 Preferred
107 107 '10514 107
68 Feb 91 Dec
10514 107
4
*107 108 *107 108
91 Jan 2 1093 Jan 5
100
Boston& Maine
95
95 .90
4
95 •88
*85
8
53 2 Jai. 773 MaY
95
*90
2
26 817 Feb 25
95
*90
t
24,600 Bklyn-Manh Tran• c_No par 6512 Mar 26 92 Feb 1
73
3
2 674 694 70
6512 697
82 Jan 95 2May
71
2 68
12
707
70
No par 84 Mar
500 Preferred•t c
2
87
.86
477 Sept
8912
87
84
1412 Jan
864 84
86
26 4412 Jan 18
88
Mar
*8612
5,700 Brunswick Term & Ry Sec_100 28 Jan 26 85 Mar 2
2814 2912 333
2
2914 28
3214 July 6412 No
314 28
29
32
3
81
____ Buffalo & Susquehanna_ _ _100 54 4 Jan 4 684 Mar 4
70
62 .55
60 .55
38 Sept 63 No
65 .50
72 '60
.135
5312
100
250 Preferred
55
55
58
58
59
58
2
*597 63
2
*697 64
100 22512Mar 26 2694 Feb 2 19512 June 253 No
37,300 Canadian Pacific
22512 23414 232 23612 23612 239's
98 Sept 1074 MN
2304 239
23712 242
Mar 28 10112Mar 14
330 Caro Clhach & Ohlo ctfoi st'd100 97 Mar 26 22712 Feb 1 17512June 2183 Deo
97
97
4
4
983 99 .98 101
99
99
*99 100
100 210
9,000 Chesapeake & Ohio
4
212 2143 21514 217
4
217 21714 21412 2171 210 215
100 21312 Jan 18 216 Feb 27 ---------------.
Preferred
1854 MC
4
12
5 J1117
100 1112 Jan 2 193 Feb 4
5,i00 Chicago ex Alton
2
74 Feb 263 Mc
lit
4
1i
1-K5I4 -1 . -1.
100 16 Mar 26 251 Feb 4
11,400 Preferred
2
184 163 18'I 1814 1812
37 Feb 4814 M11
Feb 4
2014 2014 184 2018 16
Chic & East Illinois RR_-_100 37 Mar 5 43 2 Feb 4
41
42 '36
*36
40
*35
53 Aug 7624 MC
40
41 .37
*37
Feb 20 1387
100 5812
Preferred
62
*53
60
*52
63
94 Feb 25 De
60 .53
61 .56
7
•57
100 1412 Mar 26 23 2 Feb 1
29,400 Chicago Great Western
4
s
8 163 181
171
2012 Feb 503 De
154 184 1412 1712 16
2
177 19
12
100 4612 Jan 7 63 Jan 31
28,200 Preferred
5112 5384 524 5512
2 4912 53
551
5514 5612 504
2214 Mar 4012 Ap
31 Mar 26 3972 Feb 2
39,700 Chicago Milw St Paul & Pao_
2
3214 3312 324 333
6012 No
3
37 Mar
3312
3432 354 3312 34 2 31
3
4
503 Mar 26 63 4 Feb 2
33,400 Preferred new
9414 Mx:
2
541
2 54
5212 543
78 Jun
4
503 54
5312 551
26 9414 Feb 5
58
4
55
15,200 Chicago & North Western_100 813 Mar 5 145 Feb 5 135 Dec 150 Ma;
84
84
8512
4
8412 813 8318 83
8412 85's 83
100 135 Jan
300 Preferred
140
140
Fe o 13912 No
2
*140 14212 140 140 .139 143 .139 143
Rock 2s1 & Pacific_100 123 Mar 26 1397 Jan 19 106 Dec 11112 Ma
10,900 Chicago
2
127 1273 12414 128's 123 1273 12412 12612 12612 12612
100 10514 Mar 27 10814 Jan 25 105
500 7% preferred
8
10512 1051 10514 10534 .10514 10612
2
99z Dec 165 Ma
•10512 107 *10512 107
100 100 Jan 8 1027 Feb 5
200 6% preferred
100 100
.98 100
.99 101
3
*9912 100 4 .9912 101
100 110 Mar 27 122 Mar 5 105 Aug 126 Ms,
700 Colorado & Southern
110 110
67 July 85 Ap
11314 11312 110 110
2 115
80 Jan 25
1137
*114 118
100 75 Mar 20
280 First preferred
7614 7614
77
77
6912 Nov 85 Ma
79
764 77 '77
79
*77
100 6912 Jan 26 7212Mar 5
Second preferred
70
*66
70
6112 Dec 8712 Jun
*66
70
70 '66
70 .66
63 Mar 21 704 Jan 2
*66
100
1,620 Congo'RR of Cuba pref
64'z
4
633 644 64
64
63
79 Dee 94 Jul
6412
63
*6413 66
100 7512Mar 21 81 Jan 2
10 Cuba RR pref
Ag
7512 •____ 7512 7512 751
7612 •__ _ _ 7513•
100 182 Mar 26 20714 Feb I 16314 Feb 226 Al
8,300 Delaware & Hudson
188 188
186 188
182 185
18212 189
18 1334 Feb 1 12514 Dec 150
189 190
Feb
3,700 Delaware Lack & Western_100 12414 Jan 2 773 Feb 21
3
3
125 4 12612 126 1262
5012 Feb 65 4 Al
12712 12812 12512 128
4
1284 129
Deny & Rio Gr West pref 100 5514
2,200
72
65
634 Ja
6412 .634 65
3 Aug
6512 62
472 Feb 4
664 84
66
312 Jan 8
100 Duluth So Shore & At1100
314
94 Ma
3
34
*314 414 *314 414
3
4 2 June
4
712 Feb 4
12 44 *3
.3
5 Mar 26
100
600 Preferred
514 514 .512 6
4
5
483 June 7212 DI
5
6
.514 64 *5
100 64 Mar 26 78 Mar 5
66,100 Erie
681
2 87
673
684 6912
50 June 6372 Ja
4
694 714 653 6912 64
100 57 Mar 26 6434 Feb 4
6,900 First preferred
5812 5932
5812 5712 587
2
594 57
587 5012 59
4914June 82 Ja
100 56 Mar 27 6014 Jan 5
800 Second preferred
56
56
56'2 56
12
93 Feb 11434 No
*5314 66
57
2
*5314 5812 *53
100 102 Mar 26 1157 Mar 4
7,800 Great Northern preferred
10512 1054
10414 105
914 Feb 11134 Ni
26 112 Mar 4
10612 1034 10634 102 104
10612
100 10012Mar
3.900 Pref certificates
2
10012 10212 •103 10312 1034 10312
4
191 June 333 Oo
1024 104
105 105
Properties_No 5t 274 Jan 7 3912 Feb I
39,400 Iron Ore
3114 3114 3214
2 30
4
284 3112 277 297
3112 32
2
43 Aug 617 Ma
Northern_ _100 4312 Afar 26 59 Feb 4
3,800 Gulf Mobile &
47
4 45
4412 443
4312 46
99 Aug 109 Ms
48
48
48
48
100 98 Mar 22 103 Jan 3
Preferred
98
98 .96
99 .96
7 Aug 17$4 Jni
*98 100 .97
4
83 Jan 4
008 100
7 Feb 18
Electric Ay...No par
*714 8
712 712
73
500 Havana
*714
712 71
4
*71, 72
51 Dec 7812 8.j
100 55 Feb 16 60 Jan 12
Preferred
•62 _ __ "6312 _ __
*6112 __
___ .614 - _
*61
100375 Mar 26 450 Jan 22 340 July 473 Nc
50 Hocking Valley
-14
5012 Dee 7081 Al
410 410 375 401 *375 4c13 *378 416
2
*410 429
100 4212 Mar 26 583 Jan 5
Manhattan
7,000 Hudson &
4414
Oct 934 AI
4212 4414 4212 444 43
81
4 4212 451
3
45 2 453
100 7412 Mar 28 84 Jan 18
Stock
200 Preferred
7412 744
76
.74
1
/
74
1
76
76
7512 .74
*74
100 134 Mar 26 152 Feb 1 13134 Jan 1484 MI
5,000 Illinois Central
4
MI
4
1363 1373 138 138
134 137
136 138
1374 138
100 135 Mar 27 14514 Feb 4 1394 Jan 147 Jul
100 Preferred
135 135 '135 145 Exchange
75 July 8232
*135 145 .135 145
26 8012 Feb 21
Mar
*137 135
160 RR Sec Stock certificates__ 774 Mar 26 583 Feb 25
2
Jan 62 Ms
29
7714 7712 777 774 57714 78
78
8
78
79
*78
t
Tran• 0_100 39
19,700 Interboro Rapid
484 Closed4714 45
42
44
484 39
364 Mar 424 Ni
43
46
2 Mar 23 59 Jan 26
46
100 lot Rys of Cent America 100 457 Jan 10 5912 Jan 25
*4512 48
44
*43
48
48 .43
Ws 444 *44
50
No pa
Certificates
Good
2
997 Jan 82 MI
1_
I._ _ _ 48 . _ __ 48 •____ 48 .____ 48 ._ 48
100 73 Mar 13 8014 Jan 2
170 Preferred
751 *734 75
73
2
57 M
12 74
2 Mar
44 Jan 18
744 744 73
312 Jan 30
75
*74
100
Friday
Iowa Central
4 4
*33
*334 4
4 4
.33
43 JIM. 95 NI
3
.3 4 4
4
1
/ 4
*3
100 78 Mar 26 9872 Jan 12
Southern
821
28112
6,000 Kansas City
83
8114 81
6612 Aug 77 A
7
834 8514 8112 83 s 78
6612 Feb 21 704 Jan 15
100
2 Holiday
400 Preferred
8412 Feb 116 A
2
4 673 681 .674 69 .674 683
4
624 8711 673 673
50 8634 Mar 26 10214 Feb 2
2,100 Lehigh Valley
90 90
3
4
4 8914 8914 863 8914 9014 901
921
4
92
100 1383 Mar 26 15312 Feb 5 139 4 N.y 159i54'
1400 Louisville & Nashville
4
75 Jan 98 MI
*13912 140'z 1383 1394 139 139 *140 146
Mar 14 87 Jan 3
140 140
Manhattan Elevated guar_100 79
*7712 80
"7712 82
40 Jan 64 AL
*774 8244 *7712 87 .7712 82
100 4512 Mar 28 5712 Jan 11
guaranty
10,900 Modified
52
49
454 50
4512 46
74 AL
34 Dee
48
s
46
481
2
48
27 Mar 4 4 3 Jan 22
100
300 Market Street Ry
4
33
*3
31
3
3
3812 Dee 54 M.
34 314 .34 34 .314 312
100 3114 Feb 27 3912 Jan 4
4
400 Prior preferred
3112 3112 *313 344
12 3415 3112 311
*314 $4 .31
VI NL
172 May
3
3 4 Jan 19
214 Mar 26
& St L0111/1--.WO
2,700 Minneapolis
*214 212 '212 234
24 21
40 June 6232 J
24 212
3
20 4714 Feb 4
1
.24 2 4
42
*39
Minn St Paul & 88 Marle_100 3912 Feb 14 87 Jan 23
40
*35
40
*35
3
704 Dec 87 4 AL
43
.36
41
*36
100 71 Jan
72
500 Preferred
72
75
"72
73
73
60 Dec 7122 j
7214 721
76
*70
100 5914 Mar 22 66 Jan 25
10 Leased lines
*5914 60 .5914 60
3012 June 58 II
5014 594 *594 63
Mar 26 55 Feb 4
63
058
48,700 Mo-Kan-Texas RR-..NO par 4212
4 4612 4712
463
44
1
4212 451
12 48
4834 44
3
48
100 10214 Mar 26 105 4 Mar 13 10112 June 109 Si
10312 10318
3,400 Preferred
4
10214 1023 10212 103
2
417 Feb 7614
1024 103
103 103
100 6212 Jan 4 8772 Mar 5
36,300 Missouri Pacific
774 7712 78
2
2 76
7212 753
734 78
105 Feb 1267 E
2
774 794
100 120 Jan 2 1373 Mar 5
2
31,900 Preferred
2
2
12712 1307 129 13012 1321 1347
824 Aug $9 AI
2
131 1334 1294 131
60 7812Mar 25 861 Jan 17
130 Morris & Essex
784 824 •7812 83 .7812 83 .784 83
*824 83
19912 Feb 5 17112 Aug 20411454
60 Nash Chatt & St Louis_ _ _100 186 Jan 29
1904 19014 194 194
54 A
.186 190
19014 1904
2 Feb
34 Jan 25
*19014 194
2 Mar 27
214
Nat Rye of Mexico 2d pref _100
212
2,100
2
2
1964 N
212 212
34 212
24 24
100 17812Mar 26 20414 Feb 1 156 Feb 146 M
50,000 New York Central
2
18112 1857 2183 185
1214 0*6
18314 18614 17812 184
187
2
18534
2,300 N Y Chic & St Louis Co-- _100 1284 Mar 26 145 Feb 4 10412 Aug 110 .1
12914 130
131 132
12812 129
1294 130
131 131
3
100 105 4 Feb 25 10914 Jan
109
1,100 Preferred
4
4
Jan 685 A
10612 10612 10612 10812 1063 10712 107 1083 10812
50 285 Mar 26 379 Jan 8 168
350 N Y & Harlem
296 307
287 300
285 295
301
292
4
s
543 June 828 1
102 302
100 804 Jan 4 984 Feb 2
4
28.600 N Y N H & Hartford
2 874 885
4
4 881 893
8212 843
87
85
8612 88
11412 Jan 3 1194 Feb 2 112 Sept 117 M
3,500 Preferred
116 116
4
24 Feb 39 M
*11534 11834 11511 1153 116 11612 1154 116
Feb 4
2612
7,500 N Y Ontario & Western___100 25 Mar 27 32
264 26
2612 25
13 IA
54 Jan
,274 2712 2612 2714 2512
972 Feb 21
612 Mar 25
9
100 N Y Railways foref____No par
64 612 '612 84 .612 84 .7
12
2312 Dec 43 Jo
.612 8
100 2614 Afar 26 41 Jan 30
*2614 32
50 N Y State Rys pref
32 June 68 N
284 2814 *2614 2814 264 264 •2814 32
100 41 Mar 26 4812 Feb 4
42
200 Norfolk Southern
42 '39
.29
41
41
42
N
*41
43
I *42
100 191 Jan 9 206 Feb 1 175 June 1984.11
196 197
3,900 Norfolk As Western
2
1927 195
19112 194
192 193
co193 195
7
84 11 Oct 90
100 83 Feb 15 86 Jan 17
10 Preferred
*834 85 .834 86
84 84
.3134 87
87
85
0
Feb 118 N
9232
100 9912 Mar 26 114,4 Afar 5
4
18,500 Northern Pacific
2
994 1027 10212 1047 1023 1034
10112 1041
904 Feb 115 A
10$4 105
100 098,Mar26 112 Feb 2
10,100 Certificated
4
2 993 10118 10212 10212 10212 10312
2
10012 1037
1912 May 347 N
103 104
100 20 Feb 15 43 Feb 28
37
Pacific Coast
38 .30
*30
35
*30
40
*34
40
40 Aug 70 •
.34
100 32 Mar 27 50 Mar 2
*3712 47
30 First preferred
32
32
47
*33
461 .3412 47
2012 Aug 39 N
*34
Jan 10 40 Feb 28
100 2112
30
50 Second preferred
3514 30
6172 June 7633 1
*274 364 *274 851 .274 351 .25
8214 Jan 18
50 7212 Mar 2
41,700 Pennsylvania
4 754 763
753
4
75
724 731
37 N
734 75
3
25 Ma
75
2
76
347 Feb 1
100 30 Jan 1
29
Peoria & Eastern
29 '24
28 .24
*24
D
33
*28
33
2
*28
3
100 148 Jan 3 174 4 Feb 1 1247 Feb 154 1
600 Pere Marquette
4
3
160 160 4 1564 1593
151 0150 151
4
151
Oct 1013
96
152 152
100 96 Jan 5 100 Mar 22
preferred
560 Prior
99 100
99
99
4
3
3
99 4 99 4 993 100
3
92 Nov180 4 3
3
*99 4 100
92 Mar 15 97 Jan 8
100
94
200 Preferred
94
94
7
93 8 .92
•.92
94
94
4
1
/
94
50 Nov 56 4
*92
50 50 Jan 9 50 Jan 9
Phila Rapid Transit
3 ---2
60 Mar 5112 o
5 9
9
*50s -- • 08 ---- 'MO% ---- *503 ---- '50 5 ___
50 50 Jan 2 50 Jan 2
Preferred
___ •50
_ _ "50
--_ .50
*60
_
*50
4
100 130 Mar 26 1483 Jan 10 12114 Feb163 ,
1,000 Pittsburgh & West Va
- 4
3412 130 13i 1328* 1323 .1324 134
16412 1
944 Feb 119242.
136 I36
60 10212 Mar 26 11712 Feb 4
12.900 Reading
1034 10412 106 107
4112 Nov 46 o
1054 bOlt 10312 10512 10212 104
50 42 Jan 4 434 Feb 28
1,000 First preferred
*4172 42
42
1
Jan 597 A
44
3
*424 431 .424 4312 4212 4212 42
2
50 453 Mar 26 49 4 Feb 5
600 Second preferred
4512 454
451
3
4572 454 45 2 4512 4512
50 Feb 77 1
.454 47
100 6312 Mar 21 68 Jan 24
RR pref
Rutland
65
65 '62
84 .60
65 .60
66 .60
Mar 26 1224 Feb 4 109 Feb 122 I
*60
100 111
8,000 St Louis-San Francieco
11212 11312
94 Dee 101 I
1144 11412 113 11472 111 1134 112 113
100 924 Mar 26 964 Feb 2
2,400 let pref paid
9212 94
4
923 93
944 9214 93
3
944 9412 93
100 9612 Mar 26 115 4 Feb 4. 674 Feb 1241s 1
s
14,500 St Louis Southweetern
4
10612 984 994 981 1014 1004 1023
98
89 July 96
12Mar 4
1084 108
100 90 Feb 25 92
200 Preferred
9212
*98
91
9215 91
*90
90
90
92
*90
-----1414 -fil""
Ii" "iii2 Iiis "
•ald and asked prholeg;no Waite thfe Oky. s
a Ex-dividend and ex-rights.
-rights. S Ex-dIv. of tits the shares of Chesapeake Oen. stook.
y Es
2052
New York Stock Record-Continued-Page 2
Yet isles during the week of stocks not record
ed here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Sales
STOCKS
NEW YORK STOCK
for
Monday,
Tuesday,
Wednesday. Thursday,
Friday,
She
EXCHANGE
Afar. 25.
Mar. 26.
Mar. 27.
Mar. 28.
Mar. 29.
Week.
$ per share $ per share $ per share
$ per share $ per share $ per share Shares
17
/ 17
1
4
Railroads (Con.)
/ 17
1
4
Par
1718 •16
1712 17
1712 1712
/ 1718
1
4
*20
1,800 Seaboard Air Line
22
*19
22
100
•20
2112 2112 2112 2112
12612 12612 124 1265 12412 22
500 Preferred
100
8
12553 125 4 12712 12718 128
,
14514 14514 1441 145
47,700 Southern Pacific Co
/
4
100
142 1444 143 145
/
1
11,300 Southern Railway
9712 93
9712 9712 9712 9712 9712 9712 14512 147
100
9818 9818
•115 116
1,000 Preferred
115 115
100
109 109
110 110
110 110
•167 170
100 Mobile dr Ohio cert1fs
165 167
100
158 158
15612 15612 157 157
800 Texas & Pacific
315 3428 33
8
33
100
31
33
30
31
31
333
4
6,300 Third Avenue
46
46
45
100
46
46
4612 .45
46
*45
46
900 Twin City Rapid Traneit 100
.971 100
4
*9712 100
*9712 9934 *9714 100
99
99
215 2153 21112 21428 209
10 Preferred
8
100
214
2134 217
/
1
217 2193
4
10,500 Union Pacific
83 8 835
5
8 823 8314 823 822
4
100
4
4 82
824 811 824
/
1
/
4
/
1
2,800 Preferred
*95
*9512
100
*9512
*9212 ____ *9212 ---.9213
Vicksburg Shrev & Pac____100
__ *9212__ *9213
_ *9213 _ _ .9213
6714 1714 65 - - / 61
Preferred
/ 65
1
4
1
4
100
121
-(3
63 - 641 - / 8412
4
64
5:400 Wabash
•
9313 95
9278 9278 9112 92
100
9213 9212 934 9312
/
1
1,400 Preferred A
*80
90
*80
90
100
*80
90 .80
90
*80
90
434 45
Preferred B
/
1
404 447
2 3212 42
100
373 411 4118 43
/
4
4
44,100 Western Maryland
45 45
*41) 42
/
1
4
100
38
/ 4012 *3912 43
1
4
*43
4412
600 Second preferred
100
344 3518 3312 3512
3312 3514 3318 333
4 3314 3412
4,400 Western Pacific
591 591 58
/
4
/
4
100
59
57
5712 57
/ 57
1
4
/ 5712 5812
1
4
2,300 Preferred
100
Scats:relay,
Mar. 23.
PER SHARE
Range Sines Jan. 1.
Oa basis of 100
-share lots
Lowest
$ per Mars
1612 Jan 2
20 Jan 2
124 Mar 25
142 Afar 26
9712 Mar 23
109 Afar 26
15612Afar 27
30 Afar 27
44 Jan 29
9712 Jan 29
209 Mar 26
8
817 Mar 28
98 Mar 4
103 Mar 7
61 Mar 26
9112Mar 26
8212 Jan 21
3212 Mar 26
384 Afar 26
/
1
3318 Jan 25
57 Jan 28
MOM:
PER SHARI
Rangefor PresIons
Year 1928
Lowest
IMAM
$ per share $ per Mare $ per share
2144 Mar 5
1158 Mar 3012 Jan
2412Mar 5
17 Aug 38
Jan
1383 Feb 2 117 Feb 13114 May
s
/
1
4
1584 Feb 1 13912 Feb 165
/
1
May
99 Jan 3
965 Sept 102
8
/ Jan
1
4
1407 Jan 14 100 Jan 15912 Jan
2
178 Feb 1
9912 Jan 19452 Oct
39 Feb 25
2818 Jan 4618 May
/
1
684 Jan 25
3214 Sept 66 Ma,
100 Jan 5
944 Oct 107 Feb
/
1
231 Feb 2 18812 Feb 2244 Nov
/
1
844 Afar 18
/
1
821 Oct 8714 Jan
/
4
10014 Jan 5
99 Aug 111
Jan
103 Mar 7
9914 Nov 10812 Mat
811 Jan 5
/
4
51 Feb 964 May
/
1
1047 Jan 7
8
8812 Feb 102 May
91 Jan 8
87 Feb 9912 Mal
54 Feb 4
311 Feb 5484 May
4
5312 Feb 4
3312 Feb 544 May
417
2Mar 6
2814 Feb 3812 Des
5412 Feb 4
5212 Aug 6218 Jam
Industrial ft Miscellaneous
41
4114 40
/ 41
1
4
4018 4112 3914 4012 40
403
4
7,400 Abitibi Pow & Pap
11113 8112 8113 8112 80
No par 3914 Mar 27 547 Jan 22
811 80
/
4
8012 .80
2
361 Nov 85 AD,
/
4
8012
800 Preferred
134 140
13513 14434 184 134
100 80
13512 140
8
138 144
76 Nov 1024 Jn17
2,600 Abraham & Straus____No par 128 Mar 26 885 Jan 7
'11012 111
/
1
11014 11012 .11014 111
Feb 16 15912 Jan 3
11014 11014 .11014 111
90 June 142 Des
120 Preferred
3
•• 75 805
651 551
525 561
100 10984 Jan 16 112 Jan 2 109
575 595
594 595
Oct 11412 June
1,200 Adams Express
93
93 .92
96
*92
100 389 Jan 16 595 Mar 27 195
95
*92
95
•92
95
Jan 425 Du
100 Preferred
*3012 31
3018 3012 30
100 93 Mar 23 95 Jan 3
3014 283 2912 30
4
30
93 Jan 99 Ma!
/
1
1,000 Adams Millis
4
89
94
7852 9114 7018 803
No par 283 Aiar 27 354 Jan 15
4 77
4
/
1
873
4 8818 9028
30 Dec 3312 Des
/
1
4
125,100 Advance RumelY
88
12 9018 79
100 48 Jan 29 9712 Alar 22
90
597 79
3
78
84
85
11
93
Jan 85 Sept
14,100 Preferred
344 4
384 4
312 3
100 5812 Jan 23 94 Mar 21
/
1
4
312 33
4
3
/ 354
1
4
3414 Jan 693 Sept
18,200 Ahumada Lead
4
10318 104
10014 104
/ 981 10114 99 1044 210218 1035
1
4
/
4
1
312 Jan 2
478 Feb 20
/
1
4
/
1
2
/ Jan
1
4
4
554 Mar
13,600 Air Reduction, Ine____No par 96
812 8
/
1
4
818 812
8
814
/ Jan 7 1144 Jan 26
1
4
7
/
/ 838
1
1
4
85, 85,
59 June 9958 Dec
33,600 Ajax Rubber,Inc
74 7
/
1
/
1
4
65
8 74
No par
53
7 Mar 27 1114 Jan 2
4 7
/
1
4
8
/ 78
1
4
,
7
712 Jul e 144 Jac
7,
4
/
1
38,300 Alaska Juneau Gold Mln__1
•17
1714 17
1718 17
17
16
0
3
5 4 Mar 26
18
1014 Jan 8
1612 1612
1
Jan
10 Nos
1,500 Albany Pert Wrap Pap_No par
277 280 4 270 275
8
/ 26014 274
1
4
18
271 275
22 Dec 3114 Jam
/
1
4
20,100 Allied Chemical & Dye_No par 241 Mar 15 25 Jan 3
121 121
121 1211.4 *121 12218 •121 12218 27014 278
Jan 7 305 4 Mar 1 145
,
121 12118
Feb 2528
1,100 Preferred
177 178
175 178
166 170
100 121 Jan 3 12314 Mar 27 12011 June 12754 Nov
170 172
172 17512
May
2,300 Allis-Chalmers Mfg
*8
9
*8
9
*7
8
100 166 Mar 26 194 Jan 11 11518 Feb 200 8
*5
8
.6
8
Del
*60
Amalgamated Leather_No par
85
*60
65
*601 62
/
4
8 Feb 14 111 Jan 14
*60
60
14 60 60
/
4
918 Oct 1654 API
200 Preferred
60 Feb 13 73 Jan 17
3284 3312 324 33
/
1
89 Mar 90
/ 31
1
4
3212 3114 33
API
334 34
/
1
15,800 Amerada Corn
1784 184 1714 184 1413 1714
/
1
/
1
No par
Feb
1613 17
8
1714 171
2718 Feb 43 Nov
/
4
/
1
4
5,400 Amer Agricultural Chem_.100 30 Mar 18 425 Jan 3
6058 6112 58
/ 6112 5314 5934 553 60
1
4
1412
26 234 Jan 15
4
/
1
60
1553 Feb 26 Nov
80
5,500 Preferred
11928120
117 120
110 116
11534 119
100 5314 Afar 26 7384 Jan 11
117
555 Feb 797 Nal
8
2
3,600 Amer Bank Note
•604 647 *6012 647
8
8 6012 6012 6012 6012 *6012 12012
10 110 Mar 26 13414 Feb 6
7434 Jan 159 May
/
1
70 Preferred
16
16
1514 16
1514 1512 154 1512 1512 644
50 60 Jan 3 52 Feb 13
/
1
1512
60
Oct 654 Jai
/
1
1,400 American Beet Sugar__No par
052
55
5012 52
.51
53
1514 Mar 25 2012 Jan 16
5012 51
.4012 51
1434 July 244 Aug
5614 57
400 Preferred
52
/ 564 47
1
4
/
1
53
5012
51
56
54
56
36
Feb 611 Sept
/
4
544 5514 5218 5612 501 53
/
1
41,100 Amer Bosch AfagnetoNo 100 4012 Mar 25 6014 Feb 6
/
4
par
Feb 14 50 Mar 19
52
56
5612
/
1
4
55
154 Feb 4488 Nos
/
1
11,500 Am Brake Shoe & F.__ _No par
•124 12612.12214 12612 .12214 124
122 12214 .12212 124
45 Jan 16 82 Feb 4
394 July 491 Jam
/
1
/
4
200 Preferred
23
/ 241 23
1
4
/
4
264 2212 2413 2413 2514 2412
/
1
100 122 Mar 27 12612Mar 21 120 Dec 128 June
257
8
53,400 Amer Brown Boveri El.No par
76
76
75
76
70
/ 75
1
4
75
1518 Jan 7 261 Mar 25
75
/
4
75
104 Apr 2614 May
76
/
1
1211 126
600 r-eferred
/
4
115 1235, 11018 11912 11718 1211 119
/
1
4
100 49 Jan 7 82 Feb 28
/
1
4
/
4
/ 12414
1
4
Stock
4014 Apr, 654 May
/
1
485,800 American Can
•141 143
141 141
141 141
141 141
25 1073 Feb 18 129 Mar 22
4
141 142
7013 Jan 1171 No
/
4
900 Preferr
10118 10214 9712 1011 9512 90
/
4
100 1404 Feb 14 1417 Jan 14 13634 Jan 147
/
1
98
8
98 1013 Exchange 14,100 Americaned
4
Apt
•116 1174 11712 11712 *11712 120 *1171 100
Car dr Fdy No par 93 Feb 18 1051 Jan 3
/ 120 *11712 120
4
/
4
8814 July 1111 Jar
/
4
100 Preferred
80
80
.79
83
*78
83 .78
100 11612 Feb 7 120 Jan 29 1104 Aug 13712 Mai
81
78
78
Closed/
1
200 American Chain pref
'51
53
5014 54
463 5114 50
4
/
1
4
100 72 Jan 23 8512 Mar 13
52
50
/ 5112
1
4
•110I4
71 Dec 105 June
11.500 American Chicle
_ *11014
_ •11014 __._ .11014 ---- .11014 -___
No par 46 Mar 26 5812 Feb 1
/
1
4
Good
44 Dec 50 1364
/
1
4
____
9 _- 3
Prior preferred
8
9 _-9 18
No par 10912 Jan 2 11414 Jan 30 107
Jan 114 May
407 41
200 Amer Druggists 8yndicate10
1.
39
/ 4012 35
1
4
40
3712 9 Jan 25 11 Jan 2
3713 3912 3912
Friday
1012 Dec
1512 API
2,000 Amer Encaustic Tiling_No
318 318
315 318
301 309
315 315
par 35 Mar 26 473 Feb 25 ____
310 310
4
1,700 American Express
10214 105
--90 102
79
93
89
943
4 9212 97
Holiday
Jan 310 Del
70,300 Amer dr For'n Power___No 100 280 Feb 2 330 Mar 1 169
par 7514 Jan 4 1384 Feb 19
1063 1063 1063 1084 •108 10812 108
4
4
4
/
1
/
1
2253 Feb 85 Dal
108
10612 10612
400 Preferred
5
93
95
*92
9312 924 9214 9312 931
No par 10513 Jan 3 10812 Feb 14 10434 June 110
933 9412
4
1,600 2r1 preferred
May
*7
8
*7
8
*4
712 *413 7
No par 9214 Mar 26 103 Feb 21
.
512 7 2
81
,
Feb 100 Sept
*32
34
*32
American Hide & Leather.100
34
3214 32
/ 33
1
4
33
818 Mar 12
/
4
3312 341
10 Jan 2
84 Oct 155 Fell
8
500 Preferred
807 823
8
8 7814 81
754 79
/
1
77
100 3014 Feb 6 38 Jan 2
785, 7812 80
31 Nov 674 Fell
14,900 Amer Home Products_
40 4014 39
4018 38
387
8 38
3913 3912 40
_No par 75 Jan 2 855 Jan 24
8
59 Feb 85 NO'l
7,500 American Ice
0
93
95
*93
95
*93
95 .93
No par 38 Afar 26 43 Feb 5
95 .93
95
/
1
4
28
Jan 463 Atil
65
s
/ 68
1
4
6118 67
Preferred
57
/ 6312 62
1
4
100 9012 Feb 11 96 Mar 6
653
8 647 861s
8
Jan 991 May
90
52,300 Amer Internet Corp__
/
4
65
8 65
8
612 61
/
4
6
3
612
618 614
_No
6
/ 012
1
4
8,200 Amer La France & Foamit par 57 4 Mar 26 7614 Jan 18 ____ - --- ---- -,-*65
6912 65
65
*64
70
*84
e_10
6 Afar 26
69'2 66
66
87 Jan 10
8
514 Jan
40 Preferred
11514 1171 113 11714 110 114
111 OM
/
4
/
4
11518 117
116 11813
58
20,200 American Locomotive_N 100 64 Mar 1 75 Feb 21
Jan 854 Ocl
•11514 117 *11514 116 *11514 116 *11514 116
o par 1025 Feb 18 123 Mar 18
11512 11512
8
100 Preferred
Jaz
27 June 115
17014 17014 170 171
166 16814 .165 167 *168 168
100 113 Jan 3 118 Jan 22 10314 Oct 134 Mal
1,300 Amer Machine & Fdy
*110 112 *110 112 *110 112 *110 112
__No par 166 Mar 26 199 Mar 6 12912 June 1838 Del
*110 112
4
65
/ 67
1
4
Pref (7) ex-warrants
60
/ 6514 5512 62
1
4
60
651
110 Mar 11 11512 Jan 12 110 Dec 116
625 645
8
8
26,600 Amer Metal Co Ltd___
Jar
121 12112 12012 121 *1184 120 *11814 122
No par 5512 Mar 26 815 Feb 5
.12118 123
4
39 Mar 634 Nov
500 Preferred (6%)
86
87
85
85
8414 8414 81
84
80 80
100 117 Jan 3 135 Feb 6 109 Aug 11712 May
290 Amer Nat Gas pref__
•1014 11
1014 1o12 1014 1014
918 918 *918 10
__No par 80 Mar 28 9814 Jan 7
/
4
953 Dec 991 Not
500 American Piano
4
.4112 43
4112 4112 4112 4112 41
4112 *41
4312
No par
91 Afar 27
/
4
177 Jan 31
4
8
123 July 26 Fet
220 Preferred
10318 105 8 954 1043
5
/
1
4 89
98
93
9812 98
100 38 Jan 2 55 Jan 31
38 Dec 90
993
4
Jai
38,000 Am Power & Light_
101 101
100 100
984 100
/
1
984 987
___No par 8118 Jan 8 120 Jan 30
/
1
8 994 100
6214 Jan 95 May
1,400 Preferred
•75
784 75
/
1
75
*7413 744 5744 75
/
1
/
1
No par 9878 Mar 26 105 Feb 28 10012 Dec 1074 May
*7412 7 /
41
4
/
1
500 Preferred A
81
8114 7912 79
/ 79
1
4
8014 7914 80
No par 73 Jan 7 80 Feb 13
80
701 Nov 7713 Not
801s
/
4
1,300 Prof A stamped
No par 79 Afar 26 844 Feb 15
177 179
/
1
4
/ 170 17712 165 171
1
4
8112 Dec 8514 Not
170 175
174 18112
9,000 American Radiator
•
178 185 *171 175 *140 175 *140 175
25 165 Mar 26 210 Jan 15 13018 Jan 19113 Dee
175 175
10 Preferred
159 160
/
1
4
14714 153
141 147
145 150
150 15412
100 140 Jan 7 196 Jan 29 141
Oct 162
5,100 Amer Railway Expres
Api
5714 491 5412 4612 50
54
/
4
50
s
547
100 1294 Jan 16 173 Mar 1 11012 Jan 143 Dee
8 53
/ 5534
1
4
/
1
/
1
4
15,900 American Republ
67
67
64
/ 6614 62
1
4
66
ics___
6318 68
6418 65
/
1
4
511 Feb 85
/
4
5,900 American Safety Razor_No par 44 Feb 18 64 Jan 2
Ain
37
/ 37
1
4
/ 371 37
1
4
/
4
/ 3528 3612 313
1
4
No par 62 Mar 26 74 Jan 31
37
36
36
/
1
/
4
1
4
56
Jan 741 Sept
3,700 Amer Seating v t o
/
4
434
428
412 43
4
4
/ 44
1
4
No par 328 Feb 16 411 Mar 15
418 44
4
4 4 4,
/
4
,
2753 Nov 45 Mai
4
1,800 Amer Ship & Comm.
*8712 90
88
90
*8712 90
..No par
8712 8712 *87
8712
353 Jan 2
7 Feb 5
313 Aug
140 American Shipbuilding_
818 May
114 1173 110 1147 102 1111 1081 11212
4
8
/
4
_ __100 86 Feb 27 94 Jan 24
/
4
112 11312
80 Sept 119
89,200 Am Smelting & Refinin
Jaz
136 136
135 4 136
3
/
1
1354 13514 1351 1354 1354 135
/
4
g--100 9312 Jan 18 1248
/
1
/
1
4Mar 1 189
/
1
4
Feb 293
1,500 Preferred
•195 19814 194 197
19313 194
194 194 .199 200
100 13514 Mar 2(3 138 Jan 4 131 Mar 142 Dal
800 American Snuff
Ap
•110__ *110 112
110 110
100 19312 Mar 26 206 Feb 1 141
110 110 *110 112
Jan 210 Dm
60 Preferred
69 2 - - ,
, 7 2 6413 70
6
62
66
6414
100 108 Feb 13 112 Jan 24 100
683*
Oct 120 J(1111
26,400 Amer Steel Foundr
•H012 11112 .11012 11112 .11012 111 .11012 6712 67
ies...No par (12 Mar 26 794 Feb 4
111
11012 111
/
1
504 June 70
100 Preferred
/ Jas
1
4
764 775, 7412 7512 7214 7414 74
100 11012 Jan 4 114 Mae 13 109 June 120 Fel
78
7418 753
4
10,400 Amer Sugar Refinin
•I054 10854 *10512 108 *10512
/
1
g
108 *10512 108 *106 108
100 7214 Afar 26 948 Jan 25
4
55
Feb 9312 Not
Preferred
*50
5112 50
50
461 49
/
4
/ 47
1
4
47
100 10612 Jan 3 111 Feb 1 100 Feb 11011
48
48
1,200 Am Sum Tob
*211 25
Mal
/
4
•21
23
211 2114 *21
/
4
No
22
22
46
22
Feb 735 Bey
400 Amer Telegraph & Cable.. par 4618 Mar 26 60 Jan 2
8
211 213
/ 210 2147 208 21214 209 21714 2168* 224
1
4
8
.100 17 Jan 2 327 Mar 25
8
174 Dec 32
64.100 Amer Talon & Teleg
Jaz
188 188
165 167
/ 160 16518 163 165
1
4
4
5,700 American Tobacco com___ 100 1934 Jan 8 224 Mar 28 172 July 211 Mal
16712 16814 16412 16718 16014 166 4 16314 1663 16712 169,
,
_50 160 Mar 28 16612 Jan 28 152 June 1843 Dee
4 168 16914
8,200 Common class B
8
0120 1201 120 120
/
4
120 120
120 120
51) 16014 Mar 26 188 Jan 28 152 June 1844 Not
120 120
/
1
1,200 Preferred
144 14514 145 145
140 143
14113 143
100 11812 Mar 11 12114 Jan 15 115 Sept 126
144 145
/
1
4
1,300 American TYDO Founcle
Apt
rs 100 13612 Jan 5 155 Jan 31 1094 Aug 14214 Noi
51110 112 *110 11212 *110 1124 0110 11218
/
1
*110 112
844 8614 8112 8414 76
Preferred
82
100 10712 Jan 8 1114Mar 25 107 Nov 115 Mal
82 14 84
8214 84
19,100 Am Wat Wka & El
*987 997
8
8 987 987 .98-- 99
3
8
No par 674 Jan 8 94 Mar 2
/ 99
1
4
/ 100 100
1
4
52 June 764 NM
1s2 preferred
2014 2012 20
203
4 1918 1018 19 4 223
97 Jan 3 104 Jan 28
3
3 21
98
22
Oct 106
8,400 American Woolen
AD:
461 4612 48
/
4
4612 4512 4612 463* 493
100 1918 Mar 26 274 Jan 3
/
1
4 4818 4912
14 July 323* Not
5,400 Preferred
12
12
114 1218
1078 1112 11
/
1
4
1112 1014 11
3
39 Aug 55 4 Noi
3,400 Am Writing Paper cafs_N 100 4514 Mar 8 58 Jan 2
41
41
*404 41
403 40 4 •4018 41
4
o par
3
1014 Mar 28 1514 Jan 21
*4014 41
10 1 June
,
191s Fel
600 Preferred certificate
424 44
3
38
43 4 30
/ 391 35
1
4
/
4
34 June 534 Oa
/ 3812 381 411
1
4
/
4
/
4
45,700 Amer Zinc, Lead & Smelt_ 100 40,4 Mar 26 46 Mar 2
1044 1044 104 105
/
1
9818 10314 100 4 101
__25 304 Mar 26 494 Mar 18
/
1
3
64 Jar 67
101 10112
Oct
1,900 Preferred
164 16912 153 166
142 1563 149 4 158 315612 159,
25 9818 Mar 26 11114 Mar 19
4
40
,
/
1
4
Jan 1177 Oct
1329600 Anaconda Copper Mining
4
1
56
56
5312 557
8 5118 53
50 11514 Jan 15 1744 Mar 21
/
1
53
54
Jan 1204 Dee
55
563
54
4
7.200 Anchor CaD
•11614 118
11114 11114 112 112 *115 117
No par 5118 Afar 26 623 Fob 21
s
48 Dec 545s Dee
11312 115
3,900 Preferred
614 633* 55
/
1
8 51
627
5712 5518 583* 25714 587
8
203,900 Andes Copper Mining No par 11114 Mar 25 124 Mar 1 10614 Dec 111 Dee
41
41
3813 403* 3614 393
No par 48 Jan 31 68 8 Mar 1
,
3134 Nov
4012 4118
56 Nol
9,500 Archer, Dan'Is, Alld'id_No
11414 11414 11412 11412 011414 115 4 3714 41
par 364 Mar 26 4911 Mar 4
•
.11412 115 .11412 115
5514 Feb 112 Not
/
1
4
40 Preferred
88
88
87
88
100
8512 86
Jan
87
87
Oct 1154 Mal
.8812 90
/
1
900 Armour & Co (Del) pref _100 114 Mar 4 115 Jan 11 112
1414 1412 1218 144 1218 13
/
1
8512
28 95 Jan 30
864 Jan 971 Juno
/
1
1212 133* 1312 131/4
/
4
42,800 Armour of Illinois clam
714 712
7
714
612 718
A___25 1213 Mar 25 1818 Jan 2
7
714
1114 Jan
74 7
/
1
4
2312 Sep
34,200 Class B
*77
79
78
78
25
613 Mar 26 1014 Jan 2
7512 7612 76
84 Jan
/
1
76
76
13 Ma]
77
/
1
4
1,200 Preferred
28
2812 25
2812 25
100 7512 Mar 26 88 Jan 24
2512 25
674 Jan 9111 Juno
2512 2814 284
6,800 Arnold Constable Corp_
/
1
*25
26
8
.2413 26
No par 25 Mar 25 407 Jan 2
*24
27
3
•24
354 July
27
*2413 28
5114 Ap
Artloom Corp
•984 99 .9814 99
No par 26 Afar 20 30 Feb 5
9814 981 *96
/
4
2814 Dec 443 Mat
99
*96
8
99
10 Preferred
100 9712 Jan 9 100 Jan 4
99 Dec 114 Ma
• Bid and asked Priam DO melee On Shia
day.
s Ex-dIvIdand.
r 13:11-rIglas
2053
New York Stock Record-Continued-Page 3
page preceding.
For sales during the week of stocks not recorded here. see third
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 23.
Monday,
Mar. 25.
Tuesday,
Mar. 26.
Wednesday. Thursday,
Mar. 28.
Mar. 27.
Fr(day,
Mar. 29.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE
PER SNARE
Range Since Jan. 1.
-share lois
On nod/ of 100
LOW-621
I
Highest
PER 111ARE
Rouge for Previous
Year 1928
Lowest
Highest
Indus. & MIscel. (Con.) Par $ per share I $ per share $ per share $ Per altars
$ per share $ per share $ Per share $ Per share $ Per share $ per share Shares Art Metal Construction _ __ 10 2734 Mar 26 307 Feb 4
4
2512 Jan 348 Apr
8
1,600
,
,
29% 29 4 29 4
•29
2914 2784 29
*2914 297
8 29
4014 June 7512 D10
No par 50 Mar 28 705* Jan 10
43,600 Assoc Dry Goods
8
57% 565 58
57% 55
61% 50
6184 57
60
9912 Aug 11372 Apr
100 10014 Mar 12 107 Jan 15
300 First preferred
104 104
10114 10114 •101 104
3712 Feb 538 Sept
103 103 *100 104
26 43 Feb 11 47 Jan 5
50 Associated 011
43
43
45
45
45
*43
*44
45
44
44
4
/
371 Feb 597k May
21
4,400 Atl0 & WI 55 Line_No par 3218 Feb 16 4712 Mar 21
4612
4114 4 ati 4314 4512 45
4412 4134 44
*42
Feb 6514 Oct
38
8
100 4584 Feb 11 557 Mar
900 Preferred
4
8
50
54 .
54
,
51 2 5014 5312 535 533
*5414 55
50 Nov 6612 Dee
25 5312 Jan 29 68 Jan 2
185,800 Atlantic Refining
8
6318 647
,
55% 59 8 5914 64
6114 6212 5714 62
8
100 115 Jan 21 1175 Jan 11 11411 Sept 11814 Jan
Preferred
1,060
8
11512 11512 11512 11512 11512 1155 11512 11614 11512 11512
Jar 114 Dee
63
No par 92 Mar 26 115 Jan 2
2,700 Atlas Powder
97
97
96
96
96
8 92
997
97
100 101
100 100 Mar 13 10612 Jan 14 102 July 11013 May
70 Preferred
104 10412 •101 104 *10112 104 •10112 104
104 104
814 Jan
1753 June
No par 1018 Feb 25 1512 Jan 3
700 Atlas Tack
8 11% 11%
48 Jan
8 12% 1218 11% 1178 .1112 117
1178 127
94 May
1
/
6 Mar 18 10 Jan 11
2,300 Austin, Nichols & Co_No par
614 614
618
6
6
8
63
7
6
8
.6
Jan
39
25 July
Preferred non-voting _ _ _ _100 32 Mar 14 4218 Jan 14
34
*32
34
34
*32
*32
•32
35
35
•32
Oct 75 May
58
5912 Mar 28 85 Jan 8
500 Austrian Credit Anstalt
5912 61
65
61
1561
61
61
61
61
61
345 Nov
611 Jan
No par 2218 Feb 15 2912 Jan 7
9,800 Autosales Corp
26
27
26
25
8 2412 27
292
5
25 8 27% 27
41 Nev
25 Aug
50 3614 Mar 4 437 Jan 23
1.000 Preferred
39
3712 3712 37% 3912 339
38% 39
3814 39
43
Oct 5212 May
Jan
1,100 Autostr Sat Razor "A"_No par 4314 Jan 10 50 Mar 22 235 June 285 Mar
*45
46
4414 4412 4412 45
4412 45
46
45
•
Baldwin Locomotive Wks 100 225 Mar 2 271
7,100
245 25312 254 26912
232 240
254 26012 240 256
Oct 1245 Apr
8
100 115 4 Jan 4 120 Jan 25 115
210 Preferred
8
11812 11912 117% 117% 1175 119
8
1175 1175 *11712 120
8
1 10714 Noy 1117s Jan
340 Bamberger (L) Jc Co prey_ _100 10814 Jan 2 11012 Feb 23
10814 10814
10814 109
1010814 1091 10914 10914 109 109
4
/
26% Aug 3514 Dee
No par 2812 Jan 14 33% Jan
200 Barker Brothers
*3012 3112
30
3112 30
30
*30
30
153012 32
917 Dec 10112 June
100 89% Jan 19 97 Jan 28
100 Preferred
8
913
• 8 9218 *9138 9212 *913 9218 •9112 9218 91% 91%
2312 Aug 5212 Feb
No par 17 Mar 14 2914 Jan 15
100 Barnett Leather
20
*18
20
1714 1517
•17
•17
2112 1714
20
20 June 53 Nov
2
25 3818 Feb 18 467 Jan 3
236,300 Barnsdall Corp class A
4
4
3 41
43% 3918 4214 4214 44% 443 453
443
43
20 Jure 5118 Nev
Feb 16 49 Feb 2
25 38
200 Class B
*44
47
42
48 •
40
43
3812 3812 42
.42
98 June 14012 Mar
No par 95 Mar 27 11384 Jan 25
400 Bayuk Cigars, Inc
•95 100
95
98
95
96
•97 102
*9814 100
8
4
100 104 Feb 8 1068 Jan 29 10312 Dec 1103 Mar
50 First preferred
105 105
105 105 •105 106
•105 106 •105 106
1214 Mar 2411 Dee
No par 20 Feb 7 2812 Jan 8
12,400 Beacon Oil
22
8
8
2112 2212 207 22
231s 2314 237
2214 23
70% July 10114 Dee
20 8184, Mar 26 101 Jan 12
Beech Nut Packing
4,700
8
8312 863
8184 83
88
28312 87
4 867 88
•
90
Jan
12 Dec 22
11% Feb 13 1484 Jan 2
4,100 Belding Hem'way Co__No pa
8
1384 14
1318 13% 1314 1312 1312 137
13% 13%
825 Sept 9212 may
3
100 Belgian Nat Rya part pref_-__ 81 Jan 29 84% Jan 3
4
*813 82
84
4
82
*813 82
•
•82
8212 82 82
Oil
5384 Jan 102
75% Mar 26 9312 Jan
No pa
6,900 Best & Co
8
7714 8218 8014 82
3
83 4 83% 8014 8318 75 4 80
s
4
/
517 June 881 Dee
8 Mar 15
300,800 Bethlehem Steel Corp_ _ _100 821g Jan 31 1117 Jan 11 11618 June 125
8 09 10312 101% 105
997
102 10478 97% 10314 95
Apr
4
2,000 Beth Steel Corp Pt (7%)_100 1168 Mar 27 123
118 11914
4
116% 118
119 11914 1188 119
•11914 120
335 July 50 Sept
*
4214 Jan 21 54% Jan 29
10,100 Bloomingdale Bros_ __ _No pa
4
51% *4812 5018 493 51%
5012 5212 5112 54% 47
4
100 110 Jan 4 111 Jan 16 10912 Jan 1118 July
20 Preferred
*110 11012 110 110 •10812 11012 *10812 11012
•110
87 June 122 Dee
& Co prat _ _100 97 Feb 15 118 Jan 2
60 Blumenthal
102 102
100 103
10212 10212 •100 103 .
•100 103
6514 Jan 8512 Dee
Mar 25 8912 Jan 12
7812
No pa
3,100 Bon Ami class A
7912 81
811/ 7812 8012 7812 78% 7812 79
81
121 Nov
4
1
/
5 Jan
4
6 Mar 26 118 Jan 2
No pa
4
1
/ 612
8
6
3,200 Booth Fisheries
618 63
61/
6
6% 658
4
/
4114 Mar 721 Nov
812 612
100 48 Mar 26 6384 Jan 18
800 1st preferred
51
*48
48
48
48
5018 48
.53
50
*48
Jan
152 June 127
50 17412 Jan 8 20384 Feb 5
9,600,Borden Co
181 184%
175 17712 177 185
17784 181
18012 182
23 Jain
884 Aug
Mills class A..50 1134 Jan 10 1512 Feb 11
300 Botany Cons
1212 1212
12
12
12
12
1258
1258 •12
•12
2118 Feb 635 Oor
6318 Jan 3
180,800 Briggs Manufacturing_No par 3314 Mar 26
45
4312 42
8
453 4612 405 455g 3314 42% 38
4
914 May
4
/
11 Jan
6% Jan 28
4
33 Mar 26
100
42
43
1,100 British Empire Steel
41
453
44
4
4
,
4 4
12 Feb
33
214 Jan
4
53 Jan 14 13% Jan 28
100
preferred
SOO 2d
4
93
7 •---034 *7
7
*7
84
9 •---4512 June 751/ Nov
4
93
par 51 Mar 27 737g Jan 2
11,900 Brockway Mot Tr__ __No
6012 53
8 51
5514 5412 56
557
60% 61
54
100 121 Feb 16 145 Jan 2 110 June 150 Nov
Preferred 7%
*95 110 *105 120 •103 125
•118 120 •110 120
*
100 300 Jan 2 340 Jan 5 2068 Jan 325 Nov
200 Brooklyn Edison Inc
305 3051/ •310 325 •310 325
*305 335 *305 330
4
No par 17012 Mar 26 20012 Jan 28 139 June 2038 Nov
1,000 Bklyn Union Gas
17012 17012 17114 17114 17318 180
17712 17712 *165 175
44 Dec 5512 Apr
No par 3812 Mar 27 47 Jan 2
2,500 Brown Shoe Inc
3912 3812 3912 3912 3912
30
•40
4012 3912 40
Jan
100 117 Feb 7 11912 Feb 18 115 Nov 120
100 Preferred
117 117 .11712 121
•117 120 •117 120 •117 120
2712 Feb ISA Sept
Jan 18
21,300 Bruns-Balke-Collander_No par 42 Mar 26 5514 Jan 5
475
471 4514 4712 46
4
/
4918 49% 47% 4914 42
4
2412 Feb 481 May
4
8
10 322 Mar 26 423
11,000 Bucyrus-Erie Co
3618 36% 3518 3614 32% 3518 338 385* 345* 3512
545 May
335* Feb
8
10 415 Mar 26 50 Fob 5
8,400 Preferred
42
438 435* 4514
4518 4514 4312 4514 41% 44
Apr
100 112 Jan 3 11812 Feb 18 11014 Mar 117
Stock
20 Preferred (7)
4
4
4
/
1121 11214 •11212 116 •11284 125 *1123 125 *1123 121
Oet
9312 Feb 127
par 110 Feb 25 127 Jan 11
200 Burns Bros new clAcomNo
4
1123 1123
i
113 113 *111 113
•114 118 •113 115
1572 Mar 432 June
Jan 14
8
1,900 New class B com__ _ _No par 305 Jan 31 39 Jan 7
8
4 3112 3112 315* 3153 315* 315 Exchange
3134 315 313
3 Feb 1105* June
4
318
97
100 10314 Jan 5 10514
130 Preferred
10384 1033 .10214 104
4
104 10414 10414 10414 *1033 104
Jan 249 Dee
Mar 14 139
Closed
4.700 Burroughs Add Mach_No par 234 Jan 16 29514 Feb 2
280 283
266 270
280 282
Des
50 June 88
No par 65 Mar 25 8918
8,400 Bush Terminal
7014
6812 267
65
6614 67
70
70
65
70
1
/
11012 Mar 2 1044 Aug115 May
100 10514 Jan
Good
20 Debenture
108 108
109 109
•108 110 *108 109 *10814 109
22 11812 Feb 19 111 Aug11912 June
100 110 Mar
9,8
112 112 •11012 115 *112 114
10 Bush Term Bldg, pref
8
•109 8 115 •110 115
4
85 Aug163 May
*
12% Jan 4
812 Mar 2
.
812
3,900 Butte & Superior Mining _10
Friday
812 9
812 84
1 Jan
121 Nov
Ols 912
912 9%
912 Jan 3
7 Mar 28
5
16,600 Butte Copper & Zinc
718 73
4
712 8
4
/
7%
81
7
8 12
8
8
3712 Dec 6712 May
100 29 Mar 27 41 Jan 2
Holiday
6,400 Butterick Co
29
30
2914
3012 30
3014 3014 30
3018 29
4
9012 Jan 2068 Des
s Jan 2
26,500 Byers & Co (A M)__ __No par 134 Mar 26 1927 Jan 26 1085 Apr 118 Des
16414 16414 15118 16214 134 15311 14512 155% 154 156
8
8
100 110 Jan 17 1295
Preferred
*9912 112
*9912 112
*9912 112
*9912 112
*9912 112
65 Mar 122 Dee
Jan 25
*
1,800 By-Products Coke_ __.No par 10414 Mar 26 1298
113 113
11214 114
10414 11012 108 110
114 114
5 Feb 27
8
6812 June 825 Sip'
.
9,800 California Packing_ __No par 725* Mar 26 81 Jan 25
7418 7612 7218 75
4
743 747
7612 77
8 7412 7512
2514 Mar 36 Sep_
25 264 Mar 2 2978
California Petroleum
29
*24
24
•24
•24
29
29
29 •
29
•24
5% Apt
4
12 Mar
4 Jan 22
3 Jan 8
10
7,700 Callahan Zinc-Lead
318
3
3% 3%
318
318 314
318 314
3
89 Feb 133 No
Mar 1
18,100 Calumet & Arizona Mining_10 12114 Jan 7 1425, Mar 1
121% 12914 12812 131
1308 133
135 13814 127% 138
2018 Jan 475 Nov
26 4218 Mar 26 6178
110,600.Calumet & Hecla
1
/
8 5012 555
5212 541
4912 53
1
/
554 565
8 424 52
8
547 Jan 8612 Mav
4
Ale NO par 78 Jan 4 893 Mar 19
28,700 Canada Dry Ginger
8318 82
79
8
837 84% 8258 85
8412 8312 8514
43 Dee 50 Sept
Mar 25 4812 Jan 3
No par 38
4,000 Cannon Mills
4112 4112 38
4184 39
4012 39
4078 4012 4114
Jan 515 Nov
Jan 2 247
1,900 Case Thresh Machine____100 412 Mar 26 509
440 440
412 430
435. 445
O430 470 15420 468
1
/
100 124 Jan 14 1284 Feb 15 12012 Dec 13512 Mar
100 Preferred
126 128 *122 135 •122 128 •122 128
•128 127
3814 Dec 3911 Dee
4 Jan
2,700 Central Aguirre Ass°. _No par 31125lar 26 483 Feb 30
38
37
3712 3812 *3712 3812 3112 3712 37
8
•
40
8
2818 Mar 483 Dee
1
44,600 Central Alloy Steel_ _ _ _No par 4012 Mar 28 521/
4 4412 461
4512 4612 42% 453
4 4012 43% 425* 443
Jan 11134 May
100 10714 Mar 25 11212 Jan 28 107
701 Preferred
10912 10912 10714 10714 •10512 11012 *107 11012 *107 110
Oct
11 Aug 24
13 Mar 26 2012 Jan 2
1,100 Century Ribbon Mills_No pa
15
1434 13
13
4
•16
143 .13
4
1612 143 16
77 Aug 92 May
100 74 Mar 23 82 Jan 17
1501 Preferred
*7312 74
•7312 75
74
75
*7312 75
•7314 76
5812 Jan 119 Nov
Mar 1
75,500:Cerro de Pasco Copper_No par 10014 Mar 26 120
1061/ 108
10918 112
105 110% 10014 10614 104 107
8
2318 Dec 645 Apr
2
3,400 Certain-Teed Products_No par 20 Mar 28 Ms Jan 11
2014 2018 2018 2014 201
22
*21
2012 2012 20
75 Nov 100 May
100 50 Mar 22 81% Jan
5001 7% preferred
50 50
*4912 60
40
.
50
50
50
50
50
7012 Oct8318 Dee
No par 568 Mar 28 9214 Jan 31
1,400 Certo Corp
568
56%
1060
81
5914 5914 *561 59
5914 60
612 Feb
24 Nov
11
Chandler Cleveland MotNopar 20 Jan 24 23 Jan
•17
21 •____ 21 •____ 21 *____ 21
21
*17
No par 2212 Jan 11 2284 Jan 18
Certificates
Mar 37% Dee
14
41 Jan 29
No par 36 Mar
Preferred
•__ 40 •____ 40
•---- 40
40 Jan 14
No par 37 Jan
Pref certlficaUal
62% July 8118 Jan
89% Feb 2
No par 7812 Mar 2
4
17,700 Chesapeake Corp
"801 815*
131180 - - 2 -ii 2 -667; 793 81
8112 82
111 Aug 17312 Dee
8
2,300 Chicago Pneumat Tool No par 2814 Mar 26 357 Jan 25
2914 2914
2812 31
30
3178 2814 30
31
31
No par 4818 Mar 27 5614 Jan 11
3,100 Preferred
8
4
/
4 491 4914 4818 4918 507 507
Jan
4 49% 503
8
50 4 503
8
297 Aug 43
7
8
700 Chicago Yellow Cab_ _ _No par 305 Mar 28 36 Jan 2
30% 3412
84 32
.32
31% 3214 30
33
3212 3212
45 Dec 5612 Oet
4
/
10 411 Mar 28 50 Jan
2,500 Chickasha Cotton Oil
4118 42
4312 41% 4214 425* 427
42% 42% 43
Apr 64 Dee
37
60% Jan 2
8
No par 447 Mar 26
9,900 Childs Co
4818 49
8 455 47
44% 487
2
312 4812 52
214 3
6
3753 Mar 747 Nov
1271/Mar 21
25 7114 Jan
11,500 Chile Copper
11018 121
105% 11314 110 11412 311514 118
12012 122
Jan
76 Dec 131
115 Feb 4
60 Christie-Brown tern ctfallo par 102 Jan
110 110 *100 125 •100 125 *100 125
•110 118
4
548 Jan 14012 Oct
No par 89% Mar 26 135 Jan 2
9814 10014
594,100 Chrysler Corp
94 101
4
100 107% 898 102
10614 10812
5114 Jan 5414 June
class A_ _ No par 4912 Feb 25 52 Jan 2
520 City Stores
5012 .50
50
*50
5012
50
5012 50 50
•50
27 Feb 4
No par 201/Mar 2
4
8 212 23
13,400 New
2012 213
2012 22
23
23% 22
23
4
4
/
6011 Dec 1591 Apr
1,800 Cluett Peabody & Co_ No par 6214 Mar 27 7284 Jan 3 11112 Dec 12484 Mar
4
4
6214 6284 625* 623
631
628 63
4 63
63% 633
100 110 Mar 27 119 Jan 3
60 Preferred
11318 1131 11314 11314 110 110 *112 115
•1135 115
8
No par 12314 Mar 26 140 Feb 5
8
4
6,000 Coca Cola. Co
8
12314 126% 12712 1317 1293 1327
128 130
12914 130
4
/
441 Dee 111% -Jan
7214 Mar 14
No par 50 Jan
8
615 63
24,900 Collins & Allman
54
64
57% 5814 63
6358 64% 53
Jan
90 Nov 109
10312 Feb 6
400 Preferred non-voting._.i00 93 Jan
•97 103
94
•97 103
94
95
95
95 100
*
52% June 8411 Jan
100 59 Mar 26 7812 Mar 8
20,200 Colorado Fuel & Iron
6314 6118 63% 635* 6512
59
68%
,
67 4 69% 62
4
79 June 1348 Dee
8
cNo pa 12114 Mar 26 1547 Feb 4
131 133
11,700 Columbian Carbon v t
12114 131 •133 143
136 13614 129 135
8
8911 Mar 1407 Dec
140 142
11,800 Colum Gas de Elec._ _No pa 13384 Mar 26 160 Jan 31 106 June 11018 Jan
,
8
142 1437 13858 1421 133% 139 2 13418 140
8
100 1037 Mar 21 1077 Jan 11
8
700 Preferred
8
•104 104% 104 1041 •1048 1047 1041/ 10412 104 104%
61 Dec 842 Nov
Jan 9
6418 Mar 26 8884
7118 737
586,100 Columbia Graphophone
4 6912 74
8 6418 723
4
/
8
74 4 79'4 701 773
71 Nov
Feb
21
1
48%
39,900 Commercial Credit.._.No par 1E43 Mar 26 625 Jan 2
4818 4614 4853 48
43
4
/
471 51
6012 611
27 Ma
23 Feb
25 241/ Jan 2 26 Jan 9
2484 245*
Preferred
10
4
•242 26
*24114 26
4
*243 28
4
24 Dee
O243 26
23 Feb
Jan 21 2712 Jan 30
25 25
2612
120 Preferred B
2812 •26
2812 •26
58 25% *26
5
8
255 25 8 25
85 June 107 Nov
4
4 9818 9853
340 lit preferred (6 A %)___100 9818 Mar 28 1053 Jan 24
9812 993
98% 99
987
9812
9914 997
8
4
558 Mar 1407 Nov
13112 Jan 2 195 Feb 4
6,200 Comm Invest Trust-- No Par
160 163 *162 16412 164 172
163 165
168 168
Jan 109 May
99
100 10114 Mar 27 109 Feb 5
1
10 7% preferred
10114
•10414 1048 •10414 1043 *10414 10484 •9312 10114 *10112 104 4
1
/
924 June 9812 Aug
100 93 Mar 15 99 Jan 28
1
/
1
/
964 *934 9612
9312 9612
•
Preferred (64)
8
963
961 •96
*94
8
618 Aug 307 Dec
100 2714 Jan 7 62% Feb 4
51
51
400 Warrants
52
50
•46
•45
55
*45
51
61
June 25014 Nov
8.700 Commercial Solvents_ No par 22514 Feb 18 283 Mar 14 1377k Jan 11012 Dec
260 265
255 262
2421/ 250
260 264% 24712 255
6214
Power_No par 10714 Jan 7 14314 Mar 16
18,400 Commonwealth
12218 12712 12714 13212 132 133
126% 131
Oct
Jan 84
48
13018 133
76
5,400 Conde Nast Publics_ .No par 76 Mar 27 93 Jan 19
4 76
763
8
76
7812 765 78
78
22 June 3118 Apr
7812 781
2453 2512
24
73,700 Congoleum-Nairn Inc_No par 2212 Mar 26 35% Jan 28
2312 247
4
/
67 Feb 871 Dec
1
/
254 25% 22% 25% 2212 80
par 76 Mar 26 92% Feb 0
No
6,500 Congress Cigar
4
/
761 7814 785* 80
76
8112 7812 81
8
3 4 May
81
14 Jan
111 Feb 7
8
7 Feb 19
1
8
.01
400 Conley Tin Foll stpd_No par
1
8
1
*7
1
1
1
4
/
11
7912 Jan 100 Dec
•1
4
/
6,600 Consolidated Cigar-No Par 81 Mar 26 961 Jan 2
8412 8184 831/ 8312 8514
8 81
865
945* Oct 10284 Apr
87% 87% 85
9012 Mar 27 96 Jan 7
100
4
9112 923
92
590 Prior pref
8
23 July 291k Sept
% 93 4 9384 92% 93% 9012
8
93% 93
__No par 25 Mar 26 287 Jan 16
8 25% 26
287
10,000 Consol Film Ind pref.
2518 2612
4
/
261 27 4 25
,
Aug 1704 May
1
/
2618 27
11811 Jan 28 /74
8
250.200 Consolidated Gas(NY) No par 9512 Mar 26 1
10412 10512 10112 10618 9512 10312 10118 10.37 10314 105
4
1
/
97 Aug 105 Mar
Mar 23
No par 9812 Jan 2 003,
8,200 Preferred
8
8
9912 997 X985 9918
99% 100% 9914 100
4
1
/
99 100
pm and asked prices: no sale on this day
t El-dividend of 100% in eem atee1
z Ex dividend. r Es-rights
a Shillings
I Ex-div. and ex-rtght3
2054
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Tuesday,
Wednesday, Thursday,
Friday,
Mar. 23.
Mar. 25.
Mar. 26.
Mar. 27. I Mar. 28.
Mar. 29.
44
•40
1791z 178
130 *12812
664 83
185
180
118
1173
4
44
180
130
653
1861
1173
4
*40
172
*12612
6014
17214
11714
44
177
130
64
181
11714
40
40
44
44
179 179
179 179
*12612 128 *12612 128
63
6472 65
66
178 18112 179 182
11712 11712 *11712 1173
4
-5314 lilt -3234 3334 "i6i2 124 -al- 31- -32*101 102
100 100
98
9812 100 100 •101 102
150 152
141 15112 1263 142
4
137 145
1447 1491
8
*113
113 113
1123 1123 •11314 - - *11314 --4
4
1612 17
1512 17
1414 1614 154 163
4 1612 17
65 4 8714 6012 6612 58
3
6212 614 64e 6312 643
4
10614 10612 10614 10814 106 106
106 106
106 106
*138 140 •135 140 •132 - - -- •1324 _
•12414 ---83
12 857
804 794 814 8172 83
3 7952 8312 77
412
*44 5
12 .43
412 47
2
412 412
2 43
4
13
14
1212 13
1238 1212 1212 1212 13
13
7414 743g 7334 74
73
52 73 4 734 7314 7212 7312
3
*123 124 •123 124
123 123
123 123 •123 124
52
524 47
517
2 4712 50
49
517
2 504 513
2
9214 94
9212 9212 9214 9214 92
937 *92
8
924
*3411 3512 3412 35
3412 3452 3414 353
2 344 3512
52
49
53
48
49
52
4814 51
5012 51
7
24 2 2472 2434 24 4 *244 247
2 2434 243 *243 2472
3
2
464 4812 45
4512 4312 441
44
44
4512 4512
*10712 10812 *10712 108
108 108 •108 1081 1084 110
7914 794 79
79
7914 79
81
80
80 4 86
3
4.9912 100
sgg12 103
*9912 100
*9912 100
100 100
*275 300 *275 300 *265 270
266 266 *265 300
*99 100
*98 100
*99 10Q
9814 9812 •9812 9934
1732 171
1412 17
18
4 17
153 17
2
1612 17
98 98
96
9712 9014 951
92
95
95
96
2
•117 1212 1082 117 •
10% 103
2 133 133
2 104 133
4
4
94
94
92
94
84
90
2
853 90
897 904
8
*103 104 *103 104
103 103 *101 103
103 106
674 684 6613 68
6482 661
6512 68
66
67
144 154 1334 145
2 124 141
1314 143
4 14
1412
*65
66
6414 841 " 65
*6414 66
60
414
6414
1067
7134 *65
721 *65
72
65
*
72
65
65
7312 747
713 73 4 683 72
2
8
2
3
7012 7212 717g 73
*50
5112 50 50
50
50
4912 4912 *5012 51
*Mg 10018 *9812 100
997 997 j997 997 10012 1001g
8
2
6814 6912 64
68
5912 641
6214 647
2 8412 663
2
55
5812 56
551
5812 49
55
5512 5572 5672
87
9014 911
913
4 84
891
863 887 2873 897
2
2
4
2
allalls 110 •10612 110 •10612 110
10612 10612 *imp 110
4712 48
45
48
38
451
4314 443
4712
4 45
*10012 104 *10012 104
99 lOO'i 10012 10012 *993 1043
4
4
23
24
20
23
2014 21
22
233
4 2472 25
1412 15 2 1012 1432 11
3
13
123 1414 1412 1514
2
90
9012 854 88
8112 873
2 8512 87
8718 897
2
6712 6812 6412 6752 61
653
4 63
677
8 6512 68
108 108 •105 4 1067 10412 105 4 *107 112
3
2
3
10612 1061
133 133 *131 134
130 134
133 133
133 133
53 53
44
5212 4312 48
48
497 51
50
2
107 108
10212 10512 95 10212 100 103
1043 105
4
*10514 106
105 105 •__
10512 105 105 *105 106
683 6914 6712 681a 6514 6714 6612 677
4
2 6712 681
*11714 11712 11714 11714 11714 11714 118 118 •118 120
22612 233
224 23112 219 22812 22714 23714 23514 2391
*1112 1132 1112 1132 Ills 1114 114 1114 1112 111
4
8812 8,812 88
8812 x8712 88
*85
87
*86
88
*100 108
100 100
*96 100
100 100
100 102
128 128
130 132
130 131 •130 13112 131 1311
108 108
108 108 *105 108 •105 10712 107 107
1096 105
*96 110 .
96 110
•90 110
*93 110
75
14 7612 74 4 76
3
74
76
7512 757
2 75
761
*96
97
96
97
*953 97
4
•953 97
4
•953 97
4
82
881s 883
873
4 7712 8314 80 4 8512 833 851
8
3
4
12512 1257 125 125 4 *12434 12512 125 12514 12512 1251
2
3
5012 5012 5012 503
4 5012 5012 49 4 5012 5012 501
3
39
3914 38
4 3312 3812 3514 36
383
38
383
4
9934 102
9814 10012 9312 9812 9414 99
97
9934
7312 74
75
75
7112 7214 713 7414 713 73
4
2
11312 11414 1123 114
11052 11318 112 11312 11152 1131
4
41
4112 4012 4052 3814 393
377 383
2
4 3852 3912
*
83
3
8412 83 2 84 2 *8212 83
3
*8212 83 2 .83
7
8312
3912 401
4112 4112 4012 411
4014 4212 42 423
2
*104 10412 104 1041 104 104
104 10412 •104 10412
52
524 44
48
5312 48
46
4934 4912 50 2
3
66% 873
6612 5412 613
2 60
6014 643
2 83
643
4
93
14 93 s 8812 93
8352 91
7
8952 913
3
93 2
3
4 91
*113 11352 113 113
113 113
113 113
113 113
138 142
1281 1407 12512 1337 13212 141
:
138 14132
103 4 104
3
103 103
4
52 102 1031 1013 103
10312 10314
•310 and asked: prime no sales on tide day. a Ex-dividend. p Ex-rights
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
PER SHARE
Renee for Preston,
Year 1928
Lowest
Highest
Lowest
Highest
Shares Indus. & Mlscel. (Con.) Par $ per share
Per *hare $ per share
per sitars
23.500 Consolidated Textile_No par
312 Mar 26
63 Jan 15
8
214 Aug
612 Dec
4,800 Container Corp A vot_ _No par 177 Mar 26 2312 Jan
8
9
20 Nov 36 Apr
10,600 Class B voting
No par
83 Mar 26 1112 Jan 2
2
93 Oct 1914 Apr
4
11,700 Continental Baking cl ANo par 474 Jan 8 677 Mar
2
14
2612 Apr 5312 Jan
31,200 Class B
No par
81s Jan 8 1334 Jan 17
3 4 Apr
3
03g Dee
2,100 Preferred
100 8812 Jan 2 97
73 Apr 9612 Jan
127,200 Continental Can Ino_No par 60 Jan 19 8012 Jan 16
Mar 22
53 Dee 12872 Sept
Preferred
20
100 12434 Jan 7 126 Feb 14 123 Jan 128
Mar
5,900 Continental Ins
10 79 Mar 26 9412 Jan 14
75 Feb 9472 May
106,000 Continental Motors___No pa
1718 Mar 26 2832 Jan 21
10 Mar 2012 Nov
15,600 Corn Products Rellning
25 6852 Feb 8 917 Jan 3
g
643 Jan 94 Nov
2
130 Preferred
100 14114 Feb 28 144 4 Jan 19 13812 Jan 14684
3
Apr
68,500 Coty Inc
No pa
51 Mar 26 8214 Jan 28
623 Dec 897 Nov
2
2
400 Crex Carpet
100 224 Jan 10 40 Mar 5
1212 Sept 27 Nov
Crown Will Pap lot pf_No pa
997 Jan 8 10114 Jan 18
8
9612 Jan 10514 Oct
400 Crown Zellerbach
No pa
21 Mar 26 253 Jan
2314 Dec 2634 Nov
5,200 Crucible Steel of America_100 85 Mar 26 94 4 Jan 9
11
6914 July 93 Feb
200 Preferred
100 109 Jan 8 116 4 Feb 28 111 Dec 121
3
May
5,600 Cuba Co_,
No pa
17 Mar 27 2412 Jan 3
20
Oct 2872 May
2,000 Cuba Cane Sugar
No par
312 Mar 7
512 Jan 3
432 July
712 May
1,400 Preferred
100 1112 Mar 27 187 Jan 3
2
13 4 Oct 324 Jan
3
3,400 Cuban-American Sugar__ _ _1
1132 Feb 20 17 Jan 3
1532 Dec 244 May
210 Preferred
100 61 Mar 5 95 Jan 3
9324 De 108 Feb
5,400 Cuban Dom'can Sug__No Fa
43 Mar 26
4
684 Jan 2
5 Nov
12
Jan
6,100 Cudahy Packing
60 525s IVIar 26 677 Jan 15
2
54 Jan 784 Aug
32,600 Curtiss Aer & Mot Co_No pa 13518 Mar 26 17312
Feb 5
5312 Feb 1924 May
Cushman's Sons
No pa 221 Jan 25 22514 Jan 15 14434 Jan
230
Oct
50 Preferred (7)
100 12012 Jan 22 130 Mar 22 114
Jan 141 Sept
1,400 Cutler-Hammer Mfg
1
584 Mar 26 6534 Jan 11
52 Jun
6512 Nov
1,300 Cuyamel Fruit
No pa
63 Jan 3 85 Feb 5
49 Jul
63
Oct
46,000 Davison Chemical
49 Mar 26 6912 Jan 31
No Pa
3432 Fe
683 Nov
4
Debenhaxn Securities
53 3714 Mar 27 4672 Jan 24
36
Oct 4914 Apr
370 Deere & Co pref
100 116 Feb 26 128 Jan 4 11512 Fe
12634 May
4,000 Detroit Edison
100 224 Jan 2 260 Mar 2I 16612 JA
22414 Dee
5,700 Devoe & Reynolds A_ _No Pa
5312 Mar 26 647 Feb 5
2
40
Jan 61
Apr
140 1st preferred
100 112 Jan 7 11512 Jan 15 108
Jan 120
220 Diamond Match
100 14814 Mar 25 16412 Jan 11 1343 Jan 172 MAY
2
Nov
6,600 Dome Milne, Ltd
No par
83 Mar 26 103 Jan 9
4
2
8 June
1312 Jan
15,800 Drug Ins
No par 110 mar 26
80 Mar 1201s Nov
3,600 Dunhill International_ No par 6412 Feb 16 12612 Feb 4
92
5512 Jan 995 Nov
2
200 Duquesne Light 1st prat_ _ _100 4912 Jan 24 1007 Jan 2
2 Mar 5
993 Oct 1164 Mar
2
900 Durham Hosiery Mills B_ 50
514 Jan 14 1112 Mar 4
3 Aug
84 May
100 Preferred
100 36 Jan 2 44
3434 Oct 4612 Jan
3,500 Eastman Kodak Co__ No par 172 Mar 26 18412 Mar 28
Feb 2 163 Feb 1944 Jul,
Preferred
100 126 Jan 2 128 Mar 9 12312 Aug 134 Apr
15,800 Eaton Axle & Spring___No par 6014 Mar 26 763
4 Feb 1
26
Jan 684 Nov
55,300 E I du Pont de INem
20 1553 Jan 22 19812 Feb 1
4
1,300 6% non-vol deb
3
100 115 4 Jan 21 1187 Jan 8 114 July 121!! May
2
Eisenlohr & Bros
25 957 Jan 2 11212 Jan 18
2
1212 Jan 99 Dee
Preferred
100 9312 Jan 9 100 Jan 18
87 Nov 1004 Feb
4,200 Eitingon Schild
No par 2912 Mar 26 393 Jan 10
2
3314 Aug 43 Nov
700 Preferred 6 %
100 98 Mar 26 113 Jan 19 10112 Aug 1217 Nov
2
64,400 Electric Autolite
No par 12634 Mar 26 170 Jan 28
60 June 13612 Dee
40 Preferred
100 109 Jan 2 11312Mar 8 10812 Sep 11212 Dec
Stock
31,700 Electric Boat
No par 1212 Jan 9 1832 Mar 19
834 Aug
173 June
2
125,800 Electric Pow & Lt_No par 4312 Jan 8
7018 Mar 21
2834 Jan 4932 Dec
Exchange
1,700 Preferred
No par 106 Mar 26 10914 Feb 13 105 Dec 11018 Mar
Certificates 50% paid
Closed
- 17,700 Elec Storage Battery__ No par 12212 Jan 4 136 Feb 13 12014 Nov 12972 Apr
77 Mar 26 927 Feb 4
8
69 Feb 9112 Dee
600 Elk Horn Coal Corp___No par
412Mar 25
64 Jan 9
une
6
9
Jan
Good
2,200 Emerson-Brant class A_No par
1052 Jan 22 2212 Feb 7
514 Feb 154 Des
2,000 Endicott-Johnson Corp---50 7212Mar 28
833 Jan 4
2
743 Dec 85 Apr
4
Friday
300 Preferred
100 121 Feb 7
30,700 Engineers PubUc Serv_ _No par 47 Mar 25 12414 Feb 28 12114 Jan 1274 Dee
6014 Jan 31
33 Feb 51 Nov
Holiday
600 Preferred
No par 90 Jan 12 10412 Jan 31
9012 Dec 10212 Oct
13,800 Equitable Office Bldg_No par 3114 Jan 4
3714
294 Oct 333 July
4
6,500 Eureka Vacuum Clean_No par 4412 Feb 1 54 Mar 2
Feb 28
43 Dec 79 Jas
400 Exchange Buffet Corp No par 2214 Jan 15
247 Mar 20
2
193 July 2422 Oet
4
1,300 Fairbanks Morse
No par 4312 Mar 26 513 Jan 21
4
3212 Jan 54 Apr
60 Preferred
100 10714 Feb 16 1107 Jan 9 104 Jan 11434 may
2
13,200 Federal Light & Trao
15 (iiN Jan 3 8612 Jan 29
42 Jan 71 Dee
20 Preferred
No par 9914 Mar 21 104
98 Jan 109 Apr
100 Federal Mining & Elnielt'g_100 234 Jan 8 310 Feb 6
Feb 4 120 Apr 230 Dec
200 Preferred
100 9814 Mar 27 1003 Jan 7
4
9114 Jan 10212 Sept
9,700 Federal Motor Truck-_No par 1412 Mar 26 223
161 Aug 2572 MAY
8
3,900 Fidel Phen Fire Ins N Y____10 9014 Mar 26 106 2 Feb 6
Jan 2
754 June 10712 Dee
290 Fifth Ave Bus
No par 104 Mar 25 133 Mar 2
4
1114 Jan
1514 May
3,100 Filene's Sons
No par 84 Mar 26 9812 Feb 25
1,200 Preferred
100 103 Mar 26 107 Jan 23
9,500 First National Stores-No par 64 Feb 8 747
2 Mar 16
28 Apr 762 Die
2
35,600 Fisk Rubber
No par 1212 Mar 28 2012 Jan
87 Aug
2
172 Jan
4
800 1st preferred stamped_--100 60 Mar 28 7212 Jan 23
14
553 Oct 914 Jan
4
200 let preferred cony
100 65 Mar 28 8212 Jan 25
54
Oct 972 Jan
4
57.200 Flelschmann Co
par 683 Mar 26 8432 Jan 2
No
2
05 Jane 8932 Oet
1,100 Florshelm Shoe al A
No Par 48 Feb 25 54 Jan 8
494 Nov 561 Nev
500 Preferred 8%
100 9714 Mar 18 10211 Jan 18
984 Oct 109 Dee
4,700 Follansbee Bros
No par 5912 Mar 26 73 4 Mar 19
3
5472 Dec 694 Dee
3,500 Foundation Co
No par 45 Jan 22 6214 Mar 13
3632 Oct 5712 Dee
49,200 Fox Film class A
No par 84 Mar 26 101 Jan 19
72 June 11922 Sept
20 Franklin-Simon pref
100 10612 Feb 28 110 Jan
21,500 Freeport Texas Co__ _No par 38 Mar 26 547 Jan 4 1004 Deo 113 Feb
2
43 Oct10914 Jam
300 Fuller Co prior pref___ _No par 99 Mar 26 10612 Feb 25
2
6,800 Gabriel Snubber A____No par 20 Mar 25 33 2 Feb 28 102 Mar 1097 Apr
7
6
15 Mar 2812 Jan
30,200 Gardner Motor
No pa
1012 Mar 25 25 Jan 31
714 June 174 Dee
14,800 Gen Amer Tank Car
No par 8112 Mar 26 102 Jan 9
6071 Feb 101 Dee
18,300 General Asphalt
100 61 Mar 26 8114 Jan 12
68 June 947g Apr
1,000 Preferred
100 10412 Mar 26 12014
210 General Baking prat_ __No par 130 Mar 28 140 Jan 12 1104 June 14112 Apr
Feb 6 132
Oct150 Jane
7,100 General Cable
No Pa
3712 Jan 9 61 Feb 28
21 Feb 414 Nov
12,400 Class A
No pa
81 Jar 8 12012 Feb 28
56 Feb 8824 Nov
300 Preferred
100 105 Mar 12 10712 Jan 21 102
Oct107
Ost
7,600 General Cigar Inc
No pa
63 Jan 8 74 Feb 25
594 Nov 75
3
160 Preferred
10 11214 Jan 5 122 Jan 24 11414 Sept130 2 Feb
Mar
135,900 General Electric
No pa 219 Mar 26 2623 Feb 1 124 Feb
2
22112 Dee
5,100 Special
1
11 Jan 3 1134 Feb 4
11 8ept 12 June
900 General Gas & Elea A_ _No pa
70 Jan 7 89 Jan 23
354 Jan 74 Nov
600 Class B
No par 76 Jan 3 10412 Jan 22
37
Jan 80 Nov
430 Pref A (8)
No pa 121 Feb 20 135 Feb 14 121
Oct144 Apr
70 Pref B (7)
No pa 107 Mar 28 115 Feb 15 105
Oat 1144 May
Gen Ice Cream CorpNo pa
797 Mar 9 109 4 Feb 5
2
3
7412 July 1054 Oat
7,200 General MWo
No pa
74 Mar 26 8912 Jan 18
79 Dec 844 Nov
200 Preferred
100 96 Mar 25 100 Jan 4
9812 Dec 1001 Dec
4
1521800 General Motors Corn
10 7712 Mar 26 913
4Mar 21
732 Dec 9014 Nov
4
1.900 7% preferred
100 1243 Jan 10 12612 Jan 2 1234 Jan 12712 Apr
4
1,800 Gen Outdoor Adv A___No par 4952 Feb 6 52 Jan
2
49 Aug 5872 Jan
13,300 Trust certificates- __No par 32 Feb 14
41 Mar 12
2912 Aug 524 Jan
16,600 Gen Ry Signal
No par 9312 Mar 26 11112Mar 1
8414 June 1234
7,500 General Refraotoriee
No par 713 Mar 28 8812 Feb 20
2
454 June 82 Jan
15,800 Gillette Safety Rasor_No par 1103 Mar 26 12611
2
4 Jan 25
971g June 1234 Oct
13,200 Gimbel Bros
No par 377 Mar 26 1.812 Jan 28
2
344 Mar 597 June
2
200 Preferred
100 8152 Mar 2 90 Jan 3
87 Ma 101 June
22,100 Glidden Co
No par 367 Jan 2 45 Mar 1
a
294 Jan 37 Dee
150 Prior preferred
100 10312 Jan 3 10514 Mar 8
95 Jar 105 Sips
22,200 Gobel (Adolf)
No par 44 Jan 26
424 Dso 634 Nov
115,500 Gold Dust Corp v t o. _No par 5412 Mar 26 66 Feb 5
.
82 Jan 19
71
Jas 14314 Dee
52.600 Goodrich Co (B F) ._N,par 8352 Mar
26 10534 Jan 2
6812 Jun 1091 Dee
4
800 Preferred
100 113 Jan 9
4
207,500 Goodyear T & Rub......No par 112 Feb 21 11512 Feb 25 10912 Feb 115 2 Mal
15412 Mar 18
4514 Jun
140 Dee
4,300 lit preferred
No par 10134 Mar 27 1047 Feb 28
2
9212 Ma 105 ENIO
Per char. $ per share $ per share $ per share I per
share $ per share
$
334 4
332 34
34 334
312 34
312 334
2012 2012 1832 20
174 183
4 19
194 1834 19
9 2 10
7
84 10
88g 84
84 912
94 Os
6112 62
12 59
607
8 5712 60
5914 617
s 6134 624
9 g 10
7
912 10
812 94
912 94
94 104
2
.91
93
9012 9112 90
9012 8912 90
904 92
7512 777
2 704 7714 68
7212 72
744 7414 764
*12434 12612 *124 12612 *124 4 125
3
125 125
125 125
834 83 4 81
3
834 79
8012 80
8214 82
8234
217 223
g
g 1932 22
174 20
1914 2118 20 4 213
3
4
83 2 843
3
2 823 8312 82
4
824 821g 843
2 8312 85
*14138 142
1414 1413 •142 143
8
14114 1417 14114 1414
8
6512 673
2 6012 663
4 51
624 604 63
6212 64
*36
88
•36
38
35
35
3412 344 34
34
*98 10014 *98
993 *98 10014 *98 10014 *98 1004
4
*2214 2212 *21
2112 21
2233 21
21
21
21
884 89
884 884 85
863
4 854 89
•88
8912
*11414 1154 *11414 115
11434 11434 *11414 115 .11414 115
19
1914 19
1914 18
19
17
18
174 1712
34 4
3
3 4 37
3
2
33
4 34
3
33
4 3 2 *33
7
4 4
•1214 1272 114 1214 114 12
1132 1132
114 12
1134 1134 114 12
114 1112 1134 12
1134 12
85
65
64
64
64 64
8214 641 *64
66
*31g 54
5
5 14
43
4 514
5
514 6
514
*8812 554 5412 5618 524 544 533 5614
4
5518 5512
145 150
142 151
1351g 145
14114 1478 145
4
*20714 ____ *20714 ____ *20714 _--- *20714 --- 4 •20714 1483
---•12612 135 *12612 12912 *12512 1291 125 125 *125 130
•60
6212 60
6014 5814 60
60
60
5912 60
7714 774 7614 77
7512 7614 754 754 *7612 78
61
6112 5712 6112 49
574 53
5512 554 5712
*3612 42
*383 4134 •384 39
2
3714 371 *3712 3812
•1184 120
120 120
11818 11818 120 120 *120 123
*2543 264
4
251 2543 251 25314 254 258 *255 265
4
563 5714 55 4 5712 5311 5514
4
3
2
5412 56
5512 56
1144 11412 11438 1141 11432 11432 11412 11412 *1141
2 - -152 152
14814 152
14814 14814 *14812 151
14812 148 2
,
933 93,
94 93
2
83
4 9
83
4 97
2 x9
94
1158 11614 11412 1161 110 11412 112 1133 114 115
4
691.4 7012 6812 70
67
68
66
67
67 12 674
994 994 *9912 10012 *9912 10012 *9912 10012 *9912 10014
vs 712
714 712
614 714
63
2 652 *672 714
*40
17912
•12612
653
2
18214
*1173
4
Sales
for
she
Week.
preceding.
2055
New York Stock Record-Continued-Page 5
For sates during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND DOW SALE PRICES
Saturday,
Mar. 23.
Monday,
Mar. 25.
Tuesday.
Mar. 25.
Wednesday, Thursday,
Mar. 28.
Mar. 27.
Friday,
Mar. 29.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
Lowest
Highest
per share $ Per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share
$ per share $ Per share
Per share
52
/ 5212
1
4
__ _ _
4,500 Gotham Silk Hosiery__No par 5212 Mar 26 8118 Jan 2
5814 6018 55
/ 58
1
4
No par 5312 Mar 26 7412 Jan 23
6018 55
/ 58
1
4
4
3,900 New
59
5312 533
100 97 Mar 2S 10114 Jan 5
973 97 4 *973 99
4
973 974 ;6e- 1i- -ii- ii4
210 Preferred new
4
0
150 Preferred ex-warrants__ _100 97 Jan 11 100 Jan 12
97 9712 97
97
97 97
.97 100 •____ 9812
7 Feb 18 10 Jan 9
No par
*714 878 *714 81 *712 714 *71 8
/
4
Gould Coupler A
*718 8
/
4
46
47
4312 4614 3918 433
4 4218 443
8 441s 45
45,600 Graham-Paige Motors_No par 3918 Mar 26 54 Jan 2
No par 36 Mar 26 4912 Jan 11
41
4112 40
41
36
383
4 3912 42
*38
40
2,200 Certificates
8
9712 99 8 93
3
9418 9612 9718 99
12 994 81
95
/
1
4
72,100 Granby Cons M Sm & Pr_100 81 Mar 26 1027 Mar 20
4
100 773 Jar 30 9612 Mar 18
8818 8818 86
89
82
85
84
85
88
893
4
3,700 Grand Stores
/
1
4
2412 2318 234 2018 2318 21
No par 2018 Mar 26 32 Jan 2
24
2278 24
243
8
6,100 Grand Union Co
/
4
No par 41 Mar 26 541 Jan 4
4612 46
/ 45 4 4612 41
1
4
3,700 Preferred
3
45
/ 4314 44
1
4
43
/ 46
1
4
/
1
4
No par 11612 Jan 17 144 Feb 5
12234 123
12114 12234 11914 12012 11912 12118 11812 1197
2,800 Grant (W 'I')
8
35
/ 36
1
4
3518 353
4
363
8 3514 3614
23,900 Great Western Sugar-No Par 3234 Mar 26 44 Jan 25
4 323 3512 34
100 115 Mar 25 11912 Feb 1
116 116
115 11514 *115 11612 *116 1164 11512 116
150 Preferred
/
1
/
1
4
8
178 186
164 183
15238 16812 1611 172
/
4
1683 1753
4
4
90,800 Greene Cananea Copper_ _100 152 Mar 26 1973 Mar 20
33 Mar 27
4
512 Jan 3
4
4
4
4
*33
4 4
33
4 33
4 •33
4 4
1,000 Guantanamo Sugar__ _ _No par
100 6014 Mar 28 90 Jan 2
*6014 65
*6014 65
*6014 65
6014 6014
10 Preferred
100 6212 Mar 26 79 Mar 5
68 68
65
/ 6798 6212 64
1
4
63
63
63
64
3,800 Gulf States Steel
*106 110 *106 108 •106 108 *106 108 *106 107
100 107 Jan 22 109 Feb 14
Preferred
,
Water
25 25 Jan 7 29 Feb 28
*27
27
/ 27
1
4
26
27
26
*26
26
26
27
/
1
4
80 Hackensack
25 27 Feb 18 31 Mar 8
*29
31
*29
31
*29
31
31
*2912 31
50 Preferred
31
25 26 Jan 31 29 Jan 14
*274 28
*2714 2712 *274 2712 27
•27
2712
27
50 Preferred A
45 4 4718 4333 46
3
No par 4218 Mar 26 55 Jan 10
424 44
/
1
424 454 4412 4614
/
1
217,100 Hahn Dept Stores
/
1
103 10318 103 10312 98 10234 10014 10112 10118 102
100 98 Mar 26 115 Jan 31
7,400 Preferred
4
*102 10212 102 102
100 1003 Feb 15 1054 Jan 8
/
1
10212 10212 *102
Hamilton Watch prat
/
1
4
10212 10212
70
4
95
94
94
943 *94
4
943
4 93
94
94
94
490 Hanna 1st pref class A___ _100 91 Jan 14 993 Jan 23
eo 60 60 •____ 60 *---- ____
60 4 *56
3
*56
60
10 Harbison-Walk Refrac_NO par 54 Jan 3 60% Mar 22
•112
*11212
100 112 Jan 14 11812 Jan 29
•11212
•11212
Preferred
*11212
*25
26
*25
26
25
2518 25
*25
25
26
800 Hartman Corp class A_No par 25 Mar 26 27 Jan 2
25
/
1
4
/ 253
1
4
No par 23 Mar 26 39% Jan 2
8 25
263
23 8 2518 244 263
3
8 26
2614
4,300 Class B
20 60 Feb 19 83 Jan 10
*5812 60
*5812 60
•58
60
Hawaiian Pineapple
•58
•54
57
6018
*10412 112
25 104 Mar 15 118 Jan 29
10412 1041 10412 105
105 105 *106 115
400 Helme(OW)
*70
71
6812 71
6512 6812 69
693
4 69
70
7,100 Hershey chocolate---No Par 64 Feb 16 75% Mar 18
85 4 86
1
No par 80 Feb 16 8712 Mar 15
/ 83
1
4
12 881
814 8478 8212 84
8312 8414
7,400 Preferred
*105 1051 105 105
100 104 Jan 4 108 Mar 1
2
105 105
105 105
1054 106
/
1
1,200 Prior preferred
17 Mar 26 217 Mar 5
2
•1812 20
*IS
No par
20
17
17
18
18
173 18
4
500 Hoe (R) & Co
/
4
No par 411 Jan 3 51 Mar 9
4618 4612 43
451
42
4312 43
434 4314 47
10,700 Holland Furnace
/
1
/
1
4
•183 19
4
18
183
(A)_ _ _No par 15 Mar 26 22 Jan 2
157 18
8
17
1,600 Hollander & Son
1812 1914 17
100 724 Feb 21 76 Jan 3
*73
/ 75
1
4
*74
76
7312 7312 7414 7414 7312 7312
500 Homeetake Mining
No par 6512 Mar 26 7912 Jan 7
704 711 70
/
1
/
4
70
6512 7078 673 68
4
6913 6918
3,400 Househ Prod Inc
96 10214 89
991
8314 91
90 1013 101 105
4
29,300 Houston Oil of Tex tern etfs 100 8018 Mar 7 107 Jan 3
7413 73
78
No par 6614 Jan 8 8212 Mar 21
80 4 7312 794 70
3
27414 77
35,209Howe Sound
75
9312 Mar 15
No par 7118 Feb 1
57
/ 8814 84
1
4
8914 8118 854 83
113,400,Hudson Motor Car
86
864 87
/
1
/
1
4
714 67
/
1
704
/
1
703i
60
664 65
/
1
93,900'Hupp Motor Car Corp__ _ _10 60 Mar 26 82 Jan 28
673
/ 70
1
4
4 67
4 3114 33, 311 32
3
/
4
334 333
32
344 34
/
1
46,300 Independent Oil & Gas_No par 30 Jan 31 3514 Jan 2
3412
/
1
/
1
324 Jan 2
No par 204 Jan 3
25
2514 2514 26
233 2514 2312 24
4
234 231
4
3,300 Indian Motocycle
95 4 Feb 5
3
100 89 Mar
891±'..... 89
891s
I Preferred
89
44% Mar 28
10 29 Jan
37
/ 40
1
4
3514 394 3414 3712 37
4212 411 44
/
4
/
1
4
143.700 Indian Refining
42% Jan 28
10 28 Jan
36 4 3812 3312 3712 32
3
3614 3414 3912 3812 40
38,700 Certificates
165 Jan 11
100 160 Jan
Preferred
No par 110 Mar 26 135 Jan 18
US 116- *iio- 115
lie- 1-1-6- 112 ifi 114 120
2,200 Industrial Rayon
137 Jan 26
120 Jan
N p
•130 131
130 131
128 128
130 130
130 130
1,000 Ingersoll Rand
967 Mar 20
8
/
1
924 9312 90
No par 784 Jan
9312 86
9012 87
8,700 Inland Steel
12 91
8812 90
6612 Mar 1
.20 4318 Jan
/ 5312 80 s 463 543
1
4
/ 61
1
4
8
4 52
00
551 5412 563
/
4
3
66,600 Inspiration Cons Copper..
4
111 1112 11
4
104 103
/
1
Stock
1114
/
1
4
8 1014 103
3,600 Intercont'l Rubber.. No Par 1018 Mar 28 14% Jan 11
2 1018 10
8
123 Mar 26 177 Jan 28
8
par
1414 1412 14
1418
125 13
8
/ 1234 1312 1318 14
1
4
6,100 Internal Agricul
8812 Jan 28
No 10 r 794 Feb 1
a
0
81
81
*81
83
p± 83
81
81
•81
83 Exchange
300 Prior preferred
/
1
1683 160
4
1674 15714 1514 1544 15614 15612 1564 16112
/
1
4,200 Int Business Machines_Na Par 1494 Jan 24 18812 Mar 19
881/4 8912 8612 90
85 Mar 27 102% Feb 4
8618 8812 86
- 14,100 International Cement-No Pa
883
8 8614 874 Closed
61 Mar 26 1031± Feb 15
7912 8312 72
804 61
/
1
74
6918 7514 73
/ 7614
1
4
294,400 inter Comb Eng Corp_.NO pa
11118 1111s 111 11114 111 111 *11012 11312 110 110 8
100 10812 Jan 2 121 Feb 18
Good
/
1
4
3
700 Preferred
10412 105 2100 1053
/
1
/
1
4
4
8 084 10614 10218 10712 10514 107
923 Jan 15 116 Jan 29
37,400 International Harvester No pa
142 142
142 14218 14014 142
1407 141
8
141 141
Friday
100 14014 Mar 26 145 Jan 18
1,800 Preferred
8712 883 28312 8712 6514 804 8114 8312 83
8
6514 Mar 26 10212 Jan 4
84
19,300 International Match pref__3
714 Feb 15
*5 4 5
3
5 Mar 26
54 6
3
512
514
512
5
4 Holiday
5
/ 53
1
4
5,200 Int Mercantile Marine.._.100
41
411 39
/
4
41
3714 39
39
391 4012 41
/
4
100 3612 Feb 1 4778 Feb 18
12,100 Preferred
50
52
/ 4412 483
1
4
8 48
484 5 4 4012 49
52
/
1
4
2
895,300 hat Nickel of Canada_No par 4012 Mar 26 72% Jan 23
*75
77
75
75
75
75
75
75
75
7512
2,100 International Paper__.No par 5712 Jan 11 7712 Mar 8
*90 4 91
3
*89
90
8812 89
•87
89
887
90
1,000 Preferred (7%)
100 8812 Mar 26 94% Jan 8
32
3212 32
3214 304 3218 3012 311 32
/
4
3212
8,400 Inter Pap AL Pow cl A.
.NoPar 2712 Jan 8 35% Mar 19
204 2014 20
1912 1912 2018 21
201 1914 20
/
4
No par 158 Jan 18 2412 Mar 8
4.300 Class B
1412 15
14
1434 1212 1414 133 1412 1414 1412
8
/
1
4
No par 10 Jan 10 16% Feb 4
46,900 Class C
*90 4 91
3
289
9012 8812 89
8714 8714 88
88
100 8714 Mar 27 93 Jan 23
1,500 Preferred
*55
56
54
56
52
53
53
53
5312 564
/
1
2,100 tat Printing Ink Corp_-NO Par 52 Mar 26 63 Jan 23
*101 103 *101 104
101 101 •100 101
100 100
100 100 Jan 2 108 Mar 4
50 Preferred
*80
82
80
83
78
79
7518 76
*76
80
160 nternational Salt
100 5512 Jan 4 90o4 Feb 4
*185 140 *135 143 •136 137 •136 142 *136 142
100 131 Jan 22 150 Mar 6
International Silver
115 115
115 115 *115 11812 *115 11812
116 116
100 1124 Jan 4 119 Jan 17
30 Preferred
22514 238
237 247
229 24434 243 26234 268 279
/
1
114,600 Internal Teter,& Taloa_ .._ _100 1974 Jan 7 279 Mar 28
78
79
77
74
77
79
78
76
793
4 78
5,400 Interstate Dept Stores_No par 74 Mar 26 9312 Jan 2
/
1
4
*12912 14814 •128 4 14814 •12834 14814 *1284 1484 81283 148
4
3
101) 130 Jan 15 150 Jan 2
Preferred
/ 3014 30
1
4
30
31
3212
4
1,700 Intertype Corp
304 3012 3014 3184 29
No par 29 Jan 2 343 Feb 21
5912 60
5312 57
5312 59
58
59
59 4 60
3
3,000 Island Creek Coal
I 53 Jan 2 89 Mar 5
1437 143
8
/ 139 143
1
4
136 13812 136 138
138 14314
3,300 Jewel Tea. Inc
No par 136 Mar 26 18214 Feb 5
•12518 ____ *12518
•1254 -- .12512 ____ *12518
/
1
100 12412 Jan 3 12512 Feb 13
Preferred
1801 18.3 2170 1813 15514 174
/
4
/
4
1664 17812 1681 174
99,800 Johns
4
No par 15514 Mar 26 24234 Feb 2
-Manville
/
4
4,121 122 •121 122 *121 122
12112 12112'1211
100 Preferred
100 119 Jan 21 122 Mar 14
41121 122 ' 121 1213 12014 12112 12112 1213 121 121
4
4
460 Jones & Laugh Steel pref 100 11812 Jan 4 1224 Mar 11
Jones Bros Tea Inc__ __No par 35 Jan 21 35 Jan 21
-His -1112 1034 Ica;
101* 1034
918 1014
6
11
6 Mar 26 1812 Jan 2
15,500 Jordan Motor Car
No par
•1064 109 •108 109 *108 109 "108 109
10812 1084
20 Kan City P&L let pf B_NO par 106 Feb 16 1125 Jan 22
4
29
/ 30
1
4
273 297
4
8 2738 2818 2814 2812 •2812 2912
4,400 Kaufmann Dept Storee_512.50 27 Mar 26 37% Feb 6
/
1
4
79 8 797
3
4
77
/ 8318
1
4
8 783 3012 76
7912 76
78
18,300 Kayser (J) Coy t o_ __ _No par 76 Mar 26 88 Jan 3
353 35 8 32
8
32
2612 2914 284 287 •27
3
/
1
29
1,500 Keith-Albee-Orpheum_No par 2612 Mar 26 48 Jan 4
8
8
98
10712 1087 10012 107
98
98
954 96
/
1
98
2,000: Preferred 7%
/
1
4
100 95 Mar 27 138 Jan 5
1814 1812 1718 181s
11
17
/ 1518 171 1618 17
1
4
/
4
11 Mar 26 237 Jan 2
2
94,2001Kelly-Springfield Tirs__No par
8434 *8012 84
*80
•75
80 .75
/
1
8012 8018 804
/
1
4
100 8% preferred
100 8018 Mar 28 94 Jan 9
•85
*90
95
93
•90
93
*90
93
•90
93
I 6% preferred
100 93 Mar 15 100 Jan 14
471 51
/
4
5418 55
5018 533
49
/
4
8
5314 551 5614
14,400 Kelsey Hayes Wheel___No par 4718 Mar 26 613 Feb 26
4
•10912 110
10912 10912 108 108 *108 10912 •108 10912
901 Preferred
100 108 Mar 26 110 Jan 8
1518 157
12
1312 131 1478 141 144
/
4
/
4
/
1
8 13
1514
22,600 Kelvinator Corp
No par
12 Mar 26
1914 Feb 6
911 90
/
4
9312 9014 94
8 82
9512 984 8912 957
.
745,300 Kennecott Conner
/
1
4
No par 78 Feb 26 1047 Mar 18
.59
5018 57
58
59
59
60
5814 564 68
/
1
3.100 Kinney Co
No par 5012 Feb 1 654 Feb 15
105 105
105 105
104 105
1034 104
1033 1034
4
460 Preferred
4Mar
100 9312 Jan 2 1093
/ 5412 51
1
4
541 54
/
4
567
8
584 593
4 50
597
4 47
72,500 Holster Radio Corp__ _ No par 47 Mar 26 78 Jan 3
/
1
4
/
1
4
344 324 3412 324 334 33
/
1
/ 341
1
4
/
4
34 4 3518 34
3
11,000 Kraft Cheese
4
No par 323 Mar 26 39 Jan 21
*96
97
96
96
894
97
*95
97
*95
97
100 Preferred
1041 96 Mar 1 993 Jan 2
4
50
/ 4614 483
1
4
4834 4912
4 474 49
50
50
/ 48
1
4
25,200 Kresge (5 8) Co
10 464 Mar 26 5712 Mar 4
*114 1141 114 114
114 114 *114. 116 *114 115
100 109 Jan 5 115 Feb 14
100 Preferred
1812 181
1712 1712 1518 17
15
151 161 1612
/
4
/
4
2,800 Kresge Dept Stores__ _ _Ne par
15 Mar 27 23 Jan 2
*7118 75
*731 76
/
4
*731 75
/
4
7318 7318
*7318 75
100 7112 Feb 19 734 Mar 18
100 Preferred
*9912 100
9912 9512 984 963 963 897
99
/
1
4
4
9712
NO par 9612 Mar 22 114 Jan 5
500 KressCo
38
383
4 363 3814 3518 374 371 3812 3814 393
8
/
4
8
21,860 Kreuger & Toll
3518 Mar 26 451 Mar 6
/
4
9212 8812 947
96 8 9913 914 973
6
4 85
8 94
941
/
4
98,600 Kroger Grocery & Bkg_No par 85 Mar 26 12212 Jan 3
240 240 *238 250 *235 250 *235 260 *235 250
100 Laclede Gas
100 235 Jan 16 245 Mar 14
100 100
*100 105 *100 105
100 100 •100 105
100 100 Mar 8 102 Jan 4
210 Preferred
28
2912 2912 2714 2812 27
2712 3012 294 3014
3,100 Lama 011 & TransportNo par 264 Feb 19 33 Jan 2
147 1511 1434 149
/
4
1364 1447 1424 146
/
1
8
14318 1454
75,800 Lambert Co
No par 12718 Jan 22 15714 Mar 19
1812 1912 1812 1918 194 197
20
20
1912 195
8
1812 Mar 26 25 Jan 14
6,800 Lee Rubber & Tire__ No par
55
56
56
55
55
/ 55
1
4
551 55
/
4
553
4 55
1,400 Lehigh Portland Cement__ 50 55 Mar 25 65 Feb 6
109 110
109 10918 10818 109
109 109
*109 110
100 1063 Jan 3 11012 Feb 14
4
260 Preferred 7%
5812 6834 56
5812 524 56
/
1
564 5612 5612 57
/
1
Ns par 5212 Mar 26 6812 Feb 4
6.900 Lehn & Fink
/
4
No par 2914 Jan 7 391 Jan 5
Life Savers
i
-4
-ii- 16- -i'7- IC -iiiz - - eij li- iei2 167s1,800 Liggett & Myers Tobacoo__ _25 8112 Mar 26 10512 Jan 28
8818 8118 854 83
/
1
4
8818 883
g 86
853
4 86
25 8118 Mar 26 103 Jan 20
884
13,400 Series B
/ 13512 13512 13514 13514 .1354 13712
1
4
100 13514 Mar 27 1374 Mar 1
*13512 13712 *13512 137
200 Preferred
5312 4418 49
/ 471 494 50
1
4
/
4
/
1
8 50
5214
7,500 Lima Locorn Works...No par 4418 Mar 26 55 Mar 22
6112 537
Mar
79
/ 80
1
4
764 8014 711 7712 75
/
1
/
4
77
/ 77
1
4
7912
Jan
11,300 Liquid Carbonic
60 6 ar1 26 15 17 F b 27
713% 1 1 26 144
'1
:e
/
1
3
3
/ 6212 6434 634 654
1
4
4 60 4 63
65
/ 673
1
4
4 6414 663
N o Pa
No
'
37.100,Loeref ed
800 p w sIncorPorated
98
98
3
100 100
99
99
No par 98 Mar 19 110 4 Jan 31
1001% 1005, 98 100
Preferred
712 Jan 19 10 Jan 24
No par
712 8 ' 8% 10
893
7% 8
51,800: Loft Incorporated
8
77
8 814
400 Long Bell Lumber A_ _ _No par 284 Jan 2 3212 Jan 5
no 3014 294 294 29 29 29 29 .29 30
par
I
Ski and assail pekes. 0.. sales OD eats day
•
.Ex.divtdend
w Rii-rbitsta
0 Old stock.
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Per share; per shave
73 D
12
93 AIN
/
1
4
70 Dee 93 Apr
Apr
100 Dee 130
95 Dec 112 May
1234 Feb
87 Dee
8
163 Feb 6114 Sept
4
2812 June 58 Sept
3916 Feb 93 Des
65 June 944 Oct
/
1
4
/
1
2634 July 411 Oct
/
4
4612 Aug 623 Oct
2
11134 Dec 12512 Sept
31
Jan
3812 Dee
11212 Feb 120
Jan
893 June 1774 Dee
8
434 Dec
93 Jan
6
90 July 107
Jan
51
Jan 737 Sept
8
1033* Nov 110 Apr
23
Jan 30
Jar
23 Jan 30 Dee
2512 Jan 29 June
99 Aug
59 May
54 Dec
110 Jun
2312 Aug
185 Aug
,
81 Dec
105 Dec
30% Jan
7014 Feb
10014 Aug
1514 Sept
40 Dec
/
1
4
18 Dec
87 Jan
8412 Feb
79 Dec
403* Feb
104 Are
97 Nov
5712 Oct
120
Jan
27% Feb
373 Dee
4
88 Nov
120
Oct
7212 Dec
89 Nev
105 Apr
307 Jan
8
49% Oet
,
867 Apr
80 Nov
84
Oct
167 Apr
7314 Nov
2
75 Jan 997 Mar
29
Jan 84 Nov
21% Feb 8111% Nov
20
Oct 70 Apr
93 Nov 118 Apr
9 Feb 39% Jul."
812 Jan 3714 July
140 Dec 185 Nov
118 Dec 146
Oct
90 Feb 127 Nov
413 Ma
80 Dec
18 Feb 487 Nov
8
816 July 21, Jan
4
13 Feb 20% May
85 Dee
48% Ma
114
Jan 188% Nov
Jan 947 Dec
1
58
4514 Feb 80 Deo
103 Ma 110 Sept
7
80 Dec 97 2 Dec
147 May
1384 M
85 Dec 1217, May
3% Mar
Pe MALY
443* Jan
341 Jun
/
4
73 Feb 26912 Dec
/
1
4
Oct 863* May
50
Jan
89 Dee 108
22 Dec 3412 Nov
147 Dec 19 Nov
6
135 Dec
1034 Nov
88 Dec 91 Dee
47 4 Oct 60 Dec
8
100 Dee 100 Dee
49% Mar 13818 Jan
128 June 198
Jan
1124 Dec 131
Jan
13912 Feb 201 Dec
6112 Nov 90 Dee
1241s Nov 150 Dec
234 Sep
3812 Jan
47
Oct 81 May
773 Mar 179 Nov
4
119 Nov 12512 Nov
/
1
4
9814 June 202 Dee
Apr
11812 Oct 122
119 Dec 12414 May
25 Mar 4112 Go
/
1
4
818 Aug
1912 Oe
108 Aug 114 Ap
2912 Dec 34
Oct
82% Jan 92 Nov
1512 May 51% Nov
75% May 180 Nov
1914 Dec 2512 Nov
554 Feb 95 Nov
58 Feb 101 Nov
Oct
2212 Jan 58
106 Mar 111 Nov
7
714 July 22 8 Apr
37 Aug
/
1
4
8716 Mar
51'4 Aug
32 Dec
994 Dee
085 Feb
11,014 June
1812 Jan
511 Feb
4
87 Feb
324 Dee
/
1
734 Mar
200
Jan
99 Nov
27 Feb
/
1
4
79
/ Jan
1
4
174 Jan
4234 June
10614 Dee
38
Jan
2812 Aug
8318 June
5
014 June
134 Aug
35 July
6312 Feb
4918.11'13e'
997 Mar
8
584 Feb
28
Jan
58% Oct
100
Apr
1857 Nov
,
42 Nov
1014 Dee
Slag Nov
118
Apr
2714 Feb
75 Aug
1245, Nov
403 Oil
4
1324 Nov
280 Feb
,
1241 Jan
3918 Apr
1383* Nov
261 Oct
4
581 Nov
/
4
1104 MaY
8
847 Oot
2
404 Nov
12212 Jan
12312 Jan
147
Apr
13578 May
12412 Nov
77 May
11034 Apr
193* Aug
3M, Feb
2056
New York Stock Record-Continued-Page o
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. 23.
Monday,
Mar. 25.
Tuesday,
Mar. 26.
Wednesday, Thursday,
Mar. 27.
Mar. 28.
Friday,
Mar. 29.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share Iota
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
Lowest
IliObeli
$ per share $ per share $ per share $ per share $ per share S per share Shares Indue• & Mince'. (Con.) Par $ Per share
$ per share $ per share 3 per share
655 664 6118 6512 5918 617
8
8 6018 633
8
8 625 64
20,400 Loose-Wiles Biscuit
25 594 Mar 26 745 Jan 5
8
4414 June 883 Sept
4
•11612 12112 *11612 12112 11612 11612 .11612 12112 118 118
20 1st preferred
100 11612 Jan 12 120 Feb 19 11712 Aug 125 May
235 237
8
8 20
235
8 2018 22
13,900 Lorillard
22
2312 2314 2438
25 20 Mar 25 283 Jan 11
8
233 June 4678 Apr
4
•88
91
88
88
•86
90
86
86
.86
90
300 Preferred
100 86 Mar 27 93 Jan 16
8611 Dec 114 Mar
14
1418 1312 1418
123 1312 1314 1414 1414 1514
4
34,600 Louisiana 011
4
No par 123 Mar 26 18 Jan 9
93 Feb
8
193 Apr
4
.1
19
9512 *9212 9512 92
92 .92
954 •92
9513
10 Preferred
100 89 Feb 8 10014 Feb 21
78 July 98
Apr
41
4112 4014 4138 38
4018 394 4012 3912 413*
13,200 Louisville 0& El A____No par 365 Jan 23 47 Jan 31
8
28 Feb 41 May
7214 7214 70
72
6612 7018 68
7238
6,400 Ludlum Steel
70
72
No par 6612 Mar 26 823 Mar 4 _ _
4
4018 4012 *40
42
40
40
*40
404 *4012 417
700 MacAndrews & Forbes_No par 40 Mar 19 46 Jan 4
44 Aug -573 -Air
_4
*107_ .107
__ *107
__ .107
___ 107 107
50 Preferred
100 104 Jan 8 107 Mar 28 106
Oct 110 Nov
•125 140 .125 fib .125 fib *125 140
140 140
100 Mackay Companies
100 122 Jan 19 140 Mar 28 10812 Mar 134 Mar
*8318 84
8312 8312 *8312 84
*8312 834 8312 8312
700 Preferred
100 8318 Jan 26 8418 Jan 14
6814 Jan 86
Oct
10258 1043
4
4 983 104
91 100
9414 994 9512 100
60,000 Mack Trucks,Inc
No par 91 Mar 26 1143 Feb 5
4
83 Apr 110 Nov
158 15814 1513 1573 148 15212 152 156
4
4
156 157
7,200 Macy Co
No par 148 Mar 26 1863 Jan 2 9134 Aug 382 Aug
4
2112 2112 2012 2112 19
2012 195 2012 20
8
20
4,500 Madison Su Garden__ No par
1814 Jan 5 24 Feb 28
1814 Dec 34 May
79
805
8 72
7512
7914 6812 737
8 733 7538 474
4
32,300 Magma Conner
No par 66 Jan 16 8213 Mar 21
4334 Feb 75 Nov
.2613 277
8 26
265
8 2514 25 8 244 2518 2412 28
5
3,100 Mallison (H It) & Co No par 2412 Mar 27 393 Jan 15
8
16
Jan 384 Nov
.95 8 100
3
95 8 953 .953 100 .9538 100
3
8
8
100 100
70 Preferred
8
100 953 Mar 25 10512 Jan 18
8718 Jan 110
Oct
•--- 20 ...___ 20 •____ 18 •____ 20 .____ 20
Manati Sugar
100 1913 Feb 18 26 Jan 14
21 Nov 41
Jan
.4018 43
.4018 4518 .3812 48
.3812 48 .40
48
Preferred
100 43 Mar 5 5012 Jan 10
40 Nov 88
Jan
*33
32
36
31
33
3112 .32
3112 3113
33
600 Mandel Bros
No par 28 Feb 16 383 Mar 9
8
32 June 4012 Jan
31
3114 3058 307
8 297 3014 2912 293
8
4 295 29%
8
4,000 Manh Elea Supply_ _ - _NO par 293 Mar 13 3734 Jan 14
8
2812 Sept 6638 June
*3014 305
8 29
3014 285 29
8
29
29
2912
29
3,200 Manhattan Shirt
8
25 285 Mar 26 3558 Jan 4
314 Feb 43 May
•1513 164 13
1512 1212 1312 1318 15
1518 1614
3,500 Maracaibo 011 Expl-__No par
12 Feb 18
1714 Jan 3
124 Feb 2513 Apr
38
393 41
4012 3712 38% 3914 42
4
4112 43
95,800 Marland 011
No par 357 Feb 20 4718 Jan 3
8
33 Feb 493 Nov
4
n2
6912 6912 6918 70
74
7014 7014 *703* 73
1,000 Marlin-Rockwell
No par 6918 Mar 26 797 Jan 21
8
4514 Mar 83 Nov
777 78
8
75
775
8 7018 7412 74
757
8 7412 76
8,200 Marmon Motor Car _No par 653 Feb 18 84 Jan 2
4
77 Dec 88 Dec
*1414 15
144 143
4 1414 1412 *14
1418 14
14
900 Martin-Parry Corp
14 Mar 28 18 Jan 2
No par
1218 Mar 255 June
8
•195 198
190 19014 17512 186
172 190
192 192
2,000 Mathieson Alkali WorkeNo par 172 Mar 27 2163 Jan 25 1173 June 190 Doc
4
4
*12314 124 *12314 124 *12314 124 *1233 124 *1233 124
4
4
Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130
Apr
83
8 85
875 883
89
8
85
844 87
86
12,900 May Dept Stores
87'4
25 83 Mar 26 10812 Jan 10
75 July 11313 Nov
2158 2214 213 23
4
203 2212 213* 23
4
2212 2312
12,200 Maytag Co
No par 20 4 Mar 26 243 Mar 6
3
8
1712 Aug 3012 Nov
4112 414 4112 4112 4112 4112 4112 4112 4112 4112
4,100 Preferred
No par 4112Mar 1 4518 Jan 3
4018 Aug 62 May
*8712 88
8712 8712 8712 8712 8713 8712 8712 8712
600 Prior preferred
No par 8712 Feb 16 904 Jan 10
8914 Dec 101 May
.73
73 4 7212 73
715 727
3
8
8 7112 724 .7212 733
4
2,000 McCall Corp
No par 7114 Feb 16 80 Jan 22
56 Feb 80 Dec
.107 10914 102 107
102 10212.10318 105
10212 103
700 McCrory Stores class A No par 1003 Jan 4 1133 Feb 5
4
4
77 Feb 1097 Nov
8
108 108
103 107
100 103
10118 104 •103 106
3,700 Class B
No par 100 Mar 26 11512 Feb 6
8912 Mar 1193 Nov
4
•117 120
11512 117
115 115 .100 115 .11014 115
400 Preferred
8
100 1137 Jan 31 120 Feb 7 109 Feb 11812 Nov
1914 1914 .19
195
8 194 193* •1912 20
1914 193
1,700 McIntyre Porcupine Minee_5 1918 Mar 26 234 Jan 5
4
1914 Sept 2812 Mar
72
6212 68
7212 73 z70
6613 6914 67
69
8,600 McKeesport Tin Plate_No par 6212 Mar 26 82 Jan 31
6213 June 783 Nov
8
55
5613 5174 5412 49
52
5014 523
4 5214 537
6,800 McKesson & Robbins _No par 49 Jan 7 59 Mar 4
8
454 Nov 503 Dec
4
8 55
8
575o 573* 565 575
5612 564 57
565 58
8
4,100 Preferred
50 55 Mar 26 62 Fob 4
54 Nov 634 Nov
6112 584 59
60
5612 5613 .61
82
*61
62
1,000 Melville Shoe
No par
5612 Mar 26 72 Jan 3
607 Nov 70 Sept
8
254 2618 2312 25
7
20
2412 235 247
8
8 24
1,000 Mengel Co(The)
243
8
4
No par
20 Mar 26 347 Jan '4
2514 July 41 Sept
1326
2612 2618 2614 26
26
26
26
26
26
1,100 Metro-Goldwyn Pictures pf_27
24 Jan 10 27 Feb 25
2412 Dec 2718 May
4112 4712 453 50
5018 5318 4558 52
4
50
52
127,800 Mexican Seaboard 011 No par
4112 Mar 26 6931 Jan 3
45 Jan 73 Dec
8
5014 5214 445 507
8 3513 4558 444 4812 4714 49
8
90,900 Miami Copper
3018 Jan 8 5112Mar 20
S
173 Jan 33 Dec
4
33
3412 32
3314 34
333
4 3313 353
8 3514 3613
60,900 Mld-Cont Petrol
3012 Feb 16 397 Jan 3
No par
8
2518 Feb 4412 Nov
____ -___ --_- __-- ---- ---____ ____
Preferred
100 12014 Jan 18 121 Jan 4 10314 Feb 12012 Dee
414 412
412
418
37
8 418
4
434
438 472
26,600 Middle States 011 Corp
4
33 Mar 6
10
518 Jan 3
23 Jan
8
74 May
.318 33
8
3
3
23
4 3
3
314
234 338
5,100 Certificates
313 Jan 3
25 Feb 25
8
10
112 Jan
573 Ma7
261 26614 248 26114 24514 247 .251 260
260 260
5,200 Midland Steel Prod pref._100 225 Feb lo 26614 Mar 23 193 June 295 Nov
26
263* 2434 253* 2412 25
25
25
2612 2612
3,100 Miller Rubber
No par
2212 Jan 5 287 Mar 20
8
1812 Aug 27
Jan
7213 73
6914 73
6512 7014 68
70
21,400 Mohawk Carpet Mills_No par
70
6512 Mar 26 8014 Mar 1
723
4
394 Aug 754 Dec
1244 12712 11812 12614 11118 1213 11738 12234 120 12338
4
Stock
278,700 MontWard&CoIllCorpNo par 11118 Mar 26 1567 Jan 2 11514 Dec 1564 Dec
4
6
618
8
5 4 63
3
5
6
513 57
8
53
4 6
9,900 Moon Motors
No par
5 Mar 26
8 Jan 8
53 Feb
8
1113 May
514 512
514 5
412 5
34
47
8 5
47
8 5 Exchange 23,000 Mother Lode Coalition_No par
3' Feb 8
613 Mar 4
238 Aug
418 May
3518 3814 344 36
33
34
3513 37
3812
37
12,800 Motion Picture
1213 Jan 8 435 Mar 6
No par
8
5 Mar
147 Dec
8
2112 1934 2138 181g 20
0205
8
1812 20
20
2118 Closed6,100 Moto Meter A
No par
184 Mar 26 2534 Jan 3
13 Mar 243 Sept
4
184 185
183 185
17918 182
177 177
180 180
1,400 Motor Products Corp No par 165 Jan 16 206 Mar 1
94 July 2183 Oct
4
44 44
4258 433
4 39
43
Good
41
423
4 434 44
20,400 Motor Wheel
No par
39 Mar 26 474 Feb 4
2513 Jan 5114 Oct
6313 6438 6112 6312 5818 6112 61
6178 617 6312
8
5,300 Mullins Mfg Co
No par
5818 Mar 26 817 Jan 4
8
6914 June 9514 Oct
95 95
94
95
*9414 95 .9414 95
Friday
9414 9414
No par
140 Preferred
92 Feb 21 10214 Jan 11
98 Dec 1043 Nov
8
54
54
513 53
4
5012 5112 52
52 .51
53
1,600 Munsingwear Inc
No par
5012Mar 26 5938 Feb 13
464 Mar 621* May
7214 673 713
70
8
4 62
6813 6413 6812 67
68% Holiday
62 Mar 26 783 hlar 5
52,700 Murray Body
No par
4
2112 Feb 12414 Oct
1035 10514 1013 10438 94 101
8
8
98 101
101 103
88,000 Nash Motors Co
No par 94 Mar 26 1187 Jan 25
8
8014 Feb 112 Nov
30
325 335
33
8
2814 315
31
3312 317 323
8
22,900 National Acme stamped__ _10 284 Jan 7 3912 Feb 28
4
714 Jan 3212 Dec
6012 5018 55
8 55
603 615
4
55
56
56
19,600 Nat Bellas Hess
563
4
No par 5018 Mar 26 71 Mar 1
.106 108 *106 108 .106 10S .106 107 .106 107
100 109 Mar 11 118 Jan 3
Preferred
0014 Jan 11813 Dec
175 17513 17312 17614 168 17514 173 175 x175 17714
35 168 Mar 26 205 Jan 4 15912 July 19514 Nov
11,000 National Biscuit
•143 145 .143 144 .143 145 .143 144
143 143
4
100 Preferred
100 1413 Feb 20 144 Jan 26 13712 Feb 150 Apt
133 1377 126 1357 11813 1315 125 4 133
8
8
8
3
13114 13612
369,000 Nat Cash Register A wiNo par 96 Jan 8 1483 Mar 20
4
4714 Jan 1043 Dec
4
12412 1263 12012 1243* 11618 122
8
120 123% 123 12412
65,900 Nat Dairy ProductsNo Par 11613 Mar 28 1375 Jan 29
8
6412 Jan 13312 Dec
35
3512 3453 35
34
3412 34
343
4 34
34
5,700 Nat Department Stores No par 2818 Jan 4 3734 Mar 5
2178 Jan 3214 Oct
3935 957 .935 94
*935 9412 .935 957
8
8
8
8
8
8
*933* 94
1st preferred
100 9214 Feb 4 9412 Mar 16
91
Jan 102 May
4138 4212 3912 4112 33
40
3814 397
3914 433*
21,500 Nat Distill Prod ctts___No par 33 Mar 26 5512 Mar 14
2914 June 5812 Jan
4 75
78
77
783
714 72
76
76
76
7713
1,600 Preferred temp ctfs__No par 6712 Feb 7 8613 Mar 13
5114 June 713 Jan
8
50
497 50
5218 5312 50
•53
54% 55
54
1,500 Nat Enam & Stamping
8
100 497 Mar 26 6214 Jan 9
2314 Mar 574 Nov
16034 164
158 163
145 156
152 156
155 160
8,100 National Lead
100 132 Jan 2 173 Mar 20 115 July 136
Jam
14112 14112 14112 14112 1414 140 141
14112
140 140
350 Preferred A
100 140 Jan 2 14112 Feb 1 139
Jan 14714 May
•118 120 *118 120 *118 120 .118 120 .118 120
Preferred B
100 118 Jan 2 122 Mar 27 11212 Mar 122 July
4214 50
545 56
4812 5112 5118 523
8
463 55
4
188,000 National Pr & Lt
4
No par 4214 Mar 26 614 Mar 4
217 Jan 464 Dec
4
11
•12
1138 105 113
1212 1112 12
8
8 107 107
8
2,100 National Radiator
8
No par
1018 Feb 18 17 Jan 10
14 July 403 Jae
8
.26
•2638 36
*2612 36
31
.26
32
32 12 3212
100 Preferred
No par 30 Mar 15 41 Jan 29
36 Dec 9812 Jar
119 11914 115 11712 1113 115
4
11412 115
118 118
2,300 National SuPPlY
50 11134 Mar 26 144 Jan 2
8414 June 146 Dec
115 115
115 115 .115 116 .115 116 •115 116
70 Preferred
100 11414 Feb 8 116 Jan 15 114 Sept 119
Jan
•125 132 .128 130 •120 130
130 130
130 130
400 National Surety
50 129 Mar 20 155 Feb 1 1383 Dee 150 Nov
4
73
79
77
783
4 70
735
8 7212 7312 733 75
4
17,100 National Tea Co
No par 70 Mar 28 914 Mar 1 0160
Jan 390 Del
5712 4438 517
8 50
6714 597
8 5138 537
8 543 5712
8
297,800 Nevada ConsolCoPPer.No par 3934 Jan 16 627 Mar 21
8
173 Jan 423 Dec
4
3
457 4714 4112 48
8
423 423
4
4 44
4712 46
47
6,500 NY Air Brake
No par 4113 Mar 25 49 4Mar 4
3
394 Oct 5012 Nov
46
45
47
42
47
44
4114 4114 4434 44 4
1,600 New York Dock
3
100 4114 Mar 27 583 Feb 2
4
47 Aug 6414 Jan
88
•87
88 .87
88 •87
*87
.87
88
88
Preferred
100 8512 Jan 7 89 Jan 31
85 Sept 95
Jan
9812 9812 *9812 9814 .9914 100
*984 99
100 100
130 NY Steam pref (6)...-No par 98I2Mar 19 103 Jan 10
9812 Oct 1054 Mar
•113 114 *113 114 *113 114 .113 114
113 113
10 1st preferred (7)
No par 11114 Mar 15 1147 Feb 19 102
8
Jan 115
Api
10012 1017
8 99 101
96
994 9818 1007 101 10212
8
38,600 North American Co
10 905 Jan 7 10914 Feb 16
8
585 Jan 97 Nov
8
52
52
52
514 52
5134 52
52
52
52
1,500 Preferred
4
50 513 Mar 5 5414 Jan 9
51 Sept 5553 May
*997 100
8
100 100
100 100
997 10014 10014 10012
8
900 No Amer Edison pref__No par 9978 Mar 27 1034 Jan 15
994 Oct 10574 Feb
584 545 567
8
8 554 5714 155
8 58
593
59
6,800 North German Lloyd
5614
545 Mar 26 6414 Jan 12
8
034 June 6912 Nov
46 •
4912 ....._ 4912 46
•
20 Northwestern Telegraph___50 46 Mar 26 50 Mar 16
484 •46
487
8
48
Oct 55 Mar
5
518
5
514 *5
2,900 Norwalk Tire & Rubber_ __105 Jan 7
*514 512
5
5
53*
614 Feb 4
24 Mar
712 Sept
•3618 40
*3618 48 .3618 48
•3612 48
*3618 48
Preferred
100 37 Mar 7 45 Jan 31
333 Jan 48 Sept
4
8 .612 73,
8 *612 73
7 8 *612 73
VI *612 1 3
.612
Nttnnally Co (The)--_No par
614 Mar 15
8 Feb 8
03 Dee
4
13 Mar
244
3
4
25 4 24 4 2434 223 2412 234 243
3
25 8
5
1,700 011 Well Supply
4 2413
25 223 Mar 26 32 Jan 3
4
2014 June 41
Jai
99
10014 10014 10014 10014 99
99 100
150 Preferred
100 100
100 99 Mar 26 10612 Jan 16
97 June 11012 Jan
9
814 812
4
94 93
912
18.800 Omnibus Corp
84 9 3
918 1034
3
NO par
712 Feb 21
107 Feb 28
8
712 Dec 154 May
•8212 8718 .80
80
.80
90
80
100 Preferred A
90 •82
90
100 80 Mar 26 90 Feb 28
8312 Dec 993 JUDI
8
8012 8012 76
774 76
1,900 Oppenhelm Collins ct CoNo per 7214 Feb 8 824 Mar 6
7612 76
77
77
77
671 Aug 8813 Jan
4
•23
50
50 •_-- 50 •____ 50 •____ 50
•23
Orpheum Circuit,Inc
1
18 May 70
Oot
74
74
7212 74
*72
76
230 Preferred
71
72 .70
7712
100 71 Mar 27 954 Jan 2
75 May 104 Nov
.330 33412 311 330
311 315
311 311
3,200 Otis Elevator
3103 315
4
50 276 Jan 7 345 Mar 20 1474 Feb 28511 Dec
•12334 12412 1237 1237 122
s
4
.12212 12412
620 Preferred
100 122 Jan 8 125 Jan 24 11914 Jan 1263 July
4
454 46
434 4538 4018 43
434 444
4114 43
68,000 Otis Steel
No par 3714 Jan 2 4838 Mar 15
1018 Jan 4012 Nov
•1013 105 13103 104
4
103 103
101 104 •101 1134
200 Prior preferred
100 101 Jan 21 108 Feb 20
8212 Jan 103 Nov
.85
88 .84
.87
88
88 .87
88 .87
Outlet Co
88
4
No par 88 Mar 6 963 Jan 4
81 June 994 Sept
9512 96
94
9512 91
4,400 Owens Bottle
924 92
95
94
96
25 81 Jan 7 983 Feb 13
4
7412 Jan 9578 Apt
5514 564 543 57
7,700 Pacific Gas & Elea
563 57
4
4
5412 5612 15513 56
25 53 Jan 2 6814 Jan 31
4312 Feb 564 Nov
1912 794 *7818 79
1,420 Pacific Ltg Corp
754 777
*784 77
8 744 76
Ns par 70 Jan 7 85 Mar 13
09 Dec 854 JUDI
•2918 294 294 2918 29
29
50 Pacific Mills
29
29
30
30
100 29 Feb 18 3312 Jan 17
25
Oct 354 Nov
14
1
14
114
1
1
1
118
4,300 Pitaltio 011
1
118
1 Mar 6
14 Jan 10
No par
24 Apo
1 Sept
17914 187
180 184
17913 180
350 Pacific Telep dr Tel
180 18312 180 185
100 159 Jan 3 200 Mar 14 144 June 169 Dec
0128_ .128
_ _ •128
-- 128
_ .•12814
__
Preferred
100 1164 Jan 3 129 Feb 27 114
Oct 1254 May
- - 4 1274 137
7
1354 13 - 228,400 Packard Motor Car
11612 130
-12414 131
- -14 130 135
10 11612 Mar 26 153 Jan 2
5014 Feb 163 Dec
45 4 46
3
5,200 Pan-Amer Petr dr Trans____60 4014 Feb 18 524 Mar 28
4412 4413 444 46
47
49
5014 5214
3814 Feb 6612 NOV
4511 4614 45
47
4218 484 4513 5014 50
168.500 Class B
34 53
50 4012 Fob 10 53 Mar 28
8
374 Feb 587 Nov
•154 154 •144 1514 144 1412 z14
400 Pan-Am West Petrol B_No per
1512 1418 154
1418 Mar 28
1512 July 283 Apt
1712 Jan 3
5
1158 1158 114 114
4,900 Panhandle Prod* ref__Ns par
1012 115
8 11
123 13
13
4
912 Feb 16
1112 Feb 213 May
1514 Jan 3
4
•65
75
*65
75 .62
75 .62
75
Preferred
*62
75
:
100 471 Feb 25 76 Jan 16
70 Feb 10614 May
64 4 674 61
2
6514 5912 633
18.5,600 Paramount Fain Lsoky_Ne par 5512 Jan 2 70% Mar 18
634 667
3 62
4
644
Ws Deo
4714 Oot
684 70 4 68
3
6814 0714 68
4,100 Park & TlIford
6614 68
30712 674
Ns par 6612 Mar 27 874 Jan 14
34 Mar 98 Nov
1112 113
4 11
114 10
11
52,500 Park Utah CM
1014 11
1053 114
1412 Jan
10 Mar 26
9 Aug
134 Feb 28
1
1034 1138
9
1114
712 10
90,300 Pathe Exchange
9
10 3 104 1063
3
71:Mar 26 1418 Jan 9
2 Feb
18 Nov
No par
2234 2314 20
2214
1312 21
9,500 Class A
1518 2013 1911 2114
Vs Feb 34 AUI
Ns par
1313 Mar 26 30 Jan 9
*Cs 45
4114 447
8 3813 433
67,200 Patina Mines it Euterpe- ___20 344 Jan 7 4711 Mar t
3 4114 45
4253 444
4
234 Jan 43
API
123 12212 12212
• 514 and staid prices: an intlee en than
&y.d
•Ex-rights.
Ex-dividend awl ex-riabbs.
sOld stock,
New York Stock Record-Continued--Page 7
2057
For sales during the week of stocks not recorded here, see seventh page preceding.
IIIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 23.
Monday,
Mar. 25.
Tuesday,
Mar. 26.
Wednesday, Thursday,
Mar. 27.
Mar. 28.
Friday,
Mar. 29.
$ per share $ per share $ per share $ per share $ per share 4 per share
16
1718 173 18
/
1
/
4
1814 183
4 181 1814 154 18
4
/
4
48
4712 4814 4614 4814 46
47
/ 4812 4814 511
1
4
*10514 109 *10514 107 *10514 107
109 109
107 107
9
9
914
918 918 *9
84 818
/
1
87
8 8
/
1
4
17
1712 17
1818 187
8 1714 1838
183
8 173 18
4
/
1
4
87
87 .86
87 87
88
88
88
88 .86
270 27112 .265 280
2693 2693 268 273
4
27212 27212
4
3458 344 3418 343
/
1
.345 35
8
8 337 3418 337 337
8
8
8
•150 165 *150 165
____ 160 5____ 160 .168 172
.49
.49
51
.49
51
.49
51
4912
4912 .49
*53
5312 5212 5258 5212 5212 53
53
53
53
23 8 2414 23
5
2412 2112 2314 217 2212 2112 223
8
4
4 16
163 174 1513 163
4
1718 1714
167 1712
17
8
*8414 90 .8414 90 .8412 90
.84
90 .844 90
4012 415
8 3912 41
3818 397
8 3918 42
4134 4312
29
29
2712 31
.2514 29
30
.2514 26 .26
•98
9912 .98
9912 98
9912 .98
.98
99
98
31
3112 2712 31
27
/ 29
1
4
29
29
293 3012
4
.75
•74
78
75
78
80
73
75 .78
83
3
3
/
1
4
212 3
2
/ 3
1
4
/
1
4
23
4 8
3
384
49
493
4 47
454 47
/
1
49
4514 483
4 4912 5112
43
4 5
4
/ 514
1
4
5
5
47
8 5
5
53
8
5314 4814 52
53
533
4 52
4934 517
8 52
5312
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscall. (Con.) Par
50
4,300 Peerless Motor Car
No par
32,400 Penick & Ford
100
40 Preferred
50
1,000 Penn Coal dr Coke
5,100 Penn-Dixie Cement ____No par
100
300 Preferred
2,000 People's G L & C (Chic)_..100
No par
900 Pet Milk
Philadelphia Co (Pittsb)___50
50
5% preferred
50
800 6% preferred
27,500 Phila & Read C & I_ __No par
12,000 Philip Morris & Co., Ltd__ _10
100
Phillips Jones pref
33,700 Phillips Petroleum____No par
3
101) Phoenix Hosiery
100
100 Preferred
8,600 Pierce-Arrow Class A, No-par
100
1,200 Preferred
25
19,600 Pierce 011 Corporation
100
9,100 Preferred
No par
9,600 Pierce Petrol'm
18,100 Pillsbury Flour Mills-No par
100
Preferred
-ZtLi2 - -1- ;i,6 2
1- - ..- -6
65
-2i2 ".(3,i- -6i- - 100
- 16i6i 2
2,800 Pittsburgh Coal of Pa
91
*91
943
8 90
90 90
100
*8712 943 .8712 90
8
400 Preferred
•24
*24
27 .24
28
27
100
.24
.24
27
26
Pitts Terminal Coal
*65
68
65
65 .60
100
65 .61
64 .60
63
100 Preferred
86
86
80
8312 85
83
84
833 833 .83
2,000 Porto Rican-Am Tob cl A_100
4
4
4314 45
373 40
4
3914 45
39
4214 425 433
No par
8
4
8,200 Class B
1023 10234 1023 1023 102 1023 102 1023 1023 1024
4
4
4
4
4
2,800 Postal Tel & Cable pref _ _100
4
/
1
4
6514 6814 623 663
6812 69
4 65
No par
6618 6738
67
71,100 Postum Co. Inc
6012 60
25
4 5918 60 4 595 63
/ 60 603
1
4
8
3
6214 6314
30,600 Prairie Oil dr Gas
5414 553
57
574 5512 57
25
4 5514 5714 5612 5782
19,500 Prairie Pine dr Line
8 2 14 2212 2112 225
2358 245
8 2112 243
No par
4
8 223 24
39,300 Pressed Steel Car
79
79
78
7814 77
100
80
81
77
80
80
1,700 Preferred
22
2218 2218 20
1814 183
22
4 19
22
225
8
4,600 Producers & Refiners Corp...50
42
42
42
45
45
43 .43
50
*434 45
/
1
47
130 Preferred
64
65
64
*64
*64
65
63
63
63 .61
70 Pro-phy-lac-tic Brush__No par
8018 813
8 7812 8138 75
81
781 813
/
4
83
4 81
75.000 Pub Ser Corp of N J_ _No par
10512 10512 10512 10512 104 10518 10412 10412 105 10512
100
1.100 6% preferred
12014 12514 12012 12012 .12012 120 4 .12012 120 4 1203 120 4
100
3
3
4
3
300 7% preferred
*14312 1454 514314 15012 51434 152 .14314 152 *14314 152
/
1
100
8% preferred
*10614 1073 *1063 1073 *10614 10714 510614 107
4
4
4
10614 107
200 Pub Serv Elea dr Gas pref _100
8 795 83
8312 841 8012 845
/
4
No par
8
843
8
811 827
/
4
8 83
34,900 Pullman, Inc
154 1614
/
1
1618 17
1718 1758
50
1718 1718
1614 17
2,700 Punta Alegre Sugar
25
244 2514 2714
/
1
/ 2534 24
1
4
25
/ 24
1
4
25
267 277
8
8
58,900 Pure Oil (The)
/
4
1121 11314 .1121 11314 112 11212 1125 1125 11212 11212
/
4
100
8
8
50 8% preferred
125 12612 12012 12514 115 122
11712 1193 12018 1221
8
16,800 Purity Bakeries
/
4
Preferred
4 9138 88
92
9ll
95
8918 10012 100 109
1863200 Radio Corp of Amer___No par
55
•5512 56
55
55
50
543 541 55
4
/
4
55
1,100 Preferred
5514
303
/ 3412 19
1
4
3414 347
8 29
4 2518 287
8 2814 30
143,900 Radio Keith-Orp cl A__No par
697
8 654 70
69
7614 63
744 78
/
1
10
7012 741
36,800 Real Silk Hosiery
/
4
•98
991 98
/
4
.98
99
98
100
Stock
9712 9712
98
/ 98
1
4
230 Preferred
9
114 117
/
1
11
1138 113
4
8
9
/ 10
1
4
No par
973 1014
5,100 Reis (Robt) & Co
79
/ 793
1
4
4 79
.80
87
81
81
100
79
Exchange
70
78
500 First preferred
293
4 2812 291 29
8
304 3112 293 3112 28
/
1
/
4
No par
/ 3012
1
4
65,500 Remington-Rand
•93
93
9414 93
944 .93
*93
100
9411 Closed9418 94
400 First preferred
__ *93 100
*93_ *93
*93
9412 9412 9412
100
100 Second preferred
283 19
4
8
8
4 255 273
-14 275 183
8
4 257 2712 27
10
Good
2712
39,600 Reo Motor Car
8218 8712 87
93
92
937
8 88
.
90
8914 911
/
4
Iron & Steel_ _ _100
64,200 Republic
110 110 .1097 112
110 110
*110 112
100
8
109 10912 Friday
600 Preferred
93 10
8
912 93
4
74 914
No par
8
/ 9
1
4
83
8 8
11,700 Reynolds Spring
/
1
4
/
1
4
554 5618 5414 5512 53
/
1
5412 53
5414 5412 553
8 Holiday
56,600 Reynolds (RJ) Top class 8.10
•76
78
.76
78
.76
78 .76
10
80 .76
78
Class A
59
594 58
583
4 5912 6012 60
6014 60
60 4
3
2,500 Rhine Westphalia Elec Pow__
41 4 43
43
44
403 411 41
8
/
4
45
44
441
/
4
30,400 Richfield Oil of California_ _25
40
413
8 3812 4114 3614 391 3812 407
/
4
8 403 4212
No par
2
162,700 Rio Grande 011
26012 275
270 288
28912 290
268 280
25
280 280
3,200 Rossia Insurance Co
323 33
4
30
313
311 33
/
4
8 303 313
4
8 3118 33
11,500 Royal Baking Powder_No par
•____ 10118 9912 99, *994 10118 100 100
/
1
2
100
100 100
300 Preferred
511 511 51
/
4
/
4
5114 5118 5112 52
533
4 53
5414
7,900 Royal Dutch Co(NY shares)
765 SO
8
71
7912 6414 7212 7018 75
10
7314 75
77,400 St. Joseph Lead
164 1667 1603 164
157 161
8
8
160 1634 165 1663
No par
/
1
13.800 Safeway Stores
4
96
96
96
96
9412 96
96
96
96
100
963
4
3,940 Preferred (6)
*105 1051 10314 105
1027 10314 10212 103
8
100
103 103
700 Preferred (7)
43
43
4012 4214 3814 4014 39
405
8 4012 41
2,700 Savage Arms Corp_No par
30
3012 2912 3018 291s 2912 293 30
3012 31
2
21,400 Schulte Retail Stores__No par
*109 110
108 10912 109 109 .108 111
110 110
100
80 Preferred
1812 1882 174 1734
17
/ 173
1
4
/
1
4 18
1812 17
No par
1,600 Seagrave Corp
/ 18
1
4
15218 15313 1473 15312 1393 1497 145 150
4
4
8
/ 14812 151
1
4
119,100 Sears. Roebuck dr Co....No par
72 9
9
93
8
6
/ 7
1
4
,
75
8 812
/
1
4
No par
52,000 Seneca Copper
9
93
4
128 1311 12714 13012 125 12814 127 12834 129 13234
/
1
4
6,800 Shattuck (F G)
No par
*44
4684 4612 4612 .46
47 .46
.46
47
47
300 Shell Transport dr Trading..£2
2814 29
311
/
4
27
2614 27
/ 29
1
4
/ 27
1
4
/ 29
1
4
/ 29
1
4
128,200 Shell Union 011
No par
6418 651
6218 6414 5412 59
65
58
10,000 Shubert Theatre Corp_No par
6034 61
8514 873
4 82
86
75
844 82
/
1
8418 87
88
No par
66,400151rnmons Co
20
204 19
/
1
2012 1818 19
1912 2014 20
21
12,500191turna Petrolem
10
385 40
8
364 393
/
1
4 3512 38
373 4114 4032 4112
2
562,600 Sinclair Cons Oil Corp_No par
4 1092 11018 .1094 110
,
4
109 1093 .109 1093 109 100
/
1
4
4
4
700 Preferred
100
3583 344 3514 334 35
14
/
1
36
/
1
34
363
4 36
29,800 Skelly 011 Co
37
25
•114 118 .11214 118 *108 115 .110 120 .112 115
Sloss-Sheffield Steel & Iron 100
*10614 1101 *10614 11012 *10614 11012 .10814 11012 "10614 11012
Preferred
100
12
1218
114 12
/
1
1014 1112 11
1112 1112 12
4,300 Snider Packing
No par
.3912 41
•393 41
4
3812 39
3912 41
4
800 Preferred
413 413
4
No par
363 363
4
36
365
8 34
351 351 364 351 37
/
4
/
4
/
1
/
4
11,600 So Porto Rico Sue
/
1
4
No par
5914 584 594 5712 59
/
1
/
1
59
5712 584 Y5552 573
/
1
16,600 Southern Calif Edison
4
25
*3512 381
3512 39
3512 3512 .3512 3712 53512 361
/
4
600 Southern Dairies el A__No par
1238 1312 12
13
/ I4's
1
4
12
133 13
8
/ 13
1
4
13
No par
2,300 Class B
•1133 114 511312 114 .113 114 .1134 115 *1135 114
4
/
1
8
Spalding Bros 1s1 pref
100
4272 393 41
4312 43's 41
4
40
4114 42
43
5,100 Spans Chalfant&Co IneNo par
9712 .95
*97
971 .
.95
97
97
95
971 595
/
4
Preferred
100
10
1014
1014 1014
10
10
10
10
10
10,2
No par
330 Spear & Co
7712
7934 .77
7718 .77
•77
7918 77
7714 78
100
230 Preferred
52
/ 5614 5612 58
1
4
56
59
59
60
561 58
/
4
No par
12,600 Spicer Mfg Co
8
4 9912 107
1081 1113 10614 1093
1043 1073 10614 1093
2
2
35,000 Spiegel-May-Stern Co_No par
i
33
34
344 347
30
3212 34
3214 3114 33
8,600 Stand Comm Tobacco_Ne par
8718 877
e 848 8718 803 85
8412 854 28512 89
4
/
1
13,76() Standard Gas & El Co_No par
64
64
64
64
644 641
631z 64
6312 64
3,000 Preferred
50
104 104
115 115 *109 114
112 112
110 110
100
500 Standard Milling
IP__ 116 •____ 115 *____ 115 5____ 114 •___ 115
100
Preferred
7978
787
8 78
8
8 693 74% 74
714 757
74
76
224,700 Standard Oil of Cal_ __No pa
511 5514 514 53
:
4
533 583
4
4 573 594
534 54
429,700 Standard Oil of NewJersey.25
2
417
5 383 4012 40 2 4312 4318 4432
40
41
413
3
230,600 Standard 011 of New York __25
5
/ 6
1
4
518 54
/
1
5
53
8
512 574
6
61
3,900 Stand Plate Glass Co__No par
19
1912 1814 183 •1818 20
20
20
4
20
20
100
290 Preferred
47
454 4612 4612 4712
484 471z 4814 41
48
6,900 Stand San Mfg Co____No par
_ _ •138
___ •138
__
_ •1384
•138_ *138
Preferred
100
30 - 12 29 - 33
30 -30
30
3i
ii •321z 033 2,100 Stanley Coot Amer____No par
/
1
/
4
12418 1331 1204 12712 126 132
13334 136
13212 134
-Warn Sp Corp_No par
28,900 Stewart
663
4 604 6534 64
65
68
69
74
11,000 Stromberg Carburetor_No par
694 697
784 817
2 8118 8412
8 804 84% 7y4 817
843 853
8
65,900 Btudeb'r Corp (The___No par
100
.•125
/
1
- •12514
- 1244 125
125 125 .125
80
No par
318 318
3 -- 18
3
7,400 Submarine Boat
g
_-3
'3
_- 18
3
3
312 31
57
594 5812 64
53
64
594 61
No par
61
3,600 Sun 011
61
1044 1043 g184 1044 104 104
4
100
210 Preferred
•10411 1043 *104 105
912 1014
712 87
8
8
/ 94
1
4
3
No par
93 104
83
4 912
4
131,700 Superior Oil
100
/
1
4814 513
8 491g 5232 534 573
8 5113 64
31,900 Superior Steel
5314 543
1638 174 18
18
18
184 19
50
1814 183 194
9,500 Sweets Co of America
8
No par
812 812
684 612
6
6
64
6
3,700 Symington
614
6
No par
1234 1312 143 147
4
8 144 1434
1434
14
1.100 Class A
•143 15
4
237 25'2
22
24
214 23
8
8
19,500 Telautograph Corp.__No par
203 24
20
20
-a -
•19141 and asked prism: no sales on this day. s Ex-dlyldsad. a Bx-rtglats.
PER SIIARE
Range SW* Jan. 1.
On basis of 100
-share tots
Lowest
$ per share
153 Mar 26
8
38 Jan 2
10412 Jan 4
818 Mar 28
17 Mar 26
84 Mar 20
208 Jan 11
33 8 Mar 27
7
159 Jan 2
4812 Jan 15
5212Mar 25
21121)far 26
1512 Mar 26
8814 Jan 17
3712 Mar 8
2512 Mar 12
98 Mar 13
2712 Mar 25
7212 Jan 2
214 Feb 8
30 Jan 8
45 Feb 11
8
4814 Mar 26
143 Jan 2
61 Mar 27
8718 Feb 20
25 Mar 22
65 Mar 25
77 Jan 11
36 Jan 4
102 Mar 26
623 'Mar 26
4
58 Jan 30
535 Jan 14
8
194 Feb 18
/
1
7412 Feb 16
1814 Feb 18
3814 Feb 20
6018 Jan 7
75 Mar 26
104 Jan 5
119 Jan 8
14518 Jan 18
4
1053 Mar 21
795 Mar 26
8
1518 Feb 18
2314 Feb 16
112 Jan 14
115 Mar 26
6814 Feb 18
4
543 Mar 27
19 Mar 26
57 Jan 7
97 Jan 5
9 Mar 26
70 Mar 28
28 Mar 26
9014 Jan 4
93 Mar 20
255 Mar 26
8
7914 Feb 8
8
1087 Jan 7
718 Mar 26
53 Mar 26
76 Feb 20
53 Feb 26
39 Feb 16
/
1
4
333 Feb 21
4
226 Feb 18
30 Mar 26
9912Mar 25
49 Feb 19
/
1
4
62 Jan 7
157 Mar 26
94 Jan 10
102 Feb 16
3814 Mar 26
29 Feb 27
105 Feb 4
157 Jan 2
8
1393 Mar 26
4
512 Jan 2
12312 Jan 8
43 Jan 25
4
253 Feb 18
5412 Mar 26
75 Mar 26
1818 Mar 26
3512 Mar 26
109 Mar 26
327 Mar 7
8
11412 Feb 15
105 Jan 2
104 Mar 26
33 Jan 3
34 Mar 26
535 Jan 4
8
3512 Feb 16
114 Mar 4
114 Mar 21
39 Mar 26
/
1
4
89 Mar 19
10 Mar 25
76 Mar 4
45 Jan 7
774 Jan 15
30 Mar 26
80 4 Mar 20
3
6312 Mar 27
104 Mar 26
113 Jan 2
64 Feb 18
48 Feb 16
38 Mar 7
412 Jan 2
17 Jan 3
41 Jan 26
11811 Jan 15
29 Mar 27
12012 Mar 26
35234 Jan 11
77 Jan 5
1244 Jan 2
/
1
3 Feb 27
57 Mar 26
100 Jan 3
7 Feb 16
38 Jan 2
1512 Mar 11
412 Mar 12
124 Mar 11
1914 Feb 8
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Iltghest
$ per share $ per share $ per share
1418 Sept 257 Mar
2212 Jan 11
8
224 Jan 4112 Oct
/
1
553 Feb 28
8
110 Jan 9 103
Oct 115 Mar
8 Aug
12 Jan 20
1412 Jan
27 Jan 5
143 July 31 May
4
94 Jan 22
75 Sept 9638 Apr
28712Mar 14 1511 Jan 217 Nov
/
4
4112 Dec 4614 Dee
4512 Jan 3
180 Jan 5 145 Mar 1743 May
4
4512 Mar 49 Aug
49 Mar 16
513 Oct 57 Mar
4
54 Mar 18
273 June 3934 Jan
8
34 Jan 8
15 Mar 2512 May
2314 Feb 26
9012 Jan 11
85 Apr 99 May
35 Feb 63 8 Nov
/
1
4
47 Jan 3
7
21
Oct 38 May
375 Jan 22
8
94 Dec 10314 Feb
100 Jan 8
1812 Oct 307 Dee
8
374 Jan 9
/
1
5612 Oct 744 Dec
/
1
8612 Jan 9
/ Mar
1
4
54 Apr
3 8 Mar 18
3
1614 Feb 50
5112 Mar 18
Oct
312 Feb
65 Apr
57 Jan 15
8
8
323 Feb 581 Dec
4
6378 Jan 15
/
4
/
1
Jan 1444 Des
15614 Jan 14 108
3618 June 781 Dee
/
4
833 Jan 9
4
81 May 10078 Dee
100 Jan 5
26 Feb 38 Dee
3438 Jan 9
6318 Oct 82 Mar
7814 Jan 9
533 July 85 Dec
4
953 Mar 15
4
/
1
4
2314 Aug 511 Dee
5034 Jan 2
/
4
105 Jan 31 10058 Aug 106 Bent
6138 July 13612 May
783 Jan 5
8
/
4
5912 Dec 641 Dee
655 Jan 2
8
60 Feb 25
18 June 3312 Oct
253 Mar 22
8
70 Aug 9312 Oct
81 Mar 27
16 Feb 297 Nov
8
257 Jan 3
8
41 Feb 495 June
461 Mar 21
/
4
8
52 Nov 91
Feb
4
823 Jan 14
12
4112 Jan 83 Dec
944 Jan 31
8
10818 Feb 5 1033 Jan 115 May
,
Oct 1291 May
1244 Jan 3 117
/
1
Jan 150 May
15012 Mar15 134
1095 Jan 28 10612 Dec 11012 Apt
8
771 Oct 94 May
/
4
911 Jan 3
/
4
/
1
17 Dec 344 Jan
/
1
4
2114 Jan 14
/
4
19 Feb 311 Nov
2812 Jan 3
116 Feb 25 108 Mar 119 June
8
75 June 1393 Oct
1394 Feb 4
/
1
105 July 16614 Oct
1093 Mar 16
4
54
/ Jan 60 May
1
4
57 Jan 3
3414 Dec 511 Nov
/
4
464 Jan 4
/
1
244 Jan 605 Dee
/
1
843 Mar 4
8
8
8012 July 974 Dec
/
1
10212 Feb 8
5 Feb
/
1
4
15 Dec
1614 Feb 1
6114 Feb 8912 Dec
10812 Feb 6
2312 Jan 3612 Mal
351 Feb 4
/
4
87 Dec 98 June
/
1
4
96 Feb 4
Jan
8818 Oct 100
99 Feb 19
/
1
4
221 Jan 3514 Oct
/
4
3178 Jan 3
491 June 94 Nov
/
4
/
1
4
1007 Mar 4
8
11512 Feb 27 102 June 112 Feb
814 Feb
147 JIM.
8
1214 Jan 16
66 Jan 11
15 16512 Mar 195 May
80 Mar
50
Oct 61 Dee
64 Jan 2
23 Feb 56 Nov
/
1
4
4958 Jan 3
4212 Mar 28
310 Mar 16 145 June 278 Nov
/
4
40 Dec 491 Dec
4314 Jan 2
10312 Jan 21 10412 Dec 10412 Dec
Oct
445 Jan 64
8
554 Jan 5
/
1
/
4
37 Mar 711 Dec
94 Jan 21
/
4
1954 Jan 4 171 Dec 2011 Dee
95 Dec 97 Dec
97 Jan 16
108 Jan 18 10612 Dec 10612 Dec
3614 Dec 51 Dec
511 Jan 24
/
4
353 Dec 6712 Apr
4
4112 Jan 8
Apr
11812 Jan 2 115 Dec 129
1712 June
10 Feb
21 Mar 7
8218 Jan 19712 Nov
181 Jan 2
712 Oct
2
Jan
1012 Mar 20
8012 Feb 1404 Oci
142 Feb 4
39
/ Jan 5712 Oct
1
4
554 Jan 10
/
1
3938 Nov
2314 Feb
31 18 Mar 28
544 June 8514 Nov
/
1
7412 Jan 24
8
55 June 1013 Not
/
1
4
116 Jan 31
1818 Feb 274 Not
2378 Jan 3
1738 Feb 4634 Not
45 Jan 2
Oci
111 Jan 29 1024 Jan 110
25 Feb 42h Not
40 Jan 22
125 Jan 19 102 June 134 Fet
112 Jan 18 10412 Oct123 Mal
Ap:
11 Dec 20
1614 Feb 5
Jam
31 Nov 60
5012 Feb 6
442 Jan 2
3212 Feb 4938 Mal
4312 Jan 5612 Not
6811 Jan 31
8
2412 Jan 605 Ma]
42 Jan 2
Api
Jan 30
9
15 Jan 12
/
1
4
Api
Jan 120
117 Feb 8 109
8
26 July 575 Deg
5214 Jan 3
Oct100 Au'
97
97 Jan 17
1014 Nov20 Fel
144 Feb 4
763 Nov92 8 Fel
4
3
8012 Jan 2
8
2311 Jan 513 De.
4Mar 1
663
6511 Sept91 No,
1177 Feb 6
8
24
Oct404 No,
434 Jack 11
/
1
8
577 Jan 841 De.
8
991 Jan 31
/
4
6432 Dec 7112 Ma:
67 Feb 4
Jan 14218 De
16314 Jan 18 100
97 Nov 115 De
133 Jan 12
814 Mar 20
63 Feb 80 No,
4
3
593 Mar 28
3738 Feb 59 4 No
283 Feb 454 De
4
453 Jan 2
4
Th Tel
9 Jan 21
/
1
4
24 Jan
1411
10
Jan 40 1
31 Jan 18
34 June 534 A
54 Jan 29
4
Oct 1263 Ma:
138 Mar 21 118
35 Dec 694 Sep
434 Jan 3
7714 Feb 12818 De
145 Jan 22
44
Jan 99 Do
924 Jan 9
67
Jan 8712 Oc
98 Jan 26
125 Jan 18 1214 Feb 127 JIM
412 Mar 14
3 Feb
614 Ma
314 Jan 77 No
8818 Jan 10
,
Jan 110 Ap
1054 Jan 8 100
1414 Ns
24 Feb
12 Jan 3
,
18
Jan
573 Mar 28
4
567 No
8
,
114 Feb 234 Sep
20 Jan 24
4 Aug
73 Jan 14
8
7 Ma:
1634 Jan 14
10 Aug
1938 AP
2512 Mar 28
WA Jan 2238 Msa
2058
New York Stock Record-Concluded-Page 8
For sales during the week of steaks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Afar. 23.
Monday,
Mar. 25.
Tuesday, I Wednesday, Thursday,
Mar. 26.
Mar. 28.
Mar. 27.
$ per share $ Per share
Per share S per share $ Per share
1812 191
4
2 173 18% 1812 177
8' 1713 1814 18
1812
64
64 4 60
3
6612 62
823
41 6273 658 66
67
77
781
78
4 74
7214 7614, 7512 772 76% 80%
2112 22
20
22
1818 20121 1912 203
8 2112 22
1812 19
17% 183
4 1314 17141 1512 1773 1712 17%
23
23
.21
2278 .19
2212' *19
2212
22 .20
442
.42
44
44 .42
437 .41
g1
43%
438 .41
42
42
40 4 4218 3414 403
3
4; 38
8
39
3812 393
110 110 .110 112 .110 112 1.110 112 .110 112
4734 48
47
4712 45 4 464' 46
3
4414 46
46
2018 2114 1914 2014 1812 1912 1918 21% 2018 21%
87
873
4 87% 87% 86
86
.8812 87
86% 86%
.321 3312 32
3328 31
4
313
4 32
3312 32% 32%
913 92
4
9212 9212 91
91
907 90% 9214 9212
797 8112 7614 81
8
7514 773
4 773 793
8
4 797 8114
19
20
z163 19% 17
177
4
171 183
s 17% 18%
20% 21
20
2014 21
208 20
2012 2038 2112
.1.712 21
1712 1712 .1612 18
*1712 20
18
18
•16 8 21 .16% 21
3
•1673 21
20
.163 21
20
8
.16 8 21
3
.163 21
8
1
•165
*1673 21
s
*1673 20
93 107
9 2 1012
7
93 1012
4
9% 1073
8 10 4 1173
3
50
.50
4612 47
507
4
403 4714 44
498 50%
45
4511 4318 45
4112 433k 427 46'2 45
4612
2514 2514 243 25
24
243
4
4 2314 241 .2338 28
*5112 52
4
47
47
487
8
47
5112 5212 2443 50
11412 117% 10612 11612 100 10912 10712 110
108 110
•125
•125
•125
____ 125 125
34
34
31
35
31
34
33
33
35
35
220 2223 208 21914 20214 21112 210 21673 21614 220
4
50
50
4873 4912 4873 5084 5012 511
4918 51
*18712 142 •13612 141% 13612 13612 138 138
136 13812
46
46
4912 4518 4273 441
454 46
*44
45
•122
.122
221
2338 24
23
2373 2134
22
2412273 2212 - 2
.10014 10012 .10014 10012 100 10014 101 101 .100 104
5114 52
4712 4873
5014 5114 4512 5014 4634 481
138 13812 135 138
13314 134 4 135 137
13912 140
3
21
21
1818 1914 18
19
20
191 *1812 20
73 4 73 4 723 733
3
72
3
4
4
72
73
4 713 7214 .72
8812 8812 s86
8612 85,2 853
4 843 8'
4
854 8514
163
4 1673 16%
1673 1712 1512 1612 16
1712 18
*86 100
•86 100
•86 100
•88 100
.813 100
44
47 51
49 I 36
12
443
8 417 4378 x45
47
8
1814 1814
•183 1838 •1838 18%
8
1814 1814 218
18
•Is,
1914 •19
1918 .19
1918 •19
1918
1918 •19
18- • 14
13
1334 1273 1314
1273 1314 1314 1373
*76
7612 7512 76
75
76
76
76
.75
76
7
.
401 40
:
49
40
3918 397
4018 4073 40
4018
140 :42
31 14012 13118 1371 4 134% 13873 140 142%
37.
•1251 12612 • 2514 12612 .12514 12612 12514 12514 *12512 -.
24
243
8 2112 2313 20
223
8 217 232
8
4 2312 2412
•45
4612 44
45
4014 4334 428 4312 45
46%
9812 9812 .98 100
*9873 100
.98 100
98
98
9018 93
8218 8714 8514 8914 8812 9112
87
93
6814 60
1k 5873
15413 59
51
55% .5373 587
8 56
, -31 83
8711 877
4
8 85
871
828 85
4
848 843 84%
67% 68 4 6518 6712 5712 65
3
643 67% 68
4
6773
1 5412 53
54
54
.52
55
*53
553 .50
4
553
4
!
8
18034 18312 1761 1827 17112 17831 17618 18014 17934 1837
14373 14338 143 14312 143 14312 141 143
143 143
9114 9114 89
944 95
92
891* 92
89
89
•13932 140 .18973 140 .13973 140 ' 1393 1391 13973 13973
•S20 350 .280 320 l•256 320 *300 329 ,.256 350
4012 39
4012 4012 4173
424 4212 3912 4212 35
97
1023
103 1012 1014 1012
8
9
512 973
934
80 .71
•71
80
oil
.71
76
•71
80
7812
96% 100314 8912 9812 8314 913
8 5912 95
93% 96%
.33
33
3314 32
.3112 32
33
33
'3312 34
77
77
77
7812 7812 77
7612 77
*7912 80
90
84
8814 58
9012 9012 87
4
8812 873 90
198 198 .170 200
.180 198 •170 190
200 200
11314 11314 11314 11314 113 11314 11311 11311
113 113
8 17
18 2 187
18%
7
1512 177
1818
8 18
15% 1578
521: 52
5414 52
1
53
541 54 4 53
5312 543
4
4
92
*8812 8912 .89
91
92
90 90
91
•89
*107 109 .108 109 *108 109 .108 109 .108 109
*45
•45
50
50
45
*45
*45
50
45
4712
Friday,
Mar. 29.
$ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares Indus. & Miscel. (Con.) Par
24,100 Tenn Copp & Chem__No par
25
111,500 Texas Corporation
236,900 Texas Gulf Sulphur__ _ _No par
.
38,100 Texas Pacific Coal & 011_ _ _10
1
62,900 Texas Par Land Trust
100 Thatcher Mfg
No par
Preferred
No par
5,900,The Fair
No par
10; Preferred 7%
100
1,900 Thompson (J Ft) Co
25
66,300 Tidewater Assoc 011__No par
1,400 Preferred
100
3,000 Tide Water 011
100
1,100, Preferred
100
31,000 Timken Roller Bearing_No par
42,100 Tobacco Products Corp____20
12,700 Class A
20
400 Dividend certificates A _ _ -.B
190 Dividend certificates
Dividend certificates C --- _
111,000 TranseT1 Oil tern etf_No par
4,800 Traosue & Williams St'l No par
17,300 Trice Products Corp__ _No par
1,800 Truax Truer Coal
No par
3,400 Truscon Steel
10
28,900 Under Elliott Fisher Co No Par
, Preferred
100
2,400 Union Bag & Paper Cory--100
89,300 Union Carbide 64 Carb_No par
20,000 Union 011 California
25
100
600 Union Tank Car
No par
3,300 United Biscuit
100
Preferred
6,300 United Cigar Stores
10
100
300, Preferred
17.800 United Electric Coal___No par
No par
4.700 United Fruit
100
1..00 United Paperboard
1,100 Universal Leaf Tobacco No par
300 Universal Pictures 1st pfd .100
12 200 Universal Pipe & Rad__No par
100
Preferred
01.600 U S Clad Iron Pipe & Fdy __20
400 let preferred....._No par
Second pr ,tarred. _ _.No par
- 7 06 13 S Distrib Corp. ____No par
9:
100
800 Preferred
2.600 US Ileif Mach Corp_ _No par
31,100 U 19 I no ustrial A leohol__ _ _100
100
30 Prel .rred
9.400U El I , Mar
No par
No par
3.700 Cis- A
100
200 Prio. °referred
57,000 U 8 Realty & Impt__ __No par
Stock
100
152,400 United States Rubber
100
6,100
1st preferred
Exchange 33,900 US Smelting, Ref & Min __50
50
300 Preferred
Closed
- 809,200 United States Steel Corp
4,400 Preferred
100
Good
No par
1,300 US Tobacco
100
30 Preferred
Friday
10
Utah Copper
46,300 Utilities Pow & Lt A__No Par
Holiday
No par
14,600 Yadsco Sales
100
Preferred
70,200 Vanadium Corp
No par
800 Van Raalte
No par
140 let preferred
100
11,100 Vick Chemical
No par
300 Victor Talk Machine_ _ _No par
1,600 7% prior preferred
100
22,300 Virg-Caro Chem
No par
100
.100 6% Preferred
6
200 7% preferred
100
Virg Elec & Pow pf (7)__ _ _100
30 Virg Iron Coal & Coke Pf-100
Vivadou (V)
No par
100
Preferred
.6114 7314 .8214 7314 .60
751 .6114 74
70
.60
Vulcan Detinning
100
•103 105 .103 105 *103 105 .103 105 •103 105
Preferred
100
74 .66
*86
75
.70
75
75
*66
70
70
20 Class A
100
2218 2212 2212 223
7
23
12 2373 22 8 2373 22% 23
4
6,700 Waldorf System
Vo pa.
36
36
34
35 8 3312 35% 3512 38
3
8
36% 383
34,400 Walworth Co
No par
44
.4738 50
1
4514 478
4514 .4412 50
*46
50
170 Ward Baking Class A No par
1173 1214 11
1112
814 103
4
978 107
1214
8 11
17,900 Class IS
No par
74
71
74
7118 7118 *7112 73
7373 .7018 72
700 Preferred(10 )
No par
0
8
115 1183 107 11612 97 109% 1023 108% 10518 10912
4
162,600 Warner Bros Pleturen_No Pa
51I 49
50
4913 5012
3
5212 538 517 5212! 45
6,900 Preferred
No pa
3512 363
8 34
35121 32% 34% 3412 36% 1/353 363
8
16,000 Warner Quinlan
4
No pa
149 14934 150 151
14312 14814 144 147
146 146
13,400 Warren Bros
No par
53 .50
.51
53 1 53
51
53 .____ 53
.50
20, Flret preferred
50
2218 2214 2112 221
15% 178 18
194 1912 20%
12,400 Warren Fdry & Pipe.._NoPa
_ __ _
7212
72 .70
.69
7212 .69
Weber & Hellbr
No par
4497i2 40
2
49712 102
.9712 102
Preferred
100
4112 4112 37
44
44
41
3812 40
40
41%
7,100 Wesson Oil& Snowdrift No pa
667
66,
6518 66
8 66
66
657 66
66
6,100 Preferred
65
No pa
3
202 205 4 195 20314 194 198
15,700 Western Union Telegram_ _100
195, 2013 196 208
4
4
4514 48
497 5073 484 50
8
483 4812 x4812 4914
30,300 Wstnghse Air Brake
No pa
14838 15134 144 15112 140 14714 146 1507 14814 15112
8
96,500 Westinghouse Elee & Mfg_ _50
144 14414 *139 144
144 144
150 150 .143 151
160 let preferred
5)
3112 3373 34
353
4 33
3773 29
85,500 Weston Elec Instruml.No pa
353
4 35% 4212
34
34
3312 3414 3312 3312 .3312 34
600 Class A
34
3414
No pa
1023 103 *103 104 •103 104 .103 104
4
40 West Penn Elec el A.
106 108
..No pa
10612 10614 10714 10717 105 105
10512 1051 103 10512
590 Preferred
100
97
97
9773 9773 9612 97
97
460 Preferred (6)
9812 9712
97
100
11512 11512 11518 1151 115 11012
11518 11518 *11518 116
440 West Penn Power pref
100
8
10873 10873 1083 1083 1083 10873 108% 108%
•1083 109
8
8
8
40 6% preferred
100
5312 5312 5218 5318, •54
.5312 55
55
700 West Dairy Prod el A _No Pa
54
54
8 28
2878! 2712 2838 2712 2773 287 30%
2812 287
8
5,000 Class B
No pa
3
3512 347 3618 37
3673 34
3812 36 4 35
8
8,200 WhiteEagle0114t Refg_No Pa
3714
4618 47
4718 4873 4614 48
4714 487
22,700 White Motor
s 4812 49
VP pa
46
4718 45
47
4512 46
4712 45
4
5.000 WhIte Rock Min Sp etf
4612 473
60
2612 251e 26
27% 2614 2712 25
27
2812 2718
7,200 White Sewing Machlne_No Pa
51
.49
*49
50 .49
50
50
50
50 50
300 Preferred
No pa
231
2312 22
23
23
2412 2412 2212
2312 2434
4,800 Wilcox Oil & Gas
No pa
134,400 Willys-Overland (The)
283 2914 2718 2878 2473 2712 2618 271
2718 28
4
99
9712 971
9812 .9714 9812 99
400 Preferred
*98
9714 9714
100
91.,
9.88
918
1018
9
10
11
3,000 wiblon & Co Inc
*10
93
4 954
No par
17
18
19
19% 20
19
193
204 19
3,600 Class A
20
No par
61
6412 59
02
62
.82
64
6414
900 Preferred
65
.61
100
4
4
34,800 Woolworth (F W) Co
1978 200% 196% 1993 19223 1963 19633 2031 20312 2053
4
4
26
45
4812 43
44
51
493 50%
4
4 43
10,500 Worthington P & M
493
49
100
.75
82 .75
82 .82
84
.76
84
84
1110
.78
Preferred A
72
•60
•65
72 .85
72
70
*66
72
.70
Preferred II
10n
235 245
220 243
245 284
31.900 Wright Aeronautical...No par
23714 259
25512 281
73
70
72
4 70
7212 7212
2,400 Wrigley (Wit) Jr)
7212 743
11743 75
4
No par
66
6514 66
88
66
661
66
900 Yale & Towne
6712 *66
*66
25
373
s 3718 4014 3873 40%
115,200,Yellow Truck & Coach el 11.10
4012 3612 398 35
38
92 .83
92 .83
921'86
92
100, Preferred
90 .86
90
100
5573 5712 57
577
11,200 Young Spring h Wire..No par
8
24 57
5012 60 , 57
594 5
116 12012 12012 130
15,100 Youngstown Sheet & T _No par
120 121 I 11714 i2Ol4j 113 117
' II 4..
•
SI , 6.• ..0.• of; .”1.6
1) M.
Oa •
C
ahrt .44.2a
•fes rhent,8
• •sio par este*
PER SHARE
Range Mace Jan 1.
On baste of 100
-share tots
v Ex-rights.
$ per share
1612 Mar 26
5714 Feb 21
7214 Feb 18
1614 Jan 25
1314 Mar 26
1612 Mar 14
35 Mar 9
34% Mar 26
10412 Feb 26
44% Mar 28
1712 Feb 8
86 Mar 15
2718 Feb 1
9018 Feb 25
7312 Feb 16
1634 Mar 25
20 Mar 26
16 Feb 18
17% Jan 22
16 Jan 18
9 Feb 26
41 Feb 28
38% Feb 18
2314 Mar 27
44% Mar 26
91 Jan 7
125 Jan 5
31 Mar 26
19612 Jan 7
46 Feb 20
1217 Jan 15
2
4252 Mar 26
120 Jan 19
2134 Mar 26
100 Mar 26
4512 Mar 26
13314 Mar 26
16 Jan 7
71% Mar 26
84% Mar 27
1512 Mar 26
9814 Feb 6
36 Mar 26
18 Feb 20
1878 Mar 6
124 Mar 26
7114 Mar 12
3918 Mar 26
128 Jan 16
12414 Jan 8
20 Mar 26
4014 Mar 26
98 Mar 27
81 Jan 8
42 Jan 8
77 Feb 16
5712 Mar 26
53 5114r 25
157% Jan 8
141 Feb 5
89 Mar 26
136 Mar 6
264 Jan 2
35 Mar 26
812 Mar 27
Highest
PER SHARI
Mmes./sr Pronatu
Year 1928
Lnwest
Highest
per share $ per share $ per there
2014 Feb 6
1912 Jan 197 Dee
2
68 Jan 2
60 Feb 74 4 NOV
3
82 Jan 3
624 June 82 Nov
/
1
4
2372 Mar 21
124 Mar 263 Nov
2
2412 Jan 17
20 Jane 30 4 Apr
1
27 Jan 3
22
Jan 3912 May
483 Jan 5
2
45
Oct 53 June
/
1
4
517 Jan 15
2
34
Jan 5212 Dee
110 Jan 2 10412 Jan 11414 Oat
62 Jan 12
6614 Juae 711 JUDO
2
22 Jan 3
1434 Feb 26 Sept
90 Jan 2
817 Mar 913 Deo
2
4
374 Jan 3
194 Mar 4112 Dee
974 Jan 17
8814 July 1001 Deo
/
4
150 Jan 3 11252 Mar 154 NOV
2218 Mar 18
22% Mar 18
_
18 Feb 13
19
Aug 25k, -11111
20 Mar 28
19 Aug 24 June
194 Jan 15
19 Dee 23 Aug
13 Jan 2
61 June
4
144 Nov
5232 Mar 14
4414 Dec 6912 Feb
51 Mar 18
3252 June 447 Sept
8
31% Jan 23
61% Jan 3
5514 Nov 637 Dee
2
121 Mar 19
63 June 93 8 Dee
7
125 Jan 5 119 Mar 126 Apr
43 Jan 14
30 Dec 49 4 Feb
3
228 Mar 21 1364 Feb 209 Nov
5212Mar 21
421,4 Feb 68 Noe
150% Feb 21 110
Oct 12812 May
5312 Jan 14
3412 Apr 67
0e6
126 Jan 24 11214 Mar 136
Oct
'2712 Jan 11
227 Aug 34 Feb
8
/
1
4
104 Jan 2 1037 Dee 11418 Apr
8
814 Feb 6
5814 Oct 89 Dee
/
1
4
15812 Jan 31 131% June 148 Nov
264 Jan 22
16% Dee 277 Apr
2
8112 Jan 23
60 8 June 8752 Nov
3
93 Jan 2
9114 Nov 100 Feb
2214 Jan 2
15 June, 3157 Oct
/
1
4
2
1004 Jan 9
877 Sept 105 1 Des
2
3
5572 Mar 18
38 Dec 63 Nov
19 Jan 11
18 Nov
191 Nov
/
4
1911 Feb 8
8
1914 Dee
1812 Nov
1714 Jan 3
1312 Jane 2014 Jan
76
8012 Jan 3
Oct 90 2 Jan
1
497 Jan 2
41
Dec 583 Jan
2
1547 Jan 25 1021s June 138
Oct
12572 Jan 4 118% Sept 12572 Nov
354 Jan 14
22
Jan 61 May
617 Jan 14
8
Jan 72
52
Apr
107 Feb 1 100 Dec 10912 May
14
6114 Feb 93 May
11912 Feb 6
/
1
4
65 Mar 18
27 June 6314 Jan
9212 Jan 16
55 July 10912 Jan
3912 Feb 711 Noe
72 8 Mar 20
/
4
58 Jan 3
Jan 68 Dee
51
1937 Mar 1 132% June 17212 Nov
8
14414 Mar 1 138% Jan 1471 Apr
4
109 Jan 30
14
86 June 120 Oct
141 Mar 15 1274 Jan 139 June
353 Mar 19 139
Jan 273 Dee
93 J
8
284 Feb 46 4 May
1
1312 Jan
---------70 Feb 251 82 Jan 16
8314 Mar 26' 11611 Fob 8
Jan 1114 Nov
60
27 Mar 12 35 Jan 17
7 2 Jan 404 Ooll
3
/
1
437 Jan 78 Nov
60 Jan 2 7812 Mar 23
2
82 Jan 4 947. Mar 19
Jan 85 Des
58
Feb 18 200 Mar 18
143
5252 Jan 1683 Nov
4
110 Mar 1 11411Mar 13 1014 Jan 11212 Dee
151 Mar 26 243 Jan 26
)
12 June 2024 Nov
4
444 Jan 644 Nov
52 Mar 26 8.511 Jan 26
/
1
90 Mar 22 974 Feb 4
8812 Jan 9912 Nov
107 Feb 21 109 Fah 18 1064 Dee 1141 Apr
/
4
47
45 Feb 27 48 Jan 29
Oct 62
/ Jan
1
4
1114 June 26 Jan
15 Jan 4
13 Jan 16
/
1
4
78 June 100
Jan
2212 June 74 Nov
50 Jan 16 89 Feb 20
74 June 99 Sept
91 Jan 4 105 Mar 15
1912 June 483 Nov
40 Jan 2 SO Feb 19
4
1912 Jan 2814 Dee
2218 Mar 26 2712 Jan 3
1412 Aug 264 Sept
2318 Jan 8 433 Mar 16
4
/
1
70 Dec 323 Feb
4312 Mar 13 8114 Jan 17
1514 Dee 29
514 Mar 26 21 14 Jan 16
/ Jan
1
4
71 Mar 25 8712 Jan 15
77
Dee 974 Jan
/
1
8072 Aug 13914 Sept
97 Mar 26 134 Jan 21
4 Dec 571 Des
45 Mar 26 5914 Jan 22
4
512
Feb 441 Oct
/
4
26
324 Mar 26 4278 Jan 2
141 Feb 18 170 Jan 2 140 June 19212 Apr
4834 Feb 15 53 Mar 27
4914 Nov 61
Apr
1518 Mar 28 3414 Jan 3
2
13 June 367 Oct
7112 Mar 18 84 Mar 5
4
5918 June 823 Dee
Jan
Dee 103
98 Feb 8 101 Feb 11
98
37 Mar 28 48 Mar 7
87 Nov 110 Des
65 Mar 28 7212 Mar 9 1053 Dec 1084 Nov
/
1
8
001
179% Jan 2 2203 Mar 9 13912 July 201
4
4518 Jun 24 Ws Mar 2
424 Juno 5712 Jan
13712 Jan 15 166% Feb 4
884 Jan 144 Nov
132 Jan 2 159 Feb 4
9514 Jan 139 Nov
'22 Jan 28! 4212 Mar 28
124 Jan 2812 JUDI
3312 Jan 71 354 Jan 16
803 Jan 4012 May
4
10214 Mar 23 110 Feb 1 103 June 112
Apr
103 Mar 28 11.114 Jan 17 1074 Oct 11514 Apr
9612 Mar 13 102 Jan 17
9812 July 10412 Apr
113 Jan 8 117 Mar 18 1134 Oct 118 June
Jan
10714 Jan 9 11012 Jan 16 103 June 113
Apr
524 Dec 78
5218 Mar 26 5914 Feb 5
204 Jan 49
Apr
28 Jan 10 347., Feb 5
2012 Feb 38 Nov
3014 Jan 30 38 Feb 25
3014 Feb 43s4Juse
40% Jan 3 53's Mar 2
43 Jan 2 493 Mar 18
4
344 Jan 49% Nov
/
1
4
3314 June 62 Doe
25 Mar 22 48 Jan 2
511 Aug 58 Dee
4
4712 Mar 22 5772 Jan 18
171, Dec 2212 Nov
4
1912 Jan 7 2914 Feb 6
24% Mar 26 35 Jan 3
1711 Jan 38 Dee
/
4
9214 Jan 1041 Dee
/
4
9714 Mar 16 103 Jan 3
1312 Jan 23
11
9 Mar 26
Feb
Oct 16
17 Mar 26 27 Jan 21
22
Jan 86 MAY
6314 Oct 77 Feb
59 Mar 26 79 Jan 23
/
1
4
19218 Mar 26 22214 Jan 3 1754 Feb 22524 Nov
28
43 Mar 25 6412 Feb 5
Jan
lid Nev
8212 Mar 8 9218 Jan 23
461 Jan 93 Nov
/
4
21
72 Mar 16 82 Jan 11
Jan 80 Nov
220 Mar 26 294 Feb IS
69
Feb 289 Nov
68 July 84 AMR
70 Mar 26 8072 Jan 30
/ Apr
1
4
613 Feb 11 6812 Mar 8
4
6112 Nov 84
8
2752 Feb
35 Mar 26 463 Mar 15
Mt Nov
.
83 Nov 1 96 APT
80 Mar 8 91 Jan 8
451 Deo 58% Nov
4
5214 Mar 26 65 Mar 18
130 Mar 28
1153 DIP
4
8312 Jun
105 Feb 1
2059
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
ands.
'
Jan, 1 1909 MI Kschang, method of quoting bonds was changed and prices are now -and infrrest”--exceyt for tricorne and defaulted ,
N
3,
?..' ,,
BONDS
Price
'Y STOCK EXCHANGE. ::,.. 1; Thursday,
-':, i", Mar. 28.
Week Ended Mar. 29.
A
Week's
a
Range or,..a.
bast Sale. cli ,2
Rano,
Since
Jan. 1.
i
!
Price
,
15 •eles
BONDS
Thursday. . auriae or
N. Y. STOCK EXCHANGE. c
-4' Mar. 28. I Last Sale
Week Ended Mar. 29.
•
g• ••••
.n°
Ranre
Since
Jan I
High
High No. Low
Ask Low
Bid
High
Cundinamurca (Dept) Columbia_
I
844 20
1959 MN 8312 Sale , 82
82
894
Ext1 of 6310
978,1 998111
27 109 111
..199"4. Czechealoyakia(Rep of) 80._1951 A 0 110 Sale '10912 110
998
1952 A 0 1094 11012 10912 10912 12 108 Ill
Sinking fund 8s aer B
98888 1008..
1091/ 10 1081 Ill
9988189988o Danish Cons Munich)88 A 1948 F A 10912 Sale ,109
8 10912 17 1074 1101
1946 F A 109 Sale !1085
,
Series Bet fis
27 102 1047j
104
Denmark 20-year mall 68__1942 J J 103 Sale 1102
981%1100110
58
98% 1014
1955 F A 100 Sale I99% 100
Extl g 544a
88
105 111.,
88
69
8818 90
Apr. 15 1982 A 0 8618 Bale i 8618
Extlg 4448
101411081141
974 132
964 99
980
.41030s, Deutsche Ilk Am part ctf 88_1932 M S 9612 Sale 9612
1 99
13
96
4
953
95
95848 98041 Dominican Rep Cust Ad 5440 '42 M 9 9614 97
9812
9612 9512 Mar'29 ___
95
1940 A 0 94
let ser 5418 of 1928
954.1 9818a
9012
7
94
9012 9734
2d series sink fund 54.4...J940 A 0 8812 95
100
14 100 10118
Dresden (City) external 70_1945 M N 100 Sale 100
State and City Securities.
10334 21 102 1031,
Dutch East Indies extl 60_ _ 1947 .1 J 102 Sale 102
31 10238 104
103
19621 M 5 10218 Sale 1023
884 Jan'29 ____
NY C 34% Corp st Nov 1954 MN ____ 90
8812 88%
40-year external fis
3 10034 103%
101
3
4
-year external 534,_ __ _1953 M S 1003 Sale 100 4
30
334% Corporate st May 1954 M N ___-__ 8812 Jan'29 ---881s 8812
26 10112 10312
1953 MN 10112 Sale 10112 102
1936 MN
4
993 Mar'28 _
30-year external 5448
4. registered
__ .
10 110 111
110
1948 J J 110 Sale 110
1958 M N ____
___ 99% June'28 ____
__ El Salvador (Repub) 80
0registered
: 864
8
863 8834
4
1967 J J 8812 871/ 861
1957 M N
95 Feb'29 _
99
Estonia (Rep of) 78
4% corporate stock
99
95
____-30
94
92
4
1
/
97
1957 MN --------10434 Nov'28 ___- ... 4}4% corporate steak_
- _. Finland (Republic) ext1 6s 1945 M S 94 Sale 931
99
40, 971 101
:
1950 M S 99 Sale 9712
I957 M N --------1023 Mar'29 ____ 1023 102%
4
External sink fund 70
434% corporate stock _
97
9912
94
15
1958 M S 984 Sale 954
1958 M N
974 Jan'29 _
External 0 I 6440
4% corporate dock
9712 974
92
85
8
8812
1958 F A 8714 Bale 86
1959 M N
9718 98
Jan'29 __
98
99
Exti sink fund 534s
4% corporate stock
9514
2
951e 9912
1960 M 8 ____ 10214 10018 Mar'29 ---4410 corporate stock
9934 10018 Finnish Mun Loan 648 A_1954 A 0 9514 Sale 9514
98 Mar'29 __-984
96
1954 A 0 9512 96
434s corporate stook
External 6348 aeries B
99
99
99 Feb.29 ---1964 01 8 ---- 99
8 11018 160 10934 115
1966 A 0 --------1013 Nov'28 ____ ._ .
440 corporate stock
,
_ French Republic ext 7440_1941 J D 11018 Sale 1093
4
181 10512 1004
1949 J D 10512 Sale 10512 107
1972 A 0
9814 Mar'29 _
External 78 of 1924
448 corporate stock
9814 9314
135 10514 103
8
4434e corporate stock
1971 J D ___ 107 10812 June'28 ____ ____ ... German Republic ext'l 70.-1949 A 0 1055 Sale 10534 106
1954 MN 100341011. 100% 100%
1 10018 102
196301 El 1025 Sale 10218
8
1 101% 104
(Municipality) 80
10218
4348 corporate stook
4
Gras
10414 78 103 10458
1905 J D ____ 1105, 107 June'28 ------------01 Brit & irel(UK of) 5448_1937 F A 10312 Sale 1031.s
4)4s corporate stock
9912 1184
2.4
994 100
1929 F A
914 100
440 corporate ertock_July 1987 J J 10134 ____ 10418 Fet.'29 ____ 1034 10418
-year cony 544s
10
4
833 103 c82% 8734
4
8
1960_ _1990 M N c835 8434 c823
4% fund loan E op
9714 c97
6 c98 100
4
973
1960 .... ____ ____ 994 Aug'28 ___ ____ ____
5% War Loan Z opt 1929_1947 J D c98
New York State Canal 48
29 104 1074
1087
1942 J j ____ __- 993 Dec'28 ___- _--- ---- Greater Prague (City) 7440_1952 MN 1063, Sale 105
4
48 Barge Canal
98
4
6
Mar 196201 S ..... _-__ 1034 June'28 ____
954 99
de Highway
____ ____ Greek Governments f we 70.1964 MN 9734 983 974
4 51
843
82
8
1968 F A 837 Sale 83
1
87 4
SInking fund sec 65
994 54
99 101
1952,A 0 9914 Bale 99
Foreign Geyt. &Municipals.
130
Haiti (Republic) s f
944 22
93
19464 0 934 Bale 9314
4
963
Hamburg (State) 68
10112
1
8 101 104 8
1947 F a 8412 sale 844
85
3
844 9011 Heidelberg (Germany)ext 74650 J J 10114 Sale hoi
Agrle Mtge Bank a 1 68
39
97
9512 100
Sinking fund 88 A__Apr 161948 A 0 8412 Sale 8412
3
85
8412 90
Hungarian Munk.Loan 744a 1945 J J 96 Sale I 96
11
90
8
885 94
8
_Sept 1 1946 J J 893 Sale 8634
87
8714
Akershua (Dept) extl 50..._1963 M N 8618 87
Externals f
8
894
88
4
98
95
984
Antioquia(Dept. col 70 A...1945 J
70__9314 14
9114 98% Hungarian Land M Inat 740 '61 MN 95 Sale 95
9218 Bale 914
:
991 10118
1945 J J 9114 Bale 91
External•f 76 ger B
4 16
923
91
947e Hungary (Kingd of) of 7)40_1944 F A 10014 Bale 9912 10012 27
4 17
953
95% 9714
External if 7s melee C - _1945 .1 J 9118 93 924
921
1
8
9112 957 Irish Free State extis of 158 1980 MN1 9512 957 9512
4
953 261
9414 973
4
1945 J J 9112 Bale 91
9212 15
External s I 70 ser D
91
9512 Italy (Kingdom of) ext'l 7s...1951 J 0 95 Bale 95
4
953
964
2 I 94
1957 A 0 ____ 90
External 0 I 78 let 0er _
90 Mar'29
90
Italian Creel Consortium 7s A1937 M S 95 Sale 94
95
944 54
.
931 95
1947 M 5 944 Sale 94
Ext1 sees f 7s Ts 24 Ber -1957 A 0 90 Sale 90
f 70 see' B
90
4
Ertl sec 0
894 94
:
92
1957 A 0 ____ 90
.
Ertl see a f 7.4 3d 8/31
89
Italian Public Utility ext 70.1952 J J 901 Sale 9018
884
7
8813 93
44I 904 9613
9214 23
94
90
1931 J J 9112 Sale 90
6s1900 A 0 9918 Salo 9814
991
Argentine Govt Pub Wk,
37
9814 100 s Japanese Govt £ loan 48
7
4 101
201 I 994 10214
1954 F A 1007 Bale 1003
Argentine Nation (Govt oil-year s f 8440
313
98 10012
: 4
991
99
Sink fund Ss of June 1926-1959 Ji D 9812 Sale 98
63
98 10118 Leipzig (Germany) s f 70_1947 F A-, 991 98
9218
9218
1
9218 9014
1959 A 0 984 Sale 9818
991
Ertl if 68 of Oct 1925
35
9818 1003, Lower Austria (Prov) 740_1950 5 D -91- 95
997 100
984 101
1957 M S 9934 Bale 9812
9911 73
Sink fund Os eeriee A
Lyons (City of) 15-year 68_1934 M N 9834 Sale 9814
9812 101
994 40
981: 101
32
991
External es series B-Dee 1958 J D 99 Sale 984
9812 100% Marselles (City of) 15-yr 68_1934 MN 9812 Sale 9813
8414 11
834 89 4
81
Ext1 of 68 of May 1928 -1960 M N 99 Sale 9812
991
69
9812 1008 Medellin (Colombia) 840..1954 J 13 8312 Sale 8312
2111
1
2112
214 25
2014 22
External s t 80(State Ity)..1960 M S 9814 Sale 98
99 100
99'z 162
34 Mexican Irrigat ANA=440_1943 ....
__
EU'6s Sanitary Works.,_l961 F A 99 Sale 9812
99
56
9812 1007 Mexico(US)extl Soot 1899£'45 Q J --------4934 Jan'28 _ ____..
8
2814 Mar'29 ____
2814 35
(May '27).1961 MN 9834 Sale 98
30
28
1945 _
Ext60 pub wk.!
991
32
3
98 100
Assenting 58 of 1899
34 Mar'29 __-4
311 34
964 81
Public Works ext1 54148._1982 F A 9512 Sale 9514
94% 974
Assenting 53 large
1945 M S 8918 9114 90
1
19
19
184 2244
1812 21
Argentine Treasury be Z
90
1
90
9214
Assenting 48 of 1904
1
8
177 234
8
194
Australia 30-yr 5e_ _July 15 1965 J 1 9312 Bale 93
____ ..._ _ .... 1912
98
91
Assenting 48 of 1910 large
9234 97
18
21
16
9412 47
External fe of 1927-Sept 1957151 S 9312 Sale 923
2218
1812 Sale 1612
_ __
4
923 981
: Assenting 40 of 1910 small
1956 M N 87 Sale 864
8714 151
Ertl g 440 01 1928
.
37
29 Mar'29 ---844 1384
Treaa as ot'13 assent(large)'333 J 27
29
3715
1943 .1 D 10213 Sale 10214
30 Mar'29 _--8
35 0
30
103
Austrian (Govt) el f 70
35 10114 10312
Small
0 91
883
874 90 0
1
Milan (City. Italy) ext'l 6443'52 A 0 871s Sale 874
Bavaria (Free State) 8348_1945 F A 9414 Sale 9312
944 37
9312 9612 Minas Geraes (State) Brazil
18
93
9212 954
Belgium 25-yr ext a f 748 2.1945,5 D 114 Sale 1121: 1143
88 1121 11554
1958 M 5 924 Sale 9212
:
Ext1 a f 8448
1941 F A 109 Sale 108
16 101 10334
102
109
20-yr 51 88
47 108 110
1952iJ D 101 Sale 101
Montevideo (City of) 78
1949 M S 1025 Sale 10218 10312 46 10218 107
8
-year external 634s
25
I
1955 J J 9814 Sale 98
10312 13 103 108
99
External a f 65
133
4
99 1007 Netherlands ilis (flat prizes) _1972 M 8 1023 10312 1034
099 10018
1955 J D 107 Sale 107
18
-year 8 t 70
External 30
108
141 107 109
1954 A 0 100 Sale 99% 100
30-year external 88
1956 NI N 105 Sale 10412 105
40
93
9012 96
Stabilization loan Te
5
115 10412 10811 New So Wales (State) ext 561957 F A 92 Sale 92
1945 M N 111 1111 11
924 48
(Norway) at 86
4
92
9012 94 4
111
Bergen
6 109% 11212
Apr 1958 A 0 924 Sale
External 5 I 58
1949 A 0 9912 10012 100 Mar'29 ____
-year sinking fund 8s
15
4
8
9912 101
-year extl 80____1943 F A 1007 Sale 10018 10114 49 1004 1081
Norway 20
1950 A 0 97 Bale 91354
10134 67 100 1034
97
42
95
1044 F A 10014 1007 100
Berlin (Germany)if 840
s
99
-year external (is
213
D 8912 Sale 89
43 100 103 8
101
92
External sink fund 6s._ 1958J_
7
8
42
89
l952IA 0 1007 Bale 100
92
30-year external 80
100
: 102% 25 1011: 104
78
Bogota (City) ext1 s f88_ _1945 A 0 10112 Sale 1011
983* 101%
1965 .1 D 994 Sale 9914
0
-year is I 54
40
9514 64
Bolivia (Republic of) esti 30_11447 M N 10018 Sale 10014 10144 97 100 a 104
934 97 1
3
External s f 5,s____Mar 161963 M fi 9414 Sale 934
1958 J J 903 Sale 90
4
10
90
91
8
895
89
12
External see 75
95
8711 95
Municipal Bank exile f 56_1967 J D 8912 92
1969 ii i•-, 8818 Sale 87
8812 49
Externals 178
8
877 Mar'29 ___87 8 Ms
7
87
92
1952 F A --- 85
Nuremberg (City) exti 6s
s 35
100
4 1007
5
4
993 102 8
85
Bordeaux (City of) 15-yr 60-1934 M N 99 Sale 984
8
984 101
Oslo (City) 30-year 0 f 6.4
1955 31 N 1967 Bale 993
10812 88 105% 109
98 1014
Brazil(U Sot)external 80._1941 J D 108 Sale 108
1946 F A ____ 984 9914 Mar'29 __-Sinking fund 53is
93
1 100 10212
100
103
External 0 I 648 of 1920 1957 A 0 924 Bale 91
01
981: Panama (Rep) extl 5340
1953 1 ID 9812 1003 100
1957 A 0 92 Sale 92
93
1981 8 D _
____ 1014 Jan'29 ___- 1014 10111
84
Ertl of 0%0 of 1927
92
965
8
Ext1 see of 8440
98
25
38
93
9212 944
7.(Central Hallway) --1952 J D 96 Bale 96
96 102
irs
11: Sale 924
Ertl 5 f fa 8er A. May 15 1063 01h
1071
93% 14
4 105 10734 Pernambuco (State of) ext 7.'47'M 8 9318 Sale 91
91
95
7340(coffee secur) L (fiat)1952 A 0 10512 ___ 10614
8 101
46
Bremen (State of) aril 70-1935 M S 100 Sale 995
994 1024 Peru (Republic of)
1957 m S 91 Sale 9114
8 18
911
Brisbane (City) a I fa
904 93
Ertl 0 f sec 7340 (of 1928).1956 M S -___ ____ 10714 Jan'29 ____ 107 1074
1958 F A 90 Sale 90
9114
8
Slaking fund geld 50
100 103
90
10112 3
917
1959 M 5 10112 Bale 100
Ertl of sec 78
801
61
Budapest (City) exit 8 I 6.4 _1062 .1 D 8012 Sale 80
8 8
883
79
85
1960 J 0 8512 Sale 854
904
83
12
Nat Loan esti 0 f 60
1955 J J 10012 Sale 100
904
85
1001
4
35 100 102%
87
Buena@ Aires(City)0348
8 f g 88
1961 A 0 8618 Sale 86
1980 A 0
4
__ 983
98
80
1
81
Ertl. f 68 ser 0-2
8814
3
9834 100
Poland (Rep of) gold 88_1940 A 0 80 Bale 80
1960 A 0 983 983 974 Mar'29 ---.
4
4
9634- Ertl, f 84 ser C-3
8514 12
83
9612 10018
SS%
Stabilization loan s f 70_ 1947 A 0 8414 Bale 834
921
938
Buenos Aires (Prov) extl 80_1961 M S 9212 Bale 92
80
974 6
99
98
92
1950 J 5 984 Sale 96
Ertl sink fund g 80
8834 8834 Mar'29 .......
Bulgaria(Kingdom),f 7.4-1967 J J _ _
105
:
8
85
90
105 1061
Porto Alegre (City of) 8s.__1061 J D __ 1047 105
StabTnil, a f 7345_Nov. 1568 --- 87T4 Sale 8618
88
88
101
100 1034
8618 974
100 101 1100
Ext1 guar sink fd 748_ _ l988 J
4 109
1084 113
-78 1941 A 0 109 Sale !1083
Queensland (State)extl a f
0713 23
8
8
Caldas Dept of(Colombia)7420'46 1 J ,4 957 Bale 987
10311 1
967 101
8
102 104 s
1947 F A 102 Sale '102
25
7
-year external Oa
4 1011
34
Canada (Dominion of) 50...1931 A 0 99% Sale 993
1054 1
10514 106
9912 1015, Rio Grande do Sul esti a f 80_1948 A 0 10514 Sale '1054
1929 F A 9914 Sale 99%
993 117
-year 5348
10
92
88
9918 1003*
2
87
1968 J D 8612 Sale 88
Exti s f 83 temp
1952 M N 1023 Sale 1023
4 104
4
22 1023 1053
58
991a
95
4
971* 3
1968 M N 97 Sale 95
Ertl,f 78 of 1926
4
1936 F A 97 Sale 97
973
4134s
18
97
2
108
105 10611
9934 Rio de Janeiro 25-yr s f 80.. _ 1946 A 0 105 Bale 105
1954 J J 106 1064 1043 Mar'2
4
Carlsbad (City)•f 88
1013 10712
1953 F A 92 Sale 92
4
92
904
Ertl s I 8440
4
9 'z 10
981
7348'53 A 0 9518 lit) 971:
11
Cauca Val (Dept) Colom
91%
88
4
9712 102
8
90
1952 A 0 883 Sale 88
Rome (City) extl 8448
Central Agri.) Bank (Germany)
1
Rotterdam (City) extl 68_1984 M N 1044 Sale 10312 1041
10311 10412
97
10
Farm Loan 8 I Ts Sept 15 1950 M S 964 Bale 984
1953 J J 87
89
91
88
904
914
9512 99
Saarbruecken (City) 80
86
51
Farm Loan *1 6s_July 15 19605 .1 85 Sale 84
11414 2
883* Sao Paulo(City) ii f 86._Mar 1952 M N 114 Bale 113
113 115
83
857 121
Farm Loan a f 80-Oct 15 1960 A 0 84% Sale 84
83
88
96
Ex21 8(6 so of 1927
1957 MN 9412 Sale 93
1
93
s
987
90
1051
138
Farm loan 08 ser A_Apr 15'38 A 0 884 Sale 8814
861s 903 San Paulo (State) extl 51 68,1936 1 J 10514 Sale 10514
105 1011
4
1950 5 j 105 1057 105
Chile (Republis of)1057
External sec a f 80
106 10718
4
8 33 100 103
1015
-year external If 78---1942 M N 1003 Sale 1001
20
100's 2
100 102
External 0 f 7a Water L'n_1958 M S 100 Sale 100
4
Exu 8 t 8 g on /cm
91% 94
8
93
External sinking fund 0s 1960 A 0 913 Bale 914
115
1968 J J 8914 Sale 884
4 1
893
1
8712 934
1961 F A 913 Sale 9112
4
94
911 944 Santa Fe (Prov Arg Rep) 78 1942 M S 9814 Sale 96
110
External 5 f (Is
98
90
4
971
1981 J J 915 Sale 915
8
8
03
ref ext-1 I f 6,
88
Ry
97
1
9812 100%
9134 94
Saxon State ?Yftg lost 70_1945 J D 9797% 97
1961 M S 913 Sale 9112
93
90
Eztl sinking fund 60
Dec 1946 J D 92 . 944 92
92
914 94
95
S f g 6440
92'x 1
ne
/7
971
Chile Mtge lit 6 sis June 30 1957 J ID 9712 Sale 953
4 5
10312 1084
.012 99'4 Seine. Dept of(France)ext1714 '42 1 J 10312 Sale 10312 1041
••
984 19
S I 6418 of 1926-June 30 1961 5 D 97 Sale 97
92
97 1007 Serbs. Croats dc (novenae 118 432 M N 90 Sale 80
4
89
8
99
Apr 30 1981 A 0 893 Sale 8912
4
9112 87
1962 M N 781s Bale 77
Guar 0 f 1144
89
784 8
1
811
94
77
Exasee 75 see' B
37
38
Chinese(Hukuang Ry)54_ _1951 1 D 3818 39
13
8
35
1
817
4414 Silesian Landowners Assn 80_1947 F A 817 Bale 794
7918 8418
k
7
8
99
3 493
Christiania (Oslo) 30-yr 8 les '54 M S 994 Bale 997
1938 NI N 98
12
,
3
99
983, 98
98
99 10112 Solasons (City of) esti 8s
1948 F A 93 Bale 921
: 9334 10
4
903 933
Styria (Prov) extl 7s
0
93
13
99 4 9734 Sweden 20
19395 D 102 103 102
3
-year 80
103
Cologne(CitY)Germany 03481950 IA 8 93 Sale 92%
3
4
1015 1044
1901 J J 8718 Salo 86
8712 38
1954 MN 102 Bale 10118
Colombia (Republic) es
8412 91
1021s 2
External loan 544s
10114 105
External of 6s of 11/28____1901 A 0 87 Sale 86
4
109
a
10818 11034
8414 91
8718 70
Swiss Confed'n 20-yr,I 8s 1940 J J 1081s Sale 1081s
8
3
03 8
3
83
Colombia Mtg Bank of 640_1947 A 0 _. __ 817 83
4 10334 3
7
10058 103 s
8812 Switzerland Govt ext 540_1946 A 0 10211 Sale 1013
89
3
(linking fund 78 of 1926___1946 M N 88 Sale 89
75
77
68
1
78
16
4
78 4
934 Tokyo City 50 loan of 1912 1952 M S 75
911
14
1961 A 0 87% Sale 8618
8812 954
Ext1 a f 5440 guar
Sinking fund Ts of 1927 1947 F A 911: Sale 891
384 13
24
904
1952 J I.) 9412 Sale 94
9412
8
1147 M N 90 Sale 90
94
Copenhagen (City)is
92
97
90
90
Tolima(Dept of) esti 70
11
8712 13
19639 N 8812 Sale 364
93
26
8812 $918 Troodidem (City) 1st 5340_195711A N ____ 94
93
93
-Ira 4341
964
9412
4
973 98
7
Cordoba (City) toll 0 f 71_1957 9' A 9414 Bale 9414
97%
97%
9014 Ws
Upper Austria (Proy) 71._ 1945
944 98
94
11
94
3714 1
External s f 78 Ns.v 15 1937 MN 937 954 94
4
967
Externals!634s_June 1519575 D 874 Sale 8714
Ws 57 4
4
99
9
781943 J .1 97 Sale 954
Cordoba (Prey) Argsstiaa
9518 1004 Uruguay (Republish extliki_1946 F A 1084 1081: 10814
10i 10914
10814
921
196001 N 9954 Sale 984
8
921 96 4
4
970 99 4
: 4
9084 19
External 8 f 65
C0444 Illea (Itspds)ext1 70_1951 MN 924 8414 9213
5 1004 1014 1004 10018
1 1004 10212 Venetian Pro, Mt( Bank 75_1952 A 0 92 Sale 9112
92
94
90
1
Cuba (fteput) as of 1904_1944
101
• 1949• A 101.__ 101
5 101 10234 Visas/(City ef) sill of 61-11152 MN 8512 Sale 8512
11614 6
We Ms
11x0ernal 5(01 1914 ger
9411 Mar'29 ____
80
I
314
&Pa
External loan 434s mar C 19411 V A 9514 97
9412 9134 Warsaw (City) external 70_196.9 F A 8114 Bide 01
Oil8 2
ril
41 111114 tA4
WA
0044/441440 9441 Jan 15 1953 1 J 10112 Bale 1014 103
Vakelosmik (Clt,, w41 Is .1Q01 1 J 1) 92 RA11 92
Ask Low
Bid
U. S. Government.
High No.
First Liberty Loan
0
.4 99 ,4 397
J D 97144 Bale 978
3!;% of 1932-1947
.
J D ____ ___ 998%4Jan 29 ____
Cony 4% of 1932-47
J D 9818,1 Sale 938,4 982832 309
Cony 441% of 1932-47
.1 D ____ ____ 9924
24 cony 441 % of 1932-47
.1Mar'29 --Fourth Liberty LoanA 0 9885.1 Sale 980o 9818,, 866
444% of 1933-1938
1947-1952 A 0 1068.8 Sale 10518o 1068 239
.4
freasury 43-(s
1944-1954 J D 1021512 Sale 10112.,10218., 152
Treasury 40
.8 998.2 47
1946-1956 M El 9988o Sale 9818
Treasury 3410
1943-1947 J D 9904, Sale 951, 968.1
9
Treasury 3418
, 961.1 961832 35
9610
Treasury 3140 June 15 1940-1943 1 D 98
40a Its Migin of 55 *01k.I Osallag
Oash gals.
Low
2060
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 29.
1,
4
New York Bond Record—Contnidea—Page 2
Price
Thursday,
Mar, 28.
Bid
Railroad
Ma Gt Sou lat cons A 5a____1943 JO
1st cons 4s ser B
1943 JO
Mb & 91113(1 1st guar 31.4a._._ 19 6 AO
4
Alleg & West 1st g gu 4s
1998 AO
Alleg Val gen guar g 49
1942 MS
Ann Arbor 1st g 48 _ __July 1995
J
Atoll Top & 8 Fe--Gen g 49_1995 AO
Registered
AO
Adjustment gold 49Ju1y 1995 Nov
Registered
Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 4s of 1909
1955 3D
Cony 45 of 1905
1955 3D
Cony g 4s Issue of 1910_ 1960 3D
Cony deb 43.54
1948
Rocky Mtn Div 1st 49_1965 .1
Trans-Con Short L 181 49_1958 33
Cal-Ariz lerS dc ref 43.9 A_1962 MS
All Knoxv de Nor let g 5s
1946 JO
Atl& Chad AL 1st 4%s A1944
J
lst 30
1944
.3
-year 55 series B
Atlantic City 1st come 48__ _1951 J J
AU Coast Line 1st cons 4!July'52 MS
Registered
M
1964 3D
General unified 414e
L & N coil gold 4s_ ___Oct 1952 MN
All & Day 1st g 4s
1948
J
1948 3,
2d 49
& Yad let guar 4a
1949 AO
Austin & N W 1st gu g 5s_ _1941 I,
Balt & Ohio 15t g 4s____July 1948 AO
July 1948 Q3
Registered
1933 MS
20
-year cony 4199
Registered
MS
Refund & gen 5a serial A1995 JO
Registered
1st gold 55
July 1948 A 0
Ref & gen 6s series C
1995J D
PLEA W Va Sys ref 48..1941M N
1950 J J
Southw Div 1st be
Tol&ClnDiv 1st ref 4a A_1959 J
2000 M S
Ref & gen 59 series D
Bangor & Aroostook let 58_ _1943 3 .1
1951 J
Con ref 48
BatUe Crk & Stur let gu 3s 1989 J D
Beech Creek 1st 1111 g 49- -1936 J J
Registered
J
2d guar g 5e
1936J
Beech Crk Ext
3498- -1951 A 0
Belvidere Del cons gu 33,46_1943 3 J
Big Sandy let 48 guar
1944 J D
1927 3 J
Ry 1st 5s
Boston & Maine let 55 A C_ _1967 M S
Boston N Y Air Line 161 48 1955 F A
Bruns & West 1st gu g 48-1938
Buff Roch & Pitts gen g 59_1937 MS
Como!4345
1957 M N
Burl C R & Nor lat & coil 5s 1934 A 0
Week's
Range or
Last Sale
.4sk Low
Range
Since
Jan. 1.
t
Price
Thursday,
Mar, 28.
Week's
Range or
Lau Sale.
°
11801 No. Low
10112 104
94
93
8018 90
8414
4
903 92
97
Sale
10114 fiz4e
103 10414
109 Sale
92
91
10012 Sale
8114 Sale
100 Sale
____ 100
8314 85
5612
9512
0312
9112 23
4
903
8912 Feb'29
963
4
9712 187
98 June'28
101
1013 106
8
993 Dec'28
4
17
104
103
10812 10912 92
91
91% 26
10118 49
10018
81
813
4 12
25
101
100
1
100
100
5
85
85
6812 Feb'28
9412 Mar'29
95 Aug'28
97 June'28
82 Aug'29
9118 NIEZr-. 5
-OF
76
93
_
9114
100
gife
79
943
4
101%
Sale
1013
4
0113
- - -7e
62
76
76
93
93
10012 Dec'28
9114
91
100%
100
96
1
1
9
21
Charleston & Sayn'h 1st 79..1936 J J 11114 Sale 11114 11114
1
1939 MN 101% Sale 101% 10214 23
Chet+& Ohio 1st con g 5s.
1939 MN
Registered
10214 Dec'28
1992 MS .
General gold 4349
9512 Sale 94%
9512 16
MS
Registered
9214 Mar'29
1930 FA 9g4 Sale 9812
20-year cony 4199
98% 74
AO 9014 Sale 9018
1993
Ref & impt 4328
91 8 187
,
FA
Registered
921 Mar'29
/
4
Craig Valley 1st 5a_May 1 '40 J
100 Mar'29
J 8812 89 8812
Potts Creek Branch 1st 49_1946
1
8812
R & A Div 1st con g 4s____1989 J J 86 Sale 86
2
86
1989 J J
2d consol gold 4s
897 86 Mar'29
8
Warm Springs V let g 5a 1941 MS 199E4 ___ 100
100
Champ Corp cony 55 May 15 1947 MN 98% gale 98
99
166
Chic & Alton RR ref g 3a_ _1949 A
6714 6812
Ctf dep stpd Oct 1928 lot_____
69 68 Mar'29
67
Railwayfirst lien 334s_ __ _1950
67 Sale 67
68
48
Certificates of deposit ______
6712 Sale 6712
6712 19
Chic Burl& Q—III Div 3%8_1949 JJ 83
84% 83
84%
3
Registered
J J
8512 Dec'28
19493, 0112 02
Illinois Division 4!
9112
9112
1
1958 MS 9038 9112 90 8
4s
General
9112
,
7
MS
Registered
9134 Sept'28
1977 FA -iiEs 05
1st& ref 4 %fi ser B
95
9512 26
1971 FA 102 Sale 10112 10218 59
1st & ref 55 series A
1934 AO _103 8 106 Feb'29
Chicago & East III lot 58.
7
(new co) con 59_1951 MN giE4 sale 80 4
C & E III Ry
83
,
76
1982
N 102 104 101
Chic & Erie 1st gold 58
101
1
Chicago Great West let 4s 1959 MS 6714 Sale 661
/
4
6712 83
_ 109
Chic lad & LouLsv—Ref 89-J947 J3 10633
109
1
1947 J J 98 10412 10114 Feb'29
Refunding gold 58
_- 1947 J3
Refunding 4s Series C..
_ 02 Jan'29
1966 MN 82--- 95%
9512 9612
1st & gen 5sser A
1
95%
1st & gen fis ser B___May 1966 J J 103 Sale 103
103
4
1956 J J
-year 48
92
Chic Ind & Sou 50
943 Feb'29
8
Chic L S & East 1st 439e___ _1969 3D
94 Mar'29
Ch /1.1 & St Peen g 49 A_Nlay 1989 33 84 Sale 81
847
8 30
@ J
Registered
8238 Dec'28
7112 Sale 7112
Gen g 3%e ser II___-MaY 1989 J
72
Range
Since
Jan.1.
High Chic Milw & St P (Concluded)—
Bid
Ask Low
High No. Low
Higis
Gen 4349 series C_blay 19893 J 9214 0518 9218
93
77
921s 95I
Registered
_ 100 May'28
Gen 434e series EMay 1989 J J 925$ Sale 92
9i7
9214 82
Debentures 4s
1925 J D
81% Feb'28
Chic Milw St P & Pac Es_
1975 F A 91 Sale 904
/
1
918 259
94
Cony adj 5s
Jan 1 2000 A 0 7712 Sale 76
7814 664
76
80
Chic & N'west gen g 3448___1987 M N 773 Sale 773
4
4
3
771
76
8011
Registered
Q F
7712 Oct'28
General 4s
1987 M N 86
874 87
87
10
87 In;
Registeree
Q F
94 Apr'28
_
Stud 45 non-v 2 ea in tax '87 MN 86____ 9718
,
8718 ..
16
;
1
Cleo 414s stpd Fed Inc tax, 1987 MN 96 107 10612 Oct'28
Gen Es stpd Fed Inc tax _ _1987 Si N 10412 106 105
105
5 105 10938
Registered
Si N
113 May'28
Sinking fund 69
1879-1929 A 0 ion
____ 10014 Mar'29
-on - fcriiii
Registered
A 0
10014 Ocit'28
Sinking fund 58
1879-1929 A 0
993 987
8
8
1
9833
oS'io lobY,
Registered
A 0
99 Mar'29 _ _
99 99
Sinking fund deb 5s
1933 M N
10014 Mar'29 _ _ _ _ 100 101%
Registered
MN
_ 10034 Jan'29 _ _ _ _ 100 4 100
,
%
10-year secured g 75
1930 J D ionia 101 1001 101
/
4
28 1004 103
/
1
15
-year secured g 6498_. _1936 M S 107 10712 10712 10712 10 10712 11114
let ref g 5s
May 2037 J D 102 10514 10112 Mar'29
,
0112 02 2
_ 10112 106 8
3
1st & ref 4498
May 2037 J D
94
96
23
94
97 4
,
Chic R. I & P Railway gen 4a 19883 J 8518 8812 8512
4
8512
8512 89
Registered
J J
8814 Dec'28
Refunding gold 4a
1934 A 0 93 Sale 93
93 7 104
93
Vi"
Registered
A 0 _
4
923 Jan'29
92 4 92%
,
Secured 4%a series A
1962 M S 8912 Sale 86
143
90
86
9518
Ch St L & N 0 Mem Div 40_1951 J D 844 88
843
4
10
8438
84% 88
Gold 66
June 15 1951 J D 10318 ____ 10312 Feb'29 _ _ _ 10312 105
Registered
J D
107 Apr'28
Gold 334s
June 15 1951 J D 834 ____ 8412 Jan'27
93
90
Registered
J D
7 a
80 Mar'29
_ _ -797
89% 9114 Ch SRe .4 „ereci cons g 5s__1932 A 0 99 101
tl.. 0,P lat
6
9912 10014
5
9912 101
96% 99
A 0
_ 1013 June'28
8
_ Chic St P M &0cona 6a_1930 J D -59E8 10014 9933
3
- 10018
Es fo-f"
-63384 1021
- /
4
Cons63 reduced to 344s_ __1930 „I D 965$
Jan'
WS 97
Debenture 68
1930 M S 9712 - - -- 9818 Mar29
98
96
2
9753 101
10218 10412
S
Stamped
M S 9713 991e 9814 Mar'29
9818 9918
107% 110
Chic T II & So East lfit 5a_ _.1960 J D 9118 93
91
91 12 13
91 1001x
91
94
Inc gu 5s
Dec 1 1960 NI S 85
8612 85
7
8559
85
9212
993 10312 Chic Un Stan 1st gu 439e A_1963 J 1 9714 98
8
3
977
14
97
97 10014
8018 8514
1st Es eierles B
1963 J J
10212 1025$
4 102 10412
100 192
Guaranteed g res
1944 J D 19184 Sale 1013
2 100 10212
102
100 105
let guar 6%3 series C
1963 J J 114 Sale 114
115
25 112 116%
8315 8614 Chic & West Ind gen 63 Dee 1932 J IV
10114 Feb'29
10114 10114
Congo'50
-year 4a
1952 J J 8514 Sale 8412
8514
5
8412 8914
-944 - 94
4
lat ref 6%a series A
1962 M S 10112 Sale 101
102
25 101 105
-- -- Choc Okla & Gulf cons 5s_ _ 1057 M N 100
932
101 Feb'29
100% 1011s
Cin II & D 2d gold 4 tie
J J 92 95
9412 Mar'29 _ _ _
9412 94%
80
80
C I St L & C 1st g 43_ Aug 2 1936 Q F 93
9614 0412 Feb'29 ____
9412 9614
Registered
Aug 2 1936 Q F - -Oct'28 _
---- 97
_
;
-89- 91-3 Cin Leb & Nor let con au 45 1942 M N
81 Mar'29
Si
88
-914 10
.- Clearfield M Male 1st gu 58-1943 3 3 9812 -- - 100 July'28
76
8112 Cleve Cin Ch & St L gen 4a1993 J D 8812 Sale 88
8812 11
91
88
93
0512
20
-year deb 4%s
1931 .1 J 98
1
983 973
973
4
4
4
97% 991a
General 5.3 series II
1993 J D 1031
Jan'29
112
112 112
927
-594 - 8
Ref & impt 68 aeries A _ _ _1929 J J 993 100
22
4
2100
993
4
99 4 1017
,
8
100 102
Ref & inapt 6s ser C
19413 J 10278 _ _ _ _ 10278 1027
1 102% 105
8
Ref & limit 58 ser D
1963 J 1 101 Sale 101
6
101
99 103%
103% 1063
4
Cairo Div 1st gold 48 _ _ _1939 J J _94 9312 Feb'29
12
9312 93%
4
9312 963
Cin W & M Div lat g 49_1991 J J go
2
84
81
81
81
92
98% 9934
St L Div lat coll tr g g 4s_ -1990 SIN _
9113 87% Mar'29
135% 8811
9312 96
Spr & Col Div lat g 41._1940 M S 914 95
9218
9218
9218 9219
113
10818
W WVal Div ling 4s
1940J J
Oct'28
90
114 11612
Ref & inept 43-5s ser E
1977 J J _
9512 96 Feb'29
-9514 08
967 99
3
CCC&Igenconsg6s
19343 J 5oTs 10512 103 Mar'29
103 10418
8318 86
Clev Lor & W con 1st g 5s__ _1933 A 0 9812 101
7
99
99
99 10118
96
99
Cleve & Mahon Val g 59__ _1938 J J
Oct'28
-- 100
CI & Mar let gu g 4 %11- - - -1935 MN 9618- 9514
9618 9712 3.3614
12 "in- 16
;
1
80
SO's Cleve & P gen gu 4%s ser 8_1942 A 0 97 101 1008 Mar'28
100 10113
Series A 43.4e
1942 J J 97 100
98% Feb'29
983 ;isi;
107 109
Series C 340_ _
1948 M N
Oct'28
91
873 87 4
4
,
Series D 334s
1950 F A
893 Jan'29
4
89i 89i
8412 85
Cleve Sher Line let gu 4496_1961 A 0 9512 0714 96 Mar'29
96
99%
Cleve Union Term lst 5%3-.1972 A 0 106 10712 1057s
9 10512 109
106%
100 103
Registered
A0
_
Oct'28
107
mu 100
1st s f 5.9 ser B
1973 A 0 1134% gale 10112 1043
4 13 I011 lOS's
993 10018
4
lets f guar 4%sser C
1977 A 0 96% 9812 98 Mar'29
99 101
102 10512
19012 10112 Coal River Ry 1st gu 48
1945 J D
85
90%
9059 Mar'29
87 87
Colorado de South let g 4s_ 1929 F A
99% Jan'29
9913 997
k
101 101
Refunding & exten 4438
1935 MN 9612 Sale 9514
963
4 57
9612 9711
Col & II V Ist ext g 4a
A 0 88% _
1948
_8912 Mar'29
8912 91
Col ,t, Tol 1st ext 4s
1955 F A 91
_ 9112 Mar'29
9112 9118
803 84
8
Conn & Possum Illy let 43_1943 A 0 88 - 9
6 90 Mar'29
90
90
9714 9914 Consol Ry deb 45
1930 F A 943
4- 9412 Mar'29
0412 9412
95
9914
Non-cony 4s
1964 J J
73 Mar'29
71
75
1075$ 11118
Non-cony deb 4s___ _J&J 19553 J
2
717
8
70
69
72
107 109%
Non-cony deb 4a_ __ _A&O 1955 A 0
76 Nov'28
89
89
Non-cony debenture 45.....1956
_ _ _ _ - - -3- 73 Jan'29
83 4
75
73
9018 9o2 Cuba Nor Ry 1st 534e
1942 J I) 8112 83
8314 30
8112
8112 93
14
Cuba RR 1st 50-year Es g_ _1952 J J 8012 90
89
7
90
98
89
"on
09
1st ref 71913 series A
1936 J D 10112 Sale 10112 10112
3 100 8 100
3
90% 913
4
let lien & ref lls ser B ...1936 J D 923 96
4
9012 Mar'29
93
13 98
9918 103
Day & Mich 1st cons 43-49_1931 33 97 - -- 0714
12
9714
9714 971
4
11114 113t8 Del & Hudson 1st & ref 4a_ _1943 MN 89% Sale 8914
26
91
9412.
89
101% 10412
30
-year cony Is
4
1936 AO 10018 Sale 10018 10018
97 10412
15-year 5339
1937 MN 10212 Sale 101
10212 11 100 105
94% 10014
10-year secured 75
1930 3D 101 Sale 101
1013
4 13 10014 10314
9214 9518 D RR & Ridge let gu g 4a_ I936 1 A
0
9614 Aug'28
9812 99% Den&RG let cons g 49_ .._ _1936 3, 88 Sale 88
12
887
s
Vis;
88
9018 05
Consol gold 43-43
21
1936 J J 89
9214 91 4
91
9412
,
93
924 9218 Den & RI)West gen 69_Aug 1955 MN 93% Sale 9214
/
1
9512 140
9214 98
99% 10012
Ref & impt 58 ser II Apr 1978 MN 87% Sale 87
87% 12
93 4
,
87
8812 8812 Des Si&FID lat gu 4a
1935 J J 30
33
33 Mar'29
48
33
86 4
,
88
Temporary ctfa of deposit
2712 32
28 Mar'29
28
38
7
Des Plaines Vol let gen 4%9_1947 MS 92% 99 925 Feb'29
82 8 86
8
92% 92%
100 100
Det & Slac lot lien g 49
1996 3D 75
79
76 Feb'29
76
7614
98 10012
Gold 4s
1995 3D 70
7912 75 Feb'29
76
75
68
704 Detroit River Tunnel 444s 1961 MN 9714 981s 9714 Mar'29
971• 1004
/
1
69
Dul blissabe de Nor gen 59_ _1941 33 1023 _
68
103 Mar'29
8
103 10314
71
67
Dul & Iron Range let 5s
1937 AO 1013 ---- 10114 Mar 20
e
10014 10114
6712 71
Registered
10012May 28
AO
86
Dul Sou Shore& Atl g as_1937 J
83
76
1
76
76
7
- 181 2
East Ity man Nor Div let 4s '48 AU 88
94
9312 Feb 29
9312 94
94
East T Va & Oa Div g 5s_ __1930 J J 98
-664
98% 9912 Mar 29
99
9911
9014 9312
Cons let gold Es
s
5 1041 105%
1956 MN 1043 10512 104% 1043
8
/
4
Elgin Joliet dc East 1st g 58_1941 MN 102 10514 101 Mar 29
100 105
-(55
99's El Paso & W lat 5s
10012
1965 AO 9712 102 100
100 1051a
10118 106
105 106
Erie let consol gold 7. ext_1030 111 S 10012 Sale 100
10114 17 100 104
803 851s
1st cons g 4s prior
4
84% 18
1096 J J 8312 Sale 8312
8312 85
.
7
993 106
8
Registered
Jan'28
86
66% 69%
let consol gen lien g 4s
7712 36
19 9 .1 .7 "inTa Sale 7612
996 .1
63
7So 8O1
10314 113
Registered
73% Mar'29
%
1996 .1 J
_
TA 73%
100 10312
Penn coil trust gold 4s_...1951 F A ini gale 101
10118 32 1005 10114.
,
92
92
50
-year cosy 48 series A_._1953 A 0 7812 80
7812
7812
4
7812 8418
95 10314
Series B
80
80
2
1953 A 0 78% 8114
7912 84Is
103 10818
Gen cony 4a series D
8412 Dec'28
3
1 067 m N ____ 82
195 A O
8
87% 943
Ref & !mot 5s
4
9312 110
92% Sale 923
91's 961
94
04
Erie &Jersey 1st s f8e
1955 J J 10712 109 10712 10712 10 10613 11012
81
863
4
10612
g ver3et6 f 59 _57 .1 .1 99 108 10611
tiu g lm saer B 1040
1 10612 11112
9
3
102 Feb'28
EraleeSeneeseePittsi
8818 - 7112 75
Series C 334s
19403 J 881s - - 8818 Jan'29
01
-ggis
Est RR eel'a f 7s
102
65 10114 105
1954 M N 101% Sale 10112
102% 10312
10312 Mar'29
94
5
93
93
93
8612
85
8612 Mar'29
9212
9213 Mar'29
90
92% 05
95 Mar'29
7412 72
65
72
72
78
101
92
9014 93 4
9114 Sale 90 8
,
,
8914 907
8812 Jan'29
8
8512 10
84% 87 8
85 8512 85
,
8812 Jan'28
84
84 Sale 84
86
15
h$7
s
_ 89
Oct'28
89
8818 90
8318
89
91
2
87
87
8612 88
87
1
/
4
8514
8318 87
8514
851 90
787 108% 119
11214 Sale 10812 114
,
91 8 92
_93 91 Feb'29
10
88
8712 93
ggi2 9012 8712
9512 9814
17
96
96% 9712 9512
10314 10314
1031
/
4
-- 10314 Jan'29
96
95
9214
95 Mar'29
101 104
ffi 102 Mar'29
85
8912 8718 Oct'28
895 03
9218 20
9112 9233 9112
soli 0014
9014 Jan'29
94
9412 9612 9412
94 8 11
,
977
s
1
8812 Si
89 Sale 89
89
76
70
701 7278 70 Mar'29
/
4
6412 6712
6412
1
6412
81
81
5
8112 81
81
_ 102% 100 Jan'29
100 100
4
Canada Sou cone gu ba A__ _ _1962 AO 10312 110 10333 1034
Canadian Nat 4%a_Sept 15 1954 MS 93i2 Sale 9312
94
7
-year gold 439s__Feb 15 1930 FA 97
5
9918 13
98 4 99
,
1957 J J 94 Sale 94
30
-year gold 434e
94% 29
Canadian North deb s f 7a1940 JO 1111 Sale 10818 11118 15
/
4
1946 J
25 years f deb 63.43
4 10
114 11512 114
1143
10-yr gold 430.___Feb 15 1935 FA _971 9712
2
9712
1
Canadian Sac Ry 4% deb stock- _ 33 T2 Sale 8318
84
125
g5
1946 MS .
Col tr 4SO
97% 36
96% Sale 9614
1932 MS
Carb & Shaw 1st gold 4.
9818 Nov'28 _ _
1949 J J 7414 - 4 80 Jan'29 _ _ _ _
Caro Cent 1st cone g 48
7W1Caro Clinch &0 let 30-yr 58_1938 3D 100 101, 101 Mar'29 _ _ _ _
2
1st & con g 6e ser A_Dec 15'52 JO 10712 10912 10712 1087s
8
1981 JO 84
Cart & Ad Ist gu g 411
87% Feb'29
_ 8512 85 Mar'29 _
Cent Branch U P 1st g 45-1948 3D
Central of Ga 1st gs_Nov 1945 FA iOi
__
_ 105 Dec'28
1945 MN Ion foils 10018 Mar'29
Consol gold 5s
MN
Registered
Jan'29 _
100
10
-year secured 6s _June 1929 3D 9914 9912 993
1
993
4
4
Ref & gen 5345 series B___1959 AO 100 10412 102
1
102
1959 AO 99 102 100 Feb'29
Ref & gen 68 series C
Chatt Div pur money g 49_1951 3D 83
8
857 9312 June'28
-Mac & Nor Div lat g 59-1946 3J ____ 102 101
__
Jan'29
Mid Ga.& Atidly pur m 55 1947 J J 99 103 10312 Apr'28
__
1946 33 9514 101% 105 Dec'28
Mobile Div let g 58
Cent New Eng 1st gu 4s.,_1961 .1 J 803 Sale 80%
8
1
803
8
Central Ohio reorg let 4 yes_ _1930 MS 9714 977 98 Mar'29
8
Cent RR & Bkg of Ga coil 55 1937 MN 95 Sale 95
2
95
1987 J
Central of N J gen gold 5s
107 4 Sale 10734 1084 28
,
1987 Q J
Registered
107 Mar'29
1987
J 88
General 4s
__
90
89 Feb'29
1949 FA 9018 90% 9018
Cent Sac lot ref gu g 45
91113 28
FA
Registered
_
88 Sept'28
334s_Aug1929 JD 99
Mtge guar gold
3
9918 99
99
Through Short List gu 4s_1954 AO 9014 91
91 Mar'29
1960 FA 993 Sale 9918
Guaranteed g 58
54
4
101
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29.
9
New York Bond Record-Continued--Page 3
N
BONDS
V STOCK EXCHANGE
Week Ended Mar. 29.
Price
Thursday,
Mar. 28.
Week's
Range or
Last Sale
47
!
Range
Since
Jan. 1.
Bid
High No. Low
Ask Low
High
Fla Cent & Pen 1st ext g 58_1930 ii 93
99
Oct'28
99
9914
1st consol gold ba
1943 .;
95 Mar'29
9312 95
95
Florida East Coast let 4)48_1959 JD 923 Sale 924
7
923
8
8
924 94
let & ref 58 series A
1974 MS 78 Sale 773
80
75
4
7812 24
Fonda Johns A Gloy let 414s 1952 MN 36 Sale 36
5
3712
2512 50
.1
Fort St U D Co lat g 4I4s
1941
94 Mar'29
94
94
Ft W & Den C let g I68
1961 J
10714 Mar'29
10714 10714
Frem Elk & Mo Val 1st 68_ _1933 AO 103- 105 103
.
103
103 1037
8
OHASAM AP Istbs__1931 MN _
974 99 Mar'29
99 100
2d extens 58 guar
1931 J J 9784 Sale 97
99
30
97 100
Gale Hous dr !lend let 58
1933 AO 97
9812 Feb'29
98
984 9912
Oa & Ala Ry 1st cons 58 Oct 1945 J J 86
8712 89 Mar'29
85
86
Oa Caro & Nor let gu g 5a 1929 J J 98
99
9713
9712
3
964 984
Georgia Midland let 38 _ _ _1946 AO _
7318 743 Mar'29
4
743 75
2
Gr 14 & I ext 1st gu g 43421 1941 J J 55i2
,
_ 97
97
2
954 97
Grand Trunk of Can deb 66_1940 AO 11014 111 11012 11013 14 10814 113
-14
15
-year s f Se
1936 NI
10414 Sale 10314
10414 25 10314 108
Grays Point 'rerm let be_ _1947 Jo 061s
98
Oct'28
Great Nor gen 78 series A _ _1936 J J
J J
Registered
lat dr ref 4 If s series A ____1961 J
General 5 A N scrim B___ _1952 JJ
General 58 series C
1973 JJ
General 434s series D _ _ _ _1976 Ji
General 436s serlea E
1977 JJ
Green Bay& West deb cite A _ _ Fe
Debentures ctfs 33
Fe
Greenbrier Ity let gu 48_ __ _1940 MN
Out! Mob & Nor let 5Sis._1950 AO
let 51 ba series C
1950 AO
Gulf & S I 1st ref & ter g 63_51952 J J
Hocking Val let cons g 4348_1999 J
Registered
1999 J J
N
Housatonic Ry cons g be_ _1937
H & T C let g 58 let guar.._1937 „T J
Waco & NW div let 6e,._1930 MN
Houston Belt & Term let 56_1937 ..1 J
Houston E & W Tex lat g 58_1933 M N
lat guar ba red
1933 MN
Hod & Manhat 1st 58 ser A-1957 PA
AdjustmentIncome ba Feb 1957 AO
109
10934 143 109 11228
Sale 109
114 Apr'28 _
9214 94
94
94
1
93
98
105 10612 106
10612
9 106 1094
1007 1034 1007
8
8
101
4 10018 104
93 Sale 93
93 7
8 68
93
974
94 Sale 94
9412
7
93
975
79_
85
Oct'28
295
2312 26 Mar'29 _
26
_ 25
9114
9114 Mar'29
9114 9114
10114 Mar'29
10013 106
997 102 Dec'28
8
_
10418 Mar'29
10418 108
96
9712
9814 97
8
9613 99
10212 May'28
972 9818
98 Mar'29
_
_ 10214 Mar'29
102
10214 10214
_
C66 10014 Mar'29
10014 102
9913 102
9912 100
27
984 100
9812
9812 Jan'29
9812 9812
9812 _
9812 Feb'29
974 10218
91
90 Sale 90
44
90
08
7312 Sale 724
74
87
7213 844
Illinois Central let gold 4s
.1 92
1951
9312 9112 Mar'29
91
J
Registered
95 May'28
---let gold 3
2
85 853 Jan'29
85 8
3
Registered
J
84 Nov'28
Extended 1st gold 3%8_1951 AO 83
85
8612 June'28
1st gold 38 sterling
7414
1951 M
7118 _
7414 Mar'29
Collateral trust gold 4g
1952 AO 893
8
1
90
90
863
4
MN
Registered
87
Oct'28
_
let r efunding 48
1955 MN -1514 glife 904
9128
3 -50Purchased lines 314s
1952 „1
833 Jan'29
4
88
8384
J J
Iteghltered
87 Nov'28 _
Collateral trust gold 4g..__1963 NI N -86- Sale 84
86
10
84
SIN
Registered
9014 May'28
__
Refunding Sc
1955 SIN i033 Sale 10312 10334 12 102
15
-year secured 01.48 g___ _1936 J J 107 1073 107
108
13 107
4
60
-year 4 4s
Aug 1 1966 FA 9714 Sale 97
973
4 35
97
Cairo Bridge gold 48
1950 JO 8514 92
90 Mar'29
_
86
Litchfield Div let gold 38_1951 J J 7112 7412 713 Mar'29
4
7134
Loulsv Div de Term g 3384 1953 J J 81
8312 8212 Jan'29
8212
Omaha Div 1st gold 38_ 1951 FA
7314 77
74 Mar'29
__
74
St Louis Div & Term g 38_1951 J J 7218
762 Oct'28
8
Gold 33.4e
1951 J J 7758
81 Mar'29
81
J J
Registered
783 Oct'28
4
Springfield Div let I 33.48_1951 J J 7712
_ 88 Dec'28 _
_
Western Lines ling 4a____1951 FA 8812 9012 8914 Mar'29 _ _ _ _ -f 514
-.
3
Reglatered
FA
92 Apr'28
III Cent and Chic St L & N()let ref ba series A___1963 JO 1003 Sale 100
Joint
8
10112 28 100
let dr ref 4568 series C____1963 JD 9514 Sale 9514
9414
993
4 12
Ind Bloom & West let ext 46 1940 AO 85
_ 91
Ind III & Iowa let g 48
1950 J J
9214
led & Louisville let gu 48_ _1956
J
854 8814
Ind Union Ity gen 58 ser A._1965 J J
103
Gen & ref 58 series B
1985 ii
103
Int dr Grt Nor let 6s ser A
1952 J J 10014 Sale 10014
Adjustment 68 ser A July 1952
93 Sale 9212
Stamped
7712
1st 58 series 13
1956 J J 9113 sale 9112
let g bs series C
1958 J J
91
9312 91
1st Rye Cent Amer let 5a
1972 MN 7714 797 7812
8
let coll tr 6% notea
1941 MN 93 Sale 93
1st lien & ref 6 As
1947 PA 9512 Sale 9512
Iowa Central let gold 5a
1938 J D 403 47
4
4012
Certificates of deposit
40
40
50
Refunding gold 48
1951 MS 12
154 1418
James Frank & Clear let 48_1959 JD 86
85
92
tuanA&Gltlstgug5el9S8 J J 10014
-- 100
Kan
M 1st gu g 4s
1990 AO 8414 8412
86
Nov'28
Feb'29
Feb'29
Mar'29
Mar'29
10312
94
Feb'28
9112
91
795
8
93
9613
4012
407
8
1418
85
Feb'29
Mar'29
This POD
1012 Sale 1013
8
8
10312 Sale 10312
1037
8
90
89
ioif2 Sale 10514
85
_ 8812
-108 10412
51- e 101 9928
i
-- _ 100
9690
9412 9014
9912
88
8912 9014
98 100
98
96
963 968
4
4
90 Sale 90
100
99
. 8 86
867i0012 10212 101
923 933 934
4
4
9812
9912
1013
8
10312
Feb'28
Oct'28
10512
Dec'28
Jan'29
Mar'29
Feb'29
9014
Dec'28
Mar'29
Feb'29
963
4
9014
Mar'29
86
Mar'29
932
8
Dec'28
9912
714
9334
124
8384
91
16i84
11138
10012
90
7514
8438
74
8612
-- ;
9
6
10514
9712
4
-62- Ii19
94
7
10
14
1
28
5
7
2
3
K C Ft S & SI Ry ref g 48 1936 A 0 8914 Sale 89
8014
5
KC&Mlt&11 Ist gu bs 1929 A 0 98
9813
983 9812
2
4
Kan City Sou let gold 35
1950 A 0 72 Sale 714
73
31
Ref dr !rut 5a
Apr 1950
9578 Sale 953
4
9612 27
Kamm City Term let 4s___1960
87 Sale 8618
873
4 69
Kentucky Central gold 4s__1987
8918
8918 92
8918
4
Kentucky ds Ind Term 43.4e.1961
Jan'29
_9012 95
Stamped
1961
gi
90 9212 Oct'28
Plain
1961 ii
Jan'29
9612 95
Lake Erie & West let g Sc._ 1937 J J 9934 100
993
4
097
8
2
2d gold 58
1941 J J 93 10312 100 Feb'29
Lake 8h dr Mich So g 33.45 1997 J
782 81
8
7812
7812
1
Registered
1997 J
752 Mar'29 _ _ _ _
8
73
78
25
-year gold 4s
1931 MN 963 Sale 9638
4
9714 57
MN
Registered
9934 Apr'28
__
Leh Val Harbor Term gu 66_1954 FA 101 idi1- 10212 10212
2
6
Leh Val N Y let gu g 4Iis1940 J J 9512 96
9512
96
6
Lehigh Val(Pa) cone g 48_ __2003 MN 843 Sale 8414
8
85
47
MN
Registered
86
Jan'29
__
General cons 416s
2003 MN 9512 Sale 924
927
8 19
MN
Registered
99 Nov'28
Lehi Valley RR gen Sc series 2003 MN
Leh V Term RI 1st gu g 58.... 1941 AO
AO
Registered
& N Y let guar gold 45_ _1045 M
Lex & East let 50-yr 58 gu _ _1965 A 0
Little Miami gen 48 sericei A.1962 M N
1935 AO
Long Dock consol g 68
Long Isld 1st con gold 5s July1931 Q
consol gold 4s____July 1931 Q J
1st
1938 JO
General gold 48
1932 JD
Gold 45
1949 MS
Unified gold 48
1934 JO
Debenture gold ba
1937 MN
-year p m deb 58
30
Guar So B let con gu bs Oct'32 MS
Nor Sh B let con gu is_Oct'32 Q J
Lou & Jeff Bdge Co gd g 48.1945 M
Louisville & Nashville 58..1937 MN
1940 J J
Unified gold 48
J J
Registered
Collateral trust gold b8_ 1931 MN
9514
-85 8
3
3
12
_
3
2
3
13
15
10
8814
103
103
10014
903
4
8814
103
103
10612
96
9112
91
78
93
947
8
40
40
14
85
9914
8414
963
8
9512
82
963
4
983
8
51
511z
20
8912
10018
8412
89
9812
70
9513
8618
884
95
2061
1; •
BONDS
N. Y. STOCK EXCHANGE.' 'Z3
Week Ended Mar, 29.
Price
Thursday,
Mar. 28.
Bid
Louisville & Nashv (Concluded)
N
10
-year sec 7s_ _ May 15 1930
let refund 510 series A_ _2003 AO
let & ref 5s series B
2003 A0
let & ref 43.84 aeries C___ _2003 AG
NO & M let gold 6s
1930 J J
2d gold 68
1930 J J
Paducah & Stem Div 4s 1946 J A
St Louis Div 2d gold 38_1980 MS
Mob & Monte let g 430_1945 Ni S
South Ry Joint Monon 48_1952 J J
N
AtI Knoxv & CM Div 4s 1955
Louie' CM & Lox Div g 43.4831 MN
,
"
1934 J J
Mahon Coal RR let 58
Manila RR (South Lines)48_1939 MN
let ext 4s
1959 MN
Manitoba S W Coloniza'n bs 1934 J D
Man G B & N W Mt 3Hs- -1941 J .1"
Mich Cent Det dz Bay city 58.'31 M S
QM
Registered
1940 .1 J
Mich Air Line 48
J J
Registered
1952 MN
let geld 3%s
1929 A 0
20-year debenture 48
A 0
Registered
1940 A 0
Mid of N J 1st ext bs
Milw L S & West imp g 58_1929 F A
MII& Nor latext 4348(1880) 19341 D
Cons ext 4 WI (1884)_ 1934 1 D
Mil Spar & NW 1st gu 46 _ _1947 51 S
Milw & State Line 1st 3)is 1941 J J
Minn & St Louis let cons 58_1934 M N
1934 M N
Temp Ws of depoelt
1949 M S
let & refunding gold 45
Ref & ext 50-yr 56 ser A 1962 Q F
Certificates of deposit
MStP&EISMcong4sintgu 381 1
.
1938 J J
let cons 55
I938 J .1
1st cons 5s gu as to int
10-year coll trust 6Iis1931 M 9
1946 J .1,
lat & ref 65 series A
1949 M S
25
-year 53.65
let Chicago Terms I 48_ 1941 MN
1949 J 1
Mississippi Central let 58
Mo Kan & Tex let gold 4s 1990 J D
Mo-K-T RR pr lien 5s ser A_1962 J J
1962 .1 J
40
-year 48 series B
1978 1 J
Prior lien 4345 ser D ,
Cum adjust 58 ser A _Jan 1967 A 0
Mo Pae let & ref bs ser A.. _1965 F A
1975 M S
General 48
1977 M 8
let & ref 58 series F
Mo Poe 3d 75 ext at4% July 1938 MN
1978 M N
1st & ref g bs ser G
Mob dr Bir prior lien g 68....1945J J
J J
Small
1945 1 J
tat NI gold 48
1945 J J
Small
Mobile & Ohio gen gold 4s 1938 M S
Montgomery Div 16t g 5E1_1947 F A
1977 NI S
Ref & impt 4 Sito
Mob & Mar let gu gold 4s_ _1991 NI S
1937 J J
Mont C 1st gu 68
1st guar gold 518
1937 J J
Morris& Essex let gu 334s 2000 J D
Nash Chatt & St L 48 ser A.1978 F A
N Fla & S 1st gu g 80
1937F A
Nat Ry of Mex pr lien 4348.1957 J J
J J
July 1914 coupon on
Assent cash war rct No 4 on
Guar 70
1977 WO
-year s f 45
Assent cash war rct No 5 OD ___
Nat RIt Mex pr lien 414s Oct'26 .1 1
Assent cash war rct No 400-_
1st coruml 4a
1951 A
Assent cash war rct No 4 on
Naugatuck RR tat g 4s. _ ..1954 MN
New England RR Cons 58 1945 J J
Connell guar 48
1945 J J
NJ June RR guar let 4s
1986 F A
N OA NE let ref &Imp 4348A.'52 1 J
New Orleans Term let 48_ I953 J .1
N 0Texas& Mex n-c Inc 58_1935 A 0
let 5s series II
1954 A 0
let bs series C
1956 F A
let 4345 series D
1956 F A
let 5 ha series A
1954 A
N & C Bdge gen guar 434s_ _1945 J J
& NI II Ist con g 513 1935 A 0
N Y Cent RR cony deb 6s 1935 M N
Registered
M N
Consol 48 series A
1998
Ref dr impt 4 Sis series A 2013 A 0
Ref & impt 55 series C_ _2013 A 0
A 0
Registered
93
9912
76
994
9012
907 NY Cent & IBM Riv M 3SO 1997 .1 J
2
05
Registered
1997 J J
1934 M N
Debenture gold 45
95
95
M N
Registered
993 101
4
30
-year debenture 48
1942 J J
99 100
Lake Shore coll gold 3348-1998 F A
76
811,
Registered
1998 F A
753 753
8
8
Mich Cent coil gold 310_1998 F A
963 9814
8
1998 F A
Registered
N Y Chic & St I. 1st g 4s
1937 A 0
ioi 1- .14 Registered
63
1937 A 0
9512 9934
25
-year debenture 4s
1931 M N
8418 8814
2068 series A 11 C
1931 MN
86
86
Refunding 534e series A._1974 A 0
9212 100
Refunding 53.45 series B_1975 J J
Ref &lie series C
1978 M S
NY Connect let gu 410 A_1953 F A
10132 10714
1953 F A
let guar 58 series B
10312 10312 N y & Erie let ext gold 4s 1947 M N
30 ext gold 43.45
1933M S
4th ext gold 58
1930 A 0
- 10514 1687; N Y & Greenw I. gu g 58_ _ _1946 M N
N VA Harlem gold 33.4,_2000 M N
10413 11;81-4
M N
Registered
995 10114 NY Lack & W let & ref gu 5s'73
8
97 100
1st & ref gu 4140 con
1973 M N
9014 93
N Y L E & W 1st 75 ext_....1930 NI S
..1932
N Y & Jersey lat 5s.....
89
9014 N Y & N E Boat Term 4s
1939 A 0
98 100
N Y N II & II n-c deb 48
1947 M S
96
983
4
Non-cony debenture 350_1947 M S
90
913
8
Non-cony debenture 334e.195 A 0
4
993 100
4
Non-cony debenture 48__ _1955 J J
8412 90
Non-cony debenture 4s_ 1956 M N
101 10212
1956 J J
Cony debenture 31411
924 954
1948 J J
Cony debenture Sc
J .1
Registered
9912 1005
1940,A 0
8
Collateral trust 6s
1957 M N
Debenture 48
let & ref 4145 ser of 1927.19671 D
Harlem RA Pt Ches 1st 40 1954 M N
Week's
Range or
Last Sale,
Ask Low
Range
Since
Jan, 1,
11100 No. Low
10012
105
102
974
10012
Sale 10012 10114
Sale 105
10518
107 103
103
9812 98 Mar'29
101
997 Feb'29
8
10012 1004 Jan'29
914 Mar'29
6414 _
643
8
644
97 foo 100 Sept'28
85
88
8512
8512
___ 9012 894 Mar'29
-98
983 9812 Feb'29
4
9912
_ 100 Feb'29
74 gt;le 74
74
_
74
77 Feb'29
694 ____ 9913 Mar'29
.
20
1
3
3
3
852 90
2
88 July'28
100 Sale 100
110
3
100 4 Apr'28
3
93
9612 9812 Nov'28
_ 9218 July'28
-76
847 8412 Mar'29
8
994 190
994
9934
1
99
Oct'28
94 Mar'29
9912 Jan'29
95
96 Feb'29
97
95
9512 94
Feb'29
8913 92
90 Mar'29
90 Apr'28
50
51
53 Feb'29
5014 49
47
49
1
2314 2312
23
25
16
1714 1812 1714 Mar'29
16
Jan'29
8712 Sale 87
873
4 10
9438 971 97
97
1
974 99
9618
9618
2
10014 1001 9912 10012
8
9812 101 100
100
3
92
94
92
92
2
_
9312 Jan'29
9734 _
9312 Jan'29
83 Sale 812
24
8
84
993 Sale 993
4
8 10014 27
8312 Sale 8214
834 12
8914 92
8914
8914 10
103 Sale 1023
4 1033
4 77
97
992 964
965
8
2
7112 Sale 70
7212 124
9812 Sale 953
4
9638 60
904 91
904 Mar'29
964 Sale 9 4
9813 40
5
100 101
99 Feb'29
95 100
99 Feb'29
_
_ 891 89 Mar'29
8512 Mar'29
8
933
8
2
031s 9413 932
4
99's
- 1033 Nov'28
92 sale 90
92
4
832 87
8
8412 Mar'29 _ _ _
106 109 106 Mar'29
100 4 _
3
1003 Feb'29
4
7618 Sale 7618
7618
S
892 Sale
8
8912
894
102 Mar'29
18 July'28 _
173
4_
183 July'28
4
912 1012 1012 Mar'29
8712 Aug'28
1318 16
1318
131g
3812 July'27
-1/ 101- 1912
2
192
2
22 Apr'28
912
9
913 Sale 86
Oct'28
5
987 987 Mar'29
8
8
803 8612 8618 Mar'29
8
88 Mar'29
92
9314 93 Mar'29
8612 88 88
88 7
8
08 100 98
98
95
974 973
4
9814
9912
9912 100
9212 9312 9212
9212
10112 Sale 10018
10112
9412 98
95 Feb'29
9513 97
97
97
10614 Sale 10514
10612
106
Jan'29
865 Sale 864
8
88
9713
97 Sale 97
10412 Sale 10412 1053
2
106 NIar'28
7812 Sale
76
78
9418 Sale
7812
7713
933
4
95
9118 937 9018
8
7614 Sale 744
71
797 78
8
75
79
78
72
78
78
9312 9512 931s
9612
973 Sale 973
8
8
10012 Sale 10018
106 Sale 1043
4
10512 Sale 105
93
9312 93
943
4
9813 993 100
4
00 ____ 90
100
9912
96
____ 99
____ 957 943
8
8
83
71
____ 8518
100 ____ 10018
9012 10012 1001g
10512 104
100 10014 100
90
75
83
86
722 773 773
8
4
4
6014 70
704
77 Sale 74
7212 7818 77
7014 72
694
11734 Sale 117
117
1023 Sale 1023
4
8
71 Sale 707
8
8612 Sale 8814
87
897 89
8
21
Htok
10012
104
10212
9714
9934
10014
9114
6432
103
1074
105 2
7
99
100 4
8
100 4
,
0114
6712
8513
897
8
9813
100
74
7472
987
2
1i12
92
9912
100
75
77
100.8
-t/52 166_-_-
____
-gaig 8638
991 99 4
/
4
3
931.
9038
9912 gin,
96
98
90
06
94
92
80
SHe
48
5314
1912 35
15
82 20
16
10
87
89 4
,
938 99
4
9614 99 2
,
9714 101
9812 102
92
95
934 9313
98
99 2
3
81% 85 2
3
987g 102
8112 863
2
89
9412
102 10512
9518 10132
70
77
9312 99
90% 91%
9412 983
2
99
99
99 100
98
86
8512 89
9112 923
8
90
8413
106
1004
7618
9738
86
100
101
8011
8912 9072
100 4 102
3
_
9
'2 13
12
3
10
__
9
_
6
1
3
5
25
21
1
16
29
13
82
7913
7
Feb'29
9412 65
Jan'29
901,
1
7814 27
Nov'28
Mar'29
__
Mar'29
_
9314
7
Feb'28
973
4 49
10118 34
10718 52
10612 47
9312
6
943
4
3
100
1
Mar'29
Nov'28
Feb'29
Feb'29
Jan'29
Apr'28
Feb'29
Feb'29
Feb'28
100
1
Nov'28
Dec'281 __
Feb'29
Mar'29'
77
29'
77
1
7112
2,
11812 63.
Mar'29
1023
4 18,
7213
9'
87 i 36,
893
4
3
-1214 - 3
11
;
19
71.
8238
-2
111-
-98- 9874
8618
88
93
88
98
9734
9812
9212
10012
9412
97
10214
106
862
8
97
10412
863
8
88
974
91
100
10012
101
96
10512
95
97
ION
106
89 8
7
10012
10712
7732
7712
4
933
95
90
7414
82%
7813
971
4
95
9414
814
76 79
7614 78
9318 96
9614
10018
10434
105 1
93
9412
9914
90
98
10213
10714
107
9512
9714
10212
fe0
lit/
99
943 98
2
83
83
1001x 1014
10018 10012
_
100 10012
-5E4
7014
74
7618
6914
117
115
102
767
2
8512
.
0
- -8/7 4
75
8418
844
75
126
119
10512
7812
924
001.
New York Bond Record-Continued-Page 4
2062
N
Price
Thursday.
Mar. 28.
BONDS
V STOCK EXCHANGE.
Week Ended Mar. 29.
I
Week's
Range or
Last Sale.
aol
Range
Since
Jan,1.
High
High No Low
Ask Low
Bid
S 6734 Sale 8734 6834 28 67 7434
NY 0& W ref leg 4a_June 1992
S
70 Apr'28
Reg 85.000 only_ _June 1992
7114
62
4
653
1955 JD -135- --- - 64 Mar'29
General 4s
875s Oct'28
N Y Providence& Boston 48 1942 AO 8812 91
AO
4
1
/ Jan'28
89
Registered
8414 8912
NY & Putnam 1st con gu 49 1933 AO 8812 8612 8414 Mar'29
7
8014 8612
83
83 8014
N Y Suaq & West 1st ref 59_1937 J J 80
4
1
/
1937 FA ____ 83 84 Nov'28
2d gold 4449
7 -ior8 82
7612
1940 FA 72 Sale 72
58
General gold
9918 10112
_ 10112 9912 Feb'29
1943 MN
Terminal 1st gold 58
8
795 85
42
82
NY W-ches & B let aer I 4149'46 J J 82 Sale 81
s 27 10012 105
1023
8
1950 AO 1023 Sale 101
Nord By ext s f 6145
'
.
4
903
83
83 12 14
Norfolk South 1st as ref A 58_1961 FA 8312 Sale 83
4
993 102
4
4
1
/ 993 102 Mar'29
Norfolk es South 1st gold 58_1941 M N 96
Norfolk & West gen gold 66_1931 M N
Improvement & ext 6s_ _ _1934 F A
1932 A 0
New River 1st gold 65.
N & W Ry lat cons g 4s1996 A 0
1996 A 0
Registered
Div'l let lien & gen g 48_1944
1929 M S
10-yr cony 6s
Pocah C & C joint 4s _ _ _ _1941 J D
North Cent gen & ref 5s A 1974 M
Gen & re 410 ser A stpd_1975 M S
North Ohio 1st guar g 5s- _ _1945 A0
North Pacific prior lien 421n7
Registered
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q F
Registered
Re& impt 414s aeries A-2047 J
Ref & impt fle series B_2047 J J
Ref & impt serlee C2047 J J
Ref & Rapt 5a serlea 0_4_2047 J J
Nor Pae Term Co 1st g its_ _1933 J J
Nor Ry of Calif guar g 5e___1938 A 0
2I
103 102 Mar'29
105 Mar'29
10112
150E8 Sale 9978
90 89
4
903
89
Feb'29
8711
94
9014 ---- 94
13212 Feb'29
____
9112
9112 -- 9112
1073 - - -- 1077 Jan'29
4
4
1
/
98
4
983
_
99- _- 96 Feb'29
4
953
88
87 Bale 87
8512 --- 86 Mar'29
1
/
644
634 Sale 631s
62 Mar'29
96
96 Sale 96
11112
3
1103 Bale 110%
10112 102
__
101
_
101
10112 102
4
109 4
3
- - 1093 Feb'29
107 June'28
100
102
J 96 10214 100 Sept'28
North Wisconsin lit 6a......1930
4
1
/
78 Mar'29
L Chem 1st gu g ge_1948 J J
0_1943 M S
4
1
/
95 Nov'28
Ohio Connecting Ry Ist
104 Apr'28
Olzio River RR 1st g Ss... _1936 J 13
4
1937 A 0
- 993 Feb'29
General gold Is
901s
904 9011
OregonRR&Navrong4s..19441J D 99-- - 9018
Ore Short Line let cons g 58_1946 J J 10211 10414 103 Mar'29
10212 1024
1946 J J 10212
Gear stpd cons 518
8
987
1929 J D 9812 Sale 9812
Guar refunding 48
8512
8
Oregon-Wash 1st & ref 4s 1961 J J 867 Sale 8412
78
76
77
Pacific Coast Co 1st g 58 _ _ _1946 J D 75
9158 Feb'29
93
Pao RR of Mo lst ext g0
-1938 F A 91
1938 J .2 97
4
1
/ 984 99 Mar'29
26 extended geld ba
8
4
1
/
1
/
924 99 1005 Oct'28
Paducan & Ills 1st f 444s 1955 J
99
4
Parts-Lyons-Med RR extl(is 1958 F A 98% Sale 973
Sinking fund external 7s 1958 M S 102 Sale 10112 103
1
/
1034 Jan'28
ParteOrleans RR s f 7s.... _1954 M S
8
937
Ext sinking fund 5)0.-1968 M S 93 Sale 93
4
4 1023
4
1
/
4
Paullsta Ry ist & ref s f 7s_ _1942 M S 1023 103 1023
16
12
1
1
57
24
6
53
20
3
4
1
/ 43
78
-554 100
5
1
54
5
12
91
41
18
1
Pennsylvania RR eons g 0-1943 MN
1948 MN
Como)gold 48
N
48sterl stpd dollar.May 1 1948
Coutiol sink fund 44W...1960 FA
General 440 series A _ _,..1965 JD
1968 J
General Ss series B
1930 AO
-year secured 75
10
1936 FA
-year secured d l.4a
15
FA
Registered
1964 M N
-year secured gold Sa
40
gu 334s coil tr A reg 1937 MS
Pa Co
Guar 3145 coil trust ser B_1941 FA
1042 Jo
Guar 314s trust etre C
Guar 3445 trust ctts D___ _1944 Jo
-25
Guar 15 -year geld 49_1931 A 0
Guar 4s ser E trust etre_ 1952 MN
1963 MN
4s
/
Secured gold 41
Pa Ohio& Get ist & ref 440 A'77 AO
Peoria & Eastern 1st cons 0.1940 AO
April 1990 Apr.
Income 4s
Peoria & Pekin Un 1st 5449_1974 FA
Pere Marquette 1st aer A 58_1956 .1
J
1956
lit0series Is
4
943 94 Mar'29
93
1
94
94
94
93
96
93 Mar'29
93
9
1
/
1
/
10012 1004 10012 1004
9812 52
984 Sale 9712
4 10614 10
4
1053 Sale 1053
4
1
/ 10114 173
1
/
1004 Sale 100
10712 Sale 10712 108% 105
112 Apr'28
4 31
4 1033
s
lO27 Sale 1013
Oct'28
- 88
4
1
86
8934- - / 85 Feb 29
86
89 Feb 29
85 Feb 29
____ 87
19
984
97 Sale 97
-___ 90 8814 Mar 29
9814 159
4
1
/
97 Sale 9714
8
95
94
4
923 95
84
84 Mar 29
82
9
3714
4
/
3714 411 37
4
1013 102 10218 Mar 29
17
101
10014 Sale 10014
5
88
88
8714 89
Ma Bait & Wash 1St g 49.-1943 MN
1974 FA
faeneral Is sertee B
Philippine By 1st 30-yr i f 4s '37 J J
Pee Creek registered 1st 69_1932 Jo
1940 AO
P C C & St L gu 410 A
1942 *0
Series B 4149 guar
1942 MN
Series C 434e guar
1945 MN
Series D 49 guar
1949 FA
9431146 E 334s guar gold
1953 Jo
gold
Series P45 guar
1957 MN
Series 0 45 guar
1960 FA
Series H con guar 4a
Series I SOD/ guar 434s_ _1963 FA
Berle J cons guar 414s_ _ _ 1964 MN
D
1970
General M Si series A
JD
Registered
Gen mtge guar Is ear 13.„1975 AO
*0
Registered
1
/
924 93 95 Mar'29
- 107 Mar'29
35
36
107-- - 35
35
102 104 103 Mar'29
4
4
/
961 973 9712 Mar'29
1
/
964
4
1
/
4
963 Sale 96
4
993 Mar'29
9612 96% Mar'28
9214 __- 9714 Sept'28
8
Me --- 945 Jan'29
Jan'29
- 95
9611 9714
Oa's- 95 Feb'29
4
1
/
-.- 99 Feb'29
---9912 -- -- 9934 Feb'29
10612
106 Sale 106
1033 Jan'28
s
lo,
1
/
1064 107 10814
11312 Jan'28
PittaMeK & Y 1st gu 6s____1932 J J
1934 J J
2d guar 68
1940 w 0
Pitts Sh & LE 1st g 511
J
1943
let oonsol gold ba
1943 MN
Pitts Va & Char 1st 44
PIttaY & Ash 1st 4s ser A_ _1948 PD
1962 FA
lit gen bs eerie B
1974 JD
let gen fe series C
Providence Secur deb 48_4_1957 MN
_1958 MS
Providence Term 1st 45_
Reading Co Jersey Cen coil 4$'51 AO
AO
Registered
Gen & ref 4445 series A_1997 J J
N
1948
Rich & Meek 1st g 49
J
Mehra Term Ry 1st gu 56. _1952
Rio Grande June let g11 58 1939 J
Rio Grande Sou 1st gold 45_1940 J J
Guar 4s (Jan 1922 coupon)'40 J J
Rio Grande Weal 1st gold 0_1939 J J
let con & coil trust 4s A._1949 AG
1934 MS
RI Ark & Lone let 440
J
_1949
-Canada let gu g 4s
Rut
1941 .1 .1
Rutland lit con g 410
Oct'28
105
8
2 - -14
1501 1011 1035 July'28
4
1
/
99 ---- 10012 Jan'29
10014 A119.28
99% Sept'28
9312 Mar'29
- 10312 Mar'29
.
1031
1947 J J
St Joe & Grand Isl 1st 4s
Adir 1st g 58---1996 J J
Lawr
1996 AO
2d gold (Ss
1931 J J
Li.ds Cairo guar g 4s
A0
St L Jr Mt & S gen con 156.1031 *0
1931
Stamped guar bs
1929 J
Unified & ref gold 48
Itiv & 0 Div ist g 42- - - -1933 MN
L M Bridge Ter gu g 56-1939 A0
4 Due M
ISaeJuel.
:;i5
54e
-Si- -_-_-_-_
-- 84 Feb'29
9012
9012
92
84-91
4
943 June'28
4
1
/
94
944 Sale 94
79 7918 May'28
_ 101 Feb'29
iot5
-72
V9 100 Nov'28
6 May'28
74 Apr'28
8612
Sale 86
86
7812
7812 Sale 78
934 94
95
4
1
/ 9412
82 Nov'28
87
87
85
98
3
8
30
12
17
24
27
12
7
2
8712 87 Mar'29
s
1047 Feb'29
6i
loci- 1- 10534 Nov'28
9812 964 9612
Sale
99Is Sale
93 Bale
100
9 Due Marie
99
98
4
1013 Dec'28
s
993
99
8
933
4
923
99
9712
101 12 10314
105 105
4
1
/
99 104
9214
89
8912 894
9014 94
13212 13212
9112 95
10778 1077
8
8
957 99
96
964
90
87
49
86
6318 6712
62
5312
s
987
96
4
1
/
110 11312
10112 105
10112 104
4
1
/
4
1093 1093
4
2
40
57
22
29
N
BONDS
V STOCK EXCHANGE
Week Ended Mar. 29.
,4
St L-Saa Fran pr lien 0 A__1950 M S
Con NI 410 series 4. __1978 M 11
Prior lien be series B
1950 J
St Louis& San Fr Ry gent3s_1931 J J
General gold 5s
St L Peer & N W 1st gu 5s1931 j .
1948 J 11
St Louts Sou 1st gu g 4s. _1931 MS
St L SW 1st g 4s bond etre_ _1989 MN
2d g 4s Inc bond Ws Nov 1989 J J
Cons& gold 4s
1st terminal es unifying Ss_ 9 !li
1g
1
St Paul & K C Sh L 1st 4146_1941 F A
St Paul & Duluth 1st 5*...... 1931 F A
191 consol gold 4a
J
St Paul E Gr Trunk 1st 440.196 I D
8
1947
St Paul Minn .4 Man con 0.1933 J
1st consol g 6e
jRegistrd
Registered
reduced to gold 440--1199333 jj J
6s R
3 J
.1 .1
Mont ext 1st gold 4s
Pacific ext guar 45(ateritng)9.40.1J
1 37j D
St Paul Un Dep let & ref 55.1972.1
8 A & Ar Pass lat gu g 4s_ 1943 J J
Santa Fe Pres & Phen 1st 58_1942 M S
Say Fla & West 1st g 6s
1934 A 0
1st gold ba
4
89
gug 4g_ 193 A 0
If N
Scioto V & N E 1st
Seaboard Air Line 1st g 441_ --1950 A 0
A A
1950 F O
Gold 45 stamped
m s
Oct 1949 A o
Adjustment 58
Refunding 45
l
5
4
cons 6s series A___ _196 st ds
199
M S
Registered
Atl & Birm 30-yr 1st g 4a_d1933 M 8
Seaboard All Fla 1st gu 68 A.1935 F A
Series B
31
9 F A
Seaboard & Roan lat 59 extd 1936 JJ
1929 MN
So Car& Ga 1st ext 510
F A
13 N Ala cons gu g
be36
Gen eons guar 50-yr Si...1063 A 0
Price
Thursday,
Mar, 28.
Week's
Range or
Last Safe
Range
Since
Jan. 1.
,2
High No Low
Ask Low
Bid
High
844 101
8412 Sale 84
12
83 884
854 334
8514 Bale 8412
3
83 4 89
988 101
4
3
1001s Sale 100
100 4 30
101 102
8
100 1017 10019 Mar'29
9538 100
4
1
/
8
9612 9812 953
4
1
/
98
8
1 192 10318
102 Sale 102
102
5
9718
9618 975 971s
9512 974
s
8312 Sale 8312
8312 35
8312 99
2
794 7912
77
7912
4
/
7914 811
8 20
954 Sale 95
957
95 9612
4
/
21
99
8
99 Sale 985
98 1011
4
/
14
4
/
911 95
4
/
____ 911 911 Mar'29
4
Oct'28 -934 973 100
884 904 8014 Mar 29
8 14
-80j4 - 0
9718 Jan 28 --oi- 1171- 9812 Mar 29 -11611 9812
-8
10212 10312 10312 10312 2 1031s 1634
4
Jan 29 102 1043 103
193 103
98 Feb'29 9914
9712 98
98
95 Dec'28
99
97
96 94 Mar 29 93
95
94
8818 91 10318 Mar 29 -2 10284 105¼
103
103 Sale 103
22
88
88 Sale 88
8714 91
4
983 102 102 Feb 29 102 102
1034 _ _ _ 108 Mar 29 _106 106
_ _ 10012 Mar 29 1
99 4 10012
8811 9112
99- - 89 Mar 29 -___
89
901s
74 Mar'29
80
73
8
7218
4
/
4
/
711 Sale 711
14
714 75
103
41
40 Sale 38
5
35 8 45
14
58
4
/
571
4
1
/ 58
67
4
1
/ 601s
57
84
76
75 Sale 75
7314 so
75 Mar'29
75
75
6
86
86
85
85
89
85
78
67
7114
4
653 Sale 6512
64
3
67
65 651 65
4
/
12
4
1
/ 70
64
____ 9711 98 Dec 28 ____
4
1
/
4
1
/ 994 99 Feb 29.._. -kik, VW.
99
994 -- 101 Deo 28 -g
4 1043 108 10584 Mar 29
10534 1068
11212 So Pao coil 4s(Cent Pao col) 2'49
90
87
87 Sale 87
1
/
JD 841s 8712 854 Mar 29
103 1064
Registered
10212 106
3
4
1
/
99
9
June 1929 JD 993 Sale 993
20-year cony 48
9914
98
984 9812 Mar 29
1st 410(Oregon Linea) A.1977 MS 92
8412 89's
1014
1934 JD 1014 Sale 100
20-year cony 55
80
75
1968 MS 933 Bale 93
s
944
4
1
/
Gold 410
4
/
911 9412
1950 AG __ 901s 904 Mar 29
Ban Fran Term let 4a
AO 63
9614 99
90 Nov'28
Registered
9
9
. So Pac of Cal 1st con gu g 56.1937 MN 9814 1-112;t2 103 Feb'29
-9754 1- 1 So Pao Coast lot gu g
6
3
ii
95 5 Mar'29
10112 1047g So Pao RR 1st ref 45
91
J 9014 Sale 8914
1955
4
903 Mar'29
J J
Registered
-556
117- -34" 10614 167%
Southern By 1s5 cOnil g 54_1994 J J
10234 104
4
.1 .1 105 1073 108 Mar'29
Registered
s
857
4
/
Devel & gen es serial A__1958 A0 841 Sale 84
4
933 95
A0
8714 Sept'28
Registered
9214 94
4
/
1956 *0 ill's Sale 1101 112
Develop & gen 6s
1
/
9214 93 4
3
8
1956 A0 1187 Sale 1184 1191s
Develop dr gen 640
094 10112
4
1996 .1 J 102 1063 10614 Feb 29
Mem Div 1st g ba
9714 10012
1
/
1951 .1 .1 974 1024 85 Mar 29
St Louis Div 1st g 4e
1053 10812
4
100 Feb 29
East Tenn reorg lien g 58_1938 MS
3
100 s 103
4
1
/
4
923 Mar 29
1938 MS 9414 __
Mob & Ohio con tr 4a
10712 111
4
1
/
75 Mar 29
Spokane Internet 1st g Si...1955 J J 7212 73
ioi - 105 Staten Island Ry let 4)49.__1943 ID
---- 88 Nov 28
95 Apr 24
Sunbury & Lewiston 1st 44..1938 J J -___
99
84'2 8711 Superior Short Line 1st 5s e1930 M S
99
_ 98 Mar 29
89
89
Term Assn of St L 1st g 4449 1939 *0 9912
85
4
85
4
1
1
/
1944 FA 100 102 1024 1023
--/
1s5 cons gold 58
97
9918
86
J 86 Sale 85
1953
Gen refund s f g 4s
8814 92
4
4 1013
Texarkana & Ft S lit 510 A 1950 FA 102 103 1013
6
963 9918 Tex & N 0com gold Ss
1943 J J 98
98 Mar 29
__ _
94
9714 Texas& Pac 1st gold Is
3
4 105 4
2000.ID 1053 Sale 1053
4
8312 87
2d inc5e(Mar'28cpon)Dec 2000 Mar
100 Dec 27
37
45
98
1977 *0 98 Sale 97
Gen & ref Se series B
10112 1024
99
1931 J J 98
La Div B L 1st g be
4
1
/ 994 99
10014 1044 Tex Pao-Mo Pao Ter 510_1964 lot S 105-1
/
1051s
105
86
964 Mar'29
917s Tol Ai Ohio Cent 1st gu 5s..1935 J
4
1
/
99 100
Western Div 1st g be
994 Mar'29
1935 AO 98 103
9214 95
General gold bs
4
1935 JD 95
983 95 Mar'29
107 108
27
Toledo Peoria & West 1st 49_1917 J J
_- 15 Nov.
35
39
Tol St L& W 50-yr g 4s
884
12-1950 A0 884 90 884
103 103
9514
Tol W V& 0 gu 410 A....1931 .1
9512 -- 9514
4
1
/ 99
95
4
4
1
/
973 Oct'28
let guar 444s series B
1933ii 9512
9614 10012
9412 Nov'28
1st guar 4s series C
1942 MS
99
4
1
/ 99
4
1
/ Toronto Ham & Buff 1st g 4s 1946 in
16 844 Mar'29
944 984
68
70
68
1928
9458 Ulster & Del 1st cons g Is ______ JO 69 Sale 69
69
Certificates of depoelt
69
53
95
95
11.
1st refunding g 4s
1952; -13 69
- - 53
93
95
95
Union Pac 1st RR & Id gr't 4s1947 .1 .1 9134 Sale 914
1
/
984 100
90
J J 90 Sale 90
Registered
993 99
4
4
1
/
4
1
/
89
1st Ilen & ref 46
June 2008 M S 87 Sale 87
1053 1081s
4
95
1067J .1 95 Sale 944
Gold 444s
4
1st lien & ref be
June 2008 hi 8 10818 1123 108 Mar'29
0812 40-year gold 0
106 1864
1968 J D 86 Sale 86
95
98 Mar'29
U N J RR & Can gen 4s._ _1944
S 91
Utah & Nor 1st ext 42
- 96 Nov'28
1933 Ji 9512
9514 Aug'28
Vendetta cons g 49 series A 1955 FA
4
943 Mar'29
1957 M N
Cons a 1 4s aeries 11
lOOI 16612 Vera Cruz & P assent 410 1934
17 1412 Mar'29
11
10018 Mar'29
Virginia Mid be eerles F._ 1931 1'1113
- -12
1936 MN 100'S101 10018 Mar'29
General 59
93l
9312 Va & Southw'n 1st gu 5a
2003 ".1 9914
- 100 Jan.29
10318 1031s
91
1958 A0 91 Sale 90
1st cons 50
-year te
4 103
Virginian By lit la series A.1062 MN 102Is Bale 1013
7112 74
10112
N 101 Sale 10019
1939
Wabash RR let gold 58
84
84
10014
1939 FA 10014 Sale 9914
2s1 gold 59
4
1
/ 9312
90
4
4 1013
1975 MS 8514 Sale 1013
Rof & gen 51 5145 ear A
8818 May'27
I /ebenture B 69registered_1939 J J
4
/
'54- ..99;7- 1st Ilea 50-yr g term 4.s....1954 J J -78- - - 881 Nov'28
8i
.k
Det & Chic ext 1st g 58_1941 .1 .1 loolz 1014 101 Mar'29
Jan'29
-55ii 102
J
5
907 88
Dos Moines) Div let 0-1939
4
1941 *0 ____ 80
4
1
/ 793
4
793
Omaha Div 1st it 310
9212 9012 Mar'29
1941 MS
Tol & Chic Div g 4a
1
/
954
s
Wabash Ry ref & gen Ss 11..1976 A0 957 Sale 9514
86
-186 12 4
Ref & gen 434s series C...1978 FA 86 Sale 8514
1
/
864
78
8014 83 Nov'28
9312 967 Warren 1st ref gu g 310.-200 FA
8
0
8414 Mar'29
1048 QM
Wash Cent 1st gold 418
87
Feb'29
86
87
1945 FA 83
90'l Wash Term 151 gu 3349
9211 91
Feb'29
1945 FA 88
ist 40-year guar 45
8914 W Min W & N W 1st gu 55..1930 FA 97
99
Feb'29
97
87
4
1
/
s
1047 1047 West Maryland 1st g 49
1952 AO 78 Sale 7814
4
783
1
957s
1st 1.4 ref 514s series A.--1977 J J 94 Sale 93
_ _ _ 1003
4
4 1003
'W. WI; West N Y Pa 1st g 5ts
1937 J J 100
98 101
894
1943 A0 844 8912 8914
Gen gold 48
9612 See 9612
4
973
Western Pac lit ear 54.-19 M
•
46
M
9718 Aug'28
-iii- WI; Registered
4
4
4
923 11411 West Shore 1st 4,2 gear...
.236! JJ 853 Sale 8514
3614
82
974 100
82
2381 J J 812s 81
Regiatered
Wheeling & Lake Erie100 5ept 26
.
1930 FA
Ext'n & Rapt geld 51
90
Veb'29
Refunding 43451 merles A.-1966 MS 854
1146 If' __ 102 102 Feb'29
Refunding 55series B
1949 M
RR lit consol 4a
5
38
13
35
26
41
113
62
42
2
8
967 917
8514 8514
3
0214 00 4
.
991 9914
4
/
100 1011
2
923 971s
91
89
183 1(43
3
95 8 954
8914 924
3
4
1
/ 90 4
90
10712 110
1(161 108
4
/
4
1
/ 884
83
1091! 114a
117 12212
1064 1064
89
85
99 100
91% 934
s
757 814
_
30
2
3
19
2
11
5
99
99
9)1
88
102 10
4
1
/ 3
89
85
10112 1044
98
98
10558 199/3
87
9812
10212
0812
99%
05
1021..
100
1004
10112
1014
1004
42
- 1 91
9514
96
1;1;
2
5
5
41
1
30
13
36
7
75
52
9
5
85
5.5
85
65
33
694
9114 954
92
90
1
/
904
86
4
1
/ 9911
93
4
/
1061 10812
9514 894
96
96
4
93 943
1412 171)
10013 10012
100 100%
100 100
954
90
4
4
/
1011 1044
4
1
/
1004 103
2
981 10114
4
/
1011 10414
101- 101
12
20
19
114
1
39
98
88
4
4
1
/ $53
79
g()12
2 904
941 10014
944
144
86
84
91
91
97
97
7814 82
99%
03
V912 1014
884 9111
954 100
854
1
.
4
/
811 88
fie:
IF 102 102
MOS Sees
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29.
Price
Thursday,
Mar. 28.
Week's
Range or
Last Sale
4 xi Low
Bid
High No
1942.1 13 68
Wilk & East 1st gu g 5a
70 68
7212 17
1938.1 13 100
Will& SF 1st gold 58
1005 Jan'29
Winston-Salem S B let 48_1960 J
92 June'28
Wig Cent 50-yr lot gen 49_ _1949 J J 777 Sale 777
8
77%
8
2
Sup & Dui div dr term lot 4a '36 M N
87%
87%
1
Wor & Con East tat 412s_ __.1943 J J
92% Dec'28
INDUSTRIALS
Abraham & Straus deb 5146_1943
With warrants
A 0 1103 Sale 110
4
112
55
Adams Expreeacoll tr g 4s___1948 M
85
8758 85
85
1
Adriatic Elec Co eat% 7s_ _1952 A 0 96
9712
Ajax Rubber tat 15-yr a f 8a_ 1936 J D 102 103 Fel
Mil; 35
Alaska Gold M deb Os A __ 1925 M B
4 Feb'29
4
12
Cony deb 130 aeries B
1926 M
8 Jan'29
312
Albany Peter Wrap Pao 60_1948 A 0 9512 9612 96
96
4
Allegheny Corp coil tr 58_ _ _ _1944 F A 10114 Sale 98
1017 891
8
Allis-Chalmers Mfg deb 55._1937 M N 9912 Bale 99
9912 34
Alpine-Montan Steel tat 7s...1955 M 8 9414 95
9412
95
32
Am Aerie Chem 1st ref s 11 73Ss'41 F A 104 Sale 104
105
21
Amer Beet Bug cony deb 68_1935 F A 86
88
American Chain deb at 138
1933 A 0 98% Sale 9812
983
4 12
Am Cot 011 debenture 5a.....193t M N 9818 9914 9812
9812 12
Am Cynamld deb 56
1942 A 0 9412 Sale 9412
96
67
Amer Ices f deb 5s
9112 20
1953.1 13 903 9112 91
4
Amer lnternat Corp cony 536s 48 .1 J 10418 Sale 101
10512 474
Am Mach & Fdy f 6s
1939 A 0 1033 1053 1033
4
4 1033
5
4
4
American Natural Gas COO
-Deb 6 Hs(with purch warr)'42 A 0 ---_ 85% 85
8712 27
Am Elm & R lat 30-yr 5s ser A '47 A 0 100% Sale 100
101
51
Amer Sugar Ref I5-yr 68_ _ _1937 J J 1033 Sale 103
4
10414 47
Am Telep & Teleg coil tr 4a 1929 J
9918 Sale 99%
9914 74
Convertible 4s
1936 M
9413 Sale 9412
943
8
4
20
-year cony 432s
1933 M S 995 Sale 99%
8
99%
1
30
-year coil tr 58
1946 J
10112 Sale 101
10314 37
Registered
D
35-yr s I deb 5s
1960
J 10112 Sale 1011
103
236
20
-year s f 5 ha
1943 M N 1043 Sale 10412 10512 152
4
Am Type Pound deb.)!
1940 A 0 105 Sale 1041.5
105
5
Am Wat Wks & El col tr5a- 1934 A 0 98 Sale 98
984 31
Deb g fla ser A
1975 M N 1013 Sale 101
4
10318 23
Am Writ Pap ist g 60
1947.1 J 82
8312 82%
83
3
Anaconda Cop Min tat66-1953 F A 1033 Sale 1033
4
4 10414 237
Registered
10414 Oct'28
15
-year cony deb 7s
1938 F A 245 Sale 227
258
155
Registered
_ 200
Andes Cop Min cony deb 76_1943 J .1
235 Dec'28
Anglo-Chilean a f deb 75-.1945 M N -0/112 Sale 9712
.
981± 54
Antilla(Comp ABLE)710..- _1939 J J 72 Bale 6518
7214 13
Ark & Mom Bridge & Ter 56_1984 M
1017 10312 Mar'29
Armour & Co tat 43'(a
1939.1 13 91 Sale 91
91% 44
Armour & Coot Del 5396__1943 .1 .1 9114 Sale 903
9112 108
8
Associated 0116% gold notes 1935 M S 1015 10223 10128 1023
9
4
Atlanta Ga 1. tat 5a
1947.1 13 10134
_ 10312 Dec'28
Atlantic Fruit 76 ctts dep._1934 J D
1223 ____ 15 Nov'28
D
At8t.amped Ws of deposit
1258 _ _ 15 July'28
Atl Gulf& W I 88 L col tr 513_1959 1 .1 7023 Sale 7018
7114 23
Atlantic Refit deb 58
1937 J
100 Sale 100
1007
s 14
Baldw Loco Works tat 5s.._1940 M N
... 10612 Mar'29
_
Baragua (Comp Az) 7 Sea_ _ _ 1937 .1 .1 10612-94
96
9512
3
9512
Barnsdall Corp 63 with warr.1940 .1 D
136
Jan'29
Deb 6a(without warrant).1940 J D
99% Feb'29
Batavia° Pete eon deb 4)28_1942
J -51 4 Filde 9012
.
7 - 9112 54
Belding-Hemingway Es
1936
J 90% Sale 9
9014
014
5
Bell TON)of Pa 58 series B__1948
.1 104 Sale
104
27
1st & ref 58 series C
1960 A 0 104 Sale 104
10518 46
Berlin City Elec Co deb 614s 1951.1 D 9178 Sale 91
9211 62
Berlin Elec El & Undg 630_1958 A 0 8912 Sale 89
92
14
Beth Steel 1st & ref 58 guar A '42 M N 10114 Sale 10114
10314 23
30-yr p & imp a f
_ _1936 J J 101 Sale 99% 101
71
Cone 30
-year 69 series A._1948 F A 104 Sale 10212 1043 105
4
Cons 30-year 5 tea ser B
1953 F A 10112 Sale 1003
4 10128 65
Bing & Bing deb 610
1950 M S 94 Sale 94
95
31
Botany Cons Mluia614a
1934 A 0 6913 Sale 69
70
28
Bowman-111R Hotels la
1934 M 8 98 Sale 98
99% 17
B'way & 7th Av tat cons 5s 1943 .1 D 73
7514 7312
74%
8
Brooklyn City RR lot fs___ _1941 J J 65
75 88 Mar'29
__
liklyn Edison Inc gen 56 A. 1949
J 1023 Sale 10212 10312 56
4
Registered
.1
10528 Dec'28 _
General 69 series 13
1930.1 J 100 Sale 100
10014
8
isklyn-Man It T sec 68
1968.1 1 94 Bale 94
9612 190
Bklyn Qu Co & Sub COO gtd '41 MN 62
70
7812
7812
5
1st 58 stamped
1941 J
74% 7818 83
Jan'29 _ _ _
Brooklyn R Tr let cony g 48.2002 J
8814 Nov'27
3-yr 7% secured notes__ I92 I .1 .1
13614 Nov'27
_
tiklyn Un Ni 1st g 4-58
1950 F A 86 Sale 851.
89
48
Stamped guar 4-5s
1950 F A 87 2 Bale 8714
,
893
4 22
ilkiyu un Gas 1st cons g 58_1945 M N 103 Sale 103
103
12
1st lien & ref Os series A _ _ 1947 M N 115 120 1161: 11623
3
Cony deb 51111
1936.1 .1 350 350 35412 Mar'29
Buff & Sum. Iron let at 5s
5
1932 1 D
941
Rush Terminal let 48
1952 A 0 -873 87%
4
8714
2
Conaol 5a
1955.1 J iire ewe 97
9712
4
Bush Term Bides 56 go tax-ex '60 A 0 102 Sale 100% 102
9
By-Prod Coke 1st 514s A...1945 M N 100 Sale 100
10023 11
Cal G & E Corp unit & ref5s.1937 M N 9912 Sale 9914
101
6
Cal Petroleum cony debs f 58 1939 F A 9512 96% 9 4
53
9711 17
Cony deb f 5 JO
1938 MN 100 Sale 99 4 10012 42
3
Camaguey Sus Mal g 7a
1942 A 0 93 Sale 92
93
la
Canada 88 L lat & gen 113_1941 A 0 97
9918 98% Mar'29
D 10212 10312 10212 103
Cent Dist Tel tat 30-yr 59_ 1943._
8
Cent Foundry tat a f Cs May 1931 F A --- 98% 98% Feb'29
Central Steel 1st g f 88
1941 MN i2218 12312 122
12312
8
Certain-teed Prod 5316 A
Sale 69
1948 M
6718
7112 48
Cespedes Sugar Co 1st f 73411'39 M
96 105
96
97
8
Chic City & Conn Rya 5aJan 1927 A 0 713 7314 71%
4
717
8
2
10012 101 10012 101
ChO LA Coke lat gu g be_ __1937 J
9
1927 F A , 80 Sale 79
Chicago Rya tat 56
8018 55
1947.1 .1 95 Sale 94
Chile Copper Co deb be
9614 82
CinG&E lstM 4sA
1988 A 0 863 Sale 86%
4
87
17
Clearfield Bit Coal let U....1940
J
90 Dec'28
- 75
1938 F A ioi sale 105
Colon 011 cony deb Os
107% 57
1943.1 J 9712 9812 9712
Colo F & I Co gen s 55
9812 19
Col Indus tat & coil 56 go-- 1934 F A 94 Bale 94
9412 18
1952 M N 99 Bale 9714
Columbia G & E deb 55
99
77
1932 .1 .1 96
Columbus Gas tat gold 5s
98% 97% Mar'29
Columbus Ry PAL let 434o 1957 J J 91
92
93 Mar'29
Commercial Cable 1st g 46-2397 Q J 8714
_ 8712 Feb'29
Commercial Credit a 166
1934 M N 9612 97
97
97
5
1935.1 .1 92
Col tr a f 53S% notes
93 93
9412
9
94 Sale 94
Comm'l Invest Tr deb 66____1948 M
95
50
1949 F A 99 Sale 97
deb 539a
Cone
10518 2174
Computing-Tab-Roc a I 66 1941 J 1 104% 105 105 Mar'29
Conn Ry & I. let & ref g 432s 1951.1 J 9512 9812 9612 Mar'29
1951.1 .1 9512 96
Stamped guar 4146
9614 Mar'29
Consol Agricul Loan 6118 1958 J D 84 Sale 84
86
99
Consolidated Hydro Elm Works
8
4
953
4
of Upper Wuertemberg 76_1956 J .1 9412 953 953
3
70
Cons Coal ofMd 1st & ref 56_1950 J D 68% Sale 68%
27
4
4 106
Consol Gas(N Y)deb 512s _ _1945 F A 1043 Sale 1043
125
Consumers Gas of Chic gu 56 1936 J D 10012 10212 1003
4 1003
4
2
Consumers Power tat 5a____1952 M N 102 Sale 102
10212 20
19463 D 9112 96
91
Container Corp tat 65
9218 18
1943 J D 87
8712 89
89
15-yr deb 58 with warr
11
97 Mar'29
Coot Pap & Bag Mille 630-1944 F A 9912 102
9912 Mar'29
Copenhagen Telep ext6s _ _ _1950 A 0 101 103
101
Corn Prod Relit let 25-yr s f bs'34 M N 101 Sale 101
1
1947'J D 9711 Sale 971z
98%
Crown Cork & Seal 6 f fls
8
1951 .1 J 100% Sale 1003
8 101
29
Crown-Willamette Pap 6s
2063
r. •
Range
Since
Jan.1.
BONDS
N. V. STOCK EXCHANGE
Week Ended Mar. 29.
Price
Thursday,
Mar. 28.
Week's
Range or
Lau Sale.
CC c%
Range
Since
Jan,1.
Low
High
Bid
Ask Low
High No Low
High
Cuba Cane Sugar cony 76___1930
65% 74
J 6512 Sale 6512
68
29
65% 791
8
10058 100%
Cone deben stamped 8%.1930 J
6618 667 65
8
7018 79
65
80
Cuban Am Sugar 1st coil 8a..1931 M 8 10012 Sale 100
101
30
9912 10384
-iiig 841; Cuban Dom Bug tat 7328-1944 MN 903 Sale 9023
4
91
28
8812 97 2
7
87% 91% Cumb T & T 1st & gen 5s__1937 J J 101% 1023 10112 10112 28 10112 103
4
Cuyamel Fruit 1st 8 f 6s A _ _19401 A 0 99
9912 9912
4
9912
9914 102
Denver Cons'rramw tat 513_ _1933 A 0 ---- --- 76 Dec'27 --- _
9812
Den Gas & E L 1st & ref f g 5.0513111 N 9812 Sale 97
3 67- -101 1951M N 961
Stamped as to Pa tax
110 120
397
98
20
97 101
8314 88 4 Dery Corp(DC) 1st f 7a 1942 M S 65 - 1 6912 Feb'29 __ _ _
3
71 4
6012 73
-Second stamped
94
98
65
673 62 Mar'29 _ _ _ _
8
62
70
102 10412 Detroit Edison 1st coil tr 55_1933
J 100% Sale 10018 101
12 100 102
1st & ref 56 series A_July 1940 M S 1027 Sale 10214 102%
4
4
8
5 10114 104 4
4
8
Gen & ref 5a series A
8
4 10212 23 10014 10414
10123 Bale 1003
lat & ref 66 series B__July 1945 18 :El 10612 Bale 1057
957 983
8
1950
9:
49
4
8 10814 17 105 4 1083
3
1
98% 11012
Gen & ref baser B
101 Sale 101
1013
4 11 10014 104%
97 101
Series C
103
1013 103 103
4
2 103 10111
2
Det United Ist cons g 4M-1193622F A 9612 Sale 9612
9312 96
963
4 20
9 J3
9612 OS
104 10612 Dodge Bros deb lis
1940 M N 9912 Sale 97
100
301
97 10411
80
89% Dold (Jacob) Pack 1st 65._ 1942 M N 8716 Sale 8712
9
88
864s 88
9512 99
Dominion Iron & Steel 58-1939 M
90
99 97 Dec'28 --98
Donner Steel tat ref 78
99
10012 Sale 10012 10012 10 684411f'
93% 9612 Duke-Price Pow tat Ca ser A'62 2 N 104 Sale 10312 104
194 M j
6
43 103 10512
90
9212 Duquesne Light 1st 434a A._1967 A 0 98 Sale 98
99
91
98 100%
101 111
M S 81 Sale 81
East Cuba Bug 15-yr s f g 7326'37
8114 15
81
97
103% 104
Ed El III Ran tat con g 48_1 9 . 1 94% 96
93 J .1
96 Mar'29
9 1
5
96
11 904
11
Ed Eiec Iii 1st cons g As
____ 110
1
110
109
te 11072
95
96% Elec Pow Corp (Germany)6396'60 M
92
1
92 Sale 92
9112 98
100 102
Elk Horn Coal 1st & ref 610.1931 J
923
4
1
4
923 Sale 9234
DO
9612
I01, 1047
8
Deb 7% note8(with warrta)'31 J
8
79 Mar'29
77% 80
78
811s
9918 99% &quit Gas Light tat con 5s_ _1932 M
2
99%
83
9914
994 1001s
917 9712 Federal Light & Tr 1st 5.6_1942 M
e
9312 25
-9212 Sale 9212
9214 9634
(19 101
1st lien e f 5s stamped_ __ _1942 M
97
1
9214 9423 97
93 8 97
7
101 1047
8
1st lieu (is stamped
4 10112 104
1027
1942 M
102 103 102
s
19643
101 101
30
-year deb (is ser 13
Mar'29
___ 97 102
97% 102
10114 105% Federated Metals s f 78
23 102 105
1939
10212 Sale 10212 104
10412 1073 Fiat deb 7s (with warr)
8 140 171
1946
141
4
138 145 140
104% 10514
Without stock purch warrants. --- 9512 Sale 9484
96
35
9412 103
9718 99% Fisk Rubber 1st a f 88.___ _1941 M
1123
4 37 111 11472
111 Sale 111
101 105% Frameric Ind & Deb 20-yr 734s' 3
1025* Sale 10238 104% 16 102% 10612
42
81
8512 Francisco Sugar 1sts f 7 AS- - 19 55 N 10012 10112 103 Mar'29 ___ _ 103 109
42
103% 1053 French Nat Mall 88 Lines 7s 1949 J D 1003 Bale 1003
4
4 10114 28 10114 10214
4
Gas& El of Berg Co CODS g 56 1949 J D 106 Sale 106
106
1 106 106
1939 A 0 105 Sale 104
iii" 268 Gen Asphalt cone 613
105
70 103 10911
196 200
Gen Cable 1st 015140 A._..19473.1 9914 Sale 9812
9923 60
98 100
Gen Electric deb g 319a
933 ____ 100 Feb'29 ___ _
4
94% 96
1- O Gen Elec(Germany)7s Jan 1-'453
0
2
15
11 17 100 10414
10114 Bale 10012 1017
_1940 J D 115 Sale 115
65 3 797
3
St deb6 Hs with Warr_ ...
11118 123
10112 10313
5
194 01 N
Without warr'ta attacli'd' 0 1 D 90
10
9814
99
99
9712 9914
90
9278
20-year f deb (la
89 14 15
87 Sale 89
89
9412
90% 9212 Gen Mot Accept deb 68
1937 F A 10112 Sale 10014 1015 115 10014 1.0384
8
1013 10318 Gent Petrol 1st f 56
8
1940 F A 99 4 101
4 101 I 10
3
993
993 102
4
Gen Refr ist ( ser A
1962 F
106% 107
10 103% 107
68
107 10712
Good Hope Steel & I sec 7s_ _
1 97 Sale 95
1
987
8, 16
95 1007s
4
107 Sale 1063
10634 10814
Goodrich(Br)Co 1st634s_ _1947 J
"ii- 77 Goodyear Tire & Rub 1st 53.1957 M X 91 Sale 91
91
9371
100 10212 Gotham Silk Hosiery deb 68_1936. D 993 Sale 9912 18° 1'4 143
1
%
1
9 22 83°
99% 100
4
106 107
69 1
Gould Coupler 1st 816s
2
1941)
68% 69
65
73
9512 99
9712 20
Gt Cons El Power (Japan)78_ 1944
97 Sale 9612
9612 9912
129'8 142
1st & gen s f 6318
19503 J 9214 Sale 9112
923
4' 18
9112 95
12
98% 100
M N 10612 10714 107
Great Falls Power tat at 55.-1940
3 104% 107
107
9012 9312 Gulf States Steel deb 5 395
1942 J D 963 Sale 963
9814 13
4
4
96
99
8912 92
1952 J
Hackensack Water tat 4s
87 Mar'29 _ _ _ _
87
87
8711
103 10512 Hartford St ity 1st 4s
9614 98 9618 Nov'28
104 108,4 Havana Elec console5a
1952 F
193(1
5014 -If.83 8014 Mar'29 ___ _
81
91
95
Deb 581s series of 1926-.1951 M S 6512 Sale 6312
6512, 43
59
6512
94
89
Hoe(R)& Co 1st 6348 ser A _1934 A 0 89 Sale 86
89 I
5
85
89
100% 104
Holland-Amer Line 68(fiat). 1947 M N 103 10314 1025* Mar'29
102% 103%
3
99% 102
22
79
Hudson Coal 1st a f baser A 19623 D 77 Sale 77
7412 83
102% 10514 [Judson Co Gas 1st g 56
1940 MM 100 10212 102
10212 12 102 14/5
100 4 104
3
J 1007 Sale 10012 101 1 87 10014 102%
Hurtb eold 54 Refining 5348_1932
D big Oil &
8
94 100
1037 A 0 997 Sale 99114 100
103
91112 10112
e
7414 Illinois Bell Telephone 58-1956 J D 1027 Sale 102
69
103
g
49 10118 1047
2
98 100
Illinois Steel deb 4315
9914 17
9614 Sale 96%
9312 9914
724 7718 Raeder Steel coro a 78
103 103 Mar'29 ___ _ 103 10312
15 F
6
:
88
9212
8414 42
8314
tg 68
M e 8414 Sale
83% 9214
10212 10512 Indiana Limestone lataf6s.194l M N 91 Sale 91
91% 16
90
92
Ind Nat Gas & 0115s
4 10
1004 Sale 10034 1003
9712 1003
4
100 103
10212 22 10112 105
Indiana Steel tat 5s
193 rdN 102 Sale 102
95 M N
!
94
983 Ingersoll-Rand 1st 59 Dec 31 1935 J J
4
102 Sept'28 _ __ _ 63
7812 Inland Steel let 434a
A 0 9112 Sate 91 •
9112 18, 93 4 93
3
80
83
1/.9P111111011 C011 Copper 634a 119931 M 8 101 102 101
1
101141 16 101 10212
78
7514 96
Interboro Rap Tran let 58._1966 3
73% 79%
75% Sale 7312
.1
7514 154
Stamped
73% 7912
7514 Sale 7312
-852 - 12
12
Registered
78
76 Mar'29 _ _ _ _
76%
87% 93
-year 65
1
78
10
76
76 Sale 76
84
103 10614
5
9
0
9612 09%
93
0
61
9734 Sale 9 : 9734 70
903497
9
0
10-year cony 7% notes
11612 118
hit Aerie Corp tat 20-yr 55.. 932
90 4 95
3
N
35412 400
Stamped extended to 1942_ . M N 778 8014 79 Mar'29
77% 81%
94% 96
Int Cement cony deb 5&._1948 M N 1053 Sale 102
10714 222 102 11812
8
8714 88
Internet Match deb 5a
1947 MN 9512 Sale 9334
9513 94
93% 99
9612 993 'Inter Mercan Marine s f 68_1945 m 0 101 Bale 101
4
10114 18
195 1 A 8
99% 102
100 104% International Paper 5s ser A _1947
te
941
16
93
J 93 Sale 93
965
)
100 102
Ref s 63 ser A
95
67
93
933 Sale 93
4
97
9914 103
Int Telep & Telee deb g 432a 1952.1
94
112
9318 Sale 93
92% 95%
9634 102
Cony deb 41.26
1939.1 J 13012 Sale 11512 131 11418 109% 131
99% 1031 Kansas City Pow & Lt 56_952 i S 101% Bale 10118 1017
.
M j
a 51 10118 105%
90
1st gold 434s series B
97%
98
3
1957
98 100%
99 , 98
98% 101% Kansas Gas & Electric 6s_ _ _1952 M S 1033 Sale 10314 104
36 103 106
4
10214 10 '4 Kayser (Julius) & Co deb 530'47 M 8 92
4
Jan'29
9212 132
128 141
9612 9812 Keith (B F) Corp 1st Os
5
93
9212 97
M S 93 Sale . 9212
122 12412 Kelly-Springt Tire 8% noteslO3l M N 110 Sale 110
15 110 110%
110
68
83
Kendall Co 534s with warr_19481M S 92
9512 33
9312 96%
94
931
95
99
Keystone reiep Co let 5s
.1 .1 - .._ : 9 .14 10314 N0028
1935
7,
..3. 92 2 1 '24
:
65
69
Kings County El & p g 58
1937,A 0
99 A
7
1 -i02f4 lose
10011 103
Purchase money 6s
12814 130
12814 _ __ 12814 Mar'29
7712 83
Kings County Kiev 1st g 48-1949 F A 81
80
85
i5 85 Mar'29 _ _
9312 96%
A
j _ __ 8014 80
Stamped guar 48
81
1949
79% 82
u_ 1954
86
8914 Kings County Lighting
j0412
-_ 10412 Mar'29 391 10412 1051
4
First & ref6146
19543
21 11514 11614
11514 -ioi- 11923 Kinney(GR)& Co 731% notes'36,3 D 10678 120 11514 11514 10 10513 10712
107
Sale 10614
9711 9912 Kresge Found'a coil tr 68_ _.1936 J D 1013 Sale 1013
16 101% 104
8 102
94
987 Kreuger at Toll tie with war.1959 M S 9818 Sale 98
8
981 1520
98
99
97% 100
Lackwanna Steel tat 55 A _ 1950 M
5
991
4
99 10212
983 99 9912
97
993 Lace'Gas 01St L ref&ext 58_1934 A 0 101 Sale 10014 101
4
8
9812 1017
s
914 93
4
12
Col & ref 51413 series C._ _1953 F A 102 Sale 10178 1023
42 1017 10511
8
8712 8712
Lehi C & Nav s f 410 A_1954
.1 933 94% 95 Mar'29
95
99 4
1
97
9912 Lehigh Valley Coal let g 58_ _1933 .1 .1 99 100
8
987 Mar'29
983 1101
4
93
9834
.1 J
Registered
100
Oct'28
94
0812
1st 40-yr gu Int red to 4%_1933 J .1 9212 9313 97
Oct'28I _ _
97 10518
Iet&retaf5s
1934 F A 101
_
101 Mar'29 _
"ioi" 161-104% 106
1st & ref s f 5a
1954 FA
9 F A
44
818 9112 Mar'29
7__
Vile 93%
9614 09
1st & ref f 56
92
92 Feb'29
-91
917 93
s
12
96% 99
F A
NI s
lat&refaf
90
94 Nov'28 _ -84
8712
F A
lat &ref sf 5s
877 88 Mar'29
8
--88
961.
589
Lex Ave ds P F 1st fru g 5a _ _1119976344
9
3714 May'28 _
94% 97% Liggett & Myers Tobacco 78_1944 A 0 1l81s Sate 118
1181s 15 118 1211;
6518 73%
51.
103 Sale 101
103
6
99 103
1043 1063 Liquid Carbonic Corp 68-- -iti ;
4
4
9
117 Dec'28
100 4 1015 Loew's Inc debar) with warr_1941 A 0 11012 Sale 11013 113
3
8
79
loC2- -12 1;
3
101% 104
Without stock pur warranta_ A 0 97 Sale 97
9812 54
97 10012
91 10011 Lombard Elec lat 70 with war'623 D 973 Sale 973
4
4
99
11
97 4 102
1
85
9112
.1 D 9414 943 95
Without warrants
9511 24
4
90
9512
97
97
Lorillard (P) Co 76
1081z 1093 109
10918 17 109 113
4
12
99 10012
1944 A 0
_ 117 Apr'28
9914 103
A
19 1 F 5 81 Sale 80
85
10
80 -1172
9712 100
1937 J
Deb 514tertis
94Reg
85 4 Sale 84
3
87
331 86
8971
V9 1031 Louisville Gas & El(Ky)56.1952 M N 10013 Sale 10018 101
4
251 lows 104
Louisville Re let cons 55_ _19301.1 00
921 901 Feb'
.
en
III.
g
A
itt
ISE M
2064
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29,
New York Bond Record-Concluded-Page 6
`'"E
Price
Thursday,
Mar. 28.
Week's.;
5zi
Range or
Lass Sale.
Range
Since
Jars. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Mar. 29.
•
••
...a.
Price
Thursday,
Mar. 28.
Week',
Sanyo 22
Lan Sale.
11
High
Bid
Ask Low
Moe Ns
Bid
Ask Low
High No. Law
Pure Oil s f 531% notes
1937 F A 9734 Sale 9714
9812 57
Lower Austrian Hydro El Pow877 Purity Bakeries s f deb 58_ _ _1948 J J 9014 9012 918
8
lets:634s
1944 F A 8212 Sale 81
6
81
8212
0113
6
9914 Remington Arms 6s
1937 M N 9714 Sale 1 9714
98
98
5
McCrory Stores Corp deb 5lis'41 J D 9814 Sale 98
98% 41
94 10012 Rem Rand deb 5318 with war '47 M N 94 Sale 9312
94
81
Manat1 Sugar 1st of 73is. _ 1942 A 0 9438 Sale 94%
.
945
8 20
Repub 1 & S 10-30-yr 538 f _1940 A 0 101 Sale 101
65
68
101
4
Manhat Ry(NY)cons g 48_1990 A 0 65 Sale 65
663
4 45
60%
59
Ref & gen 5345 series A_ _1953 1 J 101 10212 101
26 48
102
30
2013.3 D 60
6312 60 Mar'29 ___
Manila Elec Ry & Lt of 53_1952 M S 1013 Sale 1013
102
5
97% 10412 Reineibe Union 7s with war.1946 J J 100 102 1102
4
4
1013
4
4
Without stk purch war___1946 1 J 9414 9512 9414
9514 11
Marlon Steam Shoves 1 6s 1947 A 0 93
9712 9913
95 98 Mar'29 ____
Rhine-Main-Danube 7a A _ _ _ 1900 M 5 95% 9512 100
100
1
Mfrs Tr Co etre of panto in
Rhine-Westphalia Elec Pow 78'00 M N 1007 Sale 100
8
10078 22
A I Namm & Son 1st 6s_ 1943._
2 102 105
s
D 1023 Sale 1023
8 1023e
9788
Direct mtge fie
1./52 M N 89 Sale 89
80
9012 20
Market St Ry 7s ser A April 1940 Q J 8812 Sale 873
54
4
90
9712
Cons m 6s of 1928
93
1963 F A 9312 Sale 9212
95
95
Meridional El let 7s
1957 A 0 9414 Sale 9414
19
95
4
993 103
Rims Steel 1st oils
1955 F A 9314 Sale 920
Metr Ed let & ref 55eer C...1953 J J 993 Sale 993
9314
8
4 16
4
4 1003
8014 Rochester Gas az El 7s ser B.1946 M 8 --------10712 10812
Metr West Side El(Chic)48.1938 F A 7212 74
6
74
72
72
3
Miag Mill Mach Ts with war-1956 J D
8
Gen mtge 5%s eeriest1_ _ 1948 M 5 __ 106 106
106
2
93 4 983
3
102
97 Mar'29 ___
9412
Gen mtge 434,series D___1977 M S 9914 102
99% Mar'29
0 Dec0
86
Without warrants
J D 87
6
8912
89
87
104 10514 RothRo & Pitts C & 1 pm 58....1946 M N
Mid-Cont Petrol let 6 Ms_ _ _ 1940 M S 9712 977 105 Feb'29 4
_ 96
Midvale Steel az0cony 8 f 5s_ 1936 M 8 98 Sale 97
97 10018 St Jos Ry Lt & Pr 1st 58_ _ _ _ 1937 SIN 953
9812 75
8
.
.2
9712 991 St Joseph 81k Yds 1st 4 148_ _1930 J J --------99 Feb629 __-1
Milw El Ry & Lt ref &eia 4;0'3 I 1 J 9734 9812 97 4
_
9814 15
St L Rock Mt& P 538010_1955 J J ____ 737 743 Mar'29
8
General az ref Se series A_ _1951 J D 9812 101 100
2 100 103
100
4
Set & ref Ss series B
973 10114 St Paul City Cable cons 58_ _1937 1 J ____ 9714 92
1961 J D 9814 Sale 973
Jan'29 --9812 85
4
San Antonio Pub Serv ist 68_1952 J J 102 Sale 10112 103
9912 104
12
Montana Power lot 56 A....1943 J 1 100 Sale 9912 100
20
Saxon Pub Who(Germany) 7e'45 F A 97 Sale 9612
97 101
987
20
Deb 5e series A
1962 J D 973 Sale 9712
4
99
17
Gen ref guar 13118
1951 MN 9212 Sale 92
925
32
Montecatini Min dr Agile1946 1 J 10014 Sale 100
Schulco Co guar 6 JO
Deb 78 with warrants_ _ __ 1937 J J 1123 Sale 112
9
4
11612 11 112 127
1003
998
96
1946 A 0 993 Sale 99
93
8
J J 9412 Sale 9334
Guar s f 6.1113 series B
3
9412 29
Without warrants
963 993 Sharon Steel Hoop s f 5118_1948 M N 955 9634 9512
4
8
9512
5
Diontrealaram 1st & reffs_1941 J 1 95
97 97 Mar'29 ____
963 963 Shell Pipe Line e f deb 0s.--1952 M N 95 Sale 94
4
4
Gen & ref s 1 5a series A._1955 A 0
95
36
9634 Mar'29 ____
97
9814 Shell Union 011 s f deb 5s.„1947 M N 9412 Sale 943
1955 A 0 ____ 9714 97 Mar'29 _
4
953
8 85
Series B
8
867 8812 Shinyeteu El Pow 1st 6118_1952 J D 8112 843 85
4
Morris & Co let 8 f 4M
88
13
1939 J 1 8612 8712 87
873
4 17
8112 8112 Shubert Theatre 8s_June 15 1942 .1 D 84 Sale 82
85
15
Mortgage
-Bond Co 4s ser 2 196 A 0 75
8112 Jan'29 ____
80
6
19351 J 100 Bale 100
963 9711 Siemens & Halske a 178
4
10214 12
1932 J J 95
10 -year Os series 3
-25
9712 963 Mar'29
4
993 102
4
1951 M 5 104 Sale 10312 10414 106
1934 J D 993 101
Deb sf 63.4s
Murray Body let 630
8
4
9934 10012
8
S f 034s allot Ws 50% pd ,'51 M 5 968 9714 103 Mar'29 --._
5 10212 104
Mutual Fuel Gas let gll g 58_1947 51 N 102 1033 10212 10212
4
8
98
98
Mut Un Tel god 6s ext at 5% 1941 M N
Sierra & San Fran Power 58_1949 F A 968 Sale 965
97
10
98 Feb'29 __
s
973 85 Mar'29 --._
Silesia Elec Corp s f 6 M___ _1946 F A 97
Nam=(A I) & Sen-See Mfrs Tr
55
84
45
5718
58
Silesian-Am Exp coil tr 75.„1941 F A 97 Bale 97
Nassau Elec guar gold 4s___1951 J 1 5734 60
10114 10214 Simms Petrol 6% notes
1942 J R 10114 102 10114 Mar'29
1929 M N 102 10218 99 Feb97 _ 16
989 _ 02
's
22
9
Nat Acme 1st a fee
9334 977 Sinclair CC/0901115-year 78._1937 M 8 10212 Sale 0112 10212 99
8
Nat Dairy Prod deb mis._1948 F A 9412 Sale 9334
95 225
101 101
Jan'29 __
Nat Etutta & Stamps lst 5s 1929 J D 101
1st lien coil(ieseries D
1930 M S 9812 Sale 9812
_- 101
9878 65
7012 8214
19
let lien 6lis series D
1938 J D 99 Sale 99
Nat Radiator deb 6344
1947 F A 7012 Sale 7012
73
98
98
Jan'29 ____
8
98
SIncalir Crude 0115lie ser A_1938 J J 9512 Sale 947
96 , 30
NatStarch 20
-year deb 58_ _1930 J J 96 101
8
8
5 1001 1043 Sinclair Pipe Line s f 58
10114
1942 A 0 9312 Sale 93
9334 44
National Tube 1st s f 58._ _ _1952 M N 10114 102 10114
8
5 10012 10312 Skelly Oil deb 5348
1930 M S 925 Sale 9213
9313 30
Newark Como'Gas cons 58_1948 J D 10012 10312 10012 103
1043
2 27 104 107
Smith (A 0)Corp let 6148-1933 M N 101 10112
New England Tel & Tel 5s A 1952 J D 104 Sale 104
97 10014 South Porto Rico Sugar 7s_ _1941 J D 105 1053 12
1961 M N 97% Sale 97
9888 62
4
12 22
Istg4l4sserle B
,
1
913 98% South Bell Tel & Tel lets t 5s 1941 1 J 10112 1023 102
4
10212 12
9412 18
4
New Orl Pub Serv let bs A I952 A 0 9312 Sale 913
4
29
9014 9612 Southern Colo Power Os A 1947 J J 102 Sale 102
93
10212 19
First & ref 58 series B._ _1955 1 D 93 Sale 9014
8238
1
8
813 873 Sweet Bell Tel let & ref 58_1904 F A 1017 Sale 1017
4
__ 8334 823
4
8
10214 38
NY Dock 50
-year 1st g 4s_ _1951 F A
8
6
84% 90
1938 A 0 847 Sale 847
87
Serial5% notes
Spring Val Water let g 5+3_1943 M N 971/ 9912 9712 Mar'29 ---3
100
5
1930 MN 100 Sale 100
Y Edison 1st & ref 634s A.1941 A 0 11318 Sale 11318 11312 37 113 115 4 Standard Milling lot be
1945 M 8 102 10278 105
105
2
1st lien & ref Es series B_..1944 A 0 10234 Sale 10212 1023
4 27 10212 105
1st az ref 5145
10214 94
NY Gas El Lt H & Pr g 5s 1948 J D 10312 Sale 10312 10412 21 10312 10712 Stand 011 of NJ deb Es Dec 15'46 F A 101 Sale 101
D 96 Sale 95 4
0
96
31
.
Registered
- 110 Apr'28 ___
ii Stand 01101 N Y deb 4 As_.1951
9112
92
iii2 Purchase money gold 45_21949 F A 9112 93
2 "
97% 10
Stevens Hotel lst6oserlesA.1945J J 9712 Sale 9612
_ ___ Sugar Estates (Oriente) 75_1942 M S 92_7_ Sale 9188
102% Oct'27 _______
8
NYLE&WC&RR55111-1942 M N
-iii
A
120 % Nov3
01
-2
98
F D
228
'
2
_
NY LE& W Dock & Imp 5s 1943 1 J "iiii" 10 -- 98 Mar'29
Superior 011ist e f7s
-0512
1
107
1
NY&QE1L&P ling 58..1930 F A 98
9914 9914 Mar'29____
9914 100% Syracuse Lighting let g 58_1222
__ 107
19 1
5
06
56
10214
4
N Y Rya lst R E & ref 48_1942 .1 J
58 Jan'29 ____
l'enn Coal Iron & RR gen 58_1951 J .1 10214 Sale 102
58
56
56
1
56
Certificates of deposit
Tenn Cop az Chem deb 6s._ 1941 A 0 10812 Sale 10614 10688
3
33 10
8
28
8
1
2 8 234 Tennessee Elec Pow lot 68_1947 I D 105 Sale 105
3
234
-year adj Inc 5s_ _Jan 1942 A 0
10514 54
30
2 Sale
2
2
3
2
3 Third Ave lot ref 4e
11
Certificates of deposit
19601 J 60 Sale 5818
60
18
N Y Rya Corp Inc Os__ _Jan 1985 Aiii 21 Sale 1912
21
143
2412
Ad)Inc 58 tax-ex NY Jan 1960 A 0 583 Sale 55
4
583 150
4
84
1965 I 1 8312 .86
87
Prior lien 65series A
8412 Mar'29 _
95
11
Third Ave Ry lot g 59
19371 .1 914 9534 95
106 10512 Mar'29...,._ 10518 106
NY az Richm Gas 1st Cis A 195I M N
1950 M S 98 Sale 98
Toho Lies Pow let 75
98 3
4 14
N Y State Rye 1st cons 4M_1962 M N 43 Sale 42
447
47
42
54
6% gold notes__ __July 15 1929 J J 9912 Sale 9914
9934 54
1962 /41 N 55
60
lst cons6 As series B
57
70
571a
13
57
Tokyo Eiec Light Co, Ltd ._ - _
Y Steam 1st 25-yr 6s eer A 1947 M N 10514 Sale 10514 105 4 13 105 1073
1953 J D 9014 Sale 8914
4
1st 6s dollar series
3
9034 192
9814 101
N Y Telep let & gen 14;0_1939 M N 9814 Sale 9814
37
99% 25
Toledo Tr L & P01.4% notes 19301 J 9912 Bale 9914
997
8
-year deben s t es_ _Feb 1949 F A 11088 Sale 11012 11114 22 110 1113 Transcont Oil 6318 with war 19381 J 9014 Sale 96
30
9914 160
3
20
-year refunding gold 68_1941 A 0 1053 Sale 10534 10612 95 105 4 10812 Trenton 0 & El Iota 58-1949 M S 10112 10214 1043 June'28 --- 4
4
1946 J D 100 Sale 9912 100
9912 101
NY Trap Rock 1st 65
17
9712 13
Truax-Traer Coal cony 610.1943 MN 97
9712 97
8
10018
8 100 10288 Trumbull Steel let 8 1 6s
Niagara Falls Power 1st 58 1932 1 J 100 1017 00
8 103
22
1940 M N 10222 Sale 1023
Jan 1932 A 0 102 103 302 Mar'29 ____ 101 10318 Twenty-third St Sty ref 58_.1962 1 1 ..,... 65
Ret & gen 6s
58 Mar'29 ---.._.
Marc Lock &0Pr lot 5a A _ _1955 A 0 10112 102
4 14 10118 104% Tyrol Hydro-Elec Pow 730-1955 M N 93
0112 1015
987 98
8
98
7
Norddeutache Lloyd (Bremen)
1952 F A 8818 9012 9012
9012
1
Guar sees 178
1947 M N 9014 Sale 90
90
1946 M El _ 9_7_ _9_81! 9 34 1\1 ,
913
4 39
94
.
20
-years f 138
0 .
8
9
Uligawa El Pow 81 78
Nor Amer Cem deb 6lie A_ _1940 M $ 7012 Sale 7012
72
63
' _ _2_
2
70
80
28 _0
Undergr'd of London 4I1e_ .1933 J J
No Am Edison deb 5s ser A...1957 M 8 100 Bale 9938 100% 106
99 8 102
3
Union Eiec Lt & Pr(Mo)58_1932 M 5 100 10012 100 Mar'29 ---Deb 534s ser B__ _Aug 15 1963 F A 9934 Sale 9934 10014 142
100
99 1017
1933 MN 100 Sale 100
9
s
Ref & ext 5s
Nor Ohio Trac & Light Gs_ _1947 M S 10034 102 19012 10112 25 10012 10314 UnE L &P(III) lets5Meer A.154 I J 10014 10212 10018
101
14
8
89
1945 A 0 85
85 Mar'29
Nor States Pow 25-yr ds A _1941 A 0 1903 sale 9938 10034 06
983 1013 Union Elev fly (Chic) 58
4
4
7 104 10812 Union 011 lid lien s 1 56
1st & ret 5-yr 6s series IL _1941 A 0 104 Sale 104
105
1931 J J 10112 __ 10112 Mar'29
0 4
8
4
0
North W T let Id g 4;4s gtd_1934 .1 J 973 98% 9734 Feb'29 ____
973 105 4
4
6
0
3
30-yr 613 series A____May 1943 F A 19 :5 1-90874-3 197% Mar'29.....
89
9912 21
Norweg Hydro-El Nit 5;18_1957 M N 9038 Sale 8934
9012 39
Feb
9212
series C.
1st lien a t
9912
8
Ohio Public Service 7348 A _.1946 A 0 112 Sale 11012 11388 14 11011 11312 United
of Am deb 65_1942 M N 9912 Sale 987
1947 F A 11012 115 11034 1103
96
55
8
1st az ref 78 series B
1953 M 13 96 Sale 95
4
1 1097 11512 United D
r be
8312 12
1934 J J 8312 Sale 8312
Ohio River Edison 1st Os_._ _ 1948 1 1 10512 10612 10512 105 4 20 105 107
3
United Rys St L let g 4s
1944 F A 8912 Sale 8914
1937 M N 9812 Sale 9812
3
Old Ben Coal let 6s
9934
89% 13
89
91
United SS Co 15-yr Os
A
88
84
99 102
866
8 20
99
993
4 13
Ontario Power N F 151 56_1943 F
Un Steel Works Corp 8lis A _ 1951 J D 84
85
4
J D 85 Sale 84%
Ontario Transmission 1st 58_1945 M N ____ 10014 101 Mar'29 ____ 101 103
With stock pur warrants
S 9878 Sale 95
1903
86
4
974 17
95
99
Oriental Devel guar fle
without warrants_ J D 8512 Sale 85%
Sew
r
1
86
85 4 90
3
Esti deb 5348 tat ctta
1958 MN 87 Sale 861
867
s 31
Ste l1e hCw
p D w bacti
stcLirofur urarrants_ .1 D 88 Bale 86
91
9114 24
93
14 United
Oslo Gas & El Wks esti 5s_ _1983 M El 9114 Sale 91
108
15
1948
5345
Esch-Dudelange s f 7a____1951 A 0 106 Sale 08
---- ---- 100 Nov'28 ____ ---. ---_
90
21 100 10312 U S Rubber 1st& ref be ser A 1947.3 1 90 Sale 88
55
Otis Steel 1st M 68 ser A. _1941 M El 101 Sale 10013 101
99 10212
101
10012 75
75
Pacific Gas & El gen az ref 58 1942 J 1 100 Sale 99
10-yr 7)4% secured notes.1930 F A 10014 Bale 10014
4 10814 90
99 8 99
9814 10014 US Steel CorpICoupon Apr 1963 MN 1073 Sale 1073
4
,
99
10
Pao Pow & Lt 1st az ref 20-yr 58'30 F A 99
6j-107% Mar'29
1937 J J 100% 101 10011 101% 30 10012 10314
et 10-80-yr 581Regis_ _Apr 1963 MN
Pacific Tel & Tel 1st 58
4
4
4
8634
,
1
1952 M N 10112 Sale 10112 10218 29 10114 105 8 Universal Pipe az Rad deb (is 1938 J D -/10; - 3 863
Ref mtge 58 series A
9318 17
10512 184 10212 106
Utah Lt & Trac 1st az ref 5s...1944 A 0 93 Sale 9234
Pan-Amer P az T cony a f 88_1934 MN 10512 Sale 103
6 10234 1043 Utah Power & Lt let 58
4
4
1944 F A 9912 Sale 9914 Fei 93 _ ..48
92
. 4
1930 F A 1043 Sale 1043
4
4 1043
1st lien cony 10-yr 78
92
9718 Utica Eleo L & P 1st s f g 58.1950 J J 10214 ---- 04
951z 16
Pan-Am Pet Co(of Cal)conv 6840 J D 9512 Sale 94
4
10214 17 10012 10212 Utica Gas & Elec ref & ext 5s 19571 1 108[8 10848 923 Mar'29
Paramount-B'way let 534s_1951 J J 101 Sale 101
4
99 1003 Utilities Por a Light 5M_ 1947 J D 923 Sale 9212
4
69
100
Paramount-Fam's-Lasky 60_1947 J
9918 Sale 99
t l
i
1
91
91
9512 Vertientes
lot ref 7s 1942 J D 92% Bale 91
Park-Lox 1st leasehold 830_1953 .1 .1 91 Sale 91
3812 Mar'29......
19531 J 3112 39
2 102 105
103% 102
102
Pat & Passaic0& El cons 5a 1949 M
Victor Fuel 1 a f 58
79
74
8012 48
78
84
74
3
Va Iron Coal & Coke 1st g Es 1949 87 S 74
Paths Bach deb 78 with warr 1937 M N 7914 Sale 79
4
4
99
,
1941 M S 91 a Sale 91 8
92
13
91
9714 Va fly & Pow let & ref fs.._1934 I ./ 973 Sale 973
40
,
Penn-Dixie Cement68 A
997
23
Jan'29 ___ 11212 113
Walworth deb 63.45 (with war)'35 A 0 9812 Sale 97
Peon Gas & C 1st cone g 68 1943 A 0 11112 115 113
9112 10
4
10412 19 104 1053
let sink fund 13e series A-1945 A 0 90 Sale 90
Refunding gold 58
1947 M S 104 Sale 104
D 106 Sale 106
108
M$
10
__ 102 Nov'28 ___
Warner Sugar Refin let 78_1041
Registered
4
9712 71 -9Fi1 100
1939 i J ---- 8414 84 Mar'29......
4
4
Philadelphia Co sec 08 ser A.1967 J D 963 Sale 963
WarnerSugar Corp let 78
1 101
____01 Mar'29._.._
98 10012 Wash Water Power a f 5s._ _ _1939
1967 M N 9812 Sale 98
98 12 22
PhllaElecColst44s
0353 10512
9312 61
897 94
g
7
Phi% & Reading C & I ref 58_1973 J J 93 Sale 9278
Weatchee Ltg g asstmed gtd 19501 D 10312 __
101
91
35
8912 94
West Penn Power ser A 5e 1946 M 8 101 Sale 101
Phillips Petrol deb 5118
19391 D 90 4 Sale 90
3
1963 rd s 10218 10314 017
8 10218 11
Pierce-Arrow Mot Car deb 881943 M
10618 10612 0818 1061a
6 10618 10712
let 58 series E
1 106 107
1953 A 0 12 4 s 5
3 10ie LT: 1:5
a
let 511e series F
14
Pierce 011 deb 518sDeo 15 1931 J D 106 107 106
106
7 102 105
1958
1,
104
1st sec 5e series G__4.
3
20
Pillsbury Fl Mills 20-yr 88....1943 A 0 102 Sale 02
33 119 15412 West Va C &C lot 6s
Pirelli Co(Italy) cony 75_ __ _1952 M N 125 Sale 12511 128
""A 0
26
1944
9412 95
Pocah Con Collieries 1st a t 581957 J .1 9412 ____ 94% Mar'29 ____
Western Electric deb 5s
J
10312 13
4
1 104 1053 Western Union cell tr cur 08.1938
Port Arthur Can & Dk Os A_1953 F A 97 10512 10434 104%
1950 MN 94% Sale SP
3
,
9512
let Id 6e series B
,
Fund & real eat g 411e
2
1953 F A 97 10414 105 3 Mar'29 ___ 103 4 105 8
1936 F A 10712 Sale 07
1087
8 22
101
7 100 10314
15
Portland Elec Pow let68 B 1947 M N 101 Sale 100
-year 63.28
193.1__e_ 00
D _10_1_ .
1951
25
0114 31
100 Mar'29 ___ 100 102
-year gold 56
Portland Gen Elec 1st 58
1935 J J
96
104388 Feb'29
4
99
9612 Mar'29 ____
Weat'h'se E & M 20-yr g M 1946 M 5
Portland By 1st dc ref.58_ -1930 M N 963 97
8
96
9914 Westphalia Un El Pow 68_1953 J J 8314 Sale "l314
8412 55
Portland By L & P 1st ref 58_1942 F A 9612 9812 9712 Mar'29 __
4 100 10212 Wheeling Steel Corp 1st 534s 1948 1 1 9912 Sale 4912
100
lst lien & ref Os series B_ 1947 MN 100 101 100
107
6 107 10718 White Eagle Oil& Ref deb 5M'37
1st lien & ref 7345 series A_1948 MN 107 10718 107
1
7
With stock purch warrants__ M 8 100 818
;; 1::
2
9
1023 101 100 107
4
Porto Rican Am Tob conv6s1942 J J 107 Sale 100
95
89
White Sew Mach 88(with war)'38 J J ---99
J 10112 Sale 89
90
Postal Teleg & Cable roll 5s..1953
9478 95
21
9334 99
7
Without warrants
1 J 90 Sale 95
97
953
4 12
Pressed Steel Car cony g 5a 1933 J
2
96 --10
Parties 1 deb Os
1940 M N 94% Sale 9518
____ Ill Mar'29 ___ Ill 111
Prod & Eels 18s(with war)_1931 1 D 111
44
1 10913 11218 Wickwire Spen St'l let 78-1935 J J 42 Sale 42
Without warrants attached--- J D ____ 1103 10912 10912
4
417
45
6
1814 76 172 20814 Wickwire Sp SO Co 7s_Jan 1935 MN 4118 42
Pub Sexy Corp NJ deb 4%9_1948 F A1814 Sale 172
3
7
Pub Serv El & Gas 1st dc ref 58'60 J D 10212 Sale 1014 10212 11 101 10512 Willye-Overiand of 6548-__1933 M 5 101% Sale 10112 102
101
9718 991 Wilson & Co 1st 25-yr s f 6e_ _1941 A 0 100 Sale 100
57
1st & ref 434s
9818 14
1967 J D 973 Sale 97%
4
as
76
Punta Alegre Sugar deb 78_1937 J J 78 Sale 76
Winchester Repeat Arma 711e'41 A 0 10712 sale um 7812 27
1 1
Youngstw
Sheet Az Tube 581978 J J 9934 Sale 994 8.% 1:
SR 11
1 .78 .2.9. 01% 124 41
,g711 103„
ii 12,14 Feb'29...
•
Mag.
Since
Jan. 1.
Low
High
963 1001
4
4
91
95
9714 101
9312 951s
101 103%
101 103%
102 10412
94
98
100 102%
100 102
8712 9348
90
98%
91
96
10713 110
106 107
9912 1001e
"
iiis 9814
99
99
74% 77
92 92
10112 105
9612 10018
92
9444
99% 101
9814 101
9412 9T12
94
97
943 987
4
8
94
85
82
91%
100 105
102 108
101 106
96% 101
85
89
97
99
99 100
10111 10312
98 2 100
,
99 101%
94% 97 4
,
93
95
92
9334
10118 102 8
,
102 107
102 10414
101% 104%
10112 10514
9712 97
12
993 10114
8
102 105
101 103 4
1
8518 98
9812 100
90
98
105
101%
104
100
5818
55
94%
98
98
12
107
10311
114
107
88
OA
9714
99%
99 4
3
8914 9113
Wks laP11
98 1E618
97
102
58
98
90
98
fat;
1034
62
991a
92
12
100
100 foiTs;
100 101%
10018 104
83
8712
10112 101%
108% 109%
97 101 •
,
98 10014
9412 97
14
82
8418
977g 100
84
90
1s
844 92
8
8512 901
4
88
89 4
1
103 108
88
9/
24
10014 102 8
1
107 10918
10718 10718
85 4 90
3
92% 9812
99 101
104 10411
4
10434 107
9212 98
9018 974
347 40
s
74
82
97% 10012
91 103
88
93
108 107
8318 8544
100 10248
1023 10 /
8 58
1003 104
4
10172 105
10312 105
14
10153 104 4
3
25
831
4
10134 1083
4
10214 1044
95
092
.4
107 111
100% 103%
10414 105
8212 90
99% 102
9914
125
94%
95%
42
41%
101
100
107%
9914
105 8
7
130
9912
10012
5012
50
102%
10318
108
101
MAR. 30 1929.]
FINANCIAL CHRONICLE
2065
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
Boston Stock Exchange March 23 to March 28, both inclusive (Friday, March 29, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
7'hurs.
Sales
Last Week's Range for
Sale
of Prices.
Wee/c.
Par. Price. Low. High. Shares.
Railroad-'
100
Boston & Albany
100
Boston Elevated
100
let preferred
100
26 preferred
Bordon h Maine
Ser A 1st nref unated_100
Ser B 1st pf unatpd_100
Ser C lot pf unstpd_ 100
100
Preferred stud
Ser A let ofd start _ _ 104.
Ser"B" 1st pfdstpd__100
Bee C let peel atpd__ Ion
Ser D let prof stPd---100
lain Maw Si ity Ca__ 100
100
lot preferred
Preferred 11
100
100
Aelluatment
100
Maine Central
N Y N H & Ilartfori___100
50
Pennsylvania RR
100
Vermont & Mass
176
8256 824
110
110
101
100
177
84
112
102
714
714 72
11156 11156
93
98
89
89
75
75
76
116
116 118
101
101 105
148 148
20% 2256
65
65
63
63
50
51
70
72
88;5 824 88%
7555 724 865(
1164 11655
103 1744 Mar 182
195 824 Mar 88%
24 110
Jan 114
Mar 108
197 100
Jan
Jan
Jan
Jan
150
25
28
13
145
10
149
11
150
10
50
330
71
1,515
1,113
45
7151
11155
98
86
75
116
101
148
204
65
62
60
62
824
724
115
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Mar
94
113
152
90
814
129
ill
160
2555
72
70
5655
76
98%
824
121
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Feb
1,722
85
40
10
50
1.161
370
425
290
3,909
1,160
300
10
496
110
3.365
442
1.465
1.890
75
15
500
1.747
699
49
180
600
511
3,434
25
30
110
105
18
81
40
2356
16
72%
256
1655
45
193
1655
96
10055
924
72
6455
105
41
1351
1056
4
255
99
455(
90
12
2255
280
3955
21
15
6
16
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jail
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
2255
70
4355
29
20
75
355
23%
50
22251
24
1035.5
104
94
764
8855
120
47%
15%
13
638
331
10851
48
1024
17
27
351
494
27
19
855
17
Mar
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Niar
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
t-rci
DO
0.,i4..,i
.6,4-7-; ..7 .
Cl
a...z.5.4
Cl
000 goop0000
000 00000000
... 14,,,,,.0.0.N
50c. Mar
2
Feb
534 Jan
.34
25c. Jan
1
Jan
3 4 Mar
3
3955 39
Abbott Laboratory
4155
25 8955 88
4 413e Steel Co
,
90
•
38
Adams (J 13) Mfg corn
38
Adams Royalty Co com_ •
1751 18
Ainsworth Mfg Corp com10 3855 35
3834
144 1655
411-Amer Mohawk "A"__6 15
2956 40
Allied Motor Ind Inc com_• 37
594 6756
Allied Products "A"----• 63
•
Altorfer Bros, con aid_
4155 4155
42
American Colortype corn....
44
81
79
Amer Corn Ale Corp corn.*
Amer Commw Pow "A"." 2655 25
2834
• 28
28
30
Class"B"
94 10
Warrants
Amer Pub Serv pref. _100
101 10155
Amer Pub Util Co
100
Prior preferred
9238 93
Amer Radio & Tel St Corp. 2234 1855 2234
1456 144
American Service Co,core• 1456
Am States Pub Ser A com_• 27
2655 27
Amer Yvette Co Inc corn • 2155 21
214
• 2835 28
Preferred
2855
art Metal %VIM Inc
Common
• 43
3735 46
Assoc Appar Ind Inc corn.• 48
4535 4934
50
Assoc Investment Co....' 52
5354
• 28
Assoc Tel Util Co corn
27
2955
• 50
Atlas Stores Corp corn
45
50
• 178
Auburn Auto Co corn
159 18056
Automatic Washer Co-.
Convertible preferred_' 32
32
34
Baokstay Welt Co com
• 42
41
45
Balaban & Katz v t c___ _25 77
7455 77
35
Bastian-Blessing Co cora •
40
18
Baxter Laundries Inc A. •
20
Beatrice Creamery com_50 80
78
94
Banal: Corp Class B new5 12151 96 122
Milks Mfg Co el A cony pf• 3155 2734 3134
Bkim's. Inc., common_ •
25
2655
Convertible preferred_ •
5151 514
9455 11755
Borg-Warner Cory com _10 115
Bonin Vivitone Corp prof • 37
29
3755
Brach & Sons(E J) corn.... 234 2355 2355
Bright Star Elea "A"_-__•
22
23
Clue B
• 1255 1055 1255
Brown Fence & Wire el A.• 264 25
2756
Class"B"
27
• 2655 24
Brown Mfg Co
5034
10 4355 45
Bunte Bros common_ _10
30
31
Bulova Watch Co corn___• 29% 2855 3055
• 4951 4855 50
534 Preferred
Butler Brothers
20 314 2734 3138
35
Cacapb Wyant &Can Fdy• 41
42
1955 2055
Canal Constr Co cony pf_.. 20
69
Castle Az Co(AM)com 10 70
72
4355 5555
CeCo Mfg Co Ino COM ..... 55
224 23
Cent Dairy Prod Corp A pf•
97
Central Ill Pub Serv prof.'
98
Cent Ind Pow
92
92
100 92
Preferred
38
Cent Pub Ser
38
44
•
43
Class"A" (Del)• 44
Central S W Utll
9655
• 96
96
Preferred
• 10155 1014 102
Prior nen. pref
50
504
• 50
Chain Belt Co corn
50
51
Cherry Burrell Corp oora_• Si
251
234 251
Chic City & C Ry par sh-•
• 25
22
26
Preferred
• 2551 25 28
Chicago Corp corn
150113• 6651 65
6731
0
2'
1,240
1,910
Mar 9555 Jan
Feb 102
Jan
Jan 424 Mar
Mar 1644 Jan
Feb 52
Jan
Mar 35% Jan
Mar 1751 Jan
Thurs.
Sales
Last lWeek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
.-Z
500 60c
135
1%
351 44
100 86
ii 100
146 2555
20 14155
115 49
200 27
250 10
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Star
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Low.
504
42
34
2554
355
1
114
65c
5251
25
54
155
14
50e
700
41
40%
200
53
3
555
25c
234
13
11
3855
344
25c
30c
355
995
151
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
alar
Jac
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
High.
55
60%
38
3255
5
375
355
14
66
35
755
3%
255
800
1
5551
48
65e
66
351
855
500
555
19%
22
50
46
55e
52c
64
238
255
Jan
Star
Mar
Mar
Mar
Mar
Jan
Mar
Mar
afar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar 00
Jan
Mar 9555 Mar
Feb 10135 Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Feb
80
10655
96
98
994
102
10054
125
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
101
10155
85
103%
inn%
Feb
Feb
Mar
Mar
Feb
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange March 23 to March 28, both inclusive (Friday. March 29, being Good Friday and a holiday
on the Exchange), compled from official sales lists:
Cl
86
9056
10051 1004
3355 38
149 151
49
4955
27
30
10
104
20
33%
128%
184
424
47
126
3555
264
5235
108
33
10255
934
1331
13
162
81
15
11254
555
40
64
27
40
93
20e.
9954
1044
156
19
10
3551
33
1855
1 55
364
26
15
37
13955
84
1755
24
34
106
1
375(
87
3155
414
95
254
2755
111%
934
7756
26
70
Range Since Jan. 1.
BondsAmoakeag Mfg 158_ _1948 864 86
8656 $38,000 86
Central Power A: Lt 53 1956
9536 9555
2.000 9455
Chic Jct fly & U S Y 5s '40
99
9956 15,000 99
East Mass Street RR
1948 58
53 series B
58
.58
2,000 58
Fox N Eng Th Inc 655e '43 99
99
99
1,000 99
1936 94
Hood Rubber 78
94
95
7,000 90
Karstadt (I/cud) Inc 63 1943
87
88
7,000 87
Maas Gas Co 4 4s____1941 97% 97% 97% 3,000 97%
Miss River Power Co 5s '51
984 9835
7,000 9855
New Engl Tel AL Tel 58.1932 100
9955 100
10,000 99
P C Pociah Co 7s deb_ _1935
11055 115
12,000 103
Pow Gas & Water Set Corp
1948
5s
9455 9455
5,000 944
Reliance Managment 58'54 984 9755 994 44.000 9755
Ruhr Chemical Corp 6s '48
80
85
5.000 80
1944 100
100 102
Swift & Co Si
5.000 100
Western Tel & Tel 51 1P32 9855 98% 99
7.000 0851
•No par value. z Ex-dividend.
Stocks18
18
55 18
Feb
23
25
395 23
Mar
11151 1144
491 1114 Mar
17
300 1255 Jan
1755
41
42
245 39
Jan
444 45
610 444 Mar
120 123
45 110
Jan
30
33
485 30
Mar
2136 25
1,432 21
Feb
42
44
560 40
Jan
98
99
50 98
Mar
2854 2855
284 Mar
694 8155
785 68% Jan
93
93
122 93
Jan
11
1155
63 11
Mar
1151 12
1.474
1151 Mar
149 162
10,620 1284 Jan
76
78
202 76
Mar
124 1355 10.311
1254 Jan
105 107
420 10051 Jan
351 35;
320
3% Ma
30
160 30
3155
Feb
5
5
72
5
Ma
z24
64 24
Jan
120 36
32%
341
Feb
04
97
29 92
Jar
15c 10e
300
50. Jan
35 96
9755 9
Ma
751
101% 102
56 101
Jan
147 148
373 144
Jan
1434 1555
990 1455 Mar
8
8
31
Feb
8
30
30
65 30
Ma
2855 30
760 2855 Ma
174 1755
58 1755 Ma
155 z155
285
155 Ma
28
34
3,875 28
Mar
24
26
2,785 2334 Jan
13
13
10 23
Ma
3034 324
650 3055 Mar
129 132
343 129
Mar
72
78
334 72
Mar
11
1351 8,405
8
Jan
21% 22% 1,520 1855 Jo
3055 3235
810 294 Jan
104% 10456
20 1044 Feb
75e 78c
100 70c
Jan
25
38
1,915 25
Ma
74% 764 2,126 744 Mar
31
31
461 31
Jan
41
41
87 39
Jan
10 9051 Ma
9051 9055
1855 20
3,365 1855 Ma
2455 26
275 24% Ma
101 104%
1,793 100
Jan
554 6
225
551 Mar
66
1,960 66
69
Feb
2251 23%
270 2254 Mar
59
59
5 59
Mar
90
514
1,924
56%
10
36
3131 7,555
455 3.995
338 9,445
85
3
1
300
62
70
6,290
33
585
64
351
2,120
255
550
75c
350
370
95c
5551 6.420
626
46
65c 13,590
22
6255
3
30
84 17,200
25e
275
358
150
1.855
1655
3,990
19
44
5,665
444 2,705
545
50c
50e
1.300
6
3.980
2
9.120
2
350
0
000000 000000.00000000000000000 0000
000
t000.o..D. .00
,
no.>
, 00.o.no...,..0.000,
..,O,, ,
,
V.ONMV0 ONM000.4.0NM00.0,0..0V0.000NVC00Mv
156
4
High.
5115
42
36
2656
431
351
251
1
60
2351
.54
2%
2
75c
8336
52
41
46e
624
3
7
25e
356
13
1755
3856
39
400
45e
551
1%
2
c44-»-; -.:
Mining
Adventure Cons Copper 25
Arcadian Cons Min Co__26
5
Arizona Commerchtl
18
20
61
64
40
40
234 2356
17
19
7255 7258
355
355
204 23
45
48%
2074 220
1655 18
103 104%
10355 10355
93
93%
72
75%
644 764
10855 114
42
45
15
1556
11
11
5
5
315
355
102 106
4551 46
99 101%
16
1655
224 26
303 310
3955 4235
21
27
1655 1655
6
7
164 1654
Low.
Bingham alines
10
anima, & Heel&
25 53
Cliff Mining Co
25 36
Ooteaer Range Co
29 29
East Butte Cooper Min _10
Franklin Mining Co____25
3%
I
Coannidatecl 20 -----Helvetia
25
1
island Creek Coal
1
Isle Royal Copper
28 31%
Keweenaw Copper
26
64
LaSalle Copper Co
25
2%
Lake Copper Corp ---- --6
2
Mass Consolidated
25
Mayflower & Old Colony 25 85c
Mohawk
25 534
New Cornelia Copper .___5 45
New Dominion Copper.... 52c
New River Co pee/
Maiming Mines
ii
North Butte
lb
8
North Lake Mining Co_25
011bway Mining
25
Old Dominion Co
25
P. C.Pocahontas Co
• 184
25 414
Quincy
St Mary's Mineral Lana_26 41
Shannon
10 400
Superior & Boston Copp_10
Utah Apex Mining
6
55516
IRO Metal A- Tunnel _ 1
154
Victoria Copper Min Co_25
00Q00000000000 000000
0000CO CO C 000,00
.0 C C
0N0M.000.0NNN0.
0.000
tit,
:
N: .
,,i -»
r446c4
.
Miscellaneous
Air Investors Ins
19
Amer titles Pr Lt corp... -----50
Clase A
ClaSS B
19
American Brick Co
7255
Amer & Gen Sec Corp...
Amer Pneumatic Service 25
25 204
Preferred
100 46
let preferred
100 219
Amer Tel & Tel
• 174
Amoakeag Mfg Oo
seralnw-Hartf Carpet
_• 103
Preferred
100
93
Brown & Co
72
Capital Atlanta Co Ltd
Columbla Graph'n
Continental Securities Corp 110
Credit Alliance Corp CIA.
4255
15
Crown Cork h Beal Co. Ltd
Dixie Gas & Usti Co
10
Bast Boston Land
Eastern Manufacturing
Eastern NS Lines ine____2r, 106
• 46
Preferred_
100 10151
lit preferred
Eastern Utility Inv Corp_
Economy Crooery Stores •
100 310
Edison Else, illum
41
Empl Group Assoc
Galv-Houston Elec___100
General Alloys Co
Georgian Inc (The)
20
Preferred elms A
German Credit & [tweet
Corp 25% let prof
• 2355
Mobilo Co
Safety Wiser Ce.• 112%
Of
Greenfield Tap & Die._28
41
Greif Coop ge Corp el A..
.
45
Hathaways Bakeries classA
Preferred
31
Class lt
• 24
Flood Rubber
Hygrade Lamp Co
Praferred
10
Insurance Sec Inc
International Corn......
Kidder Peal)steep A p1100
Libby McNeill & Llisby _10
28
Loewe Theatrei
Massachusetta Gas Ce_100 16151
100 7634
Preferred
1235
Maas Utilities Asp, Qom_
Mergenthaler Linotype 100
National Leather
10
351
Natl Nianuf Stores Corp__
30
Nat Service Co
Nelson Corp therm)tr ctf 5
New Engl Equity Carp_
3955
Preferred .
100 94
New England 011 Co
New Eng Public Service....
New Engl Pub Sera pr pfd' 102
New Eng Tel & Tel.__ _106 14756
North Amor Aviation Le._
1451
North Texas Flee
100
Preferred
100
Paoino Mills
100 30
Reece But Ilede M Co_ __in 1755
fleece Folding Mach_ __10
Reliance alanagementCorp 3156
244
Con Stk.__
Shawmut
Southern Ice Co
32
Ster Boo Corp pi allot ells._
Swift At CO
100 131
Torrington Co
• 75
1251
Tower Mfg
Traveller Shoe Co
2156
324
Tri-Continental Corp
10454
Preferred
Union Copper Land & Mtn
36
Union Twist Drill
United Shoe Mach Corp_25 75.4
25 31
Preferred
US
-Brit Int 53 Pid
U S Foreign Sec Corp 1st
US & Intl See Corp
Utility Equities Corp
102
Preferred
Venezuela Holding Corp. -----Venezuelan Mx Oil Corp 10 67
•
Waldorf Syetem Inc
•
Waltham Watch cl B_
Waltham Wateb100
Pref trust etfe
100
Prior preferred
25 38
Walworth Co
60 151
Warren Bros
50
1st preferred
Westfield Mfg Co corn_
1051
Whitenighte, Inc
Range Since Jan. 1.
Thurs.
Sate.
Last lVeek's Range for
Week
Sale
of Prices
Stocks Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
39
8355
38
1755
3455
144
295
5
595
5
4156
Mar 4155
Feb 91
'Mar 4335
Mar 25
Mar 42
Mar 39
Mar 5755
Jan 75
Mar 53
aesi Jan 4955
79
Mar 88
22
Jan
31
Jan 34
24
Jan 1151
8
994 Jan 103
Mar
Feb
Feb
Jaz
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Fan
Mar
Mar
914
1856
1438
264
21
28
9554
3751
16
29
224
294
Jan
Star
Feb
Jan
Feb
Feb
J1113
5731
Mar 5655
Mar 60
Fuh 33
Mar 7438
Jan 191
Feb
Jan
Feb
3.
0
Feb
Feb
36
454
60
27
45
13155
Mar
Mar
Fel.
Star
Mar
Mar
32
41
7434
35
18
78
96
2755
25
51
9455
29
2355
22
8
25
24
45
27
2855
484
274
35
19
66
4334
224
94
Mar 3935 J/l1
afar 524 Jeat
Mar 88
Jan
Mar 4651 Jan
Mar 26
Jan
Mar 98
Jan
Mar 12835 Jan
Mar 3756 Jan
Mar 28
Mar
afar 54
Mar
Mar 152
Jan
Mar 3956 Feb
Mar 2955 Jan
Mar 26
Jan
Feb
1455 Mar
Mar
3651 Jan
Jar
Mar 37
Mar 67
Jar
Jan
3455 Mat
Mar 314 Feb
Star 5051 Feb
Mar 45
Jan
Mar 47
Jan
Feb 2155 Jan
Mar 7955 Jan
Star 865.5 Feb
Mar 4355 Feb
Mar 98
Jan
92
24
35
Mar
Jan
Jan
9554 Jan
3831 Mar
444 Mar
94
Jan 984
100
Jan 103
4938 Mar 5955
50
Jan 5855
155 Jaa
34
18
Jan 31
18
Feb 34
65
Mar 7514
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
2066
Thurs.
Soles
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continual) Par Price Low. High. Shares
JfILL/5.
Range Since Jan. 1
Low.
Jan1
28% Mar
Mar
59
Jan
131
194 Jan
74
Jan
42
58
Jan
A
Jan
Jan
5
Mar 2951 Jan
Jai,
32
Mar
Jan 102% Jan
25% Mar
Jan
Mar
46
Mar
Mar
Mar 1554 Jan
1114
27% 2,450 24
760 294
30
50 98
104
6.200 lot
173
1,450 117
119%
650 98
10155
550 90
101%
40(. 121
121%
50 07
97
1.650 46
47
1,300 55%
65
9412
118
3754 17.400 22%
2,700 48
53
Mar
Mar
Feb
Mar
Mar
Jar.
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Mar
32
344
108
190
122
103%
104
127
102
52
71
94%
3915
68
51
27
127
18
39
2554
5955
18
15
56
2855
12811
20
40
2835
61
24
20
23% 27%
60
50
27
3
68
53
32
355
101 104
4455
39
97
97
36341 3244 39
51
47% 52
2215
223-4 20
40
39
42
5114; 5134 53
31%
30
30
13 i 1215 14
23% 254
2314 23%
/
495•
49.11i 45
2134! 2134 22
53
53
4714 4814 49
184
184 ; IC
934 2734
274
30A
29341: 7
1 4 21
20
1.680 51
750 27
650 104
200 18
850 39
800 25
4,350 59)5
350 18
550 15
23% Mar
4,300
950
2,850
3,350
Slur
Feb
Mar
Mar
3,050 101
5,950 39
50 97
1,950 32%
4,200 40
1,400 20
450 39
600 51%
1,150 30
1,150 12%
1,400 23%
5.500 21%
1,650 45
1,350 20%
200 47%
1,500 464
2,150 166
3,400 2255
1,250 27
1,500 194
Jar,
Jan
Jan
Jet,
Feb
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Felt
Jan
Mar 66
Jan
Mar 35
Mar
Jan 130
Mar 2855 Jan
Jan
Mar 51
si Jan
Mar
Mar 8655 Foi.
Jan
31
M ir
Jan
Mar 30
2,750
80
59
27
3
Jan
Jan
Jai,
Jar,
Feb
3655
Jan
764 Feb
Jan
64
J9.13
38
545 Jan
Mar 1054 Feb
Feb
Mar 56
Feb 974 Mar
Feb
Mar 50
Jan
70
Ma
Fel,
28
Ma
Feb
48
Ma
Mar
Star 53
40% Jan
Ala
Ma
1534 afar
Mar
27
Ma
24% Mar
Fe!
Jan
Mar 57
Feb 24% Fob
Feb
Jan 68
Jan
Mar 60
Feb
Mar 236
Mar
Mar 34
Mar 4015 Jan
Jan
Mar 33
Bonds
Chic City & Con Rya 5s '27 7234
Chic City icy 5
1927 83
5
1927
chteago Rye 58
5s series B
1927 52
AdJustmant Inc 4s_ _1927
Conimonw Edison 5s._1943
1st nage Saner A. _1953
1st mtge 455s ter D.1957
El Paso 655a.
IVO
10 yr 650
1938
'mull CBI Inv 5s A...1949 210
Medina') Athletic 6s...1947 99
MW A Man lildg 6 Lis A '43
National Toll Bridge Co
Cony 134
1939
No Amer Fund Corp 6s '49
Swift & Co 1st a f g 5s.1944
United Pub Serv 643-1933 99
5% rought Iron of Am655s38
46
6534
234
51
67
49
49
2954
29
94
8
Jan
Jan
Slur
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Feb
245.5
7234
21 4
3055
3355
Mar
Mar
Mar
Mar
Mar
281.5
80
32
35
624
Jan
Jan
Jan
Jan
Feb
65
8155
78
4145
23
1023-4
0034
9654
9815
9914
140
99
100
Jan
Feb
Feb
Fen
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
7254
85
884
5212
26
10455
103
99
101
103
251
99
100
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jao
Mar
Feb
Jan
Jan
98
9754
101
98
100
Mar 98
Mar
Mar 9754 Mar
Mar 10234 Feb
Star 10011 Feb
Jan 103
Feb
0100010 'C
—6,4„i-a-r-7.6.aaa .-.
V
24
29;5
104
161
117
100%
100;4
121
97
46
614
92
27
48
Feb
Feb
Jan
Feb
Jar;
Jan
...
69
26%
5
34
60
30
4454
65
42
3354
4254
294
Jan
Star
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Jan
V
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Jan
950
2415
300
4
5,400
28
200
45
400
26
42
550
62
400
500
3854
25
200
35
850
19'4 10,450
Jan
Jan
Jan
Star
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Mar
35
38
2312
43
44
37
334
20
24
57
6
.6,i6
23
34
23
43
20
38
574
37
23
'33
144
23
3%
23
44
24
38
60
37
25
33
16
Pub
Fel,
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
245
245
132
054
164
369
120
7434
1034
2855
57
4415
46
3154
4634
73
5155
95
90
204
3255
455
4434
264
91
41
3914
49
35
30
22
30
74
21
140
3755
2834
62
393-4
2(1
6035
374
23
3954
1003)
424
,
r
724
53
141
66
31
31
3615
15
35
5754
27
78
26
36
13355
210
049.0§0
000 0
000 0
4
900
2,450 17
1,400 20
100 100
17
1,200
500 42
5
1.300
6,700 11
Mar
Mar
Mar
Star
Mar
Mar
Li ni
4
21
25
100
21
4354
8
12
264
4554
95
1055
69
20
40
205
Jan
205
Jan
1253.4 Jan
9855 Mar
130
Mar
340
Mar
1104 Mar
53
Mar
20
Mar
2614 Mar
45
Jan
41
Mar
38
Jan
28
Mar
3555 Jan
50
Mar
47
Feb
94A Feb
Jan
66
17
Mar
2655 Mar
2
Mar
2754 Mar
23
Mar
873-5 Jan
28
Mar
26
Mar
25
Mar
30
Mar
23
Mar
134 Jan
2534 Mar
50
Mar
1434 Mar
129
Mar
304 Mar
'
21
Feb
46
Mar
26
Mar
22
Mar
46
Mar
23
Mar
194 Mar
2834 Mar
964 Mar
2855 Mar
Jan
45
55
Mar
42
Mar
444 Jan
Mar
18
204 Feb
25
Feb
29
Mar
1255 Mar
304 Mar
37
Mar
2034 Feb
Mar
55
18
Mar
283.5 Mar
131
Jan
Feb
165
High.
0000000000 0,00000
00000=0 00000
,0 00000
0
950
3,100
2.450
10.300
530
14,000
2,300
LOW.
00000
000=M
N..N.,..N
25
53
104
14
69
25
46
ci -.
Mar
Star
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Range Since Jan. 1.
00000000000
0000.0000MM
00N0,............No
92,150 13155 Jan 179%
1.600 3534 1-el, 4234
Mar 35%
2.000 23
Mar
341-4
4,550 24
Mar 190
535 171
500 333-4 Jab 57%
Mar 59%
12,250 34
15,500 30% Mar 59
Mar 41
1,110 33
800 70% Mar 86
J111, 53
13,750 30
100 27% Mar 31
150 100% Mar 10034
34%
15.700 24% Jan
... -a
15855
4055
284
27%
173
49
4455
42
36
78
4315
2754
100%
2934
X .'.
XX
'I!
00MW M OMCV 0
.0
M VN V V VVNN(
.
..
Feb
Jan
Mar
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
!
,
00000N00000000Q00000Q00.00000000000000000000000000000C00000000
N0M0MoMM0MMMMMM0MM0MMODON,OMMMM0000MOMMM000=M0000M0.,000MM00‘0000V
M
•-.M
MM VNN.10MMt. C.01...NMNMMNMWN0
.
.
N000m..NoN, N=0....
.
0M0=MNr.....NC N0, ,
..
, -, t,
Cl
t1'
-c4,i...
thi 164.6
—, ci.iei
Cl .i 6c4,44—.
ci.-.
Cl
V,
-.VN
450 59
2,450 22
800 47
8
200
1,550 3834
550 37°5
1,550 1055
2,200 24
1,000 90
500 24
650 28
9,700 154
60 220
450 394
,...
XX =1.1
..,
NM W NON00 OM 000 M .0
-+0
I-. WM MN 0=Q 00.. 0 00000
OD
...1
.-1 ....
.-...-.N .-.
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
.%":".
ON CM N
NC-NMV
Jan
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Nfar
Jan
Jan
Jan
Feb
Mar
XX
=
T.XXX XX
.•.':' .gX
XX
XX:e1X
X
X
0.. W CM M.-. N Mel. N 00000.10[... WN .. V MO0 .. M. 0 M 000M M 0 0 MM 0.11-..M V M0 N.... M.-. 0
..
V
.= N
0..,
M0 N W
V V M0 V M.... C, N N.0.V V NV 0.Z0N.-. N
.
M N0M M NM N.-. N cD.-. M MNV N NMM N M =Mv CV.
NN N M .--. MV NM ...MM t...
NCI.. ..m.-.
..1
.....
...
103
44
65
7
97
31
34%
80
252
4355
35;5
38
55
134
634
4834
37
17%
27
37%
2254
Jan
Pub Sere of Nor III
Common
100 2403-4
Common
• 24055
7% preferred
100
Pub CBI Sec Corp pref.__
9855
-1 5
14-R4 1.1 URIC CO. com____• 142
Quaker Oats Co corn
•
Preferred
100 115
Raytheon Mfg Co
• 67
Reliance Mist coin
10 22
Richards(Elmer) Co pref.• 2655
Koss riear & Tool Isom
• 54
Ruud Mfg Co, corn
•
Ryerson A son i ne corn_ • 3934
Sally Frocks. Inc, corn.... 28
Sanguine, Electric Co....
• 40
Saunders class A corn... _• 60
Preferred
041 50
Seaboard Pub Scr Co $6 pf• 9455
Sbeffield Steel coin
• 70
Signode Steel Strap Co_ •
Preferred
30
Purchase warrants
4:inatron Tube Co corn_ __ • 31
So Colo Pow El A com_25
Southwest Lt & Pow pfd__• 94
Standard Dredge cony or • 33!5
Common
• 30
Steiuite Radio Co
• 283-4
Sterling Motor. pref. _ _ _30 31
Storkline Fur cony pret25 27
Studebaker Mall Or corn .b
1834
CTILIS A.
• 27
Super Maki Corn corn _ _ • 60
Sutherland Pap Co com _10 16
Swift & Co_
100 132
Swift International
lb 3234
Tenn Prod Corp corn....•
Thompson (J 11) corn_ _25 4634
.
Tline-O-St Controls "A".... 29
ilth Sr Store (The) DM •
'
United Chemicals Inc pf_• 52
.'lilt Corp of Am pref
• 2955
United Dry Oka. Inc eom_• 193-4
United Gas Co corn . . •
United Lt A Pow el A pref. 0655
n Rem, ..ri, oar of A
,
,
32
Univ Prod Co Inc corn_ •
20 59
t' 8 Gypsum
25% MCI
4334
U 8 R84110 A Telev corn _. Ill
•
Utah Radio Products coni• 224
Ut A Intl Corp. corn
• 24
Con,. pref
• 28
Vart sickle,, corn part el A • 3055
Vesta Battery Corp corn 10 1255
Vogt Nlfg corn
*
Vorclone Corp part prof • 45
wahl ro com
• 21
Walgreen Co comstpurwai•
Wangle) Corporation. •
•
Preferred
Ward (M)& Co, class A _. 13254
•
Waukesha Nlotor Co cum.*
w ay ne Pump Co
Convertible preferred _ _• 35
Wextark Rad Sts Inc. corn• 4855
Western Con Util Inc A_ *
White Star Ratio Co corn _•
Wiebolut Stores. Inc
• 4834
W)lcox-Rich cony Of A •
Class 11
•
Williams 011-0-Matic corn* 21355
Wil-Low Caterer Inc corn.'
,
Vinton F.nglne eon Pre! • 70
Wolverine Porn Cement_10
Woodruff & Edwards Ina
Pamir class A
•
Wrigley (Wm Jr) CO corn -•
Yates
-Amer Mach part pf • 26
Yellow Cab Co Ine (Chic)• 334
4enith Radio Corp corn _ _ • 41
O0....00
00000
... ...,
67
514
32
3)5
4
17
20
100
1855
42
5
11
Jan
Mar 83°1
Mar 30
Mar 53
Mar
855
Mar 49%
Mar 49
Mar 26
Mar
30
Mar 125
38
Jai
Mar 36
Mar 32
Fe) 275
Fel, 4254
61
24
5055
851:
38% 4454
37% 42
19% 21
24
28
97
90
2655 28
30
23
154 22
220 235
404 42
23%
46%
95
12
69
20
40
Jan
Jan 49
Mar
7,850 30
43
Mar 2255 Jan
7
1215 11,900
Mar 96% Jan
93
400 92
Jan
50 9355 Mar 97
9315
150 9514 Mar 98% Mar
97
200 10815 Mar 110% Jan
108%
2255 1,005 1955 Mar 25
Jan
Ja
600 25
28
28% Mar
59
22
47
131%
37
23
24
172
44
34
3054
33
7015
37
27%
100%
26
It,
N0000010000000
NWMMN0=1000000
..1
^...N
.-.
La Salle Ext Unlv corn_ AO
4
Lane Drug coat v t o
• 20
Cum preferred
•
Lawbeck Corp ctfs of den-Leath & Co corn
•
Cumulative preferred_ •
Warrants
8
Libby McNeill & Libby _10 1134
Lincoln Ptg Co
Common
• 2434
Lindsay Light.corn
10
Lion 011 Ref Co corn
• 2754
Loudon Packing Co
•
Lynch Glass Mach Co_ •
McCord Radiator Mfg A.• 42
5104tray-8rol rin
• 60
Mapes Cons Mfg Co corn _•
Mark Brun Theatres pref •
Material Sere Corp corn 10
Meadow Mfg Co com____• 19%
Mer & Mfrs Sec
25 274
Part preferred
Mid Cord Isoin,1 Inc. A •
Midland Steel Prod corn_ •
Middle West Utilities.• 170
Preferred
-ioo 118
•
86 cum preferred
56 cum prior lien pref..* 10034
Prior Per, •• • on IOU 12155
Midland Ut147% pri ilen100 117
Miller & Hart.
,troy pf • 464
MInneap Honeywell Res • 65
Miss Val Urn Inv pr lien pf• 9655
24 -Kau Pipe Line corn.
,
.° 3334
• 52
Modine Mfg corn
Mohawk Rubber
• 55
Common
Monlgban Mfg Corp A_ •
Monsanto Chem Works_ _• 128
Monroe Chem corn
•
Preferred
•
Morgan Lithograph corn • 28
Morrell A Co Inc.........6034
Muncie Gear claas"4"__ _• 24
Clams"B"
• 20
Muskegon Mot Specialties
Convertible close A
• 274
36
7
92
9355
96%
10854
1955
2555
Feb
V01.4 00
010.010010
El Household Utll Corn_ lb 42
Elee Research Lab Inc. •
104
Empire o & F
6%pf100 93
% preferred
100 9355
1111
7% preferred
100
8% Preferred
Fabrics Finishing corn ' 20%
Fed'ated Publiens 52 pref.'
PISS Simmons & Connel Di
& Dredge Co corn
•
24
Foote Hr. 0(5 & ‘,4
Foote-Burt Co (The) corn • 4855
Gen Candy Corp cl A. _5
'Gen Spring Bumper A._ _• 4234
Class B
• 42
Gerlach I3arklow corn
• 2055
Preferred
• 28
GleanerComFlarvee* rCorp• 90
Godchaux Sugar, Inc. cl B• 27%
Goldblatt Bros Inc corn • 30
• 20%
Great Lakes Aircraft A..
Great 1.akes D & D.._ AIX 235
•
Greif Bros Cooper A com.
Grtgaby-Grunow Ca.
Common (new)
• 154
God Grip Sh Co.Inc Corn • 3814
kali Printing Co corn... II
2734
Hart
-Carter Co cony of • 27%
Hart Schaffer & Marx.
.100 173
Hormell & Co(Geolcom A •
Houdallte-liershey Corp A• 40%
Class B
• 39
Dino% Brick Co
20 3415
Inland WI & Cable com.11. 78
Ineull UM Invest Inc_ ....• 4034
Internat Pwr Co Ltd corn * 27%
Interstate Power Co 36 Of • 100%
Iron Fireman Mfg In •.t•• 28%
Irving Air Chute Co. Inc,
Common
•
Jefferson Electric Co corn • 53
Kalamasoo Stove corn ___• 102
Kellaua swItchbd corn
14
Preferred
100 69
Ken-Red TubeAtl.p A com• 25
Keystone St & WI corn.. • 45
High.
OU.0
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
00..W0000000.-.MWh00.0...000000MOV0.0000NMM0WOMMON-.M.-.0=N0n.0000.-.0 MVMMVMMVVt..0
VVM0M 4,
-.40NNVV0O0lM00O=0.-.N NNONNNmN....N.0,
-.NMNVNNVN..N0NvMV0...NNN..MmNm.-.Nm, m.q.N..............NNm
NN-. ..M.-.
...
.-.
--
•
Chicago Elec Mfg A
14%
14
50% 144
Chic No Sh & MB
Preferred
100
63
126 54
62
Chic Rye part ctf ser 2 lilt
50
5
2%
5
Chicago Towel Co cony pf•
94
100 94
94
City Radio Stores corn__ • 27
2555 2755
1.000 25%
Club Alum Men Co
.• 28% 2655 30
10.100 2615
Coleman Lamp & St corn...
7355
500 72
72
Commonwealth Merin_ 100 250
2,867 209
242 250
Commonw Utll Corp B. •
350 35
40
38
Community Tel Co cum pt•
100 29%
2955 3054
Construction Material_ _• 32
3,700 27
32
27
Preferred
4.050 43%
• 48
434 46
7
Consumers Co common..5
3,250
7
9
9
3
Warrants
3
3%
700
33.4
Crane Co, common
1,745 46
46
46
25 46
Curtis Mfg Co
1,000 30
34
30
9
11% 2,950
Davis Indus Inc
71-4
.• 10%
Decker (Alf)& Cohn, Inc •
19
50 1815
19
De Meta, Inc. pref w w._ • 35
900 33
35
33
450 20
Dexter Co (The) corn- •
20
20%
Rachman Springfilled corn'
National Battery Co pfd •
Nat Elec Power A part...*
National Leather com___1(
Nat Secur Inv Co
e11111111 prof
100
Nat Standard Born_ _ _
New Eng Pow Ass°% Pr 100
Nobblitt-Sparks Ind cora.•
North American Car com.•
North Amer G & El el A..•
Northwest Eng Co,oom __•
Ohmer Fare Ry A
'
Ontario Mfg Co eon
Oshk nsh Overall Co corn __•
Convertible preferred--•
PacPub Sec Ca cl"A"com•
Parker Pen (The) Co corn 10
Penn Gas & Elec A corn__•
Peoples Lt &Pow "A-0°m •
Perfect Circle (The) Co..
•
Pines WInterfront A com_b
Poor & Co class B
Potter Co(The) corn
Process Coro corn
[VOL. 128.
I NANCIAL CHRONICLE
*No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange March 23 to March 28, both
inclusive (Friday, March 29, being Good Friday and a holiday on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last 1Veck's Range for
of Prices.
Sale
Week.
Par. Price. Low, High. Shares.
•
Almar Stores
American NIIIIing
10
American Stores
•
Bank of No Am & Tr Co100
Bankers Secur Corp Pre( 50
75% preferred
Bell Tel Co of Pa pfd__ _100
Manners all certificates_
Bornot Inc
Budd (E G) Mfg Co
•
Preferred
Budd Wheel Co.
Cambria Iron
50
Camden Fire Insurance...
Catawlasa RR 1st pref....50
Central Prop corn
Com'wealth Cas Co
10
Cramp Ship & Eng. _ _100
Curtis Publishing Co pref._
Electric Storage BatterY100
Fire Association
10
Giant Portland Cem pref50
Ilorn A Ilard(Phha)com_•
horn dr Hard (NY)tom-.
Insurance Co of N A
_ _10
6%
an
Range Since Jan. 1.
Low.
9,345
6
6
254 2554
100 18
844 804 854 17,700 80%
510 560
186 485
5555 5555 5955 7,500 5.575
43
43
100 43
11455 11454
405 1144
200 52
834 855
100
854
5554 4754 11634 21,900 344
75
83
617 5655
98
10,800 34
923.5 65
4055 404 40%
240 3954
36
33% 36% 10,500 3315
4455 444
10 4455
3,095
954 10%
955
731
2455 26
25
800 2434
255 3
2%
2,500
114% 115%
127 11455
1,181
7955
79% 8514
46% 49
48
3,200 464
3955 3955
100 394
224 224
20 224
700 5554
56
57%
1,700 78
8115
80% 78
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Niar
Mar
Jan
Jan
Mar
Star
Jan
Mar
Mar
Mar
High.
28
97
695
6355
43
118
b9
10
6655
88
10854
4155
4255
454
11
32
4
120
9275
5254
4155
233
624
91
A
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Men. 30 1929.]
FINANCIAL CHRONICLE
Thurs.
Rama
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cl
C
-;aaat:
8888S88488,98888,9n§8288g24R8p88882888888
ocCcOc"
Lake Superior Corp___100 27% 2336 29
Lehigh Coal & Navi __ _ _50 152
146 156%
21
21
Lit Brothers
10 21
Manufact Cm Ins
84% 62
6831
1% 2
Manufactured Rubber_ _10
1%
2% 2%
Mark (Louis) Shoes Inc.*
North East Power Co_ _ _ _• 47
40
48
Penn Cent L dr P cum pt_* 79
78
79
Pennsylvania Insurance.... 165
150% 172
Pennsylvania RR
50 76% 73
7831
Pennsylvania Salt Mfg _50
.
92
95
Phila Dairy Prod prof
90
90%
Phila Elee Pow pfd
25
33% 33%
Philadelphia Inquirer
42
42%
52
52
52
Preferred
Phila Insulated Wire
*
60
60
Philadelphia Nat Bank ___...__ _ 1025 1075
Phi% Rapid Traneit____50 52% 5214 53%
7% preferred
51)
50% 51
Philadelphia Traction__ 50
5231 52%
Phila. & Western Ry_ _50
6% 6%
Reading Traction Co
18
18
R E Land Title new
80
75% 75
Reliance Insurance
22
10
2234
Shreve El Dorado Pipe L25 3234 3136 3334
Scott Paper Co
* 6634 66
67
Tacony-Palmyra Bridge_ *
4634 47
Telephone Sec
7% 8%
Tono-Belmont Devel__ _1
54
34
Tonopah Mining
1
334 3%
354
Union Traction
50 3734 3736 38
United Corp temp efts- 46% 3934 48
United Corp etre of dep...
44% 44%
Temp ctfs preference_ __ 4431 42
4436
.
Receipts
44% 4434
United Gas Improve._ _.50 168
157 173
United Lt & Pr A com_ *
3411 3434
U S Dairy Prod class A_ _a
50
51
Common clas5B
*
1336 1334
Victory Insurance Co_10 21
2031 2136
West Jersey & Stash RR 50 45% 4531 46%
Westmoreland Coal
50 39
39
39%
Range Since Jan, I.
Low.
17
146
20%
59
31
2
40
78
136
73
92
90
33%
42
52
57
1025
51
50
51
6
18
69%
22
3136
48
36
736
3/
336
35
7
39/i
44%
42
4434
157
3234
48
1334
2031
45
35
High.
Jan 42
Mar 169
Mar 28
Feb 71
Jan
3%
Feb
3%
Mar 5711
Mar 81
Feb 175
Mar 82%
Mar 9734
Mar 9334
Mar 344
Mar 42%
Mar 52%
Jan 63
Mar 1075
Mar 54
Jan 51%
Jan 55%
Mar
9%
Mar 18
Feb 84%
Feb 26
Mar 3834
Jan 70
Jan 4934
Mar
9%
Mar
1%
Mar
4
Jan 38%
Mar 6034
Mar 44%
Mar 47
Mar 44%
Mar 195%
Jan 42%
Jan 5334
Mar 15
Feb 25%
Jan 5214
Mar 43
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Jar
Jar
Jar
Mar
Mci
Feb
Mai
Jar
Jar
Mal
Feb
Jar
Jar
Jar
2067
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Benesch I AL Sons Inc w I_ ...... 99
Iron City Sand & Gravel
1st 65
1940
95
Md Elee Ry 1st 5s____1931 95
95
1st & ref 6345 ser A_1957 83
81%
Prudential Refin 8345_'43
103
1932 108
Silica Gel 614S
108
..1938 103
Sou Bankers Sec 5a.
103
614% notes
1937
95
United Ry & El 1st 45.1949 61
61
Income 4s
1949 34
34
Funding 5s
1936 53
5234
6% notes
1930
9536
1st 6s
1949 75% 7631
Wash Bait & Annan 55 1941 77
7814
99
95
95
83
103
108
103
95
6114
34%
53
9536
76%
77
6,000
Range Since Jan. I.
Low.
99
2,000 95
2,000 93
10,000 81%
24.000 100
1,000 10034
6.000 101
12,000 95
21,000 80%
24,000 33
10,100 52
3,000 90
12,000 74%
11,000 76
Mar
High.
99% Feb
Mar 97
Jan
Mar 95% Feb
Mar 88
Feb
Jan 104% Jan.
Jan 110
Mar
Jan 105% Mar
Mar 97
Feb
Feb 65
Feb
Mar 43
Jan
Mar 63
Jan
Jan 96
Mar
Mar 83% Jan
Jan 83% Jan
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange March 23 to March 28, both inclusive (Friday, March 29, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
V
.
N
-
-•
§§§§§§§§§§§
oomN..VAWONC
O.
Neqcon...1mq.cocso
*
Feb 90
Mar
79
81
190 60
Allegheny Steel corn
Mar 39
Feb
31
1,430 29
Aluminum Goods Mfg._.. 3034 29
15 8331 Mar 8534 Mar
Amer VitrifiedProd, pt 100
8334 8334
Feb 32
Jan
280 24
AmWindCilMach corn .100 25
25
25
5%
5
53
4 8,745
334 Jan
Arkansas Gas Corp corn .*
5% Mar
83,4 Jan
8
8
831 7,875
7% Jan
Preferred
10
617.4 6331
835 61% Jan 65% Jan
* 62
Armstrong Cork Co
43
1,295 3834 Feb 4531 Feb
25 4214 42
Blaw-Knox Co
Mar 20
Jan
495 17
__
1834
Carnegie Metals Co. .10 1731 17
Jan 28
Feb
600 25
CentOhloSteelProd,com *
26% 27
Mar
1736 1631 1774 4,285 1631 Mar 18
Clark (D I.) Co, corn
Mar
67 2554 Mar 26
28
26
Consolidated Gas, pf _..50
Feb
100 1934 Mar 26
20
20
Consolidated Ice, pt. _50
475 25
Mar 29
Jan
25
26
Crandall McK & H
8
Jan
367
6
Mar
lb
Devonian Oil
654 634
Rights-.
895
7% Jan 1334 Feb
1136 12
Dixie Gas & Utll corn ___* 12
Girard Trust Co
101
Mar 10734 Mal
10134 101 10735
Jan 76
Feb
215 70
70
70
100 70
Preferred
30 9734 Mar 9934 Jan
9734 98
Follansbee Bros. Pf-- -100
Bonds140 52
Jan 6034 Max
60
60
Harb-Walker Ref corn.. *
Adv Bag & Paper 6s W I'62
9514 98
34Ia
9534 Mar 98
25
134 Feb
3
Feb
234 234
Independent Brew pt. -50
Elec & Peoples tr ctfs 413.'45 54
5331 54
52
Jan 5431 Jai
10 121
Jan 12134 Mar
Jones & Laughlin St pf.100
121341213,4
5134 5134
Certificated of deposit
51
Mar 5134 !via
185 101
Mar 10334 Feb
101 102
Koppers Gas & Coke pt._ 101
Phila El(Pa) let 430set'67
98
98
98
Mar 99% Jai
Mat
1,105 2531 Jan 43
37
40
Libby Dairy Prod corn __* 40
1st lien dr ref bs
101% 101%
1960
101
Ma 105
Jai
Jan 75
Feb
7134 4,098 67
25 7034 70
Lone Star Gas
102% Mar 105% Jai
1st 58
1968
10231 103%
825 1231 Jan 1734 Mar
• 1234 1236 1234
McKinney Mfg corn
1st lien & ref 53413 _ _1947 105
.
105 105
105
Feb 10631 Jai
Mat
15
150 1034 Jan 17
15
Nat Fireproofing corn .50
1st lien & ref 5365_1953 10534 104% 10534
104% Ma 10634 Jai
34
110 2834 Jan 3531 Mar
34
50 34
Preferred
102% 1114
Phila Elea Pow Co 5%9272
102% Mar 106
Jai
414 Feb
534 Jan
5
100
5
5
Penn Federal Corp corn --*
Phil» Sub County 4 Hs_
97% 97%
9754 Ma
9734 Iiita
9,000 30e Mar 75c Jan
30e 40c
1
Strasahrld 17a A. ninth ha .4R 11c114
111114
Inn
AO 44 Jan 111A La Feb Phoenix Oil Co pf
15
6
Jan
8
Feb
8
8
Pittsburgh Brewing :41_50
•No par value.
Feb
730 2534 Jan 34
30
33
Pgh Investors Security .....* 32
40
3% Jan
431 Jan
334
314 33.4
5
Pgh Oil & Gas
Baltimore Stock Exchange.
-Record of transactions at Pittsburgh Plato Glass_100 69
Jan
879 64 , Jan 75
67
70
Feb 30% Jar
2634 1,410 24
25
5 28
Baltimore Stock Exchange March 23 to March 28, both in- Plymouth Oil Co
4
400 22
Mar 273 Feb
22
2234
Repliers, Inc
clusive (Friday, March 29, being Good Friday and a holiday Salt Creek Consol 011___10
224
531 Jan
4
Mar
4
4
Jan 25c Jan
Sc
7c 11,500 Sc
1
Sc
on the Exchange), compiled from official sales lists:
San Toy Mining
Mar
Jan 32
32
30 25
32
Gi pr pt ._l00
Stand Plate
Thurs.
Sates
Jan 8714 Feb
75
7736
455 73
Stand Steel Springs
Last Week's Range for
Range Since Jan. 1.
Jan
500 2214 Mar 29
2234 2334
Suburban Electric Dev ...*
Sale
of Prices.
Week.
Feb
Mar 520
10 516
516 516
Union National Bank..100 516
StocksPar. Price. Low. High. Shares.
Low.
High.
132 20
J1111
Feb 25
21
20
Union Steel Casting com_•
1,460 38
Jan 4416 Feb
40% 42
UnitedEngine&Fdy corn...* 41
Arundel Corporation ___• 4034 39% 4134 2,090 3936 Mar 43% Feb United States Glass. .25
Feb
1331 1334
325 1034 Jan 15
412 185
Baltimore Trust Co____50 190% 188% 191
Jan 195
Mai
Jan Vanadium Alloy Steel..._
Mar 72
170 70
71
71
. 71
Baltimore Tube Pret-100 6734 6734 68
270 61
Jan 75
Feb Westinghouse Air Brake._• 49
Jan 5434 Mai
961 46
4634 5031
Black At Decker corn
* 43
40
4334 1,410 3131 Jan 47
Mar
Central Fire Insurance._10
35
26 35
35
Mar 40
Jan
Unitsted10
35
20 35
Voting trust Ms
35
Mar 40
Mai
Jan Animal Trap Co
Mar 45
50 45
45
45
5 198
Century Trust
50
200 200
Feb 210
Jan Lach-Linn corn
Ma
250 15% Mar 20
1934 1931
Ches & Po Tel of Balt pf100 11634 116 117
30 113% Jan 11734 Feb
Mar 4131 Ma
80 40
40
4134
Preferred
Commercial Credit
*
4794 4831
256 40% Feb 62
Jan National Erie prat A
Ma
2534 2536 1.105 2534 Mar 28
7 2414 Mar 26
25 2531 2414 2511
Preferred
Jan Oil Well Investors
Eel
10 32
Mar 37
32
32
25 2534 2534 2634
167 2534 Mar 27
Preferred B___
Feb Penna. Industries pref
Fel
Feb 111
505 110
110 110
30 99
100 100
99 100
Mar 10434 Jan Pgh Screw & Bolt CorpMa
634% 1st prof
6,341 2334 Mar 29
2334 28
14% 14
15
90 12
Jan 15
Warrants
Mar Rudd Manufacturing
Mai
Mar 44
215 41
41
41
74 24
Feb 25% Jan Western Pub Service v t c
Cora Credit of NO prat ...... 2434 2434
4,945 2434 Mar 2831 Ma
2434 26
8115 88
Mar 104
Consol Gas EL & Power.* 9034 88
9234
Feb Witherow Steel
Ma
910 3754 Jan 75
55
63
Mar 11134 Feb
88 109
6% preferred series D 100 109% 109 109%
571 100% Mar 103
Jan
5% Preferred series A 100 100% 10034 101%
Rights
255 15
Mar 2234 Jan
VW Ma
Consolidation Coal- _100 15% 154 15%
114 Feb
11.4 114 17 494
• 2814 27% 2934
971 2734 Mar 3434 Feb
Eastern Rolling Mill
28
Scrip
28
28
1714 28
Feb 3434 Feb
•No par value.
125 129
140 115
25 125
Equitable Trust Co
Jan 135
Feb
-Record of transactions at
Cleveland Stock Exchange.
292 300
276 292
Fidelity & DePosir
50 293
Mar 310
Jan
12% 1234
100 11
Finance Co of America A.*
Jan 1234 Mar Cleveland Stock Exchange March 23 to March 28, both in18
Finance Service corn A__10
109 18
Jan 20
Mar
1834
934 934
141
Preferred
934 Mar 1011 Feb clusive (Friday, March 29, being Good Friday and a holiday
10
First Nat Bank w 1
5734 5834
333 57% mar 6014 Jan on the Exchange), compiled from official sales lists:
Houston 011 pref v t ctfs 100 85
85
86
85 83
Mar 92% Jan
Sales
Thurs.
1 27
Mfrs Finance corn v t_..25 28% 28% 28%
Jan 36
Feb
Range Since Jan. 1.
Last Week's Range for
let preferred
21
50 20% Jan 22
25 21
Feb
2134
Week.
Sale
of Prices.
2d preferred
17
1714
53 17
Mar 19% Feb
25 17
High.
Low.
Par. Price. Low. High. Shares.
StocksMaryland Casualty Co_ _25 155
148 155
373 148
Mar 18334 Jan
* 42
Maryland Mtge cona
3934 45
4,443 31
Jan 4614 Mar
Jan
Mar 27
80 18
19% 1954 20
March & Miners Transp * 4334 433.4 4494
303 433 Mar 4734 Jan Aetna Rubber corn
4
Mar 1434 Jan
100 10
10
10
25% 2536
10 2534 Mar 27
Monon W Penn P S pref.25
Feb Allen Industries corn
Feb
Mar 34
100 30
30
30
1
1
Preferred
300
1
Mortgage Security com_ *
Mar
4% Jan
Jan
Mar 40
280 35
35% 37
100
5
5
5
20
5
Mar 14
2d preferred
Jan Am Multigraph corn
33% 1,051 2631 Feb 3434 Mar
210 13
32
Mt V-Woob Mills•t_ _100 15
•
Jan 15
1334 15
Jan Apex Electric
Jan 37% Feb
36
70 36
143 7634 Feb 82
36
80
80
Preferred
100 80
Jan Bessemer Lime&Cmt corn •
50
1
Jan
131 Feb
1
1
80
5 80
•
Nat'l Marine Bank
80
Jan 80
Jan Bond Stores"B"
788 1014 Jan 2834 Mar
25%
295 49% Mar 5231 Mar Buckeye Incubator corn __* 2534 21
Nat'l Bash Weight, pref.. 5134 49% 5134
60 6554 Jan 66
Mar
8416 64%
351 7731 Jan 93
84
87
New Amsterdam Cm Cob0 85
Jan Bulkley Building pfd-__100
Feb
125
12
1214
93-4 Feb 20
10 85% Jan 88
Northern Central Ry_ ...50
• 12
8634 86%
Jan Byers Machine"A"
10831 109
105
30
90 30
Park Bank
10
30
Feb 31
Feb Central Alloy Steel pfd _100 109
Mar 64
Mar
689 55
635 83
55
55
5734
Mar 100
.tan City Ice & Fuel
Penna Water & Power.--* 8334 33
88
Jan 1331 Mar
880
5
9
10%
110 110
5 110
Feb 111
10 1034
Sharpe & Dohme pref_100 110
Mar Clark, Fred G com
Mar
100 1234 Feb 30
25
25
18 100
100 100
Jan 10131 Jan Cleve Auto Mach corn ..S0 25
Sou Bank Sec Corp pref...
Feb
120 2834 Mar 25
ClevelildersSup&Br corn _•
2834 28%
45
4614
140 4034 Jan 48
Eq pt w war_100
Stand Gas
Feb
Mar
Feb 220
400 39
195 210
56 135
40
40
Jan 43
Un Porto Rican Bug corn.•
Feb Cleve-Cliffs Iron corn ___.• 195
11014 111
17 44
69 1103-4 Mar 11234 Feb
44
•
44
Mar 48
Preferred
Jan Cleve Elec III6% pfd.__100 111
Mar
603 10434 Jan 110
344 344
9 339
Jan 354
Union Trust Co
50
Jan Cleve Railway coin _ __ _100 10534 105 105%
3% 336
63
334 Jan
37.4 Jan
900
9
914 10
Feb 13% Jan Cleve Securities P L pfd .10
United Rys & Electric_50
934
Mar
Feb 99
75
76
110 61
2,392 7834 Mar 9434 Jan Cleve Stone corn.
•
US Fidelity & Guar new.. 84
7834 85
Mar
Mar 25
2491 2431
350 22
197 6934 Mar 87
U S Fid & Guar Co Fire w I 70
8934 72
Jan Cleve Un Stkyards com _ •
Mar 1934 Mar
15
15
25 16
10
8
Jan
914 914
Wash Bait & Annapolls.50
936 Mar CleveWorstedMilb3com 100
Mar
450 3034 Mar 35
30% 33
110 110
75 102
Jan 138
West Md Dairy hie com *
Feb Columbus Auto Parts pfd_* 33
Mar 10431 Feb
10334 10334
100 103
100 91
100
Mar 96
92
92
* 92
Preferred
Jan Chase Brass pfd
Mar
Jan 270
5334 5334
250% 260
55 200
123 53
•
50
Feb 54
Prior preferred
Feb Dow Chemical corn
Jan 69 !Mar
60%
277 57
41
42
65 40
Jan 42
20
Western Natl Bank
Feb Elec Contr & Mfg cora.. _ _• 60% 60
32
Mar 34
Feb
32
75 32
•
EnamelProd.
Jan 1134 Feb
734 7%
30
5
25
734
Falls Rubber pfd
Rights
44
47
325 3574 Jan 48
Mar
2% 331 7,759
234 Mar
234
331 Feb Fed Knitting Mills corn __• 45
Cons GE LS St P WI
250 250
50 220
Feb 285
Mar
Fin)stoneTire&Rub corn 10
110 110
18 10954 Jan 111
100
Jan
8% preferred
Bonds
207 108
Feb 111
109 109%
100 109
Jan
7% preferred
Baltimore MN Bonds
47
51
885 40
Jan 5434 Feb
: 48
Mar 9934 Jan Foote Burt(new)
97
9794 31,500 97
4s Sewer loan-------1961
25
20
25
300 20
Mar 27
Mar
Mar 9931 Jan Gabriel Snubber
1961
97
9736 2,000 97
4s Jones Falls
* 34% 3334 35
520 29
Feb 3514 Mar
4s Engine house--_1957 9736 9734 9734 5,000 9734 Mar 9914 Jan Geometric Stamp
.25
290 290
250
Feb 300
400 97
Mar 9911 Jan Gen Tire & Rub corn....
Mar
97
97
1954 97
4s Annex Impt
100 9934 9934 993/
7
11934 Jan 102
Jan
97
97
500 97
Mar 9914 Jan
Preferred
1951
45 Paving loan
103 103
100
400 103
Mar 105
Jan
6,000 9734 Mar 9774 Mar Glidden prior prof
45(c p'n) sewer 2d ser'46 9134 9714 9734
.
•
2068
FINANCIAL CHRONICLE
Thurs.
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks 'Concluded) Per. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
[Vol,. 128.
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par.
Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
43
500
50
105
9434
25%
10854
73
165
4554
42
6054
50
4354
52
106
400
414
85
6554
43
38
13054
38
41
2934
30
99%
11534
92
754
42
3354
30
4434
34
28
3834
55%
390
8
8
16
260
25
65
10774
21
88
108
28
14
89
50
634
324
68
300
60
360
4354
65
36
104
294
29
103%
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Max
Max
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mat
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Mat
Mat
Jan
Mai
Mar
Feb
Jar
Feb
Skouras Bros "A"
4234 424
Sou Acid & Sulphur corn.*
51
51
Southwn Bell Tel pfd._100 119
11894 120
Stix Baer & Fuller corn __* 334 334 35
St L Amusement "A" ___* 20
20
20
St Louis Car pfd
100
103 103
St L Pub Serv corn
• 21
194 21
Preferred "A"
• 79
79
79
Steinberg's Drug Co pfd ..•
5254 5254
Wagner Electric corn ___15 45% 4254 46%
Preferred
100
10754 10751
Street fly Bonds
City & Subur P S 5e _1934
East StL&SubCo.5s __1932
United Railways 4s __1934
100 4234
12 46
38 117
121 3334
150 20
70 1004
693 19
66 77
575 5254
5,687 42%
10 1074
90
90
$3,000
9554 9554 3,000
834 834 8334 3,000
Mar 5154
Jan 58
Jan 121
Mar 4454
Mar 2054
Feb 103
Mar 24
Feb 81
Mar 5254
Mar 50
Mar 110
90
Mar
9554 Mar
8034 Jan
91
96
85
Miscellaneous BondsMoloneyElec,548____1943 95
95
95
1,000 9354 Jan 9554
Natl BearingMetals6s 1947 10434 10454 10491 3,000 1034 Jan 1045'
St Louis Car, 6s
1935
1004 10034
2.500 100
Feb 10194
Scruggs
Serial
9954 994 1,000 9754 Jan 100
-B-V, 7s
Scullin Steel, 138
1941 98
98
9854 10,600 98
Mar 101
•No par value.
Jan
Feb
Mar
,, Jan
,
Feb
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Los Angeles Stock Exchange.
-Record of transactions at
Los Angeles Stock Exchange March 23 to March 28, both inclusive (Friday, March 29, being Good Friday and a holiday
on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
4.63o
a .3 a
40
376
43
10334
92
19
10654
39
145
3354
30
5654
43
394
44
105
350
27
7034
53
34
3274
127
36
34
22
22
9754
1114
84%
684
39
2854
2254
4234
4
21
3654
4734
330
634
654
10
248
2154
4754
105
20
83
1043.4
25
11
71
33
44
30
464
289
494
307
24
64
33
103
25
264
101
34141, -44q. Op.
c..
.63..O.
.
88882888Wagg888N888451g888388Tt8:T8888&18M-188888828t888188888tt=8883888
a
.0.0.0Q.OW.000MMM.0.0N.00VMU]M0.Q00.0.04000N00.0§,000Q000§WCI.OV
M0.4.044.0.0.0,..000040001
N.0<0.0*N..0,
0.MMOMN NVNN.l .C.
..N.000000.0.0,
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.. ..omoam0040.0.ft
V.4.
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.
.
p;
r.;
Greif Bros Cooperage corn •
404 4034
Guardian Trust
100
400 402
Halle Bros
10
43
45
Preferred
100
104 104
Hanna MA 1st pfd ____100
94
94
Harbauer corn
•
19
19
Higbie 1st pfd
100 108
108 108
India Tire & Rubber com -* 62
5954 6354
Interlake Steamship corn •
165 165
Jaeger Machine corn
• 334 3354 3434
JordanMotor pfd.
100 34
30
34
Kelley1s1Lime&Tr cam- • 594 594 594
Lamson Sessions.
i5
47
47
McKeeArthurG&Cocom. •
394 404
Met Paving Brick corn - • 444 444 4434
Preferred
iiie 1044 1043.4 106
Midland Bank Indorsed100
400 400
Miller Whole Drug com--• 39
38
40
Miller Rubber pfd --1641 80
80
80
Mohawk Rubber corn
-•
54
54
Murray Ohio Mfg pfd _100 36
36
36
Myers Pump corn
• 33
324 3334
National Carbon pfd.__100
130 130
National Refining com__25 3674 3631 3634
National Tile corn
•
35
364
*
Nestle-LeMur corn
224 24
1900 Washer corn
• 30
274 30
North Ohio P & L6%01100
974 9754
Ohio Bell Telep pfd___100 113
11154 113
Ohio Brass "B"
• 844 844 854
Ohio Seamless Tube corn.*
73
72
Packard Electric corn ----• 4034 39
42
Packer Corp corn
• 284 284 29
Paragon Refining corn - • 24
24
2534
Preferred4354 434
Rites
*•
54
A
%
Vte
24
24
•
Patterson Sargent
•
364 374
Reliance Mfg corn
• 52
514 5454
Richman Bros corn
• 341
330 345
s
7
R & M series No 1
9
7
If No. 2
654 654
•
I Preferred
25 10
10
10
Sandusky Cement corn •
248 248
Scher-Hirst, class A
• 214 21% 22
Selberling Rubber cam
. • 514 474 53
Preferred
IIN 105
105 105%
Sheriff St Mkt corn _ -100
21
21
Sherwin-Williams corn _ _25
85
83
100 106
Preferred
10454 106
Smallwood Stone corn - •
25
254
StandTextileProdeom__100
12
12
"A" preferred
100
82
80
"B" preferred
100 48
464 48
(Rearm Motor corn
44 5
•
Stouffer Corp class A.. •
31
3134
Thompson Products corn..•
50
60
United Bank
100
290 290
Union Metal Mfg corn-_ 5 4954 4954 51
Union Trust
100 345
345 360
•
45
Weinberger Drug.
15
Wellman-Seav-Morgpfd100
65
65
Wheeler Metal Prod
36
• 334 33
West RA9 Inc Corn Pf--100
10334 10334
Widlar Food Prod
27
• 2554
25
Wood Chem Prod corn
•
2634 27
YnnneRtAarn R A 'r of _100 101(6 101A 10234
Renee Since Jan, 1.
Lew.
High.
P.O
-4.
.
w Cl
p.m
34.
Cl
64-4 ac.
w.
Cl CC1011 l
0..14. ClIo.O..31.1.3.w
6.
Cl
.444
444.v.www-4
o.
0110o0o.....
0 . 61§
.6
0
-
8888
-
a
Barnsdall Corp A
25 444 404 4534
38
Feb 4634 Mar
Bolsa Chica Oil A
1
1.80 2.20
2.15
1.80 Mar
4.30 Jan
Buckeye Union Oil pref1
.39
.39 .40
.34 Feb
1.85 Jan
California Bank
25 131
130 133
125
Jaa 1364 Jan
Central Investment___100 1014 101
10134
10154 Feb 10354 Mar
Douglas Air common_• 3194
2454 Mar 344 Mar
2854 334
Emsco Derrick & Eq cora.• 4134 39
3754 Feb 444 Feb
4234
Gilmore Oil
8 134
1354 13%
Mar 154 Jan
10
Globe Grain & Mil corn. _25 33
33
33
314 Jan 34
Feb
Goodyear T & Rub pt. _100 100
100 10054
Jan 1015' Mar
100
Goodyear Textile pref. 100 101
101
101
Feb 102
98
Fob
Hal Roach 8% pref
25 18
18
18
Jan 18
Mar
15
Holly Development
1
1.05 1.15
1.15
1
Jan
1.15 Mar
Home Service 8% pref. _25 2534
2554 2534
254 Jan 264 Jan
Hydraulic Brake Co com 25 55
55
5731
Jan 60
Mar
40
Intl Re Ins Co
.10 5954 5694 5954
53
Feb 8054 Feb
Illinois-Pacific Class A....5 38
38
38
38
Mar 4654 Jan
Jantzen Knit Mills
• 4554 4554 47
44
Feb 4834 Jan
Jenkins Television
1454
• 1234
12
Mar 17
Mar
12
Lincoln Mtge common---•
.95
.95 1.10
.60 Jan 1.4754 Jan
Preferred
•
834
Jan
854 Jan
9
834 854
L A Biltmore pref
100 97
97
Jan
97
Jan 99
96
L A First Nat Tr &13Bk_25 133
128 133
Jan
12034 Jan 150
L A Gas& Elea pref
100 10534 10554 1054
1054 Jan 108
Jan
LA Investment Co
1
2.30 2.35
2.30
2.15 Jan
2.55 Jan
I. A First Nat 13k rights....
2.20 2.65
2.60
2.20 Mar
3.60 Feb
Langendorf Baking A _ _-• 3294 3234 3234
3234 Mar 3234 Mar
Mascot 011
1
2
1.95 2.05
1.95 Mar
3.10 Jan
McMillan Pete
25 4054 3.54 4054
344 Feb 4054 Mar
March Nat Tr & S Bk 25 205
205 225
210
Feb 25334 Jan
Merchants Pete
1
.60
.50
.60
.50 Jan
.80 Jan
•No par value.
Midway Northern 011__1
.25
.25 .25
.20 Jan
.35 Jan
190
-Record of transactions at Mortzage Guarantee Co100 190 190 190
St. Louis Stock'Exchange.
Feb 192
Feb
Mt Diablo Oil
1
1.10 1.15
1.15
1.10 Feb
3.00 Jan
St. Louis Stock Exchange March 23 to March 28, both in- Nat'l Bank of Commerce 25 46 46 46
45
Jan 48
Jan
clusive (Friday, March 29, being Good Friday and a holiday Occidental Pete corn
3.20
I
3.95 3.40
2.10 Jan
154 Jan
1
1.10
Oceanic 011
1.00 1.10
on the Exchange), compiled from official sales lists:
Paraffin Co
824 8254 8254
8251 Mar 834 Mar
Pacific Clay Products____* 354 354 3554
31
Jan 36
Jan
Thurs.
Sales
Pacific Finance com___25 111
104 112
674 Jan 112
Mar
Last Week's Range for
Range Since Jan. I.
Preferred series A_ -.25 2754 2754 2754
274 Feb 293.4 Jan
Sale
of Prices.
Week.
Preferred series C.... _ _25 2454
2434 2434
234 Mar 254 Jan
Par. Price, Low, High. Shares.
StocksLow.
High.
25
Preferred aeries D____25 25
25
25
Jan 254 Jan
Pacific Lighting corn
70
Jan 8034 Jan
• 7634
7651 7834
Bank Stocks
Pacific National Bank __25 48
48
48
48
Feb 50
Jan
First National Bank___100 383
375 383
63 34254 Jan 420
Feb Pacific National Co
25 394 3954 4034
35
Feb og Mar
Lafayette-So Side Bk -100
370 370
10 370
Mar 395
Feb Pacific Western Corp...._.
1854 Feb 23
• 2034 194 21
Jan
181 182
Nat'l Bank of Com_-_100 181
99 175
Jan 210
Jan Republic Pete Co
54 Jan
64
10
574 634
94 Feb
• 6014 604 6034
60
Republic Supply Co
Jan 62
Mar
Trust Co Stocks40
25 4354 404 4454
Feb 4834 Jan
Franklig-American Tr..100
5 215
Jan 23034 Mar Richfield 011 com
23034 2304
Rio Grande 011 corn new _ 25 4154 37
414
3296 Jan 424 Jan
100 385
Miss Valley Trust
285 387
85 370
Jan 387
Mar Ban Joaq
11434 Mar 1164 Feb
113 1144
7% pr pf 100 113
St Louis Union Trust 100
525 525
10 500
Jan 530
Mar Seaboard 1.&P Cred Corp_
99
99
99
99
Dairy
mar 99 Mar
44
44
Seaboard National Bank 25 44
Miscellaneous Stocks
530
Security Tr & Say Bank 100 600
600 605
Jan 65054 Jan
100
A S Aloe Co pfd
50 10334 rvIar 105
1034 10354
Mar Sec
125
Mar 130
First Nat Bank com___ 128
12554 127
Feb
Alligator corn
•
2834
26
175 26
Mar 27
Mar
3.10 3.30
3.10 Mar
g.25
Rites
3.55 Feb
BaerSternb&Cohen corn -•
754
10
7
Mar
754 Mar Sec Trust
755 754
23
-Sac Bank ware_
25
23
25
Mar 30
Mar
•
Boyd-Welsh Shoe
38
100 38
38
Mar 4054 Jan Shell
• 2954
Union Oilcom
27
Feb 30
2991 30
Mar
Bruce (E L) corn
•
43
188 39
43
Feb 48
Feb
45
37
Feb 4874 Mar
25 4394 42
Burkart Mfg corn
•
7
7
7
180
Mar 1034 Jan Signal Oil& Gas A
13
39
Feb 474 Mar
25 4034 4034 4034
Preferred
• 174 174 1754
15 17
Mar 2054 Jan
594
57
54 si Jan 674 Jan
25 57
ChatnplonShOeMach pf 100
5 1034 Mar 1084 Jan So Calif Edison com
10354 10354
2834 Mar 2934 Jan
25 2834
2834 29
7% Preferred
Chicago fly Equip pfd _25 1734
17
16 16
1754
Jan 18
Feb
6% Preferred
25 2534 2534 26
2554 Mar 2654 Jan
Coca-Cola Bottling, See _1 424 3954 4354
580 37
Jan 4734 Mar
2454 2494
54% Preferred
244 Mar 25
25 2454
Feb
Consol Lead & Zinc"A" .• 124 1234 134 1,376 1054 Jan 1334 Jan
So Calif Gas6% wet._ -25 20
2554 26
25
Jan 2654 Feb
Corno Mills Co
100 200
200 200
20 190
Mar 200
Mar
6% Preferred A
26
26
25
25 28
Jan 26
Feb
•
30
Elder Mfg, corn
30
52 30
Mar 36
Jan So Counties Gas
6% pfd100 10134 101
100
1014
Feb 1014 Feb
100 74
"A"
74
72
152 72
Mar 80
Jan Standard
7054 79
644 Feb 804 Mar
Oil of Calif
• 7754
Emerson Electric pfd_ _100
102 102
10 101
Jan 106
Jan Sun
Realty coin
3.75 4.00
4.00
1
3.76 Mar
554 Jan
Ely&WalkDryGds corn _25 2834 2834 2834
452 2834 Mar 30
Jan Trans
125
-America Corp_-__25 13634 131 140
Feb 142 t Mar
1st preferred
100
107 107
Mar 109
5 107
Jan Union
51
45
Feb 5254 Feb
Fred Medart Mfg com___•
25
25
400 20
Mar 25
Mar Union 011 Associates____25 5054 48
464 Feb 524 Feb
25 5074 4834 51
Fulton Iron Works corn...•
6
6
6
5
10
Mar
754 Jan US 011 Calif
.12 Mar .1754 Jan
25e .1254 .1254 .14
Royalties
Globe-Democrat pfd__100
115 115
40 115
Mar 118
Feb White
.05
.05
.0
Star 011
.05 Mar
1
.05 Mar
Hamilton-Brown Shoe ._25 1754
1754 1854
470 174 Mar 24
Feb
Hussmann Refr corn
•
2654 2654
6 25
Jan 3534 Feb
Bonds
Huttig S & D corn
• 19
18
19
65 18
Mar 224 Jan Great 101 101
101
101
Mar 102
Mar
Hydraulic Pr Br com _ _100
34
354 354
110
3
454 Feb L A West Power 56_1946 10554 1054 1054
Jan
Gas & Elea 6s____1942
10554 Mar 10834 Jan
69
Preferred
100
69
35 62
Feb 7134 Mar
5s
9734 9734 98
1961 '
9794 Mar 101
Jan
International Shoe corn ....• 68
6534 68
992 63
Feb 7454 Mar
Pacific Elec
'42 9254 9254 9254
924 Mar 9594 Jan
Preferred
100 10754 107 10754
14 10654 Mar 110
Feb Pacific Gas fly 1st M 5s
99
99
95
& Elec 68._1942 99
Feb 1024 Jan
Johansen Shoe
• 3854 383.4 38%
60 38
Mar 39
Feb So
Counties Gas 434s..1968 8954 8934 8954
89
Mar 92
Jan
Johnson-S & S Shoe
•
58
58
50 54
Feb 65
Feb
Knapp Monarch corn_
•
39
266 39
3954
Mar 40
Mar
•No par value.
Preferred
•
23
23
105 23
Mar 23
Mar
Lac-ChristyClProd pfd 100
100 100
70 100
San Francisco Stock Exchange.
Mar 100
Mar
-Record of transactions
Laclede 09a Licht pfd__100
100 100
80 100
Mar 10054 Mar at San
Francisco Stock Exchange March 23 to March 28, both
20 51
51
Laclede Steel Co
5354
30 54504 Mar 57
Mar
Machine corn,_._25
Landis
5154 56
925 4754 Jan 62
Jan inclusive (Friday, March 29, being Good Friday and a holiMahoney-Ryan Aircraft..5 18
174 1854
1,075 1654 Jan 2354 Feb day on the Exchange), compiled from official
sales lists:
Marathon Shoe corn..__25
42
42
50 42
Mar 5355 Jan
Meletio Sea Food corn_ •
30
30
6 30
Mar 30
Mar
Thurs,
Sales
Preferred
100 87
85
87
25 85
Mar 90
Feb
Week's Range for
Last
Range Since Jan, 1.
Michigan-Davis Co
• 14
14
15
644 1254 Jan 15
Mar
of Prices.
Sale
Week.
Moloney Electric "A"
• 5754 5454 5754
873 5234 Feb 5954 Mar
Stocks
-Par.Price. Low, High. Shares.
Low.
High.
Mo Portland Cement_ 25 454 434 4654
828 4354 Mar 5554 Jan
•
Nat Candy corn
21
2
Mar Alaska Packers Assn
520 184 Jan 25
169 180
334
180
80 169
Mar 180
Mar
Nicholas Beasley Alia- _5 2034 194 2054 1,370 1954 Mar 2254 Mar American Company
140 14254 5,889 13954 Jan 1514 Mar
141
• 294 294 30
Pedlgo-Weber Shoe
60 294 Mar 3354 Jan Anglo Calif Trust Co
505 505
20 495
Jan 510
Jan
Rice-StlaDryGds corn _ _ _* 2154 2034 2131
1,061 2054 Jan 2434 Jan Anglo & London P Nat Bk- 255
253 261
280 25254 Jan 26954 Feb
100
1st preferred
106 106
Feb Atlas Im Diesel Eng A25 106
Mar 110
50
5354
1,415 50
Mar 65
Jan
kruggs-V-B DO corn.. _25
184 1834
468 18
Mar 194 Feb Associated Insurance
94 10% 5,760
10
Jan
93.4 Mar
12
• 34
33
3cullin Steel. pref
354
Mar 4254 Jan Bank of Calif
775 33
290 303
170 290
Jan 303
Mar
....
40
1VIM
'.
Byron Jackson Pump Co... 3454 31
35
14.543 31
Mar 864 Jan
46% 48%
48
John Bean com
834
734 8%
California Copper
7634
73
75
California Packing Corp
7534
743.4 71
Caterpillar Tractor
4254
38
42
Clorox Chemical Co
98
98
98
Coast Co Gas & El let pf
9334 9334 9434
Crown Zellerbach pref
9454 9434
Crown Zell pref B
20% 19% 22
Voting trust certificates_
2834 2734 2854
Dairy Dale A
2034 22%
B
29
3034
Douglas Aircraft
2834 33%
30
Emporium Corp
534
5
Fageol Motors com
10534 107
107
Firemans Fund Ins
28
2534 28
Rights
1151
1034 1151
Foster & Kleiser corn
Galland Mere Laundry_
513.4 5334
5334 5234 5534
Golden State Milk Prod.__
101
101
Gt West Pow ear A 6% of. 101
10534 10534 106
Preferred
30
3034
Gen Paint A
2334 24
B
2134
21
Haiku Pineapple Co Ltd Pf
52
51
Hawaiian Coml& Sug Ltd_ 52
60
59
Hawaiian Pineapple
Fire & Marine Ins__ __ . 3934 40
Home
__3834 37
3834
Honopulu Cons 011
2234
2234 22
Hunt Bros Pack A corn_._ _
1131 1134
__ ___
Hutchinson Sugar Plant
4134 37
4134
III Pac Glass A
4611
4534 45
Jantzen Knit Mille
5534 4834 5934
Holster Radio Corp
31
3234
Langendorf United Bak A. 3234
3034 2934 31
B
17
17
Leighton Ind A
8
8
B voting trust cgs
3734 3355 373,4
Leslie Salt Co
10134 10434
La Gas & Mee pref
734 854
834
Magnavox Co
34
34
Magnin I corn
121
1213-4
Nor Amer Invest corn____
7054 10134
ik Preferred
h0 44
.4
1111,
1-.owww
=bac:.
CD
o—,
w
4aD14ZnwLaolww....0.4........coly."0...OWwW...g. 4.. ...,
'4CO NOCIPOWOON.AWNQs4..=4,
ONN
4.4WW.W-414M.W
w
L7,0014....NCTOOGAWWN.W00.0.00000W001—.01,M010000W0000.01CoP
Sates
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Bonds (Concluded) Par. Price. Low. High Shares.
Prainrrarl Hybl,
.
2069
FINANCIAL CHRONICLE
MAR- 30 1929.]
Range Since Jan. 1.
Low.
4534
7
73
71
38
98
92
9434
19%
2334
1734
24
2734
5
105
2434
1034
51%
5234
100
105
30
2334
21
5034
59
3934
3534
22
11
37
44
4854
28
25
1634
7
3354
10434
7
34
113
100
sou
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Mae
High.
50%
1034
8134
8051
5034
99
96
95
2534
30%
2634
34
373.4
7
151
31
1254
55
5934
10234
10734
3234
2834
2334
'
53
6234
4634
3934
2334
1234
47
4834
793.4
353.4
3234
1834
1034
4751
10854
1334
39
123
10134
ante
Sates
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. Ma. Shares.
Range Since Jan. 1.
High.
Lou.
Jan
Mar 38
3,135 20
2334 25
25
Jan North American Oil
Jan 3034 Feb
110 27
2834 283-4
Feb Occidental Ins Co
Feb
Jan 46
4034 2,390 38
38
40
Feb Oliver Filter A
Feb
Mar 45
2,590 34
37
3634 34
B
Jan
Jan
9
400
734 Jan
8
8
Jan Paauhau Sugar Plantat'n_
Jan 6754 Jan
5654 5,814 54
5634 55
Jan Pacific Gas & Elee com___
Jan
4,902 2651 Mar 28
263-4 2634 27
1st preferred
Jan
Jan 8834 Mar
7434 783.4 6,447 70
7634
Mar Pacific Lighting Corp
Feb
30 10154 Jan 104
103 103
6% preferred
Jan
Mar
Jan 196
65 160
183 185
185
Mar Pacific Tel & Tel corn
Feb
7,595 2094 Jan 24
2334 2334
233-4
Max Pacific Public Service
6,013 7934 Mar 8834 Jan
7934 82
81
Max Paraffine Cos Inc com
Jan
5 1234 Mar 14
14
14
prof
Fet Pig'n Whistle
Mar
Mar 35
2,064 32
33
3234 32
Rainier Pulp & Paper
Jar
Jan
443.4 14,439 3951 Feb 48
Richfield Oil
4334 40
Fet
Jan
Jan 25
550
Preferred ex-warrants- 2454 2451 2434
Fet
Jan
Mar 34
225 55
32% 3234
Roos Bros corn
Jar
1;
, 10034 Jan
12
10
9834 9834
Preferred
Jar
Feb
118
50 1
11354 1133-4
Jar SJ Light & Pow pr pref._
ar 22
Jan
953
17%
1734 18%
Fet Schlesinger (B F) A corn__
Jan
Mar 90
10 81)
8634 8634
Preferred
Jar
Feb 3034 Mar
3034 4,201 26
2934 27
Shell Union 011 corn
Jar
355 8851 Feb 10134 Mar
98 A 101
99
Sherman & Clay pr pref
Fet
Mar 963.4 Jan
40 90
93
90
Sierra Pacific Elec pref._
Jar
Mar
Mar 126
200 126
126 126
Southern Pacific
Fet
Jan
Mar 92
300 86
8751 88
Water
Spring Valley
Jar
703.4 7834 62.347 6434 Feb 8034 Mar
7734
Standard Oil of Calif
Jar
Feb 21% Jan
2154 2,632 18
Tidewater Assoc Oil corn
2034 20
Mai
110 8634 Jan 89% Jan
88
873-4
88
Preferred
Jar
Mar
Mar 30
140 24
30
24
Transcontinental Air Tr Inc
Pet
Max
Feb 142
47,745 125
130% 141
136
America Corp
Trans
Jar
Feb
250 2134 Mar 23
2134 2134
2134
Traung Label & Litho Co_
Jar
5034 47% 5134 6,488 4454 Feb 5234 Max
Union 011 Associates
Jar
10.657 4634 Feb 5254 Max
5134
5054 48
Union Oil of Calif
Max
Mar 2851 Max
1,009 21
2551 25
2634
Union Sugar corn
Max
Max
Mar 32
200 28
2954 2951
Preferred
Fet
Mar
Mar 315
50 300
300 300
Wells Fargo Bk & Uri Tr
Fet
651 Jai
4.50 Mar
100
4.50 4.75
4.50
West Amer Finance pref A
Jar
Jan
1.043 25% Mar 30
2534 2634
26
West Coast Banc
Jar
Jan
102(1 40'1.4 Mar 53
en L4
en
en u
‘,...,,-- 1- .^..•...rob.v. r.e. On
Jar
Jar
-For this week's record of
Fet
Cincinnati Stock Exchange.
Jar
Exchange see page 2037.
ma, transactions on the Cincinnati
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (March 23) and ending the present Thursday (March 28) (Friday, March 29, being Good
Friday and a holiday on this Exchange). It is compiled entirely from the daily reports of the Curb Market itself, and is
intended to included every security, whether stock or bonds, in which any dealings occurred during the week covered:
Sales
Thurs.
Last Weeks' Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Mar. 29.
Stocks-
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
200 1754 Jan 23
19
Jan
1934
Acetol Produets com A. •
100 893-4 Mar 130
Jan
25
8954 89%
Acme Steel corn
5
Feb 19
7% 8% 27,500
Jan
7%
ACOILL8tIC Products oom....•
4551 3,300 3854 Mar 4551 Mar
Supply Mfg cl A__ ...• 4554 42
Aero
Feb 4551 Mar
• 4551 42
4511 2,800 38
Clam 13
Mar 48% Feb
1,700 42
45
42
* 45
Aero Underwriters
3351 3551 1,000 8355 Mar 4334 Jan
•
Agfa Anson Corp oom
1,100 733.4 Jan 85
85
82
Mar
100
Prefered
200 14434 Jan 161
Feb
150 152
50
Ala Gt Sou ord
120 150
Mar 167
150 155
Feb
50
Preference
Mar 23
13
Mar
2054 11,900 13
20
Alexander Industries
300 2734 Mar 3654 Jan
2834 2934
*
Alles & Fisher Inc vita
400 800 Mar
2
1
81c
Jan
•
Allied Pack coin
154 Jan
600
211 Feb
251
100
Senior preferred
451 Mar
400
454 434
435
754 Jan
Allison Drug Stores A-_ _•
534 Mar
251
•
234 334 3,800
23-4 Mar
Clam B
Mar 5451 Feb
1,400 46
50
Alpha Pont Cement oom_• 4811 46
Jan 189
2,500 148
155 167
Jan
Aluminum Co common_ _ _• 160
400 10334 Jan 107
Mar
106 106
100
Preferred
Mar 13451 Jan
400 116
116 119%
•
Aluminum Ltd
Mar 41
600 30
30
Feb
•
3234
Aluminum Goods Mfg
Mar 4734 Jan
700 43
100 4351 43
4334
Amer Arch Co
100 4854 Mar 50
Jan
• 4834 4854 48%
Amer Bakeries cl A
12,500 1355 Jan 1574 Jan
15
15
Amer Beverage Corp- • 15
1,000 1651 Mar 22% Feb
1631 19
Amer Brit & Cont Corp..'
Am Brown Boyer'Elea Corp
834 Jan
17% Mar
• 17
143-4 1734 6,200
Founders shares
400 1634 Mar 3411 Mar
26
25
•
Amer Chain con)
Mar 14454 Mar
100 138
136 138
100
Amer Cigar corn
Jan 4934 Feb
42
900 87
46
Amer ColortYPe 00m
•
Mar 90
8034 2,600 74
Feb
Amer Com Alcohol,to 100 7855 74
Jan 80
5934 23,800 rise
Jan
Amer Cyanamid corn el B 20 5934 52
200 98
115 115
Jan 122
Mar
100
Preferred
Mar 29
2034 7,000 18
18
Mar
Amer Dept Stores Corp..' 20
99
25 99
99
Mar 114
Mar
100
let preferred
600 77
81
Mar 9554 Jan
77
Amer Laundry Mach corn •
125 116
Mar 5124
• 11694 11654 11754
Jan
Amer Meter
300 24
Jan 275-4 Feb
25
2534
Amer Milling Co com _100
14,000 8834 Mar 10551 Jan
Amer Rolling Mill com..25 9234 8811 94
33
3754 4,400 2654 Jan 40% Mar
Am Solvents & Chen) v t 0• 36
48
5031 2,000 4614 Jan 5535 Jan
Cony partic preferred •
Jan
• 8451 8151 8611 4,000 8111 Mar 97
Amer Stores corn
6
3% 334 1,100
8
Feb
374 Jan
334
Amer Thread pref
Amsterdam Trading Co31
Mar 33
30
500 30
Jan
30
American shares
29% 3534
600 2974 Mar 4334 Jan
Anchor Post Fence oom •
Jan 4551 Jan
3931 4434 7,300 83
Anglo-Chile Nitrate corD.
•
5
Feb
100
934 951
1234 Jan
Apco Mossberg Co cl A_ 25
200 65
65
Jan 6554 Jan
65
•
Apponaug Co cam
Mar
Arcturus Radio Tube_ __• 3654 3051 3734 21,500 2254 Mar 41
370 61
63%
Jan 65
Feb
Armstrong Cork corn___• 63% 62
Jan 15654 Feb
.
Art Metal Works corn _ _• 4211 4155 4351 1,300 41
600 50
50
Mar 50
50
Mar
Associated Apparel Indus.
Feb 27% Feb
Associated Dye & Print._' 2034 2034 2311 2,600 19
11% 1,100
10
10
Mar
1 474 Feb
Associated Laundries A....• 1151
2254 2354
500 223,4 Mar 3554 Jan
*
Associated Rayon com
100 733-4 70% 7354 1,700 7011 Mar 8751 Jan
6% preferred
100 80
80
SO
Mar 9051 Feb
Atlantic Coast Fish corn. •
1% 5,900
1
Jan
1
1%
2
Jan
Atlantic Fruit & Sugar...'
55%
55
300 53
Feb SOH Jan
•
Atlas Plywood
80
5054 1.100 4934 Feb 5434 Jan
Atlas Portland Cement...'
6,200 13054 Jan 192
Feb
Auburn Automobile corn..' 174% 15751 180
700
8
Jan
1554 Jan
Automatic Regis mach___• 11% 10% 1134
1934 2334 5,000 1951 Mar 2954 Jan
• 2134
Cony prior panic
66% 20.400 3251 Jan 89% Mar
Aviation Corp of the Amer* 5594 51
New, when issued
1954 1851 2055 115,100 1851 Max 2234 Mar
•
1834 2234 3.400 1811 Mar 233.4 Feb
Aviation 'rerlit(!orp._
(
3651
FeIx
36
4331 Feb
Axton-Fisher Tob corn A 10 36
500 55
mg% 11915
200 2351 Mar 137
Jan
Babcock & Wilcox Co__100
951 1354 3.600
931 Mar 2254 Jan
• 1251
Bahia Corp common
1,100
9
9
Mar 16
1334
Jan
Preferred cumulative.25 1334
200 7454 Ma
7431 7451
8854 Jan
Balaban & Katz comytc.25
200 34
34
Mar 43
34
•
Jan
Bastian Blessing Co
Bauman(Ludwig) & Co
200 9254 Feb 97
96
95
Mar
Conv 7% let pref._ _100
20
16
3,200 15
Jan 2351 Jan
Bellanca Aircraft, to...' 20
2,700 100
Mar 12954 Jan
Bendix Corp new com____5 12154 100 12251
1234
200 12
Mar 1751 Jan
12
& Sledges corn_ •
Benson
2254
200 22
Mar 2431 Jan
22
•
Preferred
25 96
Jan 104
104 104
Mar
Bigelow-Hartford Carpet.*
Jan 11014 1r,o3
5754 2.100 53
• 11794 56
154
Bonds (Continued)-
Thurs.
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
45
Bliss(E W)Co common.'
Blumenthal(S)& Co corn •
Bohack (H C) Co com_ •
Bohn Aluminum & Brass.' 113%
Borden Co.new com w 1..25 9211
Bowm-Bilt Hotels pf.__100
Briggs & Stratton Corp_.' 3434
Bright Star Electric classB 13
•
Brill Corp class A
•
Claw B
• 23
Brill° Mfg corn
• 2634
Class A
Bristol-Myers Co corn....' 94
Brit Amer Tob ord bear.£1
Ordinary registered _LI
British Celanese
6%
Amer deposit receipts-Budd (E 0) Mfg com____. 55
• 5031
Bullard Co (new co)
•
Bulova Watch corn
•
13.50 cony pref
451
Burma Corp Amer dep rots
20 32
Butler Bros
834
Buzza Clark & Inc corn. _ *
Campbell Wyant & Cannon
•
Foundry
•
Canadian Indust Alcohol.
Capital Administr allot ctf 72
• 31
Carman & Co di;
•
Class B
Prod corn 25 3954
Carnation Mil
100
Casein Co of Amer
•
Caterpillar Tractor.
Celanese Corp of Am corn • 4354
100 112
Ftrst preferred
• 4034
Celluloid Co corn
•
First preferred
9%
Centrifugal Pipe Corp--•
Chain Store Stocks Inc..* 3451
•
Charts Corp
Checker Cab Mfg coma...* 8334
Chic Jefferson Fuse & El.'
Chic Nipple Mfg el A.__50
50
Class B
100 9751
Childs Co pref
Cities Service common-20 12051
31
New common
100 9755
Preferred
9
10
Preferred B
City Machine & Tool corn •
City Say Bank (Budapest).
Club Aluminum Utensil_ •
•
Cohn-Hall-Marx Co
Colgate Palmolive Peet... z72
151
Colombian Syndicate
Colts Pat Fire Arms Mfg 25
Columbia Pict corn w 1.__• 31
Columbus Auto Parts pt.*
Consolidated Aircraft_ ___• 3134
Consol Automatic
Merchandising v t o___• 10
• 32
$3.50 preferred
Consul Dairy Products • 4151
Consol Film Indus corn..' 2551
Consol Instrument com • 2754
• 1934
Collard Laundries
Cons Ret Stores Inc corn.* 3351
ConmITheatrea Ltd v t C.' 1955
ContinentalDiamondFibre• 2751
Coon(W B) Co
• 2974
Common
Copeland Products Ino• 16
Class A with warr
Courtaulds Ltd Amer den
recta for ord stk reg_LI 1951
Crock Wheel El Mfg com 100 285
Crosse & BlackwellPref with warrants- •
Crowley Milner & Co corn•
Cuban Tobacco com v t c_•
Cuneo Press common___10
41
flmtlag Askrnol Eel) Corn.*
3954
8334
6734
103
8854
31
3434
1151
2251
934
22
2634
92
2951
2931
47
8654
70
11654
9334
31
36%
1254
25
1054
24%
26%
95
30
3151
534
50
4511
29
49
451
2554
754
16
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Feb
874
67
5374
31
50
551
4451
1754
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
3651128ar
Mar
34
Mar
72
Feb
31
247-4 Mar
Mar
39
Jan
180
Mar
69
4151 Mar
455 Mar
10
Feb
40
Jan
100
951 Mar
33
Mar
Mar
31
4634 Jan
Mar
48
Mar
2
50c Mar
9734 Mar
88% Jan
Mar
30
9634 Feb
8% Jan
Mar
25
50% Mar
Mar
27
363,4 Feb
713-4 Mar
Pr. Jan
3651 Mar
3054 Mar
Mar
30
2534 Mar
4651
4331
78
3151
25%
48
267
82
5714
118
50
110
13
4074
42
94
5954
434
154
109
12134
3154
9834
934
8454
5651
3331
45
8054
2
45%
3154
35
43
Jan
Max
Max
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Max
Jan
Mar
Max
Jan
Jan
Jas
Feb
Feb
Jae
Jan
Jan
Jan
Mai
Max
Mal
Mar
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Mar
1751
45
5051
26
35
21
3951
400
29% Mar
4351
2,200
1554 Jan
2134 BM
11% 10,300
3231 2.300
4351 3,200
26
40.300
29
4,900
203.4 13,800
2,700
35
203.4 4,500
2851 6,500
1854
1811 1954
221 290
51
48
33
40
37
52
5034
33
41
43
Jan
Mar 5654
Feb 9451
Mar 77
Mar 124
Mar 100
Mar 31
Mar 38
Mar 1434
Feb 29
Mar 1234
Feb 2734
Feb 28%
Mar 10934
Mar 3231
Mar 32
65/ 8,100
6655 2.800
50% 5,700
1,200
3055
200
50
454 46,700
3,100
32
1,000
8%
2934 32
High.
Low.
9,500 3934
1,500 80
300 6734
8.200 103
1,800 8851
450 31
9,500 343-4
300 1151
400 2234
300
834
1,400 20
200 26%
1,100 92
1,400 2951
600 2914
3651 41% 1.300
300
34
3634
1,900
7551
72
1,600
31
31
200
24% 25
1,200
41
39
120
205 20934
2,500
75
69
5,300
4134 47
10451 112
1.100
400
4051 4031
100
103 103
951 1051 3.300
3634 6,300
33
300
3254
31
8555 61.100
65
400
53
48
900
4
2
1,600
50c
19.4
100
9751 10351
80.500
117 121
49,900
31
30
96% 9751 2,700
200
9
9
2851 1,300
25
200
5034 51
3.100
30
27
700
4054 413-4
2,000
7134 73
154 1%
200
3634 363.4
3031 3151 1,000
600
32
30
5,400
253.4 36
7
28
3734
23
24
1751
3251
18%
2551
Range Since Jan. I.
411
3451
44
29
49
334
2534
634
'7
28
3751
18
23
17
3251
1351
2551
Jar
Jar
Fal
Max
Mal
Mat
Fet
2134 Max
2954 Mai
Jai
1,100 1854 Mar 2351 Jai
950 12754 Jan 29351 Ma
500
900
100
700
5.800
51
47
2051
40
24114
Mar
Mar
Feb
Mar
Jan
56
Pal
6254 .19j
383-4 Ma
4734 Jo
ve.,
h2 U
2070
FINANCIAL CHRONICLE
7'hursg
sates
Last Week's Range /or
Sale
Of PriCes,
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Curtiss Flying Serv Inc* 21% 194 214
Curtiss-Reld Aircraft
old with stk purch war 30
3053 33
Davega Inc
• 314 29
34
Davenport Hosiery Co. •
263.11 29
Davis Drug Stores allot ctfs
46% 5035
Dacca Record Ltd
Amer she for ord sh. .£1
4%
4
Deere & Co common. 100 594
582 597%
De Forest Radio v t c___ • 19%
16
2035
Detroit Motorbus
io
755 8
Deutsche Bank (Berlin)
Amer des rats bear ribs__ ------ 40% 4054
Dictograph Products- -_-• 17
17
17
Distillers Co Ltd
Amer deposit rats
1731 1751
Dixon (Jos) Crucible Co 100
168% 170
Doeh let Die-Casting
• 29:41 27
31
Dom inio n Stores Ltd new w I 51
48
5156
Donner Steel corn
•
26 n28
8% preferred
100
1024 102%
Douglas Aircraft Inc
• 3151 28% 32%
Dubiller Condenser Cor17-•
715
6% 7%
Durant Motors Inc
• 1333
124 1431
Durham Duplex Razor
Prior pref. with warr_ •
49
4955
Dun Co Inc, el_ A
4
4
Class A v t c
294
215 233
Electric Shovel Coal pfd. *
Fabrics Finishing corn_ • 21
Fageol Motors corn
io
Fairchild Aviation claw A • 25
Fajardo Sugar
100 100
Fandango Corp earn--•
7
Fanny Farmer Cdy Shops* 31 53
Faristeel Products Inc__ •
Fashion Park Inc corn.._*
Fedders Mfg Inc Mass _•
Federal Screw Works_ _ __•
Federated Metals tr att...• 354
Ferro Enameling Co Cl A •
Fire Assoc of Phila
10
Firestone Tire & 11, corn. lo 264
7% preferred
150 10834
Fokker Air Corp of Amer_• 3651
Foitts-Fisener Inc corn.._• 3733
Foote-Burt Co
Ford Motor Co Ltd
Amer der) rats ord
20%
Ford Motor Co of Can.100 1120
Forhan( CIA
•
Foundation Co
Foreign shares class A...• 16
Fox Theatres clam Acorn.
29
Franklin (11 H) Mfg corn.•
Preferred
100
Freed Eiseman Radio. •
French Line Am shs for
corn B stock_ _600 francs
Freshman (Chan) Co
•
7%
Gamewell Co COM.
• 73%
Gears lir Forging cl 13_
*
General Amer investors..• 7154
General Baking corn
8
•
Preferred
• 71%
General Bronze Corp corn • 49%
General Cable warrants._ _ -----Gen Elec Co of Gt Britain
American deposit rats.
15
Gov! El (Germany) warr_ _ 208
Gaol Fireperg new corn • 3555
Deal Laundry Mach corn • 2534
Gen. Realty & UM corn_• 19%
!
Pt With corn purch war 100 9151
Gilbert(5 44 Co 13/111
•
Preference
Glen Alden Coal
• 129
Goldberg(S NI) Stores -Common
$7 pref with stk pur war * 88
Goldman-Sachs Trading.,.
New when Issue
111
Gold Seal Electrical Co_._
7355
Gorham Mfg corn
•
Gotham Knitbac Mach..
1411
Graruonlione Co I-Warner dep rem ord fl
Granite City Steel com,• 40
Gt All & Pac Tea let pf 100 115
Greenfield Tap & Dle corn • 16%
Griffith (I) W) class A_ •
Ortgaby-Grunow Co new_• 155.4
Ground Gripper Shoe Co
Common
• 3915
$3 preferred
• 3915
Guardian Fire AREJUM0(0, 10 59
IIPMCS/11118 Cable & Wire •
Hall(C M) Lamp Co. •
Hall(W F) Printing_ _10
Happiness Candy St el A •
353
Harrison's Orange Huts_ *
Hart Carter Co cony pfd
Hartman Tobacco corn....10
• 84
Hail-Parr Co corn
•
654% preferred
• 7551
Haygart Corp
• 424
Hazeltine Corp
Helena Rub'stein Inc oom •
Hercules Powder pref_ _100 119
Hayden Chem ical
Him (Chas E) Co corn A •
Holt (Henry) & Co el A_ •
Hood Rubber to
•
Horn (A C) Co cern_
•
7% lot pref
50 46
Horn & Hardart oom__ • 56
Preferred
iao
Housli'd Finance part 1,1 60
Huyler's of Del corn_
•
77 preferred
100
1313;ade Food Prod corn..• 3834
Ide (((co P)& Co. pref _
Imperial Chem Industries
Am deo rata ord ahs tee LI
Indus Finance corn v t c_10 40
7 curs pref
100 82
Insur Co of North Amer.10 8034
Insurance Securities_.__In 294
Internal Cigar Mac.hy_
•
Internat Perfume C003 - -• 17%
Internat Products coin_ •
Internat. Projector
50
Internat Safety Razor B.
3514
International Shoe corn. •
Interstate Hosiery Mills.
3031
Investors EquitY
Iron Firemen Mfg corn vtc•
Irving Air Chute corn
2455
Issotta Fraschini
Jackson Motor Shaft
26
Johnson Motor
• 49
Range Since Jan. I.
Low.
EWA.
20,900
1933 Mar
25
300
700
900
500
304 Mar
Feb
29
1851 Jan
46% Mar
Mar
35
3655 Jan
34% Feb
5755 Mar
400
34
325 580
28,600 16
200
755
100
500
Feb
Mar
455
Feb 642
Mar 2654
Mar
855
40% Mar
Mar
17
41
2454
Feb
Feb
Jan
Mar
Jan
Jan
100 17% Mar 1835 Jan
50 160% Jan 173
Mar
3,800 27
Mar 42
Jan
4,100 48
Mar 5815 Mar
700 21
Feb
32
Jan
30 98% Jan 10355 Jan
15.900 24% Mar 3354 Mar
5,400
611 Mar 1155 Jar
12,300 12% Mar 1954 Jan
400
300
300
Feb
40
4
Mar
2;5 Mar
53% Mar
Jan
7
4% Jan
539-4
52
200 51
Jan
Mar 61
1954 22
2,800 1951 Mar 254 Jan
456 5
84 Jan
1,500
435 Mar
20
2835 14,400 23
345a Feb
Jan
98 103%
340 98
Ma 124% Jan
555
Mar
755 8,200
435 Fen
10
31
33%
Mar 4036 Feb
900 31
1055 11% 1.300 10% Mar 21% Jan
45% 47
Mar
500 44
Jan 54
36
37
400 35
Jan
Mar 50
66
674
Mar 73% Mar
200 66
3231 3734
1,600 3254 Mar
Mar
39
6811 6954
68% Mar 7054 Feb
60
4854 4835
100 48
Jan 53
Mar
246 268%
2,050 22055 Feb 285
Mar
10815 10834
150 108
Feb 110% Jan
28
3654 20,700 18% Jan
4435 Mar
384
33
1,100 33
Mar 344 JIM
/
50
50
100 50
Mar 50
Mar
163. 2051 112,300 154 Jan 20% Jan
882 1129
1,330 825
Feb 1150
Mar
27% 2835
300 27% Mar 33% Feb
1351 16
2,200
28% 2954 85,300
33
200
37%
3
47
633
7151
9
68
7
69
4513
35
300
1353
28
3051
854
1%
Feb
Feb
Mar
Feb
Feb
1955
35%
424
9154
454
48
200
18,800
8
7434
900
9
300
74
1,300
8
27,600
72
8,400
513-4 6,800
3953 3.500
42%
633
6855
74
68
7
69
43
17%
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
J813
Jan
59
1255 hth
7431 Mar
1155 Jan
93% Jan
10% Jan
79% Jan
59% Feb
47
Mar
336
124 15% 120,900 11% Jan
2033
4 20,5
205 205
Mar 220
33% 36
2.000 3015 Jan 3834
25
2551 2.700 25
Jan 27%
1856 2055 6,900 18% Mar 25
9055 93% 8,100 90% Mar 100%
Jai, 254
214 2294
400 18
44
44
100 4234 Jar. 48
12055 129
3,900 11934 Jan 139
19
88
9755
62%
75%
13
7851
35
115
1631
1%
132%
19
88
200
1,700
19
86
11634 174.900
73% 21,700
7634
200
14% 12,600
03
23
71
13
Jan
Jan
23
88
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Jar,
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb 12153 Mar
Jan
Mar
79
Jan 79)4 Jan
Mar 19% Feb
85
1,700 6236 Jan 89% Mar
41
4.100 35
Mar 44% Mar
115
10 115
Jan 1174 Feb
18
2,200 12
Jan
1934 Feb
2
600
454 Feb
14 Jan
1574 10.900 13233 Mar 183
Mar
3734 4054 3,000 27
Jan 43% Mar
3714 40
1,500 32
Jan 42
Mar
58
6255
1,700 58
Mar 694 Jan
35
35
Jan 4355 Feb
200 27
2053 23
1,400 2033 Mar 211% Jan
2655 2735
200 2613 Mar 36
Jan
4
1.60
33-4
535 Jan
3yi Mar
22
22
100 22
Jan
Mar 36
29
29
100 29
Mar . 1536 Jan
22
22
10
Jan
Jan 22
20
77
8711 4,90
6334 Jan 9035 Mar
175 195
200 146% Jar' 200% Mar
6815 77
22.80
Jan 824 Mar
46
424 434
900 4236 Mar 50% Jan
20% 22% 2,00
Feb 2634 Jan
20
117 119
8 115
Feb 1214 Jan
22
22
200 19% Feb 2455 Jan
25% 25%
106 23% Jan 2534 Feb
24
24
600 24
Jan 24% Jan
20
20
300 20
Mar 27)4 Jan
3533 37
400 3553 Mar 47
Jan
4354 46
800 4351 Mar 46% Jan
16
55
500 5553 Mar 6151 Feb
103 103
50 10155 Mar 105
Jan
45
48
400 45
Mar 504 Jan
274 2936
4,600 254 Jan 32
,
Jan
9613 9634
100 96.1 Mar 10033 Mar
3738 4034 2,600 3434 )80 494 Jan
11
11
10 11
Mar
Mar
11
9% 951
3955 40
8035 82
7756 82
28% 3055
110 110
1651 19%
955
954
1.0 n5556
35% 38
654 67
3251
30
45
50
28% 28%
2355 28
12% 1253
2255 26
46% 51
3,200
9%
1,300 394
175 804
2,100 774
9,300 28%
100 109
2,100 1634
1.500
9%
700 1234
600 25
800 60
2,100 30
800 45
100 284
2,600 234
1,000 12%
600 2255
1.500 3314
Mar
1134
Mar 5855
Mar 0 I
Feb 904
Mar 334
Jan 12f)
Mar 24%
1451
Mar
63
Jan
46
Feb
Feb 74%
Mar 3251
Mar 53
Mar 3355
Mar 29
Mar
14,36
Mar 50
Jan 60
Feb
JIM
JIM
Jan
Jan
Feb
J80
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Mar
Thurs.
Sales
Lasg Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
[VOL. 128.
Rance Since Jan. 1.
Low.
High.
Jonas & Naumburg corn...* 164 15
18
5,300 15
Mar 20
Mar
$3 cum cony pref
• 50
49% 54% 3,200 404 Mar 59
Mar
Joske Bros corn v t c
• 42
42
42
200 38
JIM
Jan
44
Karstadt (Rudolph) Am she 2134 2051 2255 4,600 2055 Mar 24% Mar
Ken Rad Tube dr Lamp A • 2354 22% 23%
400 2256 Mar 30% Mar
Keystone Aircraft Corp..
• 3914 3135 39% 14,200 31% Mar 50
Jan
Kimberly-Clark Corp com• 48
4656 48
1,200 4636 Mar 5344 Feb
Klein (D Kroll) Co com_ •
23% 25
'900 2334 Mar 28% Jan
Klein (H)& Co Part ore/ 20
20
19
500 19
Mar 2451 Feb
Kobacher Stores corn
•
67
70
300 44
Jan 71% Mar
Kolster-Brandes. Ltd.
Amer shares
84
23,600
7% 9
7% Mar 1255 Mar
,
Kruskal & Kruskal com_ *
15
15
100 15
Jan 15% Jan
Lackawanna Securities_ •
39% 40% 1,200 40
Feb 45% Jan
Lake Superior Corp_ _ _ 100 273's 24
29
2,900 16% Jan 41% Jan
Lakey Foundry & Mach..
• 3131 29% 32
3,700 3055 Mar 35% Jan
Land Co of Florida
755
•
735
755
200
715 Mar 13
Jan
Lane Bryant Inc
Common
•
70
70
100 75
Feb 8155 Jan
Larrowe Milling
•
2935 2955
100 28
Feb 3255 Jan
Lazarus(Fa 11.) & Co corn
4531 39% 49
10,600 3334 Feb 49
Mar
100
104 104
700 104
Mar
Mar 104
Leli
6crutcRomealPtry!crom
• 2815 28
31
1,600 304 Mar 39
Jan
Preferred
• 37
3654 37
700 3655 Mar 39
Jan
Lehigh Coal & Nay
56
14
% 149 155
1.700 150
Jan 172
Jan
Lerner Stores Corp corn ._ 62
4515 47% 3,600 44
Fel
48% Mar
Ley (Fred T)& Co Inc w I• 5731 57
5951 2,400 5755 Mar 6415 Mar
Libby Owens Sheet Glass 25 1933-4 180 199
1,900 179
Jan 220% Feb
Lily-Tulip Cup Corp
• 22
23
22
2,600 23
Mar 2314 Mar
Llt Brothers Corp
10 21
214
21
1,400 21
Mar 2654 Jan
Loew's Inc warrants
9
10
9%
900
851 Mar
Mar
14
London Tin Syndicate
Am deo rats ord reg _ _£1
1734 1933 3,200 18
Feb 224 Mar
Louisiana Land it Explor • 11
1054 1131 9,300 11
Feb
Mar
Mantel Stores corn
*
347-0 3351 3555 9,200
3335 Mar 3551 Mar
644 pf with corn pur w• 10234 10255 103
2,100 10256 Mar 103
Mar
Manning Bowman & Co A• 20
1933 20
600 174 Jan 20% Jan
MaPes Consol Mfg
•
38
3855
200 38
Mar 42
Jan
Marion Stearn Shov corn.• 2654 26
3111 4,300 26
Mar 56% Jan
Maryland Casualty
154 154
25
25 154
Mar 175
Jan
Massey-Harris I Id corn __• 75
78
73
700 73
Mar 5(13.3 Jan
May Hosiery Mills prof_ _*
34
34
100 34
Mar 3834 Jan
Mavis Bottling Co of Am.•
8
9
854
13,900
8
Fa
Mar
11
McCord Rad dr Mfg cl B_•
23
23
100 23
Mar 313.5 Jan
McLellan Stores CI888 A - -•
44
48
400 44
Jan
Mar 59
Mead Johnson & Co corn •
5756 61;6 1,700 5715 Mar 6751 Jan
Meadows Mfg common_ .
15
18
200 15
•
Mar 24
Feb
Mercantile Stores
107 110
100
800 1054 Feb 119% Jan
Merritt Chapman & Scott•
25
26
26
2,900 25
Mar 2854 Jan
64% pfd A with warr100 100
100 100
700 100
Jan 100% Feb
Mesabi Iron
234 251
•
23i
1,000
255 Mar
Jan
3
Metropol Chain Eltorea__.• 775-4 70
77%
1,000 70
Feb
Mar 89
Mprefe .rel Store, alit •
et 5 t 5 e.
0
333 3%
100
4, Jan
34 Feb
3
67
100
67
100 66
Mar 83
Feb
Mid-Continent Laund A.
30
30
200 30
Mar 344 Jan
7,ik
Midland eo
tp Stcel Products..• 102
9831 102
200 1,83-3 Mar 106 II Jan
•
60
60
100 48% Jan
ea Mar
Miller (I) & Sons corn....
46
200 39
4814
Jan 4834 Mar
Minneapolia-EIoney well
Regulator common _ __-• 6634 594 6651 2,500 5555 Jan 72% Mar
Minneapolis St'l & Mach 10 80
77
80
200 77
Mar 83
Mar
Mock, Judson Voehringer •
36
1,400 28
3711
Jan 39% Mar
Montecatini M & AgrAm den 9cts bearer sirs.. 1555
arra pt
r
1455 15%
400 1453 Feb
1553 Mar
Warrants
4
4% 10.600
3
Mar
3
635 Feb
Moody's Inc part pref._ _• 4933 4834 5054 1,100 4755 Feb 5234 Jan
Moore Drop Forge el A_ •
59
60
300 59
Mar 75
Jan
Morrell (J) & Co. Inc....
61
• 604 60
1,400 60
Mar 654 Feb
Mtge Bank of Colombia
American shares
4713 48
700 4655 Feb 4855 Mat
Murphy ;G (.I) Co corn_ •
9954 10453
500 775A
toe% Mar
Preferred
105 105
100 105
Mar 105
3.18r
Naermitinn-Spgt
•
62
68
500 82
Mar
634 Feb
Nat Aviation Corp
• 74% 68
7434 16,800 634 Jan
7453 Mar
National Baking coin. •
100
54 54
5
Mar
Jan
Preferred
68
70
100
75 6751 Mar 70
Jan
Nat Ban kservlee Corp_• 68
69
68
900 158
Mar 704 Jan
Nat Casket 7% pref
106 107
20 106
Mar 113
Jan
Nat Dairy Prod newcomwl• 64
8055 6534 12,900 60'i Mar 6835 Mar
104% 1044
Preferred A
100
60 103
Feb 1064 Jan
Nat Family Stores corn _• 3455 3334 36
4,500 3055 Jan
48% Feb
Preferred with warr__25
404 42
900 32% Jan 4955 Mar
Nat Food Products
Class A with ware
3355 35
1,000 3355 Jan 37
•
Jan
• 11
Class B
1031 11
1,500 11156 Mar
Jan
12
Nat Rubber Machinery • 3011 3053 32% 2,00
41(4 Jan
3853 Ma
Nat Screen Serv
25
300 25
2556
Mar 34% Jan
•
Nat Sugar Fiala
42
47
• 47
1,000 42
Mar 55% Jan
Nat Theatre Supply corn _• 11
7
114 2,500
Mar
7
13% Mar
Nat Trade Journal Ins_ _• 2834 2855 29
60
Mar 34,5 Jan
27
Nauhrrirri Pluirmaelcse0111.• 10
10
10
100
01
Jan
12
Nebel (Oscar) Co Inc corn *
20
20
300 20
Ma
2655 Feb
Nehl Corp common
• 234 2055 249-6
3,200 2054 Mar 29% Jan
Neisner Bros common
800 142
• 158% 150 15858
Jan 16-1
Feb
Preferred
625 187
198 202%
Jai 210
Feb
Nelson (Herman) Corp. . 19
600 2344 Ma
.5
5
" 2355 24
::
28
Feb
NeptunelMeter el A
200 7914 Jan 21
19% 19%
Feb
Neve Drug St corn
454 594
200
415 Mar 13
Jan
Common ctfs of deo -- -----5% 535
100
535 Mar 10
Jan
Cony A
20
205
500 1954 Jun 25
•
Mar
-----Cony A ctf of deposit
15
15
500 15
Mar 31% Jan
Newberry (J J) corn
1114 118
350 11115 Mar 125
•
Jan
106 107%
Preferred
100
150 10253 Jan 107% Mar
New Men de Ariz Land.
733 8% 3,400
753 Mar
9% Mar
Newport Co prior corn A 50
4153 50
,
4,500 41% Mar 50% Jan
• 924 854 9935 6,500 se, JaIL 10544 Mar
Newton Steel new
t
N Y Auction coal A
1855 18;
100 18 34 Mar 2444 Feb
N Y Hamburg Corp__ _50
40
45%
300 40
Mar r42% Mar
N Y Investors
4451 40
46
5,900 40
Mar 484 Feb
N Y Merchandise
40
4355
1,900 364 Jan
4744 Mar
Niagara Share Corp
42
3953 4231 3,500 25
Jan 47
Feb
Nichols& Shepard Co
99 10854
1,100 76
Jan 113
Mar
stock prireha0e warrants
85% 88%
600 55
Jan
Mar
90
NI1v4-13eml-Pond corn new 4734 364 544 11,900 353-3 Mar
58% Mar
Nineteen Hundred Washer
Class A
• 28
27% 28
200 25
.
Mar
Mar
241
Noma Electric Corp corn _• 20
17
214 2,500 17
Mar 24
Jan
North American A vlatIon.• 14% 14
1551 33,800 14
Mar 24
Jan
North Amer Cement
84 8%
•
100
854 Mar
13
Jan
Northam Warren Corp pr
41% 1,900 39
.• 4013 3955
Mar 454 Jan
Northward Engineering _.
• 4234 39
42%
900 39
Mar 4834 Feb
Novadel-Agne common..
• 2554 254 2755 1,600 224 Feb 314 Feb
7% cum preferred _100 90
90
99
400 8855 Feb 91
Mar
Ohio Brass clams B
84
•
864
350 84
Mar 92
Jan
011 Stocks Ltd
Class A without warr_.• 1614
1514 16% 5,900 14% Jan
194 Jan
Class 11 without warr__ _
16
16
16
100 15
Mar 1753 Feb
OliverFarmEquip w I corn• 4433 3713 4553 9,700 3753 Mar
Mar
50
Cony partle. stk.
61
• 65
6651 14.900 61
Mar 6831 Mar
Prior pref A with wart...* 100
100 10036 5,300 100
Mar 102% Mar
Ontario Sifg
2936 2954
100 2955 Mar 2916 Mar
Pacific Tin special stock..•
30
30
100 30
Mar 34% Mar
Paramount Cab Mfg com.• 27
23
32
3,900 23
Mar 43% Jan
Parke Davis & Co
•
700 515a3 Mar 584 Feb
51 33 53
Parker Pen Co com____10
46
46
200 48% Mar 68
Jan
Penney (J C) Co corn __-_• 347
342 373
600 336
Feb
Jar 412
Class A preferred_ ___100 100
9915 100
930 $
954 Mar 102%
Peoples Drug Stoma Ina_.•
80
81
1.900 744 Fe
Jan
94
Pepperell Mfg
102% 1021-.
100
80 98 Ma 11354 Feb
Perfect 'Irele Co corn....
•
483.3 4831
200 4834 blar 51% Jan
Phelps Dodge corp____Ino 319
298 320
800 1994 Jan 375
Feb
New
7635 84
25 80
30.800 75
Mar
Feb 89
2071
FINANCIAL CHRONICLE
MAR. 30 1929.]
Saks
Thurs.
Last Week's Range 'or
Week.
ofPrices.
Sale
Stocks (ConHnued) Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Saks
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Mar 595
300 390
Jan
380 409
Jan 'rubble Artificial Silk cl B.• 399
1,000 244 Mar 30
28
PhilipPe(Loula)Ino A corn • 2735 26
Jan
15
Mar
800 23% Mar 294 Jan Tung-Sol Lamp Wits corn * 2234 2134 234 1,400 2455 Feb 32
• 25% 24% 26
Common class B
32
Mar
3,600
28% 31
•
Class A
Jan
414
2% Mar
2% 34 8,100
3
Phil Morris Con Inc corn
544 6034 2,100 544 Mar 724 Feb
915 Feb Union Amer Investment... 56
600
84 Jan
9
9
25
Class A
Mar
Mar 78
76% 70,700 68
Un Carbide & Carb new__• 7535 68
Pick (Albert), Barth & Co
Jan
2,400 134 Mar 20
134 15
15
Union Tobacco
Jac
Mar 19
3,900 15
154 18
Prof class A (panic Pf)-• 16
Mar 97
Feb
26,000 67
83
Mar United Aircraft & Transp _• 8035 67
100 534 Jan 75
75
75
Piedmont dr North Ry.100
Feb
3,200 6035 Mar 80
71
6% cum pfd with war_50 70% 67
Mar 38)4 Jan
3,400 30
35
• 32% 30
Pierce Governor Co
Jan 76
2,000 46
Feb
604 65
• 63
United Carbon•t o
Pitney Bowes Postage
Jan 102% Mar
700 92
100 984 9735 9935
Preferred
23,900 134 Mar 2055 Feb
15
18
18
Meter Co new
Mar 6135 Feb
6,400 44
55
5034 44
Feb United Chemical
400 1354 Mar 15635
1354 141
Pittab & L Erie RR corn _50
Mar 115
Mar
100 115
115 115
When issued
Jan 764 Jan
400 64
674 6955
Pittab Plate Glans new
Jan
300 104 Mar 21
1034 12
Mar 2744 Mar United Milk Prod corn...* 12
26% 2,700 23
w
Pitts Screw & Bolt new----2534 23
Mar 53
Mar
800 44
44
48
Un Piece Dye Wks new..' 44
Feb
500 634 Jan 85
• 7234 71g 7235
Pratt & Lambert Co
100 10334 Mar 10645 Feb
103% 1031£
to
Preferred
Mar
Jan 370
525 281
330 358
& Gamble com..10 349
Procter
500 3945 Mar 39% Mar
3934 3934
Jan United Porto Rican Sue- *
Mar 43
700 35
35
3715
Propper Silk Hosiery Inc.'
94 Feb 11
Mar
94 10% 1.200
Jan 10415 Feb United Profit Shar corn..'
100 102
10355 104
Prudence Co 7% pref__100 104
300 744 Mar 854 Feb
744 76
934 Jao United Shoe Mach corn...25
7y 8
754 Jan
1,000
Ma.nufacturing..11
73(
Pyrene
Mar 3135 Jan
100 31
31
31
25
Preferred
Jan
Mar 120
10 111
111 111
100 111
Quaker Oats, pref
700 4515 Mar 514 Jan
47% 49%
48
Jan US Asbestos corn
Rainbow LuminousProd A• 48% 4234 4834 8,200 424 Mar 65
100 4835 Jan 534 Mar
50% 5034
Mar US Dairy Prod class A. •
1,500 694 Jan 85
Raybestos Co common_ _25 784 7015 79
Jan 95
Feb
50 90
92% 924
100
414 1,500 3735 Mar 455( Jan U S Finishing corn
Reeves(Daniel) common.' 384 38
Jan 7434 Feb
5,200 67
62
• 61
1)4 Mar U.S Foil class B new
13( 1)4 2,900 650 Jan
115
5
ltei,etti Inc
4,400 504 Mar 6514 Feb
U S& Foreign See corn ' 52% 50% 57
Jan 564 Mar
5145 5,100 42
Republic Brass common..' 474 45
Mar 9514 Jan
• 92% 924 92%
400 92
$6 preferred
Jan 114% Mar
90
105% 1124 1,20
•
Class A
Mar 10934 Feb
7,000 82
96
• 903( 82
615 Feb US Freight
134 Jan
234 354 2,300
335
Republic Motor Tr•to__'
Mar 73
Jan
62% 1,300 56
56
Gypsum common...20 60
3135 Jan 5234 Feb US
Reynolds Metals common • 424 4244 4555 4,80
49
53% 1,500 433' Jan 623( Jan
Mar U 13 Radiator common. •
Jan 79
63
• 72% 7045 7534 4,70
Preferred
Mar 5635 Mar
1,900 49
49
.54
Common •t
19
Mar 244 Jan
1,20
204 23
Rice-Stlx Dry Goods corn.* 21
Jan 31
Mar
2131 2835 1,600 16
Jan U 8 Rubber Reclaiming. •
Mar 394
19 330
330 335
335
Richman Bros Co
• 1945 154 2045 8.800 154 Mar 27% Mar
Universal Aviation
,
900 10% Jan 19 4 Feb
15
16%
Richmond Radiator corn..
Feb
50 724 Jan 79
72% 724
Universal Insurance-25
29
Jan 3834 Mar
40
3435 354
•
7% cum cony pref
700 1615 Mar 24% Jan
• 22% 2135 23
46
Feb 634 Mar Universal Pictured
Ritter Dental Mfg corn ' 58% 544 60% 1,10
731( Mar Van Camp Milk
Ma
1,450 45
59
71
Rolls-Royce of Am pf_ _100 70
Mar 101
Jan
100 99
99
99
7% prof with war_. -100
Rolls Royce Ltd
Jan 384 Feb
3034 2,800 28
104 Feb Van Camp Pack new corn.' 2934 28
9% Ma
5,20
934 11
934
Amer dep receipts reg stk
Jan 88
Feb
30% 33% 1,700 28
25
New preferred
Mar
10,000 174 Mar 18
174 18
• 17
Roosevelt Field Iac
Feb
Jan 48
100 43
46
46
•
Jan Veeder-Root Inc
100 4735 Jan 56
53% 534
Ross Gear & Tool corn_ •
Feb
Jan 35
1,900 28
2934 31
• 30
Mar 2934 Jan Vogt Mfg Corp
500 15
13
5
•
Ross Stores Inc
Jan 2634 Feb
200 25
2534 254 2534
Feb Waits & Bond class A.---•
81
Jan 106
22
95
95
Royal Typewriter cam_ *
Feb 22)4 Jan
19% 1.700 18
• 1934 19
Class B
Mar 10814 Jan
600 77
77
8034
100
Ruberold Co
Jan
5,100 714 Mar 91
Walgreen Co common....' 7734 713$ 79
Jan
Mar 65
1,300 51
56
51
Warrants
Feb 37% Mar
3214 11,900 17
Safe-T-Stat Co common.... 32% 27
Walker(Hiram) Gooderham
Safeway Stores
Mar 9314 Feb
66
• 71
753.4 17,200 66
common
& Worts
Ma 102
Jan
100 90
90
90
Old Fifth warrants
5% Mar 14)4 Jan
5% 734 4,300
734
Ma 626
Jan Watson (John Warren)Co •
70 500
500 549
Second series warranta-;
Jan
Wayne Pump common....' 2034 184 2334 1,200 1831 Mar 32
9,800 1194 Mar 150% Mar
11945 132
At Regis Paper Co
Mar 534 Jan
2,900 45
474 55
•
20 1184 Jan 127
Mar Welboldt Stores corn
123 123
*
Savannah Sugar cont.
90 10535 11,200 474 Jan 116% Mar
Mar 79
Jan Westvaco Chlorine Prod..* 93
900 57
57
67
• 63%
Schiff Co corn
600 89115 Jan 103% Mar
98 1004
Feb 39% Jan Wheeling Steel corn....100 98
2,000 26
26% 30
Schulte Real Estate Co.-• 26
Jan
5.400 103( Mar 18
• 10% 104 13
Jan WhItenights Inc corn
Schulte-United Sc to $1 St• 1714 1634 18% 3,400 1615 Mar 26
Feb
600 24% Mar 29
Jan Widlar Food Products...* 25% 244 27
600 7315 Mar 89
7335 85
7% pref part pd rcts.100 85
Williams(R C)& Co Inc.' 3334 3034 3534 3.400 3034 Mar 41% Feb
Second Gang Amer Inv Co.
Mar
Mar 30
4,200 22
25
234 22
Common• 264 244 274 3.600 2435 Mar 354 Jan WII-Low Cafeterias corn ..* .54
Mar
Mar 18
54% 1,900 50
50
Preferred
Jan
6% pref with warrants-- 1094 10535 109% 1,100 10515 Mar 125
Jan Winter (Ben)) Inc corn....' 124 114 13% 4,800 114 Mar 16% Jan
JIM 80
600 70
72
7234
Beeman Bros common_ •
Feb
9,800 2834 Mar 38
284 32
94 Mar 134 Jan Wire Wheel Corp corn new' 31
900
935 114
• 114
Segal Lock & Hardw corn.
800
534 Mar 11% Jan
534 834
Mar 65% Jan Worth Inc cony class A_ •
900 47
47
52%
Selberling Rubber corn_ •
Mar
Mar 155
• 12934 114 1344 14.800 114
38,600 1814 Jan 31% Feb Wright Aero new w I
cora__• 2211 19% 24
Selected Industries
4,000 '8(4 Jan 32% Mar
26% 31
Yellow TaN1 Corp
• 31
Jan
Mar 106
95
9914 11,900 95
95
Allot etre let paid
4134 3434 424 8,400 3435 Mar 61% Feb
Zenith Radio new
Selfridge Provincial Stores
35
36% 5,800 314 Jan 44% Jan
3114 Feb &mite Products Corp corn •
84 Jan
34 34 1,000
51
34
Ltd ordinary
Rights
9
Mar 1534 Jan
100
9
9
*
Sentry Safety Coatrol
-114 Mar
1% Mar
1
14 7,500
13-1
Jan Armstrong Cork
1534 1834 63,400 14% Jan 10
•
Server Inc(new co) t o...• 18
12!i Feb
74 Feb
834 1034 54,900
104
Mar 754 Mar Associated C Si E deb rts
230 60
100 7334 733$ 7334
Pref t o
•
314 Feb
3
Mar
234 34 11,000
234
Mar 32% Jan Con Gas El L & Pow Bait.
25
2.5%
300 25
Satan Leather common •
734 11% 24,300 11% Mar 174 Jan
104
3734 43% 2,500 3515 Jan 505( Feb Flat
50 39
Sharon Steel Hoop
Mar 2814 Mar
2,700 25
254 26
Firemen's Fund Ins Co..
Mar 6315 Jan
600 49
• 504 494 52%
Sheaffer(W A) Pen
3
Mar
234 Ma
2,300
24 3
3
Mar 884 Jan Goodrich (B F)
50 81
84
84
.21
Sherwin-Wens Co corn.
4% Ma
7
Mar
334 536 13,600
5
Sikorsky Aviation com__.• 4435 364 4634 11,700 204 Jan 63% Mar HaYgart Corp
Jan 4934 Fan
600 28
31
30
304
22,700 2315 Jan 484 Mar Loew's Inc
Silica Gel Corp com•t c_.• 4041 3534 42
Mar
Mar 21c
3o
15c 53,000 110
Sc
63
7334
Feb Mavis Bottling
500 674 Jan 86
•
Sliver (Isaac) & Bre
2% Mar
13.4 Mar
18,700
134 2
14
113 1154
Feb Nat Family Stores
Mar 128
100 113
Preferred
3
Mar
235 Ma
1,600
2
3
3
Niagara Share Corp
Simmons Boardman
34 Mar
Mar
2% 34 12,600 14
3
48
484 1,300 48
Mar 524 Jan Rainbow Luminous Prod
•
Publishing $3 pref
7% Mar 144 Jan
6% 74 2,000
Jan WhiteSewing Mach deb rts
Feb 631
5 570
570 576
Singer Manufacturing- _100
Public Utilities
934 Jan
635 Jan
7
7%
700
7
El
Singer Mfg Ltd
40
Jan 47
454 464
Mar Amer Cities Pow & 1.8 Corp
20
•
Skinner Orgaa corn
4354 Mar
50 4555 3635 4015 4,900 3645 Ma
Class A
Feb 19444 Jan
19 163
1704 180
Smith (A 0) Corp new...*
• 23.4 234 254 7,900 234 Mar 3035 Mar
Class B
645 Feb
54 Jan
10
6)4 615
200 lira
Six% Viscose
Mar
Jan 31
25
294 31,300 22
2634
with P oom
435 434
4% Mar
100
474 Mar Am Com'
Dep rcts Chase Nat Bank
27
30% 2,900 264 Jan 3734 Jan
• 28
Common B
28)4 Mar 4344 Feb
40
314 284 314
E5onatron Tube common_
8
Jan 114 Mar
814 911 9.300
9
Warrants
Mar 28
21
23
600 20
Feb
South Cornet Co common...
Feb
75 1114 Jan 114
1124 11235
39% 1,800 36
Mar 49% Feb Amer Dist Tel N J pref 100
36
•
Southern Asbestos
67
7934 24,800 524 Jan 11334 Feb
33
300 214 Jan 35
32
Mar Amer dr Foreign Pow wart. 77
33
SOU Groc Stoma corn ____•
Jan 19234 Jan
138 150% 15,400 128
12
Mar 1735 Jan Amer Gas & Elee com„..• 1474
10
300 10
Southern Ice & UtlicomA -•
Feb 10944 Jan
• 105g 1054 105% 1,100 104
Preferred
1,500 10
1034 12
Mar 274 Feb
•
Com class B
Mar 26934 Feb
675 205
16
18% 3,400 124 Jan 21
Jan Amer Lt & Trac com___100 2244 205 235
Southwest Dairy Prod •
2,600 1335 Mar 184 Jan
21
234 1,000 2015 Mar 28% Jan Amer Nat Gaa com •t 0-* 1434 1335 15
Southwestern Stores coin •
200 2655 Mar 2734 Mar
22
25%
284 Jan Amer States Pub Serv el A. 2614 2635 2615
Ma
400 22
Preference series A
*
1.800 5714 Mar 7334 Jan Amer Superpower Corp A• 89% 88% 10245 43,500 62% Jan 13434 Jan
5734 60
Spalding(AG)& Bro(new)•
Jan
Jan 133
94 103% 4.700 68
• 101
4
4% 6,800
Class B common
Jan
Ma
7
4
4)4
Span & Gen Corp Ltd_ gi
9835 984 984 1,200 984 Feb 10034 Feb
First preferred
1704 1814 4,000 155
Feb 18534 Jan
Sparks-Withington Co. •
Jan
Convertible preferred.-- 903( 904 92% 2,300 89% Jan 94
Spiegel May Stern Co
Jan 38,51 Feb
200 28
3534 353i
700 86
Jan 984 Feb Arizona Power corn. .100
64 884
8
144% preferred
100
60
61% 54.600 494 Jan 6115 Mar
Assoe(laa&EleCciassA.• 60
Feb 53% Jan
4435 414 44% 2,600 39
Stahl Meyer Inc corn
Mar-Mar 70
53
58% 2,725 53
364 39
900 3635 Mar 43% Feb Brazilian Tr L dz P Ord
Standard Investing corn •
8
Jan 11M Jan
8
935 19,100
1134
9g
100
100 101
Jan Brooklyn City RR
Mar 103
600 100
$5.50 cumul prof
•
34 3,100
454 Jan Buff N lag & East Pr com.• 6834 61% 6934 8,000 6135 Mar 7934 Jan
3
25( Mar
334
Standard Motor Constr.100
• 5534 53% 5734 3.500 49% Jan 7234 Jan
Class A
Mar
Stand Steel Propeller
2634 26% 28% 3,500 26% Mar 30
25 2534 254 2534 1,700 253( Mar 26,4 Jan
Preferred
18% 1,700 154 Mar 1855 Mar
Stein Cosmetics corn
• 17% 17
Mar
Jan 4.5
43% 44% 14,100 85
30
33
Mar 3815 Feb Central Pub Serv cl A _ .• 44
Stein (A)& Co corn W I._
3,200 30
Feb 1814 Mar
5,500 18
1434 17
9345 9415 1,200 9335 Mar 0915 Feb Cent Atl Berv States•t 0- 17
Preferred W I
Mak 100% Mar
100 92
10034 10034
•
7% Preferred
3035 33
1,900 3035 Mar 34
Mar
Sterling Securitlesallot ctfa 32
Mar
Jan 152
2,000 116
148 152
12
124
Mar 15
Jan Cent States Elec common.• 152
500 12
Stern Bros corn B• o_
Mar
800 734 Mar 80
744 80
•
New corn
42
44
Mar 474 Feb
600 42
• 44
Class A
Mar 8735 Feb
6% prof without warr-.- 844 844 8654 1,300 83
Stewart-Warner(new oorp) 674 604 684 4,300 604( Mar 72)4 Feb
Jan
Feb 118
200 115
115 1164
100
1115 1315 1,000
7% Preferred
Jan 1534 Feb
931
Stinnes(Hugo) Corp
Mar
Jan 128
2,500 97
125% 128
2635 28
Convertible preferred__ 128
400 264 Mar 3615 Feb
• 27
Strauss (Nathan) Inc eon)
Jan
214 2636 1,500 194 Jan 40
26
Warrants
100 29
Jan 344 Feb
Strornb Carlson Tel Mfg...• 3035 304 3035
100 10635 Feb 10715 Jan
107 107
4234 4345
600 4214 Mar 614 Feb Cities Ser P & Lt 7% p1100
•
Stroock (5)& Co
Mar 724 Jan
400 56
56
59
Feb 34
Jan Columbus Elee & Pow __.• 58
• 204 1835 204 2,700 18
(Ruts Motor Car
Jan 258
Jan
870 215
24034 249
54
Mar 564 Mar Com'w'1th Edison Co__100 249
300 54
5634
Super Maid Corp
1,700 9955 Mar 103% Jan
12934 1314 1,750 1294 Ma 13931 Jan Com'w'Ith Pow Corp pf 100 24435 100% 101
100 131
Swift & Co
15 3234 2934 333-4 7,500 294 Mar 37h Jan Campania Hispano Amer
Swift International
Feb 10735 Mar
10734 1074
100 107
de Electri S A (Chad)..
164 Mar 23% Jan
Syrac Wash Mach B corn.
• 1834 1734 1934 2,20
Jan
434 Jan 594 Feb Cons0 E L & T Bait com.• 994 8934 9134 2,200 89% Mar 112
6,90
4334 43
'Taggart Corp common...' 48
Jan 21.1
Jan
350 155
2
69
69
100 178
69
69
Ma
1734 178
Mar Duke Power Co
'Feltz (Leonhard)
1,500 424 Feb . 6854 Feb
4634 43
625 625
11 600
• 48
Jan 616
Jan East States Pow B corn...
Warrants
Mar 1094 Jan
106 1073.1 2,000 106
25
254 1.000 24
.100
Jan 27
Feb Elee Bond & Share pref.
Tennessee Prod Corp com•
9734 Mar
35 193,500 73 Ma
31
314 5.200 .25
Feb 8515 Mar Elec Bond & Share SecNew 834 73
Tbermoid Co corn w I._ __• 31
Jan
Mar Elec Invest without war.. 1064 90 106% 20,400 774 Jan 124
•
Feb 105
7% Cu .. cony pref..100 99% 9934 994 5,200 90
Felt
600 97% Mar 101
984
984 98
4931 61% 6,900 46
Jan 693( Jan
Preferred
Thompson Prod lno cl .• 57
Mar
1,300 99% Jan 103
100 103
5234 53
1,500 524 Ma
5845 Jan Elec Pow & Wand pf A...' 102
Thompson Starrett prof... 53
4335 384 4555 5,700 284 Jan 4634 Mar
Opti-m warrants
3635 Jan
Timk an-Detroit Axle...10 253-4 2034 2634 8,900 2035 Ma
Jan
300 10835 Mar 110
1084 10834
80 107
108 108
Feb 108
Jan Emp Gas & Fuel8%;pf _100
100 108
Preferred
400 96% Mar 9845 Jan
9635 9645
1,300 4935 Jan 64% Jan
100
7% preferred
Tishman Realty & Conertr• 56)4 5634 57
Feb
Mar 59
10,400 39
47
2,300 5414 Fe
551( Jan Empire Pow Corp part stk• 424 39
Tobacco & Allied Stocks..• 5434 5435 55
Jan
Mar 35
1,300 23
29
234 24 1.000
235 Mar
344 Jan Engineers Pub Serv war__ ------ 23
Tobacco Products Exports*,
8,100 6035 Mar 6334 Feb
5035 55
Jan 76(4 Jan Federal Water Serv el A __• 53
2,500 60
Todd Shipyards Coro---• 63% 63% 65
Mar
Jan 102
500 100
100 10034
26
26
3134 Jan Florida Pow & Lt $7 Pf..•
Ma
100 26
corn_ •
Tod.ly I ore. class A
Jan
Jan 44
27
3544 3734 8,70
,
934 10%
9% Mar 1445 Jan General Pub Ben corn...* 36
500
Class B•t e
200 29% Mar 3234 Mar
32
3215
Feb 143)4 Mar Internat Power Ltd
Trans-America Corp.-- 136 Si 129 1413' 34,600 125
834 7735 9435 561,800 7435 Mar 9435 Mar
8,000 24% Feb 30% Feb Internet Tel & Tel new wis
2334 27
26
Transcont Air'CrawMar 49
Jan
800 43
44
43
Internat Util class A
Trans-Lux Pict Screen
174 1415 177-4 22,400 144 Mar 2234 Feb
Class B
Mar
5% Jan 24
• 18% 144 18% 39,800
Class A common
93
Feb 100
5
Jan
9734 9734
preferred.'
Participating
Mar 61
900 51
50
5134
Jan
•
Travel Air Co
11
45( Jan
50
Jan
634 7
Warrants
324 41,800 30
Jan n35
Feb
Tri-Continental Corp com • 314 30
1144 Jan 18% Jan
8,90
1534 1334 16
5,900 1044 Feb 1075( Jan Italian Super Power
104% 104 105
6% cum pref with war100
900
5% Jan 15
834 114
Jan
Warrants
Triplex Safety Glass
Jan 6734 Feb
800 49
51% 57
1,500 224 Jan 334 Feb Long Island Light corn...' 54
2234 24
Am rots for ord sb reg... 24
ao 108% Jan 118 Mar
110 110
100
5
7% preferred
48
5034 1.300 514 Mar 604 Jan
49
Trims Pork Stores
1(8%
2072
FINANCIAL CHRONICLE
Thurs.
Sales
Last Week's Range for
Public Utilities(Cond.) Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Thurs.
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
[VOL. 128.
Range Since Jan. 1.
Low.
High.
Marconi Internat Marine
Panden 011Coth
•
3
255 3
6,500
2
Jan
3% Mar
Commun Am dep rats__
1955 2355 26,200 1935 Mar 28
23%
Jan Panetpec Oil of Venezuela•
74 9
855
10,900
Mar 104 Jan
Marconi Wire]Tot Can..!
715 9% 70,600
955
754 Feb 104 Mar Pennock 011 Corp
•
454 535
400
455 Feb
7% Jan
Marconi Wireless Tel Load.
Petroleum (Amer)
30% 29% 324 28,200 2934 Mar 3455 Feb
Class B
21
19% 2155 49,400 18% Jan 2251 Jan Plymouth 011
2631 2355 2555 4,200 23
Feb 30
Jan
Maas Gas Cos corn......100 15755 15755 15735
200 132
Feb 15735 Mar Red Bank Oil new
• 134
1335 134
100 12
Jan
Mar
16
Memphis Nat Gas
14% 124 1755 11,700 124 Mar 194 Mar Reiter Foster Oil Corp...
555
556 651 1,800
5
Feb
834 Feb
Middle West UtlIcom_
•
Richfield Oil Co pref. _..25 24% 24% 24% 1,300 2434
162 169
Mar 189
800 162
Jan
Mar 25
Jan
7% Preferred
100
119 119
100 1184 Mar 123
Jan Root Refining Co pref _
_ 25
23
2555 1.300 23
Mar 26
Feb
Mohawk & Had Pow corn• 49% 38
•
5255 16,900 38
Jan Ryan Canso! Petrol
Mar 71
855
755 84 2,000
734 Feb 11
Jan
1st preferred
10755 10735
100 106
Feb 110% Jan Salt Creek Canso' Oil__ _10
44
435 44
200
4
Mar
534 Jan
Warrants
27
234 27
1,000 234 Mar 4535 Jan Salt Creek Producers__ _10 23% 2255 2356
5,800 22
Jan 2535 Jan
Municipal Service
26
26%
28% 2,300 25
Jan
3334 Mar Southland Royalty Co..._ _
23
21% 23
2,300 2151 Mar 24
Mar
Nat Elec Power class A_ •
31
31
100 31
Mar 374 Feb Tealon 011 es Land new w I 2155 2051 22% 8,700 16% Feb 23
Jan
Nat Power & Lt pref
• 10634 10654 10654
150 1064 Mar 1094 Feb Tid-Osage Oil
• 12
11% 1335
800 1055 Jan
1455 Jan
,
Nat Pub Serv cam class A• 234 224 2355
1,800 22% Mar
Feb Tidal Osage 011non-vt stk• 1354
26
1155 12
900 104 Jan
1455 Jan
Series B
2955 31
Venezuela Petroleum _ _.5
1,100 29% Mar 32% Feb
455
44 54 11,300
4% Feb
634 Jan
Nev Calif Elec corn
J00
50
100 48% Jan 60
Jan
Woodley Petroleum Corp_
50
8
7% 8
1,700
555 Jan
955 Mar
New Rug Pow Assn
"Y"011 & Gaa Co
25
2% 351 4,000
2% Feb
55-5 Jan
6% Preferred
96
Feb
96
Jan MO
50 95
N Y Telep 64% pref_ _100 112% 112 11334
Mining Stocks
700 111% Mar 114
Jail
Nor Amer Util Sec corn_.• 1735
17
Arizona Globe Copper...1 26c
700 134 Jan
1754
1935 Mar
10c 26e 59,000
tio
Jan 47e
Jan
let preferred
944 95
* 95
Feb Bunker Hill & Sullivan_10 160
200 94% Mar 96
155 164
1,200 1254 Feb 165
Mar
Northeast Power com
40
• 47
34,200 40
50
Mar 61% Feb Carnegie Metals
10
18
18
100 17
Mar 19% Jan
Nor States P Corp Com_100 150
1484 155
5,700 1384 Jan 1694 Jan
Chief Congo) Mining
1
355
355
600
34 Jan
4
Jan
Preferred
100
10855 108%
50 10855 Jan 109% Feb Comstock Tun & Drare.10c
1%
50c
1% 9,600 50c Mar
154 Jan
Ohio Bell Tel 7% Pref _ _100 116
116 116
Jan Consol. Copper Mlnas__,: 16
10 112
Mar 115
13% 1655 41,600 1355 Jan 18
Mar
Oklahoma Gas & Elea prat
10851 10834
50 10835 Mar 11151 Feb Con.ol Nev Utah Cop_ _3
10e 100
200
Sc
Jan
24e
Jan
Pacific Gas & El 1st pref-25 2155 26
500 26
2635
Mar 2855 Jan Copper Range Co
25
2755 30
300 254 Jan 324 Mar
Penn-Ohio Ed COM
• 57% 53
5755 5,000 53
Cresson Congo'GM & M_1 90c
Mar 7134 Jar
76c 95c
4,900 71e
Jan
1% Jan
7% prior preferred_ _101
103 104
Dolores Esperanza Corp_ _2
20 102
1664 Jan
Feb
1
830
1
2,000 750
Jan
155 Mar
$6 Preferred
93% 93%
•
Mar East Butte
10 89
Feb 97
10
455 455
100
335 Jan
5
Mar
Option warrants
33
35
30
Jan
3.000 30
Mar 46
Engineer Gold Min Ltd.
.5
234
34 1,800
254 Mar
451 Jan
Pa Gas & Elec class A
214 21% 1,200 214 Mar 2434 Jan
•
Evans Wallower Lead com• 1755 1455 2055 11,200 1455 Mar
26% Feo
Penn Pow & Lt $7 pref_..
1094 10954
100 108
Jan 1104 Feb
Preferred
8155 83
200 81
Jan 94
Mar
Penn Water & Power__ •
88
82
1,500 82
Mar 10155 Jan Falcon Lead Mines
1 400
340 46e 105,000 100
Jan
540
Jan
Peoples Light & Pow CIA.
49
52
53% 2,000 474 Jan 584 Feb
First National Copper.._..1 890
860 950
6,600 200
Jan
1% Jan
Power Corp of Can com_ •
9755 9755
200 974 Jan 12254 Feb Gold Coln Mines
155
155 14 10,800 210
Jan
Mar
2
Power Secur corn
22% 2255
10
Mar Golden Centro Mines____5
16% Feb 27
756 854 6,300
835
12
7% Feb
Jan
Preferred
80
81
•
20
65
Jan 86% Mar Gaalfield Conso: alines_A
55c
50e 55e 37,400 160
Jan 800 Mar
Puget Sd P&L 6% Drat-10C 99
09
190 98
9955
Jan 10055 Mar
Hada Mining
23c 204 20
2154 4,900 16
Jan 234 Mar
Rochester Central Power_ _
32
37
37% 4,20
Mar 49
32
Jan
HollingerConsGold Mines 5
755
74 7% 2,000
755 afar
955 Jan
Sierra Pacific Elec corn _100
54
50
300 50
Mar 624 Feb
Bud Ray Min & Smelt..• 1935
184 1955 41,000 1855 Mar 23
Feb
Southeast Pow & Lt corn.• 784 7255 82% 15,400 7155 Jan 90
JAI) Iron Cap Copper
10
654
535 655 10,100
Jan
935 Mar
Common v t c
79
75
600 73
Jan Kerr Lake
Jan 85
5
52c 52e
100 45o
Jan
155 Jan
Pardc preferred
86
86
•
100 86
Mar 98
Feb Kirkland Lake 0 M Ltd_ _1
151. 75c
1st
1,800 75e Mar
Vt. Feb
Warr'ts to pur cam stk. 36
3234 38% 5,600 2755 Jan
47% Jan Lucky Tiger Combination
Sati Calif Edison pref A.25
2835 2854
100 23% Mar 30
Jan
Gold Mining
10
7
7
7
100
7
Mar
7
Mar
534% preferred C__25 2455 244 2455 1,200 24
Mar 2615 Jan
Mason Valley Mines
1%
5
14
155 11,000
1% Jun
24 Jan
Sou Colo Pow class A_ _ _25 21
24
25
700 23% Mar 2756 Feb
,
Mining Corp of Canada_ _5
5
4)5 5
5,200
4;5 Jan
055 Mar
Sou'west Bell Talon P1-100
118 118
50 118
Mar 12355 Mar New Cornelia Copper...
.5 4556 41
46% 13,300 40
Jan 4855 Mar
So'westPow&Lt7%pf_ _100 109
108 109
50 108
Mar 11155 Jan New Jersey Zinc
100 306
302 31055
170 2794 Jan 325
Jan
Standard Pow & Lt
25 5635 5555 5755
700 4934 Jar
Feb
70
New
71)
7555 79
700 75% Ma
8734 Jan
Preferred
10155 101%
50 1014 Mar 105% Feb NY & Honduras Rosario 10
17
17
100 1555 Jar
17
Feb
Swiss
-Amer Elea pref
96
9755
200 96
Mar 984 Feb
Newmont Mining Corp_10 20955 19434 117
29.800 18755 Feb 23355 Mar
Tampa Electric Co
• 66
64
66
900 64
Mar 70% Jan
Nipht-sing Mines
5
2%
255
351 6,500
2% Ma
334 Jan
Union Nat Gas of Can_ •
38
40
400 34
Mar 40
Mar Noranda Mines. Ltd
• 564 45% 5855 64,400 454 Ma
6814 Jan
United Elec Serv warrants.
2%
254 34 15,700
2% Mar
44 Feb Ohio Copper
3
1
255 34 60,500
4% Jan
134 Jan
Amer Shares wh Iss
22
2355
1,900 22
Mar 2355 Mar Premier Gold alining_ _1
1%
155 3,800
1% Eel
2 7-16Jan
United Gas when Issued
2655 23
31
30,200 23
Mar 39
Jan Red Warrior Mining
1
19c 260 12,000 110
Jan 32e Mar
United Gas improvena3.50 168% 15535 17355 28,300 155
Mar 19735 Mar
Roan Antelope C Min Ltd.. 43% 42
4455 6,700 384 Jan
50
Jan
United Lt & Pow corn A..
3335 3035 35
51,600 3035 Mar 434 Jan St Anthony Gold Min
310
30e 35c 18,000 300 Mar 91e Feb
Common class 13
49% 50
•
200 32
Jan 50
Feb Shattuck Dann Mining...
2255 20% 2355 22,200 20% Ma
28
Feb
Preferred class A
• 95% 9555 9655
500 95% Ma 100% Jan Bo Amer Gold & Plat_ _--1
255
24 355 3,000
2% Feb
34 Jan
Preferred class B
53
55
1,000 53
57% Feb Standard Silver Lead_ -1
Ma
22c 280
300 15e
Jan 36e
Jan
Util Pow & Lt class B
4155 3835 4255
4,300 37
Jan 46% Feb Teak Hughes
1
854
8% 8% 3,200
104 Mar
854 Ma
United Pub Service Co.._ _
19
19
19
200 IS
Feb Tonopah Mining
Feb 21
1
3%
354 335
400
3
Ma
451. Jan
Western Power prat__ _100 106
106 106
500 105
Jan 10854 Feb
United Eastern Min
70e 91c
2,200 70o Ma
151, Feb
Former Standard 011
United Verde Extension 50e 22
1951 2255 27,700 15% Fel
20
Mar
Subsidiaries.
Unity Gold Mines
1
1
82c
2,400 800 Ma
1
2
Jan
Anglo-Amer 011(cot ithl_ £1
1755
1635 1755 4,800 1434 Jan 18% Feb Utah Apex
5 54 5% 631 2,000 355 Jan
63-4 Mar
Certlficates of deposit..
1655 1634
200 1455 Jan 18. Feb Utah Metal es Tunnel_ _1
,
155
15
,
200 950
Jan
255 Mar
1534
Non-voting shares___ _ £1
15
1555
500 1454 Jan
Feb
17
Walker Mining
1
3% 455 5,300
2.4 Feb
455 Mar
Borne Scrymser Co_...100
3815 40
200 384 Ma
464 Feb Wenden Copper Mining.
.1
134
155
14 6,500
134 Jan
2% Jan
Buckeye Pipe Line
50
68% 69%
400 67
Jan 7454 Jan
Cheesbrough Mfg
25
151 151%
300 1404 Jan 160
Mar
Bonds
Continental Oil v c_ _ _ _10 2555 21% 26 102,800 174 Jan 29
Mar Abbots Dairies 6s_ _1942
9951 0955 $1,000 984 Jan 10055 Feb
Cumberland Pipe Line_100
68
68
100 62
7555 Feb Abitibi P & P 5a A____1953 8515 85
Jar
855
,49,000 85
Mar 8755 Jan
Eureka Pipe Line
6055 604
100 6055 Ma
704 Jan Alabama Power 4558_1967 9355 9255 9351 41,000 92% Mar 9555 Jan
Galena-Signal 011 corn _100
iet&ret.5e
8,000 994 Fe 103
1956
10054 101
Jan
Certificates of deposIt_ 100
535
535
634 Jan Allied Pk let col tr 85_1939
54 Ma
52
48
20,000 45
Jan 57
Feb
Galena Signal 011
Ctrs of deposit
474 514 9,000 46
Jan 55% Feb
New preferred
100
60 7735 Ma
7755 78
90
Feb
Debenture Os
Old preferred
100
78
30 78
78
Ma
85
Feb
Ctrs of depoalt
54
54
5,000 4554 Jan 54
Mar
Humble Oil& Refining...25 109% 9031 Ill
46,200 89% Feb 111
Mar Aluminum Co
deb 58'52 101% 101% 102
68.000 100
Fe
10255 Jan
Illinois Pipe Line
305 315
100 315
550 285
Mar Aluminum Ltd 5a___ _1948 07
Jan 318
97
07% 40,000 96
Fel
98% Jan
Imperial Oil(Canada)con • 97
88
98
15,200 88
Ma 10314 Jan
Amer Aggregates 8.9..1943 111% 111 112
9,000 111
Jai 1154 Jan
Indiana Pipe Line
ao 91% 85 9155 1,100 8115 Feb 91% Mar Amer COM WI Alcohol 6543
National Translt____12.50 234 21% 2455
3,900 21% Ma
25% Jan
With warrants
12455 1224 12655 26.000 11534 Jan 132
Jan
New York Transit
79
100 79
80%
450 72
Jan 85
Jan Amer 0 & El deb 55_2028 94% 94% 95% 96,000 934 Fe
9755 Jan
Northern Pipe Line_ .....100
54
54
100 54
Mar 63
Jan American Power & Light
Ohio Oil
25 68% 6455 69% 4,700 644 Jan 7455 Jan
6s, without warr___2016 10535 105 105% 93,000 105
Fel 10854 Jan
Penn-Mex Fuel
32
31
25
200 30
Mar 444 Feb Amer Radiator deb 4 546,'47
2,000 954 Ma
97
97
9955 Jan
Solar Refining
40
200 38% Mar 50
4135
Feb Amer Roli Mil deb 5s_1948 95
9455 9555 78,000 94
Mar 97% Jan
South Penn 011 New
47% 4335 4754 2,000 4035 Feb 48% Mar Amer Seating 6s
19,000 934 Mar 9755 Jan
1936
9335 96
Southern Pipe Line
10 184 15% 1655
1,000 13
Feb 1855 Mar Amer Solv & Chem 68_1936
116% 118
27,000 114
Jan 122
Jan
Sou West Pa Pipe Lines 100
6455 67
150 644 Mar 70
Jan
Without warrants
95
17,000 94
95
96
Feb 9755 Mar
Standard 011 (Indiana) new (3155 56
88.100 56
62
Mar 63
Mar Andlan Nat Corp
Standard Oil (Kansas)__25 19% 1835 1955
1,300 18
Jan 21% Jan
8s without warrants 1940
105 105
1,000 1014 Jan 105
Feb
Standard 011 (Ky) new.... 4155 38
4134 16,400 38
Mar 455( Jan Appalachian El Pr 5a_1956 96% 96
96% 80,000 874 Feb 994 Jan
Standard 011 (Nels)
700 454 Feb
25 47% 46% 47%
494 Feb Arkansas Pr & Lt. 5.5_1956 944 94
9455 25.000 93
Mar d98
Jan
Standard Oil(0) com
1,300 1104 Feb 12455 Feb Arnold Pr Wks hat 6s_1941
112% 117
25 117
00
96
1.000 95
Feb 98
Jan
Preferred
121 121
30 1164 Jan 1244 afar A8110 Dye & Press 6s__1938 87
83
87
7,000 83
Mar 94
Jan
Swan Finch 011Corp____25 153-5
250 15
1535 1535
18
Jan Associated 0 & E 545 1977 11734 117 119 241,000 9834 Jan 131
Mar
Mar
Vacuum 011new
2555 111 12855 25,900 1054 Jan 13355 Ala+
Con deb 445 wi war 1948 142
137 14355 375,000 9935 Jan 148
Without warrants.... 11855 117% 118% 39,000 9455 Jan 1204 Feb
Feb
Other OH Stocks
Assocal Situ Hard 648 33 864 864 8654 2,000 864 Jan 88
'
Fob
Amer Contr 011 Fields..
450 69e 14.900 45o Mar 720
.1 57c
Jan Atlantic Fruit 88
1949 1755 17
48,000 17
18
Mar 224 Jan
Amer Maracaibo Co
455 54 13,900
5
556
4% Mar
84 Jan Atlas Plywood 5555_1943 91
90
91
8,000 90
Mar 10355 Jan
Argo 011 Corp
10
2% 255
1,500
251
1% Feb
355 Jan Bates Valve Bag 65__ _1942
Arkansas Gas Corp cora_ •
535
5
With stock purch warr_ _ 10551 10535 105% 6,000 1044 afar 1104
54 20,100
24 Jan
534 Mar
Jan
Preferred
i0
74 84 1,400
Mar Beacon 01165, with warr'36
74 Mar
9
108 110
35,000 106
Mar 1184 Jan
Atlantic Lobos Oileorn___•
2
200
251
98
2% Jan Bell Tel of Canada 5s_1055 99
234
99% 36,000 98
Jan
2
Mar 10255 Jan
British Amer 011 coupon_
45
1st 5s series B
Jan
50
Mar 62
300 45
1957
10051 10051
5,000 99% Mar 1024 Fob
Carib Syndicate new corn._
255 3% 2,700
3
New
9955 99% 100% 49,000 9955 Mar 100% Mar
4% Jan
2% Feb
Colon Oil
•
935 955 2,600
Jan Berlin City Elec 8 48_1959 92
ON
92
8% Mar 15
9355 35,000 92
Mar 03% Feb
Consol Royalty 011
1
13.800
9%
8% 10
100 100
1135 Feb Boston & Maine RR 6s '33
2,000 100
634 Jan
Mar 103
Jan
Creole Syndicate
•
955
8%
855 Mar 1151 Jan BurtneLster & Wain of
954 17,100
Crown Cent Petrol Corp_..*
155
Copenhagen I5-yr 65 '40
14 1% 2,200
97% 9934 11,000 9755 Jan 99% Jan
155 Feb
131 Jars
Darby Petrol Corp
• 1854 17
1,100 17
20
Jan Canadian Nat Rye 75_1935 1074 107% 108
Mar 26
6.000 1b755 Mar 110
Jan
Derby Oil & Ref com
•
3
455s
3
34
300
Jan
.5
9255 94
Jan
2
1068 94
17.000 924 Mar 9855 Jan
Preferred
• 26
25
600 20% Jan 2755 Jan ICapital AdmIn is A_1953 984 9655 99
26
56,000 9654 Mar 101
Feb
Gulf Oil Corp of Penna__25 16254 15035 163
Carolina Pr & Lt 58_1956 100
32,800 1424 Jan 167
100 10055 21,000 994 Mar 102%
Jan
Jan
Homaokla 011
54
4% 555 2,400
1948 87% 8735 88
735 Jan Cent States Elec 5a
54,000 854 Mar
434 Jan
Houston Gulf Gas
• 18
1735 19
2,600 1755 Mar 22
Jan Cent &atm P & Lt 8 4ts'53 924 9155 9355 21,000 914 Mar 9055 Jan
.9651 Jan
Intercontinental Petrol__10
2
135 2
23.200
Feb
234 Jan Chic Pneum Tool 549 '42 904 9855 0934 23,000 98% Mar 1014 Jan
International Petroleum..• 61
4635 57
53,000 461 31 Mar 6555 Jan Chic Rys 513 ctf dep 1927 79
79
80
17,000 7755 Mar 82
Feb
Kirby Petroleum
•
2
131 255 3,200
Jan Childs Co deb 5s
134 Mar
1943
89
88
18,000 88
Mar 100
Jan
Leonard 011 Developm't_25
535
555 535
2.100
654 Mar Cigar Stores Realty
Jan
5
Lion Oil Refg
• 274 234 27% 3,700 234 Mar 3335 Jan
5 4s series A
1949 94
93
944 114,000 93
Mar 99% Jan
Lone Star Gas Corn_ _ _ _25 70
69% 71%
2.600 07
7474 Feb Cities Service 5a
Jan
1968 9055 89% 90% 123,000 884 Mar 003.1 Jan
Magdalena Syndlcate
700
I
63c 71c
3,400 600
Jan
134 Jan Cities Service Gas 535s 1942 903.5 90
90/5 65,000 90
Jan 9254 Jan
Mexico-Ohio Oil Co
6
•
2.000
355 Jan
9534 48,000 94
6% Mar Cities Serv Gas Pipe L 65'43 9534 94
Mar 9855 Jan
Ma Kansas Pipe Line
3351 26% 3755 35,000 15% Jan 40
Mar Cities Serv PA L 548_1952 9435 94
9535 193,000 04
Mar 9714 Jan
Mountain & Gulf 011
1
135
13.4
155 1,300
155 Jan Cleveland Term Bldg 6s'41
97
97
155 Fab
3,000 96
Jan 984 JAI)
Mountain Prod CorD_--10 1951
1815 20
4,200 1855 Mar 2255 Feb Columbia River Long Bdge
Nat Fuel Gas new
25% 27
•
1,100 2555 Feb 2755 Mar
15-yr 7% deb__Oct 31 '43 90
90
9455 11,000 90
Mar 9955 Feb
New Bradford 011
455 455
800
let 655s
Jan
Mar
4
9455 9,000 9335 Feb 100
5
94
1953 94
Jan
•
New Engl Fuel Oil
3
2,100
355
Mar
3
85
355 Feb Commander Larabee 65.41
85
2,000 85
Mar 90
Jan
N Y Petrol Royalty
2156
19% 22
3.700 16
Feb 24% Mar Commers und Private
Nor Cent Texas 011 Co...'
935
955 955
2.000
1155 Jan
Bank 545
851 Jan
1037 87
8(355 n88
27,000 86
Mar 88
Jan
• 2054
Pacific Western 011
18% 21
6.300 1834 Feb 24
Mar Common Edison 4355.'57
96
97
96
8,000 96
Mar 984 Jan
MAR. 30 1929.]
Bonds (Continual)Consol0 E L &P Balt-1949
6s series A
1952
555s series E
1965
56 series F
1969
534e
Consol Publishers 63481936
Consol Textile 8s
1941
Cont'l GI & El 55
1958
Consumers Power 4348 '58
Continental 0115%s-1937
Cosg Meehan C 6555_1954
Cuba Co 6% notes _ __1929
Cuban Telep 735s____1941
Cudahy Pack deb 5558 1937
5s
1946
Deny &Salt Lake Ry Os'60
Detroit City Gas 58 B.1950
Os series A
1947
Detroit Jot Bdge 8345_1952
25year s f deb 78_ _ _ _1952
Dixie Gulf Gas 834s_1937
With warrants
El Paso Nat Gas 8355 A '43
Deb 6555_-_ _Dee 1 1938
Empire 01 & Refg 534o '42
Ercole Marel Elec Mfg
655s with warrants_1953
EuropMtg&Inv7sserC 1967
1950
7545
Fabrics Finish Os
1939
Fairbanks Morse Co 5s '42
Finland Residential Mtge
Ban!: Os
1981
Firaitone Cot Mills 55_1948
Firastone T&R Cal 53.1942
Flak Rubber 534s..,.__1931
Florida Power & Lt 55_1954
Galena-Signal 011 7s_ _1930
Gatineau Power 55_1956
Os
1941
Gelsenkirchen Min 68_1934
Gaul Amer Invest 5s 1952
Without warrants
Can Laund Mach 655s 1937
General Rayon (is stir A '48
General Vending Comes with warr Aug 15 1937
Ga & Fla RI', Os
1946
Georgia Power ref 5s._1967
Goody'r Tire & Rub 5555'31
Grand Trunk Ry 650_1936
Guantanamo&WRy5s 1958
Gulf 011 of Pa 5s
1937
Sinking fund deb 56_1947
Gulf States Uti Ss__ 1956
Hamburg El & Ind 5 Hs'38
Hanover CredInst65551949
1931
6s_
Harpen Mining 6s_ _ _1949
With warrants
Hood Rubber 7s
1936
10-yr cony 5%s -1936
Houston Gulf Gas 6558 '43
6s
1943
Hung-Italian Bank 755s '83
Illinois Pow & Lt 5555-1957
1954
5368 series/I
Indep Oil& Gas deb 6s 1939
Ind'polis P & L5sserA '57
lot Pow Secur 78 ear E 1057
Intemat Securities 55_1947
Interstate Power 56.....1957
New
Debenture Os
1952
Divest Co of Am 55 A_1947
Without warrants
Iowa-Nab. L ee P 55_1957
Isaroo Hydro-Elee 78.1952
Isotta Fraschini 7s___1942
With warrants
Italian Superpower 6s_1963
Without warrants
Jeddo Highland Coal (is'41
Kaufmann Dept Sts 5545'36
Kelvinator Co 68
1936
Without warrants
Hoppers U & C deb 55_1947
Laded° Gas Light 5555 '35
Lehigh Pow Secur 68.._2026
Leonard Ties Inc 755s '46
Withou• -varrants
Libby, McN & Libby 58'42
Lone Star Gas Corp 58 1942
Long Island Ltg Os..J945
Louisiana Pow & Lt 58.'57
New
Manitoba Power 5ki8_1951
Mansfield Min & Smelt
7s with warrants. 1941
Without warrants
Mass Gas Cos 550_19413
McCord Rad & Mfg(35 1943
Memphis Nat Gas 6}3._1943
With warrants
Matron Edison 4348_1988
Milwaukee Gas Lt 455s '67
Minn Pow & LI 4155_1978
Montgomery Ward 56.1946
Montreal L H & P ool 53'51
Morris & Co 755s__1930
Munson SS Linea Hs_1937
With warrants
Narragansett Mac 5s A '57
Nat Distillers Prod 6558'35
Nat Power & Lt 6s A.2026
Nat Public Service 55.1978
Nat Rub Maoh'y 68_1943
Nat'l Toll Bridge 6s _ _ _1939
Nat Trade Journal 05_1938
Nebraska Power (Is A.2022
Neisner Realty deb 613_1948
New Eng G & El Aesn 55'47
1048
bs
N Y & Foreign Invest
535s A with warr_ _1948
NYP&L Corp 18t4348'07
Niagara Falls Pow 61E1950
Nippon Elea Pow 655s 1953
North Ind Pub Serv 581906
Nor States Pow 655% _1933
North Texas Utilities 78'35
Ohio Power 5s ser B...1952
1956
4155 series D
Ohio River Edison lot 58'51
Osgood Co with warr Os'38
Pao Gas & El 1st 4348_1957
1948
Pacific Invest 51
Pacific Western 0116355'43
penn-Ohio Edison 68 1950
Without warrants
5348 when issued _ _1959
Penn Pow dr Light 55 D'53
FINANCIAL CHRONICLE
Thurs.
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
102
100
9134
8734
9755
88
9734
98
90
9934
10535
7155
8331
88
89
91
98
Mar 88%
Jan 101
Jan 105%
Mar 9155
Jan
Mar
Ms:
Jan
89
Mar 9855
91
Jan 92
9755 Feb 100
96
Mar 101%
Jan 9655
95
Jan
Jan
Mar
Feb
Jan
8335
99%
103
88
51,000
26,000
18,000
44,000
8334
99
99
88
89
91
9755
96
95
88%
101
104
8955
9055 4,000
91
31.000
98
9.000
9955 75,000
98
9,000
86
92
93
9436
89%
10054
0455
98
9034
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Feb
Mar
Mar
18,000 85
Mar 9135 Jan
44,000 91
Mar 94
Jan
9,000 9235 Mar 95
Jan
18,000 89% Jan 96
Jan
59.000 89
Mar 9234 Feb
1.000 10034 Mar 101
Jan
31,000 9354 Mar 9734 Feb
34.000 9(355 Mar 10055 Jan
41,000 89
Jan 91% Jan
84
13,000 84
85
Mar 86 % Feb
Jan 10255 Jan
100 100% 30,000 100
18,000 7855 Mar 95
7855 85
Jan
78
67
97
90%
99%
106
85%
9934 9955
100
99%
9535
83
85
93
95%
8055
68
97
99%
106
8551
100
10054
96
85
9555
9535
8955
95
78%
89
89
89
88
9255
98
98
105%
110
0834 98
z92
9354
8734 85%
91
92
9254
93
9615
80%
92
91%
88
90
90
95
78%
00
90
88
93
100
110
98;5
94
87%
93%
9254
93
98;5
8034
93%
90
8935
98
98
8,000 78
6,000 65
75.000 9655
1,000 99
1,000 105
1,000 85
15,000 9834
82,000 99%
2,000 9515
17,000 82
15,000 92%
21,000 93%
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
8735
7055
9854
100
108
8555
10155
102
993i
88
95%
9655
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Feb
52,000 89% Mar 93
2,000 9335 Jan 97
6,000 7755 Mar 84%
16,000 89
Mar 9235
22,000 89
Mar 92%
10,000 88
Mar 9855
11,000 9254 Mar 9634
17,000 98
Mar 101
149,000 10255 Feb 11055
72,000 9735 Mar 9954
6,000 9155 Mar 9855
97,000 85
Mar 92
21,000 91
Mar 9655
12,000 91;5 Mar 96%
1,000 93
Mar 97
22,000 96%, Mar 107
5,000 78
Jan 83
8,000 9051 Mar 94%
7,000 86% Feb 91%
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2.000
98
Mar 10855 Jan
75
78% 201,000 75
Mar 82
Jan
103% 104
25,000 103% Mar 104
Jan
94
94
1,000 94
Mar 96% Feb
733-4 73%
9915
100
9955 9955
10215 10215
91%
99
Jan
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
104%
105
102
100
9834
90
85
96
93
88
96
1073.4
97
9754
88
98
105
88
70
78
91
9755
106%
10855
10374
100%
100%
96
9154
97;5
96%
92
97%
111
9955
101
91%
10035
10655
96
8955
3.000
5,000
2.000
23,000
3,000
5,000
83.000
20,000
40,000
4.000
9,000
1.000
24,000
24,000
73,000
24,000
8,000
5,000
3,000
85
91
92;5
93
89
10055
% 9334
933
98
9855
8934 89%
7534
High.
104% 104%
106 106
102 102
100 10034
100 100%
91% 91%
86
8855
9654 9655
9554 953-1
88
88
96
96
10935 10934
97% 98
9754 9934
88
90%
99%
99
105% 106
88
90
70
77%
8555
91
93
93
8855
100
Ranee Since Jan. 1.
102%
91
97%
103%
74%
100
100
104%
18,000 7335
131,000 98
22,000 99;5
59,000 10255
10235 3,000 101
9154 31,000 90%
98% 31,000 96
10351 2,000 103%
9135 94% 24,000
99
9955 10,000
Mar 79
Feb 100
Jan 101
Mar 100
Jan 102% Jan
Feb 94
Jan
Mar 99% Jan
Jan 108
Feb
9155 Mar 97
99
Jan 101
Mar 103
96 10155 25,000 90
2,000 93
96
97
96
Mar 97
29,000 102% Feb 10455
10356 10355 104
7,000 0334 Mar 99%
9355
9355 9435
99
9555
9654
89%
102%
973-4 9755
100
9955
993-4
9515
9655
98
97
10355
8054
98
10734
10655
89
89
9034
9134
8934
9834
10155
100
9151
100
95
9355
9634
100
101
100%
97
98%
8955
102%
97%
100%
Jan
Mar
Mar
Jan
57,000 9635 Jan 107
29,000 93% Mar 99
11,000 9636 Mar 10015
15.000 8955 Mar 92%
8,000 101% Jan 10255
13,000 9755
mar 10155
29,000 9954 Mar 101
Jan
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jab
Jan
98
98
9955
104%
8155
125
08
89
108
107
9034
90
13,000
20,000
7,000
30,000
114,000
3,000
5,000
14,000
2,000
48,000
11,000
21,000
9755
97
9955
102
79
120%
98
8835
10735
105
89
80
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
99
10055
101
105%
835(
183
9855
98%
110
10855
9
7%
97%
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
90
903-4
9035 9115
10455 104%
8955 90
08
98%
10135 101%
100 10055
98
99%
90% 9155
99
99
100 101
9355 95
92% 94
98
96%
62,000
140,000
7,000
9.000
33,000
27,000
23,000
21,000
120,000
4,000
11,000
21,000
4,000
75,000
90
90
10454
8955
98
10115
100
98
9055
98%
100
9314
9255
9555
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Mar
Feb
94
933.4
108%
92
101;5
104
103
101
9351
10014
102%
98%
9651
98%
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
9755
97
9931
10254
79
12051
98
8854
10734
105
89
89
7,000
99% 100
9454 07% 46.000
12 000
10015 101
99
Mar 102
Jan
945 Mar 9754 Mar
5
nn
Bonds (Concluded)-
2073
Thurs.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
Peoples Lt & Pr 5s_ _ __1979 98
98
9834 53,000
Phil& Elm Pow 555s_1972 10335 10234 10355 9,000
9855 9934 5,000
Phila Rapid Trans 69-1982
Phil& Suburban Coe
30,000
Gas& El 1st & ref 4%8'57
9634 97
5,000
100 100
Pittsburgh Coal 6s_ __ _1949 100
102 10234 18,000
Pittsburgh Steel 6s_ -1948
1,000
95
Pitts &WVaRy 4HsA '58
95
97
9735 12,000
Potomac Edison 6...._195O
11,000
96
96
rower Corp of N Y 515s'47
Procter es Gamble 4545 '47 9455 9455 9635 7,000
Queensboro 0& E 555s '52 10234 102 10255 13,000
9834 45,000
Rem Arms 535% notee 1930 9855 98
Richfield Oil5%% notes'31 9834 9854 10055 23,000
8435 8535 70,000
Rochester Cent Pow fis '53 85
8335 78,000
82
1963 83
Ruhr Gas 6 Sig
Ryerzon (Jos T)& Sens Ins
9355 9355 1,000
15
-year s I deb 5s._ _1943
14.000
86
85
St Louis Coke es Gas 68'47 86
9534 3,000
95
Sae AntPublic fiery 5s 1958 95
1,000
100 100
Sands Falls 55
1955
Schulte Real Estate Os 1935
10735 10755 10754 5,000
With warrants
24,000
94
94
94
Without warrants
2,000
9355 94
Scripps(E W)5545_1943
40.000
77
78
Serve!Inc(new co) 58_1948 77
81,000
93
Shawinigan W & P 455s'87 93
92
7,000
97
97
Shawaheen Mills 7s___1931
Silica Gel 034% notes..1932
5,000
109 109
With warrants
9434 86,000
Snider Pack 6% notes_1932 9335 91
Solvay-Am Invest 55_1942 9655 9535 9635 8,000
Southeast P & L 65-2025
100 10235 178,000
101
Without warrants
22,000
Sou Calif Edison 55„..1951 9934 9934101
100 10055 3,000
Can & refunding 58.1944
9934 9934 10,000
1952
Refunding 5s
9335 20,000
1937 9234 92
Sou Calif Gas Es
3,000
96
96
Southern Dairies 6s._.1930
So'west Dairies 6555
9935 0034 8,000
1938
With warrants
4,000
94
93
S'west G & E 55 A_1057 93
10034 10254 3,000
Erwest Pow & Lt 85-2022 102
13,000
9855 99
Staley (A E) Mfg 65-1942
Standard Invest fei
2,000
128 127
1937 127
With warrants
1957 9634 9855 9755 41,000
Stand Pow & Lt 6s
Stinnes (Hugo) Corp
94 241,000
7s Oct 1 '36 without wan 9335 93
8855 50,000
87
75 1948 without warr'nta 88
30,000
11836 122
Strauss (Nathan) 85_1938 122
2,000
99
99
Strawbridge & Cloth 5s '48
1,000
105 105
State Mot (Amer) 755s '37
9,000
73
73
Sunmald Raisin 6355_1942
17,000
100 101
1939 100
Sun 01163-48
9834 993-5 114.000
Swift & Co 58 Oct 15 1932 99
50,000
10055 105
Tenn Cop & Chem 65_1944
11.000
883.5 89
Texas Cities Gas 5s_ _ _1948 99
Texas Pacific Ry 55-1979 9955 9955 9954 28,000
9755 38,000
96
Texas POWer & Lt 55_1958 96
104 10535 39,600
Thermold Co Os w w 1934 105
Tran Lux Dayl Piet Screen
1,000
95
95
635s without war_ _1932
3,000
99
99
1938
Ulen de Co.6555
100 10435 36,000
Union Amer Inve.st 58_1948 101
United El Serv (Unes)78'58
3,000
116 116
With warrants
89
9034 25.000
Without warrants
8,000
85
86
United Industrial 655s 1941
49.000
8654 90
United Lt & Rys 5358-1952 90
35,000
1952 9914 0034 100
6.5 series A
7355 4.000
73
United 011 Producers 8s '31
7,000
110 110
Un Rys Havana 7545_1936
United Steel Wks 13565 1947
28,000
8534 853-4 86
With warrants
U S Rubber
9934 9955 5,000
Serial 655% notes_1930
4,000
99
99
Serial 855% notes_ _1931 99
4,000
99
99
Serial 855.7 notes _1932
9835 4,000
9835 98
Serial 634% notes-1933
6.000
98
98
Serial 855% notes _1934
9755 9934 7,000
Serial 655% notes_ _1935
9855 3,000
98
Serial 834% notes_1936
Serial 834% notes-1937 0734 9755 9774 7,000
9655 9034 2,000
Serial 655% notes_ _1938
8,000
9654 99
Serial 83.4% notes _1939
100 10034 3,000
Serial 855% notes__1940 100
103 1033.4 19,000
US Smelt de Ref 5Hs_1935
9835 217,000
98
Utilities Pr & 1.,', 5s_ _ _ 195o 98
1,000
103 103
1937 103
Valvoline 011 7s
15,000
84
86
Van Camp Packing 88_1948 84
5.000
99
97
Virginia Cleo Pow 55_1955 97
6,000
9831 99
\Varner-Quinlan Co Os 1939
1,000
92
92
West Texas Util 55...._1957 92
Western Power 5558_1957 11315 11135 11455 82,000
9.000
101
102
Westvaco Chlorine 550'37 102
86,000
88
87
Wheeling Steel4 H5_ __1953 87
9734 9555 4,000
Wise Cent lty 55
1930
Foreign Government a ad Mu nicipalitles
Meted Mtge Bk Rep ofCo1
9755 3,000
20-yr 7s
Jan 151946 0755 95
9754 8,000
20-yr 7s_ _Jan 15 1947 9734 95
Antwerp (City) 55____1958 9034 9055 9134 47,000
Baden (Germany) 75_ _1951 9235 9235 9254 8,000
Bank ofPrussia Landowners
96
9755 35,000
Ass'n 6% notes_ _1930 98
37,000
Buenos Aires(Prov)7555'47 10055 1003-4 102
1952 10034 100 10055 2,500
78
Cauca Valley (Dept) Co,
ombia esti s f 7s_
I948 903.4 8855 9054 4,000
Cent Bk of German State&
28,000
84
85
1951 84
Prov Banks Oa B
9,000
85
1952
85
(5s serial A
9836 9855 5,000
Danish Cons Monte 5150'55
Danzig P & Waterway Bd
9,000
1952
8434 88
Esti s f 0345
Frankford (City)6548_1953 9255 9234 9335 21,000
97
9734 29,000
German Cons Mimic 78 '47 97
33,000
8455 86
1947 85
Os
Indus Mtg Bk of Finland
101 10131 52,000
1st ratite eol a f 7s 1944 101
3,000
89
90
Lima(City) Peru 655s 1958
9255 96
5,000
Medellin (Colombia) 7s'51
Mendosa (Prov) Argentina
95
1951 95
963.4 30,000
7555
95
95
2,000
Montevideo (City) Os 1959
9654 97
22,000
Mtge Bank of Chile 581931 97
32,000
7534 78
Mtge Bk of Jugoslav 75 '57 78
2,00
Mtge Bk of Bogota 75_1947 8934 8935 8955
11,00
8855 8831. 92
New
NothArInne1A RR
l')72 10354 10255 103)4 5.01)0
Range Since Jan. 1.
Low.
High.
98
Feb 100
Feb
102% Mar 10554 Jan
9874 Mar 10354 Feb
9654
100
10174
95
9635
96
9455
102
98
9834
83
80
Mat
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Mar
Mar
Mar
9854 Jan
100 'Mar
103
Jan
95
Mar
98
Mar
9835 Feb
9755 Jan
105
Feb
99
Jan
10234 Jan
8831 Jan
Jan
94
Jan 96
Mar 92
Mar 97
Mar 10234
Jan
Jan
Feb
Jan
Jan 110
102
92
Jan 9634
0234 Jan 95
Jan 8534
75
9131 Mar 9434
97
Jan 9834
Jan
Mar
Jan
Jan
Jan
Jan
93
84
9235
98
Jan 11234 Mar
101
Mar 107% Jan
91
9535 Mar 9834 Feb
190
99
100
9955
92
96
Mar
Mar
Mar
Mar
Mar
Mar
10555
10234
1023-4
10134
95
99
Jan
Feb
Mar
Feb
Mar
Feb
Jan
9954 Jan 101
9234 Mar 9734 Jan
10055 Mar 10734 Jan
Feb
9751 Jan 99
Jan 136
Mar
126
963-5 Mar 9954 Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
8835
86
117
99
105
85
100
9834
10036
8815
9955
96
100
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Feb
90
99
100
Mar
Jan 97
Mar 9954 Feb
Mar 11635 Feb
11574
89
85
8614
993-4
71
110
Jan 130
Mar 9235
Mar 9155
Mar 9434
Mar 10154
Feb 79
Jan 110
8454 Mar
9835
98
97
9654
9655
96
9774
97
9655
98
97
103
98
103
84
97
9834
92
10955
9955
87
9134
95
95
9055
923.4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
9434
91
14054
100
11634
7954
102
10031
10555
89
9954
9934
10534
90
100%
10055
10015
10055
10054
10035
10
055
10034
10055
10034
102
10436
9855
106
8754
10055
99
9655
12135
104
89
9834
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar 100
Jan
Mar 99
Mar 9444 Jan
Jan
Mar 98
Mar
95
Jan 98
10034 Mar 10434 Feb
Jan
Mar 101
9934
8854 Mar
963.1
Jan
Mar 873-4 Feb
84
85
Jan 8715 Mar
0834 Mar 10155 Jan
Jan
81
9255 Mar
98
Jan
843.4 Mar
86
Mar
96551 Jan
98
Jan
89
Jan
Jan
101
Ian 102
Jan
89
Mar 93
9236 Mar 9734 Feb
95
94
9636
75
8915
8815
10254
Mar 9814
Feb 9635
Mar 9855
Mar 8255
Mar 94
Mar 94
Mar 107)4
Jan
Feb
Feb
Jan
Feb
Jan
Feb
For continuation of Curb Market transactions see page 2050.
•No par value.
"Under the rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128; c Danish Con. Muni°, 535a, 1955, Jan. If
at 105; p Educational Pictures pref., Feb.8 at 100. u United Milk Products, Mar.
21, pref. at 81.
"Cash" sales were made as follows:
d Arkansas Power & Light 1st & ref. 11e. Jan. 22 at 99.
"Option" sales were made as follows: u Schutter-Johnson Candy, class A, Mar,IP
100 at 6.
2074
FINANCIAL CHRONICLE
[Vol,. 128.
Quotations of Sundry Securities
AU bond prices are -and hatereet" except where marked
Public Utilities
Par ma Ask
American Gm & Electrlot .147 149
8% preferred
.104 106
Amer Light & Traci com_100 215 224
Preferred
100 112 118
aster Pow & Light
1059 106
9
Amer Public Util cOm___100
50
'% prior preferred_ ___100
94
98
Panic preferred
100
94
98
Appalachian El Pr pf___100 105 2 108
,
a /sambaed Gas & Elm
85 preferred
*97
Com'w'Ith Pr Corp pref_100 100 101
East. Util. Anse. corn
*37
38 2
,
Cone. etock_
*12
13
Elm Bond & Share pref.100 106 10714
General Pub Seri" corn ____t *35
37
87 preferred
•175
Oen"' Public Util
100
92
9412
MilsissiPid Ely Pow pref.100 104 106
9812
First mtge 5s 1951 ___J&J
Deb is. 1947
M&N
94
Ralionai Pow & Light pref _ *105 16i*9712 9912
86 preferred
Nurth States Pow com_100 149 150
7% Preferred
100 108 11012
nor Texan Elea Co com_100
5
Preferred
100
22
25
Ohio Pub Sere,7% pref _100 10812 110
6% pref
102 104
Pacific Gas & El let prof...25
2614 27
Puget Sound Pow& L$6%D T *98
5% Preferred
*87 66
let & ref 53.4a 1952--J&D
_
99
loath Cal Edison 8% pf__25 *55 65
Stand 0& E 7%
pf._100 109 111
Tenn Elm Power lit pref 7% 107 10812
6% preferred
100 9712 9912
Toledo Edison 5% Of
10212 105
100 10812 110
7% pref
Western Pow Corp pre'_100 106 110
Railroad Equipments
Chain Store Stocks
Investment Trust Stocks
Par Bid
Ask
Par. Bid
Ask
and Bonds
Par Sig Ask
Chicago & North Wed go__ 5.50 5.20 Fan Farmer Candy Sh pref t .32
Atlantic & Pac corn
35
303 34
4
Equipment 6349
.712 9
5.40 5.10 Fee. Bak Shove,COM
Preferred
49
40
Chic 11 I & Pee 43.45 & 51.-- 5.20 4.90
Frei 7% with warr___100 90 100
A tl & Pac Intl Corp units.
7312 76
Eguipment6.
5.50 5.20 Feltmen & Curine Shoe
Bankers Financial Trust__ _
25
Coloraao & Southern 6!__.. 5.60 5.20
Stores A corn
Bankers Investml Am corn_
1512
Delaware & Hudson 131
5.50 5.20
7% preferred
100
65
Debenture shares
Erie 4;is & be
6.30 5.00 Gt All & Pac Tea vot cam.! .340 350
Bankers Sec Ti of Am corn _
17 2 18
,
Equipment 6s
5.60 5.20
Preferred
100 114 117
Baninstocks Holding Corp.. 21
25
Great Northern 65
5.50 5.20 Howorth-Snyder Co, A.... 13
Banstocks Corp of 51d units
15
Equipment tar
5.10 4.90 Kinnear Stores corn
Class A
15
Hocking Valley 55
5.10 4.90
8% preferred
100 130 145
Class B
84 9 4
3
,
Equipment(is
5.50 5.20 Knox Hat,corn
.225 240
Preferred
41
46
Illinois Central 43.46 & be__ 5.25 4.00
cum pref
87
.105 108
Basle Industry Shares
83
4 912
Equipment 60
5.20 5.00
CIA partic pref
.55 62
British Type Investors A
5914
5814
Equipment 7s & 634e_
5.10 4.90 Kohaeker Stores corn
.61
Canadian Bank stocks
68
25
27
Kanawha & Michigan 6s___ 5.50 5.20
Curn pref 7%
100 102 106
Colonial Investor Shares
275 283
8
8
Kansas City Southern 5345. 5.25 5.00 Lane Bryant Inc corn
*75 80
Continental Securities Corp. 108 112
Louisville& Nashville 61..
5.50 5.20
prof100 124 132
7% cum
Preferred
82
85
Equipment6349
5.10 4.90 Leonard Fitzpatrick &
58 194:' with warrant
_
Michigan Central 155 & Gs__ _ 5.10 4.75
Muller Stores corn
.26
32
WIthnut warrants
Minn St P & S 13 M 4134s & 514 5.30 5.00
Preferred 8%, _
_ _ _ _100 110 115
Credit Alliance A
44 46
Equipment 634s & 75...I 5.50 5.00 Lerner Stores
6i-% prof.
Crum & Forster InsuranMissouri Pacific 65 & 63-4'
5.25 4.95
Without warrants
99 102
shares corn
105 110
Mobile& Ohio be
5.15 4.95 Lord & Taylor..100 380 395
Preferred
98 100
New York Central 434s & Is 5.00 4.85
First preferred 6% _ __.100 100
Diversified Trustee she
26: 2714
18
Equipment Ss
5.50 5.20
Second pref.8%
100 110
Shares 13
2212 2314
Equipment 7s
5.00 4.80 McLellan Stores6% Prof 100 100 102
Eastern Bankers Corp corn
25
Norfolk & Western Cie_
5.00 4.80 Melville Shoe Corp
Units
145 1 ,
11
Northern Pacific 7s
5.15 4.05
1st pref 6% with warr_100 105
Eastern Ctil Invest corn A__
1612 17
Pacific Fruit Express 7s____ 5.20 4.90 Mercantile Stores
First Fed e °reign Ins Trust
Pennsylvania RR ell 51
_ 5.00 4.85
Preferred
100 104 106
First Investment, A pref. __43 414
PROM A Lake Erie 634s..
5.05 4.80 Metropolitan Chain Stores..1
Fixed Trust Shares
2114 22
Reading Co 43.91 & 58
Reading
5.00 4.90
New preferred.
100 117 120
Foundation Sec corn
1012 12
St Louis & San Francisco Si. 5.00 4.90 Miller (I) es Sons corn...
.8 *44
General Trustee common_
48
23
28
SeaboardAir Line 15346 & fle 6.25 5.50
Preferred
100 94 98
% New units
70
75
Southern Pacific Co 43.45... 6.00 4.85 Mock Judson & Voekinger pf 101
6% bonds
105
90 100
Equipment 7e
5.10 4.90 Murphy(0 p)I oom_ _t *95 100
8
%. reC
co
Greenway Corp corn
C
2312 2512
Southern Fly 414s & Ii
5.10 4.90
100 104 109
Preferred (w w)
5412 5612
Equipment 65
5.50 5.20 Nat Family Stores Inc warr
Guardian Investment
10
27
Toledo & Ohio Central Si__ _ 5.50 5.20 Nat Steirred 8 , corn
e h rt Shs
q
.16
20
Preferred
Union Pacific 7s
5.10 4.90
100 85 00
Guardian Investors
17
21
Aeronautical Secu -----6
Net Tea 612% pre!
100 101 105
6%
90 100
Aeromarine- Kiernrll
5 211 23
Nedick's Inc corn
*21
83 units
23
42
50
Short Tirm Securities
Aeronautical Industries____
12
14
Neisner Brea Inc corn
.148 159
Incorporated Equities
48
Air Associates
20
18
Preferred 7%
100 197 20.5
Incorporated Investore
08
9512 - Allis Chal Mfg, 5s May '37_
9912 Ir Investors corn
99
40
38
Newberry(7%Co corn
y.1.1)
Insurans hares ser A
*116 120
2812
27
Alum Co of Amer,59 May'52 10112 102
Preferred
46
47
100 104 107
Series 11 1028
2214 233
Amer Rad.deb 4340. Nlay'47
4
95
97 Airstocks Inc
20 2012 NY Merchandise corn_
Series C
-1 *407 44
28
2912
Am Roll Mill 0th be, Jan '48
9412 9512 Alexander Indus corn
*90
95
First pref7%
100 103 108
Series F
3012 32
Ar2glo-Am 0114.30, July '29 9812 9912
8% participating pref.
2712 Penney (J C) Co new. _100 128 131
25
Series 11
...
25
2612
Amide Cop Min let cons fis
Amer Aeronautical
92
97
Rights
Inter Germanic Tr new
260
225 235
Feb. 1953 103 4 1041. American Airports Corp _ __t
,
10
13
Peoples Drug Stores corn.
.1 *80
lot Am Corp of Am corn A
85
15312 6612
Batavian Pete 4 tie__ _ _1942
Amer Eagle Aircraft
9012 91
2212 2312
100 117 122
Common II
63.4% cum prof
33
37
Bell Tel of Can be A.Mar'55
98 2 9912 Aviation Sec Co of NE
,
1994 20
Piggly-Wiggly Corp
•4712 501
. 6344% Preferred
99
94
Beth 8115% notes June 15'20
4
99 4 993 BellaiteaAircraft Corm DOW 1912 22
,
Preferred 14%
100 102
6% preferred
95
01
Sec 5% notes_June 15 '30
98 4 9914 Berliner-Joyce Aircraft
,
2612 28
Reeves(Daniel) preferred _- 98 102
Invest Coot Am corn
44
50
See 5% notes. June 15 '31
9814 99, Cessna Aircraft new corn._. 100 110
4
Rogers Peet 410 coin
.100 130 140
7% preferred
95 100
Sec 5% notes_June 15 '32
Preferred
98 4 991.
,
395 405
Safeway Stores pref
96
97
Belles A unite
£184
Com'l Invest Tr 5s_ May '29
98 99 Claude Neon Lights
40
41
Saunders(Clarence), corn B. 3412 3712 Investment Trust of N Y..
12
1294
5% notes
May 1930 06
New WI
97
:32
3478 Saunders (Clarence) Pacific
Invest Trust A senclatea_ _. 49
53
9712 9812 Consolidated Aircraft
Cud Pkg. deb 5 tis_Oct 1937
32
3214
Stores A corn
Joint Investors class A
40
Cunard SS Line 434* Dec '211
98 4 99 Consolidated Instrument _ t 12
,
13
Preferred
Convertible preferred
106 107
Ed El 111 Bost
Crescent Aircraft
219 213 Schiff Co corn
8
1
*6312 611; Kent Securities Corp tom
110 114
434% notes_ _Nov 1930
9812 99 Curtis Flying Service
Cum cony pref 7%.
..l00 115
Prefer'ed
100 102
Empire Gas & Fuel be
Curtiss-Rouerttion Airplane 120 130
Sliver (Isaac) & Bros corn_l .65
Keystone Invest Corp notes_ 147 149
73
June 1929-30
Units
9712 993
4
32
30
7% cum cony Pref--100 1)3 117
5312 56 4
Meatachusette Investor._
VIM Rub 634s_ _ _Jan 1931
,
93 9412 Curthe Assets
303 3:3
4
Southern Stores5 units
Mohawk invest Corp
80
Goal Mot Accept.
Curtiss Reid pref
65
.55
*5
S Stores cow class A.Motor & Bankstock Corp
7
914 11
5% aerial notes_Mar '30
9812 9912 Fairchild Caminez Engine_
3(312
36
Corn clam";
*2
Mutual Investment Trust
4
5% aerial notes_Mar '31
1212 1312
9712 9812 Fokker Aircraft
22
19
1st preferred 783.
_ .100 60
New England Invest Trust
65
12
5% aerial notes_ _Mar '32
Preferred
96
9712
24
2412
oil'
Old Colony Invest Ti cam
26
6% serial notes__ Mar '33
9512 97 Great Lakes Aircraft
35
40
Anglo-Amer Oil vot stock_ gl .1714 1794
414% bonds
92
88
5% serial notee_Mar '34
95 9612 Haskelite Mfg
1012 12
Non-voting stock
Li .1512 1612 Pacific Investing Corp corn
30
35
6% serial notes__ Mar '35
9312 95 2 Eleywood Starter Corp
,
50
57
Atla
intle Reig corn rew-25 *6414 6412 Second Internal Bee Corp__
i,jewi
n
53
56
5% serial notee._Mar '36
9312 9512 Kreider-Reisner A ircraft.. _
18
20
100 115 116
Com 11
23
27
Gulf Oil Corp of Pa deb 5s
Lockheed-Vega
11
14
Borne Scrymser Co
25 *3812 41
6% preferred
4412 4712
Dec 1937
Maddul Air lines corn
9912 100
20
18
Buckeye P1D8 Line Co_
50 .69
Allot errs
70
Deb bs
Feb 1947 100 101
Mahoney-Ryan Aircraft.... 12
16
Cheeebrough Mfg COns_ _25 •155 160
Shawrnut Bk Inv Trust_.
57
55
Koppers Gas & Coke deb 5s
Mohawk Aircraft
10
14
Continental 011•to
10 *2512 2534
Sis90
1942 86
June 1947 9914 9912 Mono Aircraft
34
36
Cumberland Pipe LIne__100 67
lis 1952
68
90 94
Mast Pet 434e.Feb 1530-35 9412 993
Preferred
4
19
22
Eureka Pipe Line Co.___100 60
fis
195'1 - -.
6394
Mar 011 So. notes June 1530 9612 9712 Moth Aircraft Corp unite
12
10
Galene Signal Oil com___100
5
612 South Bond & Share
Serial 5% noted June 1531
94 9512
Common
630 675
Preferred old
100 77
Corn & allotment ctfs
34
32
83
Serial 5% notes June 15'32
03 9412 National Air Transport__ _ _
14
15
Preferred new
100 77
52
90
83 pref allotment Ws_ _ _ x50
Mass Gas Cos, 53.4s Jan 1948 103, 10312 Nat Aircraft Mails Corp... 7314 75
s
Rumble Oil& Refining.__25 •109 10912 Spencer Trask Fund lac........ 42
Pacific Mills 53-45_ _ _Feb '31
National Aviation
96
98
151* 16
Illinois Pipe Line
100 310 318
Stand Int Sees Corp units......
Peoples Gae L & Coke 434s
North Amer Aviation
5
7
Imperial 011
34
*98
38
9812 StandardInvesting Corp
Dee 1929 & 1930
99 100 Pollak Mfg
312 5
Indiana Pipe Line Co____50 *9112 92
Frost Or (lamb. 43.4* July '47
53-4% preferred w w
96
967 dcenle Airway!common_ _
s
120 130
International Petroleum__
.61
12512
62
5% bonds w w
Sloss Shef SU & Ir 68 Miff '29
99 10011 Steer:rim A ircraft corn....
17
19
National Transit Co__12.50 *2312 24
State Bankers Firianeial
21
24
Swift & Co 5% notes
Stins
,a1 at,raft corn
12
14
New York Transit Co_ __100 79 81
Trustee Stand 011 Shs
13.34 141s
Oct 15 1932
9912 997 Swallow Airplane.
8
.51
52
Northern Pipe Line Co_100 50
I) el Shares clam A
14 57
NJOn
RR & Can 4s Sept'2e
9918 99% Travel Air Mfg New
12
9
Ohio Oil
1312 la
25 *6812 6912
Class A 1
Wise Cern be
Jan '30
97
98 U S Air Transport
84
85
Penn Men Fuel Co
25 •34
Class C 1
37
340*
United Aircraft w I
6814 681. Prairie Oil AGas
25 *6214 8212
Class C 2
353
4
Tobact• Stocks Par
Preferred
1812 19
Prairie I'lpe Line
Class C 3
*5714 5712
3294 3614
Universal Aviation
1512 17
Solar Refining new
Class D
*38
43
1812
American Cigar corn_ __.100 135 140 Warner A ireraft Engine new 63 66
Southern Pipe Line Co_150 •16
S & Brit Internal Cl B
17
18
Preferred
100 108 111
Western Air Express, new
South Penn 011 new
Class A
47
4712
6613612 - 2
British-Amer Tobao oriL,l *29
Wets, Bends.
31
S'weet Pa Pipe Lines, new _ *66
Preferred
68
413 4434
4
Bearer
11 .29
Arkan Wat let S,'58 A.A&O 96
31
98
elMudard Oil (Callforntal
l'owr
*7818 7812 U 4 Elec
4012 4212
Imperial Tob of 0 B & Irel'd *30
32 BIrm WW 1st 534sA'54.A&O 1013 1024
Standard 011 (Indiana).-25
U S & Foreign Sec corn
64
66
lot Cigar Isfachlnery new100 106 115
let M be 1954 war B__J&13 97
90
New
Preferred
**61
- -38 6134
02
9312
lohnaon Tin Poll & Met. 100
55 65 City W(Chatt)5346'56AJ&D 101 103
Standard 011 (Kansas) _25 •19
Sugar Stuck,
20
Stand Comml class B ___ 18
let M Si 1954
21
JA
96
99
Standard 011 (Kentucky)._
•4114 4112 Comae RUM
3
Union Cigar
712 812 City of New Castle Water
Standard 011 (Netr)
Fajardo Sugar
,..100 100
25 *47
48
103
Union TobacCo Co Corn.. *15
54) Dec 2 1941
J&D I 94
17
Standard 01101 New Jer. _25 .5814 583 Godchaux Sugars, Ins
3 *27
s
30
Class A
*66
68 Clinton WW 1st 58'39 _FA a 94
Preferreel
89
92
Young (J 13) Co oom _100 116 123 Com'w'th Wat 1st 534sA•47 100 161- Standard 011 of New York.25 *4394 44
Standard 011 (Ohio)
Hayden Corp Amer
25 •11614 118
.13
16
Preferred
Connellsv W 5sOct2'39AA 01 95
100 103
Preferred
dully sugar core cum_
100
120
.35
39
E St L et lot War be '42.J&J 95 96
Swan & Finch
Preferred _
25 *1514 1594
100 80 84
Indus. & Miscell
„MS 100 102
1st NI Sc 1942
Preferred
National Sugar Ref
100 43
44
Huntington 1st Is '54 _M&E) 100 102
Onion Tank Car Co
25 •1:17 1399 New Niquero Huger__ 100 22
4
30
American Hardware
25 ..r67
Se
69
1954 94
iraellolin Oil (N..)
96
t *122 125
•12634 12612 Savannah Sugar nom
Babeeck & Wilcox
100 110 122
Mid States WW 09'36 MAN 101
Investment Trust Stock
Preferred
:
*
100 112 114
BUse (II) W)Co
t *42 44
Monm Con W 1st M'56AJ&D 01
93
and Bonds
BUI18/ Estates Oriente 0 100 20
23
Preferred
50 *59 62
Monm Val Wt 534e '50_J&J 95
Allied Internet luveetore..3 109 113
97
vertientee Sugar pf
100 50
60
Ctdlds Company pref....100 102 105
Muncie WW 5s Oct2'39 A01 94
A Titer
Rubber Stocks (Cleveland
63
58
Berculee Powder new... • •108 115 StJoseph Water 6n 1941,11&1) 92 05 - Amer All lance In vest
Bond & Share cocn_10 2812 3114 Aetna Rubber common.,. _
•I812 20
Preferred
100 117 120 Shenaugo ValWet 15re511A&0 92
Amer Brit & Cont corn
95
Fails Rubber corn_
2012 21
.63
4 712
Internet Sliver 7% 4..4.100 116 119 So Pitts Wat let bs 19410 JAJ 97
9912
5% preferred...
Preferred
92
90
26 •11
Phelps Dodge Corp new - 80
1734
81
let M be 1955
FAA 9812
Amer Cit Pow & L units._ 60
Faultless Rubber
64
.3112 36
Singer Manufacturing _100 575 600
rer H W W fis '49 A._J&D 100 103
Amer Man Hold corn A.
Firestone Tire & Rub comb0 .2133 285
*6
Binger Mfg Ltd
El
1st M 5,5 1969 eer B Fet.
712
Am & For Sh Corp units...
94
85
83
0% Preferred
100 1093 110 4
4
9
Wichita Wat is; es '49.m&1.4 100 103
Common
37
reterr
preferred
35
100 10812 110
Railroad Eiluinments
1st
bs 1956 ser B._ F&A
94
5ti% cony debs
General Tire e4
98
7%
1938 97
corn.
.260 295
Amer Founders Corp corn
8412 8712
Preferred
100
_ _ 101
Atlantic Coast Lim 65- _
5.50 5.20
Chain Store Stocks
87/ preferr:
443 4794 Goody'r T & Rot Can p1.100 e108 10))
4
Eouipment 654e
5.15 4.90 Ass Dep St 1st pf
ifiri
preferred
India Tirest Rubber
53
.50
t *62
64
Baltimore A Ohio
5.50 5.20 Berlatol Stores units new
._..
105 100
140ths
59c 63c Mason The & Rubter corn_ t
Equipment 6349 & 5s _
5.10 4.90 Bohack (H Cl Inc corn__
70
*66
Amer & Gen1 See units
A
75
73
Preferred
100
Buff Rocb A Pitte equip Os
5.50 5.20
7% 1st preferred
100 103 107
Class
34
Miller Rubber prehirreCl_100 30
81
75
Canadian Pacific 4%e & 85
5.40 5.10 Butler (James) corn
*812 101*
Class 11
14
12
Mohawk Rubber
58
100
Central RR of N J 68.... 5.50 5.20
Preferred
45
100 35
Amer Internet Bona & rib_
50
47
Preferred
100 -65 90
CI:teammate & Ohio 61
5.50 5.20, Consol Ret Ste, 8% of with
Amer & Scottish Invest -- 27
29
8eiberling Tire & Rubber_ .1 .51
52
5.20 5.00
Y.quitiment 5 As- ----- warrants
100 112
Andrews Amur Co
Preferred
100 105
Equipe:14,ra as
.5.10 4.90 Diamond Shoe. corn
47
44
Astor Financial clam A
50
47
Preferred
104 1018
Class B
14
10
•pershare t No par value 0 Basis. d Purchaser alio
nays awerned dividend 0 Last sale. a Nominal. a Ex-div dend y Ex-r ghts r Canadian quotation s
Sale Price
Ininsintent anti &ticItaati Xixteragatte.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of March. The table covers nine roads and shows 4.80%
increase over the same week last year:
Third Week of March.
1929.
1928.
Increase.
Total (9 roads)
Net increase (4.80%)
Decrease.
s
5
271,820
407,000
5,039
14,431,628 13,768,793
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic...-.
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
$
4,740,474
3,670,000
98,080
7.028
326,447
345,780
501,238
3,704,025
375,721
702,027
662.835
$
5,012,294
4,077,000
103,119
5,565
305,703
340,068
510,500
3,718,931
358,448
1,463
20,744
5,712
9,262
14,906
17.273
45,192
In the table which follows we complete our summary of
the earnings for the second week of March:
Second Week of March.
1929.
1928.
S
Increase.
$
Decrease,
$
$
Previously reported (10 roads)
Nevada-California-Orgon
14,074,379 13,709.071
12,779
6,035
365,308
6,744
Total (11 roads)
Net increase (2.70%)
14,087,158 13,715,106
372.052
372.052
a
In the following table we show the weekly earnings for
number of weeks past:
Current
Year.
Let
2d
3d
4th
let
2d
3d
4th
let
2d
3d
4th
let
2d
3d
week Dee. (12 roads)
week Dec. (12 roads)
week Dec. (12 roads)
week Dec. (10 roads)
week Jan. (11 roads)
week Jan. (11 roads)
week Jan. (10 roads)
week Jan. (11 roads)
week Feb. (11 roads)
week Feb. (11 roads)
week Feb. (11 roads)
week Feb. (11 roads)
week Mar.(11 roads)
week Mar,(11 roads)
week Mar. 9 roads)
(
Previous
Year.
Increase or
Decrease.
$
15,877.441
15,642,128
15,776,100
12,177,506
11,317,960
12.137.810
12,780,980
19,183.384
12,955,515
13.630,111
13.368.601
14,482,134
13,838,516
14,087,158
14,431,628
Week.
$
14,501,895
14,280.804
14,385,208
12,061,018
11,212,753
12,721,605
12,905,285
18,082,346
13,296,256
13,598,284
13,226,590
15,431,548
13,385,303
13,715,106
13,768,793
$
+1.175,546
+1,361.324
+1,410.892
+116,488
+105.207
-593.795
-124.303
+1.101,038
-340.741
+31,827
+142,011
-949,414
+453,213
+372,052
+662,835
Per
Cent.
9.49
9.53
9.82
0.96
0.94
4.60
0.97
6.08
2.513
0.23
1.06
6.15
3.38
2.70
4.80
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class 1 roads in the country.
Gross Earnings.
Length of Road.
Month.
(+)or
Dec.(-).
1928.
Jan
February
March
April
May
June
July
August
September
October
November
December
January
456,520,897
455.681,258
504,233,099
473,428,231
509,746,395
501.576,771
512,145,231
556.908,120
554,440,941
616,710.737
530.909,223
484,848,952
1929.
486,201.495
488,722,646
468,532.117
530,643.758
497,865,380
518.569,718
516.448,211
508,811,786
558,743.013
564,421.630
579.954,887
503,940,776
458,660,738
1928.
457.347,810
1928.
1927.
-30,161,749
-12.850,859
-26,410,659
-24,437:149
-8.823,323
-14,871,440
+3,333,445
+165,107
-9,980.689
+36.755,850
+29.968,447
+26,188,216
Miles.
239,478
239.584
239.649
239,852
240.120
240,302
240,433
240,724
240,693
240,661
241,138
237,234
1929.
240,833
Miles.
238.608
238.731
238,729
238,904
239.079
239,060
238,906
239.205
239,205
239.602
239.982
236.094
1928.
240,417
1927.
+28,853,685
lee. (+) or Dec. (-)•
Net Earnings.
Month.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
1927.
Amount.
Per Cent.
8
93.990,640
108,120,729
131,840,275
110,907.453
128,780,393
127,284,367
137.412.487
173,922,684
180,359.111
216,522,015
157,140.516
133.743,748
1929.
117,730,186
99,549.436
107,579,051
135.874,542
113,818,315
128,940,076
129,111.754
125,700,631
164,087,125
178,647.780
181,084,281
127,243.825
87.551,700
1928.
94,151,973
-5,558,796
+541.678
-4.034,267
-2.910.862
+840,317
-1,827.387
+11.711.856
+9,835.559
+1,171,331
+35.437,734
+29,896.691
+46,192,048
-5.58
+0.50
-2.96
-2.56
+0.66
-1.41
+9.32
+5.99
+0.96
+19.56
+23.49
+52.74
+23.578,213
+25.04
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from
1929.
1928.
1929.
$
5
$
Akron Canton da Youngstown
134,831
February __
304,762
256,323
494.791
272,695
Prom Jan 1- 614,237
Ann Arbor
521,463
472,197
163,338
February
890,266
259,786
From Jan 1_ 989,239
A tch Topeka & Santa Fe
February -18,632,016 17,723,555 5.449,640
From Jan L38,194,095 35,520,020 11,513,101
Atlanta Birm & Coast
-3,976
February __ 348,945
372,380
772,590 -19,887
From Jan I- 709,328
Atlantic Coast Line
February -- 7,273,999 6,720.782 2,858,370
From Jan 1_13,881,272 13,214,658 4,904,342
Baltimore & Ohio
February _17.650,276 16,717,509 3,541,898
From Jan 1_36,417,546 34,366,878 7,543,601
Bangor & Aroostook
383,831
728.093
February __ 812,223
681,688
From Jan 1_ 1,559,292 1,434,360
Bessemer & Lake Erie
24.285
600,870
February __ 658,455
45,455
From Jan 1_ 1,368,163 1,227,089
Boston & Maine
5,860,871 5,825,844 1,548,362
February
From Jan 1_11,901,963 11,721.456 2,975,692
Railway-- -Net after Taxes
1928.
1929.
1928.
8
$
$
81,619
154,572
115.780
231,056
68,018
127,397
128,153
201,497
135,824
204,778
105,016
154,947
4,278,816 3,861,989 2,685.928
8.417.168 8,221.727 5,269,455
-4.131
-10.373
-20,776
-53,482
-19,185
-40,509
1,685,357 2,255,459 1,284.408
3,066,574 3,70,1,298 2,164,299
2,583,496 2,514,998 1,671,868
5,634,562 5,489,041 3,787,947
298,504
556,513
-57,139
-80.148
314,940
553,572
240,103
438.540
-40 -80,889
-3,326 -127,604
1,496,878 1,239,416 1,201,418
2,835,341 2,370,803 2,230,767
2075
-Grossfrom Railway- -Nei from Railway- -Na after Tares
1929.
1929.
1928.
1928.
1929.
1928.
5
Brooklyn E D Terminal
February,... 112,197
114,712
From Jan 1.. 227,390
235,109
Buff Rochester & Pitts
February __ 1,349.744 1,364,583
From Jan 1_ 2.776.203 2,750,693
Buffalo & Susquehanna
February _ _
153,830
132,454
From Jan 1_ 329.379
270,218
Canadian National Rye
February _ _19,614,509 19,588.702
From Jan 1_37,792,194 38,460.373
Canadian Pacific
February _ _14,458,245 14,973,001
From Jan 1_30,323,844 30,293,287
Central of Georgia
February - 1,905,871 2.042,707
From Jan 1_ 3,819.048 4,062.116
Central RR of N J
February
4,361,107 4,085,175
From Jan 1_ 8,970,174 8,259,065
Charleston & W. Carolina
February
244,031
265,008
From Jan 1_ 494,794
526,134
Chess & Ohio Lines
February _10,381,684 9.571,895
From Jan 1_21.020,883 19,493,195
Chicago & Alton
February _ 2,284,501 2,204,566
From Jan 1_ 4,560,068 4,440,625
Chicago Burl dz Quincy
February _ 12,822.579 12,513.506
From Jan L25,708,385 25,165,642
Chicago & East Illinois
February __ 2,015,269 2,038,907
From Jan 1- 4,153,206 4.040,074
Chicago Great Western
February __ 1,883,032 1,850,247
From Jan 1- 3,768,589 3,655,614
Chicago Ind & louisvilleFebruary __ 1,374,569 1,432.347
From Jan 1_ 2,789,096 2,837,203
Chicago Milw St P & Pacific
February _ _12,360,672 12,695,700
From Jan L24,985,363 24,663,211
Chicago & North Western
February _ _10,950,401 10,973,800
From Jan 1_21,798,905 21,396,102
Chic It I & Pac System
February _11,325.322 10.608,752
From Jan L22,880,268 21,216,948
Chic St Paul Minn & Ohio
February - 1,978,374 2.118,124
From Jan 1_ 4,040,996 4,222,961
Clinchfield591,418
570,848
February
From Jan 1_ 1,202,606 1.151,740
Colorado & Southern
928,926
February __ 935.189
From Jam 1_ 1,940,872 2,012,908
Delaware & Hudson
February - 3,205,910 2.973,904
From Jan 1_ 6,393,789 5,905,041
Delaware Lack & West
February __ 6,455,254 5,928,949
From Jan 1_13,161,863 12,031,555
Denver & Rio Grande Western
February __ 2,443,382 2,273,141
From Jan 1_ 5,192,311 4,957,877
Detroit & Mackinac
99,449
97,238
February
199,087
From Jan 1. 187,235
Detroit Terminal
160,051
244,763
February
300,332
From Jan 1_ 466,032
Detroit Toledo & Ironton
715,000
February __ 1,183,000
From Jan 1_ 2,527,000 1,414,000
Winnipeg & Pacific
Dui
251,642
February __ 216,067
476.298
From Jan 1_ 424,155
Elgin Joliet & Eastern
2,088,000 2,036,000
February
From Jan 1_ 4,049,000 3,922,000
Erie Railroad
February __ 8,683,472 8,010,765
From Jan 1_17,588.180 15,968,758
Chicago & Erie
February __ 1,218,443 1,194,344
From Jan 1_ 2,430,726 2,191,491
NJ&NYRR121,111
117.076
February __
245,252
From Jan 1_ 240.034
Evans Ind & Terre Haute
162,513
193,314
February __
337,964
From Jan 1_ 384,000
Florlda East Coast
February __ 1,842,497 1,688,481
From Jan 1_ 3,206,620 3,109.275
Georgia & Florida
112,637
127,898
February __
238,715
From Jan 1_ 225,215
Great Northern System
February __ 7,472,257 7,453,720
From Jan 1_14,827,897 14,395,506
Gulf Mobile & Northern
567,000
February __ 526,000
From Jan 1. 1,126,000 1,135,000
Ship Island
Gulf &
310,376
February -- 247,263
595,826
From Jan 1- 509,031
Hocking Valley
1,556,842 1,264,040
February
From Jan 1.. 3,135,061 2,518,947
Illinois Central System
February -.14,831,895 14,315,876
From Jan 1_29,979,512 28,812,978
Kansas Okla & Gulf
252,532
February -- 292,564
497,873
From Jan 1- 594,028
Lake Superior & Ishpeming
73,313
84,716
February -145,477
148.166
From Jan 1_
Lake Terminal
73,161
66.738
February -147,066
141.667
From Jan 1_
Lehigh Is Hudson River
216,904
February _- 195,690
438,742
From Jan 1_ 412,419
Lehigh & New England
373,564
348,798
February 719,114
From Jan 1_ 729,593
51,910
102.828
50,245
92,629
43,739
85,985
41,782
81.955
263,502
546,853
283,098
534,147
213.437
446.718
253.083
474,125
19,187
58,141
4,339
13,953
17.087
53,941
2,339
9.953
1304,658
6595.767
6296.858
6581,887
3,435,687 3,468,210
5.520,428 5,789,221
1,791,372 2,603,058
3,687.304 4,881.094
875,634
715,943
1,743,503 1,335.596
894,168
1,043,344
2,126,674 1.666,156
34,663
83,632
13,160
40,632
21,896
71,792
369
28.677
3,592,585 2,466,658 2,897,805 1,796,972
6,916,011 5,190,710 5,527,062 3,851.525
6362,616
6525,881
5117,047
6166.785
5,284,506 4,578.331 4,039.842 3.567.667
9,631,095 8,446,016 7,182,183 6,576,078
420.231
859,136
382,326
621,466
299,237
617,157
266.867
390,876
296,921
567,153
386,891
617.173
208,004
395.157
297,410
444.011
320.372
620,067
347.051
647.125
246.422
473,317
271.178
506,549
2,896,522 3,955,012 2,106.624 3,204,953
5,568,353 6,110,812 3,934,263 4,608.435
2,191,790 2,226,363 1,415,194 1,450,495
3,828,765 3,964,040 2,275,816 2,411,411
61.431.212 61,662,332
52,849,107 62,906,298
244,776
468,026
380.544
596,616
134.642
245,574
270.521
377,169
241,484
489,640
215,949
442,895
166,452
339,569
140.190
292,812
6199,932
6356,152
674,172
6256,935
516,688
872.706
300,439
337,276
606,145
1,051,163
388,138
514,005
770.462
1,968,017 1,277,362 1,394,025
3,613,194 2,626,778 2.506,645 1.607,648
6540,184
61,257,239
6-6,267
6-90,959
73.803
134.945
34,774
51,680
688,000
6112,000
45.648
85.436
71,474
110,879
5343,000
6591,000
56,329
106,521
66,002
66,335
6414,000
5938,000
95,038
176,175
6370,139
6986.488
6371,000
5649,000
50,464
80,986
84,056
134,720
922,452
2,002.865 1,286,634 1,577,062
3,777,081 2,289,227 2,965,760 1,547,424
523,658
1,029,032
454,866
696.752
467.539
916,798
403,162
593,398
7,274
22,878
7.232
8.743
3,166
14,662
3;330
939
81,339
153.633
63,090
115.931
72,832
136,995
56,934
103.695
834.719
715.607
1,089.525 1.187,607
566.414
792.338
-587
-16,041
16.036
14.980
982,674
1.476,461
9,144
3.395
24,042
30,998
1,207,951 1,811,411
2,217,244 2,891,298
540,923 1,147,573
864,288 1,566,536
b61,000
6151,000
572.000
5144,000
42,068
89,941
83,100
119,847
10,382
25,765
58,246
66,676
560,966
1,137,747
271,047
544,340
430,536
876,987
145,997
294.312
3,667,911
7,313,772
3,282,591 2.567,326 2,272,295
6,293,284 5,135,182 4,274,735
133,695
270,317
98,038
184,377
113.455
229,838
87.455
163,164
-5,488
-43,061
-19,601
-42,872
-18,457
-69.000
-31,910
-67.536
-7,396
-7,656
--12,213
--23,903
--12,921
--17,706
--14,989
--31,203
43.719
113,378
58,400
111,324
32.083
36.997
45,481
86,455
62,097
133,098
83,594
94,688
51,528
111,349
74,295
78,465
2076
FINANCIAL CHRONICLE
[VOL. 128.
-Grossfrom Railway-- -Net from Railway- -Net after razes
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1928.
1929.
1928.
1929.
1929.
1929.
1928.
1929.
1928.
1929.
1928.
$
$
$
$
3
$
$
Cln N 0 & T P
Lehigh Valley
363,485
February __ 1,758.482 1,676,837
469,475
450,379
377,148
375,023
994,749
February __ 5,356,647 5.011.102 1,319,987
596,665
684,4213
From Jan 1_ 3,567,657 3,330,370
954,938
866,006
758,265
397,344
From Jan L.10,964,638 10,131.261 2.382,436
767,107 1,793.088
Georgia So 4: Florida
Louisville & Nashville
February __ 368,293
17,732
52,699
39,993
29,627
376.082
February _.A0.833,718 11.035,246 2.453.849 2,151.872 1,815,549 1,571.896
From Jan 1_ 728,927
36,241
41,670
775,097
82,253
86,171
From Jan 1_21,593,023 22,176,261 4,528,545 4.233,925 3,302,280 3,066,994
N Orleans & Northeast
Maine Central
143,956
February __ 411,767
137,048
93,586
104,147
439.068
304.755
354.618
February _ 1,518,155 1,682.881
459.498
381,657
From Jan 1- 867.261
263,078
192,430
288,385
174,891
876,377
From Jan 1_ 3,037,495 3,288,922
590,158
799,983
613.352
676,608
New Orleans Terminal
Midland Valley
North Alabama
95,522
107.772
February _ 285,700
124,549
113.001
261,316
February _ _
18,476
24,876
36,159
98,409
43,641
88,378
231,342
200.670
From Jan 1_ 599,029
264,925
235,543
549,151
From Jan 1_ 216,560
41,988
83,199
96,669
29,132
173,547
Minneapolis & St Louis
Staten Island R
142,230
94,502
201,889
February _ 1,136,789 1,137,727
156,016
February -- 213,270
__
230,426
52,488
64,121
34,487
45.565
164.362
109,335
From Jan 1_ 2,248,222 2,167,783
290,425
230.516
From Jan 1_ 441,421
104,430
119,407
67,422
83.351
461.563
MimiStP dcEiS M
Toledo Terminal
179,949
153,341
297,545
301,873
February __ 1,885,611 1,873,027
February __ 144,212
30,362
37,835
12,862
100,905
54,482
401,723
514,254
656,598
221,805
From Jan 1- 3.726,240 3,867,307
From Jan 1- 270,370
38,411
71,407
61,597
209,009
94,910
Wisconsin Central
Ulster & Delaware
222,262
44,371
144,266
117,293
February __ 1,274,378 1,406.001
February _
14,246 -18,970
54,801 -11,146 -13,220
55,336
69,443
136,481
222,910
297,391
From Jan 1_ 2.602,263 2,716,105
From Jan _
110,929
107,714 -23.026 -31,299 -29,226 -42,799
Minn StP &SS M Sys
Union Pacific Co
197,712
324,215
414,838
524,135
February __ 4,159,989 3,279,028
Total System
538,204
291,248
737.164
953,989
From Jan 1_ 6,328,503 6,593.412
February _15.787,111 14,659,165 5,005,949 4,193,953 3,659,241 2,940,108
From Jan 1.31,609.621 29,651,087 9,661,475 8,078,678 6.968,200 5,566.902
Mo-Kansas-Texas Lines
6848,324 6921,936 Union RR (Penn)
February __ 4,159,620 4.179,480
81,770.474 61,712,424
From Jan I_ 8,738,401 8,379,116
30,290
February __ 639,060
56,066
74,566
667,521
74,290
93,702
Missouri Pacific
123.702
From Jan 1_ 1,336,088 1,330,205
115,307
175.307
February _10,467,141 10,085,676 2,713,076 2,550,899 2,222,348 2,077,496 Utah
From Jan 1_21,325,104 20,224,274 5,315,984 4,714,177 4,369,140 3,810,814
103.233
48,967
85,892
February __ 240.569
42.426
141,791
Mobile & Ohio
127,870
197,066
107.287
From Jan 1_ 507,543
233,099
365.554
309.911
157,314
245.664
226,817 Virginian
February __ 1,285,929 1,390,330
490,304
545,740
307,557
399.126
From Jan 1_ 2,658,717 2,726,624
691,912
663,990
531,912
838.990
February __ L645,929 1,618,365
Monongahela Connecting
From Jan 1_ 3,494,475 3,319,432 1,829,445 1,494,618 1,459.445 1.174,611
20,894
43,371
34.559
140,772
14,968 Wabash
February __ 191,229
294.304
88,417
48,629
70,456
35.290
From Jan 1_ 386,803
(91.180.000 6704,000
February -- 6,072,000 5.310,000
Nash Chatt & St Louis
From Jan L11,860,000 10,541.000
81,997,000 81,275,000
6386.000 6198,000 Western Maryland
February _ 1,783.000 1,777.000
8630,000 8279,000
From Jan 1_ 3,601,000 3,464,000
380,489
1,542,019
465,489
382,235
462,235
February -- 1,465,213
New York Central
776,778
From Jan 1_ 2,964,836 3,121,911
919,367
946,778
759,367
February -29.712.025 28,311,892 6.531,864 5,956,819 4,379.010 3.953,906 Western Pacific
From Jan 1_60.767,515 58,975.987 13,448.966 11,900,200 9.026,080 7,853,348
847.635
867,017
February __ 1,101.943 1,013,970
Michigan Central
881,903
From Jan 1. 2,365,375 2,089.860
8202,870
February
7.709.637 7,061,046 2,526,109 2.237.742 1,981,555 1,746,498 Wheeling & Lake Erie
From Jan 1-15,301.303 13,974,714 4.709.022 4,170,618 3,634,296 3,217,347
289,495
521,904
416,701
386,884
February __ 1.591,446 1,409.778
C C C & St Louis
728,221
449.572
From Jan 1_ 3,208,629 2,634,305 1,003,244
687,793
February _ 7.285,464 6,882,715 1.885,267 1,682.309 1.415,032 1,232.200
b After rents.
From Jan 1_14.832,173 13,954,495 3,547.003 3.014,065 2,607,738 2,201,285
Fixed
Cincinnati Northern
Total Net
Balance.
Charges.
64.509
112,627
45.274
334,025
Income.
February __ 295,301
88.116
117,554
179,966
648.589
79,952
From Jan 1.. 597.273
138,434
$
71,234
37,420
Pittsburgh & Lake Erie
108,654
Ann Arbor
Feb '29
35,033
321,432
459,999
167,432
43.588
78,621
February __ 2.606,858 2,379,840
296.999
'28
83,612
623,518
739,789
75,375
315.762
From Jan 1_ 5.237.387 4,678,321
424,788
158,987
2 months ended Feb 28 '29
24,066
87,818
111,884
'28
New York Chic & St L
464,335
665,732
February __ 4,424,525 4,197,394 1,338,125 1,121,933 1,093.990
845,445 Boston & Maine
Feb '29 1,130,067
486,369
649.538
From Jan 1_ 8.746,310 8.446,187 2,433,497 2,230,385 1,950,584 1,677,474
1.135.907
'28
512,767
918,445
NYNH& Hartfcrd1,431,212
Chicago Rock Island Lines
Feb '29
717,077
February _10,073.490 10,002,594 3.163,491 2,439,405 2.404,288 1,778,628
945.255
1,662,332
'28
1,022,231
From Jan 1_20.668,383 20,303,713 6,246,383 4,859.677 4,744,524 3,577,994
1,8211,876
2,849,107
2 months ended Feb 28 '29
1,022,386
1,879,912
2,902,298
'28
NY Ontario & Western
702.085
70.865 -14,898
25.916 -64,926 Denver & Rio Grande Western
35,466
February __ 805.546
504,718
540,184
Feb '29
123,169 -19,120
33,168 -119.369
32,224
346,915
.From Jan 1_ 1.679,094 1,482,459
379.139
'28
392,206
865,033
2 months ended Feb 28 '29
1,257,239
NY Busq & Western
297.354
695,134
986,488
'28
97.192
56,264
376.592
66.141
26.862
February _ 412.289
747,555
203.929
93,311
141,820
34,557 Erie
697.880
From Jan 1_ 834,281
1,915,865 1,217,985
'Feb '29
62,891
1,234,428
1,297,319
'28
Norfolk Southern
1,189,441
2 months ended Feb 28'29 3,636,650 2,447,208
119,814
187,152
70,335
697,330
137,658
February __ 594,777
'28 2,077,884 2,468,557 -390,675
235,660
368.418
134,718
1,211,745 1,400.064
From Jan 1_
270,057
-12,201
16,523
Georgia & Florida
5,464
Feb '29
Norfolk & Western
1,092
16,666
18.876
'28
February __ 9,225,145 7,695.817 3,592,947 2,427,978 2,791,975 1,627,695
-38,369
33.039
2 months ended Feb 28 '29
-3,070
From Jan 1_18,261,601 15,552,502 7,088,032 4,846,549 5.486.881 3,245,784
-13,259
33.324
22,328
'28
Northern Pacific
77.173
202,872
280,045
Feb '29
469,645
February __ 6,343,840 6,698,492 1,117,809 1,528,499
858,708 Gulf Coast Lines
114,550
200,963
315.513
'28
731,690 1.166,326
From Jan 1.12,752.968 13,156,114 2,033,186 2,503,798
110,840
405,656
2 months ended Feb 28 '29
516,596
Pennsylvania System
87,799
396.107
483,906
'28
Pennsylvania Co
-24.612
146,393
121,781
Feb '29
February _A9,682,633 47,300,947 12,306,851 10.119.119 8,777,664 6.613,704 International Great Northern
-23,109
146,789
123,680
'28
FromJan 1101,347,437 95.389.731 23,898,551 19.501,407 16,748,058 12,749,939
-70,558
292,385
221,827
2 months ended Feb 28 '29
Monongahela
283,516 -109,708
173,808
'28
281,966
220,400
553,713
256,945
February __ 611,691
203.210 Missouri-Kansan-Texan-Lines
431,457
416,866
848.324
Feb '29
473,625
604,623
552,626
Mum Jan 1_ 1,275,602 1,148,311
435,117
441,515
480,420
921.936
'28
West Jersey & Seashore
904.385
866,088
2 months ended Feb 28 '29 1,770,474
30,378
139.488
134,072
February __ 675,944
710,157
24.266
694,961
'28 1,712.424 1,017.463
10,017
245,169
245,421
From Jan 1_ 1,333,107 1,382,870
9,669 Missouri
754,725
1,373,834
Pacific
Feb '29 2,128,559
Pere Marquette
611,105
1,306,547
'28 1,917,652
6985,044 b707,072
February __ 3,619,560 3,170,815
1,492,650
2 months ended Feb 28 '29 4,339,770 3,747,120
81,463,110 5952,821
From Jan 1_ 6,899,865 6.072.329
958.033
'28 3,571.042 2,613,009
Pittsburgh & Elhawmin2,870,612
Norfolk & Western
403,271
Feb '29 3,273,883
44.717
52,205
46,057
53.396
February __
147,761
158,666
1,551,411
412,666
1,964,077
'28
134,513
99,277
132,143
357.863
102,002
• From Jan 1_
307.919
492,302 5,499,089
2 months ended Feb 28 '29 5,991,391
690.222 2,958.432
Fitts Shawraut & North
'28 3,648,654
42,376
45.207
39,361 Pittsburgh & West Virginia
154.788
152,536
48.199
February __
200,072
23,547
223,619
Feb '29
72.974
84,684
66,968
308,260
90,512
From Jan 1_ 310,619
138.188
161,052
24,866
'28
419,099
2 months ended Feb 28 '29
467,115
48,016
Pittsburgh & W Va259,041
146,542
153,546
101.009
49,448
334,784
208,188
February -- 426,582
308,489
'28
175,301 St Louls-San Francisco
428.268
264,381
317,043
From Jan 1_ 861,927
651,035
479,332
1,522,266
Feb '29 1,381,528
402,558
Reading Co
1,676,888
'28 1,398.748
3,161,111
1,068,660
February __ 7,690.661 7.478,788 1.747.914 1,418,725 1,358,100 1,070.319
2 months ended Feb 28 '29 2.877,216
017,860
From Jan 1_15,712,596 14,896,594 3,509,997 2,630,220 2,735.379 1,886.244
'28 3,185.632 3,185.532
St Louis Southwestern
24,166
242,247
218,080
Rich Fred & Potomac
Feb '29
178.433
February __ 1,048,979
936,285
395,895
284,890
328,947
219,662
230.198
399,096
'28
From Jan 1_ 2.043,181 1.872,089
422,769
440,649
58,407
741,255
611,898
499,057
525.965
3 months ended Feb 28 '29
335,840
778,053
442,212
'28
Rutland
517.822
February _- 440,381
54,800
1.035.708
930,068
105,640
75,754
32,665
49,970 Seaboard
Feb '29
From Jan 1_ 900,143 1,055,904
103,041
935,934
66.118
107,494
1,000.052
157,758
59,049
'28
1,859,156
184,490
2 months ended Feb 28 '29 2,043.646
-San Francisco
St Louis
1,870.276
68,520
'28 1,938,796
February - 6,196.901 6,387,000 1,648,830 1,648,657 1,381,528 1,398,747
503,882
285,243
238,639
From Jan 1_13,079,794 13.138,962 3,548,160 3,512,659 2.877,216 2,935.118 Texas & Pacific
Feb '29
736,687
228,961
507,726
'28
St Louis Southwestern
532,099
583,936
2 months ended Feb 28 '29 1,116,035
February
1,451.537 1,435.908
553,772
554,546
481,540
496,676
'28 1,332.500
465,733
866,887
From Jan 1_ 2.930.554 2,914,327 1,063,182 ,116.087
973,661
947,617
1,312,023
596,550
Wabash
Feb '29
715,467
Total System
872,991
585,160
398.480
'28
287,831
544.857
441,205
February - 2,024.804 1.973,790
311,679
1,103,291
792,243 1,061,154
1,063,074
2 months ended Feb 28 '29 2,266,365
From Jan L. 4,115,004 4.046,459
617.116
857.507
1,561,678
'28
1,155,673
406,005
Seaboard Air Line
427,760
Feb '29
249,233
178.527
February __ 5,290,851 5,078,524 1,500,394 1,350,203 1,153.187 1,032,842 Western Maryland
'28
416,952
253,444
163,508
From Jan 1_10,511,543 10,262,005 2,831,804 2,475,729 2.158,718 1.833,118
855,423
498,626
356,797
2 months ended Feb 28 '29
Southern Pa° Sys
'28
867,711
506,231
361,480
February -23,034,348421,671,724 6,028,536 5,125,868 3,698,576 3,074,105
From Jan 1_46,244,869 .43,070,039 11,100,681 9,037,434 6,570,336 4,984.984
-Deficit.
Southern Ry System
-Gross
Net Oper. mop. After
February _14,462.684 14.797,082 3,777.562 3.877,294 2,815,562 2,918,452
Revenue.
Income.
Charges.
Surplus.*
From Jan 1_29,815,869 29,476,862 7,747,601 7.317.949 5,729,735 5,371,751
$
$
Companies$
1,912,938
902,848
540,619
NYNH ,St Hartford
Southern Ry Co
Feb '29 10,073,490
1,284.818
161,885 r-195.704
'28 10,002,594
February -10.860,341 11,258,471 2.807,682 3,004,434 2,085,251 2,262,910
1,035,296
1,750,571
From Jan 1_22,461,180 22,417,055 5,800,823 5,643,744 4,295,949 4,156,809
2 months ended Feb 28'29 20,668,383 3,781,070
'28 20,303,713 2,603,057
324,237 -390,280
Ala Great Southern
762,212
112,301
177,557
119,153
February __ 751,974
155.597
375,848
• After guaranteat and Preferred ellvidendlu -Deficit.
250,670
221.726
From Jan 1.. 1,568,117 1,522,588
317,684
MAR. 30 1929.]
FINANCIAL CHRONICLE
Gross
Revenue.
Maine Central
97,648
132,124
96,899
158.402
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
New York City Street Railways.
Gross
Revenue.
$
Companies.
Dee '28
'27
12 mos ended Dec 31 '28
'27
Dec '28
Brooklyn Heights
'27
12 mos ended Dec 31 '28
'27
Brooklyn & Queens
Dec '28
'27
12 mos ended Dec 31 '28
'27
Coney Island &
Dec '28
'27
Brooklyn
12 mos ended Dec 31 '28
'27
Coney Island &
Dec '28
'27
Gravesend
12 mos ended Dec 31 '28
'27
Eighth & Ninth Ave
Dec '28
'27
12 mos ended Dec 31 '28
'27
Interboro Rap Tran
Dec '28
(Subway Division)
'27
12 mos ended Dec 31 '28
'27
(Elevated Division) Dec '28
'27
• 12 mos ended Dec 31 '28
'27
Manhattan & Queens Dee '28
'27
12 mos ended Dec 31 '28
'27
Bee '28
Manhattan Bridge
'27
3c Line
12 mos ended Dec 31 '28
'27
Dec '28
Nassau Electric
'27
12 mos ended Dec 31 '28
'27
Dec '28
New York & Harlem
'27
12 mos ended Dec 31 '28
'27
New York & Queens Dec'28
'27
12 mos ended Dec 31 '28
'27
New York Railway
Dec '28
'27
12 mos ended Dec 31 '28
27
New York Rap Transit Dec '28
'27
12 mos ended Dec 31 '28
'27
Dec '28
Second Avenue
'27
12 mos ended Dec 31 '28
'27
Dec '28
South Brooklyn
Brooklyn City
'27
12 mos ended Dec 31 '28
'27
Steinway Railways
Dec'28
'27
12 mos ended Dec 31 '28
27
Third Avenue
Dec '28
'27
12 mos ended Dec 31 '28
'27
986.629
1,007,809
11,557,967
11,604,011
1,559
1,659
18,711
18,763
256,635
245,810
2,886,367
2.779,776
213,905
229,091
2,778,157
2,879,215
8,109
7.636
139,828
139,868
81,851
106.955
961.365
1,327,697
4,513,325
4,377,328
49.070,152
41,184,304
1,638,080
1,676,010
18,932,810
19.216.937
41,622
36.965
485,968
458.504
20,763
21,282
219,132
228,954
509,259
505.604
6.089,456
6,047.791
88,979
97,676
1,054,966
1,118,904
75,052
75,660
866,758
852,875
512,236
562.493
6,540,579
6,907.918
3,096.239
3,025,020
35,267,492
36,215.476
84.056
89.071
873.855
1,041.967
80,549
79,491
1,158,559
1,196,926
72.855
74.138
826.327
817.123
1,315.791
1,330,715
15,598,121
16,214,958
-Month of February-12 Months Ended Nov. Feb. 28
Net Over.
Net Oper. Surplus
Revenue,
Revenue. Aft. Ches.
Gross.
Gross.
Net Oper. Sury. After
Charges.
Income.
8
1,164,537
1,306,356
2,318,297
2,509,587
Feb '29
28
2 mos ended Feb 28 '29
'28
*Net
Revenue.
$
Fixed
Charges.
$
Net Corp.
Income.
145.241
136,594
8.646
137,557
94,192
43.365
1,181.441
6,807,743
436,590
1,601,079
549,083
1,061,493
1,554
--8,359
6.804
7,632
58,013
---50.380
88.464
644,903 --559,535
95.836
696,532 --600,605
29,915
30.474
558
26,043
59,136
---33,093
325.711
643.920 --317,092
309.517
719,538 --510,021
33,628
4,516
38,145
39,772
31,909
7,863
525,542
339.753
194,818
442,403
150,725
389,280
--1,926
342
--1,584
--1,913
13.692
--15,606
9,740
152,020 _-148.415
165,420 --169.129
--3,708
9,973
3,175
--6.798
-14.236
8,613
---22,849
--48,234
57.974
98,975
--77,996
105.670 --182.660
2,161,705
29.349
2,191,055
2,155.726
1,101,150
1,054,576
22,898,469 12,156,996 10,339.539
17,794.261 10,839,547 6,955,424
415.122
13,181
428,304
414,930
697.051 --282,I22
4,521,660 6,613.839 --1,985,834
4,908,185 8,384,323 -3,476,140
5,217
371
5,589
2,144
9.677
-7.532
109.494
58,135
61,689
-56.311
583.995
116,642
2,285
1,439
846
3,042
413
2,628
7,386
5,605
3.473
12.908
4,716
8.198
50,162
10,430
60,492
-61.976
37,229
99.205
301.308 --439,616
651,830
182.160
1,187,062 --1,003.949
16,897
119,388
102.491
98,519
69,617
28,901
1,139,470
764,324
620,005
1,236.035
658,231
577,803
1,172
10,661
11,833
13,817
23,593
-9.775
144,869
260,302 --111,086
283,113 --140,084
143,028
50,912
10,321
61.233
65,015
178,533 -113,517
989,254
1,047.195 1,058,769
1,111,394
1,706.611 -595.216
32,634
1,127.951
1,095.316
1.089.324
520,364
568.960
11,777,417 5,809.147 5,933.543
13,248.191
7.378.701 5,869,590
838
934
96
-1.444
17.679
--19,124
60,019
198.018 --138.804
201,992 --119.588
62,704
10,727
1,476
12,203
15,876
16,904
--1.028
336.698
204,488
134.900
344,575
251,085
--93,491
4.319
493
4.812
5,660
9,693
--4,033
55,211
53.488
--21,108
75,513
62.894
12,620
213,450
-4.073
209,376
231.702
243.773
--12,070
2,594,666 2.521,209 -588,688
7,022,379 3,047.929
3,913
2077
$
$
$
$
Va. Elec. & Pr. Co. & Sub. Cos.
1,384,361
647,715 16.347,693 7,139,992
1929
599.739 15,624,176 8,401,296
1,333.895
1928
East. Texas El. Co. (Del.) & Sub. Cos.
683.527
265,687 8,266,433 3,403,620
1929
550,534
186,936 7,325,083 2,662,119
1928
-Month of January- -12 Months Ending
Galveston-Houston Elec. Co. & Sub. Cos.
436,062
136,496 5,254,430 1,706,082
1929
135,373 5,066,762 1,589,870
430,049
1928
Northern Texas Elec. Co. & Sub. Cos.
888,388
66,185 2,842,893
234,779
1929
898,249
80.787 2,745,995
249,525
1928
$
5,250,435
4,784,280
1,750,903
1,201,904
Jan. 31
825,243
725.667
441,144
527,717
-Deficit.
Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary).
-Month ofDecember- 12 Mos. aided Dec. 31
1928.
1927.
1928.
1927.
$
$
$
$
556.585 7.200.702 6,412.965
Gross earnings from operat'n. 645.752
315,059 3,788.504 3.380.925
Operating expenses & taxes.- 344.785
Net earnings from oper_-Other income
300.967
14,826
241,526 3,412.198 3,032.040
196.825
13.089
270,124
Total income
Interest on bonds
Other int, and deductions.--
315,793
109,184
6,906
254,615 3,682.322 3,228,865
92,305 1.188,960 1,028.491
100,680
13,418
139,927
Balance
Dividends on pref. stock
199.703
148,892 2.353,435 2.099,694
672,342
674.785
1,678,650 1.427.352
Balance
American Railway Express Co.
-Month of January--12 Mos.End. Dec.311927.
1928.
1929.
1928.
$
Revenues
$
-S
$
20.528,364 19,549,229 281,533,883 284.502,314
Express, domestic
811
10.758
10,386
Miscellaneous
872
Charges for transporen_ 20,529.236
Express privileges-Dr_ 9,397,448
19,550,040 281,544.641 284.512,701
8,272.958 141,288,099 139.493,535
Rev, from transport'n 11.131.788
288,821
Oper. other than transp_
11,277.082 140.256,542 145.019.165
285,033 3.620,121
3,710,279
Total oper. revenues_ 11,420,610 11,562.116 143,876,664 148,729,445
Expenses
705,574
675,654 8,530.974 8.292.515
17.417
22.656
257.743
263,762
9,814,333 9,963,626 124,502.244 129,130.542
Transportation
614,145
651,784 7.384,043 7.779,940
General
Maintenance
Traffic
Operating expenses
11,151,470 11,313,721 140,675,005 145,466,761
Net operating revenue-269.139
Uncollectible revenue
2,074
from transportation
169,383
Express taxes
248,394
3,201,658
3,262,683
1,613
168,601
17,820
2.038,008
16.145
2,196,841
97,681
78,179
1,145,829
1.049,696
Operating Income..
ArkansasPower & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of January- 12 Mos. End. Jan. 31.
1928,
1929.
1929.
1928.
S
$
$
$
560.649 7.293.341 6,447.664
earnings from over.... 653.288
Gnus
292.318 3,818.575 3,406.364
Oper. expenses and taxes__ 322.389
Net earnings from oper___
Other Income
330,899
14,312
268.331 3,474,766 3,041,300
23,928
260.508
190.595
Total income
Interest on bonds
Other interest & deductions-
345.211
109.184
7,896
292.259 3,735.274 3.231.895
97,722 1,200.422 1,041,233
3,908
143,915
100,967
Balance
Dividends on preferred stock
228,131
190,629 2,390,937 2,089.695
674,785
672.342
1,716,152 1.417.353
Balance
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of January--1929.
1928.
$3,118,103 $2,953,926
Operating revenues
415.442
238.644
Comparative Earnings of Companies Under the Executive Management of Net revenue from operation (Encl. depreciation)_ _ _
500,482
306,012
Stone & Webster, Inc,
Gross income
220.015
218.470
Interest, rents and taxes
-Month of February- -12 Months Ending Feb. 28
Net Oper.
Net Oper. Surplus
$280,467
$87,541
Net income
Gross.
Revenue.
Gross.
Revenue. after Chgs.
$
$
Baton Rouge Electric Co
Bangor Hydro-Electric Co.
114,245
46.359 1,139,207
1929
428.448
351,841
--Month of Febrannv.-- 12 Mos. Dui. Feb. 28.
94,182
35.056 1,041.345
1928
377,578
306,535
1929.
1928.
1928.
1929.
Blackstone Valley G.& E. Co.& Sub. Cos.
1929
572,150
257.643
527,391
205,955
1928
Cape Breton El. Co., Ltd.
58,939
17.721
1929
59,412
15,225
1928
Columbus El. & Pr. Co.& Sub. Cos.
365,256
198,679
1929
373.166
209.626
1928
El Paso El. Co.(Del.) & Sub. CO9.120,965
1920
278,879
255,430
107,057
1928
Fall River Gas Works Co.
88,041
23,015
1929
16,116
84,057
1928
Haverhill Gas Light Co.
60,944
13,339
1929
60,880
10,889
1928
Jacksonville Traction Co.
96,057
8.778
1929
101,265
11,954
1928
Co.& Sub. Cos.
Puget Sound Pr. & Lt.
1,364,854
438,006
1929
599,086
1,267,069
1928
Savannah El. & Power Co.
85,997
182.374
1929
192,417
88,940
1928
Sierra Pacific Elec. Co.& Sub. Cos.52,925
120,867
1929
107,172
55,953
1928
Elec. Co.& Sub.Cos.Tampa
174,807
420,677
1929
1928
419,620
6,177,080 2,485,906
5,946,189 2,169,596
670,088
658,268
144,663
139,583
1,810,645
1,565,584
76.022
71,117
4.310,062 2,340.508 1,478,182
4.305,390 2,385,146 1.503.092
3,238.792 1,315,432 1.097,266
3,026,888 1,173,121
991,258
1,026,907
1,044,335
233,213
260,424
212,687
242,651
701.684
709,175
152,854
125,440
144.909
121,264
1,187,548
1,327,822
111,719
122.230
--50,647
--47,600
15,345.109 6,465,792 3.945,655
14.961,978 6.455.627 3,660,061
2,226,173 1,004.111
2.228,751
929,646
682.326
636.671
165,578 1,984,152 1.881.770
866,156
77,056
906.475
Gross income
Interest, &c
90,232
18,965
88,522 1,077,677 1.015,614
24.020
248.084
309,738
Net income
Preferred stock dividend
Depreciation
71,267
64,502
Balance
Common stock dividend
Balance
641,088
591,995
555,420
4,639,689 1,461,574 1.418,166
157.357 4,693,978 1,504.669 1,454,616
829,593
258.009
123,778
705.876
231,723
114.655
447.806
249,062
359.498
183,018
198,744
176,480
Barcelona Traction, Light & Power Co., Ltd.
-Month of February- 2 Mos. End. Feb. 28.
1928.
1929.
1929.
1928.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earnings from °per--- 8,938,082 8,309.785 18.107.244 16,963,647
2.555,546 2,158.097 5,023.237 4,368,830
Operating expenses
Net earnings
6.382.536 6,151,688 13,084,007 12.594,817
Brazilian Traction, Light & Power Co., Ltd.
475,176
1,411,349
1,258,451
165,472
75,240
Gross earnings
Operating expenses and taxes
Gross earnings
operating expenses
Net earnings
-Month of February- 12 Mos. End. Feb. 28
1929.
1928.
1929.
1928.
$
$
$
$
3,755,709 3,212.804 7,648.542 6.519.979
1.601.365 1,384,561 3,274,143 2,769,166
2,154,344 1,828,243 4,374.399 3.750,813
2078
[VOL. 128.
FINANCIAL CHRONICLE
Central Illinois Light Co.
Illinois Power Co.
(Subsidiary of Commonwealth Power Co.)
-Month of February- 12 Mos. End. Feb.28.
1928.
1929.
1928.
1929.
$
$
S
$
Gross earnings
428,902 4,840,871 4,453,059
476.490
Operating expenses, incl.
taxes and maintenance ....... 266,452
247,615 2,841,361 2,685,642
Gross income
181,287 1,999.510 1,767.416
210,038
Fixed charges
397,418
360,976
(Subsidiary of Commonwealth Power Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1928.
1929.
1928.
1929.
$
' $
S
$
Gross earnings
278,858
259,721 2,774.219 2,650,882
Operating expenses, incl.
taxes and maintenance
158,555
159,042 1,792,807 1,811,173
Net income
1,631,534 1,369.998
Dividends on preferred stock
Provision for retirement reserve
408,147
307,800
922,586
Balance
412,879
264,800
692,319
Gross income
Fixed charges
Gross income
Fixed charges
1,460,926 1,278,868 15,810,997 13,285,160
2,855,971 2,567,987
Net income
Dividends on preferred stock
Provision for retirement reserve
12.955,026 10,717,172
3,588,811 3,393,817
2,050,000 1,613,333
Balance
7,316,215 5,710.022
Eastern
Massachusetts Street Railway Co.
(Preliminary Report.)
-Month of February- 2 Mos, End. Feb. 28.
1928.
1929.
1929.
1928.
S
$
$
$
Gross earnings
784,862 1,523,272 1,639,057
726,870
289,214
Net operating revenue
324,942
594,526
705,624
Net income
79,798
130,716
160,490
224,934
Honolulu Rapid Transit Co.
-Month of January- 12 Mos. Ended Dec. 31
1929.
1928.
1928.
1927.
S
S
$
Gross revenue
88,606
85,069 1,076,433 1,004,774
Operating expenses
51,591
51,470
630,341
626,453
Net revenue
Other income
37.014
1,221
33,598
855
446,092
13,338
Total revenue from operTaxes
Interest
Depreciation
Replacements
38,236
12.861
550
10,477
2,000
34,454
10,316
550
4.686
2,000
459,430
147,277
6,600
57,068
22,000
378,321
14,471
100,679
981,411
384,783
442.829
228,246
150,000
228,738
150.000
218,381
Balance
839,709
396,880
596,628
Net income
Dividends on preferred stock
Provision for retirement reserve
Consumers Power Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1928.
1928.
1929.
1929.
$
S
$
$
Gross earnings
2,867,009 2,534,574 31,153,777 27,245,542
Op.exp.,incl. taxes & maint- 1,406,083 1,255,706 15,342,780 13,960,382
120,302
64.091
Illinois Power & Light Corp.
(And Subsidiaries)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
Gross earns, from operation.. 3,356.322 3,045,123 35,138,107
Oper. exps. and maintenance 1,655,686 1,524,243 18,355,244
Taxes
115,723 1,540,818
171,276
Total expenses and taxes.... 1,826,963 1,639,967 19.896,062
31,329,278
17,594,538
1,229,980
18,824,519
1,529.359 1,405,155 15,242.045 12,504,759
76,292
54,784
747,740
234,996
37,700
44.041
494,769
271.064
Total net earnings
1,490.766 1,394,412 14.989.074 12,540,827
Less prior charges of Iowa Power & Light Co. and
the Kansas Power & Light Co
1,331,031 1,002,811
Total earnings available for bond interest
13,558,043 11,538,015
12 months'int. on Ill. Power & Lt. Corp. mtge. debt 5,635,234 5,155,911
Earnings from operation-Less rentals
Add other income
Kansas City Power & Light Co.
-Month of February- 12 Mos. End. Feb. 28.
1929. . 1928.
1929.
1928.
$
Gross earnings (all sources).._ 1,287,407 1,201,939 13,918,602 12,863,486
Operating expenses (inclu
maintenance, general an
income taxes)
641,838
598,971 7,100,197 6,515,338
Net earnings
Interest charges
645,569
97,501
Total deductions
26,082
17,746
239,353
Balance
12,154
16,708
220,077
184,511
548.067
15,429
490,048 5,616,976 5,011,631
185,149
15,429
183,809
532,638
20,000
474,619 5,431,826 4,827,822
77,776
297.776
865,076
512,638
Balance
Amort. of disct'& premiums..
392,792
123,801
Balance
6,600 Dividends 1st pref. stock- -51,766
24,238
Surplus earnings avail, for
deprec.& corn.stk. dive208,280
602,968 6,818,404 6,348,148
112,919 1,201,428 1.336,516
396,842 5334.049 3,962.745
Market Street Railway Co.
(Subsidiary of Standard Power & Light Corp.)
Month of 12 Mos
.End
-Month of February- 2 Mos. Ended Feb. 28
Feb. 1929. Feb. 28'29.
1929.
1928.
1929.
1928.
Gross earnings
724,808 9,683,272
6
$
$
$
*Net earnings
94,893 1,391.056
Gross revenue
84,52
81,856
173,132
166,925
736,377
60,040
Operating expenses
48,624
49.777
100,216
101,248 Income charges
Balance
34,852
654,679
Net revenue
35.931
32,079
72,916
65.677
Other income
1,179
911
2,400
1.766
* Including other income before provision for retirements.
37,079
Total revenue from oper_ 32,989
75,316
67.444
Taxes
12,758
10,316
25,620
20,633
The Nevada-California Electric Corporation
550
Interest
550
1,100
1,100
(And Subsidiary Companies)
10,477
Depredation
4,686
20,954
9,372
2,000
Replacements
2.000
4,000
4,000
-Month of February- 12 Mos. End. Feb. 28.
1929.
1928.
1929.
1928.
Total deductions
25,978
17,746
52,060
35,492
$
430,212 5,512,980 5,143,791
Net revenue
11,100
23.255
15.243
31,952 Gross operating earnings-- 462,690
Oper. & gen. exp. & taxes-- 239,283
195,697 2,433,403 2,290,827
Operating profits
223,406
Idaho Power Co.
234,514 3,079,577 2,852,964
Non-oper. earnings (net)
8,819
7,152
135,529
84,939
(Subsidiary of Power Securities Corp.)
Total income
232,226
241,666 3,215,107 2,937,903
-Month of December
--12 Mos. End. Dec.31Interest
122,797
122,648 1,472,924 1,389,155
1928.
1928.
1927.
1927.
$
Balance
109,428
Gross earnings from oper____
270,501 3,508,797 3,146,573
119,017 1,742,182 1,548,748
285.253
49.265
45,342
Oper. expenses and taxes
_
158.327
607,980
149,104 1,6 .7,116 1,492.544 Depreciation
583,703
Balance
60,163
Net earnings from oper--73.675 1,134,202
126,926
121.397 1,851.681 1,654,029 Disc.
965,045
& exp. on securities sold
7,958
Other income
7,949
107,452
75,869
7,796
8,754
97,164
93,162
Miscellaneous additions and
deductions (net credit).*534
Total income
2,527
129,193 1,927,550 1,761,431
40,720 . 17,128
135,680
Interest on bonds
631,000
650,000
54,165
54,165
Surplus avail, for redemp.
Other interest & deductions..
71.597
69,328
9,070
7,728
of bonds, dividends, &c_
51,670
68,253 1,077,758
889.011
Balance
1,058,834
65,958 1,208,222
73,787
* Net debit.
Dividends on preferred stock
264,151
314,297
Honolulu Rapid Transit Co.
Balance
893,925
794,683
Idaho Power Co.
(Subsidiary of Power Securities Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1929.
1928.
$
3
3
Gross earnings from oper___ _ 296,720
277,181 3,528,336 3,187,600
Oper. expenses and taxes__... 144,302
135,131 1,666,287 1,515,709
4
Net earnings from °per__
Other income
152,418
4,834
142,050 1,862,049 1,671,891
101,205
76,334
4.369
Total income
Interest on bonds
Other int. and deductions
157,252
54,167
5,598
New York Dock Company.
-Month of February- 2 Mos. End. Feb. 28.
1929.
1928.
1929.
1928.
Revenues
Expenses
253,301
135,887
302,273
158.583
510,669
262,937
602,722
315,353
Net revenues
Lexx taxes, interest, &c- _
117,414
77.242
143,689
92.030
247.731
167,196
287,369
178,934
40,171
51,658
80,534
108,434
146,419 1,938,383 1,773,096
634,334
650.000
54,167
71.406
69,552'
5,374
Balance
Dividends on preferred stock
Balance _________
97,487
86,878 1,218.831
324,026
---------------
894,805
(The) Ohio Edison Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1928.
1929.
1929.
1928.
1,067.356
273.996
793,360
Kansas City Power 8c Light Co.
(Preliminary Report.)
-Month of February- 2 Mos. End. Feb. 28.
1929.
1928.
1928.
1929.
$
Gross earnings
1,287,408 1,201.940 13,918,602 12,663,486
Net after taxes & charges --- 532,638
474,619 5,431,826 4,827,822
a Before depreciation.
Net income
Gross earnings
Operating expenses.including
tans and maintenance....
207.295
Gross income
Fixed charges
115,944
91,351
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
199,030 2,170,639 1,956,415
93,098
1,062,141
1,064,841
105,932 1,108,498
191.755
891,574
129,734
916,742
781.840
162,792
152,000
150,118
127,500
601,949
484,221
2079
FINANCIAL • CHRONICLE
MAR. 30 1S29.]
Portland Electric Power Co.
Tennessee Electric Power Co.
-Month of February- 12 Mos. End. Feb. 28.
1928.
1929.
1928.
1929.
1,056,768 1,034.602 12,586,026 12,201.970
Gross earnings
603.857 7.501,041 7.212,894
expenses & taxes.. _ 612.150
Operating
(Subsidiary of Commonwealth Power Corp.)
-Month of February- 12 Mos. End. Feb. 28.
1929.
1928.
1929.
1928.
$
1.168,366 1,116,639 13,569.177 12.664,657
Gross earnings
571,620 6,963.124 6.885.002
Op.exp.. incl. taxes & maint. 561.210
Gross income
Interest. &c
.
444.618
215.948
430.745 5,084,985 4,989,076
214.328 2.575.185 2,579.626
Net income
Dividends on Stock
prior preference
1st preferred
2nd preferred
228,670
216.417 2.509.800 2.409,450
Gross income
Fixed charges (see note)
607,156
545,018 6,606.053 5,779.654
2.173,719 2,209.531
466,900
771,230
330,000
475.286
685,460
300,000
Net Income
Dividends on first preferred stock
Provision for retirement reserve
Balance
Depreciation
941,670
778,516
948,704
756,813
Balance
163,154
191,891
2,091,126 1,341.473
Balance
-Includes dividends on Nashville R.& Light Co. preferred stock
Note.
not owned by the Tennessee Electric Power Co.
4.432,334 3,570,123
1,339,515 1.273,292
1,001,691
955,356
Utah Power & Light Co.
Public Service Corporation of New Jersey.
--12 Mos. End.Feb.28-Month of February
1928.
1929.
1928.
1929.
11,131,196 10,334,224 126,726,169 118,915.510
Gross earnings
Oper. expenses, maint.,
taxes and depreciation 7,539,002 7,176,405 89.326.102 83,812,855
Net income from oper- 3,592.194 3,157,819 37,436,067 33,102,655
1,134,516
110,162 2,845,221
1,182
Other net income
3,591,012
1.299.924
Total
Income deductions
Bal. for dim & surp_ _
3,267,982 40.281.288 34,237.171
1,621.621 16,396,990 18.652.705
2,291,087
(Including the Western Colorado Power Co.)
Subsidiary of Electric Power & Light Corp.
-Month ofJanuary- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$
974.747 11.126,557 10,630,679
Gross earningsfrom operation 1,043,556
462.994 5.395.204 5.148,569
Operating expenses and taxes 509,185
Net earns,from operation..
Other income
534.371
23.632
511.753 5,731,353 5,482,110
36,625
416,118
488.504
Total income
Interest on bonds
Other interest & deductions
558,003
161.654
15,548
548,378 6.147.471 5.970.614
168,529 1,954,144 2,016.378
14,238
176,028
177.456
Balance
Dividends on preferred stock
380,801
385,611 4,017,299 3.776,780
1,619.724 1,555.315
1,646,360 23,884.298 15.584.466
Edison Co.
(Preliminary Report.)
-Month of February- 2 Mos. End. Feb. 28.
1928.
1929.
1928.
1929.
Southern California
2,922,432 2,493,297 5,899.879 5,100,633
1,228,132 1,197.897 2,624,438 2,596,048
Gross earnings
aBalance after taxes
a Before depreciation.
Southern Indiana Gas & Electric
Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of February- 12 Moi. End. Feb. 28.
1928.
1929.
1928.
1929.
$
$
$
$
274,209 3,217,785 3.055,241
301,318
Gross earnings
Operating expenses,including
149,186 1,850,388 1.748.462
taxes and maintenance_- 166,140
125.043 1.367,376
308.051
1.306.779
338.730
1,059,325
968.048
389.284
284.333
360,329
222,883
426,707
135,175
Gross income
Fixed charges
384,834
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
Third Avenue Railway System.
-Month of February- 8 Mos. End. Feb. 28.
1928.
1929.
1928.
1929.
$
$
$
$
Operating Revenue
1.135,699 1,192,923 9.947,118 9.995,422
Transportation
100,000
100.000
12.500
12.500
Advertising
172,190
170.094
20,604
24,486
Rents
5,965
509
4,470
413
Sale of Power
Total operating revenue.-- 1.173.098 1,226,5,37 10,223,779 10,271,481
Operating Expenses
159.823
Maintenance of Way
109,461
Maintenance of equipment
14,794
Depreciation
82,554
Power Supply
399,244
Operation of cars
90,855
Injuries to persons & property
-- 52,265
Gen'i & miscell. expenses
188,905 1,885,632 1,487,578
959,849
939.700
110.371
74,591
-7867 7-137,362
679,313
658,683
96,063
409,207 3.509,119 3,473,045
852,452
850.205
101,398
421.537
405,578
50.287
909,000
945,565 7.914,433 7.905,491
Net operating revenue
Taxes
264,097
83,206
231,171 2,309,345 2,365.990
742.603
725,021
90.656
Operating income
Interest revenue
180,891
17.991
205,860 1,734,552
FINANCIAL REPORTS
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the tirst Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 2. The next,will appear in that of April 6.
The North American Co., New York.
(39th Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Frank L. Dame, together with
the report of Vice-President and General Manager Edwin
Gruhl, are given under "Reports and Documents" on subsequent pages. A comparative income account and a comparative balance sheet are also given. Our usual comparative income account was given in V. 128, p. 1397.
Columbian Carbon Co. (and Subsidiaries).
-Year Ended Dec. 31 1928.)
(Annual Report
The remarks of President F.F.Ciirtze, covering operations
for the year 1928, together with a comparative income account and balance sheet, were published under "Reports
-V.128, p. 117.
and Documents" in last week's Chronicle."
Canadian Pacific Railway Co.
(48th Annual Report-Year Ended Dec. 31 1928.)
The remarks of President E. W. Beatty, along with the
income account, balance sheet and other tables for 1928,
will be found under "Reports and Documents" on subsequent pages.
INCOME ACCONTS FOR CALENDAR YEARS.
1926.
1925.
1927.
1928.
:
Earnings
35,557,822 34,763.973 34.150,428 33,126,445
Passengers
171,227,055 144.155,931 141,205.619 128,410,056
Freight
416
, .
3.715,032 3,727,444• •
Mails
Sleeping cars. misc.& exp 18,539.388 18,498,404 19.062,509 18.267,088
190,515 1,584,324 1,623.386
135,201
15,344
150,228
198,882
2,397,575 2.221,465
Balance
Total operating expenses..
Gross income
DeductionsInt. on let mtge. bonds
Int. on let ref. mtge. bonds._
Int. on adj. mtge. bonds..
Track and terminal privileges
Miscell. rent deductions
Amortiz. of debt disc. & exps.
Sinking fund accruals
Miscellaneous
Int. on series 0 bonds
Total deductions
42,756
73,301
93,900
1,272
929
1,474
2,790
49.015
2,164
267,603
Net income
-788.720
342,053
586,413
751,200
11,112
5,548
11,794
22.320
294,042
17,312
42,758
73,301
93,900
1,391
552
1.974
2,790
29,295
2,164
243,115 2.041.797
Ttoal gross earnings-229,039,297 201,145.752 198,025,592 183.356.006
Operating Earnings
Transportation expenses 75.051,806 69,911,158 66.691.423 65,009,477
Maintenance of way,&c. 35,812,412 30,661,299 28.322.187 25,473,904
1.758,587 Maintenance of equip_ _ 43,493,153 39.294.460 36,722,467 33.108,545
9.883,513 9,943,415 9,088.420 8.477,103
Traffic
1,724,501
1,861,682
1,888,657
2,007,303
Parlor car,&c
1,217,175
1,275,647
1.288.464
342,053 Lake and river steamers_ 1,325.198
8.190.526
General (incl. all taxes). 9,771,459 8.642,726 9,118,838
536,413
751.200
Total oper. expenses--177.344.£345 181,630,180 153,080,465 143,201.230
12,262
5,487
51,694,452 39,515,571 44,945,127 40,154.776
Net earnings
15,794
15,308,698 15.378,867 14,676.359 14,438,517
22,320 Fixed charges
500.000
600,000
600,000
750,000
111.220 Pension fund
17,312
35.635,754 23,536,704 29,668,768 25,216,258
Balance, surplus
12.677,684 11,876.560 11,056,271 11,357,375
1.864,064 Special income
--42,255 --307,244 --105,476
Utah Power & Light Co.
596.083
37.809
Total income
Interest on bonds
Other interest & deductions
833,892
161,654
15,325
Balance
Dividends on preferred stock
456,913
Balance
48,313,438 35.413,264 40,725.039 36,573.633
4,005.944 4,005.944
4,067,547 4,005,944
29.353,633 26,000,000 26,000.000 26.000,000
405,476 4,002.109 3.787,608
1,619,724 1.555,315
5,407,320 10,719,095 6,567,689
14,892,257
Balance, surplus
2,600,000 2,600,000 2,600,000
Com.stis.outst.(par $100) 2.952.471
$12.52
$14.12
$12.08
$17.21
Earns, per sh. on com
x Of this 10% in dividends paid on ordinary stock 7% is from railway
earnings and 3% is paid out ofspecial income (which account is given below).
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
(From this special income is derived 3% in special divs, referred to above.]
1926.
1925.
1927.
1928.
Net rev, from invest. &
avail. res.(see below)- $3,262,525 $3,198,275 $2.576.410 $1,755,003
Int. on dep. & int. and
dive, on other securi2,940.485 3.313,249
ties less exchange_ _ - 3.231,320 2,932,826
Net earnings Ocean &
2,442,129 2,053,883 2,881.651
Coastal SS. Lines_ ___ 2,257.546
Net earns. Commercial
Tel. and news dept.,
hotels, rentals & misc.. 3,926,293 3,303.329 3,485,492 3.407,472
2,382.385 2.232,293
Total special income_ _$12.677,684 111,876.560 $11,056.271 $11.357,375
(Including the Western Colorado Power Co.)
Subsidiary of Electric Power & Light Corp.
-Month ofDecember- 12 Mos.Ended Dec.31.
1927.
1928.
1928.
1927.
$
$
$
$
981.331 11,057,748 10,637.206
Gross earningsfrom operation 1,046,912
429.727 5.349,013 5.150.943
Operating expenses and taxes 450,829
Net earnings from operat'n
Other income
Total income
Preferred div. (4%)
xCommon dive.(10%)
551,604 5,708,735 5,488,263
36.760
429.111
492,166
588.364 6,137.848 5,978.429
168,530 1.961,019 2.010.961
14,358
174,718
179,860
2080
FINANCIAL CHRONICLE
MISCELLANEOUS INVESTMENTS,Par $47,231,750 (Cost $26,854.153):
From these investments was derived the first time in foregoing table. .21
Coeur d'Alene & Pend d'Oreille Ky. 1st mtge. bonds
$47,000
Consolidated Mining & Smelting Co. stock
6,315,150
Cambridge Collieries Co. 1st mtge. ref bonds
250.000
Canadian Pacific Express Co. stock
5.000.000
Duluth South Shore & Atlantic Ky. ordinary stock
6,100.000
do
preferred stock
5.100.000
Minneapolis St. Paul & Sault Ste. Marie Ry. ordinary stock
12,723,500
Minneapolis St. Paul & Sault Ste. Marie Ky. preferred stock
6,361,800
Pennsylvania-Ontario Transportation Co. stock
187.500
Quebec Salvage & Wrecking Co. stock
150,000
Spokane International Ky. Co. stock
3,941.800
Toronto Hamilton & Buffalo Ky. Co. consol. mtge. bonds
1,000.000
West Kootenay Power & Light Co. prefered stock
55,000
BALANCE SHEET DEC. 31.
1928.
Assets
-
Property investment..._ 723,412,976
Ocean & Coastal SS
86.307.106
Acquired securities
148.132.387
Adv.to control prop., &c_
13,152.388
Deferred payments
57.023,583
Prov. and nun,securities
792.721
Mlscell. Investments.26.854.153
Lands and property assets 75,626,193
Materials and supplies--- 23.605.836
Agts.&conduct's balances
6,482.070
Traffic balances
885.505
Accts. due for transport'n
1,142,061
Miscall. accts. receivable_
9,575,475
Cash (working assets)_._ 52,082,557
Total
Liabilities
-
1926.
1925.
664,107,040
62,118,329
142,510,387
13,589.891
56,043,062
792,721
24,522,843
93,805,866
22.892.408
4,985.261
1,249,210
1,174,845
7,303.842
42.813,395
649,630.834
60,257,816
141,322,586
13,523,064
57,411,086
792.721
23,677,036
99,463,661
23,799,762
3,593.343
1,602,009
1,163,748
7,697,498
29.937.526
1,225,075,015 1,169,297,954 1.137.909,101 1,113,872.693
Ordinary stock
Payment on subscrip_ _
4% preferred stock
4% control. deb.stock....
Mortgage bonds
5% coll, trust bonds
454% s. 1. see. note Ws
414% coll. trust gold bds_
Audit vouchers
Payrolls
Misc, accts. payable_-_
Accruals
Equipment obligations_ _ _
Equipment replacement_
SS. replacement
Res.for cont.& cont.wartax
Prem. on ord. stock sold..
Lands and townsites
Burp,rev, from operations
Special reserve for tax
Surplus
Total
1927.
686.387.126
76.591,844
145,710,387
12.545,816
54,739.615
792,721
25.972,593
86,709,784
22,412,981
5,230.783
1,679,677
1,227,295
7,328,668
41,968,663
295,247,100
4,106,065
105,015.254
276,544,882
3,650,000
12,000,000
23,959.576
20.000,000
10,769,925
4.052.417
5.132,858
992.145
13,000.000
4,750.730
17,061,715
29.013.985
54,880.516
78,467,536
155,495,914
3,139.780
107.794,616
260.000.000 260.000,000
34.002,549
100.148.587 100,148,588
264,244.882 264,244,882
3,650,000
3,650,000
12,000,000
12,000,000
26,335,079
27,577,610
20,000.000
20.000.000
7,847,872
7.581.801
3,985.134
3,953,517
5.265,400
4,693,704
1,006,091
1,029,460
15,470,000
18,410.000
1.157.502
903,932
16,130.715
15.405,048
23.112.239
20,263,536
40,278,965
40.278,965
73,721,857
74,320,095
143,796.822 142.466,062
2,059.360
2,492,503
115.084,888 118,489,397
260.000,000
100,148.588
264,244,882
3,650,000
12,000,000
29,041,647
6,182.484
3,621.004
6,219.382
751,130
8,850.000
6,548,136
14,836,699
22,982,171
41,502,076
75,397,642
135.003,237
2.089.081
120,804,534
1,225,075,015 1.169,297,954. 1,137,909,101 1,113,872,693
-V.128, p. 1900.
Western Union Telegraph Co., Inc.
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Newcomb Canton, together
with income account and comparative balance sheet as of
Dec.31 1928, will be found under "Reports and Documents"
on a subsequent page.
COMPARATIVE INCOME & SURPLUS ACCOUNT FOR CAL. YEARS.
1928.
1927.
1926.
1925.
Gross oper. revenues--.136,449,512 131,771,003 134,464,886 127,078,032
Oper. exp. (incl. repairs,
res. for deprec., rent
for lease of plants,
taxes, &c.)
120.310.255 115,846,032 118,774,838 110.628,842
16,139.257 15.924.970 15,690,055
Income from diva. & int. 2,937.808
2,689,814
1,941.139
16,449.181
2,073,594
19,077,064 18,614.784 17.631,194 18.522.775
Appropriated for ocean
cable development_
1.000.000
Interest on bonds
3.609,405 3,584.331
2,426.145 2,336.516
Balance, surplus
15.467,659 15.030.453 15,205,049 15.186.259
Previous surplus
78,528,582 71,401,042 64,968,111 56,980.027
Profit from sale of sec
'
4,514.192
Prem. on cap, stock issued to employees....
518,100
[Vou 128.
portion of net profit applicable to unacquired shares, and expenses of
International Business Machines Corp. y Includes $89,580 undistributed
surplus of foreign subsidiaries, not previously included.
COMPARATIVE BALANCE SHEET DEC. 31.
Assets-
Plant, good-will,
1928.
$
1927.
$
etc
a21.836.090
Cash
2,388,111
Call loans(secured) 1,200,000
U. B. Treas. ctfs_ 1.585,000
.
Notes & accts.ree.b 3.751.644
Sinking fund
1,039,684
Inventories
3,260,814
Investments
3,783,644
Deferred assets_ _
. 396,802
Total
20,450,914
1,564.182
3,800,000
4.046.203
18,780
3.385,039
2,854,347
340,963
39,241,792 36,460,429
1928.
1927.
Liatvilttles6
6
Capital & surp1usx30,271,491 27,906,624
Sub. cos.stocks-. 244,012
217,406
Funded debt
5,142,000 5,327,500
Accts.payable, &c 1,125,987
975,519
Contingency res've 969,648
650.624
Fed. tax (est.)- -__
575,000
500,000
Diva. payable__ -- 758,194
723,150
Accrued Interest-- 155,480
159,600
Total
39,241,792 36,460,429
a Plant, property, equip., mach., patents and
less reserves for depreciation and amortization, good-will, 632,366.736;
$10,530,641.
deducting $339,680 reserve for doubtful accounts. x Declared b After
capital
619,574,171 and surplus, represented by 607,576 shares of no par value.
V. 127. P. 3550.
Public Service Corporation of New Jersey.
(Annual Report-Year Ended Dec. 311928.)
The remarks of President Thomas N. McCarter will be
found at length on subsequent pages, together with the
income accounts and balance sheets of the company and its
subsidiaries, and various statistical tables covering a number
of years.
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1928.
1927
1926.
1925.
Oper. revs, of sub. cos--125,528,580 115,005,908 106,303,210 94,715,525
Oper. expenses & taxes_ 77.004.079 72,851.057 67.752.023 61.934,635
Deprec.& retireml exp. 11.552.008 10,084,134
9,098,964 7,741,009
Net earnings
36,972,494 32,070,717 29.452.223 25,039,881
Non-oper. income
435,021 3,205,891
2,110,098 2,057,051
P.S. Corp. of N. J.
-Income from securities
Pledged (excl, divs. on •
stocks ofoper. cos.)&
from misc, sources.-- 2.630,810 *2,208,906 •2,766.204 *2.208,837
Total
40,038,325 37,485,515 34.328,525 29,305.769
Deduct
13d., &c., int. ofsub. cos. 12,030,105 16,191.589 15,755,584 13,965,558
Fixed charges of Public
Service Corp. of N. J. 3,048.475 5,126.868 4.891,784 4,743,836
Net income
24,959.745 16,167,0.58 13.681,157 10,596,375
Adjustments (net)
Cr.24.129 Cr.116,939
Cr.3,234 Cr.228,477
Divs, ofsub. cos., excl. of
inter-company acc'ts_ 2,011.685
1,949,681
979.487
829.527
Preferred dividends,,
6,701.195
5,032.153 3.971.552 x3,223,729
Common dividends Paid 11,163.424 8,018,926 6,067,034 4,781.700
Rate
($2.40)
x($4.25)
($2)
($5)
Balance, surplus
5.107.570
1.283,237 2.666.318
1.989.896
ing (no par)
4,950,189 4,153,613 3,577.275
1,037,867
Earn, per share on corn$3.28
$2.24
$2.33
$6.52
• After deducting in 1928, 61.169,450, in 1927 61.897,329, in 1926
$1,248,723 and in 1925 $1,194,220 for expenses, taxes, &c. x Being $3.75
per share on the old common before spilt-up on a 3
-for-1 basis. and 6.50
Per share on the new common.
CONSOLIDATED BALANCE SHEET DEC. 31.
Shares of corn, outstand-
Assets-
1928.
$
1927.
$
Liabilities-
Fixed capltal___549.885.782 514.151,139 Common stock
1928.
$
Cash
12,806,324 23,874.703
(no par)- -y115,280,094
.
Marketable secs.
757.858
757,656 8% cum. pr.stk. 21,531,200
Notes receivable
341,055
4,563 7% cum. pf.stk. 28,908,000
Accts. receivable 11,542,918
9,564,219 6% cum, pf.stk. 66,147,900
Int. & diva. rec.
118,037
78,667 $5 cum. pf. stk. 3,134,800
Mat'ls & sued- 6,499,319
7,085.882 Cap.stk. of oper.
Misc.curt,assets
289,287
304,906
sub.controlled
Purchase of pref.
through stock
stk. under deownership - 33,529.245
ferred paym't
Cap.stk.of lessor
plan
Investments-
1.534,946
2,835.228
1927.
$
84.404,646
21,531,200
28,908,000
41,288.100
33,515.400
cos. controlled
through stock
Subsidiary and
ownership --- 6,022,656
6.033.827
Total surplus
94.514,341 86,434.495 80,173,160 76,680,479
Mill. co*...- 15,801,844 12,002.314 Cap.stk.of lessor
DeductOther investl 1,
cos. not contr.
1 668,512
Divs. paid and declared_ 8.084,634 7,980.786 7,980,700 7,232,457
Sinking funds__
180,061
through stock
48,186
Adjust, of surp. (net)
72,523 Cr.74,872
788,418
279,911 hilscell, special
ownership - 29,062,050 29,079,200
Approp. for development
funds
28,553
59,318 Prem.on cap.stk
614,259
418.500
ofocean cables
4,200.000 SPecialdeposits_
553,593 44,304,606 Cap.stk. subscr. 2,865,088
4,565,500
405,702
403,859 Funded debt-215.080,129 286,909 102
Profit & loss surplus.- 86,357.183 78,528.582 71.404,042 64,968.111 Prepayments_
Unamortlz. debt
Notes payable...
300
5,450,190
Shares of capital stock
discount and
Awls payable- 4,722,957
outstanding (Par $100) 1,023,781
997.870
997.865
997,866
expense
6,826,979 Consumers' dep. 4,109,468
7,473,343
3,855.147
Earns. per sh.en cap.stk.
$15.18
$15.07
$15.24
$15.22 Misc. suspense_ 2,149,420 2.489,358 Misc. cur.'lab-10.601
30,108
-V. 128. p. 402.
International Business Machines Corp. & Subsidiaries.
(17th Annual Report
-Year Ended Dec. 311928.)
The remarks of President Thomas J. Watson, together
with the income account and balance sheet, will be found
under "Reports and Documents" on a subsequent page of
this issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
xNet profit
$8,264.798 66,889.003 66.039,165 $4,956,259
Bonds,&c.,interest_ --317,658
325,914
335,162
343.152
Depredation
1,268,158
1.211,848
1,118,888
1,055,586
Develop).& patent exP
740,215
415,921
368.866
353,988
Federal tax (estimated).
575.000
500.000
450,000
375,000
Amortiz. of patents
71,236
71,237
71,237
74.837
Net income
$5,292.529 $4,364,082 63,695,012 $2,753,696
Dividends
($4.25)2927,666
2,458,683(3.25)1880066(8)1329,610
Balance,surplus
Prey. capital & surp-
$2.364,863 $1,905,399 $1,814,946 $1,424,086
27.906,629 26,001,229 y24.160,753 21,647,086
Taxes accrued- 2,848,007
2,686,110
Interest accrued 1,913,736
2,832,876
Misc. accr. Ilab_
218,751
236.742
Reserve
x48,851.266 43,681,632
Misc. unadJ.cred 2,127,681
1,870.137
Profit and lose
23,370.252 18,262,883
Total
600,348,443 815,460,097
Tot.
600,348,443 615,460,097
x Retirement reserve, $42.563,798; contingent reserve, $432,000; casualty and insurance reserve, $2,505.116; unamortized premium on debt,
$6,220; contributions for extensions. $382.820; miscellaneous reserves,
62,961,310. y Represented by 64,950389 shares no par value in 1928 and
4,153,613 shares of no par value in 1927.-V. 128, D. 727.
Newmont Mining Corporation.
(Annual Report-Year Ended Dec. 311928.)
The remarks of President Charles F. Ayer and Treasurer
H.E.Dodge, together with an income account and a balance
sheet as of Dec. 31 1928, will be found in the advertising
pages of to-day's issue.
EARNINGS FOR CALENDAR YEARS.
1927.
1928.
1926.
1925.
Gross earnings
$8,328,623 $16,791,516 $4,696,633 $2,449,416
Total surplus
$30,271,492 $27.906,628 $25,975,699 $23,071,172 Interest paid
11,158
Sale ofstock
Cr1,004,629 Stat tax&res.forFed.tax_
716.522 2,124,340
423,862
Accum. royalt. prior yrs.
Cr.425,530
92,499
Admin.& other expenses
129.080
90.6911
296.916
Res. for contingencies
400,000
81,227
Exp.for invest'g'ns,&c _
44,663
68,409,
Cost of list. & issuing shs
4,629
Net income
$7,438,357 $14,493,450 $4,113,672 $2,141,344
Declared cap. & surp-$30.271.492 $27.906.628 $26.001.230 $24,071,172 Cash dividends paid 1.910.132
1.630.130
1,033,320
516,000
Shares of capital stock
Stock dividends
239.154
226,480
215,600
outstanding (no par)607.576
192,881
578,643
578,643
Earn. per sh. on cap.stk.
$383
$14.27
$7.54
$6.39
Balance.surplus
$5,289,071 612.636,834 $2.864,752 $1,625,344
a Net profit of subsid. cos. including foreign, after writing down inven- fibs. of corn, oustanding
tories of raw materials to cost or market, whichever was lower, and de479,325
(par $10)
452,960
430,000
452,760
ducting maintenance repairs provision for doubtful accounts, the pro- Earns. per share on com$15.53
$31.99
64.98
$9.08
MAR. 30 19291
2081
FINANCIAL CHRONICLE
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARIES.)
1928,
1928.
1927.
•
1927.
LiabilitiesAssets$
$
$
$
Capitalstock
Bldgs., real estate,
40,000,000 40,000.000
&c
.9,282.018 9,495,522 Acets payable- _
2,689.190 2.664,375
G'd-will, pats.oftc. 5,388.910 5.388,910 Deposits
237,237
Inv. in attn. cos_ _64,568,891 1,991,698 Accr. taxes, &c.-- 845.495
171,155
Inventories
13,243.128 16,287,358 White Mot.Realty
Co_
29.958
White Mot. Realty
13.428 White Mot.SecuriCo_
ties Corp
175,621
645.464
Total
$36,772.091 $32,307,511 U.S. Govt.securs.10,869,935 4,795.297
$36,772,091 $32,307,511
Total
2,024,846 2,794,690 Contingencies res. 1,147,753
649.708
-V.127. p. 3554. Notes receivable_ _ 4,349,212 4,446.181 Surplus
x Stocks of listed dividend paying corporations at cost.
Acetareceivalbe_
8,802,165 5.781.352
1,376,907 1,838.077
Cash
Miscell. accounts
Chrysler Corporation.
174.280
130,520
receivable. &c
-Year Ended Dec. 31 1928.)
2,448,347
(Annual Report
Stock of other cos_
Prep'd rentals,tax.
475,502
455,815
The income account and balance sheet, as of Dec. 31 1928, int.,&c
BALANCE SHEET DEC. 31.
1927.
Liabilities1928.
1928. • 1927.
Assetsx Stks.owned -323.517,969 $25,466,323 Common stock. $5,032,240 $4,756,080
9.014
27,433
Mtseel.stocks- 9.885,789 3,971.635 Accts. Payable
40,000
3,314.879 2,812,938 Due employees
Cash
452.980
478.308
56,615 Divs. payable 53,454
Other assets810,438 2,113.238
Tax res
4,150,500 3,952.000
Capital surplus
Earned surplus 28,273,172 20,984,219
together with commentary on the year's operations, will be
found in the advertising pages of this issue. Our usual
comparative income account statement was published in
V. 128, p. 1912.
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
61928.
1927.
61928.
Liabilities
Invested capital a72,329.003 456,179,466
Land,b1dge.,mach'y & equip z83,703.628 22.245.968 Dodge Bros. 5%
2.305,000
25,000,000 25.000,000 notes
Good-will
49,509,233 5,430,771 Dodge Bros.6%
Cash
debentures._.56,705.000
Mktable.secure. 3,760.759 27,211,232
Maxwell 53S%
Car stints. agst.
927,000 1,168.000
notes
B of L drafts 6,550.203 2,308,746
222.035
Empl.dep.for stk
Bk.fd. (dabs.)
501,696
Notes receivable 1.611,000 1,733,801 Acc'ts payable__ 25,122.960 6.933,612
Prov.for Fed.tax 4,101.713 3.279.778
Acc'ta rec. less
170.644
1,125,713 Accrint.,tax.,&e. 1,921,755
allowances_ _ 4,200,011
2.534,523
311 Divs. payable_
Fretstk.skg. Id
Inventories ___ 44,985,395 17.845.318 Dealers & distr.
357.693
1.527.016
deposits
552.802
5,247,980
Other assets___
13,680.675 4,068,208
440,016 Reserves
Deterred
1,875,426
48,225,210 z28,980,722
Surplus
Assets-
226,845,334 103,814.681
Total
226.845,333 103,894,681
Total
a Represented by 4,407,475 no par shares. b Includes assets of Dodge
1928 x Land, buildings, machinery and
Bros.. Inc., acquired in July
equipment after deducting $40,723 692 reserve for depreciation. y Represented by 215,448 no par preferred ,A shares and 27 shares deliverable
under the Maxwell plan, and $2.699,241 no par common shares and 12,839
shares deliverable under the Maxwell plan. z Comprises appropriated
surplus of 31.594.331 on account of repurchase of capital stock; $312 on
account of payments to pref. stock sinking fund: $763,630 on account of
operation of pref. stock sinking funds, and unappropriated surplus of
$26.622,449. Upon sale of capital stock, the $1,594.331 will become part
-V. 128, p. 1912.
of unappropriated surplus.
Ford Motor Co. of Canada, Ltd.
(Report for Year Ended Dec. 311928.)
Cars
Tractors
PRODUCTION FOR STATED PERIODS.
Year End. Year End. Year End. 5 Mos. End.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Dec. 31 '25.
100.614
26.885
75.241
37.844
6,140
2,298
1.689
6.819
INCOME ACCOUNT FOR STATED PERIODS..
5 Mos. End.
Years Ended
Dee. 3'21 8. Dec. 31 '27. Dec. 31 '26. Dec. 31 '25.
Total sales & other inc-y$48.265.969 327.820,549 $54,254,619 316.194.142
Expenses, depr.,
operation and taxes-- 51,666,620 27.649.327 x48,913,442 15.219,825
$171,222 $5.341.177
loss$3,400,652
Net profits
$974.317
Adjust. of claims and inCr181,535 Cr135.872
come tax
27,855,336 28.552,580 24.275,530 24.001,213
Previous surplus
Total surplus
Dividends paid
Reserve for conting-
$24,454,685 328.905.336 329,752.580 324,975,530
(15)1050.000 (10)700,000 (10)700,000
500.000
Profit & loss, surplus424,454,685 $27.855,336 $28,552,580 $24.275.530
Earns, per sh. on 70,000
sha. (par $100) capital
$2.45
Nil
$76.30
$13.92
stock outstanding_._x Includes plant write-off, but excluding certain rebates which may be
received at a later date. y Includes $1,182,836 in dividends from affiliated
companies.
COMPARATIVE BALANCE SHEET DEC. 31.
1928.
1927.
1927.
•
1928.
Liabilities
Assets
Plant amount- _ -24,132,488 22,059,100 Capital stock_--- 7,000.000 7,000.000
1 Accounts payable 7,174,220 1,240,068
Patents
1
Cash
8,563,871 Accrued Payroll.
175,848
Can. Govt. bonds 2,908,097 4,981,253 &0
165.500
Accts. receivable 2,970,326
388.037 Reserve for income
21.379
Deferred charges
124.167
tax
233.829
Inventories
6.849.959 3,054.079 Depreen reserve 11,117.467 9,193,451
Investments
6.205,502 6.205,502 Contingency reeve 1,000.000 1,000.000
Adv. to still. cos 7,622,017 1,099.726 Surplus
24,454.685 27,855,336
Total
50,922,221 46,475,734
-V. 126, P. 3291.
Total
50,922.221 46,475.734
(The) White Motor Co., Cleveland, Ohio.
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Walter C. White, together with
income account and balance sheet as of Dec. 31 1928, will
be found under "Reports and Documents" on subsequent
Pages.
COMPARATIVE INCOME ACCOUNT.
Calendar Years-1928.
1925.
1926.
1927.
Opor. profit (after deducting mfg., selling.
services & adm. asp.) $1.988,588def$1696.299 $1.959.538 $4,692,104
Discount on purch.. Mt..
miscell.
&
earned
other income-net.__
250,174
1,129,772
582.029
318,859
Total income
2,238.761 def1,377,439 2,541,567
Estimated Fed.taxes__ 275.000
358,000
Cr.357,051 Cr.482,097 Cr.382.724
Adj. earns, of subs
Net profit for year..
Previous surplus
2,320,813 def895,341
2,566.291
5,781.352
9.476,693 14,810.403
Total surplus
Dividends (cash)
do (20% stock)
Trail. to res.for conting_
8,102,165
800.000
17,376,694
2,900.000
5,000,000
5,781,352
9,476,694
800,000
Nilj
800.000
$3.21
500,000
6.802,165
Surplus Dec.31
Shares capital stock out800 000
standing (par $50)
4.90
Earned per share
8.581,352
2.800.000
51,690,183 50.149,292
Total
51,690,183 50,149.292
Total
a After deducting $5,364,928 allowance for depreciation. b includes
common stock of White Motor Securities Corp. (book value) $1,588.680
and capital stock of the White Motor Realty Co. (book value) $760.109.
-The White Motor Co. has guaranteed the principal amount of
Note.
$2,500,000 of 7% preferred shares of White Motor Securities Corp. and
the payment of regular dividends thereon. There was a contingent liability
as of Dec. 31 1928 in connection with $9,958,904 of customers' notes
receivable sold to White Motor Securities Corp. under agreement to repurchase in case of makers' default. All of these notes are secured by
-V. 127, p. 2385.
direct lien on trucks and busses.
International Harvester Co.
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Alexander Legge, together with
the income and surplus account and balance sheet as at
Dec. 31 1928, will be found under "Reports and Documents"
on subsequent pages of this issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1925.
1926.
1927.
1928,
149,333,613 $36,863,501 $34,348.913 328,956,967
Operating income
217,042
276.159
321,046
272,487
Deductions-Interest_ _ 292,897
495.817
423,749
405,646
Ore and timber exting.
4,781.283 4.460.360
5,461,222
7,422,355
Reserve for deprec'n
982.745
2,017,594
2,641.286
Special maint. reserve_ - 3,030,890
2,332,684
2,119.168
2,656,982
Res've for losses on rec..- 3.266,883
2,000,000
Develop & extension
750.000
Res. for coll. expense__ 1.500,000
2.000,000 2,000.000
2,500,000
Pension fund
Net profit
Previous surplus
329,685,350 323,359,215 322,658.891 $19,171,240
83.242.886 77,042,890 64,934.939 55,121.169
3112.928,2373100,402,105 387,593.831 374,292.409
Total
4.363,635
4,558,338
Preferred diva.(7%) - 5.099,173 4,792.084
(6)7.651,231 (6)6,294,630 (6)5,992.602(5)4,993,835
Corn.divs. cash
6,072,504
(in stock)-----4,280.348
do
Amt. trans. from surp,
-.
66.137.770
to capital
Profit & loss surplus...329,759,714 $83,242,886 377,042.890 364,934,939
Shs.corn.stock outstandx998,768
x998,768
4.409.185 x1,300,000
ing (no par)
$18.12
$14.82
$14.28
$5.57
Earned per share
x Par $100.
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
Liabilities-Assets
Preferred stock_ 73.712.300 69.288,500
Real est., plant
mines.&c___.103,944.447 100,000.089 Common stocke176.367.400 105,949,276
Current Invoices,
Marketable sec- 6.869.345
308.736 pay tie, tax,&c 34.898..482 28,742,369
501.280
Deferred charges
10,073.530 Pref. div. pay'le. 1.310.977 1,224,177
fund_
Pension
Inventories _--_ 80,231.599 76.252,465 Corn. div. pay'le 2.755.741 1,589,238
Accts. rec., &c.6120.487.701 98,787.850 Fire insur. rove. 8,971.785 8.736.731
13,942,688
Investments __ 1,637,742 4,256,494 Pension fund_
32,468,372 36.896,386 Other reserves- 18,345.085 12,859.684
Cash
29,759.714 83,242,886
Surplus
346,120.488 325,575,551
Total
346,120.486 325,575,551
Total
a Includes real estate, plant, property, mines, timber lands, &c., $155,708,504 less reserves for plant depreciation of 351,764,057. b Includes
dealers, and farmers' notes. $89,336.792 and accounts receivable $41.142.010 total, 3130,478.802 less reserve for losses of $10,011,101. c Repre-V.128, p. 119.
sented by 4,409.185 no par shares.
American European Securities Co.
-Year Ended Dec. 31 1928.)
(Annual Report
The remarks of President Ernest B. Tracy, together with
the income account and balance sheet for 1928, will be found
in the advertising pages of to-day's issue.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
3249.899
$289.281
$439.647
Gross income-Cash dividends
13,471
9,580
17.678
Interest on bonds
75.250
60,893
1.647.006
Net profit on sales of securities
3,203
14.603
Other income
$362,958
$338,621
46,653
206
26,624
39.138
6.219
43,736
$1,715,393
Net profit for year
180,000
Dividends on preferred stock
360,000
Reserve account
140,000
Extinguishment of disct. on fund.debt
$289,474
180,000
3249.526
180,000
Surplus for year
Previous surplus
31,035.393
179,000
3109.474
69.526
$69.526
Total surplus
Shares com,stock outst. (no par)
Earnings per share
$1,214,393
130,000
$11.81
3179.000
100.000
$1.09
$69,526
100,000
$0.70
Total gross income
Interest on funded debt
Interest on notes payable
Miscellaneous interest (net)
Expenses
Taxes paid and accrued
32.118.935
165.555
18,376
36.891
182,718
COMPARATIVE BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
8
Liabilities$
Assets
,
17,729 Preferred stock-33.000,000 3,000.000
10,046
Cash
5,821.876 Invest. securities:
Common stock __.x4,277,910 2.461,293
765.000
z1,200
z1.200
13,813,662 7,191,952 Option warrants__
Stocks
Cr.219,369
94,724'Funded debt
634,166
Bonds
667
16;
Int. on fund. debt. 4,0® 0®
Syndicate Partici5.276,246
1,000,000
7,200
Notes payable_
pations
11.534.157 Furniture &
276,417
676
Ace'ts payable__- 1,389.359
30,000
30,000
Accrued dividends
16,810.403
356,493
General reserve_ _ _ 360,000
2,000.000
Accrued taxes- 176,220
179.000
1,214.394
e
Total(each side) 14,465,751 7,304,404 Su
x Represented by 130,000 shares of no par value. y Represented by
issued and out14,810,403 30,000 shares of no par $6 cumulative stock. z There are at any time.
standing option warrants entitling the holders to purchase
500.000 without limit, 20.000 shares of common stock at a price of $25 Per share$10.55 -V. 128, p. 251.
2082
FINANCIAL CHRONICLE.
Paramount-Famous-Lasky Corporation.
(Annual Report-Fiscal Year•Ended Dec. 311928.)
The statement for the late fiscal year is given in full
under "Reports and Documents" on a subsequent page of
this issue.
[VOL. 128.
The California Petroleum Corp. brought us over
gross crude production in the United States together 43.000 barrels daily
with
prospective producing acreage aggregating 130,556 acres; producing and
wells and 117 wells capable of production shut in; refineries 797 producing
at
Fillmore and Coalinga, Calif., and Sunburst. Mont., with Los Angeles,
a combined
daily crude charging capacity of 42,000 barrels; 4 ocean terminals
on the
Pacific Coast; 11 casinghead gasoline plants; trunk pipe lines
and gathering
systems,totaling 222 miles',field and refinery taiikage aggregati
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
barrels
crude and refined oil inventories amounting ng 12,111,000
to
barrels:capacity'. distributing plants, 184 service stations and 6.658,262
53 bulk
1928.
1927.
over 2,000
1925.
1926.
Operating profit
$9,329.593 $8.662,712 56,100,815 $6,418,054 controlled dealer outlets; six ocean-going tankers with combined deadweight capacity of 71,108 tons.
Less prov. for Fed. taxes
616.529
604,714
700,000
500.000
The purchase from the Galena Signal Oil Co. included a
Oper. profit for year
$8,713,063 58.057,997 55,600,815 $5,718,054 barrels daily capacity at Houston. Texas, with 510 acres refinery of 20.000
of land adjoining
Pref. diva. pd.& reserves
614,586
658,000 property owned by The Texas Co.; tank farms at Houston and Mesta.
633,070
Corn. div. pd. & reserved 5.671,797
5,793.991
4,443,640 2,200,814 Texas, with 3,190,000 barrels of steel tankage capacity; deep water terminals at Bayway, New Jersey, with tankage of 204,000 barrels
capacity,
Balance, surplus
53,041,266 51.649,419
5524,106 52,859,240 and Wilming.tion, N. C., with tankage of 140,400 barrels capacity, the
Previous surplus
15,508.437 15,733,422 15,209,317 12,350,077 latter adjoining property owned by The Texas Co.; bulk plants and
service
Surp.approp. to red. pfd.
stations, including crude and refined inventories; also the
capital stock
stock & for other nonof marketing subsidiaries in Ireland, France, Argentina
operating reserves_
cluding terminals at Dublin, Ireland, and Rouen. France, and Brazil, in1,874,405
and
and established business of these foreign companies; marine inventories
equipment
Profit & loss surplus_ -$18,549.703 $15,508,437 515,733,4 $15,209,3
17 of the Galena Navigation Co., consisting of 2 ocean-going tankers and
23
Average number of corn.
two smaller units.
abs. outst'g (no par)-- a2,062,857
579,327
The purchase from Landreth Production Co. included
275,102
459,020
Earns, per sh. on com_ _
production in
$4.22
$12.85
510.82
$18.39 Crane. Upton and Winkler Counties in West Texas of 9,926
a After 3 for 1 split-up or $12.67 on old basis.
barrels net
per day; steel tankage capacity totaling 4,265,000 barrels;
CONSOLIDATED BALANCE SHEET DEC. 31.
of crude oil; gathering lines, loading racks, &c.; developed 2,864,455 barrels
and undeveloped
leases, most of which are in proven productive area. As of
1928.
1927.
1927.
1928.
December 31st,
the net production from these properties was 12,214 barrels
ARM-per day.
Land, buildings,
In December we contracted with The Louisiana Land &
Common stock _668,187,331 62,824,630
Explorati
leases & equipAcels payable__ 2,941,262 2,131,914 to develop over 1,800,000 acres of land lying across the southern on Co.
portion
ment
117 156,870 80,843,610 Bills payable-3,100,000 of Louisiana. In exchange for the exclusive right to produce oil from these
Cash
a13,155,119 11,283,349 Owing to sub.cos.
properties, we agreed under certain conditions to
Bills receivable_
168,771
and to drill the domes already located, as well explore these areas further
171,877 (not consol.)148,221
88,398
as to assume the bonded
Accls receivable 7,419,122 5,876,436 Excise taxes, payindebtedness of The Louisiana Land and Exploration
Co., amounting
Inventory
19,454,002 23,359,004
rolls, &c
2,209,628 1.927,756 to $1,800,000, when due, of which $800,000 will be recoverable out of
Securities
2,117,709
one-half of the first royalty oil produced and profits of
583,062 Owing to outside
The Louisiana
Invest. in sub.&
Land and Exploration Co.
producers and
MM. cos. (not
owners of royProduction Operations United States.
-Gross production from wells
consolidated)_ 10,399,129 4,532,595
ally rights- -- 1,797,593
933,201 operated by the company during the year 1928,
amounted to 44,269,970
Depos. to secure
Pur. mon. notes
barrels, an increase of 18,195,106 barrels
contracts _ _ _ 2,729,165
882,757 & mtg. bds. of
Petroleum Corp. properties accounted forover 1927. Of this the California
16,621.786
13eferrzsl charges 5,033,817 4,320,246
subs,due in 12
in the oil produced plus oil produced by others for our barrels. Our interest
Good-will
account amounted to
5,074,029
months
2,412,036 1,601,972 38,594,965 barrels, compared with 22,569,278 for
1927.
Ser. payls on inv.
Drilling operation
due in 12 mos_ 1,218,168 3,489,983 for the preventio s were confined principally to necessary offset wells
of drainage
Fed. taxes (est.)
770,000 was no suspensionnof activity in and to protect expiring leases, but there
920,000
geological
Res. for com.dlv
1,177.948 and this will have an important bearing and geophysical exploration work
upon our future operations.
Adv. paym'ts of
The
film rentals,&c
686,055 lands total acreage held in the United States at the end of the year in fee
666,388
and leaseholds was 5,475,893 acres. The increase *I' 2,747.910
Pur. non. notes&
acres
mtgs. of Subs. 41,607,801 36,008.515 was due largely to extensive acquisitions in the Gulf Coast areas of Texas
and Louisiana and in California, Montana and Wyoming
Serial payments
. Among these
on invwtm*ts_ 7,294,143 9,144,310 were elven producing properties not included in the California Petroleum
Corporation holdings.
20-yr. sink,fund
Mexico.
gold bonds
-In Mexico the production from wells
14,885,000 16, . °
000 0 0
Co. of Mexico, S. A. was 314,246 barrels as againstoperated by The Texas
APProp.surplus,
386.819 barrels in 1927.
Venezuela and Colombia.
&c.,reserve._ 2,107,808
755,370
'
-In Venezuela through
the California Petroleum Corp. (Virginia),had madethe contract which
Minority int. in
subsidiary cos c5,686,624
778,479 011 Co., we acquired a half interest in 565.728 acres with the Pantepec
Total(each side)170,631,704, 156,926,967 Surplus
18,549,703 15,508,437 Cessions and 99,268 acres of exploitation concessions, of exploration conin addition to the
Note.
-(1) Contingent mortgage liability of subsidiary companies, $890,- 106,367 acres already held under exploitati
on concessions through our
500; (2) contingent liability on investment notes discounted,
$930,000; subsidiary, Texas Petroleum Co.
total, $1.820,500.
A program of geological and geophysical surveys in now
under way.
a Includes call loans of $1,450,000. b Representing 2,163,565 shares of
In Colombia, Texas Petroleum Co. at the close of
the year had options
no par value, including old sharer' not converted and 100.708 shares issued on 428,644 acres of fee lands.
Dec. 28 1928 not entitled to dividend paid Dec. 29 1928. c Includes
Pipe Lines.
-Pipe line runs for the year were 51.912,709 barrels,
an
$3.073,200 preferred stock.
increase of 11,973,054 barrels compared with 1927.
-V. 128, p. 1747.
Texas Co. refineries of 47,861,703 barrels were greater Deliveries to The
Texas Corporation.
year, increasing 13,936,197 barrels over 1927. These than in any previous
figures do not include
transfers of distillate from Dallas and Shreveport
(Annual Report-Year Ended Dec. 31 1928.)
Works which amounted to 2,793,067 barrels in refineries to Port Arthur
1927 and 2,925,423 barrels
President R. C. Holmes in the annual report for 1928 In 1928.
The total oil transported for account of others than
states in substance:
The Texas Co. was
Earnings available for dividends and surplus,after deducting all necessary 1.512,545 barrels, or approximately 2,000,000 less than in the previous
year, but
reserves, were $45,073,879, equal to $5.56 per share on the average number amount ofthis did not result in idle line capacity because of the greater
oil handled for our own account.
of shares outstanding during the year, compared with $20,029,405. or
During the year our pipe line system was extended
$2.88 per share for 1927.
section of the Panhandle of Texas with an eight inch to the Gray_ County
line
It being our practice to show crude and refined inventories at
lower to Vermon and Wichita Falls, Texas, connecting into from Kingsmill
of cost or market,It is worthy of mention that notwithstanding the lower Texas and Central
both the
the
Texas lines. An additional eight inch line from North
prices of crude, no charges to earnings were necessary in 1928 for inventory to Corsicana
Dallas
and from Corsicana to San Augustine, connectin
adjustments because all products, carried at cost, were lower than market. Louisiana
g with our
lineal
On Jan. 19 1928, in accordance with an agreement made with the officers capacity to Port the latter point, a total of 333 miles, increased the through
Arthur by 10,000 barrels daily.
of the California Petroleum Corp., The Texas Corp. offered
The construction of a twelve inch pipe line approxima
its shares for stock of the California Petroleum Corp. on the to exchange length from
tely 570 miles in
basis
share of The Texas Corp. stock for each two shares of California of one was begun. Wink in the West Texas area to Houston and Port Arthur
PetroAn extension of this line from Wink, Texas, to
leum Corp. stock. The California Petroleum Corp. had outstanding Mexico, a distance of
Jal, New
2,060,966 shares and by Dec. 31 1928, 2,048,212 shares, or 99.38%, had a capacity of approxima 23 miles was authorized later. This line will have
tely 60,000 barrels of oil per day. To
been exchanged.
for the line we have contracted with others to transport insure tonnage
On Oct. 16 1928, stockholders of The Texas Corp. of record on Nov Coast, which together
oil
with our own refinery requirements to the Gulf
23 1928, were offered additional stock of The Texas Corp. at $40 per share profitable operation of the
wlli insure
line.
in the proportion of one share of new stock to each 6 shares then held.
In conjunction with the Empire Gas & Fuel Co. we
organized The Texas
This will require the issuance of 1,407,190 shares and will bring into the Empire Pipe Line Co.,
participating equally in ownership, to
treasury $56,287,600, providing funds for the liquidation of bank loans a 12 inch pipe line from
construct
Oklahoma and
and for the large construction program under way.
finery and to a proposed refinery of the Kansas to our Lockport, Ill., reEmpire Gas & Fuel Co. at East
Chicago, Ill.
INVESTMENT EXPENDITURES DURING THE YEAR 1928.
'
An 8 inch branch line will extend to Stoy and
Producing
-s
Stoy the line connects with the Tide Water Pipe Lavrrencoville, Ill. A
Producing properties purchased
$3,962.747
Line system.
Refining.-Crudes run in 1928 aggregated
Lands and leases purchased
10,707,486 crease over 1927
55,083,52 barrels, an inof 16,616.576 barrels, or 43.2%, and3 the
Drilling operations
5,538,098 manufactured
25,204,020 barrels of gasoline, an increase over department
Sundry lease, well and plant equipment
2,852,911 year of 6.675,1:33
the previous
Casinghead gasoline and vacuum plants
987,311 .308,179 barrels orbarrels or 36.0%. The lubricating manufacture increased
19.8%.
MLscellaneous
560,603
The percentage of gasoline manufactu
red from domestic crude run at
refineries, excluding those of the California
$24,609,158 improvement in
1928 reaching a new average company, showed further
Refining
of 51.1%. compared with
46.7% in 1927, although 18.6% of the
Pressure stilling equipment
$863,559 with a
crude was of the heavier grades
smaller gasoline content.
Other stilling equipment
788,988
During 1928 these refineries ran 4.2% more
Tankage,lines and pumping equipment
1,315,820 more gasoline
and 19.4% more lubricating oil crude and produced 16.2%
Other refinery equipment
3,163,417 the yield of
New refineries
fuel from 26.89' in 1927 to 24.1% inthan in 1927 and reduced
3,209,202
1928.
In addition to the 4 refineries which we
Additional terminal facilities
1,716,904 Petroleum
Miscellaneous
Como. and the Galena refinery atacquired with the California
556,146 at Amarillo.
Houston, wo purchased one
Texas. Sites were acquired and authority
granted to con$11,660,040 struct plants at Cody, Wyoming, El Paso and San Antonio, Texas, and
to increase the crude capacity of our
Domestic Sales
Lockport, Ill., refinery from six
thousand
Land (station locations)
$1,566.522 these new to twelve thousand barrels per day. With the completion of
Additional station facilities
installations our refineries will number 17 with,a
2,903,950 crude
combined daily
Loaned equipment
capacity of 204,250 barrels.
1.324,564
Automotive equipment
-Gasoline sales in 1928 were the greatest in the company'
1,048,793 anSales.
s history,
Miscellaneous
increase over 1927 of 36.5%. Lubricating oil sales
195,159 7.6%.
in 1928 increased
Excluding Pacific Coast territory and notwithst
87,038,991 crease in
anding the large inExport department and subsidiaries
3,295,651 delivery gallonage handled in 1928, we decreased the number of automotive
Tank Farms
units operating in domestic territory
Additional tankage,land and improvements
accidents involving the equipment decreased inby 9.2%. The number of
2,603,171
greater proportio
Pipe Lines
Sulphur Operations.
-The results from sulphur operations at n.
Hoskins
Gathering,station and field lines
Mound, Texas under our contract with the Freeport
$1,154,167 tinued
Sulphur Co. conStations and station facilities
to improve. Conditions in sulphur markets did
1.043,925 terially
Telegraph and telephone
during the year. Sulphur production at Hoskins not change ma149,533 was
Mound in 1928
New main lines
564,010 tons as compared with 498,035 tons in 1927, an increase
7,074,830
of
Other facilities, additions and improvements
1,864,115 13.25%.
Our proportion of the profits for the year amounted
to
compared with $1,999,617 in 1927, an increase of 74.75%. $3,494,311 as
$11,286,571 in
During 1928,
Other Facilities
accordance with the terms of the contract, we received approxima
tely
Marine equipment
786,189 70% of the ne:frofits from operations as compared with 50% heretofore.
Tank cars
o
567,701 asDistributionStock.-On Dec. 31 1928, there were 50,520 stockholders.
All other
compared
th 39,319 at the close of 1927, an increase of 11,201 due
542,403
principally to the exchange bf stock for California Petroleum
Corp. shares.
$1,896,294
Our usual comparative income account and balanceTotal
$62,389,879 sheet tables were published in V. 128, p. 1720.
FINANCIAL CHRONICLE
MAR. 30 1929.]
PRODUCING OPERATIONS.
Crude OR Produced (bbis.):
Texas
Louisiana
Arkansas
Oklahoma
Kansas
Kentucky
New Mexico
Colorado
Wyoming
Montana
California
1927.
1928.
14,309,997 11,719,946
1,971,135
1,842,395
2,222.401
1,648.167
7,856,663 7,519,295
1.070,484
795,611
322,189
280,173
15,856
28,359
981,983
882.490
251.575
628,628
203,403
15,994,084
Wide*
44,269,970 26,074,864
386,819
314,246
As a result of the sale these reserves, created from interest and profits
Inc.(+) or of somewhat less than 434% on the total volume of financing, and amountDec.(-) ing to $5,043,613, have now been added to surplus.
-The number of holders of common and special stock at
Stockholders.
+2,590,051
-328,740 Dec. 19 1928 was 51,882 and included residents of every State in the Union.
-574,234 This compares with 49,841 at Dec. 21 1927.
+337.368
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS.
-274,873
1925.
1926.
1927.
-42,016
1928.
$
$
+12,503
$
$
Receipts337,189,422 312,603,772 326.974,104 290,290,166
-99,493 Net sales billed
x297,528,192 276,454.003 289,878.335 257.479.491
+377,053 Cost of sales, &c
+203,403
39,661,231 36.149.769 37,095,768 32,810.675
+15,994,084
Profit from sales
Interest and discount
+18,195,106
and sundry profits_ _ _ 5,988.176 4,955,805 4.060,287 3.803.234
-72,573 Income from securities.. _ 11,683,024 10,440,113 8,501,239 6,556.833
44,584,216 26,461,683 +18,122,533
Total
Production shown is gross. Royalty and other outside interests averaged.
In U. S.. 17.1% for 1928, and 16.4% for 1927: in Mexico, 21.9% for 1928,
and 20.2% for 1927.
Inc.(+)or
Dec.(-)
1928.
Producing Wells at End of Year1927.
1,951
Texas
+98
2,049
368
383
Louisiana
-15
222
Arkansas
-7
215
Oklahoma
1,741
+34
1,707
993
990
Kansas
+3
Kentucky
484
-2
482
New Mexico
7
8
-1
Colorado
21
+12
33
Wyoming
45
88
+43
Montana
45
+45
California
+684
684
Total
Acreage Held at End of Year:
In U. S.:
Fee lands (acres)
Leaseholds (acres)
Mexico:
Fee lands (acres)
Leasehold (acres)
Venezuela:
Leaseholds (acres)
Colombia:
Purchase options (acres)
6,705
27
5,811
27
+894
0
6,732
5,838
+894
610,121
4,865,772
561,180
2,166,803
+48,941
+2,698.969
5,475,893
2,727,983
+2.747,910
2,242
188,311
2,242
6.295
+180,016
188,553
Mexico
8.537
+18,016
106.367
106.367
428,644
0
0
+428.644
Total
+3,356,570
6,199,457 2,842,887
In addition to the above California Petroleum Corp. of Venezuela, in
which we have a one-half interest, holds 664,996 acres in Venezuela in
concessions for exploration and (or) development.
Inc. ((gl) or
1927.
Dec.(-)•
1928.
Gasoline prod. from Casinghead &
natural gas:
Number of plants at end of year__
19
30
+11
Production during year (gallons)-80.543.123 23,146.249 +57,396.874
Natural gas prod.*(M.Cu.ft.)
+5,438.842
18.125,762 12.686,920
Natural gas wells at end of year
+23
110
87
* Includes residue gas.
-V. 128, P. 1720.
General Electric Company.
(37th Annual Report-Year Ended Dec. 31 1928.)
Chairman Owen D. Young and President Gerard Swope,
Schenectady, March 26, wrote in substance:
Orders.
-Orders received during 1928 were 8348,848,512, compared with
$309,784,623 in the year 1927, an increase of 13%. Unfilled orders at the
end of the year were $72.953,000, compared with $68,916,000 at the end
of 1927, an increase of 6%.
Manufacturing Plants.
From the formation of the General Electric Co. in 1892 there
had been expended on manufacturing plants to Dec.311927_3277,687,091
Added during 1928
15,954.313
Total
$293,641.405
Dismantled, sold or otherwise disposed of to
Dec. 31 1927
$76,790,107
Dismantled,sold or otherwise disposed of during'28 11,219,468
88.009,515
Cost of present plants
$205,631,891
General plant reserve & deprec. Dec. 31 1927-$150,558,612
Added during 1928
7,516,467
158.075,079
Net book value Dec. 31 1928
$47.556,812
No new buildings of importance were added during the past year.
During the last 6 years 21 factory properties were sold, having a first
cost of 36,021.561. against which normal depreciation reserves of $1,476.920
had been set aside, leaving a book value of $4.544.641. The aggregate
selling price was $3,645,043, or a loss from first cost of 82,376,518, or 39%,
and a book lose of $899,598. These losses were charged against the general
plant reserve.
The above losses were sustained on sales of relatively small properties,
having an average cost value of approximately $290,000, for which there
are presumably many prospective users.
Associated Companies.
-Investments in associated companies have been
appraised and are carried at a net valuation of $96,614,722. compared with
$90,330,622 at the eild of 1927. These amounts include advances as well
as securities, since a large part of the advances are required permanently
in the business. The increase of $6,284,101 is largely due to additional
capital provided for the International General Electric Co. and the United
Electric Securities CO.
The method of valuing these securities has been the same for many years,
that is at cost or an appraisal based upon the methods followed by your
company in appraising its own assets. Few of the securities of the associated companies are quoted in the market, and it has not been the policy
to write these few securities up or down with changes in the market. This
principle has been adhered to in valuing 248,106 shares (before the proposed
exchange of 5 shares for one) of the common stock of the Radio Corp. of
America. These shares have been carried on the books at the same figure
for many years, which is approximately cost at the time of their acquisition.
The interest and dividends received from these associated companies
% of the value at which these investamounted to $7,198,005, which is
ments are carried. If company's proportion of all earnings of associated
companies available for dividends, whether paid or not, had been taken
into income, the increase would have been approximately 81.62 per share
on the common stock.
-Since 1921 company has been financing
Contract Purchase Corporations.
time installment sales of electrical products in which General Electric apparatus has formed a part and, at the close of 1926. advances of $18.073,000
had been made to its subsidiary financing companies to enable them to
carry on this business. At a later date a maximum of $20,305,000 was
advanced.
Over this period of operation more than 800,000 contracts, amounting
to upward of 8114.000.000, were financed. In addition to the direct sales
that were mado and the profit from the business, there were important
collateral advantages in increasing the use of electrical devices in homes
and workshops.
On June 30 1928 your company sold the entire stock of the General
Contract Purchase Corp. and its affiliated companies to the Industrial
Acceptance Corp., which corporation is engaged in the business of installment financing and is in position to serve the needs of company in this field.
2083
57.332.433 51.545,687 49,657,295 43,170,743
Total
Deduct
436.512 1.925.697
284,485
321,678
Interest payments
2.856,948 2,461,712 2,548,284 2,603,829
General reserve
Net profit
54.153.806 48,799.489 46.672,499 38.641,217
Corn. divs., cash_ _ _ _(36)43,265,656 a34.251,774 b19.828,897 c14.407,544
1,735.576
Cash diva. on spec.stk.,. 2,574.655 2,574,447 2,357,614
8,313,495 11,973,267 24,485,988 22.498.097
Balance, surplus
115,096.616 103.123,348 85.848,171 72.362,223
Previous surplus
123,410,111 115,096,615 110,334,158 94.860,321
Total surplus
(4)7,210,810(5)9,012,150
Dividends in stock
Res. for contract purch.
corp. investment
Cr5,043,613
Res. for Federal taxes,
Cr4,220,928
rest to surplus
Profit & loss surplus_ _132,674,652 115,096,615 103.123,348 85,848,171
Shs. corn. out.(no par)_ 7,211.482 7,211.482 7,211,482 y1,802,870
$20.49
86.14
$6.41
$7.15
Earns, per sh. on corn..,
a $4.75; b 84: c $8. x Includes provision for Federal taxes. y Shares
of 8100 par value.
'CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
$
Liabilities$
$
Assets$
Common stock y180,287.046 180,287,046
Patents. fran1
1 Special stock__ 42,929,635 42,929.635
chises, &c...._
558 812 50.338.372 334% debens___ 2,047,000 2,047,000
Mfg- Plants----147. .
Real estate, &c. 2,380.281 2.496,892 Chas. A. Coffin
400,000
400,000
Foundation_ _
Furn. di appl'ces
Accts. payable__ 17,928,194 12,721.346
(other than In
1 Accr.taxes (est.) 9,670.554 12,571,539
1
factories). _ _ Investment secs. 12,206,301 12,618,704 Adv. on contr'ts 19,534,344 19,068,109
Dividends paysAssoc'd mfg. &
distrib. cos__ 96,614,723 90,330.622 ble January__ 15,065,574 7,854,563
64.089,379 77,393,007 Res. for self-ins.,
Cash
compensation,
Notes & accts.
5,957,418 5,014,515
receivable.-- 39,804,607 33,969,497 &c
Work In progress 19,087,454 16,789,740 General reserve_ 33,960,905 30,158,263
132,674,652 115,096,616
'67,213,706 Surplus
63,776,149
Inventoriex
U.S.Govt.sees..114,624.000 76,371.000
315,615
627,590
Deferred charges
460,455.322 428.149.133
460.455,14 428.149,133 Total
Total
x After deducting $151.07.5.079 reserve for depreciation. y Represented
-V. 128. p. 1406.
shares of no par value.
by 7,211,482
Denver & Rio Grande Western Railroad
-Year Ended Dec. 31 1928.)
(5th Annual Report
CLASSIFICATION OF FREIGHT TONNAGE.
Mfrs. &c.
Forest.
Ore.
(Tons) Agricul. Amino's. Coal &c.
1,015,171 301.579 6.287,910 1,071,806 481,157 1,544,435
1928
918,400 497,834 1,539,898
952,210 288,417 6,450,190
1927
967,052 451,930 1,552.961
900,435 262.460 6,689,659
1926
1,009,418 262.328 6,852,288 1,056,927 398,064 1,424,659
1925
961,558 309,851 1,396,247
254,114 6,706,743
860,927
1924
990,738 308.636 1,323,429
895,588 260.204 6,383,904
1923
774.910 246,356 1.151,918
777.519 232,677 6,460,917
1922
670,504 222,658 1,120,982
857,472 198,111 5,439,898
1921
812.799 329.234 1,566,455
851,495 236,219 8,156,087
1920
295.772 6.263,927 2,960,922 309,839 1.099,098
842,740
1919
796.022 286,645 6,009.978 4,986,816 327,056 1.524.992
1918
TRAFFIC STATISTICS FOR YEARS ENDED DECEMBER 31.
1923.
1926.
1927.
1928.
2,571
2,563
2,553
2,558
Average miles operated.
828,002
717,964
675,937
591,881
Passengers carried- -- _
Pass.carried one mile-- 139,036,945 157,140,181 163,286,868 180.077,107
2.71 eta.
2.75 cts.
2.60 cts.
2.61 cis.
Rate per pass, per mile
11.003,684
Revenue freight (tons). 10,702,058 10,846,950 10.824,497 1854855,114
Rev.freight 1 m.(tons)2082,207,144 2036281,367 1944114.202
1.299 cts. 1.298 cts. 1.384 as. 1.405 et..
Rate per ton per mile__
RESULTS FOR CALENDAR YEARS.
1925.
1926.
1927.
1928.
Operating Revenues$27,041,241 826,438,496 $26,907,818 $26.062.655
Freight
4,494.547 4,879.229
3,627.272 4,090,071
Passenger
1,295.657
1,237,551
1,235,708
1,801.028
Mail, express, &c
662,353
597.749
602,350
731,115
Dining, hotel, &c
729.570
792.843
754,542
Miscellaneous
oper. revenues- 433,200,658 $33,121,169 $34.030.309 $33,629.463
Total
Operating ExpensesMaint. of way Si struc $6,178.430 86,748,481 85.899.265 $5.742,197
6.106,950 6,242,158 5,948.303
Maint. of equipment--- 6,164,141
652,277
675.673
687,957
702,899
Traffic
10,003,469 10,079.155 10.304,180 11,835.670
Transportation
623.420
561,835
474.035 . 535,486
Miscellaneous operations
1,042.650
1,051,033
1,050.681
1,047,754
General
50.269
119.830
129,495
128.312
Transp. for invest.-Cr_
Total oper. expenses_ 4,24,442,415 825,079,216 $24,614.314 $24.794.249
3,835,215
Net revenue from oper- - 8,758,241 8.041,953 9,415,995
2,300,000 2,380,000 2,430,000 2,316.092
Tax accruals
7,385
4.172
7,089
2,368
Uncollectible revenues_ -.
Total oper. inco me.. _ _ $6,455,873 $5,654,864 86,981,833 $6,511,738
Non-operating Income
Hire of frt. cars-rec'ts_ $1,643,652 81,722,884 $1,684,141 $1,415.882
152.995
234,010
184.875
225,844
Rent from equipment_ -456,252
475,066
508,225
508,687
Joint facility rent income
72,759
82,828
91,548
82.820
Miscell. rent income_ _
15.406
20.291
16.307
13.286
Misc. non-op. phys. prop
Income from unfunded
90,759
129,786
104.862
240,909
securities & accounts_
510
651
2,330
8.950
Miscellaneous income....
Total non-oper. Inc_
82.724,148 $2,631,031 32,626.765 32.204,563
8,285,895 9,808,583 8.716.301
9,180.021
Gross income
Deductions
Hire offreight cars$1,511,857 $1,464,905 31,553.501 $1,563,526
l'ayments
33.140
29.426
37,37233,575
Rent for equipment- -- 131.417
182,311
181,328
190,057
Joint facility rents
107.301
102,865
102,228
102,194
Rent for leased roads_ _ _
932
1,021
521
1,503
Miscellaneous rents... _ ..
3,665,553 3.619,230
Int. on bds., ctfs. & mtgs 3,870,517 3.696,371
6,283
3,603
18.846
2,386
Int. on unfunded debt
27,600
30.756
27,477
19,754
Misc.income charges_ _ _
298,081
998.080
298,080
298,080
Income applic. to sk. fd_
140.710
Sink. fund & impr. mtge
Inc. applic. to redemp.
395,833
485.000
300.000
520.000
of equip.trusts
Balance, surp. transf.
to cred. of P.1.L.. $2,485,592 $1,992.806 83,346,203 $2,562,986
Shs. pref. stk. outat'd'g
162,136
162,368
163,400
157.644
(par 3100)
$12.23
$26.38
$15.21
$16.26
Earns per share
2084
FINANCIAL CHRONICLE
[Vora. 128.
GENERAL BALANCE SHEET DEC. 31.
Valuation.
-During the year there has been no change in the status of
the I.
1928.
-S. C. Commission's valuation and it is now expected that the final
1927.
1928.
1927.
Assetsvaluations of the rail and steamship properties will be submitted sometime
$
5
Liabilities-$
$
Inv. In rd.& eq.206,997.496 203.512,249 Common stock_ 72.457,539 72,457,539 during 1929.
Deposits in lieu
During the latter part of 1928 the Commission issued orders in regard to
Preferred stock- 16,445.600 16,445.600
of mtgd. propFunded debt-- _120,550,000 117,450.000 bringing its valuation up to a current date and a special force is now actively
erty sold
engaged in preparing the necessary data required by these orders.
31.955
31,955 Grants In aid of
Sinking fund_ _
.
Uniform Express Contract.
140,710
-On Feb. 28 1929 the uniform express contract
800,312
construction 800,312
Misc,phys. prop
with the American Railway Express Co. expired and on March 1 1929 the
242,408
249,129 Traf.& eal.serv.
Inv.in still. cos_ 12,663,576 12,591,043 bats. Payable..
498,048
547.422 express business was taken over by the Railway Express Agency, Inc.. all
Cash
of whose stock (1.000 shares) will be owned by the participating railroads
6,039,844 3,846,311 Aud. ace'ts and
Special deposits_
16.391
4,218
wages payable 2,566,545 2,564,838 In the proportion that the express business handled by each railroad for the
Loans & bills rec
500
2,844 Misc.sects pay.
62,529 years 1921 to 1926 inclusive bore to the gross business handled by all the
49,499
Traffic and car
Int. mat'd unpd. 1,203,282 1,211,392 particitipang railroads for the same period. Under the above
sent. bads. rec. 1,362,762 1,232,530 Funded debt mat.
Company has acquired 64 shares of the Railway Express Agency, Inc., at
Net bals. rec. fr.
a cost of $4,400.
unpaid
12,000
agts. dc good.
Briefly, each participating railroad will receive its proportion of the
118,096
114,724 Unmatured int.
Misc. accts. rec. 1,712,026
1,326.907
320,244 amount avallab'e for distribution in the proportion that the express revenue
421,741
accrued
Mat'l supplies__ 3,187.295 2.900,118 Unmatured rents of its line bears to the express revenue of all the carriers in the group.
Rents receivable
The New England railroads have representation in the Railway
40,725
42,913
40,350
45,383
accrued
Other curl, assets
Agency,Inc., through the election of your Chairman as a director. Express
8,978
8.764 Unreported preWork. fd. advs.
Back Mail Pay Case.
11,887
11,024
-On March 11 1929 the U. S. Supreme Court af33,629
pay freight _
32,406
Rents ard lnsur.
97.970 firmed a judgment of the Court of Claims on the so-called Back Mail Pay
nerd liabilities_
77,732
pre= paid In
Tax liability..
2,137,105 1,960,923 Case. This judgment was based on an order of the
O. Commission,
advan,s '
covering the time between the filing of the New EnglandLines' application
461
6.872 Accrued deprec.,
Other unsdiustequipment_
3,224,063 2,307,730 for increased pay, and the date of the Commission's order granting the ined debits...-.
83,046
619,299 crease. The Postmaster-General had refused to make the increases effective
60,297 0th. unadj. cred
463.549
for the time prior to the date of the Commission's order. The principle of
Aderns to prop.
this decision also effects a claim under an order of the I.
thru. income
-S. C. Commission
242,433 In a subsequent mail pay case, awarding a further increase in mail pay for
and surplus- 284,588
Sink,fund res've 3.341,621 2,382,831 the future and for the period between the filing of the application and the
P.& L. surplus.. 8,027,166 6,391,732 issuance of the Commission's order.
These amounts of back mail pay should,after a deficiency bill is passed by
Total232,838,161 225,939,337 Total
232,638,161 225,939,337 Congress, result in the payment of approximately $2,400,000 to the com-V. 127, p. 1803.
pany.
Passenger Traffic Situation.
-The officers of the company have for some
time been carefully considering the passenger traffic situation, including
New York New Haven & Hartford RR.
co-ordination of rail, motor coach, steamship and electric railway services;
(57th Annual Report-Year Ended Dec. 31 1928.)
also, the needs for new and improved equipment. As a partial result
and authority
Chairman Edward G. Buckland, March 29, wrote in recommendation was made to the board of directorsfollowing new granted
by them on March 12 1929 for the purchase of the
all-steel
Passenger equipment, which is to be of the most modern type and will cost
substance:
-The operation of the company resulted in a surplus after all approximately $6.500.000: 90 De Luxe passenger carrying cars; 10 combinaResults.
charges of $16,887,909, an increase of $6,455,248 over the previous year. tion cars: 15 apartment mail cars; 6 dining cars; 20 gasoline electric motor
Preferred stock dividend requirements for the year were $3,343,259 and cars;24 trailers for gasoline electric cars;3 multiple unit motor cars;6 multiguarantees on separately operated properties amounted to $974,129. The ple unit trailer cars.
earnings on the common stock, after allowing for guarantees and preferred
OPERATING AND TRAFFIC STATISTICS. CALENDAR YEARS.
dividends, were $8 per share.
Operating revenues totaled $137,633,053, a decrease of $2,191,262 under
1928.
1927.
1926.
1925.
the previous year. This decrease was due almost entirely to the continued Tons of revireight carried 30,242,341
29,970,356
29,778,516
28.294,849
do carried one mile-3.886,041,974 3,851,910,815 3,358,673,943 3,119,103,285
falling off in passenger revenue. The passengers carried one mile in 1928
were lower than any year since 1916. This decline in passenger revenue, Tons of rev.freight carried
which has been characteristic of all railroads generally for the past several
1 mile per mile of road1,767,273
1,797,431
1,637,591
1,598,306
years, has been partly offset by the company through the co-ordination Avge, no. of tons of rev.
of rail and motor bus operations.
freight per rev. tr. mile_
591
547
549
528
Operating performance continued to improve throughout the past year. Av. no of tons all freight
Records established in 1927 for gross ton miles per train hour, speed of
Per rev. tmin mile
641
593
588
560
freight car movement and fuel performance were bettered. The operating xTotal freight revenue_
$75,773,878 $75,435,062 $69,551,163 $67,983,308
ratio, that is, the proportion of operating revenues used for operating ex- Av. amt. rec. for each ton
penses, was 68.41% for 1928. the lowest since 1916.'
of freight
$2.506
82.517
82.336
$2.403
Such remarkable progress has been made by the railroads in recent years Av. rev, per ton per mile_
1.950 eta.
1.958 eta.
2.071 eta.
2.180 eta.
in improving service and reducing costs that there seems to be a prevailing Av. rev. per mile of road$35,720
835,250
$36,733
5356,13
opinion that future economies are possible in the same degree. This is No. of interline revenue
not supported by the facts, as it is unquestionable that the limit of further
Passengers carried
1,790,137
1,942,275
2,008,532
1,976,454
savings has been closely approached. 'While the feeling seems to be general No, of local revenue pass.
that the railroads are entitled to a fair return upon their investment, incarried
16,916,310
18,987,939
20,233,124
20,640,066
dividual applications for reductions in rates are many and are constantly No. of commutation pass.
shrinking railroad revenues. These relatively slight rate reductions are of
carried
37,731,938
41,053,983
43,444,782
47,553,188
much less importance than adequate and dependable service, and they may,
besides, seriously impair the earning power of the railroads. If this situaTotal no. of revenue
tion should continue, there is serious danger that the railroads will be unable
Passengers carried _.. _ 56,438,385
61,964,177
65,686,438
70,169,708
to still further improve their service and may find it difficult to continue the Total no, of rev, pass.
present high character of service which is so much desired by the publ c.
carried one mile
1 669,727,437 1,758,676,932 1,798,293,193 1,808.458,451
Economies in operation have not resulted indeferred maintenance. The No. of rev, pass. car, one
condition and capacity of the physical property of the company shows conmile per mile of road.953,476
917,583
1,038,452
1,000,159
tinued improvement and is better than at any time during recent years.
Total passenger revenue- 547,270,778 $49,436,067 $50,401,785 $49,735,504
Road and Equipment.
-Changes in road and equipment investment ac- Average amount received
count, Including leased lines, during the year have been as follows: Exfrom each passenger83.76 eta.
79.78 ets.
76.73 cta.
70.88 cta.
penditures and charges, $19,448,666; less retirements, $11,471,814; net Av.rev. per pass, per mile
2.831 cts.
2.811 eta.
2.806 eta.
2.753 cts.
increase of $7,976,851.
Total passenger service
The installation ofautomatic train controlfrom New Haven to Providence
train revenue
$55,464,232 $57.760,622 $59,053,355 $58,196,937
in compliance with the second order of the Inter-State Commerce Commis- Net operating revenue per
sion, has been completed and is now in operation. This makes a total of
revenue train mile
232.85 cts. 201.90 eta.
187.39 eta.
176.37 eta.
331.6 track miles now being operated under automatic train control.
S Includes in 1928 $432,428, in 1927 5432,666, in 1928 5317.132, and in 1925
Changes in Long-Term Debt.
-During the year the changes in long-term
$316,074 revenue from milk handled on freight trains.
debt were:
Paid off in advance of maturity:
INCOME ACCOUNT FOR CALENDAR YEARS.
6% collateral gold notes in favor of the Secretary
of the Treasury
$22.380,000
1925.
1928. 1926.
1927.
7% equip. trust ctfs. series EE
1,048.000
kverage miles operated2,149
1,917
1,935
2.174
6% Govt. equip, trust ctfs. No.53
2.071,300
Operating Revenues$
$
$
Through issue of:
$
Freight
75,341,448 75,002,396 69,234.032 67,667,234
40
-year 4 yi% 1st de refdg. mtge. bonds
$31,000,000 Passenger
47,270,777 49,436,067 50,401,785 49,735,504
Increase in 1927 equip. trust covering box cars
Mail, express. &c
9,402,045
9,504,386
9.729,747
9,439,333
built at Sagamore, Mass
2,530,000 Incidental
4,441,773 4,691,355
4,500,422
4.241,128
Reduction due to paying equip. trust installments
Joint facility
1,177,080
1,190.111
1,199,851
1,183,223
some small maturities,and purchase of6% bonds
of 1940 by the sinking fund
2,830,600
Total
137,633,053 139,824,315 135,065,836 132,266,422
Operating ExpensesThe final result being an increase of
$5.200,100
Dividends.
-Regular quarterly dividends of 134% were declared upon MaInt. of way St struc
19,317,596 19.050.871 17,790,161 16,992,836
Maint. of equipment- 23,870,299 26,694,507 28,708,196 27,629,520
the preferred stock throughout the past year.
During the year three dividends were declared upon the common stock, Traffic
1.148,267
1,086,292
967,733
906.114
the first a special dividend of $1, declared Feb. 14 1928; the second a Transportation
43.878,799 47.409,754 46.347.231 46,733,099
dividend of $I, declared Aug. 28 1928; and the third a 1% dividend, de- Miscell. operations
2,116,231
2,217,826
2,167,831
2,014,756
clared Nov.27 1928, at which time earnings were deemed sufficient to war- General
3,842,749
3,859,648
3,598,025
3,519,907
S ransp. for investment- Cr.25,300
rant placing the common stock on a 4% dividend basis.
Cr40,649
Cr38,916
Cr60,851
On Feb. 12 1929 the regular quarterly dividends of 1 % upon the preTotal
ferred stock and 1% upon the common stock were declared covering the
94.148,641 100.278.251 99.540.261 97,745,382
Net oper.revenue
first quarter of 1929.
43,484.412 39,546,063 35,525.575 34,521,040
Trolley, &c., Lines.
7,493.995 6,436,364
-A program of rehabilitation of certain of the trolley Tax accruals
5,381,207
4,890,151
lines was continued throughout the past year. While not yet reflecting Uncollectible revenues.. _
93,635
19,039
12,850
19,045
all the economies which will eventually be possible under this plan, these
Operating income_ - 35,896.782 33.091,660 30,131,519 29.611.845
trolley lines have shown substantial improvement, especially in economical
Hire offreight cars
operation, although revenues have continued to decline.
2,141,794
3,190,123
2,200,768
1.805,339
The New York & Stamford Ry. discontinued trolley service as of Dec. 31 Rent for equipment__
33,922
97,515
143,319
Cr.49,845
1927. Property and franchises were leased to the County Trasnportation Joint facility rents
4,482,663 4,568,737
4,683,378 4,531,556
Co.,Inc., a subsidiary, which operates motor coaches in place of terminated
Net ry. oper. income_ 29,238,404 25,235,284 23,204,053 23,324,795
trolley service. The rental received from the County Transportation Co.,
Inc., although not sufficient to cover the interest charges on all indebtedNon-Operaiing Income
ness, including interest due the New Haven,amply'provides for the annual Dividend income
134,508
1,311,999
1.210,983
1,703,102
interest requirements on debt outstanding in the hands of the public. Ulti- Inc. tr011a funded swum- 1,246.618
1,104.559
2,118,273
1.079,745
mately the New Haven will have to write down its investment in this com- Inc.from unfund. secs
1,297,337
674,821
725,188
1,525,357
pany in a material degree.
Inc.from lease of road
229,591
1,203,552
1,424,328
1,443.897
Both the New England and Hartford & New York Steamship Lines show Miscell. rent income..1.895,411
1,390,692
1,244.652 1,208,332
a deficit in income for the year, due in large part to loss in freight traffic. Miscellaneous
58.437
43,686
35.377
26,665
The water-line problem is having the very careful consideration of your
officers.
Total non-oper.inc4,861,902
5,729,310 6.756,799 6,987,098
Improved passenger service was provided last year by addition of a new Gross income
34,100,307 30.964,594 29,960,853 30,311,893
steamer on the New Bedford, Martha's Vineyard & Nantucket Line. AnDeductions
other steamer is now under construction which will be ready for summer Rent for leased roads_ _ _ 2,766,730
4,847,777
5,967,743
5,915.672
service on this line early in June and will also be available for winter service Int. on funded debt_ _
13,132,948 15,135.193 15,193,498 15,410,604
on the Sound lines.
Int. on unfunded debt_ 90,581
79,524
527.508
76,384
Passenger service was inaugurated on the Providence-New York line May N. Y. W. B. Ry. guar.
261928.
(bond interest)
864,000
The motor coach lines operated by the New England Transportation Co Separately
113,300
elier•
show an increase in net income over the previous year, due largely to a con- Miscellaneous prop785,209
488,380
476,975
513,782
tinued growth in traffic. During the year 11 new lines were added and seven
lines (one operated jointly) discontinued, which makes a total of 58 lines
Net corporate income- 16.887,909 10,432,661
8,243,112 7,418,252
operated,including five operated Jointly.
Preferred dividends__ - - 3,343.259
821,869
Commutation Rates.
-The proceedings which have been before the Public Common dividends
4.713,537
Service Commission of New York since 1925 for an increase in intrastate
commutation and 52
-trip fares were concluded during the past year. and
Balance,surplus
8.831,113 9,610,792 8,243.112 7,418,252
final decision favorable to company's application for increased rates was Sits. of cap, stock outrendered. The effect of this will be an increase of approximately $465,000
standing (par $100)-- 1,517.179
1,571,179
1,571,179
1,571,179
In passenger revenue per year, based upon the 1928 volume of traffic.
Earn.per sh.on com.stk.
$6.12
$8.00
$5.25
$4.72
MAR. 30 1929.]
FINANCIAL CHRONICLE
BALANCE SHEET DEC. 31.
1928.
1927.
1928.
Liabilities$
Assets$
Road at equip_351,208,705 344.218,819 Preferred stock_ 48,812,610
Common stock_157,117,900
Impts. on leased
railway Prop- 12,520,953 12,576,884 Prem.on capstk 12,538,037
Sinking funds__
502,061
477,865 Graints In aid of
construction__
5,946
Depos. In ieu of
Mtge. bonds__ _100,040,000
mtged. prop486,251
38,690 Debentures_ _ _ _125,723,600
erty sold
Misc. ph.prop 1,004,165 1,044,256 Equip. oblig'ns. 16,888,000
Misc. obliga'ns_ 39,496,400
Inv. In bldgs. at
Non-negot. debt
G. C. Term%
122,352
to MM.cos__ 3,746,965
N.Y.City.
_
Stocks pledged_ 5.131,133 64,977,573 Traffic & car service bal. pay_ 4,765,347
Unpledged- _123,334,860 61,802,475
Bonds pledged__ 4,880.000 4,880,000 Audited acc'ts &
wages payable 3,832,540
Unpledged_ __ 25,784.628 24,541,922
Notes unpledged 24,675,041 18,702.168 Mat'd int., dive.
Advs. unpledged 14,749,338 2,194,929
& debt, incl.
Cash
miscell. accts.
7,407,542 7,542,798
2,060,928
Time drafts and
Payable
deposits
7,925,188 7,402,610 Unmatured diva.
2,416.677
Net balance due
declared
from agents &
Unmat'd Interest
3,326,514
conductors_
and rents
362,543
80,716
Misc. accts. rec. 3,502,670 2,571,757 0th.curr. liabil_
Mat'is .3. snout's 11,470,536 14,074.290 Deferred liabils_ 14,314,679
16.585.174
Int. & dive. rec.
417,510 Unad1. credits
Loans at bills rec.
80,128 Accreud deprec.. 39,311,268
10,731
Rents receivable
121,409 Corp.surplus:
0th curr. assets_
78,804 Add'ns to prof..
66,612
Deferred assets_ 2,404,071 2,413,376
through Inc.&
1.343,526
Rents & insur.
surplus
460,946
prem, paid in
Sk. fd. res'ves_
advance,&a
5,935,301 3,510,133 P.& L.surplus 13,759,629
Grand total-602,999,791 577,777,909
-V. 128, p. 1223.
1927.
$
47,598,060
157.117,900
12,538,037
5,946
69,256,000
125,755.600
18,986,200
62,950,100
122,352
4,473,783
4,061,523
1,779.504
825,543
3,317,314
1,451
9,528,710
13,277,200
39,622,335
1,027,467
437,909
5,094,970
Grand total--602,999,791 577,777,90
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Reading Road Advances Pay.
-The Reading Co. announced March 24
that more than 1,300 station employes had been granted increases in wages
aggregating more than $75,000 a year. The increase, effective March 16,
amounts to 2c. an hour for employes of all freight stations, station warehouses, transfers, including truckers, freight handlers, janitors, baggage
handlers, train-callers and gatemen. N. Y. "Times," March 24, Sec. 2,
page 1.
Kansas City Southern Advances Pay -President C.E.Johnston, March 26,
announced a salary increase of 3c. an hour for 800 clerks. N. Y. "Sun"
March 26, p. 45.
-Whether the 8.000 shopmen
Southern Railway Shopmen to Vote on Strike.
employed by the Southern Ry. will go on strike will be decided at Washing
ton, March 31, when sealed strike ballots, now being cast by mail are
opened at the shopmen's union office at Washington.
-N. Y. "Post,"
March 25, p. 20.
Surplus Freight Cars.
-Class I railroads on March 15 had 238,518 surplus
freight cars in good repair and immediately available for service, the Car
Service Division of the American Railway Association announced. This
was an increase of 12,553 cars compared with March 8, at which time there
were 225.965 cars. Surplus coal cars on March 15 totaled 96.867. an increase of 11,911 cars within approximately a week, while surplus box cars
totaled 95,933, an increase of 836 for the same period. Reports also
showed 26,523 surplus stock cars, an increase of 114 cars over the number
reported on March 8, while surplus refrigerator cars totaled 10.147, an
Increase of 19 for the same period.
Locomotives in Need of Repair.
-Locomotives in need of repair on the
Class 1 railroads of this country on March 1 totaled 8,383, or 14.4% of the
number on line, according to reports filed by the carriers with the Car
Service Division of the American Railway Association. This was a decrease of 353 compared with the number in need of repair on Feb. 15, at
which time there were 8,736. or 15%. Locomotives in need of classified
repairs on March 1 totaled 4,515, or 7.8%,a decrease of 224 compared with
Feb. 15, while 3,868, or 6.6%. were in need of running repairs, a decrease
of 129 compared with Feb. 15. Class 1 railroads on March 1 had 5,132
serviceable locomotives in storage, compared with 5,146 on Feb. 15.
Freight Cars in Need of Repairs.
-Class 1 railroads on March 1 had 144.620
freight cars in need of repair, or 6.6% of the number on line, according to
reports just filed by the carriers with the Car Service Division of the American Railway Association. This was an increase of 4.626 over the number
reported on Feb. 15, at which time there were 139,994, or 6.3%. Freight
cars in need of heavy repairs on March 1 totaled 98,899, or 4.5%, an increase of 1,878 compared with Feb. 15, while freight cars in need of light
repairs totaled 45,721. or 2.1%,an increase of 2.748 compared with Feb. 15.
Matters Covered in "Chronicle" of March 23.-(a) Gross and net earnings of
S. RR,for the month of January, p. 1802.
Alton & Eastern RR.
-Bonds.
-The I.
-S. C. Commission Feb. 28 authorized the company to issue $1.242,000 1st mtge. 5% bonds, series A, and 5.926 shares of common stock
(par 8100), the bonds and 5,880 shares of stock to be delivered at par to
the Illinois company in part payment of the Alton's indebtedness to that
company and 46 shares of stock to be issued in lieu of a like amount of
stock issued contrary to the provisions of a previous order.
-V.121, p. 2151.
2085
Dec. 31 1928, during which the new rates had been in effect for a little over
10 months, the earnings have been, under the tentative arrangement for
division of rates with the Pennsylvania RR.as follows:
Gross
$154,274
Operating expenses,including car service
106,569
Net earnings
$47.705
The earnings as stated above will equal nearly 4 times the Interest charges
on the present bond issue, which will amount to $12,000 per annum. It
is expected that the earnings of the company will be materially increased
through the new extension and purchase.
Sinking Fund.
-There will be a sinking fund operative on and after
Feb. 1 1932 which will retire annually $6,000 of the bonds at 105. This
sinking fund will be cumulative. The interest on bonds acquired by the
sinking fund will continue to be paid to the trustee for the benefit of the fund
resulting in the retirement of a considerable additional amount of bonds.
The total amount to be retired in this way by maturity will be in excess of
83% of the issue.
-To complete payment for the purchase and construction of
Purpose.
the new lines above mentioned and other corporate improvements.
-It is expected that application will be made to list these bonds
Listing.
-V. 124, p. 2742.
on the Philadelphia Stock Exchange.
-Stock.
Big Creek & Telocaset RR.
The L-S. C. Commission on March 14 authorized the company to issue
not exceeding $109,646 capital stock (par $100), said stock to be delivered
to the Grande Ronde Lumber Co. in payment for railroad property.
V. 126, p. 3925.
-The National
-Bonds Offered.
Boston & Maine RR.
City Co., New York, offered, March 25, at 98 and int.,
yielding 53 %,$1,500,000 5% mtge. bonds, series HH.
4
Dated March 1 1929; due March 1 1932. Interest payable M. & S.
Denom. $1,000. Old Colony Trust Co. and S. Parkman Shaw, Jr.,
Boston, trustees.
-Serves central and northern New England. operating 2,082
Company.
miles of road, including 1,599 miles of road owned, and 450 miles under
long term leases.
-These series HR bonds (total issue $2,400,000) rank equally
Bond Issue.
with $121,677,979 other bonds and the mortgage securing them is a first
lien upon the railroad system, including the lessee's interest in the principal
leasehold lines,subject to $1,575,000 outstanding prior lien bonds, and, with
unimportant exceptions, is secured upon all terminal properties owned,
including the extensive terminals in Boston, which have an assessed valuation of approximately $30,000.000.
-The value a the railroad property, as tentatively determined
Valuation.
by the L-S. C. Commission, together with subsequent additions, amounts
to over $261,000,000 after deducting approximately $46,000,000 for depreciation. Deducting from this, prior liens and equipment trust obligations
amounting to $9,228,400, indicates $2.03 property value behind each dollar
of first mortgage bonds presently to be outstanding.
Earnings Years Ended Dec. 31.
1924.
1925.
1926.
1928.*
1927.
Total oper. rev-76,624,238 77,848.374 81,625.376 81,628,763 80,486.711
80.747
77.16%
79.437
Operating ratio__
75.07
76.397
Net ry. oper. inc_12,802.969 9,500.773 12,841,103 12,407,815 9,544.340
Gross income---14.360,627 11,240.841 14,717.153 13,395,127 10,141.874
Fixed charges.-- 7.923,156 7,867.548 8,143,748 7.926.218 8.034.134
Net income
6,437,471 3.373.293 6,573,404 5,468,909 2.107,739
* Preliminary report.
Based on the preliminary report for 1928, for the 5 years ended Dec. 31
1928, fixed charges were earned on an average of 1.59 times and for the year
1928, 1.81 times. Estimated net income for 1928 after allowing for full
dividends on all preferred stocks was approximately $7.06 a share on the
common stock. Earnings reported for the month of Jan. 1929, show an
increase of 2.5% in total operating revenues and 12.5% in net operating
income over Jan. 1928.
-These bonds are followed by prior preference stock that
Capital Stock.
will be outstanding Sept. 1 1929, in the amount of $13.000.000, $38,817.900
first preferred stock, $3.149,800 preferred stock and $39,505,100 common
stock, constituting an equity behind these bonds at present market prices
of about $87,000,000.-V. 128. p. 1722.
Chicago & North Western Ry.-Correction.-
In our issue of March 23, due to a typographical error, it was stated
that the company earned $1.62 per share on the outstanding 1.584.381
-V. 128. p. 1900.
shares. This figure should have been $6.62 per share.
Chicago Rock Isl.& Pacific Ry.-Proposed Abandonment.
-S. C. Commission on March 9 issued a certificate authorizing the
The I.
company to abandon part of a line of railroad from Wallace to Edgerton
Junction, in Buchanan and Platte counties, Mo.-V. 128. p. 1222.
-Operation of Line.
Condon Kinzua & Southern RR.
The I.-S. C. Commission on Feb. 27 authorized the company to issue to
the Kinzua Lumber Co. a 6% promissory note for $125,000, in part pay-V.127. la• 1943.
ment for railroad and equipment acquired.
-Abandonment of Line.
El Paso & Southwestern RR.
-S. C. Commission on March 11 issued a certificate authorizing
The I.
abandonment by the company, and abandonment of operation by the
Southern Pacific Co.. lessee, of a line of railroad, extending from Deming
southwesterly to Hermanas, Luna County, N. Mex., 30.81 miles, together
with a track 0.952 mile long and a wye 0.18 mile long in the vicinity of
Deming.
-V. 123, p. 575.
-Abandonment.
Elwood Anderson & Lapelle RR.
-S. C. Commission on Feb. 25 issued a certificate authorizing the
The I.
company to abandon, as to interstate and foreign commerce, a line of
railroad, extending from a connection with the Lake Erie & Western
division of the Now York, Chicago & St. Louis RR.in a southerly' direction
to a connection with the Pittsburgh, Cincinnati, Chicago & St. Louis RR..
a distance of 1.412 miles, with 3.434 miles of side tracks, all in the city of
Elwood, Madison County, Ind.
Gulf Colorado & Santa Fe Ry.-Acquisition of Control.
The I.
-S. C. Commission on Feb. 25 issued an order authorizing the
company to acquire control, by lease, of an extension of the line of the Cane
-V. 126, p. 104.
Belt RR in Wharton and Fort Bend Counties, Tex.
-Bonds Offered.
Bellefonte Central RR.
-Wm. Marriott
Canby, Philadelphia, and Jay N. Schroeder & Co., Inc.,
-Operation of
Kansas City Merriam & Shawnee RR.
Lancaster, Pa. are offering $200,000 1st (closed) mtge.
6% sinking fund gold bonds at 983z and int., to net over Line, &c.
The L-S. C. Commission on March 11 issued a certificate authorizing
6.12%.
the company to operate in inter-state commerce its line of railroad in
Dated Fob. 1 1929; due Feb. 1 1949. Denom. $1,300, $500, $100 c*. Wyandotte and Johnson Counties, Kans., and (2) to construct an extension
Int. due Feb. & Aug. 1. Principal and interest payable at the Penna. Co. thereof from a connection with its main line at Southwest Boulevard
for Insur. on Lives & Granting Annuities, trustee, Philadelphia, Pa. easterly on Massachusetts St. to a spur track of the St. Louis
-San Francisco
Red. at any int. date on and after Feb. 1 1932 on 30 days' notice at 105. Ry., 700 feet, in Merriam, Johnson County, Kan.
Free of Penna. State tax. Company pays the normal Federal income tax
up to 2%.
-Acquisition of Line.
Midland Valley RR.
The I.
-S. C. Commission on March 9 issued a certificate authorizing the
Data from Letter of Robert Frazer, Chairman of the Board.
company to acquire the railroad properties, rights, and franchises of the
Company.-Ineorp. in Penna. Jan. 12 1892 and extends from Bellefonte Wichita & Midland Valley RR. in Cowley, Sumner, and Sedgwick Counto State College, approximately 19.2 miles. In 1928 the company was ties, Hans.
-V. 128, p. 1723.
authorized by the I.-S. C. Commission to construct a line from a point near
State College to Fairbrook, 5.3 miles, connecting there with the Fairbrook
-Abandonment of Branch Line.
Mississippi Central RR.
Branch of the l'ennsylvania RR. from Fairbrook to Stover, 18.2 miles,
The I.
-S. C. Commission on March 13 issued a certificate authorizing
which branch it has been authorized by the Commission to purchase from the Mississippi Central HR. to abandon operation, as to inter-State and
the l'ennsylvania RR., making a total of 42.5 miles. By order of the Com- foreign commerce, of a line of logging railroad, owned by the Major-Soa era
mission it will have trackage rights from Stover to Tyrone, about 2 miles, Saw Mill Co. between Hattiesburg and Tallahala, a distance of 11.96 miles,
and terminal facilities in Tyrone. The line to be purchased is laid with 90 all in Forrest and Perry Counties, Miss.
-V. 126, p. 1976.
and 100-1b. rail. The new line will be laid with 105-1b. rail and the present
line relaid with rail of similar weight. It is expected that the new lines will
-Buys Equipment.
New York Central Lines.
be in service on or about May 1 1929.
The New York Central Lines announced on March 27 the purchase of
Company's business is largely in coal, building material and other mis- 4,500 freight cars at a cost of approximately 810,000,000. The orders for
cellaneous freight to and from State College, and shipments of limestone these cars were divided among the different manufacturers as follows:
and lime products. The population served includes over 5.000 at Belle- American Car & Foundry Co., 1,000 box cars for the New York Central
fonte, 5,000 at State College and about 12,000 at Tyrone.
RR.•, Pullman Car & Mfg. Co., 1,000 auto box cars for the Michigan CenAuthorized.
Outstanding. tral RR.; Standard Steel Car Co., 500 box cars for the Pittsburgh & Lake
Capitalization$200,000 Erie
let closed mtge.67 sinking fund gold bonds- $200,000
Standard Steel Car Co., 500 hopper cars for the Boston &
500,000
Capital stock (par $50)
445,450 Albany RR.; Pressed Steel Car Co., 1,000 gondola cars for the New York
RE.•.
Earnings.
-The effect of the change of rates on the company's earnings Central RR.; General American Car Co., 500 gondola cars for the New
-V. 128. p. 1392.
has been very marked and extremely favorable. For the year ending York Central RR.
2086
FINANCIAL CHRONICLE
New York Connecting RR.
-Earnings.
-
American Power & Light Co.(& Subs.).
-Earnings.
--
Calendar YearsOperating revenues
Operating expenses
Tax accruals
1928.
1926.
1927.
$2,857,741 $3,068,455 32,995.118
1,245,230
1,166,925
1,001.722
478,896
458,459
456,923
Operating income
Equipment rents
Joint facility rents
$1,377,122 $1,444,606 $1,291,429 $1.303,590
73.145
122,199
69,224
73,120
Cr.23,789
Dr.186,003 Dr.128,100
Cr.17,866
Net oper. income__ Non-oper. income
$1,068,920 $1,243,386 $1,240,071 $1,254,234
28,789
69,346
48,645
64,079
1925.
$2,782,340
1.020,446
458,304
Gross income
$1.138,265 31,307,465 $1,288,716 61.283,024
Deduciens from gross inc. 1,310,507
1,280,828
1,307.161
1.287,950
Net income
.126, p.2145.
def$172,242
3765
3303
[VOL. 128.
,
$2,195
Pennsylvania RR.
-I.
-S. C. Commission Notifies Company to Sell Lehigh and Wabash Stocks.
The following is from the New York "Times" March 27:
The 1.-S. 0. Commission has taken a step which may force the hand of
the Pennsylvania RR. in the Eastern merger contest by informally notifying the road that disposal of its $106.000.000 holdings in the Lehigh
Valley and Wabash railways would be desirable. Possession of majority
interests in these two roads has hitherto placed the Pennsylvania in a
position where it could thwart the consolidation aims both of the New York
Central and of the Baltimore & Ohio and Van Sweringen groups.
Although this move by the Commission became known yesterday (March
26), the Pennsylvania gave no sign of what its reaction to the attitude of
the Commission would be. The railroad bought its Lehigh Valley and
Wabash stock through the Pennsylvania Co., a holding company which
may or may not be under the jurisdiction of the Commission. Legal
opinion has been divided as to whether the use of the holding company
freed the Pennsylvania from risk of Clayton anti-trust citation in the deal.
With $106.000,000 and dominance in consolidation at stake, it was
expected in railroad circles that the Pennsylvania would make a stern fight
to retain the stocks.
Some railroad observers said they would not be surprised if the Pennsylvania went to the Supreme Court to prove its right to the Lehigh Valley
and Wabash holdings.
The Lehigh Valley and Wabash are key lines in the consolidation ambitions of the Eastern trunk lines. The New York Central has long desired
the Lehigh Valley to relieve traffic congestion between New York and
Buffalo and with this in mind neither the B. & 0. nor the Van Sweringens
asked for the Lehigh Valley in the unification petitions they recently filed
with the Commission. The B. & 0. however, did ask the Commission
to approve the inclusion of the Wabash in its system. Thus in the Wabash
'
the Pennsylvania possesses a road desired by openly hostile interests, while
in the Lehigh Valley it owns a property that could be used as a basis for
bargaining with the New York Central for the latter's neutrality or support
in mergers.
If the Pennsylvania declines to dispose ofits Lehigh and Wabash holdings,
the next move of the Commission would be to cite the road under the
Clayton Anti
-Trust Act. That the Commission is prepared to use this law
freely in regulating merger operations was shown on March 13 when it
directed the New York Central, B. & 0. and Nickel Plate to divest themselves of their $40.000,000 holdings in the Wheeling & Lake Erie. The
Commission took this action, although the New York Central and the
B. & 0. had already disposed of their Wheeling stock to the Allegheny
Corp.. a step which the Nickel Plate contemplates following.
The Pennsylvania Co. is a holding company entirely owned by a railroad,
but the Allegheny Corp. is controlled by 0. P. and M. J. Van Sweringen
as private individuals. The Pennsylvania Co. controls two roads that are
potential competitors of the Pennsylvania RR. but the Allegheny Corp.
has full control only of the Chesapeake & Ohio and the Wheeling. which
'
it proposes to control, does not compete substantially with the C. & 0.
Since the Allegheny Corp. is privately controlled, it is outside the jurisdiction of the Commission. The close affiliation between the Pennsylvania
Co. and a carrier places that company in a different light.
•
Should the Pennsylvania be compelled to dispose of its Lehigh and
Wabash stock, the entire balance of power in Eastern consolidation would
be overthrown. The B. & 0. would witness its rival divesting itself of a
road which it earnestly desires for Western extension. The New York
Central, which has chosen to maintain an equilibrium between the Pennsylvania on the one hand and the B. & 0. and Van Sweringens on the
other, would find its policy rewarded by the sight of the Lehigh Valley it
covets placed once more in a position where control could be acquired.
Possessed of the Lehigh Valley, the New York Central could afford to relinquish its share of control in the Reading and the Central of Jersey
to the B. & O.. which now shares this control with the New York Central.
but which has asked the Commission for full control.
-V. 128, p. 1551.
12 Months Ended Dec. 31Subsidiary Companies
Gross earnings
Operating expenses, including taxes
$79,021,388 $62,786,765
40,001,203 34,216,168
Net earnings
Other income
639,020,185 $28,570,597
5,613,653
3,286,534
Total income
Interest to public and other deductions
Preferred dividends to public
Renewal & replacement (deprec.) appropriations
Proportion applicable to minority interests
$44,633.838 $31,857,131
16,298,826 10,849,066
5,371,628 4,607,953
4.809,404
3.531.290
226,867
155,366
1928.
1927.
Balance
317,927.113 $12.713,456
American Power et Light Co.
Balance of sub.scos.* earnings applicable to American Power & Light Co.(as shown above)
$17,927,113 $12,713,456
Other income
887.527
784,064
Totalincome
318,814,640 $13,497,520
Expenses of American Power & Light Co
370.124
349,332
Interest and discounts of American Power & Lt.Co. 2.821.196
2,991.118
Balance
$15.623,320 $10,157.070
Dividends on pref.stocks of Amer. Pow.& Lt. Co. 5.699,962
1.430,879
Dividends on corn. stk. of Amer. Pow. & Lt. Co. x5,268,922
2.518.408
Balance
34,654,436 $6.207,783
x Includes 1-10th of a share(10%)extra common stock dividend amounting to $2,459,561 paid Dec. 1 1928.
Note.
-Earnings of the Washington Water Power Co. and subsidiaries
are included from March 1 1928 only, and earnings of the Montana Power
Co. and subsidiaries are included from May 1 1928 only.
Balance Sheet December 31.
1927.
1928.
1928.
1927.
Liabilities
Assets8
Investments__ _ _239,603.883 74,408,659 x Capital stock
5,595,986 17,094,836 (no par)
Cash
203,979.704 42,623,492
Cold deb.bonds,
Notes and loans
Am.6% ser_ - 45,810,500 45,810,500
rec.-Subs__ 10,908,192 2,633,585
Contract'l Habil.
Notes and loans
447,225
894,726
304,493 Divs. declared
rec.-Others
1,796,061
357,739
Accts.rec.-Subs 1,442,799 1,057,726 Accts. payable_
705,089 1.158,677
do
Others
465,556 1,278,375 Accrued accts._
930,718
934,718
Special deposits.
Reserve
607,634
337.407
418,679
Surplus
Unamortized dis8.711,479 '
8,822,269
count & exp._ 4,096,135 4,143,127
•
Total
262,718,186 100,920,801
Capital Stock Outstanding-Preferred,$6 cumulative
Preferred,$5 series "A"cumulative
VI preferred stock scrip equivalent to
Common
Common stock scrip equivalent to
-V. 128, p. 882.
Total
262.718,188 100,920,801
Dec. 31 1928. Dec. 31 1927.
792,413 shs. 238,513 shs.
972,214 she.
106.8 she,
2,211,508 shs. 1,871,091 shs.
2,522.92 shs. 1,846.48 shs.
-To Increase Authorized
American Superpower Corp.
18t Preferred Stock.
The stockholders at the annual meeting to be held April 15, will be asked
to approve an increase in the authorized 1st pref. stock from 400,000 shares
at 750,000 shares, no par value.
Preisdont L. K. Thorne, in a letter to the stockholders explaining the
purpose of the increase, says in part: "In order that the corporation may
continue to grow and to take advantage of favorable opportunities that
may arise in the future, the directors believe that it is most advisable to
amend the charter of the corporation to increase substantially the authorized
amount of 1st pref. stock so that, should conditions warrant, additional
1st pref. stock may be issued. The let pref. stock has attained a high
Investment standing, and it is the intention of the board to preserve that
standing in every possible way and to issue additional 1st pref. stock only
when, in the opinion of the board, conditions thoroughly warrant."
V. 128. P. 555.
AmericanTelephone & Telegraph Co.
-Increases
-The stockholders on March 26 increased the
Capitalization.
authorized capital stock, par $100, from $1,500,000,000 to
$2,000,000,000. No stock issue is said to be contemplated
at this time.
Reading Co.
-Acquisition of Control of Mt. Carmel.
New Issued of $225,000,000 of Convertible Bonds ProposedThe I.
-S. C. Commission on March 9 approved the acquisition by the
-A special meeting of the stockTo Be Offered to Stockholders.
Reading Cit. of control of the Mount Carmel RR.
-V. 128, p. 1544.
holders has been called for April 30 to authorize the issuance
Union Terminal Ry.-Notes.The I.
-S. C. Commission on March 14 authorized the company to issue of not exceeding $225,000,000 convertible bonds for the
not exceeding 9650.000 1st mtge. 5% 20
-year gold notes, said notes to
be sold at par for cash and the proceeds used to purchase a grain elevator purpose of providing for the payment of approximately
and make certain additions thereto.
$75,000,000 collateral trust bonds, due July 1 1929, and for
The proposed notes are to be sold at par for cash to the Missouri Pacific
Ry., and $235,000 of the proceeds are to be used to purchase the grain new construction needbd by the Bell System to care for addielevator, machinery, and equipment. The remaining proceeds, $415,000. tional business resulting from the constantly greater use of
together with cash to be taken from the applicant's treasury, are to be used
service. Upon authorization of the issuance of
for proposed additions to the elevator, estimated to cost approximately telephone
'these bonds by the stockholders, and subsequent action by
9572.026.
Vicksburg Shreveport & Pacific Ry.-Bonds Called.
- the directors fixing the terms of the issue, the bonds to be
All of the outstanding ref. and improvement mtge. 6% gold bonds, issued will be offered to stockholders in proportion to their
series A, dated Nov. 11923, have been called for payment May 1 next at holdings of capital stock.
105 and int. at the Canal Bank & Trust Co.,210 Baronne St., New Orleans,
La.,or at the office of the Illinois Central RR.,32 Nassau St., N. Y. City.
-V'. 122, p. 2945.
Wichita & Midland Valleir RR.
-Sale.
-See Midland Valley RR. above.
-V. 96, p. 555.
PUBLIC UTILITIES.
American & Foreign Power Co.
-Dividends.
-
The directors have declared a quarterly dividend of $1.75 per share on
the 2nd pref. stock, series A for the period July 1 to Sept. 30 1928). payable
May 1 to holders of record Apr. 15. Quarterly dividends of like amount
were paid on this issue on Aug. 1 and Oct. 22 1928 and on Feb. 15 1929.V. 128. p. 1902.
American Public Service Co.(& Subs.).
-Earnings.
--
Calendar YearsSubsidiary companies: Gross earnings
Operating expenses and taxes
1927.
1928.
$6,810,143 $6,085,976
:4.524.645 4,142.189
Net earnings from operation
$2,285,498 11,943.787
Rental of leased properties
90
11,700
Bond & other int. charges, amortiz. of discount on
securities, diva. & proportion of undistributed
earnings to outside holders
176,346
908,134
Total earnings accruing to Amer. P. S. Co
Other earnings
$1,377,274 $1,755,741
512,500
402,689
Total earnings
$1,779,963 $2,268.241
Administration exp.. taxes & miscall. charges_ _ _ _
156,601
144,133
Interest on funded debt
324.511
Miscall. int.. amortiz., &c
202,987
Nee income
Dividends on preferred stock
Dividends ea common stock
31.635.830 $1.584,142
652,595
646.473
755,420
675,017
Balance. surplus
$314,349
$176.127
x Includes retirement appropriation of 3273,121.-V. 127, p. 2525.
-John W. Davis, Owen J. Roberts and Myron 0. Taylor
New Directors.
have been elected directors succeeding Charles F. Adams, Edwin F. Greene
and John I. Waterbury. Thomas N. Perkins was elected an additional
director.
-V. 128, p. 1552, 1542.
American Union Telephone Co.
-Notes Offered.
-Troy
& Co., Lawrence Regan & Co.; and David F. Thomas & Co.
recently offered at 98 , and int., to yield over 6.50%,
6
$540,000 one-year 5% gold notes.
Dated Jan. 1 1929: due Jan. 1 1930. Int. payable(3. & J.) without
deduction for Federal income tax, not to exceed 2% per annum. Both
principal and Int. payable at Central Trust Co. of Illinois, Chicago, trustee.
Denom. $1,000 and $500c5 Red. all or part at any time en 30 days'
.
notice at 1003. and int.
Data from Letter of Richard S. Morris, Pres. of the Company.
Company.-Incorp. In Delaware. Will control through stock ownership.
a group of telephone properties serving without competition an estimated
population in excess of 45,000 in Iowa, Minnesota, Wisconsin and Illinois.
The subsidiary companies to be acquired serve over 6.930 telephone subscribers in 23 communities, including such towns as Emmettsburg, Forest
City and St. Ansgar, Iowa; Lyle. Le Roy, Alden and Mester. Minn.:
Hebron and Richmond, Ill., and 'Wilmot and Bristol, Wis. The subsidiary
companies will own and operate 16 telephone exchanges and also will own
125 miles of toll pole lines.
s CapitalizationAuthorized, Outstanding.
1-yr.5% gold notes (this issue)
9540 000
:
$2,000.009
Subsidiary companies'funded debt
225000
Common stock (no par)
5,000 she.
8,000 shs.
Purpose.
-To provide in part for the acquisition of properties, for capital
expenditures and other corporate purposes.
Consolidated Earnings from Properties of Subsidiaries to be Ac tared 12
Months Ended Oct. 31 1928.
Gros.s earnings
$170,497
Oper. exp.,rnaint.& taxes (other than Federal)
102,584
Net before deprec.,int., amortiz.& Federal taxes
Subsidiary companies bond interest
$67,912
13,012
Balance
Annual interest charges on these notes
$54,900
27.000
MAR. 30 1929.]
2087
FINANCIAL CHRONICLE
Cincinnati Street Ry.-Earnings.-
Berkshire Street Ry.-Earnings.-1928.
$739,215
610,286
30,434
1927.
$798,696
749,780
31,022
1926.
$850,660
750.974
34,631
1925.
$858,875
749,647
20,144
Operating income_ _ _ _
Non-operating income- -
$98.495
1.857
$17.894
2,240
$65,055
1,654
$89,084
6.162
Gross income
Deduc'ns from gross incx
$100,352
296,324
120.134
313,569
Calendar YearsOperating revenue
Operating expenses
1927.
1926.
1928.
$8,819,116 38,700,257 $8,065.297
6,320,173 6,332,429 5,846,222
Net operating revenue
Taxes
32,498.943 $2,367.828 32.219.075
708.832
747,318
771,369
366.709
302,581
Calendar YearsOperating revenues
Operating expenses
Tax accruals
Operating Income
$1.751,625 $1.596.458 $1,510.243
48.022
37,221
27.549
$95,245 Non-operating income
302,711
Gross income
$1,779,174 31,644,480 61.547.464
1,624,141 1,533.399
Net deficit
$293,435
$235.872
$195,972
$207,466 Rental,int. sink.fund & return on cap 1,764,381
x Deductions from gross income include $209,980 in 1928, $210,725 in
$14,064
120,339
Balance
1927, $20,0611 is 1926, and $209,980 in 1925, interest accruing to the N.Y.
114,793
N. H.& H. RR., but not included in the income account of that company. Fare control fund-previous bal. incl.
406.774
-V. 126, p. 2145.
441.177
420.838
initial 3400.000
Brooklyn Borough Gas Co.
-Extra Preferred Dividend.
The directors have declared an extra dividend of 6% cents a share in
addition to the regular quarterly dividend of 75 cents a share on the 6%
cum. panic. pref. stock, payable April 1 to holders of record March 19.
Like amounts have been paid quarterly since July 1 1927.-V. 127. p. 1804.
California Water Service Co.
-Earnings.
Calendar Years
Operating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1927.
1928.
$2,007,516 $1,892,549
781,773
800,899
101,536
131,684
139,564
118,014
Net earnings from operation
Other income
$984,643
19,055
11,003,697
340.200
Gross corporate income
Annual int. req. on total funded debt
-V. 128, p. 246.
$841,952
23,358
$865,309
Calumet & South Chicago Ry. Co.
-Earnings.
Total in fare control fund
-V. 126. p. 1929.
$455,971
$441.177
$420.838
•
-Nets Common
Cleveland Electric Illuminating Co.
Shares Placed on a $1.20 Annual Dividend Basis.
The directors have declared a quarterly dividend of 30 cents per share
on the new no par common stock, payable April 1 to holders of record
March 20. This is equivalent to $3 per share per annum on the old $100
ck which was recently split up on a 10-for-1 basis. On
par common st ,
the latter issue, quarterly dividends of $2.50 had been paid since 1920.
A majority of this stock is owned by the North American Edison Co..
-V. 128, p. 246.
which in turn is controlled by the North American Co.
-Depositary Appointed.
Colonial Utilities Corp.
The Commercial National Bank & Trust Co. of New York has been appointed depositary and agent for the issuance of interim certificates for
-V. 127. P. 2816.
-year 6% gold notes.
$250.000 par value of secured 5
-Earnings.
Connecticut Company.
1925.
1926.
1927.
1928.
$13,734,222 $14,185,034 $14,649.682 $14,522,177
10,759,127 11,563,166 11,917.518 11.585,188
630,328
790.832
698,934
725,357
Operating income_ _ _ _ $2,249.738 31,922.934 $1,941,332 $2,306.662
50,759
71,654
56,984
154,641
Non-operating income--
Calendar YearsOperating revenues
Operating expense
Tax accruals
Yrs. End. *Int. on Other
Bond
Total
Dividends
Balance.
Jan. 31. Capital. Income. Income. Interest.
Paid.
Surplus.
1928-29 --$588,525 $1,745 $586,780 $276,000
3329105:013801
,
15,612 571,630 276,600
1926-27 -- 582,242
8.317 590,559 274.296
(1°1)100,000 216.262
$2,404,380 $1,979,918 $2,012,986 62,357.420
Gross income
1925-26 -- 581,344
75,000 211,441
13,967 567.377 280,936 04
1.491,946
1.477.521
1.451,901
1924-25 -- 575,283
16,721 592.009 288,392 04
50,000 253,618 Deduc'ns from gross Inc- 1,373,431
,
,
,65
$865,474
3535,464
3528,017
31,030,948
Net income
1922-23 -- 571.558 def2.042 569,516 307,409 (1% 100.000 162,107 -V. 126, p. 2147.
1921-22
570,812 def4,101 566.711 317,299 (I% 175,000 74,411
1920-21
568,912 def241 568.671 316,904 (2j)225,000 26.768
-Listed.
Consolidated Gas, Electric Light & Power Co.
• Representing company's proportion of 40% of Chicago Surface Lines'
The Baltimore Stock Exchange has authorized the listing of 310.500.000
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
-V. 128. p. 1725.
1st ref. mtge. 4%% sinking fund gold bonds, series G.
V.
- 126, p. 1808.
--
--
-Transfer Agent.
Cuban Electric Co.
Capital Traction Co.
--Earnings.
The Chase National Bank has been appointed transfer agent for 200,000
shares of $6 preferred stock, without par value.
1926.
Calendar Years1925.
1027.
1928.
Operating revenue
The Irving Tfust Co. has been appointed co-registrar.
$4,344,148 $4,479,099 $4.616,986 14.587,055
Operating expenses
3,099.574 3,100,148 3,110.085
3,054.981
-New Directors,
Denver Tramway Corp.
Taxes
386.244
370,289
399.652
346.965
H.
F. E. Kingston of Hartford. Conn., has been elected a director, sucOperating income_ _ _ _
3942.202 31,009.236 $1,117,186 $1,090,726 ceeding J. C. Bullock of Providence, R. I. W. A. Doty, Secretary, also
31,924
Non-operating income_ _
43,033
31,086
33.132 was elected to the board and was given the additional office of Treasurer,
-V. 128, p. 1052. 725.
succeeding the late H. J. Alexander of Denver.
$974,126 $1,052,269 $1,148,272 $1,123.858
Gross income
-Larger Dividend.
Eastern Utilities Investing Corp.
Interest
327,399
340,000
319.356
332,483
Rent for leased roads,&c
13,720
12.331
18.010
16,036
The directors have declared a quarterly dividend of $1.75 per share
on the partic. preference stock,increasing the rate from $6 to $7 annually.
Net income
$707,454
$802,863
3620.406
$788,466 This dividend is payable May 1 to holders of record Mar. 30. Three
Dividends (7%)
840.000
840,000
840,000 months ago, the quarterly dividend rate on the panic, preference stock
840,000
was increased from $1.37% to $1.50 per share. The regular quarterly
Balance, deficit
$219,594
$51,534 dividends of $1.50 per share on the $6 cumul. pref. and $1.75 13er share
$132.546
$37,137
Profit and loss,surtslus $1,008,128 $1,227,303 $1,410,642 $1,478,246 on the $7 cumul. preference stocks were also declared, both payable June 1
Earns, per she. on 120,to holders of record April 30.-V. 128. p. 1903.
000 shs. cap. stk. (par
-Preferred Stock Offered.Electric Bond & Share Co.
$100)
$6.57
$6.68
$5.89
$5.17
- 126. P. 1979
v.
.
Bonbright & Co.Inc. are offering at $106 per share and divs.
Central Maine Power Co.
-Earnings.
Calendar YearsGross earnings
Total operating expenses
Interest, amortization, &c
1926.
1928.
1927.
$6.155,046 $5,784,989 35.150,454
3,295,194 3,146,087 2.975.637
1,284,479 1.006,905
1,232,554
Net income
V.
- 127, p. 3088.
$1.627,297 $1,354,422 $1.167.913
Chester Water Service
Calendar YearsOperating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
Co.
--Earnings.
1928.
$519,306
133,363
27,758
13,698
1927.
$505.883
149,701
27,034
17.187
Net earnings from operation
Other income
$344,487
7.183
$311,960
10,578
Gross corporate income
Annual int. req. on total funded debt
-V. 128. p. 246.
$351,669
135,000
$322,538
-Annual Report.
Chicago City Railway Co.
1928.
1929.
Years End. Jan, 311927.
1926.
South Side Lines (40%)- $5,372.222 $5,357,303 $5,320,845 34.863.070
3,775,159 3,656,508 3,525,319 3,521,159
xJoint acct. exp.,&c.._ $1,597,063 $1.700,794 31,795.525 31.341.911
Net earnings
City's proportion, 55%
878,385
935,437
987,539
as per ordinance
738.051
Cos.' prop'n, 45% as
per ordinance
South St. Ry.proportion
3718,678
38,665
$765.357
41,176
$807,986
43,954
S1303,812:0
32,910
Company's proportion
Int.on capital invesm't _
$680,013
2,796,393
3724,181
2,789,150
$764,032
2,788,024'
3570.950
2.790,302
Income from oper'n _ _ $3,476,407 $3,513,331 33.552.056 33.361.252
def 7,474
44,397 def59,967
Other income (net)
def44,820
$3,520,805 33,453.364 33,544,582 33,316,432
1,717.951
1,696.300
1,696,300
1,737,425
1,080,000
1.080,000
Net income
Interest on bonds
Dividends (6%)
1746,631
11,824,505 31,757.064
Balance,surplus
3499,007
Shares capital stock out180 1)00
180,000
180,000
180 000
standing (par $100)
$9.76
$16.15
$10.14
8.77
Earned per share
x Joint account expenses interest on capital investments of the Chicago
City Ry. and Calumet & South Chicago Ry. and Southern Street Ry.V. 128, p. 246,
i
-.
--Earnings.
Chicago Surface Lines.
Gross earnings
Operating earnings
1926-27.
1928-29.
1925-26.
1927-28.
$62,391,622 $61,624,752 361,173,601 358.785,881
48.961,067 48.231,496 47,871.490 46.628.207
to yield 5.66% 250,000 shares cumulative $6 preferred stock
(no par value).
Dividends free from present normal Federal income tax, entitled to
$100 per share and divs, in case of liquidation. Callable all or part upon
30 day's notice at any time at $110 per share and divs., upon affirmative
vote of a majority of outstanding common stock. Dividends payable
New York, Old Colony Trust
8.-F. Transfer Aarts: Bankers Trust Co.'Co. New York, and First Nao., Boston, Re trars: Guaranty Trust
tional Bank Boston.
Data from Letter of Pres. C. E. Groesbeck, March 21 1929.
Compang.-ls a consolidation, effective March 13 1929, of the former
Electric Bond & Share Co. (incorporated Feb. 28 1905 in New York) and
Electric Bond & Share Securities Corp. (incorporated Jan. 19 1925 in
New York). The latter company owned at the time of the consolidation
all of the outstanding common stock of theformer Electric Bond & Share Co.
The certificate of consolidation provides for the exchange of the 500,000
shares of preferred stock (6%) of $100 par value of the former Electric
Bond & Share Co., on a share for share basis, for 500.000 shares of $6
preferred stock of no par value of the new company: and for the exchange
of each share of the common stock of no par value of Electric Bond & Share
Securities Corp. (of which there were 3,205,102 shares o :tstanding) for
3 shares of common stock of no par value of the new Electric Bond & Share
Co.
Electric Do-d & Share Co. (as did its predecessor of the same name)
acts in a supervisory capacity for a large number of power and light and
other public utility companies and supplies technical and financial assistance in connection with the financing, the business development and
operation of these companies and the construction of their properties.
Electric Bond & Share Co. is not a holding company. It owns various
amounts of stock of public utility holding companies, principally those
mentioned in the next succeeding paragraph, but of these it controls only
the American & Foreign Power 'Co. Inc., which controls directly or indirectly public utility subsidiaries operating exclusively in foreign countries.
The company has service agreements with the following holding companies and their subsidiaries: American Power & Light Co.. American
& Foreign Power Co. Inc., Electric Power & Light Corp. and National
Power & Light Co. It also renders a financial service for American Gas
& Electric Co. and subsidiaries and Electric Investors Inc.
For the service rendered to its clients the company charges stipulated
fees. In connectionwith this service, the company maintains a staff
experienced in all phases of the public utility business, including operating,
financing, engineering, accounting, auditing, rates, statistical, commercial,
business policy and customer relations. The service agreements do net
in any way supersede the local managements of the operating companies.
The operations of these companies are conducted directly by residents of
the territories in which such companies operate who are in immediate
contact with all local problems. These local managements, under the
service agreements, have the assistance of the entire staff and personnel
of the Electric Bond & Share Co.
Outstanding.
Authorized.
Capitalization750,000 shs.
1,000,000 shs.
$6 pref.stock (no par),cumul
None
1.000,000 shs.
$5 pref.stock (no par), cumul
9,615.306 shs.
12,500,000 shs.
Common stock (no par)
Earnings -Earnings of the company (after giving effect to the consolidation of Electric Bond & Share Co. and Electric Bond & Share Securities Corp.) for the 12 months ended Feb. 28 1929, were as follows:
323,848.946
Gross income
6,727.951
Expenses and interest
$17.120,995
Net income
113.430.555 313,393.256 $13,302,112 $12,157,674 Annual div. requirem'ts on the 750,000 shs. of pref stk to be
Residue receipts
outstand's upon completion of this financing & after giving
7.981.267
7.294,604
Chicago Rye.(60%)-.-.x8,058,333 8,035.954
effect to the consolidation
4.500.000
South Side Llnes(40%) x5.372.222 5,357,302 5.320,845 4.863.070
x Includes city's 55% of net revisible receipts as defined by ordinances.
Balance
$12,620,995
p. 3395.
V. 127.
2088
FINANCIAL CHRONICLE.
[Vol,. 128.
Earnings for the 12 months ended Feb. 28 1929. as shown above, were for each option warrant held, and each share of the company's
equal to more than 3% times annual dividend requirements of 34,500.000 stock, series A when accompanied by four option warrants 2d preferred
will be
on all preferred stock to be outstanding upon comple.lon of this financing cepted at $100 in payment for four shares of such common stock in lieuacof
and after giving eflet to the consolidation.
cash.
-V. 128, p. 112.
Purpose -Proceeds from the sale of this preferred stock will be used
for general corporate purposes of the company in expanding its business.
Gary Railways Co.
-Annual Report.
Dwidend.-The initial quarterly dividend of $1.50 per share on the $6
Calendar Years1928.
1927.
1925.
1926.
preferred stock of the present company will be payable May 1 1929.
Operating revenue
$1,240,522 31.275.769 31,349,331 $1.204,729
Equity -The preferred stock will be followed by 9.615,306 shares of Operating expenses
970.534
1.010.563
1,074,120
927,693
common stock of no par value, having a present market value of over
3750.000.000.
Operating income_ _ _ _
3269.988
3265,206
$275,211
3277,036
Directors.
-S. Z. Mitchell, Chairman,* Frederick A .Farrar, C. E.
2.416
Groesbeck. E. H. Hall, George H. Howard, Edwin G. Merrill, Lewis E. Other Income
•
Plerson,• William C.Potter,* Frederick Strauss.*
-V. 128, p. 1725.
Total income
3272.404
$265,206
5275,211
$277.036
*Members of the Executive Committee.
-V. 128, p. 1725.
Other charges,incl.taxes
100,233
84.206
66,139
88,177
81.489
84,282
Empire Gas & Fuel Co.(& Subs.).
72.183
- Interest on funded debt_
-Annual Report.
73,796
Year Ended Nov. 301927.
1928.
Net income
591682
396,718
3136,890
Gross earnings
5115.064
360,301,621 366.037.811 Dividends
82,047
93.721
116.799
Operation and maintenance expense
92.632
34.735.375 34.550,098
Net earnings
Non-operating income
325.566,246 $31,487.713
1,065,850
1,386.621
Net earnings
$26,952,867 $32,553.563
Interest charge
5,014.925 4,781,681
Federal taxes
544,220
35.000
Amortization of bond and note disc
673.945
639,003
Minority stockholders'int. In surp.earn'gs ofsubs..
Net available for diva,and reserves
Dividends on preferred stock
Cash diva, paid to minority stockholders
Dividends on common stock
$21,263,939 526.553.717
3,061,252
3,964,633
67.605
6,000.000
Balance,surplus
Previous surplus
$11,231,701 $23,492.465
77.004.946 68.152,101
Total surplus
Depreciation & depletion
Adjustments applicable to prior years
Total surplus
Amount applicable to minority stockholders
588.236.647
11.727,639
Cr.1.466.366
377.975,374
5.893.679
Balance
58.635
32.996
520,090
$22.432
Shs. corn, stk. outstanding (no par)
264,232
264,232
238,122
238.122
Earns,per share
$0.09
$0.10
$0.34
$0.46
Condensed Balance Sheet Dec. 31.
Assets1928.
1927.
Liabilities1928.
1927.
Investment
$6,098,296 $6,127,051 Capital stock
$3,763,820 $3,756,920
Deferred charges_
125.066
309,367 Funded debt
1.413,475 1,538.475
Current assets_ _
194,383
209.689 Adv.from affil.cos_ 408,0011
592,000
Current liabilities _ 168,102
154,248
Retire% &e.,res
448,852
393,744
Total(each sIde)$6,417,745 26,646,108 Surplus
215,495
210,720
V. 126. p. 1809.
Hartford & Springfield Coach Co.
-Defunct:
-
We have been informed that this company is defunct and out of business.
$91.644.566 -V. 126. p. 714.
13,645.016
Illinois Bell Telephone Co.
-Resignation, &c.
Dr.994.604
Robert P. Lamont, Secretary of Commerce in President Hoover's Cabi577.004,946 net, has presented his resignation as chairman of the company's board.
At the regular meeting of the executive committee, an expenditure of
4,223.202
$4.504,341 for new plant in Chicago and also $1,655,084 for Illinois out572.781.745 side of Chicago was approved, making total approved so far this year
750.000 38.857.456.-V. 128. P. 1053.
$31.32
Balance applicable to majority stockholders- _ - -372,081,605
Shares ofcommon stock outstanding
750,000
Earned per share
$22.97
Consolidated Balance Sheet Nov. 30.
1927.
1928.
1928.
AssetsLiabilities
$
I
Plant & invest--279,455.711 262,216,386 Common stock.. 37,405,357
Miscall. Invest__
227.805
158.679 Pref.8%cumstk. 13,253,637
Cash In banks &
Pref.7% cum .stk 30.506.600
on hand
7.811.642 7,638.133 pet.oit%cum stk 3,400.000
Invent, of crude
Pref.6% cum .stk 7,264,500
& refined oils 20.683,916 17.718.036 Bonded debt __ 78.718.700
Accts. rec. cuss. 2.611,982 2.382.206 Notes payable__ 6.060.847
Current accts. of
Accts. Payable 2,376.557
MM. cos ___
1.183.700
773,089 Wages.salarles &
Notes, accts. &
commis. sect*
313,592
intsec.,sundry
632.052
568,084 Accr. int., royMaterials & sup. 3,889,566 4.663,283
alties. tax.,&o. 3,118,726
Accts
256,569 Divs. on p f.stk.
321,369
Prepd Ins ,Int.,
Fed inc.taxesin
royalties,rentdispute
als, taxes, &c
527.235 Due to parent co 16,104,798
553.763
Expenses of oil
Accts.& Int.paYIn storage_
2,105.020 2,021,472
able, aft. cos_
Bond.& note disCustom. depos
104,892
count & exp..- 7,605.195 6,509,215 Sundry dot.items
48.051
Sundry del.chgs.
52.664 Depr. & deplet 48.593.618
Prop. In course
Inventories _ _ _ 1,663.909
of replacement 4,675,560 3,109,889 Bad & doubtful
accts. & allow.
344,990
Injuries & dam_
64.585
Miscellaneous .._
666,828
Minor. stockhol.
Int. In sub. cos 8.122,660
Tot.(ea. side)331,435,911 308.594,941 Surplus
72,081.695
-V. 127, p. 3395.
Illinois Power Co.
-Earnings.
--
1927.
37,405,357
28,726.976
25,697.700
72,543.700
9,959,099
1.842.098
400.410
2,477,209
341.635
653.686
4,411.529
240,884
107.759
43,306.323
17.002
12 Mos, End. Dec. 31- 1928.
1927.
1926.
1926.
Gross earnings
52,732.117 52,637,187 52,581.131 52,491,801
Oper. exp.. Incl. taxes &
maintenance
1,781,027
1,818,551
1,769.493
1,720.052
Fixed charges
386.925
395.020
389.157
396.915
Net income
Dividend pref. stock_ Prey, for retire, reserve.
3564.164
228,246
150.000
$4423,616
228.738
150.000
5422.481
231.705
150.000
5374,834
215.865
148.700
Balance
-V. 126, p. 576.
$185,918
$44,878
$40,775
$10.269
'
Illinois Water Service Co.
-Earnings:
-
Calendar YearsOperating revenues
Operation expense
Maintenance
Taxes (excl. Federal income tax)
1928.
$583.776
240.439
24,569
47,296
1927.
$527,004
239.616
31.605
42,391
Net earnings from operation
Other income
3271,471
1,130
3213,392
2,058
$272,601
125,000
$215.450
Gross corporate income
Annual int. req. on total funded debt
-V. 128. p. 247.
321.645
97,043
International Hydro-Electric
775,186
System.
-Debentures Of-Chase Securities Corp., Bankers Co. of Now York,
fered.
Harris, Forbes & Co., Lee, Higginson & Co., Blair & Co.,
Inc., Halsey, Stuart & Co., Inc., E. H. Rollins & Sons, and
Electric Power & Light Corp. (& Subs.).
-Earnings Redmond & Co., are offering at 100 and int. $30,000,000
convertible 6% gold debentures. A portion of this issue has
for 12 Months Ended Dec. 31.
(Inter-Company Items Eliminated.)
been withdrawn for sale in the Netherlands by Pierson &
Subsidiary Companies1928.
1927.
Co., Nederlandsche Handel-Maatschappij, and MendelsGross earnings
354.895.342 352,629.116
Operating expenses, including taxes
29,342,407 28,923,603 sohn & Co., Amsterdam, and by R. Mees & Zoonen, Rotterdam.
Net earnings
525.552,935 323,705.513
Other income
Total income
Interest to public and other deductions
Preferred dividends to public
Renewal & replacement (deprec.) appropriations
Proportion applicable to minority interests
1.549,659
6.487.957
72,781,744
1.595.300
$27,102,594 325,300,813
10,077.364
9.305,936
3.558.754
3,027.681
4,378,936
4,083,384
450,697
356.785
Balance
38.636.843 38,527.027
Electric Power & Light Corp.Bal. of sub. cos' earnings applicable to Elec. Pow.
& Light Corp
38.636 843 38.527.027
Other income
501.981
421.050
Total income
Expenses of Elec. Pow. & Lt. Corp
Int. deductions of Elec. Pow. & Lt. Corp
39.138.824 38.948.077
610.213
695.801
146.089
523.623
Net income
Divs, on pref. stocks of Elec. Pr. & Lt. Corp
Divs,on common stock of Elec. Pow.& Lt. Corp
58.382.522 $7.728.653
4.177,396
4,017.155
x1.760,883
Balance surplus
32.444,243 $3711.498
x Consists of initial dividend of 25c. per share paid May 1 1928; dividends
of 25 c. per share paid Aug. 1 and Nov. 1 1928; and dividend of 25c. per
share declared Dec. 26 1928, for payment Feb. 1 1929.
Balance Sheet as of Dec. 31
1927.
1928.
1927.
1928.
Assets3
Liabilities$
$
$
Investments ___ 99,675,673 96,995,060 :Capitalstk.(no
Cash
2.046,354 4,483,887
par value)_ _x104,783,583 103,147,375
Notts & loan rec.
Subscrip.to pref.
(subsidiaries). 8,292,180 5,112,720 stock
2,580,500 4.306,100
Notes and loans
Divs. declared
1,496,127 1,025,452
rec.(others).2.000
Acc'ts payable__ 1,110,803 1,401,476
Accts.rec.(subs.) 1,425,508 1.726,371 Accrued acc'ts..
22,418
36,955
Accounts remit.
,
Subscrip.to pref.
(others)
586,054 stocks of subs.
332,506
454,945
Subscrlbs.to pref
Guaranty-Indus'
stock
2,580,590 4,306,110
Gas Co. notes
Reacquired cap.
(contra))___ 500,000
stock
101,892 Surplus
3,891,897 3,409.273
Guaranty-Indus.
Gas Co. notes
(contra)
500.000
Total
114,854,810 113,312,095
Total
114,854.810 113,312,095
x Capital Stock Outstanding with Public.Dec. 31 '27.
Dec. 311928.
$7 Cumulative preferred stock
492,977.376 shs. 476.683 abs.
$7 Cumulative 2d pref. stock. aeries A
110.736 shs. 110.741 shs.
Common stock
1,775.904.02 ribs. 1.776,206 shs.
yOption warrants for common stock equivalent to
762,132 shs. 762,648 shs.
y Holders of option warrants outstanding are entitled to purchase one
share of common stock, without limitation as to time. at $25 Per share
Dated April 11929; due April 11944. Int. payable A. & 0. Both principal and int. payable in New York and Boston in United States gold coin
and in Montreal and Toronto in Canadian gold coin. Red., all or part,
on the first day of any month on at least 30 days' notice at 105 through
March 311932; thereafter at 104 through March 311035; thereafter at 103
through March 31 1928; thereafter at 102 through March 31 1941, and
thereafter at 101 until maturity. Denom. 31.000 c*. Chase National
Bank. New York. trustee. Mt, payable without deduction for any Federal
Income tax not exceeding 2%% which the company may be required or
permitted to pay at the source. Penna. 4 mills tax and Mass, tax measured
by income not exceeding 6% refundable to residents of such States upon
timely and appropriate request.
Listed -Listed on the Boston Stock Exchange.
Conversion.
-Each $1,000 debenture may be converted, at the option of
the holder, at any time after March 31 1930 and on or prior to April 1 1939
or earlier redemption date into 19 shares of class A stock as then constituted
of International Hydro-Electric System. Stock will be deliverable within
30 days after presentation of debentures for conversion.
The class A stock is listed on the Boston Stock Exchange and the application for listing of the debentures on that Exchange has already been approved.
It has been agreed that the system will make application In due course to
list the debentures and, at a later date, to list the class A stock on the New
York Stock Exchange.
Company.
-A Massachusetts voluntary association, organized Mar. 25
1929. The company was formed by a declaration of trust which provided
that the trust estate shall be directly liable for the payment or satisfaction
of all obligations and liabilities of the system, but that no shareholder,
director, trustee, officer or agent of the system shall be held to any personal
liability thereon.
The system will own directly over 82% of the outstanding common stock
of New England Power Association and the entire common and second
preferred stocks of Canadian Hydro-Electric Corp. Ltd. Through these
subsidiaries it will control one of the largest groups of hydro-electric prop'
erties in the world, under one ownership.
CapitalizationAuthorized.
Outstanding.
Convert.67 gold debentures. due 1944_ ..$30,000.000
$30,000,000
Class A
cfc
x2,000.000 abs.
475,000 shs.
Class B stock
2,000.000 shs.
1.000,000 shs.
Common stock
3,000,000 abs.
2,000.000 abs.
Subsidiary Companies
Funded debt
2920
_1489
3162.156.106
Preferred stocks
989
Minority common stocks, incl. surplus applicable thereto_ _ y92..638
x Of this amount, 570.000 shares are reserved for conversion of the
convertible 6% gold debentures. y Taken at par value or, if without par
value, at liquidation value. Includes 320.000,000 par value of 6% preferred shares of New England Power Association recently offered to the
public.
Purpose.
-The proceeds of this issue will be applied by the system directly toward the payment for certain shares of New England Power Association which it will acquire and for other proper purposes. The total
shares of that Association which the system will acquire, In this manner and
otherwise, alone represent a value based on present market quotations in
excess of $65,000.000, or more than 2.1 times the amount of those debentures. Large additional values are represented by the second preferred
and common stocks of Canadian Hydro-Electric Corp., Ltd.
MAR. 301929.]
2089
FINANCIAL CHRONICLE
Operating Properties.
-The physical properties controlled by the system
upon completion of the present financing program will include hydroelectric generating stations with a total capacity, installed or under construction, in excess of 1,037,000 hp., of which 787,100 hp. is now in operation. This capacity is capable of being increased, through further development of present properties and the utilization of undeveloped sites, to
an aggregate of over 1.800,000 hp. In addition to these hydro-electric
properties the system controls steam electric plants with a present installed
capacity of 382,000 hp.
For the year 1928 the total output of the operating properties was 2,733,451,000 kwh. For the year 1929 it is estimated that the output will reach
3,650.000,000 kwh. and for 1930, 4,200,000,000 kwh. Existing contracts
provide for the sale of substantially all such additional power to be produced
in 1929 and 1930.
Canadian Hydro-Electric Corp., Ltd., is a Canadian holding company
and, through its subsidiaries, controls valuable hydro-electric developments in Quebec and New Brunswick together with retail and wholesale
distributing systems serving a territory of 5.000 square miles having a
population of about 220,000. These developments include power plants
on the Gatineau River with an installed capacity of 436.000 hp., and on
the Ottawa River and tributaries developments of 126,600 hp. installed
or under construction, of which 101,600 hp, is in operation. All of the
Gatineau and Ottawa plants (except 40,000 hp.) are physically interconnected forming one hydro-electric generating property. In addition the
corporation controls the largest power development in the Maritime
Provinces at Grand Falls, N. B., where an 80,000 hp. plant is planned,
20,000 hp. of which started operations on Oct. 1 1928 and a further 40,000
hp. is now being installed.
For the year 1928 the output of the properties of this group was 1,348,617,000 kwh. For the year 1929 it is estimated that the output will be
2,100,000,000 kwh. and for the year 1930, 2,500,000,000 kwh.
New England Power Association is the largest power system in the New
England States. It owns or controls plants and sites to the extent of 584,500 hp. of hydro-electric power, of which 414,500 hp. is installed or under
construction. In addition it owns or controls steam electric plants with a
capacity of 382.000 hp. Its comprehensive network of interconnected high
tension transmission lines aggregating over 1400 circuit miles supply power
directly or at wholesale to a population of more than 2,500,000 located
In over 250 communities in Massachusetts, Rhode Island, New Hampshire,
Vermont and Connecticut.
For the year 1928 the electric output of these properties was over 1,384,834,000 kwh. For the year 1929 it is estimated that such putput will be
1,550,000.000 kwh. and for the year 1930 1.700.000,000 kwh.
Contracts.-Long-term contracts for the sale of all the power presently
to be generated by plants controlled by Canadian Hydro-Electric Corp.,
Ltd., have already been executed with the:
Hydro-Electric Power Commission of Ontario; Canada Cement Co.,
Ltd.; E. B. Eddy Co.; Ottawa Electric Co.; Fraser Companies, Ltd.: New
Brunswick International Paper Co.; Gatineau Electric Light Co., Ltd.;
Canadian International Paper Co.
These contracts require deliveries of primary power in the aggregate
increasing on Oct. 1 in each year from 248,000 hp. at the present time to
more than 480,000 hp. beginning Oct. 1 1931. The physical properties
necessary to produce and transmit the power required for such full deliveries (except for the installation of water wheels and generators with a
capacity of 65.000 hp.) have been constructed and financed. The temporarily available surplus power is being taken by Canadian International
Paper Co. at much lower rates under a contract cancellable in whole or in
part on eighteen months* notice as the power is sold for other purposes.
Although deliveries under the contracts with the Hydro-Electric Power
Commission of Ontario and Fraser Companies, Ltd. did not begin until
Oct. 1 1928, and then only on a partial basis, and although initial deliveries
have not yet begun under some other contracts, these properties are already producing sufficient revenues to carry all their own charges and from
now on should contribute increasing amounts to the consolidated earnings
of International Hydro-Electric System.
The revenues and expenses of the operating properties of the Canadian
Hydro-Electric Corp.. Ltd., on the basis of the above mentioned increases
in contract deliveries on each successive Oct. 1, but without any benefit
from the anticipated increase of revenues from other sources, are calculated
as follows:
12 Months' Periods Beginning Oct. 1.
1928.
1929.
1031.
1930.
Oper. rev. & oth. Income $6,405,920 $7,474,670 $8,027,420 $9,023,170
Oper. exp., maint., taxes
& amort. of debt disc_ 1.330,000
1,463,000
1,533,000
1,662.000
Net earnings_ _ ------ $5,075,920 $6,011,670 $6,494,420 $7,361.170
Int. & diva. pd & accr.on
debt & pref. stocks_ - - 4,598,000 4,542.000 4.468.000
4,365.000
holders of class A stock to receive the $2 cumulative dividend in cash If
they so elect. The declaration of trust also restricts the basis upon which
dividends may be paid in class A stock on the class B and common stocks.
Ownership.
-All the class B and common stocks of International HydroElectric System will (upon completion of the present financing program)
be owned or controlled by the International Paper & Power Co. International Paper & Power Co. will then rank as one of the leading public
utility holding companies on this continent. It also owns over 94% of the
preferred and 99% of the common stock of International Paper Co.. which
Is the largest manufacturer of paper in the world.
Listed.
-Class A stock listed on Boston Stock Exchange.
International Telephone & Telegraph Corp.
-Reported to Have Acquired R. C. A. Communications.
The "Herald-Tribune" March 29 stated in part:
It. C. A. Communications, Inc., the globe-girdling wireless system of the
Radio Corp. of America, has been sold to the International Telephone &
Telegraph Corp. for about $100.000.000.
An agreement to transfer the system to I. T. & T. was sikned in Paris
March 28 by Owen D. Young, Chairman of the Board of Radio Corp.;
David Sarnoff, V.-Pres. & Gen. Mgr. of Radio, and Thomas W. Lamont,
partner of J. P. Morgan & Co., bankers for I. T. & T.
The deal makes I. T. & T. the largest international communications system In the world and apparently leaves Radio Corp. as a manufacturing
and distributing company for radio apparatus, phonographs and talking
films, divorcing it completely from communication enterprises.
The new system, it is understood, will function in collaboration with the
extensive system of the Mackay Radio & Telegraph Co. an 1. T. & T.
'
subsidiary, and will result in a comprehensive telephone, telegraph, cable
and wireless system that will touch the remotest parts of the globe.
Payment will be made in I. T. & T. stock at present market levels.
The stock will be held by Radio Corp. in the same manner in which it holds
the common stock of the Victor Talking Machine Co.. Radio-KeithOrpheum and R. C. T. Photophone, Inc.
Just how I. T. & T. intends to operate the R. C. A.system is not known.
It will be recalled, however, that I. T. & T. incorporated three companies
in Albany last year and as yet has made no announcement concerning them.
The names of the companies are International Radio Corp., International
Communications Corp. and International Cables Corp.
As nothing official has yet been said about these companies, their employment remains a subject of speculation. It is deemed possible that
& T. may bring R. C. A. Communications and Mackay Radio &
Telegraph into International Radio Corp.; All America Cables and Postal
Telegraph-Cable into International Cables Corp., and its remaining telephone systems scattered in various countries of the world into International
Communications. It is probable that I. T. & T. will be the holding and
management unit for these three systems.
There have been attempts to merge R. C. A. Communications with
Western Union, regarded as a Kuhn, Loeb & Co. property, but legal obstacles prevented the project getting beyond a conversational stage. Abandonment of the plan was recently announced by Radio and Western Union
officials.
R. C. A. Communications, Inc., was formed on Jan. 4 1929 in Delaware
to take over the wireless business of the Radio Corp., which includes the
Radiomarine Corporation.
The company has stations and hook-ups in the principal countries of the
world and operates a large ship-to-shore business. Its business is carried
over the Pacific and across the Atlantic to Europe and Africa. The company recently concluded an agreement with Russia for an exchange of wire-V. 128, p. 1903.
less traffic.
-Earnings.
-Kentucky Utilities Co.
1925.
1927.
1926.
1928.
Calendar Years$6.221,910 $5,942,432 $5,119,767 $4,521,204
Operating revenues
2,660.902
3.208.216
3.770,642
Oper. exp., incl. taxes.... 4,001.541
5,229
1.979
7.418
7.450
Rent for leased lines_ _ _ Net earnings
Miscellaneous income
2.212,919 $2,164,372 51.906,322 81.858.323
457.742
40,676
401,740
599,839
$2,812,758 $2,566,112 $2,364.064 $1,898.999
Gross income
842,351
1,038,706
1,059,422
Interest charges, &c_ - - - 1.111,806
$1.700,952 $1,506,690 81,325.357 $1,056,648
Net income
447,078
633,915
646,147
850,601
Preferred dividends_ _ _ _
599.326
608,530
762.614
751,768
Common dividends
$92,116
$97,929
$98,583
Balance,surplus
802.091
890.112
988,496
Profit and loss,surplus
79,846
Balance before dep'n. $477,920 $1,469,670 $2,026,420 $2,996,170 Shs. corn. out.(par $100)
89.846
98,846
$8.66
$9.58
Earninos.-The following statement shows the earnings for 1928 of the Earns, per sh.on com$8.60
properties now controlled by New England Power Association, treating -V.128, p. 1903.
as an expense the net earnings applicable to the minority common stock
outstanding, and the earnings for the same period, of the properties (al-Annual Report.
Market Street Ry. Co.
ready completed and financed, with minor exceptions) controlled by Cana1928.
Calendar Yearsdian Hydro-Electric Corp., Ltd., the latter being adjusted to include cal- Operating revenue
$9.754,461 $9,819,570 $9,891,668
culated revenues from full power deliveries called for by present contracts Maint. of way & struc
682.599
671,391
656,462
on or before Oct. 11931.
663,644
691.270
Maint. of equipment_ _ _
643,192
Can. II. E.
Power (includ'g disputed
N.E. Pr. Corp. Ltd.
1,364.952
1.360.577
1,378.601
surcharges)
Assn. 1928 Calculated
3,845.806
3,979.311
Transportation & traffic 4,042,164
Actual.
as Above.
Combined.
845,093
938,310
General & miscellaneous 1,026.193
Gross revenue and other income
$31,829,615 $9,023,170 $40,852,785 Taxes
617,000
605.000
607,000
Oper. exp., maint.,all taxes,amort.of
disc. & am'ts appl. to rain. com.stks 18,257,784
1.662.000 19,919.784
$1,400,848 81.573,712 81,872,574
Net earnings
53,454
40,881
25.925
Net earnings before depreciation_ --$13,571,831 $7,361,170 $20,933,001 Other income credits _ _ _
Int. & diva. pd & accr. on debt & pref.
Gross income
$1.426.773 $1.614,593 $1,926,028
stocks of subs. of International
845,148
790.533
Interest on funded debt_
743,554
Hydro-Electric System
8,021,776
4,365,000 12,386,776 Discount on funded debt
53,113
50.611
47,977
500.000
500.000
Depreciation
500,000
Balance before depreciation
$5,550,055 $2,996,170 $8,546,225 Fed. Income tax res've
74.423
Int.requireMts on $30,000.000 debent
$1.800.000 Miscellaneous
15,291
25.628
5,463
Depreciation
$2,289,002
$613,000 $2,902,002
Depreciation as included in the above figures of New England Power
$427,715
Net income
$258,158
$129,778
Association Is computed at the following percentages of sales, less main2,725,571
3,220,042
3.426.794
tenance: retail electric 12%%,wholesale electric 10%,gas 10%.transporta- Previous surplus
66,756
Misc,adjustment credit_
74.423
21.641
tion 31.5%.
The combined balance before depreciation, as above, would be over 4.7
Gross surplus
$3.578.213 $3.552,624 $3,220,042
times the interest requirements on these debentures. The balance before Adj.of
disc.on fund. debt
27,732
30,365
depreciation of New England Power Association alone is over 3 times such
requirements. The above figures do not include the benefits anticipated Managing services prior
period
95,833
from the investment of the proceeds of $20,000.000 New England Power
Loss on property retired_
192.442
Association 6% preferred shares recently offered to the public; nor are the Inventory
adjustment_ 15.345
dividend requirements on such shares included in the above charges.
Miscellaneous charges_ 2,264
Class A Stock -The class A stock is without par value, is non-redeemable
(but may be retired on the basis below provided, through liquidation or
Profit & loss surplus-- $3,340.061 $3.426,793 $3,220,042
dissolution or, with consent of the holders of at least 60% of the class A
stock outstanding, upon sale of assets to another company which may be Shares of prior preferred
outstanding (par $100)
116,185
116,185
116,185
an affiliated or new company) and has no voting rights except that it has Earn,
$2.22
$3.68
$1.11
one vote per share in the event of default of any four preferential quarterly -V. per sh.on prior pf_
128. p 1728.
dividends and also certain voting rights on special matters as provided in
the Declaration of Trust.
Milwaukee Gas Light Co.
-Earnings.
Class A stock is entitled, when declared: (1) to cumulative preferential
dividends at the rate of $2 per share per annum, payable Q.
-.T. and (2) to
Income Account for Year Ended Dec. 31 1928.
equal participating rights as a class with the class B and common stocks, Operating revenue
taken together as a class, in any dividends payable out of the accumulated Operating expenses
net profits or surplus remaining after deducting the aggregate amounts Retirement expense
of the $2 cumulative preferential dividends on the class A stock and also Uncollectible bills
a like aggregate amount for the class B and common stocks, taken together Taxes
as a class. Upon dissolution or liquidation or sale as aforesaid class A stock
Operating revenue
is entitled (1) to $60 per share plus diva. in priority to the class B and
common stocks: and (2) to equal participating rights as a class with the class Miscellaneous rent expense
B and common stocks, taken together as a class, in the assets remaining
Operating income
after the class B and common stocks, taken together as a class, shall have
received an aggregate amount equal to the sum of the priority liquidation Non-operating income
payment on the class A stock and the amount by which the aggregate
Gross corporate income
amount of all dividends paid on the class A stock shall exceed the aggregate
Interest on funded debt
amount of all dividends paid on the class B and common sticks.
The directors of the system have announced the current policy of declaring Miscellaneous interest
diva. on the class A stock, payable at the option of the holder either in cash Amortization of debt discount and expense
at the quarterly rate of 50 cents per share or in class A stock at the quarterly Miscellaneous deductions
rate of 1-50th share for each share held, and the declaration of trust speciNet income
fically provides that dividends on any class of stock may be paid in stock of
the same or any other class without, however, affecting the right of the -V 125, p. 2808.
$1,040
750.890
52,250
• $11.67
1925.
89,902.768
648.647
648,009
1.331,060
3,607,857
822,236
617,000
82,227,960
51.062
$2.279.022
882.509
55.482
500,000
106.924
41,970
8692.136
2,060,070
2.546
$2,754,752
29.181
$2,725,571
116,185
$5.96
$5.921,775
2.777,449
268.750
11.011
884.121
$1,980,444
17.919
$1,962,525
122,270
$2,084,795
517,500
11,685
29,228
738
$1,525,644
2090
FINANCIAL CHRONICLE
Massachusetts Utilities Investment Trust.
-To Retire
5% Convertible Participating Preferred Stock.
At a special stockholders' meeting it was voted to approve the plan of the
trustees to retire the 5% cony. panic. pref. stock. The trustees plan to
utilize a portion of the $10,000,000. which shareholders have authorized
them to borrow for a period not exceeding 30 years, to carry out the plan.
-V:127. p. 1253.
Michigan Bell Telephone Co.
-Earnings
-Correction.
-
In our issue of March 23,page 1904, in the comparative statement of the
earnings we show the earning per share on the capital stock for 1927 as
$5.73 on 850,000 shares outstanding. As a matter of fact, 835,000,000 of the
$85,000.000 issued during 1927 was not issued until Dec. 31 of that year:
consequently, the earning for 1927 should have been figured on $50,000,000
of stock and not on $85,000,000. The earning per share for 1927 was therefore $9.75 instead of 55.73.-V. 128. P. 1904.
Mississippi Utilities Co.
-Notes Offered.
-R. E. Wilsey
& Co., Inc., recently offered at 983 and int. $350,000
one-year 5% secured gold notes, series A. Dated Sept. 15
1928; due Sept. 15 1929. Continental National Bank &
Trust Co., Chicago, trustee.
Data from Letter of M. L. Culley, President of the Company.
Company.
-An operating company, organized in Delaware in Feb 1928.
Owns and operates electric properties in Mississippi and northern Louisiana,
furnishing without competition electric service to 18 prosperous communities. Company also owns and operates a telephone system in Bassfield
and Prentiss, Miss.. these two communities being connected by lines owned
by the company and interconnected with the Bell system.
Earnings.
-Consolidated earnings of properties after eliminating certain
non-recurring charges,for the 12 monthsended Oct.31 1928, were as follows:
Gross earnings
$321,936
Oper. exp., maint. & taxes (other than Fed. taxes)
190,899
Net earnings available for interest, deprec. and Fed. taxes_ __ 8131,037
Annual interest requirements on $1,250,000 5% secured gold
notes. series A,(this issue)
62,500
CapitalizationAuthorized. Outstanding.
One-year 5% secured gold notes, ser. A (this
Issue)
*
81.250.000
Preferred stock, 7% cumulative ($100 par)
$1,000,000
300,000
Common stock (no par)
5,000 shs.
5,000 shs.
* Additional notes can be issued under the restrictions provided in the
trust agreement.
Purpose.
-Proceeds from sale of these notes will in part reimburse the
company for acquisition of properties and for betterments and improvements
already completed.
Montreal Tramways Co.
-Annual Report.
-
[VOL. 128.
Light & Power Co., Tilton (N. H.) Electric Light & Power Os., Utilities
Power Co. (Meredith, N. H.), and over 99.99 'of the common stock of
of
the Cumberland County Power & Light Co. o Portland, Me,
The Franklin Light & Power Co., Tilton Electric Light & Power Co. and
Utilities Power Co. have been consolidated with the Public Service Co. of
New Hampshire.
Consolidated Earnings Statement of Subsidiary Companies.
-Calendar Years- Oct. 1 '25 to
1928.
Dec. 31 '26.
1927.
Gross earnings
518,297.632 813,569.943 $15,438,400
Operating expenses and taxes
8,069,780 6,009,127 8,231,155
Maintenance
1,182,693
808,432
Retirement appropriation
1,317,790
915,241
973,830
Diet earnings from operation
$7,727,369 $5,837,143 $6,233,415
Rentals of leased properties
189.303
16,051
10,713
Boni, deb. & other int, charges paid
or accruing to outside holders
2,435,243 1.870.912 2,233.705
Amortization of discount on securities
202.618
171.528
184,293
Federal taxes
413.973
259,367
Divs,on prior lien & pref,stIcs. paid
1,823,365 1,550,881
1,539,875
Divs.on com.stk.pd.to outside holders
2,140
1,302
3.821
Propor.undist.earns.to outside holders
1,838
870
2,358
Total earnings accruing to New
Eng. Public Service Co
$2,658,889 $1,966,230 52,258,849
Of above amt. New Eng.P. S. Co. received & accr'd as int. on bonds St
notes receivable
333,439
154,395
218,463
Rec'd & accrued as dive, on stock_ --- 1,617,432
1,081,675
1,084.826
New Eng.P.S. Co. proportion ofsurp.
car'd to aggregated surp. acc't of
sub, cos, on their own books
$708,017
8666.092 81,019,427
Income Account of New England Public Service Co.
-12 Months Ended- 15 Mos.End.
IncomeDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Int. rec'd & accr. on bonds,notes rec.,
Int. received & accrued on bonds,
notes receivable, &c.,of
Subsidiary companies
8333.439
$218,463
$154,395
Of outside companies
6,173
507
Interest on bank balances
5,102
3,483
56.675
Divs. on stocks of subsidiary cos
1,617,432
1,081,674
1,084.827
Divs, on stocks of outside companies..
51,808
57,600
55.000
Profit on sale of securs, to assoc. cos..202,735
126,250
72.685
Fees for engineering & other services
to sub. cos, and others
148,521
158,598
120,114
Total Income
$2,365.218 .1,646,578 81,543,697
Administrative expense
172,278
50,794
153.028
Miscellaneous charges and taxes
91,963
28.528
26,892
Interest on notes and accounts
66,116
38,795
21.179
Years Ended Dec.31
Years End.
Period1928.
1927.
June 30'25.
1926.
Gross receipts
$14,938,878 $13,728,154 $12,899,602 $12,476,567
Oper. expenses and taxes 7,148,387 6,760,074 8,582,974
6,323,001
Net income for
$2,034,858 $1,428,229 $1,444,831
Operating profit
58,862
57,350
55.278
50,584 Previous surplus year
353,138
334,210
Maintenance & renewals 3,248,589 2,478,642 2,870,229
2,577.260 Surplus donated by company
a880,000
b300,000
Autobu.s expenses
1,047,476
Total
$3,267,997 $1,762,440 $1,744,831
Balance
83.435,364 84.432,087 83,391.122 $3,525,621 Dividends paid and accrued:
On prior lien preferred stock
560,000
560.000
723,333
6% on capital value- _ 82.177.178 82,177,178 $2,177,178 $2,177,178
On preferred stock
280,000
589,667
389,996
Additions to capital..--.
587,539
514,725
460.337
277,667
On adjustment preferred stock
52,896
57,166
6% on working capital.._
9.216
3,915
5.807
5,707
Common stock
631,346
516,406
297,293
Financing expense
181,431
181,431
181,431
181,431 Contributions to subs, on account of
1927 flood losses
200,000
Total
$2,935,384 $2,879,141 $2,822,861 $2,641,983
Surplus, Dec. 31
$1.229.818
$353,138
$334,210
Balance
8500.000 $1,552,945
$588,261
$883.638
a Donated by
Electric
City of Montreal rental500,000
500,000
500.000 West Utilities Co. National p. 2956. Power Co. b Donated by Middle
500.000
-V. 127.
Balance
$1,052,945
8383.638
$68,261
Revenues and expenses figures of company compare as follows for the
same periods as above:
Return upon capital val.. $2,753,932 $2,697,709 32.641,430 82,460,552
Interest on investment in
autobus service
61.044
82,648
32,916
Operating profits
57,350
58,862
55,276
50,684
20% of divisible surplus..
124,241
Other revenue
64.685
67,783
76,104
65,704
Total revenue
$2,960,127 $3,008,130 $2,805,726 52.576.940
Interest. &c., expenses- 2.116,705 2,125,643 2,126.567
1.953,146
Net income
Dividends
8843,422
550,000
8882.486
499,602
8679.159
400,000
3623,794
400.000
Surplus
Previous surplus
$293,422
1,676.081
8382,884
1,293,197
$279,159
1,014.038
8223,794
668,753
Total
$1,969,503 51,676.081 31,293.197
5892.547
x The gross earnings from autobus operations are included in revenue
for the year 1928 and the autobus operating expenses are included in
expenditures, whereas in previous years only the net earnings from autobus
operations were included in revenue.
-V. 128, p. 247.
Mountain States Telephone & Telegraph Ca.
The 1.-S. C. Commission on March 11 approved the acquisition by the
company of the telephone properties of Abram E. Bailey, et al., doing
business as the Dexter Home Telephone Co.
-V. 128, p. 1727.
New York & Stamford Ry.-Earnings.Calendar YearsOperating revenues
Operating ..xpenses
Tax accruals
1928.
$1,945
247,428
11,903
1927.
8206.914
278,445
15,244
1926.
8427.107
458,908
22,739
1925.
8517,950
385,258
23,347
Operating income_ ___def$257,386 def$86.774 def$52,538
3109,345
Non-operating income__
92,324
858
2,279
35,018
Gross income
def$165,062 def351,756 def$50.258
3110.200
Deduens from gross Inc x
126,319
113,568
114,994
107,168
Net deficit
$291,381
5158,924
8165,252
$3,368
x Deductions from gross income include 886,020 in 1928, 853,033 in 1927.
$40,763 in 1926 and 840.226 in 1925, interest accruing to the N. Y. N. H.
& H.RR.,but not incl.in the income account of that Co.
-V. 126, p. 2419.
New York Transportation Co.(& Subs.).
-Report.
-
Calendar Yearsx1928.
x1927.
1925.
x1926.
Gross earnings
57.073,314 $7,465,575 $7,293,138 57,351,703
Net after oper. expenses_ 1,341,859
1,467,321
1,903,149
1,607,503
Other income
188,946
136,346
213,230
196,765
Total income
81,530,806 $1,603,667 51.804,268 $2,116,380
Taxes
486,544
511,680
733.303
647,720
Net income
$1.044,262 81,091,987 81,156,547 $1,383,077
470,000
Dividends (20%)
470,000
470,000
470,000
Adjustments
Dr29,163
Balance, surplus
8545,099
$621,987
5686,547
8913,077
Shares of capital stock
235,000
outstanding (par 810)_
235.000
235,000
235,000
Earns, per sh.on cap.stk.
54.44
$4.64
$5.89
$3.16
x Includes earnings of subsidiaries except New York Rys. Corp., all the
common stock of which was acquired on Aug. 31 1926, and including the
operations of G. L. M.T. Inc. from date of acquisition only. June 15 1926.
G. L. M. T. Inc. is the corporate name of the company which operates the
Gray Line sightseeing and touring service in New York and vicinity,
V. 126, p. 1982.
New England Public Service Co.
-Annual Report.
-
During 1928 company acquired the entire capital stock of the Middlebury
(Vt.) Biectric Co.. Windsor (Vt.) Electric Light Co., Franklin (N. H.)
N. Y. Westchester & Boston Ry.-Earnings.Calendar YearsOperating revenues
Operating expenses
Tax accruals
Operating income_
Non-operating income
1928.
1927.
1928.
1925.
$2,390,399 $2,151,428 51,911.705 $1,648,901
1,622,858
1,498,972
1,247.298
1,060,439
229,150
239,672
237,442
216,287
$527,888
12.653
3423.305
15,187
$4428.964
9,478
8,372,175
6.972
Gross income
$540,522
x Deduens from gross Inc 2.448,950
$438,492
2,303,493
$436,442
2,194,690
8379,146
2,051,947
Net deficit
$1.908,428 51,864.999 81.758.247 31,872,801
x Deductions from gross income include $1,273,347 in 1928. 51,215,594
in 1927, 111.157.841 in 1926 and 51,100.008 in 1925, interest accruing to the
N. Y., N. H. & H. RR.. but not included in the income account of that
company.
-V. 127, p. 546.
North West Utilities Co.
-Annual Report.
Calendar YearsInt. rec. & accrued
Divs,on stock ofsub. cos
Sale ofsecur. to outsiders
Miscellaneous income
1928.
$32,001
1,163,965
18,816
999
1927.
$11,893
1,024,989
4.411
1926.
$49,182
818.935
12,474
36,219
1925.
$15,460
644,980
41,929
Total income
1,215,781 $1,041,294
Administration expense..
34,782
43.150
Interest
10,757
745
Net income for year $1,170,242
8997,398
Previous surplus
611,470
530,308
5916,810
41,397
6,804
5702.368
46,417
43,276
8868,609
1,139,945
8612,676
985.793
Total
$1,781,712 $1,527,706 $2.008,554 $1,598,469
Divs. on 7% prior lien
preferred stock
305,730
271,532
266,633
231,659
Divs. on 7% pref. stock..
353,858
350,918
296.733
174,650
Divs. on 8% pref. stock_
52,213
Divs, on common stock
In cash
410,357
293,786
193,280
In stock (18,040 shs. at
$40 each)
721,600
Surplus, Dec. 31
5611,470
1711,786
5530,309 $1,139,945
Consolidated Earnings Statement of the Subsidiaries for Calendar Years.
1928.
1927.
1926.
1925.
Gross earnings
510,990,172 810.637,414 510.316.289 $8,944,797
Oper, exps., taxes, &c
6,928,501
6,881,285 6.756,890 5,931,536
Net earnings
$4,061,671 $3,756,129 83,559.398 $3,013,261
Rentals of leased proper_
24,310
24,310
99.506
49,720
Bond, deb. & other int
1,488,944
1,451,925
1,438,248
1,271,755
Amort. of disc, on secur_
121,274
107,952
102,627
141,294
Divs, on stock & proper.
of undistrib. earns, to
outside holders
1,019,147
878.977
625.494
762,511
Total earns. accr. to
North West Util.Co. $1,407,996 $1,298,290 $1.157,026
$908,553
Of the above amt., N.W.
Util Co. recd & accr.
as int. on bds. & delis
1.850
1.850
1,834
Rec'd & accr. gen. int__
13,610
18,880
33,403
813
Rec'd & accr, dive, on
stock
644,080
1,145,966
818,035
1,020,489
North West Util. Co.'s
propor, of surplus
carried to aggregate
•
surp. acc't of sub,
cos. on their own
books
$248,111
8275,154
5313.437
$243,150
-V. 127. p. 823.
FINANCIAL CHRONICLE
MAR. 30 1929.]
-Approval of
Northern Indiana Public Service Co.
$1,000,000 5M% Preferred Stock Sought.
The company has applied to the Indiana P. S. Commission for authority
to issue and sell $1,000,000 of 5%% preferred stock.
According to the petition, the proceeds derived from the sale of this stock
will be used to finance additions and improvements to the company's service
facilities, and to reimbruse its treasury for 6 and 7% pref. stock which has
-V. 128, p. 1727.
been repurchased and retired.
-Acquisition.
Northwestern Bell Telephone Co.
The I.
-S. C. Commission on March 12 approved the acquisition by the
company of the telephone properties of .7. Earle Rolston and Hulda C.
Rolston.
1926,
1925.
1927.
1928.
Calendar Years$30,916,049 628,888,962 $27,388.247 $25,959.419
Gross
6,379,733
7,698,691
6,787,518 6,517,736
Operating income
827,538
905.504
286,317
632,992
Other income
Total income
Rent, &c
Bond interest
Other interest
$7,985,008 $7,420,510 $7,345,274 $7,285,237
349,552
423,532
426,239
455,477
118.750
159,730
20,275
488,780
67,304
$7,462,227 66,973,996 $6,802,991 $6.287,175
Net income
169,761
297,873
308,896
Preferred dividends.. _ _ _
5,200,)00
5,200.000 4,743,000
5,110,000
Common dividends
300,000
625.909
Empl. benefit res., &c_
Balance, surplus
$1,953,331 $1,476,122 $1,133,230
Shares of corn. outstand650,000
650.000
650.000
ing (par $100)
$10.21
Earn, per share on com_
$11.00
$10.28
-V. 128, p. 400.
$918,275
650,000
$9.67
-Earnings.
Ohio Public Service Co.
1927.
1926.
1928.
Calendar Years$10,598.702 $11.225.246 $11,503,274
Gross operating revenue
6,828,787
6,901,908
5,580,426
Operating exps., maint. and taxes
223,156
216,427
360.357
Federal taxes
Net operating revenue
Non-operating revenue
$4,657,919 $4,173,302 $4,384,938
209,129
26,117'
14,459
$4,867.048 $4,199,419 $4,399,397
Gross income
1,618,350
1,621,788
Int. on funded debt and other()Wig- 1,627.034
68,816
109,657
Amort. of bond and note discount_
Net income
Previous surplus
$3,240,014 $2,517,254 $2,667,953
844,718
803,628
. 1,199,647
$4,439,661 $3,361,972 $3,471,581
Total surplus
837,028
732,027
876.902
Preferred dividends
576,675
538,230
875,570
Common dividends
1,224,993
775,999
641,000
Reserve for replacement
339,384
71.481
172,107
Property amortization
5,240
Amortiz. preferred stock prem. paidCr.148.216 Cr.161,041 /h..21.685
Miscellaneous adjustments
2091
Earnings -Earnings from the properties for the 12 months ended Peh.
28 1929, are reported by the company as follows:
Gross earnings
$1.593.556
Operating expenses and taxes
976.873
Net earnings before Federal income taxes and depreciation,
available for interest
$616,683
Annual interest charges on $4,900,000 1st mtge. 5% bonds_ _
245,000
-V. 126, p. 1982.
Penn-Ohio Edison Co.
-Annual Report.
President R. P. Stevens says in part:
The outstanding development in the affairs of the company during the
past year has been the acquisition of the properties formerly controlled by
-a step which practically doubled the gross
The Northern Ohio Power Co.
revenues of Penn-Ohio Edison Co. These properties include the Northern
Ohio Power & Light Co. supplying electric light and power and transportation service in Akron and in a surrounding area of approximately
925 square miles to the west of the Youngstown district. This acquisition
was most logical, bringing together two large properties adjacent to each
other and materially increasing the diversification of the business served
by the Penn-Ohio System.
The electric properties of the combined system at present are indirectly
interconnected, whereas the interurban railway lines meet in Warren, 0.,
where through freight and passenger traffic has been maintained for a number of years.
The acquisition of The Northern Ohio Power Co. was accomplished as
of May 15 1928 as a result of the acceptance by substantially all of its stockholders of an offer on the part of Penn-Ohio Edison Co. of two-thirds of a
share of common stock and one-third of an option warrant, series B, for
each of the 499,950 shares of The Northern Ohio Power Co. capital stock.
To simplify the corporate organization Penn-Ohio Edison Co. acquired as
of Nov. 20 1928 all the assets of The Northern Ohio Power Co., which
latter company was dissolved. The Penn-Ohio Edison Co. thus became
the direct holding company for the subsidiaries of the Northern Ohio Power
group. As a step incidental to this merger Penn-Ohio Edison Co. offered
fts common stockholders subscription rights to purchase 10% additional
stock at $35 per share and applied the proceeds to the retirement at par on
Nov. 1 1928 of the then outstanding balance of $3,283.100 The Northern
Ohio Power Co. 7% secured gold bonds.
Another acquisition of importance was the purchase of Harmony Electric
Co. and Peoples Power Co. This acquisition extends the electric service
territory of the system in Pennsylvania south to the northern limits of the
city of Pittsburgh.
-For comparative purposes there is presented a
Consolidated Earnings.
consolidated statement for the year 1928 and 1927 of Penn-Ohio Edison
Co. and its present subsidiaries:
1928.
1927.
$27,725,092 926,379.487
Gross earnings
16,734,548 16,960,711
Operating expenses and taxes
Gross income
Int., discount & sub. co's preferred dividends
Balance
Dividends on preferred stocks
$10.990,544 $9,418,775
5,754,622
6,297,869
$4,692.675 $3,664.154
855,001
866,032
Balance for common diva., retire. res've & surP- $3.826.643 $2.809,153
-In addition to the common stock and option warrants issued
Financing.
In connection with the acquisition and merger of The Northern Ohio Power
$1,849,782 $1,199,647
$844.718 Co., 10,942 shares of common stock were issued for cash against the surTotal surplus
Condensed Balance Sheet Dec 31.
render of 4,876 original option warrants and of 6,066 option warrants of
1928.
1927.
1927.
series B. Aside from these operations, the financing of the year consisted
1928.
Liabilities$
$
Assets$
$
of the local sale of subsidiary companies' pref. stocks to customers and emPlant & investsal_40,448,337 48,194,759 Preferred stock_ _ _13,565,700 13,431.400 ployees. Since the close of the year, however, Penn-Ohio Edison Co. has
Common stock__ _ 6,139.000 7,689,000 marketed on favorable terms an issue of $8,000,000 debenture 514s. series
Unexp. constr. teL 787,428
467,029 Underlying bonds_ 2,367,000 4,114.500 B, due Feb. 1 1959. This financing retired floating indebtedness existing
Disc, on cap. stk. 332.387
7,949
13,243 First mtge. bonds_23,875,000 23,525,000 at the end of the year and provided the system with additional working
Securities owned__
72,969
289,837 U. S. Govt. loan_
250,000 capital.
Sinking fund
Municipal paving
Underlying bd. red.
Consolidated Income Account Year Ended Dec. 31 1928 (Incl. Subsidiaries).
78,500
assessments_
16,969
fund
Amount.
761,493 Notes rec. disc.__
250 Gross EarningsStores and supplies 657,265
$16,607,910
Electric
479,644
Notes receivable
155,683
176,008 Accounts payable_ 368,704
10.319,739
Transportation
Fed, taxes accrued 371,849
Customers' &meta
252,3 3
195.948
Steam heating
receivable
1,756,309
872,254 Int.,other taxes,&c 694,938
846,261
601,494
Gas, park, real estate and miscellaneous
Merch.& sec. sales
s Customers' & line
and other accts.
extension depos_ 286,207
367,278
$27,725,092
Total
receivable
1,213,724 Acct'ts pay.-affil.
911,909,157
Prepayments
69,090
65,751
companies
1,085
52.378 Operating expenses
2.832.015
Maintenance
619,514
684,552 Acct'ts pay -parCash,
1.993.376
Accts.receivable_ _x2,444.731
2,719 ent company__ _
521,296 Taxes
1,800
Special cash depos.
1,860 Other liabilities_ _
.
10.987
$10,990,544
Net earnings before provision for retirement reserve
Suspended exps
249,038
238,717 Replace't reserve_ 3,578,672 3,305.402
Deduct charges of subsidiary companies
Discount on bonds 2,099.902 1,937,688 Injuries & aamages
$3,935,498
Interest on funded debt
41,934
45,819
Property amortls.
reserve
14,293
-net
account
3,656,266 1,463,686 Capital surplus__ 286,313
286.084 . Interest on unfunded debt
349.673
Amortization of debt discount, premium and expense
Earned surplus___ 1,849,782 1,199,647
1,731,346
Dividends on preferred stock held by public
Total (ea. side).53,437,170 56,383,323
Cr. 266,754
Less interest charges to construction
x Parent company.
-V. 127. P. 1253.
Net income before provision for retirement reserve and'
Oregon-Washington Water Service Co.-Earnings.$5.226,488
charges of Penn-Ohio Edison Co
Catenear Years1927.
1928.
Deduct charges of Penn-Ohio Edison Co.
Operating revenues
$543,347
$580,495
$359.940 •
Interest on funded debt
Operation expense
216.637
190,053
144,287
-net
Interest on unfunded debt
Maintenance
30,602
27,097
29.586
Amortization of debt discount and expense
Taxes (excl. Federal income tax)
68,523
63.708
$4,692,674
Net available for dividends, &c
Net earnings from operation
$264.733
$261,589 Provision for retirement reserve & amortization of lease, &c.._ 1,643,617
Other income
2,581
2,156
$3.049.057
Balance
Gross corporate income
$267.314
$263,746 Earned surplus Jan. 1 1928
1.613,554
Annual int. req. on total funded debt
136,830
-V. 128, p. 248.
$4,662,612
Total
251.137
Oklahoma Power & Water Co.
-Bonds Offered.
-Harris Deduct surplus charges•
$4,411,474
Trust & Savings Bank and H. M. Byllesby & Co., Chicago,
Balance
Surplus
1 1928 to date of acquis'n
recently offered at 94 and int. $400,000 1st mtge. 5% Surplus earnings of subside. from Jan.acquis'n to date of merger $481,192
122,017
earns,of subside.from date of
20-year gold bonds, series B.
63,808,265
Balance
Dated Feb. 11929; due Feb. 1 1949. Interest payable (F. & A. 1) in
Deduct dividends on Penn-Ohio Edison Co. stock
Chicago and New York. Red. on any int. date on 60 days' notice at 1023
$570,658
prior preference
On 7%
and int. up to and Incl. Aug. 1 1939; the premium decreasing Si of 1%
295,374
On $6 no par value preferred
'
for each full year or fraction thereof elapsed thereafter to maturity.
697,735
On common-Cash dividends
$1,000 c*. Harris Trust & Savings Bank, Chicago, and Harold
Denom.
115.935
Stock dividends at stated value of$5 a share
Eckhart, trustee. Company agrees to pay int. without deduction for any
normal Federal income tax not exceeding 2% which the company or trustee
$2,128,563
Earned surplus balance Dec. 31 1928
may be required or permitted to pay at source, and to reimburse the holders
of these bonds, upon application within 60 days after payment, for the
Consolidated Balance Sheet Dec. 31 1928.
Penna., Conn. and Calif. personal property taxes not exceeding 4 mills
Liabilities.
Assets.
per $1 per annum and for the Mass. Income tax on the int. not exceeding Property, plant, french.,&c.$145,761,784 7% prior pref.stk.(par $100) $8,149,900
6% of such interest per annum.
Advances for construction,
$6 pref., 49,229 shs.(no par) 4,922,900
Data from Letter of William H. Colvin, Chairman of the Board.
400,000 *Com.stk. & capital surplus 21,673,543
Stevens & Wood, Inc_ ___
1,080,148 Capital stock of sub. co's__ 27,685,898
-Owns utility properties in Oklahoma used in the generation Special funds and deposits-Company.
5,999,000
97,755 6% gold debentures
and distribution of electric power and light, the production and distribution Investments
of natural gas for domestic and industrial uses, and the distribution of Discount & expense on secur. 8,382.210 Funded debt of sub. co's_ _ _ 67.700,000
5,700,000
509.437 Demand loans (funded)
water. The greater part of the company's earnings are derived from Sand Def. charges & prep'd accts.
688,966
717,434 Matur. bonds, bond int,&c.
Springs, Okla., and from the so-called "Interborough District," one of the Cash and working funds_ _
1,491,729
514,899 Deferred liabilities
leading industrial communities in the State, lying between Tulsa and Sand U. S. Treasury certificates_
1,493.481
2,141,163 Accounts payable
Accts.. notes & int. receiv
Springs. The industries in this territory are varied.
2,087,268
636,694 Accrued taxes
Company's power plant has a rated generating capacity of 27,800 Kva. Due on subscrip. to cap.stk.
634,398
1,935,675 Accrued interest
Its electric transmission lines total about 2 0 miles. Natural gas is obtained Materials and supplies
225,163
Accrued dive. on pref. stock
from a lease covering about 104,000 acres in Osage County. This
in part
203,347
Res. for dive. on corn. stk
gas is gathered by a comprehensive system including about 47 miles of lines.
162,284
Unredeemed tickets
It is transported about 25 miles and distributed through a system including
75.649
Sundry items
mains. The water supply is impounded by a concrete
about 59 miles of
Retirement reserve
8,816,176
dam 1,350 feet long, forming Shell Creek Reservoir with a capacity of 3,Other operating reserves__ _
661,889
000,000,000 gallons. The water is brought about 12 miles and distributed
Prem, on pref. stk. of subs_
43,680
through 32 miles of mains.
Contributions for extensions
72,066
Authorized. Outstanding.
CapitalizationCapital surplus
1,561,298
60,000 shs. 60.000 shs.
par value)
Common stock (no
$162,177,200 Earned surplus
2,128,563
Total (each side)
$6,000,000 a$3,040,000
Preferred stock 6% cumulative
1st mtge. bonds, ser. A5%4,500,00.) *Represented by 814,558 shares of common stock (no par), including scrip
400,000 and amount reserved for outstanding stock of merged companies, and surS les 13
a $2,000,000 additional preferred stock held under escrow agreement. plus over stated value of $5 per share. In addition to shares shown, there
are reserved 114,624 for issuance at $25 a share prior to Nov. 2 1935 against
b Limited by restrictions of the mortgage.
2092
FINANCIAL CHRONICLE
[VoL. 128.
original option warrants outstanding. and 160,584 for issuance at 9155 a
share prior to Jan. 1 1930 and at $60 thereafter to Nov. 2 1935 against
series B option warrants.
-V. 128, p. 1905.
public service, with many international problems, IL 0. A. Communications, Inc., will now operate Independently of the manufacturing and
sales interests of the Radio Corp. of America."
The new subsidiary will operate from its central offices a world-wide
Pacific Public Service (Del.).
-Notes Called,
wireless system between the United States and Great Britain,
Allot the outstanding 2-year 5%% secured cony, gold notes, dated Nov. 1 Sweden, France, Germany. Poland. Italy, Holland, Belgium, Norway,
Turkey,
1928. have been called for payment May I next at 101 and int. at the Portugal, Liberia. Argentina, Brazil,
California-Montgomery office of Bank of Italy National Trust & Savings Venzuela (Maracaibo), Dutch Guiana,Colombia, Venezuela (Caracus).
Porto Rico,
Indies
Association, in San Francisco. Calif., or, at the option of the holders thereof. (Curacao). St. Martin, Cuba, and via San Francisco Dutch WestJapan.
to
at the office of The Bank of America National Association, in N. Y. City, the Philippines, Dutch East Indies, French Indo-China, Hawaii,
Hongkong (via
or at the Continental Illinois Bank & Trust Co., in Chicago.
-V. 128, P. Philippines), Hawaii-Japan. Hawaii-Philippines and Australia(via Montreal).
1554. 1397.
The establishment of R. C. A. Communications, Inc., as an independent
subsidiary follows a similar step taken a year ago by
Radio Corp.
Pittsburgh Suburban Water Service Co.
-Earnings.
- the formation of the Radio-marine Corp. of America the take over all in
to
of
Calendar Yearsits radio marine activities.
1927.
1928.
Operating revenues
$306.962
97.058
Rio Grande Valley Gas Co.
Operation expense
-February Sales.
111,885
124.080
Maintenance
The company reports sales for February exceeding 200,000,000 cubic
22,777
21,563
Taxes (excl. Federal income tax)
5.070 feet. Revenues increased 94% over February of last year and showed a
5,791
gain of 15% over January 1929.-V. 128. IL 1905.
Net earnings from operation
$146.345
$166.509
Rochester Gas & Electric Corp.
Other income
2,591
838
-Annual Report.
Results for Calendar Years.
Gross corporate income
$167.347
$148,936
1928.
1927.
1926.
1925.
Annual in req. on total funded debt
85,000
Kilowatt hours sold- _ _299.114.182 276.679,209 256.649,783 234,449.942
-V. 128. p. 248.
Gas sold (M.cubic feet)_ 4.409,686
4.206.355
3.995.657 :3.571,679
Total revenues
513.645.443 $12,730,829 511.676.360 510.495,964
Postal Telegraph & Cable Corp. (& Assoc. Cos.).
- Operating expenses
6.501.727
6.559.155
6,388,220
5.964.057
Interest charges,&c_ -- - 1.608.605
x Consolidated Income for Year Ended Dec. 311928.
1.4:37.916
1.3:18,164
1,393,989
Gross earnings
$39.119,376 Taxes
1.758,007
1.413,921
1.263,766
1.075.221
Operating, general exps., taxes & depreciation
33.678,291
Balance
$3,777,104 33.319,836 52.686,210 $2,062.697
Net earnings
55,441,085 Previous surplus
2,946,165
2.556,377
2,346.326
2.083.659
Charges of associated companies -General interest
127,436
Total
Int. on the Commercial Cable Co.4% bonds and deb stock not
$6.723.269 55.876,213 55,032.537 $4,146.356
converted
23.201 Dividends paid
3,811.875
2.850,143
2,407.394
1,763.259
Divs. on the Mackay Cos. 4% pref. shares not converted
156,824 Other deductions from
Minority stockholders' equity in net income
surplus (net)
245.696
203.023
79.905
68.766
36.770
Int. calculated for full year on collateral trust 5% gold bonds
2,433,131
Surplus Dec.31
32.708,372 52.946.165 52.556,377 $2,346,326
Net income
52,454,797
,
Comparative Balance Sheet Dec. 31.
Divs, calculated for full year on 7% non-cum. pref. stock
1,983.795
1928.
1927.
1928.
1927.
AssetsLiabilities$
$
$
6
Balance
$470,822 Fixed
62.922.750 60,559.145 Preferred stock _ _ -23.837,400 23,197,800
caPital
Portion of above earnings of associated companies applicable to
Cash
523,780 Common stock_ -. 8,723.208 8,248,200
541,881
period prior to July 1 1928. effective date of acquisition of
Notes receivable
Cap,stock subs°.1,158,107
67,100
391,300
properties, less adjustments for interest and dividend charges
1,754,544
applicable to such prior period
222.634 Accounts recsup_ _ 1.812,997 1,359,848 Long term debt-....29.321,000 23,321,000
Materials &
1,041.937
Notes payable..__
3,025,000
32,141 Accts. payable.... 836,025
20,750
982,001
Earned surplus, Dec. 31 1928
$248,188 Prepayments
186,513 Consumers depts. 128,235
23,851
135,654
x After giving effect for full year to interest charges on bonds and dividend Sub, to cap. stock_
Matured int. unp_ 282,320
281,786
requirements on preferred stock issued during the year to acquire properties. MLscel.inv.& spec.
deposits
1,153,723
484,236 Divs.declared....
13.786
12,770
-V. 128, p. 1728.
Suspense accts.__ 1,905,850 2,278,352 Matured long term
debt unpaid_
1,000
Providence Gas Co.
-Annual Report.
Taxes accrued. ___ 405,133
335,178
Calendar Years1928.
1927.
1926.
1925.
Interest accrued-- 345,385
259,297
:Gross over. earnings_-- 53,271,297 $3.153.801 53,169,496 53,085,083
Reserves
3,333,806 3,483,761
Operating expenses
1,677,492
1,779.143
1.714.797
1,747.075
DistrIbu.ex.dep.- 580,056
557,648
Interest
166,332
158,532
128.741
156.575
Surplus
2,708,372 2.946.165
Depreciation
200,000
200,000
300.000
300,000
Total
70,381,826 67,178,559
Total
70,581,828 67,178,559
Net income
$1.227.473 51,016,125
$998.124
5909.267
Dividends
1,104,714 (10)920,595 (10)920,595 (8)736,476 -V. 128, p. 558.
Balance, surplus
$122,759
5172.791
595,529
577.529
Earns, per sh.on 184,118
ohs. cap.stk.
(par $50)-$6.66
$5.53
$5.15
$4.94
x Includes other income.
The total sales of gas for 1928 were 3,046,481,600 cu.ft.. as compared with
2,903,452.000 Cu. ft. in 1927.-V. 126, p. 1661.
Public Service Corp. of New Jersey.
-Resignation.
At the regular monthly meeting of the board, Paul Thompson of Philadelphia resigned as a director in order to devote his entire time to other
business.
At the meeting the directors also amended the by-laws to provide for 15
directors instead of 18 as heretofore.
-V. 128, p. 727, 558.
Puget Sound Power & Light Co.(& Subs.).
-Earnings.
Calendar YearsGross earnings
Operating expenses
Taxes
1928.
1927.
1926.
515.141.396 $14.925.482 313,533,748 512.842..275
7,633,712 7,386.968 6,888,389 x7,979,515
825,437
1.177.698
926,109
Net earnings
Other income
Southern Bell Telephone & Telegraph Co.-Acguis.-
The I.
-S. C. Commission on Feb. 26 approved the acquisition by the
company of the properties of the Jackson Home Telephone Co.
-V. 128,
P. 1905.
Southern Indiana Gas & Electric Co.
-Earnings.
12 Mos. End. Dec. 311928.
1927.
1026.
1925.
Gross earnings
53,165,696 $3.038,391 52,883,251 52.671.997
Oper. exp., incl, taxes
and maintenance
1.817.430
1,739,766
1,695,397
1,612.458
Fixed charges
312,634
347,096
395,554
402,464
Net income
51,035.632
$951,528
5792.301
5657.075
Dividend preferred stock
385,398
351.792
308.262
260,792
Prov. for retire. reserve_
240,000
220,698
216.182
207.000
Balance
$379,037
$410,234
$267,857
$189,283
-V. 126. P. 578
.
Springfield Street Ry.-Earnings.-
$6,682,246 $6,360,815 55,719,249 54,862.760.
Calendar Years1928.
1927.
1926.
1925.
513,528
507,042
548,692
590,341 Operating revenues
$2,789,846 52,891,431 5.1,141.079 $3,219,379
Operating expenses
2,197,844
2.414.846
2,619.267
2,697.362
$7,195,774 56.867.857 56,267,941 55.453,101 Taxes
Total income
31,330
57,611
72.270
74,146
Int. and amortization _ _ _ 3,075.201
3.349.626
3,306.763
2.775.884 Non-operating incomeCr.6.348
Cr.15,116
Cr.7.285
Cr.9.367
Rental of leased lines,
Net income
$4,120.573 53,518.230 52,961,178 $2.677,217
interest char ges,&c_.
284,916
242,739
220.908
218,102
Prior pref. dive
586,256
699.528
698.956
699.573
Preferred dividends_ _ _ - 1.577.796
1,298,635
1,112,243
1.112,242
Net income
$282,102
$191,350
$235,918
$239.136
Common dividends
(51)202,829 ($4)811,311 Dividends
186.188
186.188
232.735
232.735
Surplus
31.956.521 51,520.067
5947.149
354,091
Balance, surplus
$95,914
$5,162
53.184
56.401
Earns.per sh.on 202,829
-V. 127, p. 2820.
slis. cont. stk. outstdg.
(no par)
$9.65
$7.49
$5.66
$4.26
Tennessee Electric Power Co.-Sub. Co. Plant.x Includes taxes.
-V. 127, la• 2819.
The Toccoa Electric Power Co., a subsidiary has engaged Stevens &
Wood, Inc., of New York and Nashville, to complete the work on its
Radio Corp. of America.
-Sells Communication Business. 20,000 h.p. hydro plant on the Toccoa River near 131ue Ridge, Ga. The
See International Telephone & Telegraph Corp. above.
-V. 128. p. 1899, dam is to be 165 ft. high and the pond when filled will cover about 4 400
1728, 1555, 1397.
acres of land. This work is to be pushed rapidly to completion, but it Is
anticipated that it will require about two years and that the total cost will
R. C. A. Communications, Inc.
-Sale to International be in the neighborhood of 54,500,000.-V. 127. p. 2820.
Telephone & Telegraph Corp.
See latter company above.
The following is from the New York "Times" March 16:
General James G. Harbord. President of the Radio Corp. of America,
is President of the R. C. A. Communications, Inc. The other officers are:
W. 11. Winterbottom, Vice-Pres. in charge of communications: C• H.
Taylor, Vice-Pres, in charge of engineering; Colonel Samuel Reber, VicePres. & general foreign representative; George S. De Sousa. Treasurer.
and Lewis MacConnah, Secretary.
The directors are: Cornelius N. Bliss. Paul D. Cravath, H. P. Davis,
Colonel Manton Davis, General Harbord, E. W. Harden, Edward J.
Nally, David Sarnoff, James R. Sheffield and Owen D. Young.
R. C. A. Communications, Inc. is taking over the transoceanic and
other point-to-point communications interests of the Radio Corp. of
America and will enter upon a program of communications development
to maintain the position of this country as the centre of world-wide wireless communications, it was announced March 16. Applications are now
pending, looking not only to radio competition in domestic telegraphic
service, but also to the extension to inland centres of RCA's comprehensive system of overseas radio circuits.
All of the company's 300.000 shares of no par common stock will be
owned by the Radio Corp. of America,which will not dispose of any part
of its holdings. Of this capital. 240.00DsPhares were dellyered in exchange
for the traffic department of the Radio Corp.. and 61731U0 *Mares were sold
at $50 a share in order to provide 53.000,000 in working capital for the
new company. The indicated value of $15,000.000 for the whole company, however, is not an accurate representation of its total assets nor
actual worth, it is understood, the value of 550 being applicable to only
those shares exchanged for cash funds.
General Harbord, in announcing the organization of the new company
In preparation for active operations, said that this was a logical step in the
progress and development of radio communications in this country.
"The time has come when the great wireless facilities of the United
States, to which the radio and electrical industries of the country contributed so much, should develop independently of the manufacturing and
sales Interests of the Radio Corp. of America," he declared. "Today our
world-wide wireless system can stand on its own feet, and should be allowed
to develop as an entirely independent factor. As an institution devoted to
Union Traction Co. of Indiana.
-Annual Report.
Calendar YearsGross earnings
Operating expenses
Taxes
1928.
1927.
1926.
1925.
$2,805,321 $2,951,206 $33,060,465 52,939.181
2,504,517
2,708,360 2,566,742
2,541.873
102,695
98,000
110.000
125,000
Net operating revenue
Other income
Exp.of bus operation..
5198.109
24,067
5144,846
24,593
5383,723
24,901
5272.308
52,479
35,736
Balance, surplus
-V. 126, p. 3120.
$222.176
$169,439
$408,624
$289,051
United Gas Co.
-Acquires Additional Acreage.
-
The company has acquired 16.867 acres of oil and gas leases near Pettus,
Bee County, Tex., about 10 miles from the new 110-rnile pipe line it is
building from the Refugio County gas field to San Antonio and Austin.
The new holdings, on which there is already one gas well drilled and shut in
pending the completion of the pipe line, will supplement United Gas reserves in Refugio Field. Two new gas wells have recently been drilled in
the latter field with estimated recoveries of 100,000.000 and 75,000,000
cubic feet. respectively. A third well was also completed there, of such
pressure that it wrecked the derrick and had to be plugged and abandoned
temporarily as a safety measure.
Gas will be distributed along the new San Antonio line by a newly formed
subsidiary, the Southwest Distributing Co., which already has contracted
to supply 10 intermediate towns on completion of the line, about July 15V. 128, p. 1906.
United Gas Improvement Co.
-New Director.
-
Landon K. Thorne has been elected a director to succeed the late Wm.
Wood, Mr. Thorne Is President of Bonright & Co.
-V. 128,13. 1557.
Virginia Electric & Power Co.
-To Increase Capital.
-
At the annual meeting on April 17 the stockholders will be asked to vote
on increasing authorized capital by 100,000 shares common stock, no par
value; also that the provisions contained in the charter that the pref. stock
MAR. 30 1929.]
FINANCIAL CHRONICLE
should not be redeemed until after 3 years from the date of Issue be stricken
out with respect to pref. stock to be issued in the future, but this change
-V. 128, p. 1398.
shall not apply to the pref. stock now outstanding.
Worcester Consolidated Street Ry.-Earnings.-Calendar Years.Operating revenues
Operating expenses
Taxes
Non-operating income
1926.
1925.
1928.
1927.
$3,116.623 $3,189,041 $3.342,151 $3,595,403
2,903.725
2,743,002
2,738,337
2,443.856
144,790
74,284
85,980
88.945
Cr.20,060
Cr.12,945
Cr.21,831
Cr.25,066
Gross income
Int. chgs., rent of leased
roads, amortiz.,&c
Dividends
$620,314
$389,789
$369.541
$720,555
470,277
387,881
364,270
370.557
348,750
Balance,surplus
-V. 127, p. 2821.
$150,036
$1,908
$5,271
$1,248
Western Power Corp.
-To Increase Stock.
The stockholders will vote April 15 on increasing the authorized common
-V.126. p.2648
stock (no par value) from 300,000 shares to 325,000 shares.
INDUSTRIAL AND MISCELLANEOUS.
Copper Prices Advanced.
-The price of copper was advanced lc. to
24c. a lb. on March 22. N.Y."Sun," March 22.
Matters Covered in "Chronicle" of March 23.-(a) The annual report of
the U. S. Steel Corp. (Editorial). p. 1799. (h) Dealers stocks of unsold
bonds said to approach $600.000.000, reporting banks sold $497,000.000.
since Jan. 1 price level lowest in 3 years, p. 1826. (c) Market value of listed
Y. Stock Exchange, March 1, $71,871,889,736
shares on
-increase of
$811,492,324 in month. p. 1826.
N,
Abraham & Straus, Inc.
-Deposits of Common Stock
Asked in Plan to Form Holding Company for Acquisitions.
The following letter has been sent to the common stockholders by the depositors' committee (named below).
Simultaneously, committees consisting of owners of a majority of the common stock of William Filene's Sons Co. and
the F. & R. Lazarus & Co., respectively, sent a similar letter
to the common stockholders of those companies.
The owners of a majority of the common stock, believing as they do in the
possibilities of increased operating efficiency and growth in volume and
profits under such arrangements, have for some time had under consideration
the desirability of bringing under unified control successful retail stores
through their acquisition, affiliation or consolidation.
For that reason the undersigned, owning or controlling a majority of
such common stock, have constituted themselves a committee for the
purpose of receiving deposits of shares of the common stock to the end that
such Common stock may be transferred to a holding company to be organized
by such committee and with further authority in the committee to assent
to such plans for the acquisition of or the affiliation, merger and (or) consolidation of this holding company with other companies as may in the
judgment of the committee be desirable.
The capital stock of such holding company will consist entirely of common
stock and will be issued share for share in exchange for the common stock
of your company deposited with the undersigned committee prior to 3
o'clock p. m., June 17 1929, under and subject to the deposit agreement
executed by said committee and on file with the Commercial National
Bank & Trust Co., 56 Wall Street, New York, as depositary.
It Is believed that after the organization of such holding company it
will be possible through the organization of a further holding corporation
to effect affiliation of your company on satisfactory terms with Win. Filene's
Sons Co, or Boston. Mass. (which also owns all of the capital stock of It. II
White Co. of Boston. Mass.), and with the F. & R. Lazarus & Co. of
Columbus, 0.(which also owns substantially all of the common stock of the
John Shillito Co. of Cincinnati, 0.), under arrangements which will in no
way change the name, individual character or local identity of any of the
stores, and possibly to effect affiliation with one or more other prominent
department stores in the country
The basis for exchange of stocks for stock of such further holding corporation and the details of its organization will be set forth in such plan of
reorganization as the committee may adopt or assent to, notice thereof
being given to depositors as provided in the deposit agreement; but any
depositing stockholder who elects to do so, may withdraw his deposited
shares within 20 days after the first publication of notice of such plan of
reorganization.
To insure unified management and control of the businesses so affiliated,
the deposit agreement authorizes the committee to establish a voting trust.
The undersigned recommend that the common stockholders of Abraham
& Straus, Inc., participate in the deposit agreement and that they promptly
forward their stock for deposit with the committee.
Committee.
-Simon F'. Rothschild, Edward C. 131um, Hugh Grant Straus
and Walter N. Rothschild.
-V.128. p. 1730.
2093
(par $10), and 1.000.000 shares of class B common stock without par
value. The class A and B stocks are voting and represent control of the
company.
American Agricultural Chemical Co.
-Registrar.
The National City Bank of New York has been appointed registrar of
500,000 shares of $100 par value pteferred and 500.000 shares of $100 par
value common stock.
-V.127,p. 1248, 1105.
American Department Stores Co.
-Annual Report.
The company reports for the year 1928 a net income of $443.159 after
interest depreciation taxes, &c. Commenting on the years operations, Pres.
L. L. Jay, says in part:
Gross sales billed by all units for the year totaled $13,230.469, an increase
7,
of $3,707,712. or 390 over 1927. Sales are reflected only from date of
acquisition of each unit. We look forward to a further substantial increase
in volume for 1929.
At the end of 1928 we owned and operated 16 retail outlets, or more than
double the seven stores operating at the end of 1927. These stores, together
with our interest in the large unit not wholly owned, are expected to reflect
a very substantial improvement in 1929 over 1928. This improvement
should follow from further benefits of unification, including greater control
of merchandising and the advantages and economies attendant holding
company operation.
Earnings on common stock for 1928 are indicated at $2.36 per share, on
average number of shares outstanding, but before writing off reserves
and adjustments (amounting to $172,963 for inter-company transactions,
contingencies, &c., covering values of leases, fixtures, and other items,
necessary for conservative accounting procedure; after such adjustments,
the earnings on average shares outstanding are reflected at $1.52 per share.
From a statistical basis however, it should be noted that the large increase in number of shares outstanding, did not become effective until
after Dec. I 1928. Therefore, the real earning power of this new capital
and the additional units will not be felt until 1929.
Consequently, statistically, the earnings on previous common stock
outstanding, 202,800 shares, should be stated at $2.42 per share, before the
adjustments and reserves above noted; and at $1.56 per share, after such
deductions.
Our program for the future looks to further acquisitions from year to
Year on a basis consistent with sound financing.
Consolidated Balance Sheet Dec. 31.
Assets
1927.
a--1927.
Cash
$628,198 $232.566 Notes payable__ $683.905 $100.000
Accts. rec. (trade) 1,529,119
558,681 Accounts payable_ 946,766
798,001
Accts. roe.-otilc.
Accrued expenses18,582
71,013
empl.& others._ 342,669
21,479 rtes. for Fed. inc.
Merch. Inventories 3,053,088 1,196,438
tax
23,386
60.879
Bd.& accr. int
59,602 0th. current!lab
207.245
Stk. of sub, co. not
Deferred liabilities 1,829,423
wholly owned__ 383,734
379,994 1st pf. 7% cum.stk 2,328,700 1,000.000
Marketable securs.
59,603
2d pt. 7% cum.stk 788,100
721,000
55,899
Other investments
Common stock _ _ _x1,000,887
88.815
Advance to sub_ _ _
90,000
50,000 Surplus
686,787
421,735
Cash val.. life ins.
policies
10,290
714,014
Good-will
50,000
Ld., bldgs.& eqpt. 778,006
234,872
Lshids. & linprov.
303.011
151,637
to leased prop
666,388
225,960
Deferred charges
$8,603,697 $3,171,519
Total
Total
58.603,696 53,171,519
x Represented by 271.83800 par stock.
-V,128, p. 1893.
American Diatom Co.(N. J.).
-New Control, &c.
-
David Fulmer Keely, Donald F. Bishop and Le Roy S. Bishop. of
Philadelphia. Pa., have acquired control of the company having a wholly
owned subsidiary, the American Diatom Corp. of Virginia.
This company. it is stated, controls, owns and leases the only known
extensive deposits of high grade diatomaceous earth on the Atlantic Seaboard, located on the Rappahannock River, Virginia and the Patuxent
River, Maryland. Company's supply of diatomaceous earth is said to be
practically inexhaustible.
Diatomaceous earth, crude and ground, is used as an admixture in concrete. With sand removed, is used for insulation. Refined, it is used for
filtration purposes.
The company recently purchased an industrial plant on the Delaware
River at Gloucester. N. J., which is now being converted into a refinery,
and expected to be in full operation in the immediate future.
The capital structure of the company upon completion of present !Inane
lag will be as follows:
Authorized.
Outstanding.
1st mtge. 10-yr.6% bds due Mar.11938.... $500,000
350,000
7% cumul. pref. stock (par $100)
500.000
None
Class A (no par) non-voting common stock-- 10.000 shs.
*5.650 shs.
Voting common stock (no par)
7,000 shs.
7,000 shs.
*The balance held In the treasury is for corporate purposes and reserved
for exercise of option warrants accompaning first mortgage bonds.
Aero Supply Mfg. Co., Inc.
-To Recapitalize.
-Pros., David Fulmer Keely; Vi e-Pres., Donald
Officers.
The stockholders will shortly vote on increasing the authorized class "B" Sec., Herbert E. Nagel; Treas., Le Roy S. Bishop; Operating F. Bishop;
stock from 65,000 shares to 500,000 shares, no par value. It is planned to Dr.Jos. L. Klaudi. Ch. Eng. Executive Offices,617 Witherspoon Manager,
Building,
exchange one share of old class B stock for 3 shares of the new class "B" 1321 Walnut St.. Philadelphia, Pa.
stock, and the present class "A" stock will be convertible at the holder's
option into 3shares of the new "B"stock for each share of class"A''now held
Alexander Hamilton Investment Corp.
-Stock Offered,
Rights to subscribe to new class "B" stock will be offered both present
classes of stockholders on a share-for-share ratio at $9 per share. This -Sawyer Brothers, Inc., New York are offering 25,000
offer has boon un ler written.
It is further proposed that 200,000 shares of the new stock will be given shares participating class A stock at $20 per share.
Dividends exempt from normal Federal and Mass,income taxes. TransIn exchange for all of the stock or assets of the Standard Automatic Products
Co. of Corry. Pa., and the National Steel Products Co. of Dayton, Ohio, fer agent, American Trust Co., Boston, Mass.
Capitalizationboth manufacturers of aircraft supplies and equipment, their business supAuthorized. Outstanding.
15-year collateral trust 5% gold bonds
(x)
plementing that of Aero company.
$50,000
According to President George I. Stich, the business of the company has Participating class A shares (no par)
a200,000 she. 150.000 shs.
grown so rapidly during the last few months that it has necessitated a large Class B shares (no par)
6200.000 shs. 133,334 she.
expansion of manufacturing facilities. Production has risen from an avera Of the balance of the authorized 50,000 participating class A shares,
age of 316,500 per month in the first quarter of 1927 up to a present produc- 500 have been reserved for issue against share purchase warrants now outtion of from $45,000 to $50,000 per month. On Jan. 31 1928 unfilled orders standing and 49,500 have been reserved for issue against similar share
were approximately $18,000 and on March 19 1929 they were $102,211. purchase warrants which may be issued with the bonds.
During the last year the company has added equimpent at College Point
b The balance of the authorized class 13 shares, namely 66,666 shares,
increasing its capacity approximately 100%.
are subject to purchase by holders of share purchase warrants. All class B
The Standard Automatic Products Co. of Corry, Pa.has plant facilities shares have been or will be issued for cash except 120 shares issued for the
which are considered among the largest in the country in this line. It purposes of incorporation.
has been engaged for a number of years in the manufacture of aircraft
Company.
-An investment corporation formed in Mass, for the purpose
and automobile steel products on a large production basis. The National of carrying out diversified investments in the manner adopted by general
Steel l'roducts Co. was organized in 1919 and 90% of their business con- management investment trusts of the British type.
sists of standardized aircraft parts. The company manufactures some 2,000
Investment Counsel.
-The United States Fiscal Corp., New York, has
items.
been retained as investment counsel.
The combined profits for the three companies for the calendar year 1928,
Management.
-The funds of the corporation will be invested by the board
subject to audit now biting made by Messrs. l'rice, Waterhouse & Co., are of directors acting through the executive committee, with the advice and
sot at $240,000, with indicated earnings for 1929, based upon present oper- direction of the United States Fiscal Corp.
ating schedules and orders in hand, of over $450,000. As of March 15
Investments.
-The investments of the corporation consist principally of
the unfilled orders of the three companies were approximately $400,000.- cash, bonds and dividend-paying preferred and common stocks. The
V. 126, p. 2479.
indenture of trust securing its 15
-year collateral trust 5% gold bonds and
the articles of organization restrict the kind and amount of its investments
-Sale.
Aiken Mills.
so as to insure their diversification, and with respect to their marketability.
See United Merchants & Manufacturers, Inc.below.
-V. 118. P. 1270,
Dividends.
-Dividends in any calendar year will be paid on the participating class A and the class B shares in the following manner: First, $1.20 •
Algoma Steel Corp., Ltd.
-Tenders.
per share on each participating class A share; then $0.25 per share on each
The United States Mortgage & Trust Co. will have $116,000 available class B shares; then $0.80 per share on each participating class A share;
on Apr. 1 next for the purchase of 1st & ref. mtge. bonds for the account then $1.75 per share on each class B share; then, equally, share for share.
-The holders of the participating class A shares are entitled
'Voting Power.
of the sinking fund. Offers will be opened at 12 o'clock noon on that date.
-V. 127. p. 1809.
to elect one less than a majority of the board of directors, and in addition
shall have full voting rights in case the dividends of $1.20 per share on the
Aircraft Finance Corp. of Amerka.-Organized.
participating class A shares are not paid in full for any two consecutive
The formation in Los Angeles of this new $30,000,000 aircraft finance years. Such additional voting power will terminate when there has been
corporation has been announced by A. 0. Hunsaker. The new corporation paid as dividends on the participating class A shares at least $1.20 for each
it is stated, will function in the field of aviation as the large acceptance of two consecutive years.
corporations serve in the automobile field. Headquarters of the company
Lipidation or Dissolution.
-In the event of voluntary or involuntary
will be in Los Angeles and branches will be established throughout the dissolution before any distribution is made with respect to the class B shares,
country in centers of aircraft production. A.0. Hunsaker will be president, holders of the participating class A shares will be entitled to receive $35 per
0. K. Hunsaker, secretary and treasurer, and Carroll L. Post will serve share plus $1.20 per share for each calendar year from the date of issue to
the date of liquidation or dissolution, less an amount not to exceed $1.20
as chairman of the board of directors.
The capitalization will consist of $20,000,000 8% cumulative preferred per calendar year equal to the dividends if any paid during such calendar
stock (par $10), $10,000,000 8% class A non-cumulative common stock years.
FINANCIAL CHRONICLE
2094
[VoL. 128.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
A:sets
Liabilities$
$
Land bidgs
11,248,210 7,459,289 b Stock
21,659,740 20,803,261
Equip. & fixtures.
2,245,788 Acc'ts payable_- 1,580,882
474,801
1.799 Divs. payable- --- 839,298
12,566,903 $Z.510.381 $3,173,160 13.073,840 Constr. In prog___
Net profit
809.837
4,286,589 5,088,952 Res've for taxes__ 856,838 1.128,181
2.480,000 2,480.000 2,976.000 2,976,000 Cash
Dividends paid
Mkt. securities_
5,635,048 7,382,036 Res. for conting- 452,307
13,751,871 11,416,496 Capital surplus_ _ _ 4,184,789 2,876,124
$86.903
Balance, surplus
$30,381
197.840 Inventories
$197,160
Earned surplus .14,520,510 23.190,805
3,040.487 3,010,105 2,812.946 2,715,106 Loans to employ_ - 905.625
Previoussurplus
Sundry debtors_ _ _ 292,166
204,438
Profit & loss. surplus- $3.127,390 $3,040,486 $3,010,106 $2.812.946 Treasury stock .._ ..a3,472,312 4,193,204
Trustee empl. stk. 4,257,326 1,000,242
Earns. pr. sh. on 496,000
1 9,808,767
she, cap. stk.(par $25)
5.18
$5.06
$6.19 Good will
$6.39
Deferred charges_ 545,193
279,977
* After reserve adjustments.
Balance Sheet Jan. 1.
Total
44,394,343 49,080,990 Total
44,394,342 49,080,991
1928.
1929.
1928.
1929.
a 82,726 1-3 shares. b Stock outstanding 1,761,403;i no par shares.
AssdsLiabilities$
$
V. 128, p. 1058.
2,282.877 2,731,288 Capital stock
Cash
12,400.000 12,400,000
Bills & accts. rec_ 7,233,135 8,374,127 Bills & Accts. pay. 927,975
748,661
Apollo (Pa.) Steel Co.
-Capital Increased-Rights.
5,123.472 5,241,575 Dividend payable_ 992,000
Real estate,&e
992,000
The company
Materials & mdse. 2,807,882 2,834,178 Surplus
3,127,390 3,040,487 150. to 180,000.recently changed the number of its shares from 36,000. par
par $161. At the same time 21,000 shares of the new stock
were
Total
17,447,385 17,181,148 Total
17,447,365 17,181,148 givenoffered present stockholders at 320 par share. The stockholders were
the right to subscribe for one share of $10 par stock for every five
-V. 126. p. 1509.
shares allotted for the exchange of $50 pir stock. Under date of Mar. 19
the company reports that the issue had an been taken, some having been
American Ice Co.
-Income Account.
resold at a premium.
Calendar Years1928.
1925.
1927.
1926.
This company
Gross receipts
$20,772,413 119,455,136 $18,151,131 $18,718,610 beginning with began operations in June 1913. It has paid dividends
1916. in which year the rate was 8%; in 1917 it paid 40%;
Income from investments
in 1918. 15%; in 1919.
hit., rents, &c
573,082
423,355 in each year thereafter 30%; in 1920. 23%; in 1921,12%; in 1922, 10;i%;
388,222
518,587
to the end of 1928 12 % was paid.
Total
$21.345,495 $19.793,723 $18,539,354 119.141,965 40The company is situated on the Pennsylvania RR.'s Conemaugh division.
miles east of Pittsburgh.
Less Cost of mdse., oper.
Officers and directors are: A. M. Oppenheiner, President; Walter J.
expenses, &c
15,814.954 15,477,065 14,137,114 13,956,660 Guthrie, Vice-Pres.;
0. W. Oppenheimer. Sec. & Treas.; J. E. Gallagher,
Interest on bonds,&c
578,035 Asst. Sec. &
414,436
434,123
• 414,846
for Fed., &c., taxes
882,036 Engineering Treas.; Isaac W. n'ank, Chairman of the board of the United
423,995
Res.
396,370
413,754
& Foundry Co.; W. E. Troutman of the Duquesne Steel
Depreciation
1,466,962
750.978 Foundries, and H.
847,103
997,691
Sidenberg.
Profit before Federal taxes and depreciation, over a period of years,
Net gain
$3.252.362 12.651,090 32.716,706 $2,974,255
Preferred dive
(6%)899,868 (6)899.827 (6)899.793 (6)899,775 shows the following comparisons:
Profit. Deprec.
Profit. Deprec.
Common dividends..
($2.50)1499,617 x1.141,980 (10)972.285(7h)540,382 1918
3850.852 136.079 1924
1389.026 $98,014
1919
586.492 37,050 1925
306,038 98.198
Balance, surplus
$844,628 $1,534,098 1920
$352,876
$609.282
1,273,197 54,014 1926
179,565 115,373
Corn, she. outst. at end.
115.598 60.667 1927
151,329 103,368
of year (no par)
y95.410 1921
y106,270
600,000
600.000
231,405 80.246 1928
367.201 153,631
$21.74 1922
Earns, per corn. share
$17.10
13.92
$2.91
301,366 111.311
x Comprising (10%) $868,359 paid on the old common stock and (50c.) 1923
Balance Sheet Dec. 31.
$273,621 paid on the new no par common stock. y Par $100.
$12.772,871; add:
Surplus account follows: Balance Dec. 31 1927.
Assets
Liabilities
excess of book value of Independent Ice Co. at Dec. 31 1927. over cost, Cash
$139,711 Capital stock
1,950,000
incl reserves, $128,863; net profit for year 1928.13.252,361; deduct: water Notes receivable
46,846 Notes payable
360.000
rights and ice cutting privileges written off, $5,000.000; adjustment of pro- Accounts receivable
472,289 Accounts payable
252,868
vision for depreciation on real property, less refund of Federal taxes for Inventory
1,076,514 Accts. pay.(curr. pay roil)._
53,403
paid on retirement of real estate first and Investments
prior years, $263,349: Premium
47,865 Deferred credits
2,197
general mortgage bonds, $122,850: additional provision for doubtful Prepaid interest
2,772 Res.fire insurance
148,995
accounts. $41,000; 6% preferred dividends, $899.868: preferred dividend Prepaid insurance
921 Res,determined accid.
1,389
payable Jan. 1929. $221,970; common dividend of $2 and 50 cents extra. Fire insur. fund
148,995 Res.for Fed.taxes
27,000
11.499,617; common dividend of 50 cents and $1 extra payable Jan. 25 1929, Bidgs.& equip
x1,676,799 Res. lordly, pay.Jam 2 Mg _
31,500
$899,598; leaving profit and loss surplus on Dec. 31 1928 of $7,202,943.
Surplus
1,685,179
Consolidated Balance Sheet Dec. 31.
Total
$3,812,512 Total
$3,612,512
1927.
1927.
1928.
1928.
x After deducting 11,009.099 res, for depreciation
Assets3
Prof. stock. nonLand, bides., maArkansas Natural Gas Corp.
-Rights, &c.
chinery, &c.. _832,933,551 32,345,830 cumulative_ _15,000,000 16,000,000
The common stockholders of record April 16 will be given rights to
&
c
Common stock _ _ 15,000,000 15,000.000
Good-will, water
Patent rightsb5,360.663 9,927,268 Bonds and tinges_ 6.722.047 5,570.078 subscribe on or before May 16 to class A common stock at $4 per share
527,793 on the basis of one class A share for each 4 common shares held. The class
Inv.in secur's, &c_ 1,673,627 1.661,484 Accounts payable_ 669.201
1,931,605 1,301,809 Accr. bond Int.,acc.
134,780 A common will have the same rights as the common stock except that it
31,241
Cash
will be non-voting. The proceeds are to be used in connection with the
Dividends payable 1,124,568
U.S. Treas. Ws_ _ 2,099,141
3.100.000 Ins. & workmen's
acquisition of additional property, new construction and additions, and
Loans secured....
500,000 for other corporate purposes. The properties of the company serve a wide
Notes & accts. rec- 1,541,746 1,558,889 compens'n res've 500,000
618,413 territory with natural gas, ranging from Shreveport, La., on the south to
50,004 Fed., &c., tax res.. 671,543
63,691
Prepd.ins. prem.&c
7,202,943 12,772,871 Little Rock, Ark., on the north, and include gas producing areas, gm
Surplus
Inventory of merpipelines and distribution systems.
1,029,762 1,078,868
chanalse, &o_
Disc. on 5% s. I.
The stockholders on March 15 authorized the creation of an issue of
175,800
debentures
4.000,000 shares of class A common stock, no par value.
-V. 128, p. 1559,
95,902
Fund. &c., invest. 131,9.57
1400.
Sinking & release
4,281
Tot.(ea. side)-46,941.544 51,123.935
fund cash
Arrow-Hart & Hegeman Electric Co.-Dividonds.a After $1,211,238 for depreciation. b After writing off water rights of
The directors have declared a quarterly dividend of 50 cents per share
-V. 127, p. 3707.
$5.000,000. e Represented by 600,000 no par shares.
on the common stock and $1.6216 per share on the 61i% cumul, pref. stock.
common
record
American Radiator & Standard Sanitary Corp.-Plan Thepreferred dividend is payable Apr. 15 to holders of Mar. Apr. 10 and
the
dividend on Apr. 1 to holders of record
25. See also
Operative-Personnel.
V. 128, P. 888
.
-V. 128, p. 1057.
See American Radiator Co. above.
-Annual Report.
• American Hardware Corp.
Calendar Years*Net earnings
Depreciation
1928.
1926.
1927.
12,920.040 12,879.208 13.524,771
351.611
368,826
353.137
1925.
$3,523,476
449.636
Atlantic
-Bonds Offered.
American Radiator Co.-Plan Operative-Time Extended. -Harper Mortgage Co., Durham, N. C.
& Turner, Philadelphia, are offering $500,000
1st mtge. coll. trust 53'% gold bonds, series B, at prices
to yield. 6%.
The plan for the exchange of preferred and common stocks of this company and of the Standard Sanitary Manufacturing Co. for stocks of American Radiator & Standard Sanitary Corp. has been declared operative. It was
announced by Clarence M. Woolley, chairman of the board. The privilege
of deposit under the plan has been extended from April 1 to May 11929.
The following have been elected to the board of directors of the American
Radiator & Standard Sanitary Corp.: Clarence M. Woolley, Theodore
Ahrens, Jackson E. Reynolds, Francis D. Bartow, E. L. Dawes, John L.
McKinney, Chas. M. Parker, George Pick, Henry M. Reed, Chas. H.
Hodges, W. C. McKinney and Andre Mertzanoff.
The following have been elected officers of the new corporation: Clarence
M. Woolley, chairman of the board; Theodore Ahrens, President; Chas H.
Hodges, Vice-President; Rolland J. Hamilton, Secretary and Treasurer,
and Henry L. Weimer, Assistant Treasurer.
Application has been made to list the preferred and common stocks of
the new company on the New York Stock Exchange. See also V. 128, p.
1908.
Dated April 11929; maturing serially 2, 3, 5 and 10 years from date of
Issue. Principal and int.(A.& O.) payable at the Union Trust Co. of Maryland, Baltimore, trustee, or Fidelity Trust Co. of New York. Denom. of
$1,000 and $500 c*.
as a whole or in part, on any int. date at 101%
and int. Company agrees to pay the int. without deduction for the normal
Red.'
Federal income tax up to 2%,and to refund any State, county or municipal
securities tax (including any such tax levied by the District of Columbia)
not in excess of 5 mills per annum,or,in lieu thereof. all State income taxes
not in excess of 6% per annum.
Guaranty.
-Maryland Casualty Co.. Baltimore, Md., certifiel, by endorsement on each bond, that it has irrevocably guaranteed the payment
of principal and interest of all of the first mortgages held by the trustee as
security for the bonds.
Company.
-Company, with capital resources
-New Shares Placed on a 24% engaged in the business of making loans, secured in excess of $500,000,Ii
American Surety Co.
by first mortgages on improved fee simple real estate in the State of North Carolina, particularly
Annual Dividend Basis.
In that part known as the Piedmont section.
declared a quarterly dividend of 6% ($1.50 per share)
The directors have
Security -These bonds
the direct obligation
on the new capital stock, par $25. payable March 30 to holders of record secured by a deposit with are trustee of an equal of the company and are
the
amount of first mortgages
March 23. This is equivalent to 6% ($3 per share) on the old $50 par on improved fee simple real estate. These deposited
mortgages are guaranvalue stock, which was recently split up on a 2
-for-1 basis. On the old
and interest, by the Maryland Casualty Co. In lieu of such
shares the company on Dec. 31 1928 paid an extra dividend of 4% and a teed, principal company may temporarily
mortgages the
deposit as security for the bonds
V. 127, p. 3543.)-V. 128, p. 404.
regular dividend of 5% (see
of an equal amount of cash, United States Government bends or treasury
certificates.
-V. 127. p. 2092, 109.
-New Directors.
American Woolen Co.
Albert Wiggin of the Chase National Bank of New York, Ray Morris
Atlantic Refining Co.
-Rights, &c.
of Brown Bros. & Co., and Lester Watson of Hayden, Stone & Co., have
The common stockholders of record April 1 will be given the right to
been elected directors.
The sale of the electric plants of the company at Maynard and Acton. subscribe on or before April 29 for 666,667 additional shares of common
Mass. to the Edison Electric Illuminating Co. of Boston was approved stock (par $25) at $40 per share on the basis of one new share for each 3
by the stockholders on March 28. The board of directors has been increased shares owned. The proceeds will be used to retire the 120.000,010 7%
'
cum. pref. stock. The Guaranty Co. of New York has agreed to under---V. 128, p. 1899. 1731.
from 7 to 9 members.
write the additional stock.
-Annual Report.American Stores Co.
All of the outstanding 7% cumul. non-voting pref. stock has been called
•
1928.
1925.
1927.
1926.
for redemption on May 1 at $115 per share. The stock should be deposited
Calendar Years
at the Equitable Trust Co of New York, 11 Broad St., N. Y. City.
-V.128,
137,3t1.513 120,664,568 116,902,229 108,886,071 p. 1400.
Grosssales
Netinc.aft.depr.& tax a5,570,668
4,132,198
Dividends
7,442,922
4,060,641
7,357,875
4,142,145
Not
available
Balance for year
1,438,470 3,382,281 3,215,730 2,726,232
Adjustment of reserve_
767,109
Previous earned surplus_ 23.190,805 19,808,524 15.825,685 13,099,453
Red't.in val. ofgoodw'l- 9.808,766
. Total earned surplus.. 14,820,510 23,190,805 19.808,524 15,825.685
Capitalsurplus
4,184,769 2,876,123 3,054,858 3,372,549
29,005,279 26,066,929 22,863,382 19,198.234
Totalsurplus
a After deducting cost of mdse.sold 5111,945,218. Wages, rents, operadministration expenses $18,627,927. Depreciation $830.297.
ating and
'
Federal income xes 1750,000 and adding other Income of 1412,598.
Atlantic Seaboard Airways, Inc.
-Organized.
-
The organization of this company has been announced and it is stated
it will acquire the International Airways, Inc.. owners of the Hoover
Field, Washington, D. C. and Potomac Flying Service which operates the
field. Plans, it is said, also call for the acquisition of other important
companies and airports on the Atlantic seaboard The groups and properties
involved are said to include some of the outstanding figures in aerial transportation as well as land and water airport.
The details as announced call for the use of six fields with Hoover Field
as the center for a future chain of important airports east of the Alleghenies.
Hoover Field now serves as the national capital's unofficial municipal
airport.
International Airways. Inc., was organized in Maryland in 1928 with a
capitalization of 11,000.000. Financing in connection with the acquisitions
it is understood, will be handled by Charles S. Rodd & Co.
ut. 30 1929.]
FINANCIAL CHRONICLE
Auburn (Ind.) Automobile Co.
-Gross Sales.
Moro than 100% increase in the gross sales of this company and its subsidiaries in February has been announced by President E. L. Cord. The
company and its subsidiaries had gross sales amounting to $4,467,175 in
Feb. 1929. as compared with $1,893,271 in Feb. 1928. Auburn sales alone
for Feb. 1929 were $3,117,341, as compared with $987,625 for Feb. 1928,
an increase of more than 200%. Increase in gross sales of all subsidiaries
was $444,290. or 50% more than 1928, when the total was $905,644, as
against the present $1,349,644.
The Bankers Trust Co. has been appointed co-registrar for the common
stock, no par value.
-V. 128. p. 1909. 1732.
2095
which, when completed, should net the company gl per share
per year or
more. This Is for shop rights on the nickel plattng process.
Brown Durrell Co.
-Listed.
-
There have been placed upon the Boston Stock Exchange list
for 181.000 shares of common stock with authority to add 66,667certificates
shares as the same may be issued through the conversion of the additional
company's
63 % cumulative convertible preferred stock.
-V. 128, P. 562.
Buckerfield's Ltd.
-Bonds Offered.
An issue of $250,000 6% 1st mtge. sinking fund gold bonds, series
was recently offered at 97.20 and int. by Pemberton & Son, Vancouver, "A"
Ltd.
Dated Feb. I 1929; due Feb. I 1949. Principal and int. payable at
the
Austin Machinery Corp.
-Sale.-'
Imperial Bank of Canada. Victoria or Vancouver. B. C. or
Kirk E. Wicks, Special Master will sell the entire property, at the office Man. Red. all or part on any int. date on 30 days' notice at 104 Winnipeg.
and int. to
of the company, Muskegon, Mich., on April 16.-V. 127. P. 1393.
Feb. 1 1934; at 103 and int.from Feb. I 1934 to Feb. I 1939; at 102 and int.
from Feb. 1 1939 to Feb. 11944: and at 101 and int. from Feb. I 1944 until
(The) Aviation Corp.
-New Director.
maturity. Denom.$500 and $1,000c*.
Thomas G. Cassady of McGowen, Cassady & White, Inc., Richard K.
CapitalizationAuthorized.
Issued.
Mellon of Pittsburgh, and A. G. Carter of Fort Worth, have been elected 6% 1st mtge.sinking fund gold bonds
$500.000
$250.000
directors.
-V. 128. P.1909, 1732.
7% preferred shares
500,000
270,000
Common shares (no par)
25.000 shs. 10.000 shs.
Bach Aircraft Co. of Santa Monica, Calif.
-Contract.
- Company.
-The business now conducted under the name of Buckerfield's
The company recently announced the receipt of an order for 15 eight
- Ltd.,commenced in 1919 as a partnership, Vernon & Buckerfield. This firm
passenger tri-motored planes, valued at $300,000, from Pickwick Airways was incorp. in 1925 as Vernon & Buckerfield Ltd., and the
of California. The planes are to be powered with 2 Comet and 1 Pratt & to the present title in April 1928. Company conducts a name changed
seed business,
Whitney motors. The present output of the company is 3 eight
-passenger wholewheat flour manufacturing plant, and is engaged in the manufacture
planes monthly. Among the users of the company's planes are Western and wholesale and retail distribution of poultry and
dairy feeds, wholesale
Air Transport Co., Inc., Union Air Lines and Pickwick Airways. An issue hay and grain business and the marketing of by-products
from the
of 300,000 shares of common stock of the company was recently offered terminal elevators in Vancouver.
by bankers.
Earnings.
-The net earnings of the company before provision for depreciation and income taxes, but after provision for management bonuses,
Baldwin Locomotive Works.
-New President, &c.
for the three years ended Dec. 31 1928 are as follows: 1926. $66,227; 1927.
George H. Houston has been elected President, succeeding Samuel M. $63.549; 1928. $85,816.
Vauclain, who has been elected Chairman of the board of directors.
Purpose.
-This issue is for capital expenditure already made and to
The former Chairman, Thomas S. Gates, has been elected Chairman of provide funds for further extensions.
the executive committee.
The following statement was issued:
Buckeye Pipe Line Co.
-2% Extra Dividend.
-The
"Mr. Vauclain has been President of the Baldwin Locomotive Works
from May 1919. and under his able management it has enjoyed the most directors have declared an extra dividend of 2% and the
prosperous period of its history. During this period the new works at regular quarterly dividend of 2% OD the outstanding $10,Eddystone was built and the removal of all of the company's activities from
its old plant in Philadelphia was completed. As Chairman of the board, 000,000 capital stock (par $50), both payable June 15 to
Mr. Vauclain will continue actively to participate in the company's affairs holders of record April 22. The company on March 15 last
and be in intimate contact with the transportation business of the United and on March 15 and
June 15 1927 also paid an extra diviStates and foreign countries.
"Mr. Gates, a member of the firm of Drexel & Co., Philadelphia, and of dend of 2%.-V. 128, p. 1402.
Morgan & Co. New York. has long been associated with the company as
Bullard Co., Bridgeport, Conn.
Chairman of ' board and as Chairman of the executive committee."
-Initial Dividend.
the
-V. 128, p. 1559.
The directors have declared an initial quarterly dividend of 40 cents
per share on the capital stock, no par value, payable April I to holders of
Bankstocks Corp. (of Md.).-Extra Dividend.
record March 15. (See offering in V. 128, p. 253.)-V. 128, p. 1911.
The directors have declared an extra dividend of Sc. per share on the
Calumet & Hecla Consolidated Copper Co.
class A and B stocks and the regular quarterly dividend of 15c. per share
-Earnings.
on the class A and B stocks and 1%% on the 6%% preferred stock, all
Receipts. 1928.
1927.
1926.
1925.
payable April 2 to holders of record March 20. Like amounts were paid Copper sales
$20,036.879 $13,963,607 $14,334,981 $14,027,580
on Jan. 2 last.
Custom smelting
-V. 126, P• 3759.
.936
82,375
89,45Dividends
39,618
28,853
36.669
67,813
(Ludwig) Baumann & Co. N. Y.
-February Sales.Interest
238,918
245,959
263,657
207.918
Period Ended Feb. 28- j929
30,445
-Month-1928.
20.050
1929-8 Mos.-1928. Miscellaneous
23.806
58,051
Netsales
$834,816
$631.208 $7,246,450 $6,378.004
-V. 128, p. 1560.
$20,345,861 $14,266,406 $14,741,488 $14,450,829
ExpendituresBloomingdale Bros., Inc.
-Earnings.
Cop'r on hand 1st of yr- $3.650,171 $3,372,632 $3,182,379 $4,243.036
Prod.sell-adrn.& taxes_ 11,322,255 10,353.424
9,975.182
9,291.390.
53 Weeks End.
Years Ended
Miscellaneous
189,124
259,383
44,612
PeriodFeb. 2, '29.Jan. 28'28. Jan. 29 '27. Jan. 31 '26.
81,938
Net sales
$23,886,965 823,907,554 $24,315,457 $21,545,304
Total
$15,161,551 $13,985,438 $13,202,173 $13,616.364
Cost of sales operat. adhand end yr. 2,115,276
Less cop.on
3,650,171
minis. & miscell. exp.
3,372.632
3.182.379
less miscall. earns.- _ _ 22,128.157 x22,953.904 x22,830,230
Balance
$13,046.275 $10,335,267 89,829,541 $10.433,985
Depreciation
176,322
see x
see x
20,136,060 Operating profit
7,299.587 $3,931.139 $4,911.947 $4.016,844
Federal taxes
197,500160,00030,000
Deprec. and depletion
4,189,013
3,348.394
3,411,629
4.453,520
Net profit
$1,384,986
$793.650 $1,255,227 $1,409,244
Profit
$3.110,574
$582,745 $1,500.318 def$436,676
Preferred dividends_ _ _
242,958
248,500
262,144
315,000 Paid in surplus
20,259,780 20,259.780 20,259.780 35,434,579
5,013,755
Surplus
4,011.004
3.008.253
3.008.253
$1.142,028
$548,150
$993,083 $1,094,244 Dividends paid
Rate
($2.50)
Earns. per sh.on 300,000
($2)
($1.50)
($1.50)
Deficit Jan. 1
10,718,568
shs.(no par) corn. stk.
7,290,309
5,782,375
$3.81$1.82
$3.31
$3.64
x Includes depreciation.
Total surplus
$7.638.030 $9,541,211 $12,969,470 $31.989,650
Comparative Balance Sheet.
Earnings per share
$1.55
$0.29
$0.75
Nil
AssetsFeb. 2 '29. Jan. 28 '28.
Liabilities- Feb. 2 '29. Jan. 28 ' -Ir. 128. P. 1233.
Stores. fix. &
Pref. stock
$3 340 000 $3 530 000
del. equip__ $1,127,855 $1,209,900 Cora. stock____ x3,660,000 3,600,000
Canada Steamship Lines, Ltd.
-Earnings.
-Cash & call loans 2,365,885 1,290,307 Accts. payable__
747,111
Calendar Years948,052
1928.
1927.
1926.
Marketab.secur. 1,340,730 1,682,053 Accrd. Salk exp
174,230
208:125 Total revenue
62 665
$17,661,985 $16,586,558 $15,214,455
Oust. accts. &
Dividends pay.
Expenses
13,186,542 12,420,201 11,416,064
notes receiv__ 4,394,545 4,865,518 Fed, tax reserve
197,500
160,000 Interest
1,325,529
1,316,679
1,188,786
Misc.accts. rec.
56,351
74,914 Int.chgd.in adv
Depreciation
1,579,756
1,136,114
1,230,544
Inventories.. _ - 2,294,054 2,020,084 Cont. des
365,603
565,595 Bond discount
117,522
117,575
29.287
Miscell. Invest_
55,449
52,585 Approp. surplus 1,335,000 1,145,000 Pension fund
25,000
Prepaid expenses
65,418
61,682 Earned surplus_ 1,940,844
1.007.607 Bad debts
18.362
Goodwill
1
1
Income tax
80,000
125.000
120,000
Total
611,700,288 $11,227,044
Total
$11.700,288 $11,227,044
Net income
$1,347,633 $1,243,988 $1,211,409
x Represented by 300,000 shares of no par stock.
Preferred dividends
900.000
-V. 126, v. 3932.
900.000
(The) Bolivar, N. Y. City.
-Certificates Offered.
-The
Prudence Co., Inc. is offering $1,300,000 5A% guaranteed
Prudence certificates.
Legal for trust funds in State of New York.
Int. payable
M. & S. The purchase of one of these certificates makes the holder
owner of a participation equal to the amount of his subscription in a the
mortgage made by the Bolivar Apartments, Inc., on the apartment first
hotel
located at 230 Central Park West, N. Y. City.
The mortgage is a first lien on the land and 15
-story and basement, fireproof apartment hotel known as The Bolivar.
Breeze Corporations, Inc.
-Stock Offered.
-R. B.
AloMillen Co., New York, are offering at $14.75 per share
90,000 shares convertible preference stock.
Convertible preference stock class "A" is preferred as to dividends
Si per share: then participates with "B" equally share and share alikeup to
the class "A" stock has received a total or$3 per share. Convertible until
pref.
stock class "A" may be converted into common stock class "B"
share for
share at any time on or before March 1931, and for which purpose
200,000
shares of common stock class "B" is reserved. Convertible
stock class "A" is callable as a whole or in part at $20 per sharepreference
upon any
dividend date, upon 60 days' prior notice.
Capitalization.Authorized. Outstanding.
Convertible pref. stock (no par) class"A"
200,000
182,2.50
Common stock (no par) class"B"
500,000
230,750
Registrar, United States Corp. Co., New York.
Data from Letter of J. J. Mascuch, Pres. of the Company.
Company
.-A New Jersey corporation. Owns and controls,
outright purchase, the business, patents and good-will of the through
following
companies: (1) Breeze Metal Hose & Manufacturing Co.,
manufactures
flexible metallic hose for airplanes, automobiles, and other purposes.
(2)
Cox Corp.. makers of famous 131-Cox rust proof bumper. (3)
Provident
Machine Co., manufacturers of the Lewis universal automobile
brake
lining machine. (4) Mayo Equipment Co., manufacturers of
automobile
shop equipment.
Breeze Corporations, Inc., and its subsidiaries, are engaged in
manufacture, and sale of parts, accessories, and shop equipment the
used
universally by builders ofairplanes, airplane parts,constructors of
automobile trucks, automobiles, freight and passenger elevators dirigibles,
and other
kindred industries. The output is diversified and not confined to
one
particular field.
Purpose.
-The new capital enables the corporation to increase its
manufacturing facilities and to accept large additional contracts.
Future Earnings.
-In addition to the regular profit to be derived from this
business there are contracts pending and under way at the present time,
Balance surplus
Previous surplus
8447.633
1,555.398
$343,988
1,211,409
81,211,409
Total surplus
$2,003.031 $1,555,398 $1,211,409
General Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
Liabilities
8
Properties
37,441,065 37,728,442 Preferred stock.._15,000,000 15,000.020
Def. payments....
68,675
87,773 Common stock_ _..y3,084.523 3,084.503
Cash
1 029,822
662,674 Bonds__
21.722,977 22,174.161
Accts. receivable._ 1,053,909 1,008,749 :Notes payable... 160.016
Call loans
500,888
Accts. Payable.- - 2,231.603 1.486.924
Adjusted losses_ - - 150,468
336,251 Accrued charges
344,107
384.518
Insur. claims --- - 706,432
421,194 Uncomp. contract.
6,831
17,430
Accrued int
6,781
5.133 Dividend pay_ - - 225,000
225,000
Inventories
2 004,939 1,239,131 Reserves
432,039
300,861
Advances.
142,115 Surplus
2,003.031 1,555,398
Prepaid Items295,713
233,535
Investments
278,035
286.426
Insurance fund- - - 163,527
246,448
Funds with trustee
11,624
214,030
Bond discount.1,499.140 1,616,908
Total (ea. side) 45,210,131 44,228,816
:Including $140.014 payable to steamer purchase contract (subject
to extension provisions, payable semi-annually July 1929, to July 1932).
y Represented by 120,0010 shares of no par value.
-V. IV, p. 956.
Canadian Car & Foundry Co., Ltd.
-Resumes Div.
-
The directors have declared a quarterly dividend of 1%% on the common
stock, par $100. payable May 30 to holders of record May 15. This Is the
first dividend on tills issue since June 1 1914. See also V. 128. p. 1735.
(A. M.) Castle & Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 25c. per share and the
regular quarterly dividend of 75c. per share, both payable May 1 to holders
of record April 20. On Feb. 1 a regular quarterly dividend of 75c. per
share was paid.
-V.128. P. 1059.
Celotex Co.
-Large Order Received.
About 5,500,000 feet of Celotex have been ordered for WM in a German
house-building program that is now under way. The project calls for the
erection of approximately 4,000 houses as the beginning of a plan for the
relief of congested housing conditions in Berlin. Celotex exports have increased 300% for the first three months of this year as compared with the
same period in 1928. On the basis of present orders it is estimated that a
total of more than 100,000,000 feet will be shipped to 75 foreign entries
In 1929. Shipments on the German order will start immediately.
-V • 128.
p. 1912.
[Vol,. 128.
FINANCIAL CHRONICLE
2096
-Chain Realty Trust is an investment trust organized under
Business.
Central Atlantic States Service Corp.-New V.-Pres.
a declaration of trust dated as of Dec. 15 1928, for the purpose of investing
Announcement is made of the election of Bismark King as Vice-President in real estate which, at the time of acquisition. Is under lease or under
Mr.King wlli also be General Manager of the corporation -V.127,p. 1811
contract to lease to one or more chain store companies of national reputation.
-Chain Realty Trust is a discretionary investment trust, but
Security.
-Resumes Pref. Div.
Central Coal & Coke Co.
the executive trustees are restricted to the investment of the funds in fee
% on the out- simple property which, prior to acquisition, has been leased or is under
The directors have declared a quarterly dividend of 1M
standing $1,875,000 5% cumul. pref. stock, par $100, payable Apr. 15 to contract to lease to one of a list of recognized chain stores in good standing,
holders of record Mar. 31. The last previous quarterly dividend of 1 % named in the indenture or whose stock Is listed on a reputable stock exchange.
was paid on this issue on Jan. 15 1924 (see V. 118,p. 1669).
Capitalization Authorized and Outstanding.
1925.
1926.
1927.
1928.
Calendar Years$1,000,000
$566,710 $1,823,995 $2,618,083 7% cumulative preferred trust shares (par $100)
$1,046,750
Profit for the year
10,000 shs.
1,359,123 Class"A"common trust shares (no par)
1,028.479
514,848
281.403
Depletion
10,000 shs.
633,572 Class"B"common trusrahares(no par)
597,077
436,185
636,039
Depreciation
-As each of the properties will be under lease to successful
Earnings.
491,244
417,030
385,044
391,616
Operating int. charges_ _
60,000 and notable chain stores at a minimum annual net return of 8 % of the
24,000
Income taxes (est.)
purchase price the executive trustees believe that at no time will the earn249,324
Depletion on appreciat'n
ings be less than the amount necessary to pay the regular $3 per share
.$74.144 dividend on the class A common shares and will probably yield this class of
$242,593 prof
$769,367
$511,632
Net deficit
12,263,894 13,033,261 13,025,854 13,040,864 shares extra dividends regularly.
Previous surplus
Adj. of res. for prior yrs.
-Citi-Bonds Offered.
Chatham Savings & Loan Co.
Dr89,154
Cr250,000
Cr292,209
inc. tax & conting
$12,044,471 $12,263.894 $13,033,262 $13,025 854
Surplus, Dec. 31
Nil
Nil
Nil
Earnings per sh.on pref_
Comparative Balance Sheet December 31.
1927.
1928.
1927.
1928.
$
$
$
Assetsrds & impts_10,110,809 10,072,068 Preferred stock... 1475,000 1,875,000
Coal
Common stock_ __ .5,125,000 5,125,000
Timber lands and
improvements__ 7,281,542 13.125.775 Minor sharehold's
int. in capital
304,401
Oth.prop.& equip. 5,268,435
727,576
699,414
168,247 stock sub. co_ _
220,028
Cash
Bond & other def.
Customers' bills &
5,064,017 3,054,600
debts
864,303
870,598
accounts rec
7,484
1,441,203 1,637,978 Deferred credits_
Inventories
2,823,767
285,291 Mtge. notes pay_
259,447
Other assets
329,409
7.500 Notes payable_ _ 533,679
7,500
Treasury stock__ _
560.083 Accts. pay. Sc accr.
Deferred charges._ 450,756
810,220
int. & taxes_ ___ 696,904
287,500
37,378
Res. for Fed. taxes
140.768
210,894
Other reserves _ _ _
11,660,546 11,851,808
Total (ea. side) 25,910,319 27,025.648 Surplus
-V. 126, p. 1816.
zens & Southern Co., Savannah, Ga., recently offered
$200,000 6% 1st mtge. gold coupon bonds, series K, at 100
and interest.
Dated March 15 1929; due March 15 1939. Callable as a whole on any
int. date upon 60 days' notice at 103 and int. Interest payable M. & S.
Principal and int, payable in United States gold Will of the present standard
of weight and fineness at the office of the company,or at the banking house
of the Citizens & Southern National Bank at Savannah. trustee.
History.
-Company was incorp. in 1885. Its capital stock is $500,000.
Dividends at the rate of 6% per annum have been paid semi-annually
on its capital stock since organization in 1885. The great bulk of its funds
are loaned on security deeds which are first liens on residence properties
located in cities in the State of Georgia on a basis from 60% to 75% of the
actual value of the property and are reduced monthly.
-These bonds are a direct obligation of the company, and in
Security.
addition are secured by an indenture of trust under which will be pledged
real estate notes secured by deeds of the character above described, the
present value of which on a 6% discount basis shall at all times be not less
than $270,000.
-To provide additional working capital for the company.
Purpose.
-S. Edward
-Stock Offered.
Claremont Investing Corp.
-Reilly, Brock Fox & Co., Inc., New York, are offering at $13.50 per share
-Stocks Offered.
Central Properties Co.
& Co., Stroud & Co., Inc., and Parrish & Co. are offering 20,000 shares no par value common stock.
38,000 shares $244 prior preference stock and 38,000 shares
Authorized capital, preferred stock 40,000 shares no par value panic.
no
common stock (no par value). The shares are offered in and cumulative;common stock, 120,000 shares in par value. by interests
New York,
-Corporation was organized
Organization.
units of 1 share $2-$4 prior preference stock and 1 share affiliated with the Claremont National Bank, with power to deal generally
in stocks, bonds, and other securities of financial, industrial, and public
common stock or multiples thereof at $51 per unit.
to avail itself of
The above shares will be represented by allotment certificates of the
Pennsylvania Co. for Insurances on Lives and Granting Annuities, each
certificate representing an equal number of shares of $2-$4 prior preference
stock and common stock. After Jan. 1 1930, definitive stock certificates
will be deliverable upon surrender of allotment certificates.
Dividends on this series of prior preference stock cumulative at following
rates per annum from following dates: $2 from July 11929: $3 from July 1
1930; $4 from July 1 1932, payable semi-annually, Jan. land July 1. Prior
preference stock is preferred over all other classes of stock as to assets and
dividends, is callable as a whole or in part at any time at the option of the
company on 60 days' notice at $60 per share and cliv. and is entitled to that
amount in liquidation before any payment may be made in liquidation on
any other class of stock. Transfer agent, the Pennsylvania Co. for Insurances on Lives and Granting Annuities: Registrar, Colonial Trust Co.
Free of Penn. personal property tax under existing laws.
Data from Letter of Richard J. Seltzer, President of the Company.
Company.-Incorp. in 1928 in Pennsylvania. Has acquired centrally
located properties in Philadelphia with the intention of improving them for
occupancy or of holding them for such profits as may arise through normal
Increases in real estate values.
-Company has acquired, either directly or through wholly
Properties.
owned subsidiaries, the following properties in Philadelphia:
-story apartment hotel at the northeast corner
"The Wellington," a 15
of 19th and Walnut Ste.: 1819-1827 Walnut St., an unimproved property
adjoining the Wellington; 1632-1634 Chancellor St., also unimproved;
"Chancellor Hall," a 24-story modern efficiency type apartment house at
-story office
the corner of 13th and Chancellor Sts. the Crozer Building, a 12
building, thoroughly modernized, at 1420-1422 Chestnut St.; the North
-story
American Building at the corner of Broad and Sansom Sta., a 20
office building with a frontage of 76 feet 4 inches on Broad St. and a depth
of 104 feet 3 inches on the north side of Sansom St.
After deducting all Indebtedness of the company and its subsidiaries including $1,500,000 of Central Properties Co. 6% gold notes,the company's
consolidated balance sheet indicates an equity for its stocks of $4,668,000.
Outstanding.
Authorized.
Capitalization6% gold notes due May 1 1938a$1,500,000
0
'
38.000 shit.
100,00 sits.
$2-$4 prior preference stock (no par)
10,520 shs.
10,520 shs.
Non-cumul.$6 pref.stock (no par)
315,600 she.
345,600 she.
Common stock (no par)
a Convertible at the option of the holder at any time until July 11929,
into allotment certificates representing 20 shares $2-$4 prior preference
stock and 20 shares common stock; thereafter until Jan. 11930, convertible
Into allotment certificates representing 20 shares 52-$4 prior preference
stock and 18 shares common stock; and thereafter until maturity convertible Into 20 shares 32-$4 prior preference stock and 15 shares common
stock. Sufficient shares of prior preference stock and common stock have
been reserved from the authorized stock to provide for conversion.
x Limited by the restrictions of its indenture.
-The proceeds from the sale of these allotment certificates
Purpose.
will provide funds for the acquisition of the North American Building located at Broad and Sansom Sts., Phaildelphia, for the creation of a special
now owned
reserve of $300,000. to carry the unimproved propertiespurposes. over an
estimated period of three years and for other corporate
-The earnings of company will be derived from two main
Earnings.
sources; namely (1) earnings from income-producing real estate, and(2)
In the ultimate realization of enhancement in value of various parcels of
property both productive and non-productive. The object of the company
them for
Is to acquire strategically located properties and either improve improvetemporary occupancy or to hold them intact unimproved if such or if toomanta would have to be amortized over too short a space of time
long-term leases might militate against their prompt disposal: The special
reserve fund above referred to provides sufficiently for carrying this class
of property.
-Annual Report.
Centrifugal Pipe Corp.
Calendar YearsRoyalties & commissions
Other income
1928.
$351,570
17,011
1927.
$433,801
10,300
1926.
$503,741
41,431
1925.
$362,973
7,082
Total income
Expenses, tax, &c
$368,581
19,630
$444,102
13,289
$545,171
26,726
$370,055
21,349
Profit before amortization of patents
Dividends
$348,951
258,553
$430,813
299,774
$518,445
391,569
$348,706
354,950
Balance, surplus
Shares of cap. stock outstanding (no par).._ Earns. per sh.on cap.stk
-V. 126, p. 2970.
$90,398
$131,039
$126,876
def$6,244
433.081
$0.81
428,531
$1.00
427,457
$1.21
283,960
$1.23
utility institutions; to participate in underwritings and
general investment opportunities and other related operations.
-In the first year of operation the corporation earned and paid
Earnings.
its dividend requirements on the preferred stock outstanding. Directors
inaugurated dividends on the common stock by declaring an initial quarterly
dividend at the rate of 75c. per share per annum,which was paid Jan. 11929.
-V. 128, p. 1912.
-Listed.--_(D. L.) Clark Co.
The Pittsburgh Stock Exchange has approved for listing, 300,000 shares
(no par) common stock and $1,175,000 1st (closed) mtge. 6% sinking fund
-V. 12R.
gold bonds, with detachable stock purchase warrants. Compare
IL 1234, 1060.
-Defers Dividend.
Clark Lighter Co., Inc.
The directors recently voted to defer the quarterly dividend of 65c.
per share on the $2.60 cum. div. cony. A stock, no par value, which
ordinarily would have been paid on March 1. In each of the three preceding quarters a dividend of this amount was paid. See also V. 126,
P. 2971, 1358.
-In Febru-Stock Sold.
(Dan) Cohen Co. Cincinnati.
ary last,Bruner & Reiter Co., Cincinnati, 0. offered and
'
sold at $25 per share 16,000 shares common stock.
First National Bank, Cincinnati, 0., transfer agent. Tax free in Ohio.
-Authorized and outstanding, 38,000 shares (no par).
Capitalization.
-Originally founded in 1894 with one store and a capital of
Company.
$500, and Incorp. in Ohio in 1909, and has been built up entirely
less than
out of earnings. Company operates a chain of 14 modern retail shoe stores
in Ohio, Kentucky, Indiana, West Virginia, Tennessee and Alabama.
Company maintains general offices and a warehouse in Cincinnati.
-Proceeds will be used to retire an outstanding istille of prePurpose.
ferred stock and for operating capital.
-In every year for the past 35 years the company has shown a
Earnings.
-year period ended
substantial profit. Net sales and earnings, for the 3
oac
D Z
f c; . 1928, after taxes, depreciation and certain adjustments, are as
1928.
1927.
1926.
Year
$1,166,212 $1,272,861 $1,477,931
Net sales
106;367
109,120
69.029
Earnings available for dividends
2.80
2.87
1.82
Earnings per sh. after taxes & deprec_
-It Is expected that dividends will be inaugurated on the
Dividends.
common stock at the annual rate of $1.60 per share, payable quarterly,
beginning July 1 1929.
-Application will be made to list this stock on the Cincinnati
Listing.
Stock Exchange.
Colorado Fuel & Iron Co.-E1a92r7n.
ings.1925.
1926.
1928.
Production(Tons)805,581
962,230
968,360
818,707
Iron ore
400,092
485,710
475,192
441,417
Pig iron
1,679,463
1.681,363
1,692,695
-Commercialsales- 1,574,039
Coal
606.177
521,390
364,071
160,233
Coal used by company...
540.693
657,646
665,676
656,022
Coke
485,023
304,263
253,770
259,693
Finished iron and steel_
192619n..
Income Account for Calendar Years.
1925.
1927.
135
537,
19
$35,935,407 $38,262,869 $35,758,040 $34,
earnings
Gross ea
Mfg, cost sell. adm. &
n. exp. (Incl. Fed.)
31,581,813 32.355.728 29,794,206 30,024,324
taxes)
Net earnings
Other income
$4,353.594 $5,907,141
398,861
436,329
$5,963,834 $4,512,811
498,943
452,406
$4,789,923 $6,306,002 $6,416,240 $5,011,754
Total net income
1,789,612
1,807,551
1,715,597
-Bond interest_ _ 1,673,096
Deduct
73,785
Subs, railroads, deficit
188,454
sinldng fund_
Real estate
24,000
Insurance fund
1,048,476
2,012,885
1,860,274
2,105.907
Depreciation
135,000
Fund for income tax_
Net income
Pref. dividends (8%)
$1,010,919 $2,577,519 $2,748,414 $1,752,427
160,000
160,000
160,000
160,000
yS850,919 $2,417,519 $2,588,414 $1,592,428
Balance,surpltue
342,355
340,505
340,505
340,505
Shs.com.out.(par $100)
$7.60
$7.10
$4.65
$2.49
on com..
Earn. per share
y Net income for year. $1,019,919; previous surplus, $3,839.060; total,
$4.858,979. Deduct: undepreciated value of equipment dismantled during
1928. $234,875; preferred dividends, $160,000; profit and loss, surplus.
$4.455.103.-V. 128. p. 733.
-Preferred Trust Shares Offered.
Chain Realty Trust.
Prudential Co., Chicago, recently offered $1,000,000 7%
-Denies Loss of
Consolidated Film Industries, Inc.
cum. pref. trust shares with one share of class A common Control.
with each share of pref. at $110 per unit. shares
trust shares
President H. Y. Yates this week denied that control of this company
preferred
Issued by Chlettgo Trust Co., as corporate trustee These shares are
-J.
dividends cumulative from date of issue, payable Q.
Trust
non-callable. Registrars: Bankers Trust Co. of N. Y. and Central
Chicago
Co. of III. Transfer Agents: Guaranty Trust Co. of N. Y. and
Trust Co.
had been purchased over his head by leading motion picture interests.
The reports that control of the company had passed from Mr. Yates and
his associates to Fox Film had been circulated in the financial district and
in the motion picture trade. Eastman Kodak has'also been mentioned in
MAn. 30 1929.]
FINANCIAL CHRONICLE
the rumors as desiring control of the company because of the large quantity
of film it consumes.
"This corporation," Mr. Yates said, "controls one of the most efficient
patents for the reproduction of sound film. This
tionally large increase in our earnings during the has resulted in an exceppast
and
plan to take full advantage of this condition and thesix monthshave we
directors
no
intention of disposing of our valuable process."
Net earnings of Consolidated Film for the first quarter of 1929 will
approximate, according to current estimates, about $600.000
or the
lent of an annual rate of about $4 per share on the common stock. equiva-V. 128.
p.893, 734.
Consolidated Paper Box Co.
-Initial Class
B
The directors have declared an initial quarterly dividend Div.
of 25c. per
share on the no par value class B stock, payable April 15
to holders ofrecord
April 1.-V. 128, p. 893.
Crandall-McKenzie & Henderson, Inc.
-Liste
d.
The Pittsburgh Stock Exchange has approved the
listing of 50,00J
shares of common stockieno par).
-V. 127, p. 3251.
Crowley, Milner & Co., Detroit.
-Earni
ngs.Years EndedJan. 18'29. Jan. 20'28.
Net sales
$32.073,541 $28,223,571
Cost of merchandise sold, expenses and other deductions, less other income
30.088.707 26,411,836
Provision for Federal income tax
246,000
250,000
Net profit
$1,738,834 $1,561,735
Preferred dividends
34,713
Common dividends
704,500
Balance,surplus
$999,621 $1,561,735
Shares common stock outstanding (no par)
351,625
342,250
Earnings per share
$4.85
$4.46
-V. 126. p. 3598.
2097
Purpose.
-The purpose of this issue is to provide the
necessary funds
for the erection and equipment of the proposed new unit,
and to provide
the company with sufficient working capital for
its rapidly expanding
business.
Earnings.
-The earnings of the predecessor company
adequate allowance for depreciation and income tax, for , after making
the
of the company's operations, were $42,042, and for the first 9 months
final quarter of
the first 12 months period ending Feb. 28 1929, additiona
l earnings will
amount to $23,000. From the orders now on hand unfilled,
and the increasing demand for the company's products, together
with
will be effected as a result of the operation of the new unit, savings, which
expected that the earnings of the new company for the it is confidently
first year of its
operation will be in excess of $80,000. This
times the amount required for payment of the will be approximately four
preference dividend on the
present issue, or sufficient to pay the preference dividend
and provide
earnings of at least $2. per share on the Common Stock
of the Company.
Deisel-Wemmer-Gilbert Corp., Lima, O.
-Stock Offered.
-A. E. Aub & Co., Cincinnati, recently offered
40,000 shares common stock.
Exempt from the present Ohio personal property
exempt from the present normal Federal income tax. tax and dividend
Detroit & Security Trust Co., Detroit, Registrar: Union Transfer Agent,
Trust Co.,Detroit,
Mich.
CapitalizationAuthorized.
Outstanding.
7% preferred stock (par $100)
$2
000,000
$2,000,000
Common stock (no par value)
Common
*275,000 shs.
* It is contemplated by S. T. Gilbert that this corporation151,500 shs.
will within
60 days acquire a majority of the voting stock of the Bernard
SchWares
Cigar Corp. on the basis of an exchange of shares.
The common stock
authorized, as above, provides a margin for this purpose.
Date from Letter of S. T. Gilbert, President of The Corporation.
Company.
-Is acquiring the entire assets with some minor exceptions
of The Deisel-Wemmer Co., which concern has
ship and as a corporation in Ohio since 1890. been operating as a partnerCuban Dominican Sugar Co.
The new concern is one of
-Bonds Called.
the largest independent cigar manufacturers in the country, manufact
The National City Bank of New York.
uring
trustee, is issuing notice to in 1928 approximately 165,000,
holders of 1st lien 20
000 cigars. The two brands manufactured,
-year sinking
deem on May 1 1929, at 110 an fund 73i% gold bonds that it will re- the "San Felice" and the "El Verso," have proven immensely popular
aggregate of $114,000 of these bonds. and the former is now one
The drawn bonds, together with all interest coupons
of the largest,
maturing subsequently in the country. The company operatesif not the largest, selling Sc. cigar
to the redemption date, are to be surrender
7 modern plants, all located in
ed
of New York, 55 Wall St., N. Y. City, where at the Natioanl City Bank Wapakoneta, Findlay, St. Marys, Delphos, van Wert and the 2 main
they will be paid out of the plants in Lima, Ohio.
sinking fund set aside with the National City
Bank as trustee. Interest
Earnings and Dividends.
on the drawn bonds will cease to accrue
from the above redemption date. for the 2 years ended Dec.-Net earnings of The Deisel-Wemmer Co..
-V. 127, p. 1812.
31 1928, after
tax at the present rate, and after givingdepreciation and Federal income
effect
less non-recurring income (amounting to $22,940 to non-recurring charges
Daniels & Fisher Stores Co.-Pref. Stock
net in 1927 and $22,418
Offered.
- net in 1928). have been as follows:
Bosworth, Chanute, Loughridge & Co. and James H.
Net Avail. for Earns. per Sh.
Causey
Calendar YearsNet Earns,
& Co., Denver, Colo, are offering at $100 per share
Corn. Div.
on Corn. Stk.
$800,000
$324,827
$184,827
$1.22
63% cumulative preferred stock and 10,000 shares com634.552
494,552
3.26
199The management has announced its intention
2287
mon stock at $31 per share.
of placing the stock on an
annual dividend basis of $1.50.
Transfer agent, International Trust Co.,
Assets.
-The pro forma balance sheet as of Dec. 31 1928, adjusted
Denver. Registrar for the
to
preferred stock: United States National
Bank of Denver; for the common give effect to transactions incident to this financing, shows total assets,
stock: The Denver National Bank.
including goodwill, brands and trade marks, of $5,506,76
7; net current
Preferred stock is preferred as to dividends and
assets of $2,995.546: ratio of current assets to current
,
as
liabilities in excess
of $105 per share, plus diva., in the event of voluntar to assets to the extent of 8 to 1: book value of common stock,
y liquidation, and $100
including goodwill, &c., of over
per share plus dive. in the case of involuntary liquidati
on. Dividends $20 per share.
payable quarterly, cumulative from March 1 1929;
Purpose.
-Proceeds will be used towards acquiring
red, in whole or in part
the assets of The
any time upon 60 days' notice at $105 per share,
Deisel-Wemmer Co.
plus
agrees on March 1 of each year, commencing with 1932,dive. Company
Lisiing.-Application has been made to list this
to set up on its
Common Stock on the
books out of net profits after dividends on all preferred
stock outstanding, Detroit Stock Exchange.
a purchase fund equal to the redempti
amount of the 6%9' preferred stock aton price of 3% of the maximum
Diamond Shoe Corp.
-Initial Common Dividend.
any time
chase fund to be salted during the next 12 monthsoutstanding, such purThe directors have declared an
to
of such stock at not exceeding the redemption price. the purchase or call per share on the no par common initial quarterly dividend of 374 cents
stock, and the regular quarterly dividend
The purchase fund
obligation shall be cumulative.
of 1% % the 63V cumul. pref. stock, par $100, both
on
payable Apr. 1
Capitalization
Authorized Outstanding. to holders of record Mar. 22. (See also V. 127, p. 414.)-V. 128.
6Yi% cumulative preferred stock (par $100)
P. 1738,
81,250,000 $800.000 565.
Common stock (no par)
40,000 shs. 40,000 shs.
Conerute.-Founded in Denver in 1864 and
Dome Mines, Ltd.
-Earnings.
is one
ment stores in the Rocky Mountain region. From of the largest departCalendar Years1928.
the original store, the
1927.
business has grown until at this time the
Earnings
$3,914,883 $4,031,744 $3192 .
,940 020 $41925 025
lots, with a floor space of approximately buildings cover an area of 14%
6
.366..
gs
revenue.
294.750 sq.ft. with approximately
230.350
211,937
251,511
176,132
800 employees.
Earnings.
-The business has earned a substantial profit in
Totalincome
$4,145,233 $4,243,681 $4,191,601 $4,542,157
every year.
The consolidated income account of company
Oper. & maint. expenses 2,111.117
after giving effect to (1)
2.207,137
2.315.800
reduction of $10,000 per annum in salaries,
2,368,610
Res.for income taxes_
94,894
75,959
90,966
on fixtures due to reduction of book value (2) elimination of depreciation Res.for deprec. of plants,
120,538
to El.
interest to basis of present financing, (4) deductio(3) adjustment of bond
Stc
445,340
n of Federal income tax
444,247
442,798
at the rate of 12% per annum on adjusted net income
439,603
Bal of dev.acct.writt.off
are as follows:
Calendar Years40,975
Expenses of Howey Gold
1928.
1927.
1926.
Net income
Mines
$252,462
$326,152
$309,699 Dividendwritten off
113.417
Bond interest
s
38,500
953,334
38,500
953,334
38,500
1,906,668
Federal income tax at 12%
1,906,668
26,630
35,591
33,716
Balance,surplus
540,548
$563.004 def$678,049 def$334,237
Net available for dividends
Earns, per sh. on 953,334
$187,331
$252,060
$237,483
Preferred dividend earned
shs.
$1.57
4.8 times
$1.59
4.5 times -V. corn.stk.(no par)
$1.28
Net earnings per share of common- 3.6 times
$1.64
128, p. 1562.
$3.38
$5.00
$4.61
Assets.
-The consolidated balance sheet as of
Dec. 31 1928, giving effect
to the present financing shows net assets
Dominion Rubber Co., Ltd.(& Subs.).
of $2.209,104, or over $275 per
-Earnings.
share of preferred stock presently to be
Calendar Yearsoutstanding, and net current asset
1928.
1927.
of $1,469,987, or $183 per share of preferred
1926.
Net sales
stock.
$20,249,954 $19,201,648 $19,708,041
Cost ofgoods sold.selling & gen. es)Ps._.
Davis Industries, Inc.
depreciation & provisions for pea
-Omits Dividends.
The directors have voted to defer
debts, taxes & contingencies
18,545416 17,658,125 18,501,431
per share due April 1 on the class A theregular quarterly dividend of31 Sec. Interest on bonds
556.000
stock, no par value, and also voted to
556.000
556,000
omit the quarterly dividend ordinaril
y payable on the same date on the Other interest
Cr.34,766
32,742
97,502
class B stock. On Jan. 1 last quarterly
dividends of 31%c. per share were
paid on both issues.
Balance of profit
-V. 127. D. 266.
$1,183,305
$954.780
$553,108
Previous surplus
8,050,363 7,305,583 6,962,475
(The) de Havilland Aircraft of Canada
, Ltd.-Pref.
Total surplus
$9,233,668 $8,260,363 $7,515,583
Stock Offered.
-An issue of $300,000 7% cum. redeemable Preferred dividends
210,000
210,000
210,000
preference stock is being offered at 100 and
Common dividends
2,805.500
div.
bonus of 1 share of class A stock with each share (with a
Balance, surplus
of pref.)
$6,218,168 $8,050,363 $7,305,583
by K. F. MacLaren & Co., Ltd., Toronto.
-V. 128, p. 894.
Preferred as to assets and dive. Dive
payable Q.
Dominion Stores, Ltd.
-M. Red. all or part
-Co-registrar.
at $110 and div. on 30 days' notice, and at
the same price in the event of
The Bankers Trust Co. has been appointed co-registrar
voluntary liquidation. Non-voting
for the capital
except
shall be in arrears. Transfer agent and after eight quarterly dividends stock, no par value.
-V. 128, p. 1913.
registrar, National Trust Co.,
Ltd., Toronto.
Durham Duplex Razor Co.
Listing.
-Application will be made to
-Closes Contract.
section of The Toronto Stock Exchange. list the shares on the unlisted
The company last week announced
blades, under which it is to supply one a record contract for safety razor
Capitalizationof the large distributors with 300.Authorized. Outstanding. 000.000 blades.
7% cumul.red. preferencestk.(par $100)
$500,J00
$300,000
The contract calls for delivery of a razor
Class A shares(no par)
25,000 shs.
25,000 shs. Pres. T. C. Sheehan for razors of the "Gilletteblade recently invented by
Class B common shares(no par)
5,000 shs.
5,000 shs. the new blade were assigned to the distributor " type. Exclusive rights to
The holders of Class A shares are entitled to an
for
annual non-cumulative
Mr. Sheehan stated that he believed the profits a period of 17 years.
dividend of $2 per share out of any and all cash
accruing to his
distribut
year by the company, in priority to the holders of Class ions made in any under the contract would Jo sufficient to show earnings of $4 per company
share per
B common shares, annum during the life of the
after which Class A shares and Class B common shares
contract on all the preferred and common
participate share stock now outstanding.
for share in any further cash distribution. The holders of
-V. 128. p. 1738.
Class A shares
and Class B common shares have the same rights of voting,
Edson Hotel Co., Beaumont, Tex.
being entitled
to one vote for each share held.
-Bonds Offered.
-An
Company.
issue of $700,000 1st real estate mtge. 6% serial
-Has acquired the assets of a company bearing the
same name,
gold bonds
Incorp. in March 1928. The original company
was incorporated following is being offered at par and interest
an exhaustive investigation by The de Havillan
by Mississippi Valley
ing over the preceding year, of the possibilities d Co. of England extend- Trust Co. and Lafayette-South Side
of
Bank & Trust Co..
from which they already had a number of orders. the Canadian market, St. Louis.
In 9 months in 1928
de Havilland Aircraft of Canada, Ltd., delivered 62 Moths. At
the outset
Dated Mar. 1 1928; due Mar. 1 1930 to 1940,
of 1929 the company finds itself in the position of having orders
in hand & S.) payable at Mississippi Valley Trust Co., incl. Prin. and int.(M.
for a number of Moths exceeding the whole producti
St. Louis, Mo.
include 34 Moths, landplanes and seaplanes, for the on for 1928. These days notice on any int, date at 102% and int. Denoms. $500 andRed. 60
re-equipment of the
$1,000.
Security.
-These bonds are secured by a first mortgage
Royal Canadian Air Force Training establishments, 5 for the
deed of
tions Branch yehich already uses a large fleet for forest fire Civil Opera- on land fronting 120 ft. on the East line of Pearl St., by a depth of trout
132
protection. 9 on the South line of Liberty St. in Beaumon
for the Controller of Civil Aviation for further equipment of flying clubs,
t. Tax., together with ft.
improvements thereon.
all
The improvem
a quantity for the Ontario Provincial Government Air
Service, which proof hotel building; the basement, firstents consists of a modern fireoperates a large fleet for patrolling the forest of the province,
and
for flying entire lot. The main porti9n of the building second floors covering the
schools and operating companies, and many for private owners
is 20 stories in height, and
take delivery at the opening of the flying season in the spring. who will contains approximately 300 guest rooms with baths. In addition
to the
guest rooms, the hotel will contain a number of shops
and stores.
FINANCIAL CHRONICLE
2098
-Stock Dividend.
Electric Household Utilities Corp.
The directors have declared a 1M% stock dividend and a quarterly
dividend of 25c. per share, both payable April 25 to holders of record April
10. The company resumed dividends with a payment of $1 per share on
Jan. 15 last, the first since 1926.-V. 128. 13• 1739.
-Stock Offered.
Electrical Products Corp. of Oregon.
Bond & Goodwin & Tucker, Inc., recently offered 20,000
shares common stock .(no par value).
[vol.. 128.
Closely allied with the Paramount Famous Lasky Corp., the Famous
Players Canadian Corp. has a franchise giving it first run privileges in
Canada of all Paramount films. Earnings recently have shown a striking
increase, net profits for the six months ended Feb.25 1929 totaling $710,291,
compared with $482,070 for the full fiscal year ended Aug. 25 1928. These
profits for the past 6 months were equivalent to $2.20 per share and for the
12 months ending Aug. 31 1929 are estimated at not less than $4 per share.
-V. 128, p. 1739.
-New Name.
Fashion Park Associates, Inc.
Bee Weber & Ileilbroner, Inc., below.
-V. 128, P. 1563.
Transfer agent Wells Fargo Bank & Union Trust Co., San Francisco;
Registrar Anglo-California Trust Co., San Francisco.
Federal Insurance Co., New York.
-Proposed Split-up
Authorized Outstanding
Capitalization2,000 shs. 1,000 shs. -33 1-3% Stock Dividend.
Preferred 7% cumulative stock (par $100)
shs.
75.000 shs. 74,500
Oommon stock (no par value)
The stockholders will receive 13 1-3 shares for each $100 par value share
Company.-Organized in 1927 for the purpose of manufacturing and dis- If a split-up proposed by the board of directors is approved by the stocktributing Claude Neon products in the state of Oregon and a portion of holders on Apr. 3. The capitalization will be increased from $1,500,000
the state of Washington for all of which territory the corporation holds the to $2,000,000 and the par value reduced from $100 to $10 if the proposal is
exclusive franchise. Through its affiliation with the 26 other manufac- adopted.
-V. 123, p.:3042.
turing distributors of Claude Neon prodcts, throughout the United States.
the corporation receives many benefits in purchase economies and in the
-Earnings.
Federal Mining and Smelting Co.
interchange of ideas and improvements.
Tons Shipped-Quarter Ended.
It has been the practice of the Electrical Products Corp. of Oregon to
Oct. 311928.
Jan.31 1928.
lease Neon tubing to responsible users, and among its most prominent
Jan. 31 1929.
Nov. 1927
Aug.
1928
12,400
11,701
13,087
lessees are some of the foremost national enterprises such as Carnation Nov. 1928
Dec.
Sept. 1928
12,133
11,402
1927
1928
12.826
Milk Products Co., Fageol Motor Sales Co., Firestone Tire & Rubber Co., Dec.
1928
12,310
Jan.
Oct.
1929
12,838
ich Tire & Rubber Co., Hollywood Dry. Inc., Jantzen Knitting Mills. Jan.
12,909
1928
Union
Lion Coal Co., Sherwin-Williams Co., Southern Pacific Co. and
Total
Total
38,751
36,843
36,012
Total
Pacific Systems.
-For the 12 months ended Dec. 31 1928, the gross volume of
Earnings.
-Quarter Ended.
Earnings Before Depletion, Depreciation & Taxes
business was $992.338. The net income for the year 1928, adjusted to give Net Jan. 31 1929
Jan. 31 1928.
Oct. 311928.
effect to the saving in interest through this financing, and after providing
Nov. 1927 $167.243
Aug. 1928 $210,977
1928
for Federal income tax at 12%. amounted to $71,438. This net income Nov. 1928 $180,4:9
198,768
Dec. 1927
Sept. 1928
190,239
214,123
Dec.
does not include the gross profit on sign rental contracts unmatured and Jan. 1929 207.498
Jan. 1928
189,493
Oct. 1928
193,454
outstanding at Dec. 31 1928. This gross profit, amounting to $495,168,
is carried on the balance sheet as deferred income. It is estimated that with
Total_ _ __z$550.936
Total- - -4$599,239
$602.031
Total
the gross volume of business anticipated for 1929 earnings for 1929 will be
x Before deducting $36.352 construction and equipment. y Before desubstantially in excess of earnings for 1928.
-Proceeds of the sale of the 20.000 shares of the common stock ducting $80,520 construction and equipment. z Before deducting $31,555
Purpose.
-V. 128. p,.1915.
retire all bank loans, supply additional working capital construction and equipment.
will be used to
and for other corporate purposes.
-Ira. in Co. Sold.
Elkhorn Piney Coal Mining Co.
-V. 128. p. 255.
See Youngstown Sheet & Tube Co. below.
-Omits Common Div.
Empire 38th Street Corp., N. Y.
-Earnings.
Financial Investing Co. of New York, Ltd.
The net profits for the three months ended Feb. 28 1929 amounted to
$34,504.
Balance Sheet Feb. 28 1929.
Liabilities
Assets-$1,530,000
$4,691,246 Secured 5% gold bonds
The company recently decided to omit the quarterly dividend usually Investments
380,000
23,969 Notes payable
the common stock, no par value. Previously quarterly Cash
payable Jan. 1 on
41,215
100,000 Accounts payable
-V. 121, p. 1794, Callloan
dividends of 25 cents per share were paid on this Issue.
33,181
45,749 Accr. int. on bonds & notes__
Accrued Income
21,615
122,844 Federal Inc. tax
Accounts receivable
-Earnings.
Etsgels Copper Mining Co.
3,895
88,295 Reserve for Fed. tax 1929 _ _ __
Bond disc.& exp
1925.
1926.
1927.
1928.
Calendar Years1,734,680
388,665 Common stock
15,187,028 Subscriptions receivable
Copper produced (lbs.) - 11,137,234 12,121,756 13,344,863
518,220
Capital subscr. but unissued._
Net rcts.fr. metal sales... $1,189,915 $1,093,799 $1,313,345 $1,553,288
1,145,193
Prem.on cap.stock sold
38,751
41.730
41,424
23,997
Sundry profits
52,769
Surplus
43.471
66,684
Incomefrom investm'ts _
$5,460,767
Total
$5,460,767
Total
$1,592,039
$1.280.596 $1,135,223 $1,398,546
Total earnings
1,033,427 -V. 128, p. 1062.
922.350
1,054,476
829,856
Oper. exp.. taxes,int.,&c
222.597
156,173
351,218
505,085
Reserve for deprec., &c...
Bal. deficit
-V. 127, p. 958.
$54,345
$138,346 sur$187,896 sur$336,014
-Stock Units Offered.
Equitable Investing Corp.
Smith Brothers & Co., Philadelphia, in February last offered
15,000 stock units, each unit consisting of 1 share class A
common stock (no par value), and 1 share class B common
stook (no par value). The original offering price was $33.50
per unit.
Class A common stock is fully participating and with preferences as to
assets and dividends over class it common stock. Entitled to non-cumulative nreferential dividends up to $2 per share per annum before any dividend
on Class B; thereafter participates equally per share with class B in any
additional dividends. Except as otherwise provided in the certificate of
Incorporation, exclusive voting power is vested in the class B shares. Class
A shares are redeemable only at $55 per share. Class B shares are not
redeemable. Exempt from the normal Federal income tax. Transfer
Agent, Penn. 0o. for,Ins. on Lives & Granting Annuities, Phila. Registrar,
Real Estate-Land Title and Trust Co., Philadelphia.
Data from Letter of Donald J. Smith, President of the Corporation.
-Organized in Delaware in 1928, is an investment company of
Company.
the general management type with broad powers which include the purchase
securities of any description, both domestic and foreign.
and sale of
Authorized. Outstanding.
Capitalization100.000 shs. 15,000 shs.
Common stock (no par) class A
250,000 shs. 52,500 shs.
Class B (no par)
None
50,000 shs.
Preferred stock (cumul., no par value)
Of the common stock to be presently outstanding, a substantial amount
of the class B has been purchased for cash by the management company. In
addition, the management and employees of Smith Brothers & Co.and their
associates have purchased in excess of a half million dollars of these units at
the offering price thereof. No stock of the corporation has been issued
except for cash and no rights or warrants for the purchase of stock are outstanding.
Listing.-Appllcation will be made to list these allotment certificates on
the Philadelphia Stock Exchange.
-The purchase or sale of any and all securities for the
Investment Policies.
account of the corporation must first be approved by the executive committee appointed by the board of directors. Investment regulations require
the following conditions:
securities.
1. Corporation is to own at least 50 different marketable
at any one
2. Not more than 35% of the total resources is to be invested the United
originating In any one nation or country, except
time in securities
States of America.
at any one
3. Not more than 25% of the total resources is to be invested companies
time in any one distinct class of business or industry, except in
and bank or
'
controlled, investment organizations, public utility companies
insurance companies.
any one
4. Not more than 10% of the total resources is to be Invested in
securities
security, except Government, State and Municipal bonds, or the
investment organizations, public utility companies,
of companies controlled,
and bank or insurance companies.
reliable
5. No investment is to be made in any security about which
Information is not available.
on
6. No security is to be purchased which involves unlimited liability
the part of the corporation.
be purchased on
7. Securities,foreign exchange or other values are not to
margin.
eligible,
8. Securities already purchased, when determined to be no longer
shall be sold within one year.
Corporation shall not make any loan to or extend its credit in aid of
9.
any officer, director or employee.
for
10. A special reserve account will be created from realized earnings
the payment of cash dividends.
-Stock Offered.
Famous Players Canadian Corp.
Royal Securities Corp. is offering voting trust certificates
for 165,375 shares of the corporation's common stock at a
price of $51 per share. The offering does not involve the
issue of any additional shares by the company but represents
stock which was placed in a 10-year voting trust for the
purpose of assuring Canadian control of the company and
providing continuity of the present management.
Coincident with the offering the announcement is made that the company
not lees
Intends to inaugurate dividends on the common stock at the rate of period
than $2 per share annually, the first quarterly payment to be for the
commencing Sept. 1 1929.
-Stock Increased.
Fisk Rubber Co.
The stockholders on March 27 increased the authorized common stock
(no par value) from 1,250.000 shares to 2,000,000 shares.
The common stockholders of record March 15 have been given the right
to subscribe on or before April 5 for additional common stock at $11 per
share on the basis of one new share for each share held. Subscriptions will
be payable as follows: 50% on or before April Sand 50% on or before May 6.
The offering has been underwritten by Dillon, Read & Co.
r Frank K. Estenhain, Vice-President has been elected a director, bringing
the membership of the board to 12.-V. 128. p. 1563. 1548.
-F. B. Wilcox
-Stock Offered.
Flushing Finance Corp.
& Co., Inc., recently offered 2,500 units of shares at 135 per
unit.
Each unit consists of 4 shares of 7% cum. pref. stock (par $25 each) and
4 shares of class A common stock (no par), with purchase warrant, good
until Jan. 1 1930 for 2 additional shares of class A common stock (no par)
at $20 per share.
The pref. stock is preferred as to cumulative dividends to the extent of
7% annually, payable semi-annually, over the class A and B common stock;
is callable at any time, at the option of the corporation, on 30 days' notice,
at 110 and div., and is entitled to preference to the extent of $25 per share
and diva, in the event of liquidation.
Capitalization Authorized.
40,000 shs.
7% cumulative preferred stock (par $25)
80,000 shs.
Class A common stock (no par)
20.000 shs.
B common stock (no par)
Class
The corporation was organized in New York. among other things, to
Invest and re-invest its funds in real estate secured by mortgages upon the
owned homes and business property of the borrower; to buy, sell and deal
In real estate mortgages and other realty securities: to purchase, hold, sell
and develop Improved and unimproved property for itself and others: to
-V. 126, p. 3456.
construct homes and do a general financial business.
-Production.
Ford Motor Co., Detroit.
Consumption of 20 tons of tin daily by the Ford automobile works was
indicatd by reports from Detroit late last week.
Present production averages 8,000 units a day with indications that this
heavy production will continue at least until May, reports state. At approximately six pounds per unit the tin consumption is around 48.000
-V. 127, p. 3548.
Pounds for each working day.
Ford Motor Co. of Canada, Ltd.-Recapitalization-Voting Trust to Be Created-Rights, &c.
The stockholders on March 26 approved the plan to split-up the capital
stock on a basis of 19 new no par class A shares and 1 new no par class B
share in exchange for each present outstanding share of $100 par value
capital stock.
The stockholders also approved the offering of 130,000 shares of class A
stock to Canadian citizens at $30 a share. It was also voted to offer
stockholders of record March 23 the right to subscribe on or before June 29
to two shares of new class A stock for each share of old stock held, at $20
a share.
Officers and employees also will be offered the privilege of buying 100,000
shares of class A stock at $20 a share.
Company now has in its treasury, 30,000 shares of old capital stock
which is to be converted into class B stock under the recapitalization plan.
This stock will be placed in a voting trust against which voting trust certificates will be issued at $25 each. The voting trust will consist of three
members, one of whom is to be appointed by Henry Ford, the other is to
be a trustee of the voting trust and the third member is to be appointed by
the other two members. The purpose of this arrangement is to give stock
control of the company to Henry Ford.
Mr. Ford and his immediate family are now said to own 21.000 shares
or 30%, of the old outstanding capital stock. The voting trust certificates
will give Mr. Ford control of 51,000 shares of new B stock which carries sole
voting power.
The proceeds of the additional capital stock are to be used for expansion
rP°8°B.
PuW. R. Campbell, newly elected President, said: "After operating at a
loss from the time the new model was introduced up to Dec. 31 1928 the
company showed an operating profit of $610,000 in January. $744,0130 in
February and on an estimated production of 12,800 cars and trucks in
March, will show an operating profit of around $1,000,000 for the month.
Reorganization of the company's capital structure is subject to the
approval of the Secretary of State of Canada.
Officers were elected as follows: Edsel B. Ford, Chairman of board:
W. R. Campbell, President and Treasurer; George E. Dlckert, let Vice,
President; P. E. Martin, 2d Vice-President; D. B. Greig, Secretary and
Assistant Treasurer; G. G. Kew, Assistant Secretary -V. 126. p. 3291:
V.126, p. 3291.
MAR. 30 1929.]
FINANCIAL CHRONICLE
2099
share, any time on or
Foremost Dairy Products Co.
-Organized to Operate forsaid class A stock. before the 5th day prior to the date of redemption
of
Dividends exempt from present normal Federal
in Southern States.
income tax. Certificates will be interchangeably transferable between
Formation of the above company, said to be one of the largest dairy Detroit and Chicago. Transfer agents. Detroit & Security Trust Co..
products companies to operate in the southern section of the United States Detroit, and Central Trust Co. of Illinois, Chicago. Registrars, Guardian
was announced this week by J. C. Penney founder and chairman of the Trust Co. of Detroit and Harris Trust & Savings Bank, Chicago.
Capitalizationboard of the nationwide chain store organization which bears his name.
Authorized. Outstanding.
Mr. Penney will be chairman of the board of directors of the new combina- Class A convertible preference stock (no par)_ - 90,000 she. 69,500 shs.
tion. The operations of the new company will according to the announce- Class B stock (no par)
*200,000 shs.
89,500 she.
* 90,000 shares reserved for conversion of class A convertible preference
ment be at first confined to the southern section of the United States, but
as conditions warrant, it is expected that operations will be extended to stock.
other sections of the country.
Data from Letter of Claire L. Barnes, President of the Company.
The capital structure upon completion of the proposed financing, will
Company.
-Organized in Michigan Feb.6 1929 to acquire all of the assets
consist of $1,473,250 purchase money obligations: 500,000 shares of con- and business, including good will and patents,
of the C. G. Spring & Bumper
vertible preference stock of which 125,000 shares will be outstanding and Co. (Del.). Company
owns and operates two
1,000000 shares of common stock, of which 250.000 shares will be out- plants located in Chicago. Ill., and Detroit, modern and fully equipped
Mich. The manufacture of
standing. The proceeds of the purchase money obligations and preference automobile bumpers was begun early
in 1921 and the business has been
and common stock will be used in part to pay for the acquisition of existing gradually built up until at the present time
the two plants have a capacity
properties and at the same time supply the company with ample working of
15,000 bumpers per day. The C. G. Spring & Bumper Co. has been
capital. The capital structure, however, has been arranged to provide for engaged for the past
few years in expensive and threatening patent litigafurther expansion as developments warrant.
tion with the American Chain Co. The new corporation has made a settleGeorge M. Forman & Co. and Moore, Leonard & Lynch are the bankers ment with the American
Chain Co. whereby all rights under the bumper
for the new organization.
patents formerly owned by the C. G. Spring & Bumper Co. are assigned to
it, and in return for these patents and a substantial sum in settlement for
Foremost Fabrics Corp.
-Organized.
Announcement was recently made of the formation of this corporation past damages, the American Chain Co. has entered into an advantageous
in Delaware to acquire the predecessor company known as Foremost license agreement with the new company.
Earnings.
-Certified net earnings of the C. G. Spring & Bumper Co.,
Fabrics Corp of New York and the New Bedford Silk Mills. Inc., of Mass.
The authorized capitalization consists of 160,000 shares of common (no after elimination of interest charges and adjustment of Federal taxes to
the present rate of 12%, for the five years ended Aug. 311928. have averpar), of which 100,000 shares will be outstanding.
Net earnings for the year ended Feb. 2 1929, after all charges and taxes, aged $297,404 per year. These figures include a loss of $153,134 for the
year ended Aug. 311928. For the four months ended Dec. 31 1928, which
were reported as $303,000.
The New Bedford Sill{ Mills. Inc., it is reported, has a production of 240 includes the poorest quarter of the year, net earnings (adjusted as above
looms, employing about 200 people, and has plans under way for the stated) are $230.610, which is equivalent to $3.31 per share on the General
operation of an additional unit which should be complete within four Spring Bumper Corp. class A stock to be outstanding, and $1.92 per share
months. With the increased production and with the expansion plans on the class B stock after class A dividends.
Dividends.
-Dividends on the class A convertible preference stock will
under way increased sales of better-grade silks, velveteens and velvets to the
-J.
manufacturing and retail trade by the Foremost Fabrics Corp. are predicted. be payable Q. at the rate of $2.50 per Share. The first dividend will be
The President of the new corporation will be Jules Foreman and the payable on April 1 1929 for the period from Feb.6 1929.
Listed.
-Stock listed on the Detroit and Chicago stock exchanges.
-V.
Chairman of the board will be Benjamin Nathan, who is Chairman of the
128, p. 1916. 1237.
New Bedford Bilk Mills. Inc,
(H. H.) Franklin Mfg. Co.
-February Sales.
February deliveries of new Franklin air-cooled cars exceed the deliveries
In the same month of last year by 54% and exceed deliveries in January of
this year, the largest January in the company's history by 11%, a statement released by the Franklin Automobile Co. shows.
Orders already received for March indicate that the current month deliveries will be proportionately increased over previous years and that
export shipments will set a new March record.
John E. Williams, Vice-President in charge of sales, declared that unfilled.orders on the books of the company for all models are requiring capacity production and justify the 1929 car building schedules which call
for an output of cars double that of any previous year.
-V. 127. P. 1813.
(Robert) Gair Co.
-Earnings.
---Calendar Years1928.
1927.
1926.
1925.
Total income
Y$4,667,631 $4,103,028 $3.769,207 $4,080,169
Expenses
2,063.384
2,282,039
1,800.642
1,692,872
Depreciation
657,293
704,376
598,307
607,550
Tax.,bond & oth.int., &c
238,548
378,927
343,022
472,471
Operat. not income_ _ _ $1,442,668 $1,003.424 $1,027.235 $1,307,276
Preferred dividends.._.110,717
244,755
243,936
x982,179
Common dividends
118,750
233,566
Class A partic. shs
265,833
General Stockyards Corp.
-Extra Dividend.
The directors have declared an extra dividend of $1 per share on the
common stock in addition to the regular quarterly dividend of 50 cents
per share on the common and the regular quarterly dividend of 61.50 Per
share on the $6 div. cony. pref. stock, all payable May 1 to holders of
record April 15.-V. 126, p. 1988. •
-Earnings, &c.
(A. C.) Gilbett Co.
-
Earnings.
-Net profits after all charges,including Federal income taxes,
for the years ended Dec. 31:
1928.
1927.
1926.
1925.
Net profit as above
$346,891
$296,280
$239.413
$198 386
Per share pref.stock$14.39
$9.93
$12.29
A§.23
Times pref. dividends
4.11
$2.62
Per share con. stock
$1.55
$2.11
$1.14
CapitalizationAuthorized. Outstanding.
Preference stock (no Par)
25,000 shs. x24,100 shs.
Common stock (no par)
y112,500 shs. 100,000 shs.
x Originally issued, 25.000 shares: held in treasury, 900 shares.
y 12,500 shares reserved for exercise of common stock purchase warrants.
•
Balance Sheet Dec. 31 1928.
Liabilities
Assets
$214,985 Accounts payable
Cash
$82,587
315,009 Accrued salaries, commissions.
Customers' notes & acc'ts rec
348,888
Interest, &c
Inventories
32,484
7,866 Accrued Fern bs State taxes..
55,213
Life Insurance policies
200 Real estate mortgage
Investment
50,000
564,060 Preference stock
Property and plant
771,200
1 Common stock
Goodwill, patents & tradem'ks
25,000
12,058 Surplus
446,583
Deferred charges
Balance, surplus
$947,368
$758,669
$549,733
$325,097
Profit & loss surplus_ _ _ _
$844,919
$606,670
$534.057 • $88:904
Shs. com. outat.(no par)
500,000
473,463
467,132
467,132
Earns. per sh. on com__ _
$2.13
$1.60
$1.68
$2.27
x Dividends upon the pref. stock were resumed March 1 1925 by the
payment of two quarterly dividends and payments were continued up to
Dec. 31 1925, bringing these dividends up to date and representing 18
Total
quarterly payments aggregating 31%%. y Includes $1,408,357 profit on -V. 127.
sale of certain capital assets.
-V. 128, p. 410.
George Washington Stone Corp.
-Listing.
-
The Baltimore Stock Exchange has authorized the listing of $450,000
1st mtge. 6).5% sinking fund bonds. See also V. 126. p. 3128.
General Motors Corp.
-Number of Stockholders.
-
The total number of General Motors common and preferred stockholders
for the first quarter of 1929 was 104,202 compared with 71,185 in the fourth
quarter of 1928. The total number of stockholders by quarters for preceding years follows:
Calendar Years-1st Quar.
3d Quar.
2d Quar.
4th
1917
1,927
2,525
2,669
2,920
1918
3,918
3,737
3.615
4,739
1919
12,523
8,012
12,358
18,214
1920
24,148
26.136
31,029
36.894
1921
49,035
59,059
65,324
66.837
1922
72,665
70,504
71,331
65,665
1923
67,115
67,417
58.281
68,063
1924
71,382
70,009
69,428
66,097
1925
60,458
60,414
58,118
50,917
1926
54,851
53,097
47,805
50,369
1927
56,520
57,595
57,190
66,209
1928
72.986
70,399
71,682
71,185
1929
*104,202
*Senior securities of record Jan. 7 1929 and common stockholders of
record Feb. 16 1929.-V. 128, P. 1915.
91,463,068
Total
$1,463.068
p. 1534.
-Earnings.
Gimbel Bros., Inc.
1929.
1927.
Years End. Jan. 311928.
1926.
Net sales of goods_ _ _ _$121,109.396 S123595,5491412267953354110102565
x Coat of goods sold_ _ _ -120,596,958 121.937.014 118,871,963 104,335,615
450.000
Federal income tax
160,000
610,000
1,422,233
Depreciation
1004909,795 $1,498,535 $3,357,570 $5,156,950
Net profit
1,445.675
1,260,000
1,470,000
Preferred diva (7%)--- - 1.389.850
Balance, surplus_ _ -def.$2,299,645
$52,860 $1,887,570 $3,896,950
Shs. corn. outst. (no par)
622.500
622.500
622,500
622,500
Nil
Earns, per sh. on coin_
$3.03
$0.85
$6.26
a Includes sales of the Pittsburgh store of Gimbel Bros., Inc., and
Kaufmann & Baer Co. acquired in Feb. 1926.
x Includes selling, operating and admin. exp., less miscell. earnings.
y Includes other income of $1,001,000, being proceeds from insurance
Policy on life of an officer.
Common Stock and Surplus Account.
-(a) General surplus Feb. 1 ,1928,
$18.236.840, add net loss, as above, $2,299,645, add excess of provision for
redemption of preferred stock over premium paid in repurchase, $123,462,
balance Jan. 31 1929,$16,060,658.
(b) Property surplus, balance Feb. 11928, 39,533,922, depreciation and
amortization of increased values resulting from property appraisals. $130.843: balance Jan. 31 1929. $9,403,079. common capital stock (622,500
shares of no par value, issued and outstanding) at a stated value of $3.General Outdoor Advertising Co., Inc.-Resignation.
- 112,500; total transferred to account No. 1, $28,576,237.-V. 128, p. 897
George L. Johnson, Chairman of the Board of this company and ChairConsolidated Balance Sheet Jan. 31.
man of the Board of the Rainbow Luminous Products Co., Inc. announces
Lia2ilities8.
that he is resigning his position with General Outdoor in order to devote Land,
5
1929.
bldg, &c $30,169; 52 $30,779,251
1928.
his entire time to the affairs of the Rainbow Co.
-V.128. p. 896.
Cash
119,740.000 $20,370,000
2,806,417 3,813,325 Pref. stock
Accts.rec.,&c.. 13,320,027 14,500,019 Corn.stk.& sur_x28,576,237 30,883,263
General Refractories Co.
-Extra Dividend,
The directors have declared an extra dividend of 50c. per share, an adjust.- Inventories_ _- _ 17,848,170 20,567,031 Res.for pfd.stk.
Miscell.lnyest.... 2,002,820 1.930,483
redeem
2,981,000 3,055,500
ment dividend of 25c. per share and the regular quarterly dividend of 75c. Prepaid
exp- 885.045
796,L88 Accts. pay., &c- 7.773,698 9,557,370
per share, all payable April 25 to holders of record April 8. Previously the
1
1 Notes Pay
6,800,000 6,900,000
company paid quarterly dividends of 75c. per share on the 15th of January, Goodwill
345,450
Divs. payable
356,475
Aprll July and October, the last distribution at this rate being made on
Federal tax_
160,000
Jan. 15 1929.
835.647 1,103,690
Cont. res., &c..
In his report to the directors, President Burrows Sloan stated that both
shipments and orders booked during the first quarter of this year will be
Total
$67,032,032 $72,386,298
Total
$867,032,032 572.386,298
very much greater than they were for the same period of last year. Earnx Represented by 622,500 no-par shares.
-V. 128, p. 897.
ings for the quarter, he stated, after making all necessary deductions for
interest, taxes, depreciation, &c. will be approximately $591,550, equivaGlidden Co. Cleveland.
-Rights, &c.lent to $2.63 pm. share, compared with $216,289, or 96c. per share, during
The common stockholders of record Apr.4 will be given the right to subthe same period of last year. Earnings for the current quarter are unscribe for additional common stock (no par value) at $35 per share on the
precedented throughout the history of the company, he added.
Heretofore the company's quarterly meetings have been held on the fourth basis of one new share for each five shares owned. Rithta will expire April 25.
The stockholders on Mar. 28 increased the authorized common stock
Thursday of June, September, December and March. At the meeting
held March 27 these dates were changed to the fourth Monday of July, from 500.000 shares to 600.000 shares.
The proceeds from the sale of the new stock will be used to reimburse
October, January and April. The dividend of 25e. per share, at the regular
annual rate of $3 per share, was declared to recompense for this postpone- the treasury for money expended in purchasing the business, goodwill
ment of one month. Payment of the above dividends will leave $254,050 and assets of five companies said to be doing an aggregate business of over
to be transferred to earned surplus, which will then be in excess of $3,100,- 313,000.000.-V. 128., p. 1916.
000.
John R. Sproul and F. L. Greene have been elected Vice
(B. F.) Goodrich Co.
-Rights, &c.
-Presidents and
Walter T. Rosen of Ladenburg,Thalmann & Co.has been elected a director,
The directors on Mar. 21 determined to submit to the stockholders at
--v. 128. p. 1916. 1563.
the annual meeting to be held Apr. 17 1929 a proposal to increase the number of common shares without par value from 1,000,000 to 1,500,000.
General Spring Bumper Corp.
-Stock Offered.
-Paul H. Subject to such increase being authorized by the stockholders. 207.728
shares of common stock will be
for subscription by the holders of
and Harris, Small & Co. in February last common stock without par value offered per share on the basis of one shares
Davis & Co.
at $81
offered 69,500 units of stock at $66 per unit. Each unit of common stock for each four shares of common stock held by each, as
shown by the records of the company at the close of business on Apr. 3.
consists of 1 share class A stock and 1 share class B stock.
The right to subscribe expires on Apr. 24. All subscriptions are payable
Class A convertible preference stock is preferred as to cumulative divi- in cash with the subscriptions.
dends at the rate of $2.50 per annum: preferred as to assets up to $45 per
The proceeds from the proposed sale of common stock are for the purpose
share and dive. and.red. on any div. date upon 45 days' notice at $45 per of plant construction and development in Georgia, California, Canada and
share and diva The class A stock is convertible into class B stock, share elsewhere, and to increase the working capital of the company.
2100
[Vol,. 128.
FINANCIAL CHRONICLE
The company has contracted to sell the entire issue (207,728 shares)
subject to shareholders' approval and subject to stockholders' subscription
rights.
This issue will paricipate in the regular quarterly dividend of $1 per share
declared on the common stock payable June 1 1929 to holders of record
May 10.-V. 128, p. 1916.
(S. M.) Goldberg Stores, Inc.(& Subs.).
-Earnings.
Earnings for the Year Ended Jan. 31 1929.
(S. M. Goldberg Stores, Inc., incl. for the 11 mos. ended Jan. 31 1929.)
Gross income from stores' operations
$3.141,507
Operating expense
2,793,179
Net income from stores' operations
Other store income
$348,327
22,956
Total income
Deductions from store income
Provision for Federal taxes
$371,283
39,320
39,836
Net profit
Net profit from other companies 100% owned after Fed'! taxes_
$292,128
104.992
Comparative Balance Sheet Dec. 31.
1928.
1928.
1927.
1927.
AssetsLiabilities-$
$
$
$
Furn., Sgt., &a__ 1,524,559 2,139,745 Cum. cony. pref- 2,500,000 2,500,000
Common stock.. _y2,051,004 1,650,000
Net invest. in F.&
W. Grand HoldAccts. payable_ _ _
92,378
42,588
:238,299
192,145 Tenants' deposits_
28,961
ing Corn
Leaseholds
547,074
220,527 Misc. Habil. & accr 290,741 z242,792
Cash
2 176,896 2,038,193 Res. for Fed. tax__
145,000
Accounts receiv_ _ _
101,105
Surplus
3,409.325 2,505,000
Life Insurance__
89,725
56,537
Prepays.,dep.,dec. 316,682
148,040
Due from empl., do
75,461
Inventories
3,218,357 1,842,221
Deferred charges.- 275,752
256,473 _Total (ea. side)_ 8,488,449 6,969,342
a Contingent liability on mortgages. The subsidiaries own real estate
valued at $6,033,199 which Is subject to mortgages aggregating $3,839,000,
upon which the F. & W. Grand 5-10-25 Cent Stores, Inc.. is contingently
liable. y No par 268,532 shares issued. z Including Federal taxes.
-11.
128, p. 1564.
(F. & W.) Grand Properties Corp.
-Balance Sheet.
-
Balance Sheet, December 311928.
[Incl. other sub, companies of F. & W. Grand 5-10-25 Cent Stores, Inc.]
Assets
Cash in bank
$10,000
Net profit applicable to S. M.Goldberg Stores, Inc
$392,220 Accounts receivable
8,000
Earnings per share on 120,010 no par shares
$2.73 Furniture,fixtures & improvements,net depreciated
2,731,014
Consolidated Balance Sheet Jan. 31 1929.
Leaseholds (appraised values)
1,878,793
Real estate (appraised values)
1,405,392
Assets.
Cash
44,942
$591,374 Notes payable
10.00,000 Due from parent company
Call loans
552,524
150,000 Trade accounts payable
Total
Accounts & notes receivable__ 1,437,499 Due to leased departments_ _
$6,078,141
101,325
Due from leased departments_ 227.517 Accrued salaries and expense_
Liabilities
184,369
Due from officers & employees
$8,000
35,250 Res.for Fed., State & oth. tax.
78.222 Accrued interest on bonds payable
771,500
Inventories
821,480 Sundry accounts payable
60,847 Mortgages payable
Com. cap. stk. of parent co.
Reserve for contingencies
3,000,000
15,000 6% convertible sinking fund gold debentures
Purch. for officers & empl's_
33,310 Mortgage payable
59,60(
351,815 Preferred stock,306 Walnut St. Realty Corp
Common stock, various sub. cos.. 1.650 shs.(no par) owned by
Furniture, fixt.& equip., leaseMinority interest in J. F.
F.& W.Grand 5-10-25 Cent Stores, Inc
hold improvements, &c_..__ 1,085,595
283,242
27,971
Donovan & Co
Other assets
1,955,899
288,954 $7 cum. preferred stock
y1,550.000 Surplus & reserves by appreciation of fixed assets
Good-will
364,633 Common stock
:700.250
Total
Organization expense
47,954 Surplus
1,477,103
$6,078,141
The above balance sheet is after giving effect to sale of $3,000,000 6%
Deferred charges
115,859
debentures.
-V.127, p. 3549.
$5,199,426
Total
Total
$5,199,420
Greenway Corp., Baltimore, Md.-Earnings, &c.
x Represented by 120,010 no par shares. y 15,500 no par shares.
During the year 1928 the corporation showed a capital increase of over
-V. 127. p. 1955.
$91,000, or an increase over 1927 figures of nearly 200%. During this
Gorham Manufacturing Co.
-To Retire 1st Pref. Stock
- time the corporation's dividend requirements have been practically tripled
surplus
while the
expense has been kept below 1%%.
Conversion Period to be Extended-To Increase Common Shares. has arisen organization in Dec. 1927 to $26,900 in Dec. 1928, orTheincrease
an
from $6,100
At a meeting of the board of directors held March 22 it was voted to call of over 400%. The total assets of the corporation have risen in the same
and retire at 105 and divs, all of the outstanding pref. stock on June 1 1929 Period from $184,000 to $310,000, or approximately 60%. The appreat the office of Rhode Island Hospital Trust Co., Providence, R. I., the ciation account during this time has increased from $27,000 to $51,000, or
an increase of over 80%.
transfer agent for said 1st pref. stock.
Cost Value Market Value
The stockholders will vote April 10 on approving a proposal to amend the
Capital.
Assets. 'meets. Insestls. Surplus.
Date.
charter of the corporation (a) by eliminating therefrom all reference to the
$66
85,101
$6,339
$5,540
87.093
7% pref. stock and the 6% pref. stock, all of which has heretofore, been Oct. 1926
66,354
1,529
60,245
44,900
78,846
exchanged for and converted into 1st pref. stock: (b) by specifying therein April 1927
5,282
149.413
123,112
143,917
58,170
the respective amounts of let pref. stock and common stock now outstand- Oct. 1927
166,911
196,988
14,787
89,030
245,008
ing as a result of the conversion of all but 1,143 shares of 1st pref. stock into April 1928
195,619
223,068
22,301
134,600
277,642
common stock up to the close of business on March 1 1929, at which time Oct. 1928
324,734
200,221
251,823
30,737
168,000
said right of conversion expired, and (c) by increasing the authorized com- Jan. 1929
mon stock by 100,000 shares in addition to the amounts heretofore author- -V. 128, p. 410.
ized and now issued and outstanding and authorizing the board of directors
Gulf Oil Corp.(& Subs.).-Earning8.to issue and dispose of any such additional common stock from time to
1928.
1927.
1926.
1925. ,
time, for such consideration and on such terms and in such manner, inCalendar Years$
$
$
cluding the payment of stock dividends, as to said board of directors may
Operating revenue
260,315.906 246,315.848 254,718,424 215,661.868
seem desirable.
146,505,337 155,593,979 153,837,124 127,763.121
The stockholders will also take action on a proposal to ascertain the desire Operating expenses
of the stockholders with respect to permitting the conversion at any time
Operating profits __..113,830.569 90,721,869 100,881,300 87,898,747
on or before May 31 1929 of the 1,143 shares of 1st pref. stock now out2,540,917
2,590.617 x5,106,433
2,855,354
standing (which have been called for retirement on June 1 1929) into twice Other income
as many shares of no par value common stock, and to consider and take
Total
116,685,923 93,262,786 103,471,917 93,005,180
action upon the proposal to reduce the capital stock by the cancellation of
148 shares of 1st pref. stock hetetofore ordered to be cancelled by the board Depletion & deprec'n _ _ _ 39,765,728 40,954,471 y45,293,761 36,959,716
Taxes ,
25,585,420 20,808,125 19,106,642 17,221,520
of directors.
-V. 126, p. 2657.
3,825.357
3,973,436
3,823,183
Interest, &c
3,567,139
_
-New Subs. Contract.
- Intang.develop. costs._ _ 11,420,026 13,957,615
Gotham Silk Hosiery Co., Inc.
9,590
Prof.appl.to mlnor.int_
22,468
The Gotham Knitbac Service Co., Inc.. a subsidiary, reports that contracts have been signed to equip the 3 Steiger stores of Hartford. Conn.,
Net profits
36,325,140 13,707,627 35,098,078 35,000,761
and Springfield and New Bedford, Mass., with the new Knitbac service Dividends
6,637,985
6,598,271
6,554,741
(6% p. a.)- - - 6,703,125
for repairing runs in stockings.
The Auerbach Co. of Salt Lake City, which operates one of the largest Deductions from surplus
2,523,943
(affecting prior years)
department stores in the intermountain country, has also contracted far
'
3 Knitbac machines to start operation in that city.
Balance,
7,069,642 25,975,864 28,446,029
The Knitbac company also reports inquiries for additional Knitbac Shares of surplus stock 29,622,015
capital
equipment from Frank R. JelletY, Inc., of Washington, D. C., and B. F.
4,450,116
outstanding (par 525)- 4,504,921
4,414.716
4,390,716
Dewees of Philadelphia.
$3.08
$7.95
$8.06
An inquiry for 8 Knitbac machines has been received by the company Earns.per sh.on cap.stk _ appreciation in value of inventories (oil). $7.97
y Inxlncluding $2,948,543
from the Neumode Hosiery Shops of Chicago for early delivery, this number cludes drilling costs.
being part of a total inquiry by this company for 50 Knitbac repair machines
Sheet Dec. 31.
Consolidated Balance
According to Walter T. Fitzpatrick, General Manager of Gotham Knit1928.
1927.
1928.
1927.
bac, the company has adopted a policy of allotting a definite number of
Liabilities8
Assets
$
$
$
machines to different cities of the country. He said that deliveries are
.
Capital stock _112,623,025 111,252,900
progressing satisfactorily and added that the company would not contract Prop.. plant &
equipment .
_464,641.697 429,816,082 5% debentures.. 65,904,000 65,904,000
for a' greater number of machines than could be installed and serviced
Cash
24,563,385 16,880,677 51i %debentures
4,000,000
-V. 128, p. 1916.
within a reasonable time.
Perm.invest
13,211,821
5,9961051 Accts. payable - 13,594,106 13,229,228
Notes payable..
Marketable sec _ 2,993,437
823,500
1,148,500
-To Increase Stock.
Graham-Paige Motors Corp.
1,874,906 Accr.liabilities - 2,155,276
389,550
2,559,408
The stockholders will vote April 15 on increasing the authorized common Other sec. reacq
-V. 128, Notes receivable 2,884,127 2.728,985 Depl'n & depen.232,406,712 205,592,929
stock (no par value) from 2,000,000 shares to 2,500,000 shares.
Accts.receivable 17,182,814 16,113,009 Fed.tax.,&c..res 5,165,199 2,597,401
p. 567
Inventory-Oil. 63,829,896 54,602,139 Deferred credits.
146,881
483.877
Mat'ls de suppl._
Min. int.
42,136
25,337
Granby Consolidated Mining, Smelting & Power Co. Employees loans 11,872,405 11,255,692 Surplus In subs181,279,892
146,040,448
-The directors on March 26 de- sec. by stock._ 7,841,101 8,331,030
-Dividend Rate Increased.
clared a quarterly dividend of $1.75 per share on the capital Prep.&def.chgs.. 4,730,495 5,235,459
Total profit
Profit applicable to minority interest
$397.119
4,899
stock (par $100), payable May 1 to holders of record April
12. A quarterly distribution of $1.50 per share was made
on Feb. 1 last. In May, August and November 1928,
quarterly dividends of $1 per share were paid. A distribution
of $1 per share was also made in 1927, the first since 1919.
Ai the first meeting of the board of directors since the death of Colonel
Crabbs, the late President, two new offices were created-Chairman of the
Board and Chairman of the Executive Committee. Charles Hayden was
elected Chairman of the Board and N. L. Amster as Chairman of the Executive Committee. Charles Socking, formerly Vice-President and General
-V. 127. p. 3712.
Manager, was elected President.
-Earnings.
(F.& W.) Grand 5-10-25 Cent Stores, Inc.
1928.
1927.
1926.
Calendar Years$17,159,585 $12,869,631 $10,485,089
Gross sales
279,916
193,795
158,386
Rental receipts
Interest earn. & disc, on
225,470
150.914
119,676
purchase
1925.
$8,536,312
121.462
110,967
$17.664,971 $13,214,340 $10,763,152 $8,768,742
'
Total income
Operating expenses incl.
7,997,772
16,164.748 11.137,218
9,890,398
cost of merchandise
65,134
180,308
96,569
120,678
Depreciation & amort145,000
70,000
95,000
94,000
Res. for Fed. inc. taxes..
$1,174.915
Net income
136,325
Preferred dividends
134,266
Common dividends- -
$861,445
80,500
$682.185
80,500
$635,836
80,500
$904,324
$780,945
$601.685
$555,336
268 532
260,000
$3.00
100,000
$6.01
100,000
$5.55
Balance, surplus
Shs. com. stk. outstanding (no par)
Earns, per share
Total
614,140,731 552,834,030
-V. 126, p. 1989.
Total
614,140,731 552,834,031'
Gulf State's Steel Co.
-New Director.
R. A. Mitchell of Birmin ham, Ala., has been elected a director succeeding E. G. Higham.-V. 128, p. 1741.
Hanover Fire Insurance Co.
-To Increase Capital, &c.
A stockholders' meeting will soon be called to pass on the recommendation of the directors to increase the authorized capital stock from $1,000.000
to 54.000.000, par $10.
It is planned to pay a 10% stock dividend (30,000 shares) to present
stockholders, and in addition to sell the remaining 70,000 shares to stockholders, agents and employees at a price to be agreed upon.
Since the first of the year the assets of the company have increased very
materially. it is stated. The company recently sold its building to Goldman Sachs, which transaction has been consummated.
-V. 127, p. 2375.
Habirshaw Cable & Wire Corp.
-Initial Dividend.
The directors have declared an initial dividend of 25 cents per share on
the capital stock, payable April 1 to holders of record March 2I.
-V. 126.
p. 4090.
Hart & Cooley Co. Hartford, Conn.
-Extra Div., &c.-The company has declared an extra dividend of 50 cents per share in
addition to a regular quarterly dividend of $1.50 per share, both payable
April 1 to holders of record March 20. This compares with regular quarterly dividends of $1.25 per share previously paid. and in addition, the
company on April 2 1928 paid an extra of 75 cents per share and on July 2.
Oct. 1 and Dec. 31 1928 extras of 50 cents each.
-V.127,1)• 1956.
-Fidelity Trust Co.,
Heyn's Bazaar Co.
-Bonds Offered.
Detroit, recently offered $475,000 1st mtge. leasehold 10:year 6% sinking fund bonds, at 100 and int.
MAR. 30 1929.]
2101
FINANCIAL CHRONICLE
"By means of the K-S
-G process, each ton of coal yields 1,500 pounds of
-coke, 25 gallons of tar. 3,500 cubic feet of rich coal gas and 2 or 3
semi
gallons of light oil. About 80% of the semi-coke is recovered in salable
sizes, and the balance is consumed in making producer gas to underfire the
retorts and in generating steam for process and power.
"The New Brunswick plant has a contract with the Public Service
Corp. of New Jersey for a minimum of 3,000,000 cubic feet of gas .
a day. The tar and the light oil are sold to the International Combustion Tar & Chemical Corp., a subsidiary of International Combustion.
Upon distillation it yields a wood-preserving creasote oil 10 times as toxic
as the best competitive oil now on the market. The tar alone is the source
of an almost unlimited number of important products, while from the tar
acids numerous chemical products are recovered, including phenols, the
bake of synthetic resins of the bakelite type. These resins in turn are used
in thousands of products, among which are automobiles and radio parts,
hardware and electric fixtures. Napthalene is another product secured
from the tar refining, and much in use in the dye industry.
"The coal gas recovered at the New Brunswick plant is very rich in
heating value and is mixed with a lower value water gas, generated at the
-New Financing.
Holophane Co., Inc.
plant, and sold under long term contract at the rate of 3,000,000 cubic
Financing for this company, which has been manufacturing prismatic feet a day. The light oil yield amounts to approximately 1,800 gallons
glass for lighting fixtures since 1898 through a subsidiary of the same name. a day. As a motor fuel this material has been found to be superior to the
-V. 128, p. 898.
will be shortly carried out by Jackson & Curtis through a public offering of best grades of anti-knock gasoline.
34,000 units of preference and common stock. Warrants for the purchase
International General Electric Co.--Earnings.of additional common will be attached to the preference shares.
1927.
1926.
1928.
Calendar YearsThe company, incorporated in Delaware March 28 1928, owns the entire
common stock of a New York company of the same name, whose properties Net income (after deducting all costs,
incl. operat., maint. & current
and business will be acquired by the Delaware company through a merger
deprec. charges & propor. of Fed.
to be effected as soon as the preferred stock of the New York corporation,
$806,753
$1.191,255 81,058.329
income tax)
called for redemption within 30 days, has been retired.
2.767,825
2,569,975
3.323,029
Divs., int., service charges, &c
Dated Feb. 1 1929; due Feb. 1 1939. Interest payable (F. St A.) at I
Fidelity Trust Co., Detroit, Mich., without deduction for Federal income
tax not in excess of 11%. Denom. $1,000, $500 and $100 c*. Red. all
or part upon 30 days' notice at 102 and interest.
Company owns the leasehold estate on the land and has constructed
-story building of standard construction, located at 1241
thereon a 10
Woodward Ave.. Detroit, Mich.. between State St. and Grand River Ave.,
having a frontage of 40 feet on Woodward Ave. and a depth of 100 ft.
These bonds are secured by a closed 1st mtge. on the leasehold estate of
the Heyn's Bazaar Co. and the building of the Heyn's Bazaar Co., which
has been appraised as follows: Leasehold, $479,453; building, $325,000;
Total value, $804453, or 169% of principal amount of this issue of bonds.
The terms of this lease which expires in 1969 provide that the Heyn's
Bazaar Co. pay to the lessor a flat rental of $55,000 per year until the
expiration of the lease. After deducting the ground rental, taxes and all
chafges accruing under.the lease, net earnings for the past 6 years have
been in excess of $80.500 per year, approximately 3 times the maximum
interest charges on this issue.
-Larger Regular Dividend.
Horn & Hardart Co.
The directors have declared a quarterly dividend of 623.‘ cents per share
on the common stock, payable May 1 to holders of record Apr. 11. In
each ofthe7 preceding quarters, an extra dividend of 25 cents per share and
-V. 128, p. 739.
a regular of 37 34 cents per share were paid on this issue.
-Listing.
Houston Natural Gas Corp.
$4.514,284 $3.628,304 $3,574,578
Total income
exp. of foreign
Other charges, in
adminis., prop. of Fed. inc. tax &
deprec. due to reval, of securit., less
2.036,271
2,071.968
profit realized on sale of securities_ 2,832,548
The Baltimore Stock Exchange has authorized the listing of $2,000,000
1st mtge. collateral 6% gold bonds (with stock purchase warrants). See
also V. 127, p. 3542.
Net profit
Preferred dividends 7%
Common dividends 8%
$1,681,736 61.556,336 $1.538,307
700.000
700,000
700.000
800.000
800.000
800,000
-Debentures Offered.-Stifel,
Hussmann-Ligonier Co.
Nicolaus & Co., St. Louis, are offering at 98 and int.
-year 6% sinking fund gold debentures.
$1,000,000 cony. 10
Dated March 11929; due March 11939. Denom. $LOW and $500 c*.
Surplus for the year
Previous surplus
$181,735
11.954,912
Red. in whole at any time, or in part upon any int, date, and in either
case upon 30 days'notice at 105 and int, on or before Feb. 15 1934. premium
i
,
thereafter decreasing ) % during each year, or fraction thereof. thereafter.
Int. payable (F. & A.) in St. Louis at Mississippi Valley Trust Co., trustee.
and in Chicago at Illinois Merchants Trust Co., without deduction for
Federal income tax up to 2% per annum.
-Convertible into common stock at the rate of 30 shares of
Convertible.
stock for each $1,000 of debentures any time up to maturity of the debentures, or if the debentures are called before maturity up to the 15th day
prior to the redemption date. Suitable provisions will be made in the
Indenture for protection against dilution of the stock conversion privileges.
Outstanding.
Authorized.
Capitalization$1,000,000
-year 6% sinking fund gold debs____ $1,000,000
Cony. 10
*150,000 shs.
84,000 shs.
Common stock (no par)
* 30,000 shares will be reserved for conversion of debentures.
Data from Letter of W. T. TuffIi, Vice-President of the Company.
Company.-Incorp. in Delaware. Is being formed to acquire all of the
properties, business and assets of the Harry L. Hussmann Refrigerator CO.
of St. Louis, and the Ligonier Refrigerator Co. of Ligonier, Ind.
By this combination, the new company will be the largest manufacturers
and distributors of standard model refrigerator display equipment and
commercial refrigerators in the United States and will have a complete
line of products to furnish practically all equipment necessary to set up
and operate butcher and grocery stores.
-The combined net earnings of the predecessor companies for
Earnings.
the 4 years ended Dec. 31 1928. after deducting all operating and maintenance expenses (but eliminating in the year 1928.$56,409. salaries of former
executives to be discontinued in the reorganized company) and before deducting Federal taxes, averaged $475.202 per annum or nearly 8 times
the interest requirements on these debentures presently to be outstanding.
For the year ended Dec. 31 1928. such earnings amounted to $342.557
or 5.7 times such interest requirements.
Assets.-Consolldated balance sheet as of Dec. 31 1928. giving effect to
the consolidation and the proposed new financing, shows current assets of
$2,318,388, and current liabilities of $546,160, or a ratio of 4.2 to 1. Net
current assets of $1,772,228 equal $1,772 for each $1,000 debenture to be
Presently outstanding. Net tangible assets. after deducting all liabilities
other than these debentures, were $2,343,883, equal to $2,343 per $1,000
debenture.
Purpose -Proceeds of this issue, together with common stock presently
to be outstanding is to be used to acquire the assets of the two companies
above mentioned.
-Indenture is to provide that the company shall pay to
Sinking Fund.
the trustee as a sinking fund commencing Jan. 1 1931,an amount sufficient
to retire annually 5% of the largest principal amount of these debentures
at any time outstanding. Such funds are to be used to purchase out-standing debentures in the open market at not exceeding the redemption
price, or if not so obtainable, to call them by lot for redemption.
Listing.-ApplIcatton will be made to list these debentures on the St.
Louts and Chicago Stock Exchanges.
(Harry L.) Hussmann Refrigerator Co., St. Louis.Merger.
See ilus.smann-Ligonier Co. above.
-V. 120. p. 1467.
-Proposed Merger.
Illinois Glass Co., Alton, Ill.
-V.127. p.3407.
See Owens Bottle Co. below.
-Bonds Called.
Ingersoll-Rand Co.
All of the outstanling 1st mtge. 5% gold bonds, due Dec. 311935, have
been called for payment July 1 next at 105 and int. at the New York
-V. 127, p. 3100.
Trust Co.. 100 Broadway, N. Y. City.
-48% Increase in Feb.
Insurance Securities Co., Inc.
Net final writings for the month of February amounted to $1,133,788.
compared with $765,182 in February of last year, an increase of 48%,
according to President W. Irving Moss. Total net premiums of the four
companies owned and operated by this company, namely, Union Indemnity
Co., Northwestern Casualty & Surety Co., Bankers & Merchants Fire Insurance Co. and La Salle Fire Insurance Co., amounted to $15,464.255
for 1928, against $10,526.074 for the year 1927, a gain of almost 507.
Total net premiums for the month of January increased 29% over the same
month in 1928.-V. 128, p. 1918.
International Combustion Engineering Corp.
-New
Plant Completed.
It is announced that the corporation has completed its large low tem-
perature coal carbonization plant at New Brunswick, N. J., the first of its
kind in America, for the manufacture of free-burning fuel, low-temperature
tar, light oil and high calorific value coal gas.
The plant, which will be operated by the New Jersey Coal & Tar Co., a
subsidiary, will have an annual capacity of nearly 250,000 tons of coal.
and will employ the process known as the K-S-G for the low temperature
carbonization of coal which has been in operation in Germany in a plant
of identical design for the past 5 years. Work on a now plant, which will
be practically a duplicate of the New Brunswick installation, already has
started near Coatsville. Pa., and upon completion will sell its entire gas
output to the Lukens Steel Co., on a long term contract.
The announcement further states:
"The New Brunswick's plant capacity provides for the processing of
from 650 to 800 tons of coal a day, enough to provide a winter's supply
for 70 average homes. Through the heating of this coal in huge steel
retorts, each measuring 80 feet by 10 foot. the company is enabled to recover gas, tar and light oils. After the distillation process is completed,
the fuel or semi-coke remaining in the retorts is screened and approximately
50% of it is sold in the domestic market for heating purposes. The semi
coke burns with a blue flame and is entirely smokeless.
856.335
11.898.576
$38,306
11.860,269
812,136.648 $11,954,912 $11,898.576
Surplus Dec. 31
Earns, per sh. on 100,000 shs, coin.
88.38
69.82
68.56
stock (par $100)
Condensed Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$
Liabilities$
5
Assets$
Current Bab.. incl.
Patents, turn., fix.,
accts, pay.. accr.
1
1
eze
taxes, &c. ch'g's
Investment secur_35,418,308 24,008,626
& adv. collections 5,636,342 8,815,221
Adv. to assoc. cos. 3,349,468 5,089.999
861,084 Capital advs. from
569,278
Merchandise
Gen. Electric Co.13,601.687
Notes & accts. rec.12,121,868 10,507,774
2,093,451 2,100,573 General reserves__ 2,177,896 1,797,923
Cash
Preferred stock_ __10,000,000 10.000,000
Common stock. __10.000.000 10.000,000
Total (ea. side)_53.552,374 42,568,057 Surplus at Jan. 1_12,136,649 11,954,913
-V. 128. P. 1918.
-New Officks.International Germanic Co., Ltd.
This company announces that it and the other five members of the
Germanic Group companies are now occupying their enlarged quarters at
26 Broadway, N. Y. City, on the ground floor of the Standard Oil Building.
The other companies whose executive offices are in the new quarters are
International Germanic Trust Co., Germanic Fire Insurance Co. of New
York, Germanic Safe Deposit Co., Germanic Realty Corp., and the fiscal
agency of the Central Bank for German Industry.
The Germanic Group is the result of plans formed in 1927 for the creation
of a group of companies to provide complete financial service for German
American interests in the United States in the fields of banking,investment,
corporate finance and insurance and also to provide for the requirements of
an international exchange of business, of both commercial and financial
-V. 128, p. 1408.
character.
.
-Initial Dividends.International Perfume Co. Inc.
of 64.93 cents per share on
The directors have declared an initial
the preference stock (covering the period from Feb. 20 to May 15 1929).
and an initial quarterly dividend of 25 cents per share on the common
stock, no par value. The pref. dividend is payable May, 15 to holders of
record May 4 and the commondividend on June 1 to holders of record
May 20.
-Company is a consolidation effective in Feb. 1929
Business & History.
of Woodworth, Inc. and Bourjois, Inc., manufacturers of perfumes and
cosmetics. The Woodworth products are distributed under the trade
names "Karen," "Viegay" and "Fiancee." The trade names of Bourjois
products include "Evening in Faris.' "Manon Lescaut." "Ashes of Roses"
and Java Face Powder. The new company is closely affiliated with Wertheimer Freres of France (manufacturers and distributors in European and
and other countries of "Bourjois" perfumes and costmetics), and will have
the exclusive rights to distribute their principal products in the United
States, and will, in adddition, have the right to manufacture from Wertheimer formulae.
-Combined earnings of Woodworth, Inc. and of Rondo's, Inc.
Earnings.
for the 3 years ended Dec. 31 1928. after elimination in 1926 and 1927 of
salaries of officers o Woodworth, Inc. since retired (averaging $36,915
per year), but on the basis of salaries actually paid by Bourjois. Inc., and
after Federal income taxes, have been as follows:
Per Share
Times Div.
Net Earnings Per. Share
As Above, Pref. Stock. Pref. Stock. Common Stk
Year$1.55
4.01
811.04
$828,033
1926
1.34
3.61
9.94
745,867
1927
1.45
3.82
10.50
788,148
1928
-It is contemplated that the common stock of Intentional
Dividends.
Perfume Co., Inc., will be placed on an annual dividend basis of $1 per
share.
Authorized. Outstanding.
Capitalization75,000 shs. 75,000 shs.
Preference stock (no par value)
540,000 shs. 400,000 shs.
Common stock (no par value)
All of the preference stock and common stock outstanding was issued in
consolidation to stockholders of Woodworth, Inc. and Bourjois, Inc. in
exchange for their shares. Company will have power to issue stock pilechase warrants, but only in connection with future financing.
Preference stock is preferred as to cumulative dividends at the rate of
$2.75 per share per annum, and upon dissolution or liquidation, whether
voluntary or involuntary, as to assets up to $42 and divs. per share. Divi-F. accruing from date of filing of.the certificate of condends payable Q.
solidation. Red. all or part on any div. date on 30 days' notice at 142
and diva, per share. Annual sinking fund commencing Aug. 15 1930.
Dividends exempt from present normal Federal income tax. Transfer
agent. National Park Bank of New York. Registrar, Chase National
Bank of the City of New York.
Consolidated Balance Sheet Dec 311928.
(Giving effect to consolidation.)
Liabilities
Assets$159,999
8317,767 Accounts payable
Cash
207,630
500,000 Dividends payable
Call loans
101,960
897,618 Fed. income taxes
Accounts receivable
83,727
495,825 Accrued salaries,discounts.&c.
Inventories
50,000
49,080 Res. for organization expenses
Due from officers
3,238,628
53,284 Capital stock & surplus
Investments
244,967
Property
175,592
Deterred charges
Total (each side)
$3,839,945
Trade-marks, good-will. tcc__ 1.105.833
1566.
-V. 128, p.
-Stock Offered.
International Superpower Corp.
Calvin Bullock, New York and associates are offering an
additional issue of 50,000 shares capital stock at $55 per
share.
2102
FINANCIAL CHRONICLE
This stock is listed on the Boston Stock Exchange.
Authorized. Outstanding.
Capitalization500,000 shs. 165,000 shs.
Capital stock (no par value)
-Corporation was organized in Maryland, Sept. 27 1928 for
Business.
the purpose primarily of investing and dealing in securities of public utility
operating and holding companies, particularly those interested in generation, transmission or sale of electric energy.
Profits.
-During the period from Oct. 25 1928, when the corporation
began business to Jan. 25 1929 there were outstanding a maximum of
50,000 shares of capital stock; from Jan. 25 1929 to Feb. 15 1929 there
were outstanding 100,000 shares; and from Feb. 15 1929 to date there have
been outstanding 115,000 shares. From Oct. 25 1928 through Feb. 16
1929. the date of the last audit, the profits of the corporation, after all
charges, including reserves for Federal taxes, together with the net appreciation on securities unsold, amounted to 8268,266, or an equivalent of
$4.45 per share on the average number of shares outstanding during such
period as above indicated. Full details regarding the company are given
in V. 128, p. 412; V. 127, p. 2376. 2966.
[VOL. 128.
of wheels of demountable at the hub. The rights under this patent will be
acquired by the new corporation. Meetings of the stockholders of the
two companies will be held on April 25 to approve the consolidation.
As a result of this merger the plant capacity of the Kelsey Hayes Wheel
Corp. will be available for the manufacture of wire wheels. This corporation has already developed a wire wheel of a•more economical type than
any now produced and it is expected that the new company will be in a
position to proceed with the manufacture and sale of these wheels on a
large scale.
It is proposed to offer to the stockholders of the new corporation 100,000
shares of stock at $30 per share.
Under the terms pf the consolidation the preferred and common stockholders of the Kelsey Hayes Wheel Corp. will exchange their stock share
for share for stock of the now company. The preferred shareholders of
the Wire Wheel Corp. will receive one share of 7% pref. stock for each
share of the present pref. stock. Holders of class 4 stock of Wire Wheel
Corp. will receive 5-7ths of one share of 7% pref. stock of the new corporation for each share of class A stock, and the common stockholders of Wire
Wheel Corp. will receive 59-100ths of one share of common stock of the
new corporation for each share of common stock in the Wire Wheel Corp.
Appropriate dividend adjustments will be made.
The authorized capitalization of the new company will consist of 40.205
shares of 7% cumul. pref. stock, par $100 per share, all of which will be
outstanding, and 1,000,000 shares of common stock without par value of
which 742.389 shares will be outstanding, after the offer of the 100,000
shares of common stock to the stockholders.
-V. 127. D. 1260.
-Flood,
-Stocks Offered.
Investment Foundation Ltd.
Barnes & Co., Ltd., Montreal; Societe de Placements du
Canada; Flood, Potter & Co., Montreal; Mara & McCarthy,
Toronto, and Eastern Securities Co., Ltd., St. Johns, N. B.
are offering 40,000 shares cony. pref: stock and 40,006
shares common stock (with option warrants) in units of
Kermath Manufacturing Co.
-Stock Offered.
-Baker,
one share of each at $70 per unit.
Simonds & Co., Inc., are offering 43,000 shares (no par)
The preferred stock has preference both as to dividends and assets.
Preferred cumulative dividends at the rate of 6% per annum are payable common stock at $17.50 per share. The offering does not
Q. in Canadian currency at any branch of The Royal Bank of Canada represent new financing in behalf of the company.
-J.
at any
in Canada, such dividends to accrue from April 1 1929, convertible
time at the option of the holder into common stock share for share. Red.
on any div. date in whole or in part upon 30 days' notice at $52.50 per share.
In the event of the preferred stock being called, preferred shareholders
will have the right to convert their shares into common at any time prior
to the call date. Non-voting except in the event of 5 quarterly dividends
in the aggregate being in arrears; then and until such arrears are paid up
the preferred shareholders shall have one vote for each share and the right
to elect the majority of the directors. Transfer agent, Montreal Trust Co.,
Montreal. Registrar, Royal Trust Co., Montreal.
Option Warrants.
-Each unit carries a non-detachable warrant entitling
the unit holder to subscribe to
share of common at the rate of $20 Per
share in respect to each unit up to an including Nov. 1 1933, and the preferred and common shares and option warrants comprising such units
may not be transferred separately until March 1 1933, unless the preferred
stock be redeemed, or converted, or such separation be authorized by the
directors.
Authorized.
Issued.
CapitalizationPreferred stock 6% cumulative convertible ($50 par)40,000 shs. 40,000 shs.
200,000 shs. 70,000 shs.
Common stock (no par)
Of the 70,000 common shares issued, 40,000 are to be issued as part of
the units. The directors have purchased 30.000 shares of common stock
at $15 Per share. The option warrants outstanding on 90,000 shares of
common stock are all exercisable at $20 per share up to and including Nov.
1 1933. Another amount of 40,000 shares common stock is reserved for
the conversion of the 6% cumulative preferred stock.
Company.
-Incorporated under the laws of the Province of Quebec with
broad powers including among others the right to buy, hold, sell and deal
in securities of any kind and to participate in financial undertakings generally, thereby giving investors the advantages of participation in a diversified investment not available to them as individuals.
-Company's policy will be as follows:
Restrictions.
(1.) Not more than 109' of the company's capital to be invested in any
one undertaking, whether it be in preferred or common stock, or any other
form of equity,interest or indebtedness.
• (2.) Not more than 25% in any class of industry with the exception of
public utilities.
(3.) Of the total investments, 50% must be in dividend paying securities
listed on some recognized stock exchange or market.
(4.) No dividend shall be paid on the common stock until there has been
placed to reserve an amount equal to two years full dividend on the then
outstanding preferred stock.
Directors.
-A partial list follows: K. S. Barnes, Flood, Barnes St Co.,
Ltd.. Montreal, Que.; L. J Belknap, Pres. Worthington Pump & Machinery Corp., New York.; A. K. Cameron. V.-Pres., Eastern Steel Products
Ltd., Montreal, Que.; WI M. Chadbourne, Chairman Abercrombie &
Fitch Co., New York; F. B. Common, KC., Brown, Montgomery &
McMichael, Montreal, Que.: Hon. T. A. Crerar, Pres. United Grain
Growers. Ltd., Winnipeg, Man.; H. C. Flood, Dir. Canadian Bronze Co.,
Ltd., Montreal, Que.
Transfer agents Detroit & Security Trust Co., Detroit, and Seaboard
National Bank, New York. Registrars, Union Trust Co., Detroit, and
National Park Bank, New York.
Authorized. Outstanding.
CapitalizationCommon stock
*120,000 shs. 90,000 shs.
* Of the 30,000 shares remaining unissued, 20,000 shares are under
option to the management.
Data from Letter of J. B. Farr, President of the Corporation.
Company.-Incorp. in Michigan in 1910 with a paid in capital of $20,000
and has attained its present size solely through the reinvestment of earnings.
Company was originally organized for the purpose of manufacturing
automobile engines and parts. Shortly after incorporation a marine engine
was developed which met with immediate success. Since that time the
entire plant has been devoted exclusively to the manufacture of marine
engines. Over 40% of the Kermath engines are used for commercial
purposes by fishermen, coast guards, ferry boats,
and 60% are used
In yachts, speed boats, and pleasure crafts of all descriptions,ptions. Company's
&c..
products are distributed by over 2,000 dealers and boat-builder agents in
almost every country in the world. Approximately 30% of all the engines
produced by the company are for export. The main plant of the company
is located in Detroit with a Canadian subsidiary in Toronto, Can.
Assets
-The consolidated balance sheet of the companies at Dec. 31
1928 shows total assets of $647,285, current assets of $465,725 as compared to current liabilities of $97,806, a ratio of 4.7 to 1.
Sales and Earnings.
-The company has an exceptional record, showing
a good margin of profit each year since 1916, and shows a steadily increasing
and profitable business in the last 12 years. The consolidated net earnings
of the company and its subsidiary for the three years ended Dec. 31 1928,
after all charges including depreciation, but after adjusting officers' salaries
to the basis of present con:racts, resulting in a decrease in such charges
of $21,500 for years 1926 and 1927, and $26,500 for year 1928, and after
deducting income tax at current rates, have been certified by Peat, Marwick, Mitchell & Co., as.follows:
Net Profits
1928.
1926.
1927.
Calendar YearsNet profits as above
$178,704
$133,824
' $180 823
1.98
Earns, per share on common stock
2.01
1.48
Orders on hand are 40% greater than those on hand at this time last year.
-Dividends will be paid at the rate of $1 annually, payable
Dividends.
Q.
-J. Initial dividend will be paid July to stockholders of record June
15 1929.
-Application will be made to list this stock on the Detroit
Listing.
Stock Exchange and New York Curb.
-To Split Up Stock-Rights.
-(G. R.) Kinney Co., Inc.
President E. H. Krom authorizes the following:
At the annual meeting to be held April 17, the stockholders will be asked
to ratify a proposal to split the present no-par common stock into two shares
for one and also provide for an additional issue after the split-up of 40,000
-Acquisition.
Jantzen Knitting Mills.
shares of new stock which is to be offered to the stockholders at $26 per sh.
The company has acquired by purchase the B. F. Boyer Co. of Camden,
There are at present outstanding 60,000 shares of common stock, and if
N. J., yarn spinners, according to an announcement made by Pres. the split-up is approved by the stockholders it will increase the number of
J. A. Zehntbauer. The newly acquired Camden plant will be operated no-par common shares to 120,000 shares; with the additional 40,000 will
by a subsidiary, the Jantzen Spinning Mills, and will have sufficient capa- make the outstanding stock 160,000 shares.
city to supply the yarn requirements of the Jantzen Knitting Mills.
If the stockholders approve the directors' proposal, one new share of noThe new acquisition will take the place of the contemplated spinning Par common stock will be forwarded on May 10 to stockholders of record
plant which the Jantzen company had planned to build at Portland. The as of April 22 for each share of no-par common stock now held.
Jantzen Spinning Mills annual output will approximate 750,000 pounds,
The 40,000 shares of new stock bringing the total up to 160,000 shares
sufficient for the present requirements of the parent company.
-V.128. of common stock of no par value will be offered at $26 per share to the
p. 120,740.
stockholders of record as of April 22, and subscriptions will be payable
of the Plaza Trust Co.
or
May
Johns
-Discovers New Building Stone.
- onThebefore which22 at the office for by the stockholders has been under-Manville Corp.
stock
is not subscribed
-V. 128, p. 1742.
The discovery in the United States of a large bed of travertine, a building written by bankers.
stone famed since the days of antiquity, and heretofore supplied almost
Knapp-Monarch Co., St. Louis, Mo.-Initial Div.
exclusively by Italy, Is announced by President Lewis H. Brown of the
The directors have declared an initial quarterly dividend of 81% cents
Johns-Manville Corp., sponsors of this newest of America's natural reper share on the no par value $3.25 cumul. pref. stock, payable April 1 to
sources.
The announcement says in Ilan: "The American travertine deposit is holders of record March 16. For offering, see V. 128, p. 740.
located in Manatee County, Fla. The first small out-crop was discovered
Kolster-Brandes, Ltd.
-Stock Sold in London.
more than three years ago. It has now been definitely proven that there
The recent offering in London of shares of Kolster-Brandes, Ltd., the
is available in excess of 60 million cubic feet of travertine stone, based on
material existing to a depth of 21 feet. Drillings recently made have British subsidiary of the Kolster Radio Corp., was oversubscribed more
indicated the practicability of mining to at least 50 feet, so that we feel than 70 times, according to advices to Anderson & Fox,43 Broad St. This
safe in announcing a practically unlimited supply suitable for building is believed to be a record oversubscription to a stock offering in the London
market. More than 24,500,000 shares were subscribed for, although the
Purposes.
Through a contract just closed with the Florida Travertine Corp.,owners total offering was only 350,000 shares with a par value of one pound. The
and quarriers of the stone, the Johns-Manville Corp. will function as purpose of the issue is for acquiring an additional factory adjoining the
exclusive selling agents for the product, which will be technically known present Kolster-Brandes plant at Sidcup, Kent, and for enlarging the
as Floridene. It will be exhibited in New York City for the first time at scope of operations. Output it is stated will be more than doubled, making
the Architectural and Allied Arts Exposition to be held in the Grand the Koister subsidiary one of the largest radio manufacturers in Europe.
The company's output was heavily oversold last year.
Central Palace, April 15 to 27."-V. 128, p. 1409.
The London company was formed recently to handle the Kolster Radio
Joint Investors, Inc.
-Larger and Extra Dividends.
Corporation's products in the British Isles and all other British territory
The directors have declared a quarterly dividend of 50c. per share and throughout the world and has also acquired the entire business of Brandes,
an extra dividend of 25c, per share on the class A common stock, both pay- Limited. Based on demands for the latter's products last year, sales of
able April 1 to holders of record March 20. This places the issue on a regu- the new company for the first 12 mcfnths of operation have been estimated
at about £750,000, exclusive of the current export business of the Brandes
lar $2 annual basis compared with $1 previously.
-V. 128, p. 568.
firm. For the second 12 months of operation, sales are expected to reach
Jones Cold Storage & Terminal Corp.
-Listing.
a level of E1,200,000. Capitalization consists of 1,300,000 shares of
The Baltimore Stock Exchange has authorized the listing of $250,000 par each.
1st mtge. 635% gold bonds (with common stock purchase warrants). See
,
Lakey Foundry & Machine Co.
-2 2% Stock Dividend.
also V. 128, p. 120.
The second quarterly installment of the 10% stock dividend, amounting
-Bonds Called.
Jones & Laughlin Steel Corp.
to 23 %, and the regular quarterly cash dividend of 50 cents per share
It is announced that $555,000 of 1st mtge. 30
-year 59' gold bonds due are payable April 30 to holders of record April 15. Like amounts were
May 1 1939 have been drawn by lot for redemption on May 1 1929 at 105 paid on Jan. 30 last.
-V.128, p. 741, 122.
and int. Drawn bonds should be presented at the office of either the First
Lane Bryant, Inc., N. Y.
-Sales.
National Bank of New York or the First Trus l& Savings Bank, Chicgao,
where they will be paid out of sinking fund moneys. Interest on drawn
1929
-Feb.
Increased.
-1928.
1929-2 Mos.-1928.
Increase.
-V. 128. P•1567.
bonds will cease on May 1 next.
$946,233
$729.736
$216,497 I $2,031,356 $1,649,950
$381,406
Note.
-These sales do not include new units recently acquired.
-V.
Kelsey Hayes Wheel Corp.
-Proposed Merger.
128, p. 1568, 1066.
At meetings of the boards of director to Ithis corporation and the Wire
Langendorf United Bakeries, Inc.
-Initial Class B Div.
Wheel Corp. of America, plans were approved calling for the consolidation
The directors have declared an initial quarterly dividend of 50 cents per
of these two companies. The new corp3ration will be known as the Kelsey
Hayes Wheel Corp. It will have plant and facilities having an annual capa- share on the no par value class B stock, payable July 15 1929 to holders of
city for the manufacture of over 2,150,000 sets of wheels of all types as record June 30 1929. Two additional quarterly dividends of like amount
well as brake drum and other automobile parts and accessories. It is were also declared on this issue, payable Oct. 15 1929 and Jan. 15 1930 to
expected that as a result of this merger the litigation now taking place in holders of record Sept. 30 and Dec. 30 1929, respectively.
The directors also declared four regular quarterly dividends of 50 cents
connection with the patent for the manufacture of wire wheels will be
dropped. The courts have upheld the position of the Wire Wheel Corp. of per share on the clam A stock, no par value, payable April 15, July 15,
America as owner of a patent covering wire wheels and certain other types Oct. 15 1929 and Jan. 15 1931) to holders of record March 31, June 30,
MAR. 30 19291
FINANCIAL CHRONICLE
Sept. 30 and Dec. 30 1929, respectively. Dividends of like amount were
paid on the class A stock on Oct. 15 1928 and on Jan. 15 last.
Listing,
The Los Angeles Stock Exchange has authorized the
listing of 80,000
shares of class A stock of no par value and 110,000 shares
of class B stock
of no par value.
This corporation was organized in Delaware on June 25 1928
date and expand the business of the Langendorf Baking Co. to consoliand of the
Old Homestead Bakery, Inc. Innediately after
company purchased the assets of the California effecting the merger, the
Baking
Francisco concern, and consolidated its operations with Co., a large San
gendorf and Old Homestead plants. In Oct. 1928 a those of the Lannew wholesale cake
plant was opened in San Francisco. The company
tention to extend its operations to other cities not yet has announced its inIt is the policy of this company to own its own reached by its chain.
producing properties.
The plants in San Francisco, Berkeley and Los Angeles
are
and are valued at 31,000,000 exclusive of baking equipment owned in fee
installed therein. The San Jose plant is held under a lease.
The organization of Langendorf United Bakeries,Inc.,
through exchange of stooks for assets and partly through was effected partly
outright purchase.
For the assets of the Langendorf Baking Co. the
shares of class A stock and 80.000 shares of class new concern issued 27,500
B stock. The Homestead
Bakery was purchased with part of the proceeds of
a sale of 52,500 shares
of class A stock and 30,000 shares of class B
stock.
Income Account for 7 Months Ended Jan. 31 1929.
Earnings
$410,366
Less-Deprec.,$95,226:int.,$8.255;res.for taxes,
140,777
Class A diva. paid Oct. 15 1928 and Jan. 15 1929 337,297;total
80,000
Balance, surplus
Balance Sheet
AssesteCash
$93,639
Accounts and notes receivable_
171,793
Inventories
296,797
Prepaid taxes. Insurance, &c
54,641
Investments
11,202
Plant and equipment
2,459,496
Deferred charges
22\303
Good-will
1
$189,588
Jan. 31 1929.
Liabilities
Accounts payable
$179,810
Long-term notes payable, due
in June 1931
200,000
Reserve for Federal taxes, 1928
57,491
Res've for organisation exps._
5,850
Capitalstocks
2,171,406
Surplus
495,314
Total
$3,109,872
Total
33,109,872
x Represented by 80,000 class A shares
and 110,000 class B shares, no
par value.
-V. 127, p. 832.
Langley Mills (of South Carolina).
-Sale.
See United Merchants & Manufacturers,
Inc. below.
-V.117, p. 2777
Lawyers Mortgage Investment Corp. of Boston.
Mtge. Certificates Offered.
-The First National Corp. of
Boston, F. S. Moseley & Co. and Old Colony Corp.
recently
offered $1,000,000 10-year 5% insured first mortgage
certificates series A-2.
p Exempt from all individual Massachusetts income taxes.
Certificates
are issuable in series: 5% series A-2 certificates
are dated Mar. 1 1929 and
are to be payable Mar. 1 1939. Callable as
a
notice at 100 and int. on or after Mar. 1 1934. whole or in part on 60 days'
thereof. Interest distributed M. & S. First Denom.$100 and multiples
National Bank of Boston,
depositary.
Company.
-Incorporated In Mass. in February 1928, primarily
for the
purpose of buying,selling and dealing in mortgages.
All mortgages covered
by series A certificates will be carefully selected
and income producing business real estate first mortgages on residential
sessed value of which shall be not less thanlocated within Maas., the asthe amount of the mortgage.
Compare also.
-V.127, p. 1686.
Leonard, Fitzpatrick Mueller Stores Co.
-Omits Div.
The directors have decided to omit the
quarterly dividend usually paid
on the common stock about April
1.
per share was paid on this issue on Jan. A quarterly dividend of 37% cents
2 last.
-V. 128, p. 1918.
Liberty Dairy Products Corp.
-Listed.
-
The Pittsburgh Stock Exchange
additional (no par) common stock.has approved for listing 10,600 shares
Upon the issuance of this additio ,a1
stock, the capitalization will consist
convertible 1st pref. stock (par $100) of 10,000 shares 7% cumulati ,
authorized and outstanding; 20,0 0
shares 7% cumulative 2d pref.
stock (par
outstanding and 64.072 shares of (no par) $100) authorized, 34 sitar: ,
common stock.
This additional 10,000 shares of no
par value common stock was sold
bankers at $32 a share, the
of additional plants and proceeds of the sale to be used for the acquisition
properties and for further expansion.
-V. 127.
17• 3552.
Lincoln
(Neb.) Aircraft Co., Inc.
-Receives Order.
The company announces the sale of 22
of
mediate delivery to the Roy Morris Flying its new training planes for imSchool at Topeka, Kan. The
order is valued in excess of $50.000.-V
. 128. p. 1742.
Loft, Incorporated.
-Change in Control.
2103
Consolidated Balance Sheet.
Feb. 2 '29. Jan.28 '28.
Feb. 2 '29. Jan.28'28.
Assets$
Liabilities
Cash
8,242,133 4.220,808 Capital stock__ _121,131.854 12,381,854
Marketable secur_
31,390
46,825 Accounts payable:
Call loans reedy
1,750,000
trade creditors-- 1,362,075 1,426,293
Miscell. loans and
Trade cred'rs for
debit balance... 295,197
270,340
mdse.in trans...
172,636
Mdse. on hand_ _ _ 9,051,352 7,964,638 Miscellaneous_ ___ 216.436
140,614
211,026
Mdse. in transit._ 216.436
172,656 Accr. sal. & exp. 1,553,987 1,421,099
Sundry supplies__ 228,490
237,354 Accr'd Int. on bds_
116,507
Investments
81.362
388,552 Dividends payable 551,250
437,500
Invest in affil store 3,926,545 3,591,569 Res. for Fed'I tax_ 990,000
960,000
I aso, bldgs., &c...21,825,744 18,933,779 Mmes. payable.... 1.125,000
475,950
Prepaid expenses_ 278,892
251,425 Res. for coating__ 212,116
*Good-will
7,000,000 7,000,000 534% deb. bonds_ •
6,750,000
Res. for insurance_
90,000
91,351
Total (each side).51,177,545 44,827,947 Earned surplus_ _23,804,210 20,199,811
* At the rate paid for one-half interest in 1914. x Represented by
1,102,500 no par shares.
-V. 128, p. 742.
(I.) Magnin & Co., Calif.
-Larger Dividend.
-
The directors have declared a quarterly dividend of 3734c. per share on
the common stock, no par value, payable April 15 to holders of record
March 31. This places the stock on a $1.50 annual basis, compared with
the present rate of $1 per annum.
-V.128, p. 1918.
Maryland Mortgage & National Title Co.of Baltimore.
-Merger.See Mortgage Bond Co. of New York below.
-V. 127, p. 3553.
Massey-Harris Co., Ltd.
-Capitalization Increased.
The stockholders on March 18 increased the authorized common stock
no par value. from 500,000 shares to 1,000,000 shares and approved a new
Issue of 150,000 shares of 5% cum. cony. pref. stock, par $100. The
latter issue will be callable at 125 and divs. and will be convertible into
common stock on a share for share basis.
The common stockholders will be given the right to subscribe for one
share, at $60 per share, for each two shares held. There are outstanding
483,596 shares of common stock, no par value.
The directors have declared a quarterly dividend of 75e. a share on the
common stock, placing the issue on a $3 annual basis. The dividend is
payable April 15 to holders of record March 30.
It is the intention of the company to redeem all the outstanding 7%
cumul. preference shares on May 15 1929, at the Toronto General Trusts
Corp., 253 Bay St., Toronto, by paying the redemption price of 110.
The 7% preferred stockholders are given the right at any time up to and
including May 4 1929, being 10 days before the date specified for redemption to convert the whole or any number of these shares into an
equal number of fully paid new 5% cumul. cony, preference shares carrying
dividend from May 15 1929.
As a matter of convenience to holders of 7% cumul. preference shares.
arrangements have been made so that they may transmit or deliver their
certificates and letters to Wood, Gundy & Co., Ltd., 14 Cornhill London
E.C. 3, with instructions to convert the shares or collect the proceeds ok
redemption, as the case may be.
Consolidated Balance Sheet Nor. 30 1928.
After giving effect to (1) the redemption of the present 7% cumul. pref.
shares and the issue of 120,899 red. 5%, cumul. pref. shares; (2)the issue
of 241,798 additional common shares of no par value at $60 per share:
(3) The writing off of the entire bond discount and expenses shown as an
asset on the balance sheet at Nov. 30 1928, and making reserve against
any premium payable on redemption of the 7% pref. shares;(4) The repayment of bank advances out of the proceeds of new capital.
A
LiabilUlesFactories-Land, bldgs. and
5% cum. pref. shs.fpar $100) $12.089,900
$11,200,747 Common shs.(no par value)- 26,597,780
equipment
-Land, bldgs. and
Branches
Surplus, Nov. 30 1928
x4,872,138
equipment
3,270,941 5% gold deb. bonds
11,400.000
Patents
1 5% 1st mtge. bonds
833,200
25,830,738 Bills and accts. payable
Inventories
3,284,343
Reserves and funds
Prepaid freight and exp. on
222,720
acct. of next year's °peens_
Bldgs. and equipment- 4,283,504
Bills and accts. receivable__ 16.928,914
Reval. of acquired plant__ 1,544,455
11,219,672
Cash
Bills and sects. receivable- 2,237,986
Fire insurance
503,430
Taxes
433,463
Foreign exch., conting.,&c.
396,542
Total (each side)
$68,673,733
Pensions
196,992
x After deducting bond discount and expenses and provision for possible
charges in connection with present rearrangement of capital, $2,109,960.
-V. 128, p. 1743.
May Department Stores Co.
-Proposed Stock Increase.
The stockholders will vote Apr. 16 on increasing the authorized common
stock, par $25,from 530,000,000 to $62.500,000.-V. 128. p. 1919.
Consolidated Income Account.
Years End. Jan. 31- 1928-29.
1927-28.
1926-27.
1925-26.
$106.671.527$102,756.1973100,522,928 $97,117.891
Net sales
Cost of goods sold. &c__ 99,791,755 95,040,712 92,250,500 89,142,890
Deprec.& amortization_
676.871
610,626
639,378
603.264
This company, founded about 50 years
ago by George W. Loft, former
U. S. Representative, passed
when an opposing group tookfrom the control of his family on March 28, . Net profits
$6,202,901 $7.104,860 57,633.050 57,371,737
advantage of their holdings of stock to oust
his son, George Leon Loft, from the
355,161
419,068
519.051
468.576
Presidency and to elect their own Other income
directorate.
The new board of directors is as follows:
Total
$6,558,062 $7,523,927 $8,152,101 $7,840,312
Otis E. Dunham. President of
Page & Shaw: E. T. Williams. V.-Pres. of
Federal taxes (est.)
800,000
1.025.000
1,200.000
1,040.000
Page
senior partner in Stevenson. Harrison & Jordan;& Shaw; C. R. Stevenson,
L. E. Spellman, President
of the Spellman Mortgage Co.; D. S.
Net profit
85.758,062 $6,498,927 86.952,101 86,800.311
Kieffer; R. II. Spline; Clarence A.
Earl, President of Charles Freshman Co.,
(1%)83.125 (7)336.875 (7)354,375
Inc.; F. L. Michaels, President Preferred dividends_
of the Michaels Art Bronze Co.; W.
(16)4495516
(11%)2989871(10)2599.804
L. Wemple; Alfred R. Miller. and Common dive
(16%)4,633,297
Hamilton G.Stevenson, V.-Pres. of the Fidelity
Trust Co.
-V.128. p. 1241.
Balance, surplus
$1,124,765 $1,920,286 $3,625,355 83,846,133
Previous surplus
Macmillan Petroleum Corp.(Del.).
-Larger Dividend.
- Divs, on cap. stk.reacq 26.873,662 18,756.237 15,452.544 11,921.803
The directors have declared a quarterly
1,154
2,164
1,997
capital stock, par $25, payable April 15 todividend of 50c. per share on the Premium on capital stk,
sold to employees_ - _ _
initial quarterly Eividend of 373 cents perholders of record March 30. An
253,890
share was paid on Jan. 15 last.
-V. 128, p. 742.
Total surplus
$28,252,317 520,677,677 519,080,063 515,769,633
To special surplus
Cr3,950,000 Dr250,000 Dr250,000
Marmon Motor Car Co.
-Shipments,
Prem.on pref.stock_ _ _ _
__
Cr2,245,984
With the coast-to-coast public introduction
Dr73,825
Dr67,389
of the
3,422,359
3,422,359
Roosevelt eight set for to-day (March 30), approximatenew Marmon built Property surplus
ly 3.000 of the new Adj. of for'n office acct_
24.243
cars already have been shipped to Marmon
reported by Vice-President A. R. lielskel. distributors and dealers, it is
Profit & loss surplus. _$31,650,432 $30,296,020 $18,756,237 $15,452,544
Daily production of Marmon model sixty eight
(par $25) 1,160,645
1,152.182
Roosevelt cars is being maintained at 250 units, a and seventy eight and Cap. shs.outst.
1,040.000
x520,000
$4.96
and that March output will far exceed any other now high daily average, Earned per share
$5.57
$6.36
$12.39
month on record is asx Par value $50. On Nov. 23 1926 the authorized common stock was
sured, the announcement adds.
-V. 129, p. 1919.
Increased from $26,000,000 (par $50) to $30,000,000 (par $25). The
new common stock was exchanged for the old on the basis of two for one.
(R. H.) Macy & Co.
-Earnings.
Consolidated Balance Sheet Jan. 31.
Consolidated Income Account.
1929.
1928.
Years EndedFeb. 2 '29. Jan. 28 '28. Jan. 29 '27. Jan. 30
•
Assets$
'26.
Liabilities
$
Net sales
$90,251,397482,214,641 $75,470,316 566.505,460 Real est.. eq., &c..20,967,007 17,836,054 Common stock_ -.29,016,125 28,804.550
Cost of goods sold, sellGood-will
15,015,226 15,015,226 Purch • rnon.mtge.
21,000
10,500
ing,oper.& adm.exp.
_,
Investments
741,343
805,992 Notes payable.... 3,500.000 2.000.000
less miscell.earnings_
Delivery equip.-- 196,191
219.019 Accounts payable. 5,466,697 5,034,223
Prov.for Fed. inc. tax_ 80,191,658 75,042,997 69,419,487 61.691,644 Inventories
990,000
960,000
800,000
18,303,425 18,578,790 Sundry credits.... 1,755,862 1,702,987
650.000
Int. on
% bonds_ _
316,647
379,726
Notes & accts. rec-11,248,223 10,671.373 Reserve for trading
106,891
Depreciation
1,186,897
Sundry debtors_ 714.620
579,739
stamps,&c
247.105
249.450
Prepaid expenses.- 919,780
753.182 . Tax reserve, &c..- _ 2,097,707 2.267,185
Net income
$7.566,195 55,831.917 55,143,937 54,163,815 IAberty bonds,&c.
2,750
4,100 Surplus
31,650,432 30,296,021
Preferred diva.
(7%)_629,554
Cash
5,635,863 5,911,941
646.224
Corn. dive. (cash)-($3150)2,021,097(35)1,750,000
Stack dividend (5%)... 1,400,000
Total
73.744,428 70,375.416
Total
73 744,428 70,375,416
V. 128. 13• 1919
Balance, surplus
.
83.421,097 84.081,917 54.614.383 $3,517,591
Mengel Co., Lewisville,
Profit and loss,surplus_ 423,804,211 $20.199,811 316.117,894 $12,664,132
First Two Months ofCOM,she.outst.(no par) 1,102,500
350,000
350,000
350.000 Sales
Earnings per share
$6.86
$16.66
$13.18
$10.05 I Unfilled orders as of March 14
x This figure does not include sales of affiliated stores.
-V. 128, p. 1242.
Ky.-Sales, &c.
1929.
$3.245,216
$3.979,006
1928.
$2,574,094
$2,373,592
•
2104
-Special Dividend of
Mexican Petroleum Co., • Ltd.
-A special cash dividend of $40 per
$43 Per Share Declared.
share has been declared on the outstanding 457,289 shares of
common stock, par $100, payable out of surplus, in addition
to the regular quarterly dividend of $3 per share. The PanAmerican Petroleum & Transport Co. owns about 983/2%
of the common and preferred of the Mexican Petroleum Co.,
Ltd. Both dividends are payable April 20 to holders of
record March 30.
The last previous special distribution was one of $75 per
share, made on Oct. 20 1927.-V. 127, p. 2544.
-Earnings.
(H.) Milgrim & Bros., Inc.
New England Steamship Co.
-Earnings.
-Calendar YearsOperating revenues
Operating expenses
Net income_ _ _
-V,128, p. 1%7.
The directors have declared a quarterly dividend of 60 cents per share on
the new capital stock, par $25 payable April 1 to holders of record March
28. This compares with quarterly dividends of $2 per share paid on the old
$100 par value, capital stock which was recently split-up on a 4-for-1 basis.
See V. 128, p. 415.
-Holding Company
(The) Mortgage Bond Co. of N. Y.
Formed-Merger.
Consolidation of this company and the Maryland Mortgage & National
Title Co. of Baltimore through the formation of a holding company to be
-Bond & Title Corp. was announced on March 27
known as the Mortgage
in a joint statement by George A. Hurd. President of the Mortgage-Bond
Co., and Robert G. Merrick. President of the Maryland company. Further development of the mortgage and title business on a national scale is
planned by the new company, which will operate in all sections of the country,
With a capital and surplus between $7,000,000 and $8,000,000 and total
resources of approximately $45,000,000, the Mortgage-Bond & Title Corp.
will be one of the largest institutions of its type in the country.
The directors of the two companies have unanimously approved the consolidation proposal, subject to ratification by the stockholders who will
will be asked to exchange their present holdings for stock of the new company. The ratio of exchange will be six shares of the new company's stock
for each share of the Mortgage-Bond Co. of New York and one share of the
new company's stock for each common share of the Maryland Mortgage &
National Title Co.
George A. Hurd will be Chairman of the board of the parent company
and Robert G. Merrick will be President. Arthur NI. Hurd, who will
become Vice-President of the new company, will assume the Presidency of
the Mortgage
-Bond Co. of N. Y.and of the Maryland Mortgage & National
Title Co. George A. Hurd will become Chairman of the board of the
Mortgage-Bond Co. of N. Y. and William E. Ferguson, at present Chairman of the board of the Maryland company, will continue in this office.
Directors of the new company will be drawn from the boards of the New
York and Baltimore companies, which include representative bankers,lawyers and real estate men of both cities.
The Mortgage-Bond Co. of New York Is one of the oldest companies
In the country conducting a conservative first mortgage bueiness on a national scale, having been organized in 1905. The Maryland company has
been engaged in a similar line of business since 1920, also having conducted
•
both a local and national title insurance business.
It is expected that the consoliciath n will bring distinct benefits throagh
reducing expense of operation ard e tablishing °ester erect • 'ilibonds,
igjaranteed. It
due to the larger capital funds with which they w
I tuaran „d by
Is proposed that all future issues of both cempanie
the capital and surplus of the holdirg ompzny.
(M rtHarris, Forbes & Co. have been di tributors of I I bon
gage-Bond Co. of New York, while Gillett & Co. an 11 c I (1 tUarret &
Sons of Baltimore have been fiscal agents for the Maryland Mortgag &
-V. 128, p. 415.
National Title Co.
-Transfer Agent.
Motion Picture Capital Corp.
The Seaboard National Bank of the City of New York has been appointed transfer agent of common stock pprchaxe warrants, and agent to
-V. 128. D. 1743.
receive subscriptions thereunder.
Motor Products Corp.-Reclassification-Rig'ts.The stockholders on March 25 approved the plan for changing the capital
structure of the company as outlined in V. 128. p. 1744.
The Committee on Securities of the New York Stock Exchange has ruled
that the common stock shall not be quoted ex-rights until April 4.-V. 128,
p. 1744.
National Department Stores, Inc.(& Subs.).-Repert.
1926.
1928.
1927.
Earns.Yrs.End.Jan.31
1929.
Net sales
x$71,404.075 $74,959,296 $82,296.411 $79,455,118
Cost of gds. sold & sell.,
adm. & op. exp. (less
misc. inc.), incl. depr.
& amortiz. ofleasehold
improvements
68,385,315 72,471.207 78.960.891 76,192,350
Int. charges (incl.amort.
623,881
865,496
699,250
of bond discount)__ _
569,881
305,569
285,000
Prov. for Fed. inc. taxes
210,258
268,850
$2,180,028 $1.578,581 $2.185,024 $2,333.319
667,324
645,974
620,354
588,918
379,167
378.000
372.017
339.315
Balance,surplus
$1,251,794
1586,210 $1,161,050 $1,286,828
4.321,492
Prof. & loss surp. Jan.31 7,095.825 5.952.107
5.271,392
550.000
Shs. corn. outst.(no par)
550,000
550,000
550,000
$2.34
Earns. per sh. on com_ _ _
$2.11
$2.28
$1.07
x Includes sales of leased departments.
-V.128, p. 902.
National Life Insurance Co.
-To Offer Stock.
-
It is announced that an opportunity will shortly be given to the 130,000
policy-holders of the company to participate in the profits of the company
as shareholders.
Owning more than $57,500,000 of assets and with outstanding insurance
in excess of $287,500,000, the National Life has heretofore been one of
the most closely held corporations in this country. The company's growth
has been steady for more than 50 years. cash dividends ranging from 20
to 50%, having been paid annually since 1920, the payment last year
being 50%. In 1923 and in 1927 stock dividends amounting to 100%
each were distributed.
Arrangements to offer the stock to policy-holders, together with employees and agents in forty-one states, are being made by P. W. Chapman
& Co., Inc. Chicago and New York bankers, and associates. The bankers have agreed to underwrite any part of the stock that may remain after
the original subscriptions have been filed. No new company financing
will occur in connection with the offering which will mark a departure from
older methods of life insurance stock distribution inasmuch as seldom, if
ever, have policy-holders and agents been given the opportunity to become
substantial owners of their company.
National Food Products Corp.
-4% Stock Dividend.
$496,692
50,543
$452,447
74,115
$682.156
48,570
$82,946
314.967
$446,148
252.341
$378,332
248,716
$633,586
214,642
$397,914
662,396
Gross income
Deduc'ns from gross inc_
-New Stock Placed on a
Morris Plan Co. of New York.
$2.40 Annual Dividend Basis.
$139,188
56,241
Operating income_
Other income
$239,460
$180,051
Net profit
$268,230
* Eliminating non-recurring expenses. y Including non-recurring expenses.
-V. 128, p. 1920.
The directors have declared an initial 4% stock dividend on the class
B stock, payable in 2 installments. viz: 2% on April 15 to holders of record
April 5 and 2% on Oct. 15 to holders of record Oct. 5 1929.
The directors also declared the regular quarterly dividend of 62% cents
per share on the class A stock, payable on May 15 to holders of record
May 3.-V. 128. p. 1412; V. 127. p. 018.
1928.
1925.
1927.
1926.
$6,587,835 $6.811,033 $6,615,847 $6,760,286
6,448,646
6,314,342
6,163,400
6,078,130
Net operating income_
Tax accruals
y1926.
Y1927.
*1928.
Calendar YearsIN et sales (eliminating inter-co.sales)_ $2,686,649 $1,943,002 $2,027.388
Cost of sales, operat.exp.& deprec_ _ _ 2,391.878 1
1,787,928
26,540 I 1,762,951
Provision for Federal taxes
Net profit
1st pref. dividends
2d pref. dividends
[VOL. 128.
FINANCIAL CHRONICLE
$698,489
648,573
$627,048
656,736
$848,228
653,669
$49,916 def$29,688
$194,559
def$264,482
New York Hamburg Corp.
-Hamburg American Insurance Co. Not Involved in Damage to Europa.
The Hamburg American Insurance Co.. a wholly owned subsidiary, has
issued a statement saying that it had suffered no loss as a result of the
damage by the recent fire to the North German Lloyd liner Europa at
Hamburg. This statement was issued as a result of an impression prevailing in financial circles that the company carried on a marine insurance
business and therefore was involved in the damage to the Europa.
The directors of the New York Hamburg Corp. declared a semi-annual
dividend of $1.25 per share on the 60,000 shares of general stock (par $50),
payable April 29 to holders of record April 15. An initial semi-annual
dividend of like amount was paid on Oct. 29 last.
-V. 128, p. 1746.
New York Title & Mortgage Co.
-1% Extra Dividend.
The directors have declared an extra dividend of 27 in addition to the
regular quarterly dividend of 5%, both payable April 1° holders of record
to
March 22. An extra dividend of 1% was paid on April 2, July 2 and
Oct. 1 1928. while on Jan. 2 1929 an extra dividend of 2% was paid.
An extra of 2% was also paid on Jan. 3 1928.-V. 128. D. 744.
North American Funding Corp.
-Bonds Offered.
Halsey, Stuart & Co., Inc. are /offering at 97X and int.,
yielding about 634%, $1,00b,000
6% 1st mtge. coll, trust
gold bonds, series of 1929.
Dated Feb. 1 1929; due Feb. 1 1949. Int. payable F. & A. at offices
of Halsey, Stuart & Co. Inc., New York or Chicago, without deduction
for the Federal income
not in excess of 2% per annum. Principal payable in New York at the office of the trustee or in Chicago at the office of
Halsey, Stuart & Co., Inc. Denom. $1,000, $500 and $100 c*. Callable
in whole or in part on 30 days' notice at the following prices and interest:
On or prior to Feb. 1 1932 at 103%; thereafter to and incl. Feb. 1 1935 at
102%%;thereafter to and incl. Feb. 1 1938 at 102%; thereafter to and incl.
Feb. 1 1941 at 101%%;thereafter to and incl. Feb. 1 1944 at 101%; thereafter to and incl. Feb. 1 1948 at 100% %; and thereafter to maturity at
their principal amount. Company agrees to reimburse the holders of these
bonds after payment thereof by the holders as provided in the trust indenture for any Conn., Penna., Calif., or Rhode Island tax not exceeding 4
mills, or any Maryland tax not exceeding 44 mills, or any Kentucky,
Dist. of Col. or Mich. tax not exceeding 5 mills, other than succession or
inheritance taxes, or any Mass, tax on the interest not exceeding 6% of
such interest per annum.
Data from Letter of Henry A. Frey, Exec. Vice-Pres., N. Y., March 23.
Company.
-A Delaware company, formed primarily to make mortgage
loans on homes and small business properties through Morris Plan banks and
companies desiring to offer these facilities to their customers, and as such,
supplements the facilities of those institutions which are under contract
with North American Funding Corp. and the companies associated with it
in the development of their plans for nation-wide industrial banking. The
business of Morris Plan institutions is largely confined to the making of
loans, repayable by the application of weekly or monthly installments, to
small borrowers who have no other readily available means of obtaining
credit, and is a practical application of the theory that the character and
earning capacity of the American wage-earner or salaried worker constitute
a proper and safe basis of credit.
Security and Indenture Provisions -These bonds will be a direct obligation of corporation and will be secured by the deposit with the trustee of
first mortgages and (or) senior participations therein on improved or in
fee simple real estate which, in unpaid principal amount,
must at all times equal the principal amount of bonds outstanding. Indenture permits the deposit of U. S. Government obligations and (or) cash
in lieu of mortgages or participations.
Bonds of all series, including the series of 1929, as well as others issued
under the trust indenture, are equally and ratably secured by all the collateral pledged under the trust indenture, which embodies the following
provisions:
(1) Each mortgage and (or) participation pledged under the trust indenture shall be limited to an amount not in excess of 60% of the appraised
value of the real estate and improvements securing the same.
(2) The aggregate indebtedness of the company% as defined in the trust
Indenture, shall not exceed a sum equal to 15 times the combined capital,
surplus and undivided profits of the company.
(3) Mortgages and (or) participations deposited under the trust indenture
shall be limited to those secured by improved or income-producing fee properties, but shall not include factories, warehouses, churches, hotels, garages,
theatres, auditoriums, club houses, farm property, or undivided interests
in property; provided, however, that improved property the value of the
improvements on which shall equal or exceed 25% of the total value of the
real estate and improvements, shall not be deemed to be farm property.
(4) No mortgage or participation shall be pledged under the trust indenture in excess of $20,000 principal amount.
In addition to the above provisions, corporation requires borrowers to
carry life insurance made payable to the corporation in an amount sufficient
to cover the unpaid balance on the mortgage should the borrower die during its term still owning the property. Corporation also requires borrowers
to amortize loans monthly, the effect being a constantly increasing equity
behind these bonds in that no substitutions of mortgage collateral can be
made except as expressly governed by the terms of the trust indenture.
Ownership.
-All of the stock of corporation Is owned by subsidiaries of
Industrial Finance Corp.
-V. 127. p. 3260.
MX
-s-8% Dividend.
North German Lloyd (Steamship Co.).
The Guaranty Trust Co.of New York as depositary under deposit agree
,
ment dated Nov. 15 1928. announce, that the 8% cash dividend declared
on the common stock of North German Lloyd for the year 1928 will be paid
on Apr. 5 1929. to the registered holders of American Shares certificates
representing such stock appearing on their records as of the close of business Mar. 30 1929. This dividend distribution will be at the rate of $3.41
per share.
-V. 128, p. 744, 573.
-Earnings.
Ohio Copper Co. of Utah.
Calendar Years
-1928.
Copper produced (lbs.) _ 3,973,282
11.427c.
Operating cost per lb_ __
Aver,price realized per lb
14.422c.
$119,013
Operating profit
26,025
Miscellaneous income_ _ _
Totalincome
Interest on bonds, &c.. _ _
Local & Fed. taxes, ins.
admin. expense. &c_ _ _
Res. for depr. of new pl't
Res.for depl. of mine_ _ _
Yr.'s proper'n of bd.disc.
1926.
1927.
4,963,761
4,825,587
8.998c.
10.254c.
12.839c.
13.705c.
$233,657
$124,748
26,335
26,548
1925.
6,271,556
8.321c.
13.9920.
$355,664
27,434
$145,039
32,763
$151,084
32.161
$260,205
36,274
$383,098
36,276
49,113
39,600
50,095
7,090
72,469
39,600
60,842
7,417
83,670
36,900
62,489
7,855
109,504
36,000
77,828
7,803
$115,687
$33,017
(3%) 86,454 (5)144,977
Net income
Dividend
def$33,624 def$61,406
Balance, surplus
Proflt&loss sur.Dec.31
-V. 126, p. 2325.
def$33,624 def$61.406 def$53,437 def$29.290
def27,366
def244,690 def240,294 def182,468
Ohmer Fare Register Co.-Announces Invention.
Printing, requisitioning, distributing and auditing of railroad tickets are
all accomplished by a new automatic machine patented by the company.
which, according to an announcement by President John F. Ohmer, eliminates the vast waste in railroad ticket supplies necessitated now by changing
MAR. 30 1929.]
FINANCIAL CHRONICLE
tariffs and various other conditions. The statistics afforded will, in the
opinion of Mr. Ohmer, enable the railroad to speed up the release of their
earnings reports and figures concerning passenger traffic and save them
several million dollars in ticket cost. A portion of the funds derived from
the forthcoming sale of Ohmer preferred stock will be applied to the development of the machine.
-V.128, p. 1922. 1746.
Ohio Oil Co.
-Annual Report.
Calendar YearsNet earninrs
Federal taxes
1928.
1927.
1925.
1926.
$5,407,610!
Not
1317,094,548 $11,190,027
352,6551 Available f 3,557,644
1,806,774
Net income
Dividends
$5,054,956 $3,510,372 $13,536,904 $9,383,253
4,786,630
7,865,119
8,377,086
6,000,000
2105
Security.
-These bonds will be the direct obligation of company and
specifically secured by direct first mortgage on its timber, railroad and
plants, which have been independently valued at $6,740,012.
Balance Sheet as of Dec. 31 1928, shows total net tangible assets, after
deducting all liabilities except this issue, of $8,389,955, representing $3,355
for each $1,000 bond of this issue; and current assets of $1,177,606 as compared with current liabilities of $172,954; a ratio of 6.8 to I.
Earnings.
-Combined net earnings of the constituent companies, before
interest charges and. Federal taxes but after depletion and depreciation
compare as follows:
Annual average for the 4 years ended Dec. 31 1928
3283,110
For the year ended Dec. 31 1928
453,539
Maximum annual interest charges on this issue are
150,000
Sinking Fund.
-A sinking fund at a rate for each 1,000 ft. of timber
mortgaged, substantially in excess of the loan rate, must be paid the corporate trustee in advance of cutting of mortgaged timber, the proceeds
thereof to be used exclusively for the payment of bond principal.
According to its present schedule of logging operations, the cash returns
from cedar timber depletion alone will produce for the benefit of the sinking
fund an amount sufficient to retire this issue of bonds within 8 years, when
the company still will have remaining timber, at present values, worth in
excess of $2,675,000, giving no consideration to other assets.
Surplus
$268,326df$4,354,747 $5,159,818 $3,383,253
Earns, per sh. on 2,400,000shs. cap.stk.
(par$25)
$2.10
$1.46
$9.96
35.60
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
AssetsLiabilities
$
Plant
36,558,119 35,603,551 Capitalstock
60,000,000 60,000.000
Cash
917,498
374,170 Notes & accts.
(The) Pratt Iron Works Co.
-Dissolved-Distribution
Notes & accts.
payable
1,732,051 2,486,518
receivable
5,387.345 3,704,100 UnadJust. credits _ 150,763
219,328 to Preferred Stockholders.Inventories
30,801,810 34,243,489 Tax liability
1,279,556
884,066
Waadill Catchings, as sole surviving voting trustee of this company.
Investments.
29,169,222 27.980,779 Min.int.in subs_ _ _ 381,918
389,949 which has been dissolved, is issuing a notice to holders of voting trust cerUnadJust.debits__ 1,374,111 2,548,657 Surplus
40.661,818 40,404.884 tificates for 6% non-cumul. pref. stock and certificates for fractional
--- --interests therein, to the effect that cash has been deposited with the Central
Total
104,206,106104,454,747 I Total
104,206,106104,454,747 Union Trust Co. for distribution among preferred stockholders. The
-V. 127, p. 1688.
notice urges holders to present their certificates at the principal office of
the trust company, 80 Broadway, N. V. City, where they will receive cash
Outboard Motors Corp.
equal to $91.20 for each $100 par value of pref. stock, less the amounts
-Listing.
The capital stock has been listed and admitted to trading on the New previously paid.
York Curb Market. The stock listed consists of 120,000 shares of class A
Pullman Co.
-Traffic and Operating Statistics.
convertible preference stock of no par value and of 160.000 shares outstanding of the authorized 300,000 shares ofclass B common stock of no par value.
Comparative Statement for Years Ended Dec. 31.
See V. 128, p. 1747.
Item1928.
1925.
1926.
1927.
Cars operated
8,639
8.689
8,631
8,238
Owens Bottle Co.
-Proposed Consolidation.
1,153,889.647 1.140,476,049 1,112,967.022 1,043,663.099
President William E. Boshart announced on March 28 that the com- Car miles
Revenue Passengers:
pany had acquired the Illinois Glass Co. of Alton,
for approximately
Berth
22,658,191
21,310,891
22,470,751
22,042,093
$20,000,000. The consolidation will be submitted to the stockholders of
12,613,029
13,415,020
13,155,085
Seat
13,055,052
the Owens Bottle Co. on April 17 for their approval. The new company,
which will have assets of approximately 356.000,000. will be called the
Total
36,073,211
35,197.178
3.3,923,920
35,525,803
Owens-Illinois Co. It will be one of the largest bottle-manufacturing comRev,passenger miles_13,937.849,095 14,096,775,086 14,407,455,160 14,017,394,915
panies in the world.
$82,249,127
$81,490,323
$83,191,087
$82,250,940
The merixer is said to be the culmination of negotiations which have been Revenue from cars
73,638,331
71,891,743
71,311,068
88,967,083
going on for 13 years. The Illinois Glass Co. has held a license from Expenses
Owens Bottle since 1901, and also holds a license for the Hartford Empire
Net rev.from ears_ $10,938,059
$9,552,756
810,359,197
$12,523,240
process. The consolidation is expected to make possible many economies.
Mr. Boshart will be President of the new comapny, and William E. Traffic Averages:
Aver, rev. per car
Levis President of the Illinois Glass Co. will be Vice-President. Sub$9,629.94
$9,466.64
$9,529.50
operated
$9,891.52
sidiaries of the Illinois Glass Co. are the Chicago Heights Bottle Co. the
Aver,rev. per pass _ _
52.31
-$2.34
$2.42
$2.29
Carlyle Paper Co., the Tavern Rock Sand & Gravel Co., and the Madison
Warehouse Co. Most of the securities of the Illinois Glass Co. are said to Aver. net rev, per
$0.26
passenger
$0.29
$0.32
$0.35
be held by the Levis family.
Aver, net rev. per
To help finance the purchase ofthe Illinois Glass Co., the stockholders of
$3.03
$3.46
car per day
$4.16
$3.27
the Owens Bottle Co.will beasked to authorize the issuance of $5,000,000 of
10
-year 5% debenture bonds, $8,000,000 of 6% preferred stock, callable at Aver, mileage per car
128,834
131,263
133,691
operated
128,683
110. and 20,000 shares of $25 par common stock. The remainder of the
Aver. Journey per
purchase price will be paid in cash.
399
411
401
395
passenger (miles)
The Owens Bottle Co. reported net profit for 1928 of $4,011.319 after
Aver. miles per car
depreciation, Federal taxes and other charges. This was equivalent, after
347
353
360
365
per day
allowing for six months'dividend requirements on the preferred stock, which
Aver, loadings per
was retired on July I 1928, to $4.80 per share on 807,000 shares of $25
12.95
13.43
12.36
12.08
car(Passenger)•par common stock. This compares with $4,605,770, or $5.92 a share on
732.272 shares, in 1927.-V. 127. p. 3716.
-V. 126, p. 1998.
Packard Motor Car Co.
-Earnings.
--
--Earnings.
Pullman, Inc. (& Subs.).
Year
-3Months Ended- -6Months Ended
Period Ended Dec. 311928.
Feb. 28 '29. Feb. 29 '28. Feb. 28 '29. Feb. 29 '28. Earnings
-From carrier business of the Pullman
Period End.Mo. of Feb. 1929-3 Mos.-1928.
1929-6 Mos.-1928.
Co.,after deducting all exp. incident to operat'ns$22.477,890
Operating profits
$9,672,286 $7,087,468 $19,990,445 513,626,553
-Charges and allowances for depreciation -- 9,993,593
Less
Depreciation
1,578,206
960,719
3,096,400
1,969,887
512,484,297
Balance
Net earnings
$8,094,080 $6,126,749 316,894,045 311,656,666 From all mfg. properties & Pullman RR., after
Other income
774.396
2,327,833
deducting all exp. incident to operations
4,125,509
1,556.570
Less
-Charges & allowances for depredation_ _ _ _ 1,201,664
Total income
38,868.476 56,126,749 519,221,878 513.213,236
Expenses
860.585
838,870
1.920,601
1.621.598
$2.923,845
Balance
Federal taxes
920,588
680,613
1.919,367
1,451,103 From investments,&c
2,989,734
Net income
$7,087,303 $4,607,266 515,381,910 $10,140,535
$18,397,877
Total earningsfrom all sources
Shs.cap.outseg(par $10) 3,004.264
3,004,264
3,004.264
3,004.264
2.001,180
Less-Reserve for Federalincome tax
Earnings per share
$2.36
$5.12
$1.53
$3.37
-V. 128, p. 744.
Balance of earnings
316,396.697
Appropriations
Pan American Petroleum 8c Transport Co.
-To Receive
Dividend.
-See Mexican Petroleum Co., Ltd., above.
V. 127, p. 2547.
Park Utah Consolidated Mines Co.
-Earnings.
-
Calendar Years1928.
1927.
1926.
1925.
Total income
53.320,478 $4,295,784 54,427.243 $44,405,183
Op., adm. & gen. expel- - 2,245,383
2.362,347
2,662,456
2,309,314
Depreciation
116,790
122,656
86,191
98,595
Federal taxes
44,927
241,443
125,000
85,000
. Net income
3913,377 $1,569,336 $1,553,595 31,912,274
Dividends paid
1,674,800
1,569,126
1,256,100
Balance, surplus
def$761,423
Stis.cap.stk.outsVg(par 31)2,088,645
Earnings per share
$0.44
-V. 127, P. 1263.
$211
2,087,495
$0.74
5297,495 $1.912,274
2.086,837
2,086,837
$0.74
$0.91
Pittsburgh Screw & Bolt Co.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 35c. per share.
payable April 17 to holders of record April 4. The Pittsburgh Screw & Bolt
Corp., which was taken over by the present company through an exchange
of 3% shares of new stock for one old share paid $3 per share annually,
and in addition, on Jan. 11 paid an extra dividend of 50 cents per share.V. 126, P. 3771.
Port Orford Cedar Products Co., Marshfield, Ore:
Bonds Offered.
-Baker, Fentress & Co. and Continental
Illinois Co., Chicago, are offering at 98% and int., to yield
about 6.20%, $2,500,000 1st mtge. 6% sinking fund gold
bonds.
Dated Feb. 11929'due Feb. 11939. Principal and int.(F.& A.) payable
at Continental Illinois Bank & Trust Co. Chicago, trustee, or at Anglo &
London Paris National Bank, San Francisco. Calif., without deduction for
normal Federal income tax not in excess of 2%.. Denom. $1,000, $500 and
$100 c•. Red. in whole or in part on 30 days notice, on any int. date, at
Par and int., plus a premium of % of I% for each year or part thereon of
unexpired term, the call price in no instance, however, to exceed 102 and
Interest,
Data from Letter of A. E. Adelsperger, Pres. of the Company.
History and Business.
-Company is a consolidation of three successful
concerns in its industry. Is the largest manufacturer of Port Orford cedar
products and is also the owner of the most extensive stand of Port Orford
codas in the United States, controlling over 30% of the entire available
supply of this timber, which is the most valuable known species of soft wood.
Due to its remarkably uniform cellular structure, the homogeneous
character of its fiber, its easy working qualities and resistance to the action
of the elements and chemicals, Port Orford cedar possesses more valuable
commercial qualities than does any other wood. Company's principal
products are Port Orford cedar veneers, battery separators, lumber and
"squares" for export shipment.
8 Mos.
1927.
$15,915,004
6,747.940
$9,167,084
4,424,883
778,228
$3,646,655
1.605,444
$14,419,163
2,126,916
$12,292.247
790.000
Net income
$16,396,697 $11,502,247
Dividends paid-by Pullman Inc.(34)
13,471,018 (31)3.351.042
By the Pullman Co ,2%
2,699,794
Proportion ofdiv.ofsubsidiary corporations paid
to minority stockholders
19,109
21,366
Balance to surplus
$2,904,313
Earns. per sh.on 3,371,848 shs.cap.stk.(no par) _
$4.87
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1927.
Assets$
LfabititiesInv'tories at cost 14,413,802 12,159,855 Cur. accts. pay.
Aects.¬esrec 8,723,650 10,676,870
& payrolls.___ 15,897,386
Marketable sec_ 9,584,657 11,893,298 Accr. taxes, not
Cash & gov't see. 60,177,480 52,710,459
yet due incl.
Deferred charges
211.155
114,413
res. for Fed.
Pension & res.
4,356,809
tax
assets
6,711,584 5.976,287 Pension & other
Equip.& prop_ .205,707,454 209,287.182
7.093,226
reserves
Capital stock ..b16d,592,400
Cap. stk. (Pullman Co.)157,609
Initial surplus_ .101,095.746
Earned surp.,aft.
divs.&approp 8.336,614
$5,432.302
33.49
1927.
15.423,338
5.541.709
6,575,266
168,074,900
675•10°
101,095,746
5,432,302
Total
305.529,784 302.818.361
305,529,784 302,8113,361
Total
a Based on appraisal figures as at Apr.30 1927,with subsequent additions
at cost, less depreciation reserves. b Represented by 3,371,848 no par
shares.
-V. 127, p. 2837.
Radio-Keith-Orpheum Corp.
-New Director.
Joseph Plunkett, manager of theatre operations for this corporation has
been elected a director. He fills one of the two vacancies on the board
caused by the recent resignation of J. P. Kennedy and Marcus Heiman.
V. 128, p. 1571.
Rainbow Luminous Products, Inc.
-Enters Foreign
Markets.
A project for international extension of manufacturing facilities through
licensee companies to meet the increasing demand for American luminous
tube electric lighting in countries outside of the United States, was announced by President Raymond R. Machlett.
Exclusive rights to manufacture Rainbow Luminous Tubes has been
granted In Australia to the Scanloh Electric Sign Co.. Ltd., Mr. Machlett
stated. Plants of this company, the principal outdoor advertising agency
on the Australian continent, are now operating at capacity and additional
financing is under way for the construction of other plants in principal
cities of Australia.
A Canadian company is now negotiating for exclusive rights in Canada.
This company plans raising 51.000,000 working capital, all of which is 60 be
subscribed in Canada to provide adequate manufacturing and distributive
facilties, Mr. Machlett stated. Negotiations are also being carried on
with a prominent Japanese interest for similar concessions.
-V.128, P. 1749.
2106
[VoL. 128.
FINANCIAL CHRONICLE
on the company's property adjoining it's main plant in Brooklyn, N. Y.
-New President,
Richfield Oil Co. of Calif.
James A. Talbot, formerly President, has been elected to the newly V. 128,IL 417.
created position of Chairman of the board of directors, and C. M. Fuller,
Separate Units, Inc., N. Y.
-Extra Dividend.
Vice-President and General Manager, has been elected President.
per
The directors have declared an
- addition to the regular quarterly extra dividend of 25 centsboth share in
W.E. Dunlap has been elected to a vacancy on the board of directors.
payable
dividend of $1 per share,
V. 128, P. 1749.
April 1 to holders of record March 20. Like amounts were paid on jan.
2
last. A 10% stock dividend was recently payable to holders of record
-Resumes Dividend.
Rio Grande Oil Co. of Del.
March 1 1929 and another of like amount previously to holders of record
The directors have declared a
% stock dividend on the present out- Dec. 18 1928.-V. 128, p. 1416.
standing 1,200,000 shares of capital stock, no par value, payable April 25
to holders of record April 5 and a cash dividend of $1 per share payable
Shreveport-El Dorado Pipe Line Co., Inc.
-Earnings.July 25 to holders of record July 5. It is also announced that it is the inCalendar Years1925.
1928.
1927.
1926.
tention of the board to declare a further dividend of 134% in stoc and one Barrels of oil transported 4,594,920
4,615,443
5,365,862
4,811,873
of $1 per share in cash, the former to be payable on or about Oct. 25 1929 Gross revenue
$5,085,935 $1,107,658 $1,506,845 $1,224,256
to holders of record on or about Oct. 5 1929 and the latter to be payable Operating expenses
397%251
462,384
504,592
on or about Jan. 25 1930 to holders of record on or about Jan. 5 1930. Other charges, incl. dis- 4,109,675
(The stock dividends were erroneously given as 1 3 % each in the "Chronicount on bonds,&c__ I a168,549
19,991
38.756
f 9,303
cle" of March 16 last, page 1749.).
Taxes,incl.Fed.inc.tax.f
27,766
128,292
72,888
Prior to the recent stock split-up on a basis of 5 new no par shares in
exchange for each $25 par share owned (see V. 128, p. 746), the only disBalance
$760,482
$807,710
$909,375
$607,679
tributions made were 4 quarterly cash dividends of 1X% each from April Inventory adjust., &c
91,243
218,360
260,628
412.308
25 1926 to Jan. 25 1927, both inclusive.
The New York Stock Exchange on Jan. 16 last authorized the listing of
Balance
$348,176
$716,467
$389,319
$648,747
par value) on official notice of issuance Interest
1.200.000 shares capital stock (no
See Note a
38,930
8,595
18,376
In exchange for 240.000 shares (par $25), on the basis of 5 shares of no par Reserve for deprecia n
293,454
186,385
164,851
128,042
-V. 128, P. 1749.
value for each of $25 par value.
-Omits
Rubber Service Laboratories Co., Akron, 0.
Dividend.
The directors have decided to omit the quarterly dividend ordinarily
Paid about this time on the common stock, no par value. The last quarterly
payment was 60 cents per share made in Jan. 1929.-V. 125, p. 257.
-Stock Offered.
Ruseeks Fifth Avenue Inc., New York.
'
-George H. Burr & Co., New York are offering at $35 per
share 50,000 shares capital stock (no par).
Transfer agent, Equitable Trust Co. of New York: registrar, The Chase
National Bank of the City of New York.
Listing.-Application will be made to list this stock on the New York
Curb Market.
Issued.
Authorized.
Capitalization125,000 shs. 125,000 she.
Capital stock (no Par)
Data from Letter of Max Weinstein, President of the Company.
History and Business.-Russeks Fifth Avenue, Inc., is the outgrowth of a
business established over a quarter of a century ago. The business has
been located on Fifth Ave. since 1913, and in January 1924 was incorp.
under its present title under the laws of the State of New York.
Company is recognized as one of the leading women's department stores
n the City of New York, specializing in women's wearing apparel and
accessories, featuring smartly styled merchandise at reasonable prices.
All the real estate and buildings now used by the business are owned or
under lease for a period of 59 years. The corporation has a half interest
In the Fifth Avenue Realty Corp., which owns the principal building
used by the store.
The lease covering the Fifth Ave. property has appreciated substantially
in value in the past four years,as has the real estate owned by the sub.co
-The net income of Russeks Fifth Avenue, Inc., after eliminaIncome.
tion of non-recurring charges averaging $112,273 per year and, after Federal
Income taxes at the rate of 12%, as certified by McArdle & McArdie, was
as follows:
Jan. 31 '27. Jan. 31 '28. Feb. 2 '29.
Year Ended$251,646.03 $150,709.92 $356,794.03
Net income as above
$2.85
$1.20
$2.01
Per share common (125,000 shares)
The decrease in net income for the year ended Jan. 31 1928 was due to
the interruption of business caused by remodeling of the store, the installation of five new elevators and the construction of an additional building.
Sales for the first six weeks of the present fiscal year were over 20% above
those for the corresponding period In 1928.
Balance Sheet as at Feruary 2 1929.
After giving effect to the change of $1,500.000 pref. stock into 50,000
shares of no par value common stock, and the change of 1.000 shares of
common stock into 75,000 shares of no par value common stock.]
Assets,
$486,395
$402,395 Accounts Payable
Cash
11,458
3,898 Customers' deposits & credits_
Notes receivable-Customers31,310
Accrued items
Accounts receivable, less res've
50,000
641,153 Reserve for Federal taxes_ _ _ _
for doubtful accounts
40,000
507,093 Reserve for other expenses_ _ _
Merchandise inventory
Fixed & other assets, less depr. 583,954 Capital (125,000 shares no
1,500,000
par)
624,873
Securities owned
581,132
16,930 Capital surplus
Deferred charges
1
Good-will
$2,680,295
Total
$2,680,295
Total
-Organized.
Schickerling Radio Tube Corp.
The formation of the above corporation which will acquire the business
and assets of the radio tube manufacturing company previously operating
under the same name has been announced. The Schickerling company is
the second oldest manufacturer of radio tubes in the United States, selling
its products principally to chain and department stores. It produces
over 21 different kinds of tubes. The corporation, under the new capital
structure, will have an authorized issue of 125,000 shares of no par value
capital stock, of which 120,000 shares will be outstanding. Daniel Runkle
& Co., Inc., are expected to offer shortly 56,250 shares of the capital stock.
The net proceeds of the proposed financing will be used to enlarge the company's plant and equipment and to supply working capital for expansion
of business. There will be no change in management as a result of the
proposed financing.
-Preferred Stock Issue
(The) Schiff Co., Columbus, 0.
Approved.
81,000,000 7%
The stockholders on March 18 approved the issuance of
cum. pref. stock. See offering in V. 128. p. 1750.
-February Sales.
Schulte-United 5c. to $1 Stores, Inc.
corporation, which began
Making public its first report of sales, this
actual operations last November. announces that the volume of sales for
February from its 46 stores now in operation totaled $630,490. This chain
Of junior department stores began business with 11 stores in November.
It is ,understood that there will be opened immediately 6 additional
stores located in Eau Clair, Beloit and Madison, Wis. and Camden and
'
Passaic, N. J. and New Haven, Conn., and that present plans call for the
The company
opening of 40 to 50 new stores during the current
sites
already has under lease a total of approximately 150 year. including stores
now in operation.
The fee to 24 sites for future stores of the chain was recently purchased
by the Schulte-United Properties, Inc., followed by public financing of
$6.500,000 sinking fund 5 % gold debentures with common stock allotment certificates. (See latter corporation in V. 128, p. 1571).-V. 128,
P.1572.
-Initial Dividends.
Seaboard Dairy Credit Corp.
The directors have declared initial quarterly dividends of 1%% on the
7% cumul. pref. stock, series A,and 50 cents per share on the no par value
common stock, both payable April 1 to holders of record March 25. For
offering, see 'V. 128. IL 576.
-Stock Dividends.
Sears-Roebuck & Co., Chicago.
The directors have declared the regular quraterly dividend of 62%c. per
These
0
7
share and two additional quarterly stock dividends of 1, each. record
two stock dividends will be payable Aug. 1 and Nov. 1 to holders ofwill be
respectively. The quarterly cash dividend
July 15 and Oct. 15
paid on May 1 together with a stock dividend of 1% previously declared
to holders of record April 13. Similar stock distributions were also made
in each of the preceding three quarters.
It was announced after the board meeting that future stock dividend
-V. 128. P. 1416,
declarations will be taken up at semi-annual meetings.
904.
-Proposed Expansion.Segal Lock & Hardware Co.
with the engineering
• e company announces that it has placed contractsa large iron foundry
Co.. for the erection of
firm of Lockwood, Greene &
Balance, surplus
$423,012
$194,339
(no par)
139.300
100,000
Shs.cap.stk.out.
Earnings per share
$3.11
$1.94
-V. 127, p. 3105.
a Includes interest.
$465,519
100,000
$4.65
8181,204
100,000
$1.81
-Extra Dividend:
Sieloff Packing Co., St. Louis.
The directors have declared an extra dividend of 60 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the
common stock, both payable April 1 to holders of record March 20. The
usual quarterly dividend of 30 cents per share was paid on Jan. 2 last.
V. 121, p. 2052.
.
(Franklin) Simon & Co., Inc.-Consol. Income.
1929.
1928.
Year End. Jan, 31NetsalesNot
Available.
Cost sell.,oper.,&c.,exp 1
1927.
1926.
11624,592,297 $25,400,163
l 23,355,002 23,800,876
$1,501,044 $1,502,531 $1,237,295 $1,599,287
224,152
187,369
167,937
178,887
Gross profit
Depreciation
$1,333,107 81,323,645 $1,013,143 $1,411,917
Net profit
206,635
126,421
163,831
152.665
Miscellaneous earnings_
Totalincome
Federal taxes (est.)
$1,496,938 $1,476,310 $1,219,777 $1,538,337
195.000
195,000
165.000
170,700
Netincome
Prof. dividends
Common dividends
$1,326,238 $1,281,310 81,054,777 $1,343,337
(7%)2l4,952 (7)238,093 (7)259,438 (7)268,100
375,000
150,000
525,000
$668,217
$645,339 $1,075,237
$586,286
Balance
Earns, per share on present outstanding 150,$7.17
85.30
$7.41
$6.95
000 com. shs. (no par)
Consolidated Balance Sheet Jan. 31.
1928.
1929.
1929.
1928.
$
Liabilities$
$
$
Assets
.
Bldg,., lmpr. &o_ 3,179,960 3,281,245 Prefferred stock_ 3,640,000 3,760,000
.
417,725 Common stock _ _x3,000,000 3,000,000
388,714
Cash
1,300,000 1,400,000
U.S. Govt.sec _ - - 3,479,659 2,978,784 Mortgages
948,943
5,333 Accts. payable__ _ 1,068,900
17,792
Other assets
51,520
76.896
.
48,937 Accr. wages &c_ _
87,934
Cash val. Ins. pol_
343,073
323,091
Accts. receivable_ _ 3,294,858 3,310,321 Federal taxes
240,000
360,000
1,967,959 1,904,866 Approp.surp
Inventories
8,000,917 6,547,686
2,500,000 2,500,000 Surplus
Good-w111
675,618
669,298
Investments
166,393
Deferred charges-- 183,630
Total
15,769,804 16,289,222
15,769,804 15,289,222
Total
-V.126, p. 2328.
Represented by 150,000 no par shares.
-Annual Report.
Solar Refining Co.
Calendar YearsProfit on invest sold--Interest, divs., &c
1928.
$551,000
171.168
Total income
Operating deficit
Net income
Cash dividends (10%) -
$450,000loss$478,057
400,000
400,000
1926,
1925.
$722,168
271,930
1927.
Not available
$635,347
400,000
a$628,258
400,000
$235,347
$228,258
$50,000 1oss$878,057
Balance, surplus
1,079,644
6279,620
1,241,966
329,858
Profit and loss surplus
40,000
40.000
40,000
40,000
Shs.cap.stk.out.(par$1eel
Nil
$15.88
$15.71
$11.25
Earn.per sh.on cap.stock
a After Federal taxes. b After deducting $356,609 adjustment for
obsolete equipment for prior years and adding refund of Federal taxes
1909 to 1923, amounting to $272,321.
AssetsReal estate
Plant a
Inventories
Acc'ts receivable
Cash & oth.invest_
Deferred charges
Balance Sheet Dec. 31.
MN/Wes1928.
1927.
1927.
1928.
$124,683 $124,709 Capital stock
84,000,000 $4,000,000
.
239,795
2,007,999 2,213,581 A eels payable_ _ _ 382,313
1,595,132 1,153,206 Deferred credits_
167
175,399 Contingent res've_ 2,500,000 2,500,000
280,118
329,858
2,980,526 3,127,743 Surplus
279,620
224,961
217,710
Total
$7,192,171 $7,019,581
$7,192,171 $7,019,581
Total
X After deducting depreciation of $3,626,038 and adding incompleted
construction of 1120,807.-V. 128. p 417.
-Private Offering of Shares.
Spencer Trask Fund, Inc.
Announcement is made by Spencer Trask & Co. that they have completed the organization of a corporation known as Spencer Trask Fund.Inc.
No public offering of the stock is being made, the shares being offered
privately to the clients of Spencer Trask & Co. The initial offering price
Is $42 a share. The partners of the firm and members of the organization,
it is stated will make a substantial investment in the shares at the initial
offering price. In making public the formation of the new organization
Spencer Trask & Co. said:
"Spencer Trask Fund, Inc. is a corporation formed by us to meet the
Increasingly insistent demands of our clients for an investment medium
,
affording them the opportunity of profiting through the purchase and sale
of securities and through participations in syndicates and underwritings
this medium at the same tune having behind it the wide experience whicli
the firm of Spencer Trask & Co. has atcumulated during more than 60
years of service as Investment specialists. The initial board of directors
will be composed of partners in the firm of Spencer Trask St Co. The
structure of the corporation was decided upon only after a thorough investigation and analysis of investment funds long existing abroad and of the
many more recently established in the United States."
The authorized capital stock of the Fund Is 2,000,000 shares, without
par value, all of the same class and with identical rights. The stock may
be issued from time to time at the discretion of the directors and all outstanding shares will be fully paid and not liable to any call or assessment.
There are no options on any unirsued stock and no subscription rights of
any description that will tend to dilute the actual value of the corporation's
assets. The Bankers Trust Co. of New York will act as transfer agent,
and the Bank of America National Ass'n of New York will be registrar.
An unusual feature of the Spencer Trask Fund, Inc., Is the provision
for the repurchase of its shares by the corporation itself. "It is the Intention of the firm," said their statement,"under all normal circumstances to
maintain a regular market for the corporation's shares at approximately
their asset value, but If for any reason this market should not be maintained by the firm, provision is made for the purchase of its shares by the
corporation itself, upon presentation of same by any holder, to the extent
MAR. 30 1929.]
FINANCIAL CHRONICLE
2107
that it has assets legally available for such purpose, whether arising out of facture under the Hazeltine and Latour patents. The company recently
paid-in surplus, other surplus, net profits or otherwise."
completed license arrangements with the Radio Corp. of America group.
There have been placed on the Boston Stock Exchange list temporary Including Westinghouse, General Electric Co. and American Telegraph &
certificates for 125,000 shares capital stock, with authority to add thereto Telephone Co.
-V. 128. P. 1575.
.on or before May 1 1929, on official notice of issuance and payment in full.
125,000 additional shares.
Submarine Boat Corp.
-To Increase Capitalization.This company was organized in Delaware March 18 1929, for the purThe stockholders will vote April 9 on increasing the authorized capital
pose, among other things, of investing and reinvesting in securities and of stock (no par value) from 800,000 shares to 1,200,000 shares.
participating in syndicates and underwritings.
President Henry R. Carse stated that "the directors deemed it necessary
Transfer agents are American Trust Co., Boston, and Bankers Trust that the shares of stock be authorized and available for
Co. New York. Registrars are the First National Bank of Boston. and event that a definite plan of expansion or development ofready use, in the
the corporation's
the Bank of America National Association, New York.
'
-V. 000.
activities is presented."
-V. 126. p. 2807.
Spicer Manufacturing Corp.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 75 cents
per share on the cumulative preferred stock, convertible $3 dividend.
series A, no par value, payable April 15 to holders of record April 1. (For
offering, see V. 128, p. 266.)-V. 128. p. 1573.
Standard Oil Co. (Ohio).
-Earnings.
Calendar Years1928.
1927.
Gross profit from, sales and other income
$45,133,673 111,107,630
Selling & gen. exp. and other charges against income 39.299,603
7.323,086
Depreciation
1,508,186
1.449,501
Federal taxes
429,336
Net earnings
Previous surplus
$3,896,548 12,335,042
19,197,063 20,927,139
Sun Life Assurance Co. of Canada.
-Report.
-The
company reports for the year 1928 a total income of $144,747,000 an increase of $41,972,000 and Lreports surplus
earned during the year of $10,920,000. It reports assurances
in force (net) $1,896,915,000 an increase of $408,925,000.
The total investmentin United States securities is reported to
exceed $225,000,000.
Swift Internacional Corp.
-Earnings.
Profit and Loss Surplus Account for Calendar Years-Argentine Gold.
1928.
1927.
1926.
1925.
14,605,021 $2,005,205
1940,102 Loss693.800
1,865.520
1,865,520
1.865.520 2,798.280
Profit
Dividends
Total surplus
$23,093,611 323,262,182
Deduct-Book value, less salvage value, of obsoSurplus
$2,739,501
$139,685 df.$925,418 df.$3492,
lescent Burton Pressure Stilts, charged in 1927
Previous surplus
:
11,547,071 11,435,388 12.370.036 15,973,506
direct to surplus
2,756,622
Preferred dividends
490.000
490,000
Total surplus
$14,286,572 $11,575,073 111,444,588 $12,481.478
Common dividends
1,400,000
1,400,000 To reserve account
40,104
18,802
102,272
Reserves for annuities,&e
7,265,000
Director's & aud's fees
9,200
9,200
9,200
9,200
Contingent reserve transferred to surplus
0%581.504
Profit & loss sur
$14,237.268 $11,547,071 111,435,388 $12,370.006
Balance, surplus
$13,938,611 $19,197,063 She, of cap. stk. outstdg.
Earns, per sh. on 560,000 shs. coin.stk.(par $25)....
$6.08
$3.29
1,500 000
(par $15)
1,500,000
1,500,000
1.500 000
Balance Sheet Dec. 31.
Earns. per sh.on cap.stk
$3.06
$1.33
2(11
$0.63
1928.
1927.
1928.
-V. 128, p. 126.
1927.
Assets$
Liabilities$
$
$
Telautograph Corp., N. Y.
Plant
-Larger Div.
38,646,552 36,797,026 Common stock,
-Stock Inc.
.14,000.000 14.000,000
Merchandise
6,423,891 5,062,035 Preferred stock___ 7,000,000 7,000,000
The directors have declared a quarterly dividend of 50 cents per share
Cash
565,328
382,165 Accounts payable_ 3,201,679 2,093,615 on the common stock, payable May 1 to holders of record April 15. A
Acc'ts receivable
Depreciation
9,699.951 8,931,995 quarterly dividend of 25 cents per share was paid on this issue on Feb. 1
and investments 9,122,858 8,226.531 Reserve for annul
last, while during 1928 the company paid four quarterly dividends of
Prepaid royalties_
ties, &c
700,000
7,209,795
20c. a share and from May 1 1926 to Nov. 1 1927, incl., semi-annual
Prepd.rent,tax.,&e 720,743
54,915 Fed,income taxes- 429,336
dividends of 30c. a share each.
Surplus
The stockholders on March 19 increased the authorized common stock
13,938,611 19,197,063
-V.128, P. 1575.
(no par value) from 207,500 shares to 292,500 shares.
Total
55,479,373 51,222,673
Total
55.479.37351.222,673
Thompson Products, Inc.
-Extra Dividend.
-V. 128, p. 266.
The directors have declared the usual extra dividend of 10c. per share
Standard Sanitary Mfg. Co.
and the regular quarterly dividend of 30c. per share on the class A and B
-Plan Operative.
stock, payable April 1 to holders of record March 20. Like amounts have
See American Radiator Co. above.
-V.128.P. 1925.
been paid quarterly since Oct. 1 1927.-V. 128. P. 577.
Steinberg's Drug Stores, Inc.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 87% cents
per share on the $3.50 cumul. cony pref. stock, no par value, payable
June 1 to holders of record May 20.
-See offering in. V. 128, p. 1925.
-Regular Dividend-Deposits, &c.
Toddy Corp.
Holders of the class A stock who have deposited their stock under the offer
of exchange made by Grocery Store Products, Inc., are being notified by
the Teddy company that they will receive the regular quarterly dividend of
Stout
-D & C Air Lines, Inc.
-Stock Offered.
-The 50 cents per share, payable April 10 to holders of record March 20,through
Inc., upon
bankers named below are offering 100,000 shares common the depository of the Grocery Store Products.as yet, will receipt thereof.
receive the diviHolders who have not deposited their holdings
stdck no par) with option warrants (represented by voting dend payment direct from the Toddy Corp.
Announcement was made that a sufficient number of shares of both
trust certificates). Price, $12.50 for voting trust cerclasses of Toddy Corp. stock had already been deposited to indicate that
tificates for one share with M option warrant.
the plan of consolidation into Grocery Store Products, Inc. would be
Bankers Making Offering.-O'Brlan, Potter & Stafford; Air Investors, declared operative within the next 30 days. Certificates of deposit for both
'
Inc.; Marine Union Investors, Inc.; Iroquois Share Corp.; Glenny, Its class A and class B shares have been admitted to trading on the New
Monro & Moll; Herrick & Co.; Liberty Share Corp; Hayes & Collins.
-V.128, p. 1575.
York Curb Market.
Transfer agent, Marine Trust Co., Buffalo, N. Y. Registrar, Liberty
-To Change Name.
Bank, Buffalo, N. Y.
Traveler Shoe Co.
CapitalizationThe stockholders on March 26 approved a change in the name of the
Authorized. Outstanding
Capital stock (no par)
Traveler Shoe Store, Irtc., effective May 15 1929.-V. 128.
*300,000 shs. 100,000 shs. company to
* 300,000 shares will be issued. All the stock will be evidenced by voting P. 1751.
trust certificates, of which 200,000 sharerwill be returned to the treasury.
-New Name.
Of the treasury stock 100,000 shares will be reserved for the stock purchase
Traveler Shoe Stores, Inc.
warrants, which carry the right to purchase shares of stock at $12.50 per
See Traveler Shoe Co. above.
share until April 2 1932, and 100,000 shares will be available for corporate
P11
211700'stock purchase warrants have been withdrawn by the Stout Air
Services, Inc., and Detroit & Cleveland Navigation Co., the operating
and management factors in the enterprise.
Data from Letter of A. A. Schantz, President of the Company.
Business.
-Stout
-D & C Air Lines, Inc., has been organized in New
York to own and operate a fleet of flying boats and aeroplanes and particularly to engage in the business of aerial transportation of passengers and
express package freight between the cities of Detroit (Cleveland and
Buffalo on the Great Lakes. It is contemplated to extend such service to
additional cities and territory as justified by demand.
Management.
-The management of the company will be in charge of
Stout Air Services, Inc., and the Detroit & Cleveland Navigation Co.
Stout Air Services, Inc., Is the most experienced organization operating
passenger air lines in the United States. It was first in this field, and its
planes have carried without accident over 65,000 passengers. This organization will supply trained pilots and other necessary personnel to man
and care for the very highly developed flying equipment required for this
project.
Stout Air Service, Inc., is conducting an operation of Ford All Metal
tri-motored aeroplanes-four trips daily between Detroit and Cleveland,.
two trips between Detroit and Chicago. This service will be increased in
April to six trips daily between Detroit and Cleveland, and four trips
between Detroit and Chicago, a total of nearly 2,000 miles per day. daily
The organization also carries on various sight seeing enterprises, and
operates Wright engine repair depots in Detroit and neighboring cities.
These services are now operating on a profitable basis.
The Detroit & Cleveland Navigation Co., incorp. in 1868, has operated
successfully a fleet of the largest passenger and package freight steamboats
between the principal Ports on the Great Lakes
-Detroit, Cleveland,
Buffalo, Chicago, and Mackinac Island. Its fleet of steamers is entirely
modern, two of them being the largest side-wheel steamboats in the world.
The Stout Air Services, Inc., and the Detroit & Cleveland Navigation
Co. are each making an investment in the stock of this company.
Air Investors, Inc., is participating in the financing, and will be a substantial stockholder. They are represented on the board of directors.
-A.A. Schantz, Pres.; Walter F. Stafford and William B. Stout,
Officers.
Vice-Presidents; Stanley E. Knauss, Sec.: E. S. Evans, Treas.
Voting Trust.
-To assure continuity of management all of the stock of
the corporation will be deposited under a voting trust to continue until
Feb. 1 1939, unless sooner terminated. The five trustees will be: William
B. Mayo, James T. McMillan, Roland Lord O'Brian, William B. Stout,
Walter F. Stafford.
Warrants.
-100.000 stock purchase warrants have been issued in connection with the present financing. Each warrant entitles the holder,
until April 2 1932, to purchase one share of stock (represented by voting
trust certificate) from the corporation at $12.50 per share.
-A. A. Schantz, William B. Mayo, James T. McMillan,
Directors.
William B. Stout, Detroit, Mich.; Walter F. Stafford, Seymour H. Knox,
Roland Lord O'Brian, Buffalo, N. Y.
-New Investment Trust Organized.
Tr -National Corp.
The organization of this corporation, an investment trust, is announced
by Jerome B. Sullivan & Co. The new trust is formed for the purpose of
financing and building 'up small businesses with good possibilities. Its
charter permits it to buy, sell, trade in or hold securities of any kind, to
participate in syndicates and underwritings, to arbitrage and deal in securities;listed on domesti&Land foreign stock exchanges.
Jerome B. Sullivan & Co. are acting as bankers for the corporation and
the new trust will have the benefit and services of the partners of the banking firm and the use of all its facilities here and abroad.
The capitalization will consist of 10,000 shares of $100 par value 6%
convertible pref. stock and 1101000 shares of no par value common stock.
All of the pref. stock and 60,000 shares of the common will presently be
outstanding. Clients of Jerome B. Sullivan & Co. will be given the opportunity of purchasing the stock in units consisting of one share of preferred
and one share of common. The bankers are subscribing to 50,000 shares
additional common stock for $500.000. making the initial total paid in
capital $1,600,000. Jerome B. Sullivan & Co. will receive no compensation for its services.
Moritz Rothenberger, partner of Jerome B. Sullivan & Co., will be
President and will serve on the investment committee. The directors
Include thefollowing: Louis L.Allen,Emanuel Celler, A.K.Cohen,Maurice
P. Davidson, David T. Fleischer, Samuel Kramer, Arthur Loewenheim,
Moritz Rothenberger, Herman Hirschleifer, George M. Sachs, 'Bider B.
Sobel, Harold F. White, J. Purdon Wright, William F. Wund,Jerome B.
Sullivan, Louis Reich and Harry B. Van Allen,
Triplex Safety Glass Co. of North America.
-To Issue
Common Stock in Exchange for Founders Shares.
The stockholders on March 26 approved a proposal whereby the American
company will receive the right to operate in South and Central America
and certain other additional territory in North America.
The stockholders' action also provides for the abolition of founders
shares in the American company held by the Triplex Safety Glass Co.,
Ltd. of London and the termination of royalty payments to the English
company in return for which it will receive common stock of the American
company. This stock will be deposited for a period of years under the
terms of an agreement between the English company and A. L. Haskell.
President of the American company.
-V.128,P• 1576.
United Business Publishers, Inc.
-Notes Offered.Higginson & Co. are offering at 97% and int., yielding
i7o,
2
over
$2,150,000 15-year 532% sinking fund secured
gold notes (with stock purchase warrants attached).
Dated Feb. 1 1929; due Feb. 1 1944. Interest payable F.& A. Principal
and int. payable at offices of Lee. Higginson & Co., in New York, Boston
and Chicago. Denom. $1,000c•. Interest payable without deduction for
normal Federal income tax up to 2%. Present Conn, and Penn. 4 mills
personal property taxes and Mass,income tax up to 6% refundable. Callable on 30 days' notice, as a whole at any time, or in part on any int. date,
Studebaker Corp -Models Increased to 50.
1931 at
Current Studebaker-Bolin° models will be increased to a total of 50 prior to Feb. 1on Feb. 105: on Feb. 1 1931 and thereafter1prior to Feb.
1933 at 103:
1 1932
through the addition of 7 options on the President Eight Brougham. 1 1932 at 104; and thereafter and thereafter prior to Feb. the premium
prior to Feb. 1 1934 at 102%,•
on Feb. 1 1933
according to announcment made by President A. R. Erskine. The
increased line will consist of the following number of models: 5 Erskine, decreasing % of 1% each year thereafter from Feb. 1 1934 to maturity;
trustee.
5 Dictator, 11 Commander Sixes, 9 Commander Eights, 6 President Eight in each case plus int. Lee, Higginson Trust Co.. Boston,
-inch wheelbase.
Data from Letter of Chairman A. C. Pearson, New York, Mar. 23.
-V. 128,
-inch wheelbase and 14 President Eight 135
125
to acquire control
-Company was organized in April 1928,
Business.
P. 1925.
business
- of United Publishers Corp. and of other 1911 as a publishing companies
Studebaker Mail Order Corp.-Acg. Patent Protection.
consolidation of three
United Publishers Corp. was organized in
The Colin B. Kennedy Corp., a subsidiary, has just acquired full patent of the then five largest business publishing companies in the country
protection on its radio products through acquisition of licenses to manu- the David Williams Co. (publishers of "Iron Age" and other metal trade
2108 -
FINANCIAL CHRONICLE
papers),the Root Securities Corp.(publishers of the"Dry Goods Economist'
Dry Goods Reporter," 'Drygoodsman," "Boot and Shoe Recorder" and
other merchandising papers), and the Class Journal Co. (publishers of
"Motor Age," "Motor World" and other papers, directories and yearbooks
of the automotive industry). Since that time numerous other publications
have been acquired and to-day United Business Publishers. Inc.. either
directly or through subsidiaries, is the publisher and distributor of one
of the largest groups of business publications in the United States.
The company is also developing certain journals, catalogs and directories.
Net expenditures on such publications amounted to $165,630 in the year
1928. It is expected that additional expenditures will be required to complete their development.
Practically all the business papers which dominated their fields 20 years
ago are still the leaders in those fields and have grown with their industries.
It no year since its organization in 1911 has United Publishers Corp. failed
to realize a profit well above its preferred stock dividend requirements.
Preferred dividends have been paid regularly since organization and common dividends for past 13 years, including a 60% stock dividend in 1922,
the present rate of common dividends being $5 per share.
The company has its own office buildings in New York and Philadelphia
and maintains a completely equipped organization for the printing and
distributing of its publications. Employees number approximately 2,000.
One subsidiary, the Federal Printing Co., of New York, employs over
500 printers and prints about 40 publications in addition to those of the
The Chilton Printing Co., of Philadelphia. another subsidiary.
prints all
company'of the company's automobile trade papers and also does a considerable amount of outside printing work.
Outstanding.
CapitalizationAuthorized
Funded debt & purchase money obligations
ofsubsidiaries
$1,999,700
2,150.000
15-Yr 5 % s.f. secured notes(this issue)-44.600,000
16-yr.5 % sink,fund sec. gold notes. due
1943
2,418.500
500
, ,
7% cumul pref. stock (par $100)
oc
10,000,000
4.487.400
Common stock (no par)
142.962 shs.
*200,000 shs.
* 10.750 shares reserved for exercise of the second of the stock purchase
warrants. Certain stockholders have deposited the 10,750 shares to meet
the requirement of the first warrants.
Its principal subsidiary, United Publishers Corp.. has outstanding in
hands of the public minority interests represented by 16.086 shares (36.5%
of the 44,111 shares outstanding) $100 par value 7% cumulative preferred
stock and 1.484 shares (2% of the 75,220 shares outstanding) no par value
common stock.
Purpose.
-Proceeds of this financing will be used in part to reimburse
the company for expenditures made in connection with the acquisition
of preferred stock of United Publishers Corp. and further to provide funds
for the acquisition of additional properties.
Security.
-Notes will be the direct obligation of the company and will
be secured by pledge of 21.500 shares (par $100 each) of the preferred
stock of United Publishers Corp. (Del). out of a total authorized issue
of 46,000 shares of such preferred stock. The 32,150,000 notes now to be
'
issued are part of an authrolzed issue of 34.600,000, of which the remaining
52.450,000 may be issued of the same or different series, from time to
time, as additional preferred stock of United Publishers Corp. is acquired
by the company and pledged under the trust indenture securing these
notes at the rate of $100 per share. Additional notes of this series may
be issued with or without stock purchase warrants or warrant attached
(Provided, however, that any such warrants shall not entitle the bearer
to purchase common stock of United Business Publishers, Inc., during
the life of existing warrants, at prices less than those specified in such
existing warrants), and additional notes of any different series may bear
such rates of interest, maturities (not earlier than Feb. 1 1944). calling
prices, &c., as the board of directors may determine.
Earnings.
-Consolidated net income of United Publishers Corp. and
subsidiary companies for the 4 2-3 years ended Dec. 31 1928.(not including
results of operations of Newton Falls Paper Co., in which the corporation
has a 50% interest) including results for the full period of properties acquired
during the period, after depreciation and before providing for interest
and taxes, as certified by Price, Waterhouse & Co., has been as follows:
-Year Ended Dec. 31.-Year Ended April 30.1928.
1927.
1927.
1925.
1926.
31.371.218
$1,328,488
31,331,662
31,574.940
$1,300,949
Consolidated net income from properties of United Business Publishers,
Inc., represented by the above net income, and including results for the
full period of operations of United Business Publishers, Inc., on a yearly
basis, and from properties acquired from proceeds of this financing, after
deducting New York State and Federal income taxes (at present rates)
and income allocable to minority interest in common stock of subsidiary,
has been as follows:
-Year Ended Dec. 31-Year Ended April 30.1928.
1927.
1927.
1926.
1925.
$1.286.772
31,227,119
31,206.738
31,184,176
$1.414,966
income for the 4 2-3 years ended Dec.
Such average consolidated net
31 1928 was $1.263,955, or 2.79 times the $452,407 combined requirement
for interest on underlying securities, dividends on minority interest in
preferred stock of subsidiary and interest on total funded debt of the company. Such net income for 1928 was $1,286,77-. or 2.84 times this requiremeot.
Consolidated average net income, computed as above, if applied to
dividends on the 142,962 shares of common stock of United Business
Publishers. Inc., outstanding as at Dec. 31 1928. after giving effect to
this financing, for the 4 2-3 years ended Dec. 31 1928, would be $476,253.
or $3.33 per share. Such net income for 1928 would be $499,070, or
$3.49 per share.
-Each note of this issue will have attached
Stock Purchase Warrants.
thereto 2 non-detachable warrants, the first entitling the bearer to purchase 5 shares of common stock at $38 per share at any time on or before
Feb. 1 1930, and the second to purchase 5 shares of common stock at $45
Per share at any time on or before Feb. 1 1932. or in either case up to the
date of redemption of the note, if called for redemption prior to said dates,
the
upon presentation of the note with warrants or warrant attached at will
offices of Lee, Higginson & Co., warrant agent. Suitable provision of
rights of the warrant holders in the case
be made for protecting the
issuance of additional stock either through a stock dividend or through
the issue of a larger number of shares of common stock either of the company or of any consolidated, merged, purchasing or successor company,
without equivalent value, or through rights granted to stockholders or
others to acquire additional common stock at prices less than those specified
in existing warrants.
Listing.
-Company has agreed to make application to list the common
-V. 126, p. 3944.
stock on the New York Stock Exchange.
-Backus, Fordon
-Stocks Offered.
Union Investment Co.
& Co., Detroit, are offering 15,000 shares cony. pref. stock
(no par value) and 20,000 shares common stock (no par
value) in units of one share of each at $69.50 per unit
(pref., $44.50 per share; common, $25 per share).
Transfer Agents, Detroit & Security Trust Co., Detroit, and Chatham
Phenix National Bank & Trust Co., New York. Registrar, Union Trust
Co., Detroit, and Seaboard National Bank, New York.
The convertible preferred stock shall be entitled to cumulative dividends
be preferred
at the rate of $3 per share per annum, payable (Q'J), and shall The converas to assets and dividends over the common stock (no par).
stock shall be entitled on liquidation or dissolution to $50
tible preferred
per share plus diva, and be red, in whole or in part on any div. date upon
Right of conversion may be
30 days' notice at $50 per share plus divs. redemption date.
exercised up to and incl. 5th day before any
Authorized. Outstanding.
Capitalization40,000 shs. 30,156 shs.
Convertible preferred (no par value)
x100,000 shs. 50,804 shs.
Common (no par value)
x Including 40,208 shares reserved for conversion of convertible preferred
stock.
-The convertible preferred stock shall be convertible into
Convertible.
is effected
common stock (no par) upon the following basis: If conversion each share
prior to April 11930, 1 1-3 shares of common stock (no par) for
share
of convertible preferred stock. If conversion is effected thereafter, 1
share of convertible preferred stock.
of common stock (no par) for eachthe Detroit Stock Exchange and the com-The units are listed on
Listed.
pany has agreed to apply for listing on the New York Curb. Company.
Data from Letter of Abraham Cooper, President of the
-Is engaged in the field of banking which provides credit to
Company.
installment payment
consummate purchases and sales on the manufacturers, dealersbasis. The
and retail
business consists principally of financing
[voL. 128.
merchants by means of purchasing secured notes which result from the sale
of a variety of staple products such as automobiles, electrical applicances,
musical instruments, machinery, fixtures, furniture, stoves and others.
Receivables held on Dec. 31 1928, aggregated more than $3,885.000,
gated
representing a large number of separate obligations(average approximately
$300) and having an average maturity o less than 6 months. These
obligations were incurred by individuals engaged in practically every branch
of industry thus indicating wide diversity of risk.
The business was started in 1919 by the present management with a paidin capital of $25,000. Total obligations purchased during 1928 amounted to
$6,768,687. The loss ratio has been approximately 1% since the company
was organized.
The company's paper has been purchased by 385 banks and trust companies in the following States: Michigan. New York, Iowa, Illinois, Wisconsin, Ohio, Indiana and Minnesota. These connections have been continuous for a number of years and the list is growing steadily.
Interest in the Century Investment Co.
-Company owns 33 1-3% of the
common stock of the Century Investment Co. The Century Co. has been
successfully engaged in making second mortgages. This company has
recently been appointed the agent for the State Life Insurance Co. of
Indiana, to make first mortgages in this territory.
Purpose.
-Entire proceeds resulting from this financing will be used for
corporate purposes.
a nrnig
s The company has shown a substantial profit each year since
it has been in business. Net earnings after all taxes on basis of discounts
taken adjusted to give effect to non-recurring charges for the year ended
Dec. 31 1928, were $268,936, or 2.97 times cumulative fixed dividend
requirement of $3 per share on 30,156 shares of the convertible preferred
stock to be presently outstanding. After deducting the dividend on the
preferred, the common earned $3.51 per share on the stock presently to be
outstanding.
The net income after taxes certified by Haskins & Sells has been adjusted
to give effect to non-recurring interest charges and to income taxes at the
present rate and is shown in the following table:
Volume of Net IncomeNet Earns.* Cash Divs. Paid
Cal, YearsBusiness. Aft. Taxes. After Taxes. Pret'.
Corn,
1926
$2,745,645
3110,796
$106,699 8
8
2,984,458
1927
146.546
149,681 8 o
IO
1928
6,768,687
178,577
268,936 8%
10
•Computed on basis of discounts taken.
-V. 127. p. 2553.
Union Metal Mfg. Co.
-25c. Extra Dividend.
The directors have declared an extra dividend of 254. per share and the
regular quarterly dividend of 50c. per share on the common stock, both
payable April 1 to holders of record March 25. Like amdunts have been
paid quarterly since and incl. April 2 1928. An extra dividend of 20c. per
share was paid on Jan. 1 1928. while in each of the preceding four quarters
an extra dividend of 25c. per share was paid on the common stock -V. 127,
. 1691.
United Linen Supply Co.
-Initial Dividends.
The directors have declared an Initial quarterly dividend of 873. cents
per share on the class "A" cumul. $3.50 cony, stock, no par valise. payable
April 1 to holders of record March 20, and an initial quarterly dividend of
$1.50 per share on the class "B" non-cumul. $6 cony, stock, no par value,
payable April 20 to holders of record April 1. See also V. 127. p. 3107.
United States Lines, Inc.
-Stock Offering Shortly.-'Following the signing of the contract last week for the purchase by I*. W.
Chapman & Co., Inc., from the United States Government of the "Leviathan" and other vessels of the United States Lines and the American Merchant Lines, plans are nearing completion for the early public offering,
through a nation-wide syndicate, of shares in United States Lines, Inc.,
the corporation which has been formed under the laws of Delaware to take
over the ships and business of these lines, including the United States mail
routes, contracts, concessions, terminals, offices and good-will.
The share offering will be restricted to citizens of the United States and
is expected to take the form of a preference stock priced at a figure which
will enable the widest possible participation throughout the country in the
largest shipping venture yet launched under the American flag. According
to present plans, the preference stock will have full voting power and will
Participate equally with the common stock in all dividends over and above
the cumulative dividend to which the preference stock will be entitled.
Commenting on the financial program, P. W. Chapman, President of
the company, said: "It has been my desire ever since the purchase of the
two lines was first considered to have the ships actually owned by the people. The unusual privileges attached to the preference stock full voting
power and participation in earnings-have been incorporated in the plan
In order that American investors may acquire a voice in the management
and share broadly in the profits."
Full details of the capitalization and financing have not yet been completed, but, based on present plans, conservative estimates indicate that
the lines, under private ownership and operation, will be able to earn more
than four times the dividend requirement on the preference stock which
it is proposed to issue. The fact that the funded debt of the company,
which will consist solely of $12.061,500 mortgages to be issued to the
United States Government, will bear interest at the rate of only 4.25%
annually, means that the charges ranking ahead of dividends are unusually
moderate.
Independent marine authorities estimate that present depreciated value
of the fleet to be owned by the company at more than $32,500,000, and with
mortgages outstanding of only $12,061,500, the equity behind the stock will
be more than $20,000,000. taking into consideration the value of the ships
alone.
United States Lines, Inc., will have the benefit of men long identified with
the management of shipping enterprises and will start business at a time
when vessels of American registry, due to the passage of the Merchant
Marine Act of 1928, are in better position than previously to meet competition under foreign registry. The most important features of this Act,
in relation to the profitable operation of American vessels, are the sections
providing:
-year periods, the payments for services under
1. Mall contracts for 10
such contracts being based upon the distance traveled and the speed per
formance of each vessel, irrespective of the amount of mail carried en route.
2. Vessel insurance by the-United States Government for American ships
at more equitable rates than have heretofore been available.
3. Loans for new construction and reconditioning of American ships up
to 75% of the cost thereof at or about 3% interest, with payment spread
over 20 years.
-New Director.
United States Shares Corp.
Leslie C. Stutts, Secretary of the corporation, has been elected a direr
tor.
-V. 128, p. 1927.
Universal Aviation Corp.
-Depositaries.
In connection with the right to exchange stock of this corporation for
common stock of the Aviation Corp.. it is announced that the exchange
must be effected through one of the following depositaries: The Commercial
National Bank & Trust Co. of New York: Mississippi Valley Trust Co.,
St. Louis, Mo.; First Trust & Savings Bank, Chicago, Ill., and the Minnesota Loan & Trust Co., Minneapolis, Minn.
-See also V. 128. 13. 1927.
Vacuum Oil Co.
-Earnings.
Calendar Years1928.
1927.
1926.
1925.
Gross profit
$39.672,908 $29,173,624 $28,366,037 $27,414,540
Inventory depreciation_
763,450
2,613,725
2,506,382
1,434,449
Prem, paid to red. bonds
596,000
Income tax reserve
1,250,000
1,000,000
See x
1,750,000
Net income
Dividends
$37.659,458 $25,559,899 325,263,655 $24,230,091
(17%)18,917,602(20)12542460
(20)12478583(20)12424615
Balance, surplus
$18,741,856 313,017.439 $12,785,072 $11,805,476
Previous surplus
81,717,324 68,699,884 55.914,812 44,109,335
Stock dividend (100%).. 62,964,550
Profit & loss, surplus337,494,629 $81.717,324 $68,699,884 $55,914,812
Shares of capital stock
2,487,996
outstanding (par $25) 5.047,214
2,498,832
2,512,382
$9.74
Earns.per share on corn_
x$10.11
$10.17
$7.46
x Income tax for 1926 is estimated at $1,130,000 but as the excess in
income tax reserve for this purpose over prior years requirem'ts wassufficient
to take care of the tax liabllity it was unnecessary to set aside any amount
from the 1926 earnings.
MAR. 30 1929.]
FINANCIAL CHRONICLE
Balance Sheet Dec. 31.
1927.
1927.
1928.
Liabtlifte-9$
Capital stock _ _ _126,180,350 62,809,550
26,778,948 25,231,613 Accounts Payable, &c
53,432,201 37,604,497
17,907.887 9,428,247
3,233,007 2,514,805 Insurance res've 2,500,000 2,500,000
44,229,536 34,456,674 Federal tax reserve
2,781,186 2,343,016
25,445,405 26,558,517
37,494,629 81,717,323
33,740,306 32,103,587 Surplus
328,444
4,650
1928.
Assets-Real est., plant,
&c
Stock foreign cos
Other investmls
Inventories
Accts. receivable
Cash & secur_ _ _
Deferred charges
Total
186,864,052 158,798,136
-V. 128, p. 906.
Total
186,864,052 158,798,136
Vanadium Corp. of America(& Subs.).
-Report.
Calendar Years1927.
1926.
1928.
1925.
xNet earns, from oper_ _ $1,976,166 $2,221,374 $2,509,964 $2,191,060
Other income
216,793
243.884
163,053
89,029
Total income
$2,192,959 $2,465.258 $2,673,017 $2,280,090
Deprec. & depletion_
358,211
326,461
419,343
y251,305
19.414
Provision for conting's_ _
29,277
Other charges
6,926
118,870
116,781
Federal taxes
228,703
228,530
247,655
196,821
Net income
Dividends
$1.706,024 $1,849,240 81,980,031 $1,527,731
1,506,548
1,506,548
1,413.014
377.227
Balance, surplus
Previous surplus
Adjustments
$199,476
2,996,293
Dr5,530
$342,692
2,664,162
Dr10,560
$567,017 81,150,504
2,313.933
1,497,712
Dr216,788 Dr334,283
Profit and loss surplus $3,190,239 $2,996,293 $2,664,162 $2,313,933
Shs.cap.stk.outst.
(no par) 376,637
376,637
376,637
377.137
Earn. per sh.on cap.stk_
$4.91
$4.53
$5.26
$4.05
x After deducting all exp. incident, to oper., incl. those for repairs and
maintenance. y Depreciation of plant, equip., patents, &c., and depletion
of mines.
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
Liabilities$
Assets$
$
$
Capital stock_ _ _ _y14,336,097 14,338,097
Plant, prop., pat177,620
ents, &c
x11,206.572 10,634,231 Accounts payable_ 213,461
Cash
785,349 1,109,575 Federal, &c.,
218,701
Call loans
taxes
229,808
400,000
134,141
Notes receivable
Reserves
125,630
3,959
513,251 Surplus
3,190,239 2,996,293
Accts. receivable
743,656
88,423
Sundry debts
87,560
Marketable secur_ 2,266,194 2,330,882
150,000
Other securities.- _
150,000
26,089
26,069
Deposits
2,185,126 2,783,555
Inventories
73,740
Claims
73,740
21,919
Life insurance_ _ _
25,286
19,460
Mtge. receivable._
11,220
134,343 Total (each side).18,092,640 17,885,448
Deferred charges
127,907
x After reserves for depreciation and depletion totaling $2,693,453.
-V. 127. p. 3108.
y Represented by 376.637 (no par shares).
-Lime Product Companies Merge.
Warner Co.
Consolidation of the Charles Warner Co. and the Van Sciver Corp. into
a new concern to be known as the Warner Co. has been announced. The
new company it is said, will be one of the largest producers of sand and
gravel in the United States and the largest manufacturer of lime and lime
products in the world. It will rank as the largest company supplying sand,
gravel and building materials in Philadelphia and vicinity. It is understood that financing in connection with the merger will be carried out
through a banking group headed by Dillon, Read & Co.. and including
Janney Sr Co., Hemphill, Noyes & Co., Chandler & Co., J. S. Wilson, Jr.
& Co. of Baltimore, and Laird, Bissell & Meads.
-Initial Div.
(S. D.) Warren Co. (Pulp & Paper).
The directors have declared an initial quarterly cash dividend of $1.50
per share on the common stock, payable May 15 to holders of record April
30.-V. 127, p. 124.
Weber & Heilbroner, Inc.
-Changes Name.
The stockholders recently approved a change in name to Fashion Park
Associates, Inc. Certificates in the new name of the company are now
ready at the office of the Central Union Trust Co., transfer agent, for
exchange for old certificates. See also V. 128, p. 1578.
-Initial
West Coast Bancorporation, Portland, Ore.
Dividends.
The directors have declared initial dividends of 25c. a share on both the
class A and B stocks, no par value, both payable April 25 to holders of
record April 5.-V. 127. P. 3109.
2109
Dated Feb. 1 1929: due Feb. 1 1944. Int. payable F.& A. in New York.
Guaranty Trust Co. of New York. trustee. Red. upon 30 days' notice, as
an entirety on any date or in amounts of not less than $300.000 on any int.
date, at 105 and int. Denom. $1,000 c*
Data from Letter of Otto Miller, President of the Corporation.
Purpose of Organization.
-Corporation was organized in Nov. 1928 in
Delaware. Its certificate of incorporation grants the broadest possible
powers, exercisable by its board of directors, "generally to handle and deal
In and with all forms of securities."
CapitalizationAuthorized. Outstanding.
15
-year 53 % debentures (this issue)
,
6
$3,000,000 a$2,000.000
Prior preferred shares ($100 par)
20,000 shs.
20.000 shs.
Preferred shares ($100 par)
she.
20
Common shares (no par)
110.000 slag b119: 0
0000
a The remaining $1,000,000 debentures may be issued at any time by
action of the board of directors. b 50,000 of the Issued common shares
were heretofore unconditionally available to the corporation for its corporate uses, of which 30,000 shares have now been set aside subject to the
exercise of stock purchase warrants by the debenture holders.
Stock Purchase Warrants.
-There is attached to each of the debentures a
non-detachable warrant entitling the holder thereof to purchase 10 common
shares at $30 per share. The rights evidenced by these warrants must be
exercised on or before Feb. 1 1944 unless the debentures to which warrants
are attached are duly called for redemption prior to said date and in that
case the rights must be exercised on or before the redemption date of the
called debentures. Upon certain contingencies noted in the indenture,
said purchase price of common shares is subject to readjustment, but that
price shall not exceed $30 per share.
Restriction of Debt.
-Corporation covenants and agrees that while any of
the debentures are outstanding, it will not make or issue any debentures,
notes or other securities or obligtaions for moneys borrowed and or) indebtedness incurred in excess of 60% of the net worth of the corporation.
Officers.
-Otto Miller, Pres.; Lewis B. Williams, V.-Pres.; Louis C.
West, Sec. & Treas.
Directors.
-Ralph M. Coe, G. W. Grndin,a Warren S. Hayden, Otto
Miller, Lewis B. Williams.
-V.127, p. 3560.
Wil-Low Cafeterias Inc.
-Leases Building.This corporation has secured under a long-term lease of approximately
14 years the building located at 624 First Ave., N. Y. City, and central
offices for the management, as well as the commisssary department,will be
located in this building, according to an announcement by Goddard.& Co.,
bankers for the company. It is stated that the building is of sufficient size
and has practically all of the equipment necessary to enable the company
to serve 100 cafeterias. The annual rental involved is approximately
815,000.-V. 128, P. 1753, 1418.
-Consolidation.
Wire Wheel Corp. of America.
-V. 128. p. 751. 578.
See Kelsey Hayes Wheel Corp. above.
-Earnings.
Wright Aeronautical Corp.
1926.
Calendar Years
1928.
1927.
1925.
$8,781,516 $3,990.546 $3,173,419 $3.307.710
Net sales
Expenses,incl. deprec'n_ 6,400,108
3.194,331
2,607,517
2,723.477
Net income
Other income
8796.215
240,024
8565.902
222,810
8584,232
206,321
Total income
32.745,838 $1,036,240
312,067
Federal taxes reserve_ _
102,340
$788,712
88,024
$790,553
79,721
Net income
Dividends paid
82.381.408
364.430
$2.433,771
$933,900
$700,688
$710,832
(82)533.666 (81)247,665 (81)247,846 (81)249,390
Balance, surplus
$1,884,105
$686,235
3452,842
$461,443
Shs. cap. stk. outst'd'g
300,000
250,000
250,000
250.000
(no par)
$8.11
82.80
$2.85
Earned per share
$3.73
Consolidated Balance Sheet.
1928.
1927.
1928.
1927.
Ltactflties$
Assetsy1.500,000 1,250,000
Mach.,equip., &c.x6,106,355 1,353,378 Capital stock
1,367,739
120,599 Accounts payable- 1,007.767
353,565
Cash
169.935
65,291
2,763,262
512,719 Deposits
Securities
608,274 Accr.wages,sal.,&c 282,692
77,333
Accts.& notes rec. 1,288,965
312,067
102,340
2,399,159 1,075,254 Federal taxes
Inventories
64,049 Sundry reserves
73.020
25,784
Int. rec. & ins. dep 208,303
200,150 Capital surplus_ _ _ 6,525,001 2,062,695
Misc. Investments. 344,485
113,528 Earned surplus ___ 4.799,757 2,932,772
191,971
Patents,&c
2,791 356
Trust fund invest
Total(each side)14,670,239 6,869.760
30,456
Erni).stk. act%
x After depreciation reserve of $762,408. y Represented by 300,000
no par shares, of which 275 shares are reserved or held for employees'
subscriptions.
-V.128. p. 1248.
Youngstown Sheet & Tube Co.
-Stock for EmloyeesSells Its One-Fourth Interest in Elkhorn Piney CoalMining
-Additions to Property.
Co.
In connection with the recent lising of 12.394 additional shares ofcommon
stock, no par value, the company states that these are to be used in connection with the issuance and sale of that number of shares of common
Calendar Yearsstock to employees at a price of $85 per share, in pursuance to authoriValue of sales
zation given by the directors on Dec. 13 1927. The money received from
Net earnings
the subscriptions by employees has been credited to capital of the corporaOther income
tion and applied in part to working capital, in part to the enlargement of
Total income
812,904.995 $9,521,098 $10,612,122 $9,504,363 the factories, and the installation of additional machinery, equipment and
facilities, particularly at the plants at Campbell, 0., South Chicago, Ill.,
Deduct-Prov. for depr.
3,432,195
3,291,885
3,170,837 and Indiana Harbor, Ind.
exhaust. of min.. arc._ 4,065,251
The company also states that it has sold its one-fourth interest in the
1,524,986
1,596,699
1,826,004
Bond,&c.,interest
1,696,836
570,000
535,000
717,078
Federal taxes
563,394 Elkhorn Piney Coal Mining Co. and its undivided three-tenths interest
in the Powellton coal property, so-called, situated in Fayette County,
$6,443,739 $4,028,916 $5,006,460 $4.073,295 W. Va., and known as the Powellton Mine. The company has completed
Net income
and placed in operation its new power plant and boiler house at its works
Divs.on Wheel. St'l Corp.
(8%)397,600(8.6)427,420(9.2)457.120(6.2)307,092 at Campbell. O., costing to Dec. 31 1928. $4,715,802. The company
Pref. A stock
2,425,179
2.255,680
2,594,369
Prof. B stock
1,748,377 has practically completed and placed in operation its new coke plant at
Ad10%
113%
10.75%
Rate
7%% its South Chicago (Ill.) works, costing to Dec. 31 1928, 85.040,171. the
ditions and extensions to plants and mining properties made during
$3,790,459 $1,176,318 81,954,971 82,017,826 period from July 1 1928, to Dec. 31 1928. amounted to $6,794.149.-.V
Balance, surplus
Profit and loss surplus_ _$13,033,086 811,040,063 89.863,746 $7,789,837 128, p. 1578.
She, corn. stk. outst'd'g
394,837
394,837
394,819
394,706
(par $100)
CURRENT NOTICES.
$3.48
$9.60
$5.95
Earned per share
83.60
a After deducting charges for maintenance and repairs of plants of apHarris, Forbes & Company have prepared a bond investment cirproximately 85,075,000.
cular entitled "Now is the Time to Buy Good Bonds."
' Consolidated Balance Sheet Dec. 31.
-The Southern Securities Corp. announces the removal of their offices
1928.
1927.
1927.
1928
Liabilitiesto No. 1200 Fifteenth Street, Washington, D. C.
$
$
Assets
Pref. A. stock_
4,970,000 4,970,000
Land , bids, Mach
-R.G. Harper & Co. announce the removal of their offices to the Bank of
equip., &c.- -.a69,351,397 66,005,381 Pref. B. stock_ 22,556,800 22,559,800 New York & Trust Co. Building, 48 Wall Street.
Common stock- 39,481,900 39,483.700
Inv. In & adv. to
-Prince & Whitely,25 Broad St., New York,are distributing an analysis
asoc., &c., cos_ 3,804,635 3,594,097 Funded debt outstanding
32,994.500 24.782,500 of United States Realty & Improvement Co.
107,380
CashwIths. 1. eats- 870,578
27,188,881 25,684,633 Accts. payable- 5,355,716
3,031,208
Inventories
-Samuel Ungerleider & Co., 50 Broadway, New York, have prepared
Accr. liabilities_ 1,505,129
1,252,476
Adv. pay. on ore
683,320
663,395 an analysis on National Acme Company.
244,019 Divide. payable.
contracts
Res. for relining,
-Gorman, Kayser & Co. announce the removal of their San Francisco
Accts. and notes
959,963
1.001,491 offices to new quarters at 121 Sutter St.
8,968,976 6,008,898
rec., less rim
11. S. Liberty bds- 6,103,108 1,563,107 Res.for accidents
-W. W. Snyder & Co., 48 Wall St., New York City, have prepared a
3,577,997
135,999 and rooting _
3,743,787
._ 1,489,875
13,033,086 11,040,063 circular on the Rumidor Corporation.
Surplus
Mktablesecur.Cash in banks &on
3,544,851 6,914,307
hand
- Ernest von Elton is now associated with Buell & Co., 7 Wall St.,
G.
3,798,108 2,270,597
Deferred charges
N.Y.,in their securitties department.
-C. F. Childs and Co.. Inc., announce the removal of their Chicago
125,098,411 112,528,419
Total
125,098,411 112528,419
Total
South La Salle Street.
a After deducting reserve for depreciation and exhaustion of minerals office to 231 Hedley has become associated with C. A. Preim & Co.,
Frank C.
amounting to $28,146,244.-V. 127,p.2977.
Broad St., New York.
-Debentures Sold.
- 15
Western Reserve Investing Corp.
St. Louis, Mo., have issued an analysis of
-Mark C.
entral National The Lambert Steinberg & Co.,
Co.
Hayden, Miller & Co., Union Trust
Co.,i3ank, Cincinnati,
-Foster & Adams announce the removal of their offices to 120 Broadway
Co., Cleveland, and First National
-year 5%7 gold de- New York.
0
announce the sale of $2,000,000 15
-Paine. Webber & Co., have published their semi-monthly review.
bentures at 100 and interest.
-Earnings.
Wheeling Steel Corp.
1926.
1927.
1925.
1928.
878.073,001 872,596,950 $83,437,942 $80,652,685
8,690,569
9,870,340
al1,871,316
8,777,393
741,782
830,530
1,033,679
726,969
2110
FINANCIAL CHRONICLE
itteprirts and
Punimman
AS
[VOL. 128.
annixtutb.
anvsmnauszons
PUBLIC SERVICE CORPORATION OF NEW JERSEY
TWENTIETH ANNUAL.REPORT
-FOR YEAR ENDING DECEMBER 31, 1928
To Shareholders:
• PURCHASE OF STOCKS OF OPERATING COMPANIES
Poi I submit herewith the twentieth annual report of Public
The Corporation purchased during the year at $10 per
Service Corporation of New Jersey covering the affairs of share 1,000,000 shares of no par value capital
the Corporation and its subsidiary companies for the year Service Electric and Gas Company issued stock of Public
by the latter
of 1928.
company during the year.
Public Service Co-ordinated Transport acquired the folFINANCIAL
lowing stocks:
RESULTS OF OPERATIONS
Transportation
The following is a condensed summary of the results of Public Service Interstate Camden, New Company
$499,900.00
Yellow Cab
87,805.62
operations of Public Service Corporation of New Jersey and ISSUES OFCompany of PUBLIC Jersey
STOCK BY
SERVICE ELECTRIC AND GAS
subsidiary utility companies for the twelve months ending
COMPANY
December 31, 1928:
During the year. Public Service Electric and Gas ComOperating Revenues (Gross Earnings)
$125:528.580.36 pany issued, in addition to the
1,000,000 shares of no par
Operating Expenses
$51,535,417.55
Maintenance
value common stock sold to the Corporation, $15,000 6%
12,112,718.13
Depreciation_
11,552,007.64
Cumulative Preferred Stock in exchange for following stocks
Taxes
13,355,942.23
88,556,085.55 of lessor companies:
Net Income from Operations
Other Income
$36,972,494.81
3,089,961.85
Total
Deductions (Fixed Charges, etc.)
$40,062,456.66
17.090.267.06
Balance for Dividends and Surplus
DIVIDENDS
$22,972,189.60
Hudson County Gas Company
Gas and Electric Company of Bergen County
New Brunswick Light, Heat and Power Company
Somerset, Union and Middlesex Lighting Company
RETIREMENT OF SECURITIES
75 shares
50 shares
2 shares
10 shares
In addition to the $34,384,000 Secured Gold Bonds of
Public Service Corporation of New Jersey called for redemption March 15, 1928, as above mentioned, and $40,601,000
Public Service Electric and Gas Company First and Refunding Mortgage Gold Bonds 5
Series 1959 and 1964,
called for redemption April 1, 1928, and February 1, 1928,
respectively (which Electric and Gas Company bonds were
refunded by the 43,% Series due 1967, issued in 1927), the
following bonds were acquired by sinking funds provided by
the mortgages:
During 1928 regular quarterly dividends were paid on the
outstanding 7% and 8% Cumulative Preferred Stock.
Dividends at the rate of $5.00 per share per annum were
paid September 30 and December 31 on the Five Dollars Per
Share Per Annum Cumulative Preferred Stock Without
Nominal or Par Value. This stock was brought out in
August, 1928. Regular monthly dividends were paid on
the 6% Cumulative Preferred Stock. The preferred stock Public
Service Newark Terminal Railway Company 5% First
dividends aggregated $6,701,194.93, leaving a balance of
Mortgage Bonds
$16,270,994.67 earned on the common stock, equal to $3.28 Princeton Light, Heat and Power Company 5% Sinking Fund$49,000.00
Bonds
per share on the stock outstanding at the end of the year Rapid Transit Street Railway Company8, First Mortgage Bonds 15,700.00
7;
or $3.51 per share on the average shares outstanding during Plainfield Street Railway Company 6% First Mortgage Bonds_ - 14,000.00
7,000.00
the year. Quarterly dividends of 50c. per share, with a Public Service Corporation of New Jersey Perpetual Interest
Bearing Certificates
400.00
special dividend of 40c. per share in December, were paid
Equipment Trust Series "A"
on the Common Stock. The common stock dividend Electric Company amounting Certificates of Public Service
to $130,000 and Equipment
amounted to $11,163,424.91 and at the end of the year the Trust Certificates of Series
"E" and "F" of Public Service
consolidated surplus showed an increase of $5,107,569.76.
Railway Company amounting to $124,000 were retired in
ISSUE OF COMMON STOCK BY THE CORPORATION
accordance with the Equipment Trust Agreements.
The Corporation issued during the year 796,576 shares
$30,000 Weehawken Contracting Company 6% First
of its no par value common stock. All of the stock was Mortgage Bonds due February 20, 1928, were paid off.
issued in exchange for Public Service Corporation of New
TAXES
Jersey-Convertible 4M% Debentures, due February 1, 1948.
Taxes to the amount of $13,618,959.60 accrued against
the Corporttion and its subsidiary companies in 1928. Of
ISSUES OF PREFERRED STOCK BY THE CORPORATION
The Corporation issued during the year $32,864,500 of this amount $241,907.86 is chargeable to the Corporation
6% Cumulative Preferred Stock and 32,055 shares of Five and $13,377,051.74 to subsidiaries, the total taxes of which
Dollars Per Share Per Annum Cumulative Preferred Stock amounted to 10.7 per cent. of their gross, and 26.6 per cent.
of their net earnings. Taxes of the Corporation were
Without Nominal or Par Value.
The 6% Cumulative Preferred Stock was issued; 182,226 $6,960.79 and of subsidiaries $1,423,942.50 in excess of those
shares to retire a note of the Corporation given to Public accruing in the previous year.
Service Electric and Gas Company at its formation as part
TWENTY-FIFTH ANNIVERSARY
consideration for retirement at that time of General MortGROWTH AND PROGRESS
gage Bonds of Public Service Corporation of New Jersey,
Public Service Corporation of New Jersey ended the first
71,777 shares issued to stockholders on subscriptions under
fourth offer to stockholders, and 74,642 shares issued on paid- twenty-five years of its corporate existence on June 1, 1928.
The growth of the organization during that period far
up subscriptions under the Popular Ownership Plan of the
exceeded the most optimistic predictions of its organizers
Corporation.
On June 26, 1928, the Board of Directors authorized the and prospects for future expansion are, in the light of its
issue of Five Dollars Per Share Per Annum Cumulative history and of the opportunities afforded by the developPreferred Stock Without Nominal or Par Value. Holders ment of the territory it serves, encouraging to a high degree.
Comparing the records of the twelve months ending
of Common and Preferred Stock outstanding July 6, 1928,
were given the right to subscribe to one share of $5.00 Pre- December 31, 1904, which constituted the Corporation's
ferred Stock for each 20 shares of stock so held. Stock not first full year of operation, with those for the twelve months
subscribed for by stockholders was authorized to be sold ending December 31, 1928, a picture of the remarkable
under the Popular Ownership Plan. There was issued up growth of Public Service may be obtained. The comparison
to December 31, 1928, 32,055 shares; 8,467 shares to stock- shows for the twenty-four years:
An increase of $108,378,737.34 in annual operating revenues;
holders on subscriptions, and 23,588 shares sold under the
An increase of 1.363,742,157 kilowatt hours in the annual sale ofelectricity;
Popular Ownership Plan of the Corporation.
An increase of 18,706,019,000 cubic feet in the annual sale of gas;
An increase of 427,734,181 in the number of passengers carried during
At the end of the year 8,686 shares of 6% Cumulative
twelve months;
Preferred Stock and 19,998 shares of $5.00 Per Share Per
An increase of 820,646 in the number of electric and of 530,768 in the
number of gas meters on Public Service lines.
Annum Cumulative Preferred Stock were being paid for on
the installment plan.
The expansion of business shown by these statistics has
been due to increased population in the territory, to the
ISSUE OF CONVERTIBLE 4 % GOLD DEBENTURES
Under date of January 24, 1928, the Board of Directors extension of service into new territory and to increased use
of Public Service Corporation of New Jersey authorized the of service, as new ways of utilization have been developed.
execution of an indenture dated February 1, 1928, and the It represents the result of a consistent and aggressive policy
issue of $43,689,000 Convertible 43/% Gold Debentures. of sales promotion.
PROSPECTS FOR FUTURE GROWTH
due February 1, 1948. From the proceeds, $34,384,000
Secured Gold Bonds 6% Series due 1944 and 53% Series
Because Public Service companies operate in a section of
retired. The conversion privilege provided New Jersey, that, in regard to both population and industrial
due 1956, were
that on or before February 1, 1930, any or all of the deben- activity, shows an increasing rate of growth, and because
tures might be converted into Common Stock of Public new uses are being constantly found for the utility services
Service Corporation of New Jersey at the rate of eleven which Public Service provides, it is safe to assume a conshares of Common Stock for each $500 principal amount of tinuing great increase in business.
debentures. During the year $36,208,000 par value of deIt is gratifying to be able to record that Public Service has
bentures were converted, 796,576 shares of Common Stock firmly established itself as a progressive, conservatively
being issued therefor.•
managed New Jersey enterprise, the interests of which run
MAR. $0 1929.]
FINANCIAL CHRONICLE
2111
parallel with those of thelState and its people. To quote passengers carried on cars, buses and ferries were larger than
from an address delivered by the then Governor of the State ever before.vi
—the Hon. A. Harry Moore—at the dinner given to celeKilowatt hours of electricity sold, exclusive of current furnished for the
operation
brate the organization's twenty-fifth anniversary: "The amounted of the railway lines of Public Service Coordinated Transport,
to 1,406,258,947, an increase of 172.274,895 kilowatt hours. or
Public Service is no longer a mere corporation—it is a State 13.96 per cent, over the amount sold in 1927.
Cubic feet of gas sold amounted to 23,826,833,203, an increase of
institution at the disposal and service of this great State."
1.250,576,836 cubic feet or 5.45 per cent, over the amount sold in 1927.
A total of 643,134,181 passengers were carried on street cars and buses.
• ORGANIZATION
an increase of 15,981,168 over the number carried in 1927.
FORMATION OF PUBLIC SERVICE COORDINATED TRANSPORT
Two important changes were made during the year in the
Public Service organization. On January 10, Public Service
Railway Co. and Public Service Transportation Co.
were merged to form Public Service Coordinated Transport.
The effect of this merger is to place in the hands of one
company the operation of both cars and buses, with the
exception of interstate operation of buses which is conducted by Public Service Interstate Transportation Company. It permits a combination of accounts and has proved
to be of distinct advantage in securing the fuller coordination
of car and bus service which we are striving to effect.
Under the terms of the merger agreement, 487,500 shares,
without nominal or par value, of the capital stock of Public
Service Railway Company were exchanged for a like number
of shares of $6.00 Non-Cumulative Preferred Stock Without
Nominal or Par Value of the new company and 1,004,500
shares of stock, without nominal or par value of Public
Service Transportation Company, were exchanged for a
like number of common stock shares, also without nominal
or par value of the new company.
PUBLIC SERVICE STOCK AND BOND COMPANY MERGED
Public Service Stock and Bond Company and the securities
department of Fidelity Union Trust Company were consolidated in Fidelity Union Stock and Bond Company,
chartered to deal in all classes of securities and underwritings and to do a general dealer and brokerage business.
The capital of the new company, which began business on
December 1, 1928, consists of 120,000 shares, having a par
value of $25 a share, but issued at $50 a share, of which
Public Service Corporation of New Jersey owns 40,000
shares and Fidelity Union Trust Company owns 40,000
shares, the remaining 40,000 having been taken up, in small
blocks, by a large number of individual investors. The
new company is now functioning and provides increased
facilities to Public Service security holders. Irs prospects
for the future are bright.
UNITED ENGINEERS AND CONSTRUCTORS,INCOPORATED
The organization of United Engineers and Constructors,
Incorporated, and the merger into this organization of Public
Service Production Company, the U. G. I. Contracting
Company, Dwight P. Robinson & Company, Inc., and Day
and Zimmermann Engineering and Construction Company,
announced in the 1927 report, has had favorable results.
Work done during 1928 amounted to $68,000,000, while
work under contract exceeds that amount. Of work completed in 1928 and of that under contract, more than onehalf is represented by contracts with clients having no part in
the ownership of the company. The organization of Public
Service Production Company is now satisfactory functioning
as the Public Service Production division of the new organization. The consolidation has resulted in placing at
the service of industry, generally, and public utilities in
particular, one of the most efficient and best equipped engineering and construction enterprises extant. The company has a field of activity extending over practically the
entire world, and is available for large and small engineering
and construction work of any kind. The cooperation of the
stockholders of Public Service is asked in securing new
business for United Engineers and Constructors, Inc.
SHAREHOLDERS OF THE CORPORATION
The number of persons owning stock of Public Service
Corporation of New Jersey was materially increased during
the year. On December 31, 1928, there were 98,882 accounts on the Corporation's books, an increase of 9,113
over the number on the books December 31, 1927. In
addition there were 13,905 open accounts with' subscribers
whose subscription installments were not yet due.
Eliminating duplications arising from the ownership of
several classes of stock by.a single stockholder, the number
of stockholders as of December 31, 1928, was 80,532.
POPULAR OWNERSHIP SALE
Increase in the number of stockholders is, in large part,
due to the successful sale under our Customer Ownership
Plan of $5 Cumulative Preferred Stock Without Nominal
or Par Value. An offering of this stock was made on
October 1, and in spite of the fact that the return thereon
is lower than on any of the preferred stock previously
offered and that the form—"Without Nominal or Par Value'
—was new to most of the purchasers, 14,675 subscriptions,
including those made under the preliminary offer to stockholders, were received for 49,272 shares. This successful
sale may be taken as another indication of the confidence of
New Jersey people in Public Service securities and of the
splendid cooperation extended by our sales organization,
made up of regular employes of operating companies.
INCREASE IN BUSINESS.
The sale of electric and gas appliances brought in a revenue of $6,119,089.91, an increase over 1927 sales of 5386.982.45. or 6.75 per cent.
INCREASE IN CUSTOMERS
On December 31, there were 846,145 electric and 739,923
gas meters in service, a gain for the year in electric meters
of 64,186 and in gas meters of 24,400.
SALES OF ELECTRICITY
Since the only new territory taken over in 1928 was a
portion of that served by the Pemberton Suburban Light
and Power Company, acquired by this company in July,
1928, limited in population and extent, the increase in
electric sales noted is due in practical entirety to increase
of population and acceleration of electric use within communities already served, largely resulting from sales efforts.
Commercial metered lighting sales for the year amounted
to 468,158,285 kilowatt hours, an increase of 55,216,618
kilowatt hours, or 13.37 per cent. In this classification is
included current sold to domestic consumers and the increase reflects both the additional meters added and increased
use of current consuming appliances.
Electric refrigeration is rapidly gaining popularity. The
Company itself sold and installed during the year 4,824
refrigerators, while a very large number were sold by other
dealers. Motor driven labor saving appliances, such as
vacuum cleaners and laundry equipment, still hold first
place in appliance sales, however.
Revenues received from the sale of electric appliances
amounted to $3,138,083.66, an increase of $452,610.48, or
16.85 per cent. over the previous year.
The intensive effort exerted by the Company to extend its
lighting sales bore fruit, both as regards to house lighting
and as regards flood, sign and window lighting. A considerable increase in current sold for these purposes is noted.
There was an increasci of 4,929,684 kilowatt hours, or
9.86 per cent. in the current sold for municipal street lighting, total safes amounting to 54,911,234 kilowatt hours.
This is the result of a wide movement throughout the
territory for the improvement and extension of street lighting
facilities, to which this Company is contributing the services
of its lighting experts.
The connected power load of Public Service Electric and
Gas Company at the end of 1928 was 1,030,846 horse-power,
an increase during the year of 105,547, or 11.4 per cent.
Kilowatt hour sales of current for power purposes amounted
to 882,784,124, an increase of 112,028,077 kilowatt hours, or
14.53 per cent.
A review of some of the larger contracts for power closed by
this Company during the year is significant of the tendency
among larger users of power to rely upon central station
service for their supply. Thus the American La France
Oompany of Bloomfield, the United Piece Dye Works of
Paterson, the Grasselli Dyestuffs Corporation of Grasselli,
the Standard Underground Cable Company of Perth Amboy
and Hahne & Company, operating one of Newark's largest
department stores, have shut down private plants and now
take all power from this Company; the New Jersey Bell
Telephone Company chose Public Service current for both
power and light in its new headquarters building in Newark;
the American Telephone and Telegraph Company for its
transoceanic radio station at Lawrenceville; the Wright
Aeronautical Corporation for its enlarged plant at Paterson;
the contractors of the great Hudson River bridge for their
tremendous work of bridge construction; John A. Roebling's
Sons Company for their large requirements at Roebling;
the American Can Company for their new Jersey City
plant, and the Structural Gypsum Company for their
Linden factory.
Sales for ice manufacture and for refrigeration showed an
increase during the year, 63,981,069 kilowatt hours having
been sold for that purpose. Among the new refrigeration
plants put upon the line was that of the Camden Rail and
Harbor Terminal Corporation with a connected load of
1,100 horse-power.
SALES OF GAS.
Increase in the year's gas sales over those of the previous
year was greater than the average yearly increase for the last
ten years and is exceeded by the record of but three other
years during that period. Nearly one-fifth of total sales were
for industrial purposes, in which classification is included
sales to hotels, restaurants and large public institutions, a
higher proportion than has hitherto been recorded. Further
evidence of the growing favor with which manufacturers
regard gas as a fuel is found in the list of contracts closed
during the year with industrial concerns, which require gas
for their various processes. Heat treatment of metals, silk
finishing, radio tube making, pitch melting, cork expanding,
core baking, calcining pigments, glass melting, soldering
and japanning are among the uses to which gas sold to these
plants will be put.
STATISTICS OF GROWTH
Some progress was made during the year in securing the
Increase in the volume of business done by the Corpora- installation of gas househeating equipment,273 househeating
tion's operating subsidiaries during the year has been satis- boilers having been sold, bringing the total number on our
factory. Sales of electricity and gas and the number of lines up to 774.
FINANCIAL CHRONICLE
2112
Active selling of Electrolux Servel gas refrigerators was
begun in April and a total of 1,369 were installed during the
remainder of the year. This type of refrigeration is meeting
with increased favor and sales will ultimately build up a
desirable load.
Revenue from sales of gas appliances was less by $65,628.03
than the revenue of the previous year, the total reaching
$2,981,006.25.
TRANSPORTATION REVENUE.
The increase of 15,981,168 in the number of passengers
carried on cars and buses-1928 over 1927—represents a
decrease of 29,504,597 in the number of passengers on cars
and an increase of 45,485,765 in the number of bus passengers. This result is accounted for by the substitution in
many instances of bus for car service, and by the additional
bus lines taken over or put in service. The result is an increase in operating revenue-1928 over 1927—of $1,595,171.99. For the first time the revenue derived from bus
operation was in excess of that derived from car operation.
IMPROVEMENT AND EXTENSION OF FACILITIES
Net expenditures during the year for extension and improvement of the facilities of the Corporation and its subsidiary utility companies, charged to fixed capital, after
deduction of capital items withdrawn from service, amounted
to $36,279,617.93. Of this amount, expenditures on account of the Corporation amounted to $1,314,925.53; on
account of electric facilities to $22,292,799.23; on account
of gas facilities to $4,428,456.72; and on account of transportation facilities to $8,243,436.45.
As the result of these and previous expenditure, plant and
equipment is fully capable of meeting demand for service,
which during the year was materially increased.
An addition to Public Service Terminal, Newark, consisint of a 16-story tower building, fronting on East Park
and Pine Streets, was completed and was occupied by
various departments of the organization. The Corporation
further rounded out its real estate holdings in connection
with the terminal by the purchase of the property at 29
East Park Street.
ELECTRIC FACILITIES.
[VOL. 128.
section of the Company'slterritory for a number of years
to come.
Supplementing the facilities provided by these switching
stations the Company placed in service eight new substations—Temley, situated at Linden; South Orange, at
South Orange; Thirty-second Street, at Camden; Union
City, at Union City; Ridgewood, at Ridgewood; Princeton,
at Princeton; Westwood, at 'Westwood; and Monmouth
Junction in South Brunswick Township.
The capacity of ten substations was increased, six by a
change from two-phase to three-phase operation, and four
by a change from 13,000-volt operation. A number of
other substations were modernized in various ways and six
were equipped with supervisory control apparatus, providing better operation. Transformer, regulator and street lighting transformer capacity in many substations was enlarged.
Operation of railway equipment in five additional substations was changed from 25 to 60-cycle, in accordance with
an established program that aims to make this service more
flexible and economical both for the Electric Department
and Transport.
Supplementing the changes in substations, thirteen new
transmission circuits were placed in operation—nine in the
Essex, two in the Passaic and two in the Southern division.
The underground system of the Company was increased
by 19 miles of conduit laid, and a start was made on the
program for the installation of automatic switching equipment on the more heavily loaded sections of the underground
system,in order to more perfectly assure continuity of service.
In Camden, Jersey City,'Newark, Orange, Passaic, Paterson and Trenton, progress was made in changing customers'
service from direct to alternating current in order to provide
better service and effect economies in operation.
In the line of improving working facilities, a portion of the
discontinued Newark generation station was converted into
a garage, large enough to house the automotive equipment of
the Newark district; work was begun on new distribution
headquarters in New Brunswick, Englewood, Jersey City
and Hackensack, and forty-one trucks and work cars, including two electric vehicles, together *ith twenty-eight
other business cars, were placed in service.
GAS FACILITIES.
The total rated capacity of the Public Service electric
on December 31, 1928, was 611,876
The Gas Department of Public Service Electric and Gas
generation stations
kilovolt-amperes. This is less by 12,556 kilovolt-amperes Company laid 290 miles of gas mains as compared to 293
than the capacity on December 31, 1927. The loss is ac- miles laid in 1927.
Allowing for old mains, replaced, the mileage of the
counted for by the discontinuance during the year of four
inadequate and obsolete stations—Newark, Paterson, system on December 31, 1928, was 4,682 miles.
The laying of new mains added to the list of municipalities
Chauncey Street (Trenton) and Camden, the 35,950 kilovolt-ampere rated capacity of which was included in the already served, Franklin Lakes, Oakland, Pompton Lakes
1927 figures. The efficiency of the generation system was, and Riverdale, and extended the service in Haddon, Moorehowever, substantially increased, since, in accordance with town and Ewing Townships.
Extension of main from Ridgewood, in Bergen County, to
the Company's policy, the load formerly carried by the
abandoned stations was transferred to modern and econ- Butler, in Morris County, was in part completed and will be
omical plants. The capacity of these later plants was in- entirely completed in 1929, when five additional municipalicreased during the year by the rebuilding of two generation ties will be served.
To meet increased demand for service in the section lying
units at Kearny and two at Essex which added 23,394 kilobetween Riveredge and Hillsdale, the service was strengthvolt-amperes to the combined capacity of the two.
There was generated in the Company's stations in 1928, ened by the laying of some three miles of large-sized main.
Further progress was made in improving pressure in all
1,736,606,053 kilowatt hours of electricity, an increase of
11.1 per cent. over the output of 1927. In addition, 142,- divisions, nearly seven and one-quarter miles of new main
418,010 kilowatt hours was purchased from other utility having been laid for this purpose, while forty new district
governors were installed. A total of 22,055 building services
companies.
The maximum load carried by the system in 1928 was were run during the year.
Including 9,322,416,581 cubic feet purchased from the
480,500 kilowatts as compared to a maximum load of 435,500
Seaboard By-Product Coke Company, the total of gas
kilowatts in 1927.
.
The increase in capacity of the two generation units at manufactured and purchased during the year was 25,932,Kearny station, rebult during the year, necessitated an in- 929,482 cubic feet.
Capacity of gas plants were added to during the year by
crease in boiler capacity, which was provided by the installation of three additional boilers, each having a capacity improvement in station equipment. In anticipation of the
of 2,290 horse-power. To permit continuous operation of receipt of gas from the plant of the International Coal Carthis station at full capacity, three spare transformers, each bonization Company, there was erected on the Company's
having a capacity of 15,000 kilovolt-amperes, were also Raritan River property, adjoining the International Company's plant, a 750,000 cubic foot storage holder, a 500,000
installed.
Transmission and distribution systems were materially gallon oil tank and a building equipped with three comstrengthened and improved during the year. Work on the pressors and housing three meters to measure gas received.
"inner ring" of transmission lines, which upon completion There was also laid 10.484 feet of steel main to connect the
will girdle the great industrial section of northern New new holder with the New Brunswick high pressure system.
Jersey, was carried forward, so that it was possible to place When the new International Works are in operation, they will
it in operation as far as Metuchen, during the second week it is expected, deliver to our mains some 3,000,000 cubic feet
of gas a day.
of 1929.
At the Harrison Works a tar conditioner and the necessary
Into the ring is now fed the output of the Essex, Kearny,
and Marion stations, as will be current received from the safety devices were installed in connection with the 15,000,Philadelphia Electric-Pennsylvania Power & Light inter- 000 cubic foot waterless holder; at the Paterson Works an
connection when that is completed. Energy is carried over exhaust steam accumulator was installed; at Camden Gas
the lines of the ring to various switching stations where its Works a 100,000 gallon tar settling tank was built, a self
voltage is stepped down for transmission to substations clinkering grate was installed on No.4 set and No. 3 storage
.holder was connected to permit of its use as a relief holder;
throughout the district.
-inch water main was laid to
Of these switching stations, Athenia was placed in service at the Camden Coke plant a 6
in 1927. During 1928, Roseland, where power from the connect with the city water system to increase the plant
interconnection and the "inner ring" will be exchanged, was water supply.
Additions were made to the buildings of the Distribution
made available so far as the "inner ring" is concerned;
Hudson, which is adjacent to the Marion generation station, department by the erection of a new storeroom in East
and supplies power to Hudson and Bergen counties, began Orange; a combined distribution shop, storeroom and garage
operation; West Orange, which is supplied over two tower in West New York; the conversion of the gas works building
lines from Roseland and supplies the western part of Essex at Ridgewood to permit its use for similar purposes; construcCounty, thus relieving Essex station and rendering available tion of a garage and an addition to the storeroom at Engleadditional cable capacity between Essex and the City of wood, and of garages at Somerville and Rutherford. EquipNewark, was put in service, while Metuchen was completed. ment of the street department was added to by the purchase
The service provided by these stations will be sufficient of three trenching machines, three back filling machines and
to meet the major transmission requirements of the northern two concrete mixers.
MAR. 30 1929.]
FINANCIAL CHRONICLE
2113
TRANSPORTATION FACILITIES.
Jersey City; a number of "parlor cars," equipped with upSubstantial progress was made during the year in carrying holstered, individual seats, were put in service, and a large
forward the policy of coordinating transportation facilities. number of other improvements made.
Traffic over both the ferries operated by Public Service
Our efforts are directed towards the creation of a transportation system in which street cars, buses and other units, increased during the year. The Riverside and Fort Lee
:
as their operation may be undertaken, will be utilized so Ferry carried 2,655,644 vehicles and 9,264 261 passengers,
as to provide a maximum service and effect economy by the an increase of 205,023, or 8.37 per cent. in vehicles, and
elimination of waste and duplicate service, and the combina- 45,468 in passengers over the previous year. The Port
tion of construction, maintenance and operating activities to Richmond and Bergen Point Ferry carried 529,613 vehicles
and 1,266,810 passengers, an increase of 58,031 in vehicles
reduce overhead expense.
In the furtherance of these objects, bus service has been and a slight decrease in passengers over 1927.
The Public Service fleet of ferry boats was during the year
substituted for car service on several lines where increased
efficiency and economy were indicated through such a change; increased to nine by the purchase from the State of Maine
maintenance and repairs of both cars and buses have been of the Governor King, which was rebuilt to provide four gangconcentrated in the same shops, and management has been ways, rechristened Ridgefield, and put in service between
Edgewater and 125th Street on June 16th. The purchase
further centralized.
At the same time our field of operation has been con- of this boat provided a fleet made up entirely of four-gangway
boats for the Riverside and Fort Lee Ferry.
siderably extended. Such extensions include:
An initial experiment with the operation of taxicabs.
COMMERCIAL FACILITIES.
Operation of the Yellow and Public Service Cab Companies
Accommodations, facilities and services provided for
fleet of 58 cabs, was taken over efficient service to our gas and electric customers have been
of Camden, with a combined
in May, and results under our management have been en- improved and extended during the year. New office buildeouraging as to future possibilities.
ings, containing attractive rooms for the sale of appliances
Further provision of super-service bus lines, providing a and well arranged office space for the transaction of other
and charging a higher rate business were built by the Company and opened in Summit,
better class of accommodations,
of fare. These lines are becoming increasingly popular Rutherford and New Brunswick. At Pompton Lakes, an
and are attracting a class of business not hitherto secured. office and salesroom was opened in rented quarters for the
Addition of a number of interstate bus lines, both in the accommodation of the people of that and adjacent communiNorthern and Southern sections of the State. The acquisition ties into which gas service is being extended. Of the twentyand inauguration of such lines, was undertaken, not only as a nine offices maintained by the Company in various municimeasure of protection, necessary because of the failure of palities of the State, twenty-one are now housed in CompanyCongress to provide interstate bus regulation, but also be- owned buildings.
cause there is demand for such service by the traveling public.
The telephone table and order file system, previously
Further promotion of chartered bus service. This service adopted for the larger offices of the Company and tested as
is proving itself to be a popular and profitable activity and to its adaptability to the smaller offices at Orange in 1927,
will be further developed. Revenue from this source increased was found to meet requirements and was installed in 1928
more than one-third.
in the Bayonne, Hackensack, Elizabeth and Montclair
On December 31, 1928, there were in operation by Public Offices. Thirteen of our offices are now so equipped and
Service Coordinated Transport, 56 street car lines, calling service to customers along all lines has been materially
for the use of 1,240 cars and 150 bus lines, calling for the improved. With four of the tables operating for two
use of approximately 1,650 buses. In addition, Public months of the year only, a total of 811,955 telephone calls
Service Interstate Transportation Company was operating 17 were handled.
lines and approximately 95 buses.
The telephone system maintained for Public Service
During the year, Transport and Public Service Interstate offices and plants and outside communication was added to
Transportation Company put in operation 365 new buses of by the installation of three additional exchanges and fifteen
the most modern and efficient type.
new tie lines between exchanges. The system now embraces
Transport took over, during the year, eighteen bus lines fifty-four exchanges with 2,704 stations and 415 other
with permits for the operation of 109 buses, theretofore telephones.
operated by other interests, and our Interstate Company,
Notable among the many supplementary services provided
three lines, holding permits for the operation of 69 buses. for the assistance and convenience of gas and electric users,
Of the lines taken over, by Transport, three were local and is the Home Economics Department. The work of this
eleven were inter-community lines. In addition, one local, organization, which provides instruction for housewives by
nine inter-community and one interstate line were inaugu- means of radio talks, cooking classes, demonstrations of
rated.
appliances, distribution of recipes and in other ways, was
Of the lines taken over by Transport, the largest and facilitated by the opening in the Newark Office of a Home
most important transaction involved the lines formerly Economics kitchen and classroom in which classes in domesoperated by the Morris County Traction Company, which tic science organized among our customers are given six
served a number of communities in Morris County, and times a week.
which were later extended by Transport to Bertrand's
MAINTENANCE OF PROPERTY
Island and Newton. Some 42 buses are now used on these
lines. For convenience of operation, the territory covered
EXPENDITURES FOR MAINTENANCE.
by these lines was formed into another operating division.,
The property of all operating companies has been mainso that Transport property is now divided into seven such tained during the year in accordance with the high standard
divisions.
which has been consistently followed in past years. The
Facilities for the maintenance, garaging and operation of amount spent for maintenance was $12,112,718.13, while
materially increased and improved. A garage $11,552,007.64 was set aside for depreciation and retirebuses were
with a capacity of 130 buses was erected for Pennjersey ment purposes.
operation at Camden, and a 90-bus garage at Passaic.
In the case of Public Service Coordinated Transport,
Additions and improvements increased the capacity and statistics show the careful attention given to the conservaDover, Plainfield, Camden, the car tion of its plant and equipment. During the year 4.531
efficiency of garages at
house and garage in East Orange and the Hilton car house miles of track were reconstructed with old, and 26.726 miles
and garage in Irvington. In the erection of new and the with new rail; 24 miles of new trolley wire was strung, 2,458
remodeling of old garages, all necessary equipment for ex- street cars went through the shops for general repairs, 664
peditious maintenance and repairs is provided.
street cars were repainted, 1,112 buses were partially and
An important addition to the facilities at Newark shops, 52 buses were completely overhauled during the year, 363
where major bus repairs are made and bus body construction bus engines were overhauled, 1,003 buses were painted,
.carried forward, was the erection of a building for the while much other maintenance work was carried on.
manufacture of bus springs.
Repairs and a large amount of construction is taken care
Alterations and improvements, including the laying of a of in the shops and garages of the Company. In 1928,
concrete pavement between the car tracks and the provision bodies for 333 new buses were built, 48 street ears and six
of accommodatioft for waiting passengers, were completed buses were converted into the de luxe type and four bus
at Journal Square Terminal, Jersey City, which have made wrecking buses were constructed. Our bus department is
it available as a bus, as well as a street car, terminal.
carrying on a number of important experiments and tests,
The decrease in the number of passengers carried on the looking towards improvement in design and mechanism;
railway lines of Transport, recorded in the statistical section among others, one involving the perfection of equipment
of this report,is the result of the substitution of bus for car which will efficiently utilize low grade fuel and so effect a
service on certain routes and the provision in many places substantial saving.
of additional bus service, all of which was to be expected
INSURANCE OF PROPERTY.
under our plans for coordination. Street car service is,
property
however, as necessary as ever in the territory served by of On December 31, 1928, there was in effect on theinsurance
the Corporation and its subsidiary companies
Transport, and the street car is still the most efficient to the amount of $109,442,538, an increase during the year
vehicle known for the handling of so-called "Mass" trans- of $8,034,803. The average rate paid was 20.64 cents per
portation. In the more congested sections, it continues to be $100, a decrease of 1.17 cents per $100, so that in spite of
the "backbone" of the system, and the attention of our the large increase in coverage, premiums paid increased
• operating officers is directed to increasing its efficiency and by only $4,677.78, the total amount paid in premiums being
the attractiveness of its service.
$225,853.75.
During the year, our system of tracks was extended by
PLANS FOR FUTURE EXTENSION
construction of 2.073 miles of new tracks; a system of
the
GROWTH OF THE TERRITORY SERVED.
track circuit signals, for the regulation of speed and the
The territory served by Public Service operating com. spacing of cars, was installed on the elevated structure be• tween Ogden Avenue, Hoboken, and Henderson Street, panies is, both from the standpoint of population and from
2114
FINANCIAL CHRONICLE
that of industry, growing at a rapid rate. With the new
means of Communication that have been and are to be established between New Jersey and New York on its northern,
and Pennsylvania on its southern boundary, development
will continue at an accelerated pace.
A survey of the district surrounding Newark recently made
by the Chamber of Commerce of that,city showed that 417
new industrial concerns had located in the section within a
space of twenty-nine months; traffic between New York and
New Jersey through the vehicular tunnel has exceeded the
most optimistic predictions, and this is also true as to traffic
over the Delaware River bridge; the Hudson River span
between Fort Lee and upper Manhattan is well on its road
to completion, and its opening will undoubtedly see a large
expansion in the population of Bergen County, signs of
which are already in evidence; a decentralization policy.
in
the developmnt of the New York Metropolitan district
which will distribute commercial and industrial activities
throughout the territory surrounding Manhattan, is meeting
with increased favor; on every hand improvements are
under way or projected which promise further great growth
and progress.
Of immediate interest to this organization is the electrification of both the Pennsylvania and the Lackawanna
Railroads, since negotiations are now under way for the
provision of electric power for these operations by Public
Service Electric and Gas Company.
Under these conditions it is essential that Public Service
should plan comprehensively and well in advance of actual
demand, for the expansion of its facilities to meet requirements as they arise, and that it should keep in mind, in the
preparation of such plans, not only increasing demand for
facilties, but social and economic changes which affect
the character fo the demand.
ELECTRIC AND GAS RATES.
The filing of new gas and electric rates, by Public Service
Electric and Gas Company on December 3, was in line with
this latter requirement. Both in regard to electricity and
gas, development of new and perfection of old appliances
has opened up new fields of domestic utilization. In connection with the use of gas, changing habits of living have
reduced the normal household consumption for cooking
and like purposes.
To meet this situation, the schedules filed by the Company
lowered the rates for quantity domestic consumption for
both electricity and gas. In the case of the former, the first
two steps of the present rate were maintained, with a drop to
five cent. per kilowatt hour in the hird step, this low third
step being designed to encourage the further use of appliances.
By the gas schedule filed, the charges of those using gas in
small quantities would be increased to cover,in part, the cost
of providing their service, while users of more than 3,200
cubic feet a month would be charged a lower rate than now
prevails which would permit of the economical use of gas for
many additional heating purposes.
The electric rate, which it is estimated will provide for the
customers of the Company an annual saving of $1,250,000,
wentinto effect with January,1929,bills; operation of the gas
rates was suspended by the State Board of Public Utility Commissioners and they are now underinvestigation by that body.
[VOL. 128.
City Railway will be built in connection with the extensive
improvements to be made by the Pennsylvania Railroad in
Newark. Starting from a terminal to be constructed under a
new Pennsylvania station, at approximately the same
location as the present station, its tracks will be laid in the
bed of the abandoned Morris Canal, as far as the city line at
Belleville. It will be a two-track system adapted for high
speed trolley operation, and will be connected at various
points with the tracks of Transport. When it is in operation,
it will be possible to operate cars, through this subway in the
central part of the city, bringing them to the surface in the
outlying districts.
Under the plans of the Pennsylvania Railroad, Hudson
and Manhattan tube trains will be routed through the new
station to a terminal located near South Street, taking on and
discharging passengers at both points. There will be direct
access, by means of ramps, to and from the tube unloading
platforms from the underground station of City Railway.
A bus terminal is to be provided both at the new station and
at the South Street tube terminal.
The improvements to be brought about by the Pennsylvania-City Railway project will, it is believed, relieve the
traffic situation in Newark by removing a large number of
cars and buses from streets in the center of the city and by
speeding up service between Newark and its suburbs.
The contract for the operation of City Railway is for a
term of fifty years, either party having the option, after it
has been in effect for thirty years of terminating it upon two
year's notice. The rental to be paid by Public Service Coordinated Transport is to be $125,000 a year.
PERSONNEL
On December 31, 1928, there were in the employ of Publie
Service Corporation of New Jersey and its operating companies 19,941 men and women, while the amount paid in
salaries and wages during the year amounted to $37,487,048.39.
•
ANNIVERSARY BONUS FOR EMPLOYES.
To mark their appreciation of the part that the loyal
service of employes has played in the upbuilding of Public
Service, the Boards of Directors of the Corporation and of
the subsidiary companies, voted to each employe who on
June 1, 1928—the twenty-fifth anniversary of Public
Service—had been in service for twenty-five years or more,.
a bonus of one-tenth of salary received in 1927.
Public Service is justly proud of the organization that has
been assembled to carry on its business and of the many
ways in which the welfare of the individuals that compose
it is safeguarded and company morale promoted.
GROUP INSURANCE.
On July 1,1928,the provisions of the group insurance plan,
under which insurance at a low rate is open to all regular
employes, was broadened so as to provide double the amount
of insurance hitherto possible. At the same time the monthly
premium which is paid by the employe was decreased from
60 cents to 50 cents a $1,000. The result is seen in an
increase of 2,325 in the number of employes covered by
insurance and of $20,777,500 in the amount of coverage as
between December 31, 1927, and December 31, 1928.
The number of employes insured December 31, 1928, waa14,994, and the amount of insurance carried $37,003,500.
Insurance to the amount of $157,500 was paid during theEXTENSION OF ELECTRIC SYSTEM.
Construction work on the interconnection for the purpose year to the beneficiaries of the 100 insured employes who.
of exchanging power between the electric systems of Public died during that period.
The total number of deaths among employes covered by the
Service Electric and Gas Company, Philadelphia Electric
Company and Pennsylvania Power and Light Company, Public Service Welfare Plan, applicable to all regular emplans for which were announced in the 1927 report, was ployes, was 124, and an additional $51,516.80 due under
carried forward during the year. Part of the Roseland the Welfare Plan was paid to their families.
Supplementing the insurance provisions of the plan, sick
switching station was completed, the tower line between
Roseland and Bushkin station of Pennsylvania Power benefits amounting to $43,211.81 were paid in 918 cases of
and Light Company was in part constructed and various illness. The dispensary opened in the Newark Terminal
other important work carried on. The transmission line building early in 1928 where medical and surgical services.
connecting Roseland with the Philadelphia Electric station, are provided for employes proved its worth. During eleven
will, it is expected, be completed in 1929, so that the inter- months of the year in which it was opened, a total of 2,082
connection will be in operation before the end of the year, individuals were treated, the total of visits being 7,648, of
giving the territory served by the three companies recourse which 3,944 called for treatment by a doctor and the remainder by the nurse who is in attendance at all times
to one of the largest power pools in the world.
Plans for 1929 construction call for the construction of a whenthe dispensary is open.
double circuit steel tower line connecting the Metuchen and
RETIREMENT OF VETERAN EMPLOYES.
Trenton switching stations, which will tie together the two
Sixty-nine employes were retired on pensions during 1928.
great northern and southern sections of our system and will
materially reinforce facilities available for Trenton and Twenty-two employes on the pension rolls died. On December 31, 1928, there were on the retirement list 298 employes,
adjacent territory.
There was purchased during the year, 125 acres of land on to whom was paid during the year $253,211.81 in pensions.
the Arthur Kill, north of Sewaren, upon which it is planned to Of the employes on the rolls, 82, or 28 per cent., were retired
because of disability, and 216, or 72 per cent., because they
erect in the near future a power plant which will be one of the had
reached the age of retirement.
largest yet to be constructed. The location chosen gives
access to the Arthur Kill both for coal delivery and conden- in Payments under the workmen's compensation law made
1928 totalled $287,921.74, of which $235,383.07 covered
sing water, and will permit the output of the station to be
.
fed into the "inner ring," adding to the already great supply the actual requirements of the law, $6,704.26 covered payments not required by law and $45,834.41 was on account
of energy available for the industrial district of northern of
administration expenses.
New Jersey.
EXTENSION OF TRANSPORTATION SYSTEM.
NO ACCIDENT BONUS PLAN
An important forward step towards the improvement of
Labor turnover for the year in the operating department
the local transportation situation in Newark and its environs of Public Service Coordinated Transport amounted to 46.3
was taken in the negotiation of a contract between the City per cent. and was the lowest in a number of years. The
of Newark and Public Service Coordinated Transport, under personnel of this department is being constantly improved
the terms of which Transport will operate in connection with and the result is shown both by improvement in the accident
its own system, City Railway. This contract was signed record and in a marked increase in the number of commenda—
January 9, 1929.
tions of operators received from patrons.
MAR. 30 1929.]
The "no accident bonus" plan, referred to in last. year's
report, was modified to meet conditions and kept in effect
during the year. In the first period of the year 2,325 operators received bonuses; in the second, 2,662,and in the third,
2,381, the total amount paid in bonuses during the year
amounting to $134,993.
As denoting the degree of cooperation given by our ear
operators, it is worthy of note that the power saving campaign carried on during 1928, the success of which depends
largely on the support of the platform men, resulted in a
reduction of $152,000 in the Company's power bills.
The officers of Public Service rate the organization of men
and women which has been built up for the operation of the
Public Service properties as an asset of the greatest value,
and are proud of the loyal and efficient service that it provides.
FINANCIAL STATEMENT AND STATISTICAL
" INFORMATION
Attention is called to the balance sheets and statements of
earnings and expenses of the Corporation and its subsidiary
companies which have been verified by Niles and Niles,
Certified Public Accountants of New York, and to the usual
statistical information and other statements herein submitted.
THOMAS N. McCARTER, President.
COMBINED RESULTS OF OPERATIONS
PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY UTILITY COMPANIES.
FOR THE TWELVE MONTHS ENDING DECEMBER 31, 1928.
Operating Revenues
$125,528,580.36
$51,535,417.55
Operating Expenses
12,112,718.13
Maintenance
11,552,007.64
Depreciation and Retirement Expenses
13,355,942.23
Taxes
88,556,085.55
$36,972.494.81
Operating Income
Other Income—
Income of Public Service Corporation of
New Jersey (exclusive of dividends on
stocks of operating utility companies).- $3,800,260 94
LESS
$824,314.42
Expenses
Retirement Expenses
103,227.83
Taxes
241,907.86
1,169.450.11
$2.630,819.83
Non-Operating Income of Subsidiary Companies
Credit Adjustments of Surplus Accounts—
Public Service Corporation of New
Jersey
Subsidiary Utility Companies
2115
FINANCIAL CHRONICLE
435,021.56
16,712.73
7,416.73
3,089,961.85
Total
$40,062,456.66
Deductions—
Income Deductions of Subsidiary Companies—
Bond Interest, Rentals and Miscellaneous Interest Charges
$12,030,105.03
Income Deductions of Public Service Corporation of New Jersey—
Interest on Perpetual Interest-Bearing
Certificates
1,116,924.88
Interest on Secured Gold Bonds, 6%
Series due 1944
239.008.86
Interest on Secured Gold Bonds, 535%
Series due 1956
169,651.27
Interest on Public Service Newark
Terminal Railway Company First
Mortgage Bonds
231,989.99
Interest on Convertible 4M% Gold Debenture Bonds due 1948
773,964.37
Interest on Miscellaneous Obligations326,483.68
Amortization of Debt Discount and Expense
155,597.71
Other
Deductions from In34,856.21
come
Dividends on Stocks of Subsidiary Utility
Companies in Hands of Public—
Public Service Electric and GM Com2,009,685.58
pany 6% Preferred Stock
1,999.48
Other Stocks
17,090.267.06
Balance for Dividends and Surplus
$22,972,189.60
Dividends on Preferred Stocks of Public Service Corporation
of New Jersey
8 Cumulative Preferred Stock
$1,722,496.00
2,023,560.00
7 Cumulative Preferred Stock
6% Cumulative Preferred Stock
2,917,093.00
$5.00 Per Share Per Annum Cumulative
38,045.93
Preferred Stock
6,701,194.93
$16,270,994.67
Dividends on Common Stock of Public Service Corporation
of New Jersey
11,163,424.91
Net Increase in Surplus
$5,107,569.76
Deferred Charges—
$405,702.17
Prepayments
Unamortized Debt Discount and Expense.. 7,473,342.75
2.149,420.03
Miscellaneous Suspense
10,028.464.95
5600,348,443.53
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Long Term Debt—
Long-Term Debt of Public Service Cor$31,892,660.00
poration of New Jersey
Long-Term Debt of Operating Subsidiaries
Controlled Through Stock Ownership_ _109,169.618.78
Long-Term Debt of Lessor Companies
24,072,300.00
Controlled Through Stock Ownership
Long-Term Debt of Lessor Companies Noe
Controlled Through Stock Ownership 49.945,550.00
$215,080,128.78
Current Liabilities—
$4.722,957.59
Accounts Payable
300.00
Notes Payable
4,109,468.46
Consumers' Deposits
10,601.21
Miscellaneous Current Liabilities
2,848,007.18
Taxes Accrued
1,913,735.71
Interest Accrued
218,751.81
Accrued Liabilities
Miscellaneous
13,823,821.96
Reserves—
$614,259.13
Premiums on Capital Stock
42,563,798.44
,
Retirement Reserve
432,000.00
Contingency Reserve
6,220.39
Unamortized Premium on Debt
2,505,116.07
Casualty and Insurance Reserve
382,820.32
Contributions for Extensions
2,961,310.18
Miscellaneous Reserves
49,465,524.53
2,127,681.96
Miscellaneous Unadjusted Credits
Capital Stock—
Capital Stock of Public Service Corpora—
tion of New Jersey—
Common Stock (4,950,189 shares no
$115,280,093.78
par)
21,531,200.00
8% Cumulative Preferred Stock
28,908,000.00
7% Cumulative Preferred Stock
56,147,900.00
6% Cumulative Preferred Stock
$5.00 Per Share Per Annum Cumulative
Stock (32,055 shares no par) 3,134,799.95
Preferred
$225,001,993.73
Capital Stock of Operating Subsidiaries
Controlled Through Stock Ownership__ 33,529,245.00
Capital Stock of Lessor Companies Con6,022,656.67
trolled Through Stock Ownership
Capital Stock of Lessor Companies Not
Stock Ownership.. _ 29,062,050.00
Controlled Through
293,615,94540
Subscriptions to and Sales of Cumulative
CorporaPreferred Stock of Public Service
tion of New Jersey under Deferred Payment Plan
9868,602.00
6% Cumulative Preferred Stock
$5.00 Per Share Per Annum Cumulative
1,996,486.00
Preferred Stock
2.865.088.00
Profit and Loss—Surplus—
$18,262,683.14
Balance December 31, 1927
Net Increase Year Ending December 31,
1928, from statement of combined re5,107,569.76
sults of operations
23.370,252.90
$600.348,443.53
PUBLIC SERVICE ELECTRIC AND GAS COMPANY.
INCOME ACCOUNT
FOR THE TWELVE MONTHS ENDING DECEMBER 31, 1928.
Operating Revenues—
$58,860,099.12
Electric Department
28,683,368.97
Gas Department
$87,543,468.09
Operating Expenses—
$18,319,274.05
Electric Department
13,165,392.52
Gas Department
$31,484.666.57
Maintenance—
$4,606,595.65
Electric Department
1,705,992.25
Gas Department
6,312,587.90
Taxes—
$6,749,477.23
Electric Department
3.574,747.23
Gas Department
10,324,224.46
Retirement Expenses—
$7.250,701.56
Electric Department
*1,393,367.03
Gas Department
8,644,068.59
Operating Revenue Deductions—
$36.926,048.49
Electric Department
19,839,499.03
Gas Department
Operating Income—
Electric Department
Gas Department
$21,934,050.63
8,843,869.94
Non-Operating Revenue.— $3,418,524.24
Non-Operating Revenue De37,183.81
ductions
56,765,547.52
$30,777,920.57
PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY UTILITY COMPANIES
3,381,340.43
Non-Operating Income
CONSOLIDATED BALANCE SHEET—DECEMBER 31, 1928.
$34,159,261.00
Gross Income
ASSETS.
Income Deductions (Bond Interest, Rentals and MiscelFixed Capital
$549,885,781.82
10,079,024.03
laneous Interest Charges)
Investments
5,801,844,38
Sinking Funds and Other Special Funds—
$24,080,236.97
Net Income
Sinking Funds
9160,061.06
28,553.49
Profit and Loss Accounts—
Other Special Funds
Adjustment of Surplus Accounts (exclusive of dividends)
188,614.55
4,185.70
Special Deposits
(credit)
553,593.27
Current Assets—
$24,084,422.67
$12,806,324.72
Cash
757,656.25
Dividends on Outstanding Stocks—
Marketable Securities
341,655.50
Paid to Public Service Corporation of New
Notes Receivable
Jersey:
11,542,917.98
Accounts Receivable
$16.843,737.52
118,037.95
Common Stock
Interest and Dividends Receivable
1,398,299.00
Materials and Supplies
6,499,318.96
7 Cumulative Preferred Stock
1,094,322.00
289,287.16
Miscellaneous Current Assets
6% Cumulative Preferred Stock
Subscribers to and Purchasers of Cumula$19.336,358.52
tive Preferred Stock of Public Service
Paid to Unaffiliated Interests:
Corporation of Now Jersey under De12.48
Common Stock
ferred Payment Plan
1,701.00
7% Cumulative Preferred Stock
6% Cumulative Preferred
2.009,685.58
8% Cumulative Preferred Stock
$102,229.54
Stock
21,347.757.58
$5.00 Per Share Per Annum Cumulative Pre1,432,716.50
$2.736.665.09
Net Increase in Surplus
ferred Stock
1.534,946.04
33,890,144.56 * Includes $202,025.37 Camden Coke Company Retirement Expense.
2116
FINANCIAL CHRONICLE
[VOL. 128.
PUBLIC SERVICE CORPORATION OF NEW JERSEY
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
BALANCE SHEET DECEMBER 31. 1928.
AND
CAMDEN COKE COMPANY.
ASSETS.
Investments—
Securities of Subsidiary and Leased Companies
$251,479,897.69
Other Securities
Advances to Affiliated Companies
12,816:435.73
Real Estate
12,574,337.80
$281,226,667.94
Reacquired Securities
13,460.96
Treasury Securities
257,000.00
Sinking Funds—
Sinking Fund of Public Service Newark
Terminal Railway Company First Mortgage Bonds
$383,598.87
Sinking Fund of Perpetual Interest-Bearing Certificates
649,709.37
1,033,308.24
Current Assets—
Cash
$3,158.022.84
Marketable Securities
757.656.25
Notes Receivable
337,500.00
Accounts Receivable
972,838.69
Interest and Dividends Receivable
497,701.38
Subscribers to and Purchasers of Cumulative Preferred Stock under Deferred
Payment Plan
6% Cumulative Preferred Stock
102,229.54
85.00 Per Share Per Annum Cumulative Preferred Stock
1,432,716.50
7,258,665.20
Deferred Charges—
Prepayments
$3,179.38
Unamortized Debt Discount and Expense_ 1,081,725.16
Miscellaneous Suspense
35,778.95
1,120.683.49
$290,909,785.83
CONSOLIDATED BALANCE SHEET DECEMBER 31, 1928.
ASSETS.
Fixed Capital—
Balance December 31, 1927
$254,887,122.44
Construction Year Ending December 31,
1928
32,989,677.20
Total
Less Property Written Off During Year.-$287.876,799.64
- 6,268,421.25
Balance December 31, 1928
$281,608,378.39
Investments—
Public Service Corporation of New Jersey
6% Cumulative Preferred Stock
$18,915.960.00
Securities of Affiliated Companies
33,805,533.81
Other Investments
18,384.80
52,739,878.61
Reacquired Securities
2,914,000.00
Miscellaneous Assets—
Sinking Funds
$112,423.17
Miscellaneous Special Funds
15,993.21
Miscellaneous Special Deposits
2,020.60
130,436.98
Current Assets—
Cash
$8,056,356.55
Notes Receivable
4,155.50
Accounts Receivable
12,597,997.61
Interest and Dividends Receivable
249,386.81
Materials and Supplies
5.721,654.42
Miscellaneous Current Assets
187,800.00
26,817,430.89
Deferred Charges—
Prepayments
$168,893.49
Unamortized Debt Discount and Expense_ 6,208,812.63
Miscellaneous Suspense
2.111,790.11
8,489,496.23
LIABILITIES. CAPITAL STOCK AND SURPLUS.
Long-Term Debt—
Perpetual Interest
-Bearing Certificates_.$20,111,910.00
Public Service Newark Terminal Railway
Company 5% First Mortgage Bonds due
$372,699,621.10
1955
5,000,000.00
Convertible 4 % Gold Debentures due
194g
LIABILITIES, CAPITAL STOCK AND SURPLUS.
7,481,000.00
Real Estate Mortgages
1,442.500.00
Long-Term Debt—
$34,035,410.00
First and Refunding Mortgage Gold
Advances from Other Corporations
32,552.25
Bonds,5% Series due 1965
Current Liabilities—
822,300,000.00
First and Refunding Mortgage Gold
Accounts Payable
$887,555.70
Bonds, 4;4% Series due 1967
Miscellaneous Current Liabilities
45,000.000.00
1,144.28
Bonds of Merged Companies
Interest Accrued
21,766,100.00
390,893.70
Real Estate Mortgages
Miscellaneous Accrued Liabilities
1.719.662.50
14.932.22
Equipment Obligations
260,000.00
1,294,525.90
Advances for Construction
Reserves—
42,191.63
Miscellaneous Long-Term Debt
Premiums on Capital Stock
17,100.00
$1,177,519.13
Retirement Reserve
269,185.49
$91,105.054.13
Contingency Reserve
432.000.00
Current Liabilities—
Miscellaneous Reserves
55,999.08
Accounts Payable
Miscellaneous Unadjusted Credits
$2,243,168.18
1,311.32
Consumers' Deposits
4,109,468.46
1,936,015.02
Miscellaneous Current Liabilities
Capital Stock—
6,887.28
Taxes Accrued
Common Stock (4.950,189 shares no par) $115,280,093.78
2,268,198.94
Interest Accrued
8% Cumulative Preferred Stock
829,537.98
21.531.200.00
Miscellaneous Accrued Liabilities
7% Cumulative Preferred Stock
647,954.99
28,908,000.00
6% Cumulative Preferred Stock
10,105,215.83
74,163,100.00
15.00 Per Share Per Annum Cumulative
Reserves—
Preferred Stock (32,055 shares no par)- _ 3,134,799.95
Premium on Capital Stock
$337,500.00
243,017,193.73
Retirement Reserve
36,381,763.02
Subscriptions to and Sales of Cumulative
Unamortized Premium on Debt
39.20
Preferred Stock Under Deferred Payment
Casualty and Insurance Reserve
1,342,212.46
Plan
Miscellaneous Unadjusted Credits
2,026,618.16
6% Cumulative Preferred Stock
$868,602.00
Miscellaneous Reserves
3,650,066.49
$5.00 Per Share Per Annum Cumulative
43.738,199.33
Preferred Stock
1,996,486.00
Capital Stock—
2,865,088.00
Profit and Less—Surplus—
Public Service Electric and Gas Company—
Balance December 31. 1927
$5,853,443.71
Common Stock
$139,750,000.00
Net Income Year Ending December 31,
7% Cumulative Preferred Stock
20,000,000.00
1928
20,626.299.83
6% Cumulative Preferred Stock
51.739,300.00
Camden Coke Company
500.00
Total
$26,479,743.54
211,489.800.00
Additions to Surplus
16,712.73
Profit and Loss—Surplus—
$26,496,456.27
Balance December 31 1927
$13.524,686.72
Less Dividends Paid During Year
18,767,455.34
Net Increase Year Ending December 31,
1928
2,736.665.09
Balance Profit and Loss—Surplus December 31, 1928- -7.729.000.93
16,261,351.81
$290,909.785.83
$372,699,621.10
PUBLIC SERVICE COORDINATED TRANSPORT
Public Service Railroad Company, Port Richmond and Bergen Point Perry Company, Public Service Interstate Transportation
Company, Highland
Improvement Company, The Riverside and Fort Lee Ferry Company, New York Harbor Real Estate Company, Yellow Cab
Company of
Camden, New Jersey.
INCOME ACCOUNT FOR THE TWELVE MONTHS ENDING DECEMBER 31 1928.
Public Service Public Service
Other
Coordinated
Railroad
Affiliated
Transport.
Company.
Companies.
Total.
Operating Revenues
$34,719,509.06
$286,202.67 $2,979,400.54 $37,985,112.27
Operating Expenses
Maintenance
Taxes
Depreciation
$18,463,397.65
5,393,629.65
2,773,598.00
2,637,473.27
$62,613.65 $1,524,739.68 320,050,750.98
53,023.46
353,477.12 5,800,130.23
52,179.46
205.940.31
3,031,717.77
270,465.78 2,907,939.05
Operating Revenue Deductions
$29,268,098.57
$167.816.57 $2,354,622.89 $31,790,538.03
Operating Income
Non-Operating Income (Exclusive of Dividends of Affiliated Companies)
35,451.410.49
150,842.12
$118,386.10
1.930.41
$624.777.65 $6,194,574.24
55.059,06
207.831.59
Gross Income
Income Deductions (Bond Interest, Rentals and Miscellaneous Interest Charges)
85,602,252.61
5,779,372.73
$120.316.51
95.419.65
$679,836.71 $6,402.405.83
35,211.03 5.910,003.41
Net Income or Loss...,
Profit and Loss Accounts (Excluding Dividends)
d$177,120.12
c3.313.52
$24,896.86
82.49
$644,625.68
$492,402.42
c3,231.03
Surplus (Before Dividends)
Intercompany Dividends
d$173,806.60
a444,514.00
$24,814.37
$644,625.68
444,514.00
$495,633.45
$270,707.40
$24,814.37
$200,111.68
286.00
$495,633.45
286.00
Dividends Paid Unaffiliated Interests (Directors)
Net Increase or Decrease in Surplus
d Deficit. a Credit.
$270,707.40
$24,814.37
$199,825.68
$495,347.45
2117
FINANCIAL CHRONICLE
MAR. 30 1929.1
PUBLIC SERVICE COORDINATED TRANSPORT
Company, Port Richmond and Bergen Point Ferry Company, Peoples Elevating
Public Service Railroad Company, The Riverside and Fort Lee Ferry
Company, Public Service Interstate Transportation
Company, Highland Improvement Company, Public Service Rapid Transit Railroad
Jersey.
Company, New York Harbor Real Estate Company, Yellow Cab Company of Camden, New
CONSOLIDATED BALANCE SHEET DECEMBER 31 1928.
LIABILITIES AND CAPITAL STOCK
Funded Debt Unmatured—
$41,568,016.00
Mortgage Bonds
12,668,000.00
Equipment Obligations
Obligations—
Miscellaneous
409,392.23
Real Estate Mortgages
381,172.42
Advances for Construction
ASSETS.
Road and Equipment—Fixed Capital—
$117,736,053.19
Balance December 31, 1927
Additions to Property—Year Ending
9,441,001.89
December 31, 1928
$127,177,055.08
$55,026,580.65
Total
Advances from Other Corporations—
Less Property Written Off During Year -- 1,197,565.44
;
12,375,000.00
Service Corporation of New Jersey
Public
$125,979,489.64 Non-Negotiable Debt to Lessor Companies—
Balance December 31, 1928
717,872.16
Investments
Bonds of Lessor Companies Issued for Construction
112,479.07
1.643,000.00
Sinking Funds
Expenditures
551,572.67 Current Liabilities—
Special Deposits
•
$300.00
Current Assets—
Notes Payable
4,012,040.83
$1,591,945.33
Cash
Accounts Payable
374,190.77
71,537.79
Miscellaneous Accounts Receivable
Other Current Liabilities
7.481.13
427,623.47
Interest, Dividends and Rents Receivable
Tax liability
777,664.54
Materials and Supplies
Accrued Interest, Dividends and Rents
830,786.96
101,407.16
Other Current Assets
Payable
2,852,688.93
5.342,289.05
12.560.28 Deferred Liabilities
1.148,158.39
Deferred Assets
Deferred Charges—
Reserves—
Rents and Insurance Premiums Paid in
Accrued Depreciation—Road and Equip$65,615.58
$5.912,849.93
Advance
ment
187,021.21
6,181.19
Discount on Funded Debt
Premium on Funded Debt
17,679.92
1,162,903.61
Other Unadjusted Debits
Casualty and Insurance Reserve
270,316.71
100,169.82
Unadjusted Credits
Other
7,182,104.55
Corporate Deficit,—
$868,000.63
Balance December 31, 1927
Capital Stock—
Net Decrease Year Ending December 31,
Transport- _ _ _$46,607,500.00
Public Service Coordinated
495,347.45
285,000.00
1928
Public Service Railroad Company
The Riverside and Fort Lee Ferry Com372,653.18
1,00b.000.c0
31. 1928
Balance December
pany
Port Richmond and Bergen Point Ferry
40,000.00
Company
800.00
Peoples Elevating Company
19,100.00
Improvement Company
Highland
Public Service Rapid Transit Railroad
200,000 00
Company
Public Service Interstate Transportation
100.00
Company
48.152,500.00
a
$130,869,632.64
$130,869,632.64
53 State Street
Boston
Henry A. Niles, C.P. A.
Henry A. Horne, C. P. A.
Ernest N. Wood, C. P. A.
NILES & NILES
Certified Public Accountants
60 Broadway, New York
CERTIFICATE OF ACCOUNTANTS
New York, March 12, 1929.
We have examined the books, accounts, and records of the
Public Service Corporation of NewJersey and of itssubsidiary
companies for the year ending December 31, 1928.
We certify that, in our opinion, the combined income and
profit and loss of the Public Service Corporation of New
Jersey and its subsidiary utility companies for the year
ending December 31, 1928, is correctly shown by the statement on page 29; the income and profit and loss for the year
ending December 31, 1928, of the companies which operate,
respectively, the electric, gas, and transportation utilities
is correctly shown by the statements on pages 33 and 35;
and the balance sheets as of December 31, 1928, of
.
Public Service Corporation of New Jersey and its subsidiary utility companies (consolidated),
Public Service Corporation of New Jersey,
Public Service Electric and Gas Company and Camden
Coke Company (consolidated),
Public Service Coordinated Transport,
Public Service Railroad Company,
Public Service Interstate Transportation Company,
Public Service Rapid Transit Railroad Company,
The Riverside and Fort Lee Ferry Company,
Port Richmond and Bergen Point Ferry Company,
Highland Improvement Company,
New York Harbor Real Estate Company,
Peoples Elevating Company,and
Yellow Cab Company of Camden, New Jersey,
(consolidated),
shown on pages 30-31,32,34 and 36-37(pamphlet report) are
in accordance with the books,and correctly show the financial
condition of these companies at that date.
NILES & NILES,
Certified Public Accountants.
COMPANIES.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY
LONG TERM DEBT DECEMBER 31 1928.
Authorized.
Outstanding.
Intercompany ct
Sinking Fund
Holdings.
'Amount
in the Hands
of Public.
Public Service Corporation of New Jersey—
perpetual Interest-Bearing Certificates of Public Service Corporation of New Jersey.
Fidelity Union Trust Company, Trustee. Rate 6%. Interest Payable May
$20.200,000.00 $20,111,910.00 a$1,496,750.00 $18,615,160.001
and November
Public Service Corporation of New Jersey Convertible 4%% Gold Debentures. Due
February 1 1948. Fidelity-Philadelphia Trust Company, Trustee. Interest 43,689,000.00
,
b257,000.00 7,224,000.00
7.431.000.00
Payable February and August
Public Service Newark Terminal Railway Co. 5% First Mortgage. Due June 1 1955.
c389,000.00 4.611,000.001
5.000,000.00
5,000.000.00
Fidelity Union Trust Co., Trustee. Interest Payable June and December
1,442,500.001
1,442.500.00
Real Estate Mortgages
$34,034,410.00 $2,142,750.00 $31,892,660.00
Total Public Service Corporation of New Jersey
Public Service Electric and Gas Company—
Public Service Electric and Gas Company First and Refunding Mortgage Gold Bonds
5% Series Due June 11965. Fidelity Union Trust Co.,Trustee. Interest Payable
,
$22.300.000.00
$50,000,000.00 $22.300.000.00
June and December
Public Service Electric and Gas Company First and Refunding Mortgage Gold Bonds
43 % Series Due December 11967. Fidelity Union Trust Co., Trustee. Interest
45,000.000.00*
100.000,000.00 45,000,000.00
Payable June and December
United Electric Company of New Jersey 4% First Mortgage. Due June 1 1949.
New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June and
d683.000.00 17.934,500.00'
20.000,000.00 18,617,500.00
December
Consumers Light, Heat & Power Company 5% First Mortgage. Due June 1 1938.
Title Guarantee & Trust Co., Trustee. Interest Payable June and
New Jersey
,
303,000.00
•577,000.00
885,000.00
1,000,000.00
December
North Hudson Light, Heat & Power Company 5% First Mortgage, Due October 1
Guarantee & Trust Co., Trustee. Interest Payable
1938. New Jersey Title
367,000.002
2,000,000.00 •1,633.000.00
2.000,000.00
April and October
Middlesex Electric Light & Power Company 5% First Mortgage. Due January 1 1955•
,
160.000.00
d21,000.00
181,000.00
200,000.00
Payable July and January
Fidelity Union Trust Co., Trustee. Interest
-year 5%
Princeton Light, Heat & Power Company First and Refunding Mortgage 30 'Trustee.
Bonds. Due February 11939. Equitable Trust Co.,
Sinking Fund Gold
,
$82,600.00
$82,600.00
250.000.00
Interest Payable February and August
Public Service Electric Company Equipment Trust Series"A"8% Certificates. $65,000
Company,
due each February 1st and August 1st. Fidelity-Philadelphia Trust
260,000.002
260,000.00
1.300,000.00
Trustee. Interest Payable February and August
1,719,662.502
1,719.662.50
Real Estate Mortgages
,
59,291.63
59,291.63
.
Advances for Construction
201 IAA nra. 12
29 014 000 00 29.2 101 AKA 19
2118
FINANCIAL CHRONICLE
Authorized.
[VoL. 128.
Outstanding.
Intercompany &
Amount
Sinking Fund
In the Hands
Holdings.
of Public.
Companies Leased by Public Service Electric and Gas Company
Newark Consolidated Gas Company 5% Consolidated Mortgage. Due December 1
1948. Fidelity Union Trust Company, Trustee. Interest Payable June and
December
Newark Gas Company 6% First Mortgage. Due April 11944. National Newark and $10,000,000.00 $6,000.000.00
$6,000,000.004
Essex Banking Co., Trustee. Interest Payable July, October,January, April
4,000,000.00
3.999,700.00
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
$150.00
3,999,550.004
Jersey Title Guarantee & Trust Co., Trustee. Interest Payable May &
New Brunswick Light, Heat & Power Company 4% First Mortgage. Due November 10,500,000.00 10,500.000.00
10,500,000.00"
December
15 1939. Fidelity Union Trust Company, Trustee. Interest Payable June 15
and December 15
500,000.00
500,000.00
Ridgewood Gas Company 57 First Mortgage. Due June 1 1925. Equitable Trust
500,000.004
Co., Trustee. Interest Payable June and December
100,000.00
100,000.00
Ridgewood Gas Company 5% Second Mortgage. Due April 1 1925. Fidelity
d100,000.00
Union
Trust Co.Trustee. Interest Payable April and October
100,000.00
85,000.00
Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage.
d85,000.00
Due
March 1 1949. The Paterson National Bank, Trustee. Interest Payable September and March
5.000,000.00
4,099,000.00
Edison Electric Illuminating Company of Paterson 5% First Mortgage. Due
d50,000.00
4,049,000.00'
July 1
1925. The Paterson National Bank. Trustee. Interest Payable January & July.
600.000.00
585,000.00
Passaic Lighting Company 5% Consolidated Mortgage. Due May 1 1925. Guaranty
f585,000.00
Trust Co., Trustee. Interest Payable May and November
450.000.00
316,000.00
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March
d316,000.00
1
1953. Fidelity Union Trust Co., Trustee. Interest Payable September & March
15,000,000.00 12,994.000.00 d3,507.000.00
Trenton Gas & Electric Company 5% First Mortgage. Due March 11949. Equitable
9,487,000.004
Trust Co., Trustee. Interest Payable March and September
2,000.000.00
1,998,000.00
Somerset, Union & Middlesex Lighting Company 4% First Mortgage. Due December
1.998,000.00
4
1, 1943. Fidelity Union Trust Co., Trustee. Interest Payable June
2,750,000.00
1,974,809.37
g573,809.37
Central Electric Company 5% Consolidated Mortgage. Due July 1, and December _
1.401,000.00
,
1940. Fidelity
Union Trust Co., Trustee. Interest Payable January and July
750,000.00
750,000.00
Plainfield Gas & Electric Light Company 5% General Mortgage. Due
d20,700.00
729,300.00'
Guaranty Trust Co.,Trustee. Interest Payable April and October April 1, 1940.
500,000.00
500,000.00
Somerset Lighting Company 5% First Mortgage. Due February 1. 1939.
500,000.00*
Fidelity
Union Trust Co., Trustee. Interest Payable February and August
150,000.00
150,000.00
d21,000.00
The Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Due
129.000.00'
November 1, 1954. Fidelity Union Trust Co., Trustee. Interest Payable May
and
November
5,000.000.00
3,463.000.00 d1,846.000.00
The Gas & Electric Company of Bergen County 5% General Mortgage No.
1,617,000.00
4
1.
November 1. 1954. Equitable Trust Co., Trustee. Interest Payable May Due
and
November
5,000.000.00
37,000.00
The Gas & Electric Company of Bergen County 57; Consolidated Mortgage.
37.000.00'
Due June
1. 1949. Fidelity Union Trust Co., Trustee. Interest Payable June and December
1.500,000.00
1,443,000.00
Hackensack Gas Light Company 5% First Mortgage Due July 1, 1934.
1,443,000.00'
Interest
Payable July and January at Fidelity Union Trust Company
42,000.00
24,000.00
Hackensack Gas & Electric Company 57 General Mortgage. Due July
24,000.001
1. 1935.
Interest Payable January and July at Fidelity Union Trust Company
40,000.00
10,000.00
Englewood Gas & Electric Company 5% First Mortgage. Due
10,000.004
January 1, 1939.
Fidelity Union Trust Company,Trustee. Interest Payable January and July
200.000.00
23,000.00
23,000.001
Total Companies Leased by Public Service Electric and Gas Company
$49,551.509.37 $7.104,659.37 $42,446,850.00
Total Public Service Electric and Gas Company and Leased Companies
$140,656,563.50 $10,018,659.37 $130.637.904.18
Public Service Coordinated Transport
North Jersey Street Railway Company 4% First Mortgage. Due May 1, 1948.
Bankers
Trust Co., Trustee. Interest Payable May and November
Jersey City. Hoboken & Paterson Street Railway Company 4% First Mortgage.
Due
November 1, 1949. New Jersey Title Guarantee & Trust Co., Trustee. Interest
Payable May and November
North Hudson County Railway Company 57 Consolidated Mortgage. Due
July 1,
1928. Fidelity Union Trust Company, Trustee. Interest Payable January and
July at First National Bank, Hoboken
North Hudson County Railway Company 6% Improvement Mortgage. Due
May 1,
1926. Fidelity Union Trust Co.. Trustee. Interest Payable May and November_ _
North Hudson County Railway Company 5% Weehawken Extension Mortgage. Due
February 1, 1945. Fidelity Union Trust Co., Trustee. Interest Payable February
and August
Paterson Railway Company 8% Consolidated Mortgage. Due June 1, 1931. American
Exchange-Irving Trust Co., Trustee. Interest Payable June and December
Paterson Railway Company 5% 2nd General Mortgage. Due October 1, 1944. Fidelity
Union Trust Co., Trustee. Interest Payable April and October
Elizabeth, Plainfield & Central Jersey Railway Company 5% First Mortgage. Due
December 1 1950. Fidelity Union Trust Co.. Trustee. Interest Payable June and
December
Plainfield Street Railway Company 6% First Mortgage. Due July 1 1942. Fidelity
Union Trust Co., Trustee. Interest Payable January and July
Elizabeth & Raritan River Street Railway Company 5% General Mortgage. Due
May 1 1954. Fidelity Union Trust Co., Trustee. Interest payable May and
November
Brunswick Traction Company 5% First Mortgage. Due July 1 1926. Fidelity
Union
Trust Co., Trustee. Interest Payable January and July
East Jersey Street Railway Company 5% First Mortgage. Due May 1 1944. Perth
Amboy Trust Co., Trustee. Interest Payable May and November
Middlesex & Somerset Traction Company, 5% First Mortgage. Due January
Fidelity Union Trust Co., Trustee. Interest Payable January and July 1 1950.
Public Service Series "E" Equipment Trust 7j% Certificates. $140.000
due each
February 1st and August 1st for first five years and $42,000 due each February 1st
and August 1st for the second five years. Bankers Trust Co., Trustee. Interest
Payable February and August
Public Service Railway Company Equipment Trust Series "F" 6% Certificates.
$20,000 due each November 1st and May 1st. Fidelity Union Trust Co., Trustee.
Interest Payable November and May
Real Estate Mortgages
Advances for Construction
Total Public Service Coordinated Transport
15,000.000.00
15,000,000.00 h14,309.000.00
20,000,000.00
14,061,000.00
1.553,000.00
3,000,000.00
2,998,000.00
2,998,000.00
1,292,000.00
1.291,000.00
1,291,000.00
691,000.00"
12,508,000.002
100.000.00
100,000.00
1.250,000.00
1,250,000.00
300,000.00
300,000.00
2.500.000.00
2,400,000.00
154,000.00
2,246,000.001
100.000.00
100,000.00
j19,000.00
81,000.00'
3.500,000.00
1.500,000.00
274,000.00
1.226,000.00'
500.000.00
500,000.00
500,000.00
100,000.00'
118,000.00
1.132,000.00'
300,000.00'
500,000.00
500,000.00
52,000.00
448,000.00'
1,500,000.00
1,000,000.00
42,000.00
958,000.002
1,820,000.00
168,000.00
168,000.00'
400,000.00
180,000.00
409.392.23
381,172 42
180,000.00'
409,392.23'
381,172.42'
$42,138,564.65 $21,310,000.00 $20.828,564.65
Companies Controlled by Public Service Coordinated Transport
Consolidated Traction Company 5% First Mortgage. Due June 1 1933. Bankers
Trust Co. Trustee. Interest Payable December and June
$756,000.00 $14,244,000.004
Jersey City St Bergen Railroad Company 45.5% First Mortgage. Due January 1 $15.000.000.00 $15.000,000.00
'
1923. Interest Payable January and July at Bankers Trust Co. or First National
Bank, Jersey City
1,000,000.00
258,000.00
258.000.00
Newark Passenger Railway Company 5% First Mortgage. Due July 1 1930. New
Jersey Title Guarantee & Trust Co., Trustee. Interest Payable January and July
6,000.000.00
6.000.000.00
249,000.00
Passaic & Newark Electric Traction Company 55' First Mortgage. Due June 1
5,751,000.00'
1937. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable
'
June and December
1,000,000.00
550,000.00
10,000.00
Rapid Transit Street Railway Company 8% First Mortgage. Due April 1 1941.
540,000.004
Mechanics National Bank of Trenton, N. J., Trustee. Interest Payable April
and October
500,000.00
500,000.00
k95,000.00
Orange & Passaic Valley Railway Company 5% First Mortgage. Due December 1
405,000.004
1938. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable
June and December
1,000,000.00
833,000.00
86,000.00
Camden & Suburban Railway Company 5% First Mortgage. Due July 1
747,000.00
1
1946.
The First National State Bank of Camden, Trustee. Interest l'ayable January
and July
3.000.006.00
1,940.000.00
Bergen Turnpike Company 5% First Mortgage. Due July 11951. New Jersey Title
1,940,000.00
4
Guarantee & Trust Co., Trustee. Interest Payable January and July
1.000,000.00
989,000.00
3,000.00
People's Elevating Company 5% First Mortgage. Due October 1 1939. New
986,000.001
Jersey
Title Guarantee & Trust Co., Trustee. Interest Payable April
250,000.00
175,000.00
175.000.00
Paterson & State Line Traction Company 5% First Mortgage. and October 1964.
Due June
Fidelity Union Trust Co., Trustee. Interest Payable June and December
300.000.00
150,000.00
New Jersey & Hudson River Railway & Ferry Company 4% Fifty Year Mortgage.
150,000.00'
Due March 1 1950. United States Mortgage & Trust Co., Trustee. Interest
Payable March and September
5.000,000.00
4,011,000.00
14,000.00
3,997,000.00'
Hudson River Traction Company 5% First Mortgage. Due March 1 1950. United
States Mortgage & Trust Co., Trustee. Interest Payable March
1,000.000.00
631,000.00
197,000.00
Riverside Traction Company 5% First Mortgage. Due June 11960.and September__ _
534,000.00'
The Real EstateLand Title and Trust Company. Trustee. Interest Payable December and June__ _
1.500.000.00
1,500,000.00
15,000.00
1,485.000.004
Total Companies Controlled by Public Service Coordinated Transport
$32,537,000.00 $1,758,000.00 $30,779,000.00
Total Public Service Coordinated Transport and Subsidiary Companies_
$74,675,564.65 $23,068,000.00 $51,607,564.66
f
MAR. 30 1929.]
FINANCIAL CHRONICLE
2119
Authorized.
Companies Controlled by Public Service Railroad Company
Elizabeth & Trenton Railroad Co. 5% First Mortgage. Due April 1 1962. FidelityPhiladelphia Trust Company, Trustee. Interest Payable April and October
Intercompany &
Sinking Fund
Holdings.
Outstanding.
$1,200,000.00
Amount
in the Hands
of Public.
TOTAL LONG TERM DERT
$990,000.00
$48,000.00
$942,000.00"
$990,000.00
Total Companies Controlled by Public Service Railroad Company
$48,000.00
$942,000.00
S250.257.528 15 425.277 409 a7121g ngn 17g 7g
$604,673.00 purchased by the Sinking Fund. $891,845.00 owned by Public Service Electric and Gas Company and deposited as collateral under
its First and Refunding Mortgage. $232.00 owned by Public Service Corporation of New Jersey.
b Treasury Securities.
c $376,000.00 purchased by the Sinking Fund. $13,000.00 owned by Public Service Corporation of New Jersey.
d Pledged under Public Service Electric and Gas Company First and Refunding Mortgage.
e Pledged under United Electric Company of New Jersey First Mortgage.
f $579.000.00 pledged under Public Service Electric and Gas Company First and Refunding Mortgage.
g 2573,700.00 pledged under Public Service Electric and Gas Company First and Refunding Mortgage.
h $7,230,000.00 pledged under Public Service Electric and Gas Company First and Refunding Mortgage. $7,079,000.00 owned by Public Service
Corporation of New Jersey.
i $67,000.00 pledged under New Jersey and Hudson River Railway and Ferry Company Mortgage. $30,000.00 owned by Public Service Corporation
of New Jersey.
j Purchased by the Sinking Fund.
k $91,000.00 purchased by the Sinking 'Fund. $4,000.00 owned by Public Service Corporation of New Jersey.
SUMMARY OF LONG TERM DEBT AS SHOWN IN CONSOLIDATED BALANCE SHEET.
Long Term Dem of Manic Service Corporation of New Jersey
'Long Term Debt of Operating Subsidiaries Controlled Through Stock Ownership
'Long Term Debt of Lessor Companies Controlled Through Stock Ownership
'Long Term Debt of Lessor Companies Not Controlled Through Stock Ownership
$31,892,660.00 "
109,169,618.78
24,072,300.00
49,945,550.00
TOTAL LONG TERM DEBT IN THE HANDS OF PUBLIC
$215,080.128.78
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY OPERATING COMPANIES.
CAPITAL STOCKS DECEMBER 31 1928.
ISSUED.
Authorized
Shares.
Shares.
Public Service Corporation of New Jersey:
Common Stock (No par value)
8% Cumulative Preferred Stock ($100 par)
7% Cumulative Preferred Stock MOO par)
6% Cumulative Preferred Stock ($100 par)
$5.00 Per Share Per Annum Cumulative Preferred Stock (No par value)
10.000.000
250,000
500.000
1.250.000
2,000,000
4,950,189
215,312
289,080
741.631
32,055
Total Public Service Corporation of New Jersey
Amount in Hands
of Public, Incl.
Directors' Shares.
Amount.
$115,280,093.78
21.531.200.00
28,908,000.00
56.147.900.00
3.139,799.95
$115.280,093,78
21,531,200.00
28,908,000.00
74,163.100.00
3,134,799.95
$243.017,193.73
STOCK ISSUED.
Shares.
Subsidiary Operating Companies:
Utility Companies
Public Service Electric and Gas Company
Common Stock (No par value)
7% Cumulative Preferred Stock ($100 par)
6% Cumulative Preferred Stock ($100 par)
Public Service Coordinated Transport
Common Stock (no par value)
$6.00 Non-Cumulative Preferred Stock (No par value)
Public Service Railroad Company ($100 par)
Public Service Interstate Transportation Company (No par value)Camden Coke Company ($100 par)
PooPins Elevating Company ($100 par)
Paterson and State Line Traction Company ($100 par)
13,975,000
200,000
517.393
1,004,500
487.500'
2,850
50,000
3,500
2,500
1.500
$225.001,993.73
Amount in Hands
of Public, Intl.
Directors' Shares.
Intercompany
Holdings.
Amount.
$139,750.000.00
20,000.000.00
51,739,300.00
$139.749,910.007
19,975,700.00'
18,238,703.001
$90.00
24,300.00
33.500,600.00
10,045,000.00
36,562,500.00
285,000.00
500,000.00
350,000.00
250,000.00
150,000.00
10.044,910.007
36,560,925.004
284,500.001
499,910.002
349,500.002
249,200.007
149.300.00'
90.00
1,575.00
500.00
90.00
500.00
800.00
700.00
Total Subsidiary Operating Utility Companies
$226,102.555.00
$33.529.245.00
$259,631,800.00
'Owned by Public Service Corporation of New Jersey.
'197,368 shares pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest Bearing Certificates.
Includes stock of merged companies.
4 474,790 shares pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest Bearing Certificates.
6 49.990 shares owned by Public Service Coordinated Transport. One share owned by Public Service Corporation of New Jersey.
Owned by Public Service Electric and Gas Company.
'2,492 shares owned by Public Service Coordinated Transport and pledged under mortgage securing Jersey City Hoboken and Paterson Street
Railway Company First Mortgage Bonds.
7 1,492 shares owned by Public Service Coordinated Transport. One share owned by Public Service Corporation of New Jersey.
CAPITAL STOCKS OF COMPANIES OPERATED UNDER LEASE BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY. WITH THE RATE OF DIVIDEND PAYMENTS GUARANTEED FROM RENTALS.
Capital Stock
Outstanding.
The Bergen Turnpike Company
a$51,990.00
Bordentown Electric Company
50.000.00
The Camden Horse Railroad Company
250,000.00
The Camden and Suburban Railway Company
600,000.002
Cinnaminson Electric Light, Power & Heating Co
20,000.00
Consolidated Traction Company
15,000,000.00
The East Newark Gas Light Company
60,000.00
Elizabeth and Trenton Railroad Company, Preferred
180,300.00
Elizabeth and Trenton Railroad Company, Common
811,350.00
Essex and Hudson Gas Company
*6,500,000.00
The Gas and Electric Company of Bergen County
2,000,000.00
Huon County Gas Company
ds
a10,500,000.00
Newark Consolidated Gas Company
6.000.000.00
New Brunswick Light Heat & Power Company
*400,000.00
New Jersey & Hudson River Ry, 44 Ferry Co., Preferred
*750,000.00
New Jersey & Hudson River Ry. & Ferry Co., Common_ _ a2,500.000.00
Orange and Passaic Valley Railway Company
*1,000.000.00
The Paterson & Passaic Gas & Electric Company
*4,999,516.00
Rapid Transit St. Ry. Co. of the City of Newark
504,000.00
The Ridgewood Gas Company
100,000.00
Riverside Traction Company, Preferred
266,500.00
Riverside Traction Company, Common
747,150.00
Somerset Union and Middlesex Lighting Company
al.050,000.00
South Jersey Gas, Electric and Traction Company
6.000,000.00
The South Orange and Maplewood Traction Co
a225.000.00
Controlled through stock ownership
$60,565.806.00
a27,976,506.00
Intercompany
Holdings.
$51.910.007
50,000.00'
Rate of
Amount in Hands Par
of Public, Incl. Value Dividends
Per
From
Directors'
Share. Rentals.
Shares.
$80.00
250,000.00
598,000.00
2,000.00'
20.000.00'
339.200.00' 14,660.800.00
60,000.00
23,000.00'
157,300.00
81.550.00'
729,800.00
4,858,500.007
1,641,500.00
983.300.00"
1,516,700.00
8.175,800.009
2,324.200.00
779,100.00
5,220,900.00
272,980.00"
127,020.00
4,633.332
745,366.6772
2,446,450.002
53,550.00
999,500.00"
500.00
4,124.608.00"
874,908.00
100.002
503,900.00
17,300.00"
82.700.00
27,500.00 • 239,000.00
2
40,300.002
706,850.00
794,468.003
255.532.00
1,603.900.003
4.396,100.00
225,000.005
$25,981.099.33
21.953.849.33
$10.00
1-5%
50.00
24%
25.00
4%
25.00
%%
50.00
4%
100.00
8%
25.00
5%
50.00
4
50.00
8
100.00
5 ?
100.00
8%
100.00
5
100.00
5%
100.00
100.00
6%
100.00
6%
100.00 1 4-5%
5
100.00
.
100.00 1154 o
2%
100.00
5%
50.00
50.00 2.7%
4%
100.00
8%
100.00
100.00 2 2-3%
Date of
Lease.
1445469)4-
1-08
1-14
1-96
1-04
1-14
1-98
1-09
1-12
Term of
Lease,
Years.
999
46
999
999
46
999
999
999
900
6- 103
999
1- 1-05
900
6- 1-03
12- 1-98
999
900
1- 2-05
900
15- 1-11
I
900
11- 1-03
900
6- 1-03
999
6- 1-93
999
7- 1-10
999
14- 1-12
i
900
12-31-03
900
6- 1-03
10- 1-03 Perpetual
$35,084,706.67
6,022,656.67
Not Controlled through stock ownership
$32.589.300.00
$3.527,250.00 $29,062.050.00
Owned by Public Service Corordinated Transport.
Owned by Riverside Traction Company.
$3,000,000 par value. 20% paid.
Owned by Camden Horse Railroad Company.
Owned by Rublic Service Corporation of New Jersey.
$59,775 owned by Essex and Hudson Gas Company and Newark Consolidated Gas Company. $25 owned by Public Service Electric and Gas Co.
Owned by Public Service Electric and Gas Company.
166.800 owned by Public Service Corporation of New Jersey. $316.500 owned by Public Service Electric and Gas Company.
8
8,500 owned by Public Service Corporation of New Jersey. $8,167,300 owned by Public Service Electric and Gas Company.
538,500 owned by Public Service Corporation of New Jersey. $240.600 owned by Public Service Electric and Gas Company.
,040 owned by Public Service Corporation of New Jersey. $264,990 owned by Public Service Electric and Gas Company.
1,366.67 reserved to retire stock of consolidated companies.
Owned by Public Service Corporation of New Jersey. $995,000 pledged under agreement securing its Perpetual Interest Bearing Certificates.
1,588 owned by Public Service Corporation of New Jersey. $4,123,020 owned by Public Service Electric and Gas Company.
14,000 owned by Public Service Corporation of New Jersey. S3.300 owned by Public Service Electric and Gas Company.
1,568 owned by Public Service Corporation of New Jersey. $792,900 owned by Public Service Electric and Gas Company.
$1,433,400 owned by Public Service Corporation of Jew Jersey. $170.500 owned by Public Service Electric and Gas Company.
1
2120
FINANCIAL CTFRONICLE
OPERATING REVENUE OF SUBSIDIARY UTILITY COMPANIES
OF PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Year.
Electric
Properties.
Gas
Properties.
1903(7 mos.)
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913*
1914
1915*
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925*
1926
1927
1928
$1,756,952 81
3,458.827 68
3,673.213 24
4,112.261 87
4,619,365 94
4,572,885 15
5,092.028 32
5,842,227 63
6.656.039 15
7.499.367 71
8.500.122 00
9,293,661 50
10,425.851 78
12.814.597 36
15,168,255 44
17,587.806 75
20.054.659 90
23,563,929 63
24,390,321 49
27,660.026 21
31,188,595 51
34.889.632 66
40.016.174 91
46.954,362 27
52,393,848 19
58,860,099 12
$3,000,879 34
5,302,841 32
6,034,262 36
6,544,097 69
7.014.459 37
7,170,306 43
7,599,132 67
8,346,857 88
8.854,454 45
9,592,510 44
9,960.937 54
10.320.536 59
10,475,933 18
11,558,413 17
12,729.060 87
14.578,269 71
14,941,745 80
20.872.062 04
23.516.318 23
23.152.426 42
24,814,283 34
24.542.643 63
24.181.431 50
26,286.246 50
27.242,453 24
28,683.368 97
Transportation
Properties.
Total.
$4,462,690 64 19,220,522 79
8,388,174 02 17,149,843 02
9,286,145 06 18,993,620 66
10.053.502 86 20,709,862 42
10,671,553 13 22,305,378 44
11,063,286 62 22,806,478 20
12.087.011 50 24,778.172 49
13,258,677 31 27.447,762 82
14,416,555 31 29,927,048 91
15,224,211 44 32,316,089 59
16.131.414 28 34.592,473 80
16.310,255 56 35.924,453 65
16.569,443 28 37,471,228 24
18,175,764 57 42.548,775 10
19.394,025 82 47.291.342 13
20,831,762 27 52,997,838 73
24,140.356 97 59,136,762 67
27.882.095 72 72,318.087 39
27,404.867 81 75.311,507 53
27.544,509 91 78,356.962 54
23.105.003 63 79,107.882 48
28.257.177 10 87.689,453 39
30,517.918 79 94,715.525 20
33,062.600 77 106,303,209 54
35.369.607 20 115,005.908 63
37,985,112 27 125.528,58036
•Change in classification of accounts effective January 15t.
EXPENDITURES CHARGED TO FIXED CAPITAL PUBLIC
SERVICE CORPORATION OF NEW JERSEY AND
SUBSIDIARY UTILITY COMPANUES-YEAR 1928.
Corporation
$ 1,441.199.97
Land and Buildings •
Fixed Capital Installed During Year
Less Property Written Off During Year _
[Vol,. 128.
Transportation
Engineering and Superintendence
$
3,478.83
Right -Way
-of
25,353.01
Other Land Used in Operations
150,068.82
Ballast
49,368.83
Ties
113,221.57
Rails, Rail Fastenings and Joints
340,495.32
Special Work
81,286.82
Track and Roadway Labor
466,693.14
Paving
117,336.64
Road Machinery and Tools
7,111.73
Elevated Structures and Foundations
305.50
Crossings, Fences and Signs
373.64
Signals and Interlocking Apparatus
11,568.28
Telephone and Telegraph Lines
3.04
Distribution Poles and Fixtures
2,264.55
Underground Conduits
1,053.59
Distribution System
31,421.98
Shops and Carhouses
389,671.06
Shops and Garages
400,375.27
Cost of Purchased Properties
5.520,976.80
Passenger and Combination Cars
30,583.73
Revenue Passenger Motor Equipment
1,410,775.86
Service Equipment
53,510.82
Shop Equipment
62,525.03
Furniture and Office Equipment
37,740.91
Miscellaneous Equipment and Other Tangible Capital
23,169.82
Organization
10,875.00
Miscellaneous Physical Property
555.14
Ferry Slips, Buildings and Piers
4,666.00
Ferry Boats
46,051.09
Shop and Garage Machinery and Tools..--4,020.07
Taxicabs
44,100.00
Fixed Capital Installed During Year
LessProperty Written Off During Year
$ 9.441,001.89
1,197,565.44
Net Increase in Fixed Capital
8,243,436.45
Total Net Increase in Fixed Capital.. _ _ _
136,279,617.93
$ 1.441,199.97
126,274.44
ELECTRIC STATIONS.
Net Increase in Fixed Capital
$ 1.314,925.53
Railway and Lighting.
Electric
June 1 1903. Dec. 31 1928.
Land
$ 3,670,050.53
499,269.09
Steam Power Plant Structures
Number of Generating Stations
14
6
2,168,085.92
Transmission System Structures
Capacity of Generators in Kv-a
40.075
611,876
Miscellaneous Structures Devoted to Electric
89
Number of Substations
9
1,048.218.14
Operations
1,180,940.53
Boiler Plant Equipment
5,400
55,850
Capacity of Rotaries in Kilowatts
385.00
Prime Movers and Auxiliaries-Steam
Generator Sets in Kilowatts
39,69
Capacity of Motor
10,081.22
-Steam
Turbo-Generator Units
Kilowatt Hours Produced (years 1903 and 1928) 129,614,18011,736.606,053
246,968.10
Electric Plant
-Steam
142,418,010
Kilowatt Hours Purchased (year 1928)
Miscellaneous Power Plant Equipment
21,654.64
Steam
8,071,193.68
Substation Equipment
Apparatus Withdrawn from Service Awaiting
ELECTRIC CONDUITS AND TRANSMISSION LINES.
240,153.91
Reinstallation
227,719.07
Spare and Emergency Apparatus
(Railway and Lighting Combined.)
785,617.64
Transmission Underground Conduits
1,141.442.15
Distribution Underground Conduits
Length of Transmission Lines (in miles)
1,319
47
737,034.26
Transmission Poles, Towers and Fixtures
220
Length of Conduits (in street miles)
25
728,390.37
Distribution Poles.Towersand Fixtures _ _ _ _
580,747.96
Transmission Overhead Conductors
1,316,048.30
Distribution Overhead Conductors
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
957,337.13
Transmission Underground Conductors
1,168,115.36
Distribution Underground Conductors
41,011.11
Transmission Roads and Trails
Number of Poles
-45,059
303,38
713,374.70
Services
Miles of Wire
4,244
38,80
715,941.94
Line Transformers and Devices
5,336
41,416
Number of Transformers
88,682.95
Line Transformer Installation
Number of Meters
16,000
846,145
587,591.87
Consumers' Meters
79,560.31
Meter Installation
Total Commercial Load Connected (in 50 W.
809,242.08
Street Lighting Equipment
equivalent)
710.000
31,675,073
55,934.96
Office Equipment
4,086.89
Stores Equipment
1,583.40
Shop Equipment
ELECTRIC LIGHTING AND POWER STATISTICS.
59,747.67
Transportation Equipment
172,137.02
Automobile Equipment
52,029.70
Laboratory Equipment
Number of
Number of
Total
K.W.Hours Sold
16,549.74
Miscellaneous Equipment
Street Incandes- Connected
(Excluding
Street Arc
76,184.00
Unfinished Construction (Credit)
cent Lamps
Lamps
Load in
Inter-Company
Supplied
Supplied
K. W.
Railway
Year.
$28,120,743.34
Fixed Capiltal Installed During Year
Dec. 31.
Dec. 31.
Dec. 31.
Current).
5,827,944.11
LessProperty Written Off During Year
5.733
7.745
45,380
1903
Net Increase in Fixed Capital
$22,292,799.23 1904
8,538
8,121
55.748
GYM-12.351
68,331
48,894.308
8.681
1905
Land
$ 110,531.92
56.666,749
9,150
13,168
81.873
1906
82,064.73
Works and Station Structures
13,821
9.671
65.472.561
92.143
1907
134,629.49
Holders
14.352
69,274.132
10.397
102.104
1908--,
Miscellaneous Structures Devoted to Gas
78,911.840
10.863
15,175
118.138
1909
536,306.12
Operations
11.441
16.640
89.742,689
137,058
1910
21,884.24
Boiler Plant Equipment
103.144.595
11.726
18,906
1911
156,202
271.76
Internal Combustion Engines
122.486.832
12.297
20.347
180.942
1912
77,595.56
Water Gas Sets
141.936,243
12,787
22,339
1913
209.835
12,142.46
Purification Apparatus
159.044.648
13.187
24.214
1914
239,719
87,365.02
Accessory Works Equipment
197.079.581
12.619
26.062
1915
277.652
2,018,946.74
Mains
280.871.843
10.954
29.033
1916
326.019
38,656.92
District Governors
371.509.459
10.073
31.376
1917
367,021
1,054,937.75
Services
440.676.475
9.367
32.080
1918
430,485
353,829.22
Consumers Meters
442.641.630
9.353
1919
33.415
464,605
81,895.47
Consumers' Meter Installation
505.813.937
8.559
35.523
1920
525.258
5,256.64
Street Lighting Equipment
432.073.405
8.219
1921
38,771
576.410
54,808.64
Office Equipment
534.465,033
1922
7.257
43.251
669.954
5,334.10
Stores Equipment
666,838,087
6.069
47,743
1923
790.780
3,477.63
Shop Equipment
743.084.455
6.024
1924
53,930
936,719
3,272.82
Transportation Equipment
919,515.074
3.932
61,316
1925
1092,237
123,709.72
Automobile Equipment
1.091,749.572
1926
3,242
70,436
1,277,332
2,712.11
Laboratory Equipment
1.233.984,052
669
80.257
1,446,414
6,713.00
Ilia
1 Ana 9R521117
71
R7 R19
1 A07 "IAA
Freight Car Equipment
29,381.28
Miscellaneous Equipment
Miscellaneous Tangible Capital
23,210.52
Fixed Capital Installed During Year
Less Property Written Off During Year
$ 4,868,933.86
440,477.14
$ 4,428,456.72
NetIncrease in Fixed Capital
The increases shown above are somewhat, but not very
materially, affected by properties acquired between June 1
1903 and January 1 1929.
GAS STATISTICS.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
14,900.704 16.493.276 16.644,298 17.736,689 19.558,279 19.857.632 20.294.361 22.165,087 22,578,25623,836,833
Gas Sold-M. Cu. Ft
3,223
3.865
4.131
3.126
3,332
3,467
3.170
4,408
3.646
4,682
Miles of Mains in use Dec. 31
565,711
583,842
675.264
705,550
553,343
609.140
715,523
538.574
643.055
739,923
Meters in Service Dec.31
12,335
27.027
18,550
26,262
7.166
21.654
24,879
26.653
22,055
7,590
Services Run
11,838
.26,128
26,252
15,572
17,013
23.875
24.896
28,073
26,733
12.209
Ranges Sold
9.502
8.928
6,020
12.007
10.982
7.496
9,831
11.342
7,318
6,032
Water Heaters Sold
486
473
499
547
532
470
Hot Plates Sold
6,258
4,276
4.979
6,731
5.929
4.539
4,522
7.059
6,355
3,953
Heating Stoves Sold
855
323
226
570
320
Gas Arcs Installed
1.563
1,296
353
136
73
14,962
4.697
2.005
17,018
10,293
9.496
6.139
1,302
757
Welsbach Lamps Sold
14.622
111,998
49.145
34,957
14,646
150.502
87,882
77.360
58,487
24,704
Mantles Sold
213.832
24.665
20.970
24,143
26,854
20.324
37,213
Domestic Appliances Installed
16,859
22,795
29,715
24.854
949
1,435
734
820
1.328
1.149
961
Manufacturing Appliances Installed_ --1,158
824
736
3.421
Gas Fixtures Installed
5.221
1,771
674
5,854
2.751
4.126
321
148
5.901
1
No. of Gas Engines Installed
8
1
9
Horse Power of Cias Engines
75
3
133
80
Gas Refrigerators
1,369
52
MAR. 30 1929.]
FINANCIAL CHRONICLE
2121
THE NORTH AMERICAN COMPANY
THIRTY-NINTH ANNUAL REPORT—FOR THE YEAR 1928
New York, N. Y., March 26 1929.
To the .Stockholders of The North American Company:
The consolidated Income Statement of your Company for
1928 shows new high records in both gross and net earnings.
As indicated in our regular quarterly reports to stockholders,
new records were also established in the electric output of
subsidiaries.
Detailed discussion of the year's business is contained in
the accompanying report of the Vice-President and General
Manager. Financial statements for the year appear on Pages
19, 20 and 21 [pamphlet form], and charts showing earnings
and other data for the last five years appear on Pages 22 and
23[pamphlet form]. The appendix affixed to the inside back
cover shows the principal subsidiaries, summaries of their
major operations, and maps of their electric systems and
territories.
than 400 banks, trust companies, insurance companies
investment trusts and other institutions.
Including the holders of stock of The North American
Company and its subsidiaries, and the estimated number of
owners of bonds of the subsidiaries, the public investors in
the North American System total more than 260,000.
The widespread public investment in North American
securities is indicative of the growth of understanding, public
confidence, and keener interest in business affairs generally,
encouraged by your Company's policy of directly furnishing
reliable information at regular intervals.
Contacts with Stockholders.
For years your Company has maintained close contacts
with its stockholders. It has been our custom to send to
them periodically lgtters concerning activities of the Company and its subsidiaries, as well as descriptive pamphlets
and booklets from time to time. "The President's Quarterly
Summary of Year's Operations.
Letter to Stockholders" supplements the financial statements
A brief summary of the important features of the year's which we issue every three months.
operations, as more fully described in the accompanying
We have continued without interruption for nearly five
report and statements, follows:
years the policy, described in our Annual Report for 1924, of
Gross Earnings of $135,551,899 increased 10.96% over the year 1927.
writing to each person whose name was discontinued from
Net Income from Operation amounted to $64,399,252, the gain of 13.26%
reason
over the previous year reflecting the decrease, from 53.46% for 1927 to our stockholders' list, in an endeavor to ascertain the
52.49% for 1928, in the proportion of Gran;Earnings required for Operating therefor. Replies to these inquiries have averaged 59%
Expenses, Maintenance and Taxes. This improvement resulted from
throughout the year 1928 and the correspondence has in
increased efficiency and favorable operating conditions.
Appropriations for Depreciation Reserves amounted to 10.53% of Gross many instances disclosed misunderstandings arising from
Earnings and were equivalent to $2.96 per share on the average number of unreliable information obtained elsewhere, which we were
shares of North American Common Stock outstanding during the year.
After deducting Depreciation and all other reserves, the Balance for consequently enabled to correct.
Dividends and Surplus amounted to $24,402.753. of which $1,820,032 was
paid in dividends on North American Preferred Stock.
The balance of $22,582,721, after all preferred dividends, is an increase of Basic Policies.
29.53% over the previous year, and is equivalent to $4.68 per share on the
The continuous and outstanding development of the public
average number of shares of North American Common Stock outstanding
during 1928,compared with $4.06 per share on the average number of shares utility industry, and accompanying increase of public investoutstanding during 1927.
Under your Company's policy of paying dividends on its Common Stock ment in it, confirm the belief that a sound industry must
in Common Stock, the entire balance of $22,582,721 is available for invest- progress when an increasing number of people believe in it,
ment in the business.
and reliably
Electric and gas output for the full year 1928 of all companies classed as 'become part owners of it and are regularly
subsidiaries on December 31, largely exceeded the output of the same informed concerning it.
companies for the year 1927. Electric output amounted to 6,103,032,653
The basic policies of all public utility companies are
kilowatt hours, an increase of 14.36%. Gas output amounted to 5,415,067.400 cubic feet, an increase of
important because of the extent to which the sound and
Electric generating capacity of power plants owned on December 31 1928
development of their business is dependent upon
was 1,818,902 kilowatts,and daily production capacity of gas manufacturing adequate
them.
facilities owned was 25,915,000 cubic feet.
Customers receiving electric service at the end of the year numbered
In this connection, and more particularly for the benefit
1,169,046. and customers receiving gas service numbered 104.323.
The subsidiaries added 163.700 kilowatts of electric generating capacity, of our new stockholders, it is appropriate to refer again to
and made extensive additions to their electric transmission and distribution the policies of The North American Company set forth in its
systems. Work was begun to provide for installation of 175,000 kilowatts
additional generating capacity, which will be available in 1929. Capacity 1905 Annual Report to Stockholders, issued nearly a quarter
of gas manufacturing facilities was increased and gas transmission and of a century ago:
distribution systems were extended.
"The management of your Company believes, that the policy, which
Acquisition of voting control of Washington Railway and Electric Company was completed early in the year. That Company, with its subsidi- should govern the administration of public utilities, if they are to be stable
aries, furnishes electric light and power and transportation service in the and uniformly profitable investments, is to develop their facilities, so that
District of Columbia and adjacent territory. Results of operations of these they may be adequate, not only to meet the present demands of the comcompanies for only the last nine months of the year are included in the munities, in which they operate, with service of the highest standard, but
also to respond immediately to the growth of such communities and their
Consolidated Income Statement for 1928.
The North American
. .
.
Great Western Power Company of California, a subsidiary, acquired business, however rapid it may be
control of Feather River Power Company, owner of the new Bucks Creek Company stands in a protective relation to these properties. It is not seekof the Feather River in ing to exploit them for present large profits. It holds their securities as
hydro-electric power plant on the North Fork
northern California, and large water storage reservoirs. The Bucks Creek permanent investments, and seeks to establish them in the favor and conplant is the highest head hydro-electric development in the United States. fidence of the public by just methods and efficient administration, and to
On December 31 1928 Reserves were $105.353,505. Undivided Profits maintain their finances on the most conservative basis."
amounted to 874.874,413,and Capital Surplus to $23,859,317,Total Surplus
Constant adherence to these policies has produced steady
being $98,733,730.
North American Diversification.
The large increases in earnings referred to indicate the
strength of the position of The North American Company
and its subsidiaries, which serve important centers of business
and population in widely separated and industrially diversified sections of the United States. Diversification, both of
territories and of sources of service demands, are primary
factors in the building of business.the growth of which as a
whole is not retarded by seasonal variations or temporary
recessions peculiar to a single locality or industry.
Public Relations.
Your Company and its subsidiaries have consistently
enjoyed cordial relations with the public, with employes and
with stockholders. Substantial increases in the number of
customers served by the subsidiaries, in addition to those
added through acquisition of properties, afford opportunity
further to extend these relations. On December 31 1928,
customers receiving electric service numbered 1,169,046, gas
service 104,323 and steam heating service 2,540.
260,000 Investors in North American System.
In commenting on our satisfactory public relations I
should like to call attention to the statement made in our
1927 report that "service and investment are becoming more
and more closely associated in the minds of the public served
by our companies." The stockholders of the various subsidiaries now number more than 101,000, and consist chiefly
of customers and residents of the territories in which they
operate. Stockholders of The North American Company
alone number 43,299, including 10,625 owners of Preferred
Stock and 32,674 owners of Common Stock. Every state in
the Union is represented on the Company's stock list, which
also includes more than 700 foreign stockholders and more
and substantial growth, aided in making records in operating
efficiency and successive reductions in charges to customers,
and contributed largely to the public confidence in The North
American Company and its subsidiaries.
Responsibilities of Holding Company.
The holding company adopting such policies takes upon
itself important financial and other responsibilities.
Under public regulation, operating utilities are obliged to
furnish service when and as demanded. To insure the availability of facilities as service demands increase, they must
fully anticipate the needs of the territories they serve.
Extensive engineering, construction and financial programs
must constantly be under way, providing well in advance for
purchase and installation of additional electric and gas
production equipment, transmission and distribution
systems,extensions of transit lines and additional transportation equipment.
Investment in properties needed to meet such demands
upon the operating utilities, equals from four to ten times,
and averages about five times, their annual operating
revenues, depending upon character of property and business.
In other words, capital is turned over on the average only
once in about five years. Service demands are intermittent,
and during long periods each day are considerably below the
capacity necessarily provided. Even maximum service
requirements vary widely with the seasons. Unlike other
manufacturing corporations, electric utilities cannot use
periods of lessened calls for service for production which may
be stored against periods of greatest demand, and therefore
must always have available facilities sufficient to provide
adequate service at the moment of maximum requirement.
Cost of capital obtaine'd from investors must continuously
be met, regardless of variations in use of facilities in whieh
such capital is invested, and in the rate at which revenue is
2122
, FINANCIAL CHRONICLE
produced. Frequently, long periods elapse before such
facilities become self-sustaining.
In order that the large amounts of capital required by the
operating subsidiaries may be assured and most economically
obtained from time to time, well-balanced capital structures
should be maintained. This requires that proper proportions
of the necessary funds be procured through the issue of junior
securities. The holding company not only makes substantial
investments in such junior securities, but it is also the source
to which the operating subsidiaries look for large cash
advances pending favorable opportunities for their own
permanent senior financing.
Common Stock Dividends.
Stockholders are, of course, familiar with your Company's
policy, inaugurated six years ago, of paying dividends on its
Common Stock in Common Stock at the quarterly rate of
%. As in past years a large majority of stockholders
retained their dividend stock in 1928. The wisdom of thus
increasing their holdings, without additional cash outlay, is
confirmed by the fact that net earnings continued to increase
at a rate greater than the rate of increase in shares of common stock. From April 1 1923 to December 31 1928 Common
Stock increased 87.34% on account of stock dividends and
34.85% on account of stock issued for cash and for properties,
a total increase of 122.19%, while during the same period
the balance for Common Stock dividends increased 234.20%.
Upon request, your Company acts for stockholders who wish
to add to or dispose of their dividend stock. For the convenience of the stockholder, a Permanent Order form is provided,
which, when signed and filed with the Company, makes it
unnecessary for him to give instructions upon the occasion
of each quarterly dividend. Such Permanent Order remains
in effect unless and until the instructions to the Company are
changed in writing. A stockholder who wishes to retain his
dividend stock need not sign an order.
I regret to report our loss by death during the year of
Mr.Robert Randall, Assistant Secretary and Transfer.Agent,
who had been connected with The North American Company
and its predecessor company continuously for about 40 years.
By order of the Board of Directors.
F. L. DAME, President.
REPORT OF
•
VICE-PRESIDENT AND GENERAL MANAGER.
Business Conditions in 1928.
The results of the operations of the subsidiaries of The
North American Company in 1928 reflect the generally
satisfactory business conditions which existed during the
year in the territories they serve.
The statement in the last Annual Report that the year
1927 closed with business proceeding at an active pace was
based upon the upturn in electric output for the last quarter
of that year, which was 7.17% over the output during the
last quarter of 1926, compared with an increase of 5.25%
for the full year 1927 over 1926. That such pace was accelerated during 1928 is indicated by increases in electric
output of 12.16% for the first quarter, 14.74% for the second
quarter, 16.45% for the third quarter, 14.50% for the fourth
quarter, and 14.36% for the full year, compared with the
corresponding periods of 1927.
Growth of business was a notable factor in the marked
changes during the year in the consolidated financial statements which follow the appended certificate of the auditors,
Messrs. Price, Waterhouse & Co., Chartered Accountants.
These statements also reflect the inclusion during the year
of new subsidiaries later referred to.
Charts showing increases, during the last five years, in
the more important items of the Consolidated Income Statement and Consolidated Balance Sheet, appear on pages 22
and 23,[pamphlet form.] Affixed to the inside back cover is
appendix showing the principal public utility subsidiaries,
and, with respect to each of the five main groups, summary of major operations, map of electric system and territory served.
Companies Classed as Subsidiaries.
As has been stated in previous reports, it is the policy of
The North American Company to class as subsidiaries
only those companies of which both voting control and at
least 75% of the common stock are owned, and to consolidate with its own financial statements the financial statements of only the companies thus classed as subsidiaries.
Holdings of stocks and bonds of companies other than subsidiaries, such as The Detroit Edison Company and North
American Light & Power Company, are included under
"Investments" in the Consolidated Balance Sheets, and
income derived from such holdings is included under "Other
Net Income"in the Consolidated Income Statements.
Basis of Consolidated Subsidiaries' Statements.
In this connection it is appropriate to point out that
assets and liabilities of new subsidiaries at date of acquisition
are included in the Consolidated Balance Sheet, while
earnings thereafter only are included in the Consolidated
Income Statement. Though this procedure conforms to the
most conservative accounting principles the true relationship
[VOL. 128.
between property investment and revenues does not become
apparent until the results of a full year of operation of the
new subsidiaries are reflected in the Consolidated Income
Statement.
Reports by Subsidiaries to Their Stockholders.
The principal subsidiaries render annually to their stockholders individual reports covering their own operations
and setting forth their financial statements.
New Subsidiaries.
Since August 1925, The North American Company has
owned 75% of the Common Stock of Washington Railway
and Electric Company, which, with its subsidiaries, furnishes electric light and power and transportation services
in the District of Columbia and adjacent territory. Such
ownership, however, did not constitute voting control, acquisition of which was not completed until towards the end
of March 1928. In accordance with the basis of consolidating subsidiaries' statements referred to above, the results
of the operations of these companies for only the last nine
months of the year are included in the accompanying Consolidated Income Statement for 1928, and their assets and
liabilities as at December 31 1928 are included in the accompanying Consolidated Balance Sheet as at that date. Summary of their major operations and map of their electric
system are shown in the appendix previously referred to.
During the year Great Western Power Company of California acquired control of Feather River Power Company,
owner of the new Bucks Creek hydro-electric power plant,
on the North Fork of the Feather River in northern California, and large water storage reservoirs. The output of
the Bucks Creek plant, the highest head hydro-electric
development in the United States, is delivered to the high
tension transmission system of Great Western Power Company of California.
OPERATIONS.
Basis of Comparison with Previous Year.
In order to present a true measure of the growth during
the year of all companies classed as subsidiaries on December
311928, operating data of the new subsidiaries for the full
year, as well as for the full year 1927, have been used in the
following comparisons of operating data.
Electric.
Electric output of 6,103,032,653 kilowatt hours, an hr
crease of 14.36% over the output for 1927, established a new
high record. For the several systems, the aggregate of the
maximum demands was 1,351,129 kilowatts, an increase of
12.47%, and the average annual load factor was 51.42%
compared with 50.71% for 1927.
On December 31 1928 total installed electric generating
capacity of power plants owned was 1,818,902 kilowatts,
including 1,372,054 steam and 446,848 hydro-electric.
Favorable contracts provide 65,319 kilowatts additional
capacity. On December 31 1928, customers receiving
electric service numbered 1,169,046. Steam sales, auxiliary
to such electric service, aggregated 4,751,234,900 pounds
to, 2,540 customers.
Gas.
Gas output amounted to 5,415,067,400 cubic feet, an increase of 15.24% over the output for 1927. On December 31
1928 total daily production capacity of gas manufacturing
facilities owned was 25,915,000 cubic feet, in addition to
natural gas provided for under purchase contracts. On that
date 104,323 customers were receiving gas service.
Transportation.
Revenue passengers carried on the electric railway and
motor bus systems numbered 268,562,985, a decrease of
1.57% from the number carried in 1927.
Coal.
Due to the unfavorable conditions which prevailed in the
coal industry throughout the year, the output of the coal
subsidiaries decreased 30.50% compared with the output
of 1927, and amounted to 3,495,789 tons. It is not the
licy of the electric power producing subsidiaries of The
North American Company to purchase coal from its coal
subsidiaries except at prices justified by competitive conditions.
PROPERTY ADDITIONS.
Provision for Growth.
To provide for the constant growth of business and to
anticipate future demands, extensive additions to Property
and Plant were made during 1928, approximately 80%
of which consisted of facilities for electric service.
Electric Systems.
ln 1928 a total of 163,700 kilowatts generating capacity
was added by the subsidiaries, as follows: the 50,000 kilowatts in the new Bucks Creek plant of Feather River Power
Company; 67,700 kilowatts in Lakeside plant of Wisconsin
Electric Power Company; 35,000 kilowatts in Avon plant
of The Cleveland Electric Illuminating Company, and
11,000 kilowatts acquired by the Cleveland company
through purchase of the Ashtabula plant. Substantial
MAR. 30 1929.]
FINANCIAL CHRONICLE
extensions to transmission and distribution lines were also
made, and new substations added.
Work was begun on the installation of 175,000 kilowatts
additional generating capacity, to be available in 1929 as
follows: 75,000 kilowatts in Cahokia plant of Union Electric
Light and Power Company of Illinois; 30,000 kilowatts in
Beiming plant of Potomac Electric Power Company; 35,000
kilowatts in Avon plant of The Cleveland Electric Illuminating Company; and 35,000 kilowatts initial capacity in the
new steam generating plant at San Francisco, of Great
Western Power Company of California. A 35,000 kilowatt
turbine is being transferred from Caholda plant to Venice
plant of Union Electric Light and Power Company of
111inois.
(Jas Systems.
The principal additions to gas facilities consisted of the
installation of gas-coke ovens of vertical type in its Racine
gas plant and addition of 276 miles of distribution mains by
Wisconsin Gas & Electric Company, and the installation of a
compressor in its Shrewsbury plant and addition of 32 miles
of distribution mains by The St. Louis County Gas Company. The gas-coke ovens installed by Wisconsin Gas &
Electric Company are the first of their type and size to be
placed in commercial operation in the United States. They
have substantially added to the capacity of the Racine
plant and are expected to increase materially its economy
and efficiency.
Transportation Systems.
A new section of rapid transit line, south of the city of
Milwaukee, was completed and placed in operation by The
Milwaukee Electric Railway and Light Company. Construction work was begun on rapid transit extensions which,
by means of private right-of-way and subway, will provide
high speed local service between downtown Milwaukee
and the rapidly growing suburban districts west of the city.
Additional electric railway cars and motor buses were placed
in operation by that Company, and also by Washington
Railway and Electric Company.
2123
1928. Net charges against Undivided Profits amounted to
$960,571, consisting principally of premium and unamortized
discount on bonds retired and premium on preferred stock
retired.
Credits to Capital Surplus during the year aggregated
$1,968,352, of which $1,846,400 arose from the issue of
Common Stock during the year other than in payment of
dividends. Charges to Capital Surplus aggregated $1,930,667, representing appropriations to provide for the difference
between the net proceeds and liquidation value of Preferred
Stock of North American.Edison Company.
Balance Sheet.
The net increase in Property and Plant account was
$111,499,910, of which $74,481,834, in total, was taken into
the Consolidated Balance Sheet at dates of acquisition of the
new subsidiaries. The balance, $37,018,076, represents the
net increase in the aggregate of the Property and Plant
accounts of all other subsidiaries for the full year and of the
new subsidiaries from dates of acquisition to December 31,
1928, after deducting amounts charged off for properties
withdrawn from service.
Investment in stock of Washington Railway and Electric
Company was eliminated from investment account upon
consolidation of the balance sheets of that Company and its
subsidiaries with the balance sheets of The North American
Company and its other subsidiaries. Holdings of stock of
The Detroit Edison COmpany and North American Light &
Power Company were increased, principally through exercise
of subscription rights received on account of prior holdings.
The net increase in the item "Investments" amounted to
$1,556,085. Market values of the principal investments
are, in the aggregate, substantially in excess of the amounts
at which they are included in the Consolidated Balance Sheet.
Net working assets, or the excess of Current Assets over
the total of Current and Accrued Liabilities, amounted to
$20,801,928, a decrease of $457,416. The largest item of
Current and Accrued Liabilities is the provision made for
taxes, amounting on December 31, 1928, to $10,409,942, or
$2,283,197 more than on December 31, 1927.
The net increase in Funded Debt of Subsidiaries was
$31,316,253, of which $29,505,700 represents aggregate
funded debt of the new subsidiaries taken into the Consolidated Balance Sheet at dates of acquisition. Other principal changes during the year were as follows:
CONSOLIDATED FINANCIAL STATEMENTS.
Income and Surplus Statements.
Gross Earnings amounted to $135,551,899, an increase
of $13,385,065, or 10.96%. Revenues from electric and North American Edison Company: Issue and sale of 320.000.000 514%
gas operations were substantially greater than in 1927.
Debentures, Series B, and conversion of $8,093,000 5% Debentures,
Series A, into 80,930 shares of $6 dividend Preferred
Operating Expenses, Maintenance and Taxes aggregated Western Power Corporation: Conversion of $3,636.000 Stock. Convertible
5 4%
$71,152,647, an increase of 8.95%. This was equivalent
Bonds into Common Stock of The North American Company held by
Power Corporation for that purpose.
Western
to 52.49% of Gross Earnings, compared with 53.46% re- West Kentucky Coal Company: Redemption on May 1, 1928, of $3,454,500
quired for such purposes in 1927. Expenditures for mainFirst Mortgage 7% Bonds.
tenance of properties aggregated $8,950,837, in addition
Bonds of subsidiaries purchased, paid at maturity and
to $14,274,664 appropriated for Depreciation Reserves.
Thus the amount provided out of current earnings for re- retired through sinking and purchase funds, aggregated
pairs, renewals and replacements of property amounted to $3,005,947.
The net increase in Preferred Stocks of Subsidiaries was
23,225,501, or 17.13% of Gross Earnings. • Tax requirements have been constantly increasing, the provision made $23,300,844, of which $14,473,300 represents preferred stocks
in 1928 being 10.51% of Gross Earnings compared with of the new subsidiaries outstanding at dates of acquisition.
The increase of $4,970,970 in Common Stock and Common
9.49% in 1927.
was
Net Income from Operation amounted to $64,399,252, Stock Scrip of The North American Company in due to
payment
an increase of 13.26%, of which 86.04% was derived from the issue of 468,247 shares of Common Stock
of dividends, and to the issue of 28,850 shares for Common
the production and sale of electric energy.
Other Net Income was $1,268,221 more than for the year Stock of Western Power Corporation.
At the close of the year Reserves were $105,353,505, an
1927. The elimination, in consolidation, of dividends rerepresents
ceived on stock of Washington Railway and Electric Com- increase of $25,190,761, of which $16,130,329at
dates of
pany was more than offset by income resulting from con- accumulated reserves of the new subsidiaries
versions of bonds of Western Power Corporation into Com- acquisition.
On December 31, 1928, Undivided Profits amounted to
mon Stock of The North American Company therefore
purchased at prices substantially below the conversion $74,874,413, an increase of $23,515,800, and Capital Surplus
amounted to $23,859,317, an increase of $37,684. Total
prices.
Interest Charges, including amortization of bond discount Surplus on December 31, 1928, was $98,733,730.
and expense, increased $467,797, and Preferred Dividends
GENERAL.
of Subsidiaries increased $995,242. These increases include
interest and dividends, for the periods from dates of ac- Federal Trade Commission Inquiry.
quisition to December 31 1928, on debt and preferred stocks
The North American Company and its subsidiaries have
of the new subsidiaries.
Appropriations of $14,274,664 for Depreciation Reserves, co-operated with the Federal Trade Commission in the matpreviously referred to, amounted'to 10.53% of Gross Earn- ter of supplying it with information requested in the investiings, and were equivalent to $2.96 per share on the average gation which the Commission is conducting by order of
number of shares of North American Common Stock out- United States Senate resolution.
standing during the year. A substantial proportion of the
Regulation.
properties of the subsidiaries, more particularly their hydro- Service, Rates and Public
The practice of maintaining the lowest charges consistent
electric developments, is of long life character. Therefore,
and also in view of the large expenditures for maintenance, with the highest standards of service has been constantly
these appropriations for Depreciation Reserves are regarded followed. As a result, charges made by the subsidiaries of
as adequate to provide for replacements of property when The North American Company are as low as, or lower than,
charges made in other territories of similar size and characand as they become necessary.
Balancu for Dividends and Surplus amounted to $24,- ter. Had rate schedules of the present subsidiaries of The
402,753, and after deducting dividends of $1,820,032 paid North American Company in effect during the year 1921
on the Preferred Stock of The North American Company been applied to their sales of electric current during the past
there remained $22,582,721, an increase of 29.53%, equiva- year, Net Income from Operation of $64,399,252 for 1928
lent to $4.68 per share on the average number of shares of would have been approximately $19,800,000 greater, and
North American Common Stock outstanding during the would have been further increased by approximately $1,year, compared with $4.06 per share on the average number 800,000 if the 1921 rate schedules had been applied to their
sales of gas in 1928.
of shares outstanding during 1927.
It has not been the policy of The North American ComBalance of income for the year carried to Undivided Profits
amounted to $24,402,753, in addition to $6,700,200 repre- pany to collect from subsidiaries, as sources of income to
senting consolidated surplus of Washington Railway and the holding company, fees for management, engineering or
Electric Company and its subsidiary companies applicable financing services.
Issues of securities of the public utility subsidiaries of The
to The North American Company's holdings of Common
Stock of that Company from dates of acquisition to March 31, North American Company, and rates charged by them are,
2124
[VOL. 128.
FINANCIAL CHRONICLE
except in minor instances, subject to the jurisdiction of State
regulatory authorities.
Public Relations.
The cordial public relations of The North American Company and its subsidiaries are reflected in the attitude of the
large and increasing number of customers and in the steadily
broadening ownership of securities of the Company and its
subsidiaries.
Promotion of Business. ,
The North American Company and its subsidiaries have
long recognized that successive reductions in rates are important incentives for more general and continuous use of
utility services. Engineering and commercial departments
of subsidiaries are constantly and actively engaged in developing diverse applications of electricity in industrial fields,
including substitution of electrically operated furnaces,
ovens and other equipment used in a wide variety of manufacturing processes, for equipment operated by other means.
Assured continuity of service and lower costs induce abandonment of power plants by private interests which find it
more advantageous to purchase service from the central
station company. Reductions in rates and the introduction
of many new convenience appliances encourage greater use
of electric energy by residential customers. Further extensions of distribution lines into rural sections, and advertising
campaigns and exhibitions of electrical appliances for farm
use conducted in such territories, are reflected in increasing
use of electricity for agricultural purposes. Electric lighting
of rural highways also offers promise of satisfactory develment. New adaptations of gas in industrial fields result
in growing demands for service, and greater revenues may be
expected from such sources as these developments progress.
Wired Radio.
Stockholders were advised in a special letter dated November 19, 1928, that Wired Radio, Inc., a subsidiary of The
North American Company, which has been doing important
development work during the past six years on the transmission of radio programs over electric light and power lines,
had made sufficient progress to warrant arrangements for
adequate manufacturing facilities. To that end, on November 16, 1928 Wired Radio, Inc., entered into two contracts
with Federal Telegraph Company, a subsidiary of Bolster
Radio Corporation. One of these contracts insures to
Wired Radio, Inc. availability of facilities for the manufacture of equipment which will be required when tests now
being conducted by it have progressed to the stage where
actual service installations are to be made. The other
contract provided for the sale to Federal Telegraph Company of about 600 inventions and patents acquired and developed by Wired Radio, Inc. In addition to receiving a
substantial initial payment and participating in future
patent royalties, Wired Radio, Inc., retains exclusive
licenses for the use of these patents in the field of wired
radio. It is expected that wired radio, which will supplement but not displace broadcasting on the air, will ultimately be made available to all electric utility companies
that wish to furnish such service to their customers.
EDWIN GRUHL,
Vice-President and General Manager.
THE NORTH AMERICAN COMPANY AND SUBSIDIARY COMPANIES.
CONSOLIDATED INCOME STATEMENT
Year 1928
$135,551,899.02
71,152,646.78
Year 1927
$122,166,834.37
65,308,621.27
Net Income from Operation
Other Net Income
$64,399,252.24
4,290,936.06
256,858,213.10
3,022,715.26
Total
Deductions:
Interest Charges (Including amortization of Bond Discount and Expense)
Preferred Dividends of Subsidiaries
Minority Interests
$68,690,188.30
859,880,928.3
Gross Earnings
Operating Expenses, Maintenance and Taxes
18,243,609.32
9.961,982.66
1,807.179.59
Total Deductions
17.775.812.34
8,966,740.45
1,401.795.43
$30,012,771.57
828,144,348.22
Balance for Depreciation, Dividends and Surplus
Appropriations for Depreciation Reserves
$38,677,416.73
14,274,663.66
$31,736,580.14
12,481,932.22
Balance for Dividends and Surplus
$24,402,753.07
$19,254,647.92
CONSOLIDATED SURPLUS STATEMENT
Capital Surplus:
Balance, December 31, 1927
Arising from issue of Common Stock during year 1928 (other than in payment of dividends)
Other credits
$23,821,632.84
1,846.400.00
121,951.73
$25.789,984.57
Appropriated to provide for difference between net proceeds and liquidation value of Preferred Stock of North
American Edison Company
1,930,887.36
Capital Surplus, December 31, 1928
Undivided Profits:
Balance, December 31, 1927
$51.358,612.42
Balance of Income, year ended December 31, 1928
24.402.753.07
Consolidated surplus of Washington Railway and Electric Company applicable to holdings of Common Stock
from dates of acquisition to March 31, 1928
6,700,199.69
$23,859,317.31
$82.461,565.18
Deductions:
Dividends on Stock of The North American Company:
Preferred
Common (Paid by issue of 480,654.95 shares)
S1,820,031.75
4,806.549.50
56,626.581.25
960.571.38
Other Charges—Net
7,587,152.63
Undivided Profits, December 31, 1928
74,874,412.55
Total Surplus, December 91, 1928
$98,733,729.75
CONSOLIDATED BALANCE SHEET
A SSETS
•
December 31, 1928 December 31, 2927
Property and Plant-----------------------------------------------------------------------------------8726,220,917.95
$614,721,008.24
Cash and Securities on Deposit with Trustees
1,902,346.78
1,402,538.83
Investments:
Stocks and Bonds of Other Companies
40,080,636.55
36,945,885.77
Sundry Investments
3,866,947.72
3,515,268.86
The North American Company Common Stock (held by subsidiary for conversion of bonds)
1,182,981.59
3,113,325.75
545,130,585.88
Current and Working Assets:
Cash (including funds loaned on call through banks)
*11,835,971.45
United States Government Securities----------------------------------------------------------------- 10,597.707.37
Notes and Bills Receivable
1,076,990.05
Accounts Receivable
•14,977,428.07
Material and Supplies (at cost or less)
12,004,349.82
$43,574,480.38
*11,107,362.21
12,336,851.57
585,890.88
13,891,885.51
11,111,092.31
* Call loans, December 31, 1928, $3,500,000; December 31, 1927. none.
$50,492,446.76
2,182,829.16
15,298,287.85
$48,832,882.48
1,749,337.40
16,910,849.36
$841,227,394.36
Prepaid Accounts
Discount and Expense on Securities
8727,190,796.69
MAR. 30 1929.]
2125
FINANCIAL CHRONICLE
LIABILITIES
31, 1927
$30,333,750.00
2,000.00
$30,133,900.00
$30,335,750.00
50,005,090.00
45,043,330.00
114,510.00
105,300.00
s$50,119,600.00 t$45,148,630.00
1,250,020.00
1,125,950.50
Dividend Payable in Common Stock
185,853,601.45
142,592,757.77
Stocks
Preferred Interestsof Subsidiaries Surplus of Subsidiaries
12,806,765.46
9,341,679.74
Minority
in Capital and
368.264,351.28
400,869,604.32
Subsidiaries
Funded Debt of deposited with Trustees
53,783,850.00
52,1194,8.50.00
Lass amount
$347,085,754.32 $315,769,501.28
Current Liabilities:
3,392,225.00
6,441,130.56
Bills Payable
Notes andPayable
5,073,513.86
4,373,793.34
Accounts
5,067,761.38
3,818.918.49
Sundry Current Liabilities
$14,633,842.39
$13,533,500.24
Accrued Liabilities:
10,409,941.57
8,126,745.13
Taxes Accrued
4,096,391.01
3,076,589.28
Interest Accrued
1.535,854.67
1,475,666.51
Dividends Accrued
114,831.23
260,695.10
Sundry Accrued Liabilities
$12,939,696.02
$16,157,018.48
Reserves:
71,741,703.66
Depreciation
91,037,966.82
Other Reserves
14,315,637.83
8,421,040.07
280,162,743.73
2105,353,504.65
Surplus:
Capital Surplus
13,859,317.21
23,821,632.84
Undivided Profits
51,358,612.42
74,874,412.55
$98,733,729.76
$75,180,245.26
$841,2,27,394.36 $727,190,796.69
*Represented by 5,011,960 shares without nominal or par value. 4Represented by 4,514.863 shares without nominal or par value.
Per Cent. Cumulative Preferred Stock (Authorized 2,000,000 Shares, $50 par value):
Stock
Scrip
Common Stock (Authorized 10,000,000 Shares without nominal or par value):
Stock
Scrip
Six
:4•:
-150
-140
-130
-120
-110
Electric and Healing
Rails.ay
Gas
Miscellaneous
-100
0
41.
:••••
az
••••:.
1923
1924
1922 1924 1925 1926 1927 192
PROPERTY AND PLANT AT END OF NEAR
75
70
Railway
'
G s
Miscellaneous
65
60
55
Net Income from
Operation
8 1928
$64,399,252
40
1927
56,858,213
1926
as
51,467,589
1925
38,041,842
30 o
1924
29,955.492
25
27.176,069
30 1923
20
In
IS
5 years
$37,223,183
OM=
A
•
•
•
4
December
Property and Plant
at End of Year
1929
$726,220,918
1927
614,721,008
1926
575,883,306
1925
524,394,202
1924
293,592,471
1923
251.661,142
Increase
5 years
$474,559,776
Gross Earnings
1928
$135,551,899
1927
122,166,834
1926
115,850,466
1925
93,028,967
1924
80,117,255
1923
75,465,267
Increase
5 years
$60,086,632
1915 1926 1927 1928
GROSS EARNINGS
Electric and Heating
0
0
•
4:t
10
5
4..
1923
1924 1925 1926 1927 1928
NET INCOME FROM OPERATION
§§ Preferred Dividends
Reserves at End
of Year
1928
$105,353,505
1927
80,162,744
1926
72,863,955
1925
64,792,463,
1924
44,979,485
1923
37,911,711
Increase
5 years
$67,441,794
50 /
45
•••
1923
- 900
-80
-70 0
0
-60 0
-50
30
- 40
- 30
-20
- 10
31. 1928
$30,333,900.00
December
1924 1925 1926 1927 1928
RESERVES AT END OF lEAR
Surplus at End
of Year
Undivided Profits
1928
$74,874,413
1927
51,358,612
1926
42,147.237
1925
30,605,648
1924
22,817,142
1923
17,037,879
Inc. 5 years_ $57,836,534
28
26
Common Dividends
all
swg;',7d:`,;S:
24
22
Balance for
Dividends and Surplus
$24,402,753
16 8 1928
19,254,648
14 i
rs 1927
1926
17,563,507
-12
1925
13,296,111
-10 . 1924
1
2
10,582,765
1923
9,385,458
Increase
-6
5 years
$15,017,295
20 0
18
Capital
Surplus
1928
$23,859,317
1927
23,821,633
1926
23,821,633
1925
23,741,646
1924
1923
Inc. 5 years_ $23,859,317
Total Surplus
-4
1923 1921 1925 1920 1927 1928
BALANCE FOR DIVIDENDS AND SURPLUS
1923
1924 1925 1926 1927 1929
SURPLUS AT END OF YEAR
1928
1927
1926
1925
1924
1923
Inc. 5 years-
$98,733,730
75,180,245
65,968,870
54,347,294
22,817.142
17,037,879
$81,695,851
2126
[VOL. 128.
FINANCIAL CHRONICLE
PRINCIPAL SUBSIDIARIES OF THE NORTH AMERICAN SOMPANY.
:
SUMMARIES OF MAJOR.0?ERATIONS—MAPS OF ELECTRIC SYSTEMS
WISCONSIN-MICHIGAN
MISSOURI
-ILLINOIS-IOWA
Union Electric Light and Power Company (Missouri)
Mississippi River Power Company
Burlington
Darts City
okuk
---McFarlanc)
1"-, Channidg
tiro' ?WIC ir--....J ,
IMP.
014. Twin rallsii .1r1.
—
Nits e• turgeion
Union Electric Light and Power Company of Illinois
East St. Louis Light & Power Company
The Milwaukee Electric Railway
and Light Company
Wisconsin Electric Power Company
Wisconsin Gas & Electric Company
Wisconsin Michigan Power
Company
Area served:
11,442 square miles
The St. Louis County Gas Company
East St. Louis Railway Company
Quincy
Population of area:
1,400,000
Area served: 2.686 square miles
annibal
Total communities served:
380
Population of area: 1.300,000
Total communities served: 126
Electric capacity, Dec. 31, 1928:
Owned plants 497,020 kilowatts
Electric output, 1928:
1,719,825,708 ldlowatt hours
Electric capacity, Dec. 31, 1928:
Owned plants
379,327 kilowatts
Purchased power
23,100 kilowatts
eenah
Electric output, 1928:
1,148,886,380 kilowatt hours
40
Electric customers, Dec. 31, 1928:
276,819
Electric customers, Dec. 31, 1928:
310,518
Gas capacity, Dec. 31, 1928:
11,720,000 cubic feet per day
ashington
rit)
Milwaukee
Gas output, 1928:
1,762,315,500 cubic feet
Gas customers, Dec. 31, 1928:
42,490
Revenue passengers, 1928:
28,159,665
I
White agir
r1
4ot, aci
6
4
81 rlingtonr
6
4
'
nosh
'
:
Gas output, 1928:
2,349,876,300 cubic feet
Gas customers, Dec. 31, 1928:
50,816
Revenue passengers. 1928:
164.654,303
OHIO
CALIFORNIA
e Alma nor
Reservoir
Gas capacity, Dec. 31, 1928:
12,635,000 cubic feet per day
Great Western Power Company of
California
1 San Joaquin Light and Power Corporation
Midland Counties Public Service
Corporation
91
Area served: 12,957 square miles
4
as Ituma
Population of area: 1,650,000
rTotal communities served: 265
Electric capacity, Dec. 31, 1928:
Owned Plants
379,305 kilowatts
Purchased power
42,219 kilowatts
'77
N,
Electric output, 1928:
1,537,851,047 kilowatt hours
The Cle..eland Electric Illuminating Company
Area served: 1,697 square miles
Electric customers, Dec. 31, 1928: 150,434
Population of area: 1,300,000
o" ‘
‘
.‘
sJii
Ss,
Frond
Exchequii
Ich
Gas capacity, Dec. 31, 1928:
1,560,000 cubic feet per day*
Gas output, 1928: 1,302,875,600 cubic feet
Gas customers. Dec. 31, 1928: 11,017
Revenue passengers, 1928: 1,286,336
*Not including natural gas purchased. V
Electric customers, Dec. 31, 1928: 299,598
DISTRICT OF COLUMBIA
sic
R4vg
Neelsville
a
,
.
Washington Railway and Electric Company
Potomac Electric Power Company
Braddock Light & Power Company
Brookville
MuIrkirk
0
.,San Luis 0
c
Total communities served: 130
Electric capacity, Dec. 31, 1928:
Owned plants 415,250 kilowatts
Electric output, 1928:
1,282. 476.855 kilowatt hours
afield
Pot
Total communities served: 31
Rosalyn
Oetterav,I
ON
VIRGINIA
SantalYnez \
E- Area served: 629 square miles. Population of area: 600,000
Electric capacity, Dec. 31, 1928: Owned plant, 148,000 kilowatts
Electric output, 1928: 413,992,663 kilowatt hours
Inton
Electric customers, Dec. 31, 1928: 131,677
Revenue passengers, 1928: 74.462,681
PRICE, WATERHOUSE & CO.
56 Pine Street,
New York, March 11, 1929.
The North American Company,
60 Broadway,
New York, N. Y.
We have examined the books and accounts of The North American Company for the year ending December 31, 1928,
and have been furnished with the reports of the subsidiary companies as of that date, and certify that the attached consolidated balance sheet and statements of income and surplus have been correctly prepared therefrom.
The books and accounts of the subsidiary companies were examined by us at September 30, 1928, except the accounts
of the Western Power Corporation and its subsidiary companies, which were examined and certified to as at that date by
Messrs. Haskins & Sells. As a result of our examinations we found the accounts to be well and accurately kept.
On the foregoing basis we certify that, in our opinion, the consolidated balance sheet shows the financial position of the
combined companies at December 31, 1928, and the statements of income and surplus fairly set forth the combined results
of_the operations for the year ending on that date.
PRICE, WATERHOUSE & CO.
MAR. 30 1929.]
FINANCIAL CHRONICLE
2127
CANADIAN PACIFIC RAILWAY COMPANY.
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1928.
Also during the year the 18,710 shares of Common Stock,
To the Shareholders;
The accounts ofithe Company for the year ended December referred to in the report of 1917, were disposed of at favorable
prices.
31 1928, show;the following results:
HOTELS.
$229,039,296.95
Gross Earnings
177,344,845.26
Working Expenses (including all taxes)
Your Directors have decided upon extensions to the
$51,694,451.69 Empress Hotel at Victoria and the Palliser Hotel at Calgary
Net Earnings
Special Income
12,677,683.78 in order to provide facilities necessary to take care of the
increasing business in these two cities, particularly, in the
$64,372,135.47
15,308.698.28 case of the Empress Hotel, of the rapidly growing tourist
Deduct Fixed Charges
and winter business. They have, therefore, authorized
Surplus
$49,063,437.19
additions to these hotels at an estimated cost of $2,875,000
750,000.00
Contribution to Pension Fund
for the Empress Hotel and $1,930,000 for the Palliser.
$48,313,437.19 Your approval of these expenditures will be asked.
-yearly
From this there has been charged a half
In view of the large additions to the Atlantic fleet which
dividend on Preference Stock of 2 per cent.,
you have approved and because of the increasing number of
$2,002,971.76
paid October 1 1928
And three quarterly dividends on Ordinary
Canadians who visit England every year, your Directors
Stock of 2M per cent, each, paid June 30
have also decided that it would be in the interests of the
1928, October 1 1928, and December 31
21,972,455.00
Company's traffic to erect a modern hotel in London,
1928
23,975.426.76 England. Some difficulty has been met with in securing a
$24,338,010.43 proper site, but, provided the requisite land can be secured
From this there has been declared a second
in a desirable location, it is expected that the work of conhalf
-yearly dividend on Preference Stock of
struction can be commenced in 1930. Your authority to
$2,064,575.65
2 per cent., payable April 1 1929
And a fourth quarterly dividend on Ordinary
proceed with the work when conditions warrant and to incur
of 2M per cent., payable April 1 1929 7,381,177.50
Stock
9,445,753.15 the necessary expenditure will be required.
Construction and equipment of the Royal York Hotel at
$14,892,257.28
Leaving net surplus for the year
Toronto are rapidly approaching completion and it is
SPECIAL INCOME FOR YEAR ENDED DECEMBER 311928.
Net Revenue from Investments and Available Resources,
expected that it will be opened in June.
$3,262,525.00
Exhibit "C"
Interest on Deposits, and Interest and Dividends on Other
3,231,319.73
Securities
2,257,546.05
Net Earnings Ocean and Coastal Steamship Lines
Net Earnings Commercial Telegraph and News DepartMiscellaneous
3,926,293.00
ments, Hotels, Rentals and
$12,677,683.78
EARNINGS AND EXPENSES.
The working expenses for the year, including all taxes,
amounted to 77.43 per cent. of the gross earnings, and the
net earnings to 22.57 per cent., as compared with 80.36
per cent. and 19.64 per cent. respectively in 1927. Excluding
taxes, the ratio of working expenses to gross earnings was
74.79 per cent., and in 1927, 77.87 per cent.
The gross earnings from railway operations increased
$27,893,545 over those of the previous year, and working
expenses increased $15,714,665. The net earnings, exclusive
of Special Income, were $51,694,451, an increase over the
previous year of $12,178,880.
These results may be considered eminently satisfactory,
the net earnings being greater than in any year in the
Company's history.
The increase in gross earnings is due to the large crop
handled under favorable harvesting conditions and to the
improvement in general business throughout the country.
Expenditures for Maintenance of Way, Structures and
Equipment during the year were adequate for the upkeep
of the property, which is in good condition throughout.
SPECIAL INCOME.
The Special Income of the Company shows an increase
over that of the previous year of $801,124, due principally
to larger net earnings from Comniercial Telegraphs, Hotels,
etc., and to greater interest obtained on deposits and from
investments. There was a decrease in the net earnings from
Ocean and Coastal steamship lines of $184,583, duo entirely
to diminished passenger and freight earnings on the Pacific.
LAND SALES.
The sales of agricultural lands for the year were 664,411
acres for $7,743,847.18, being an average of $11.66 per acre.
Included in this area were 25,859 acres of irrigated land
which brought $43.74 per acre, so that the average for the
balance was $10.36 per acre.
ISSUE OF STOCKS.
During the year your Directors sold in London £1,500,000,
and in New York $5,000,000, of Four Per Cent. Consolidated
Debenture Stock, the issuance of which you had authorized,
and in London £1,000,000 of Four Per Cont. Preference
Stock, the proceeds being used to meet capital expenditures
previously sanctioned by you.
B. C. COAST SERVICE.
take care of the increasing traffic between
In order to
Vancouver and Victoria, your Directors have authorized
the construction of two first class steel quadruple expansion
twin screw oil-burning passenger and cargo steamships, each
351 feet in length, 52 feet in breadth and with a speed of
163/i knots, giving sleeping accommodation for 435 passengers, day accommodation for 1,500 passengers, also
accommodation for 50 automobiles and approximately
1,000 tons of cargo, at a cost of £210,000 each, to be delivered in March and April, 1930, respectively.
You will be asked to approve this action of the Directors
and to authorize the issuance of Consolidated Debenture
Stock to defray the cost of the vessels.
CANADIAN PACIFIC STEAMSHIPS LIMITED.
In accordance with the policy of disposing of vessels which
are considered to be unsuitable for present-day traffic requirements or uneconomical to operate, the following
vessels have been sold: "Balfour," "Berwyn," "Bosworth,"
"Brandon," "Brecon," "Marburn," "Montreal."
During the year, the "Duchess of Bedford" and the
"Duchess of Atholl" and five new freighters of the "Beaver"
class were put in commission. Since the end of the year, the
"Duchess of Richmond" has been delivered and the "Duchess
of York" is expected to be in service during the present
month.
The double reduction gearing installed in vessels built in
1921 and 1922 has not only been costly to maintain but for
some time has been a source of anxiety to our steamship
officers, and it has been therefore decided to re-engine the
"Empress of Canada," the "Montcalm" and the "Montdare" with improved turbine machinery of single reduction
gear type. It is anticipated that the economy in fuel consumption alone will justify these alterations, and in addition
the vessels will have better and more efficient propulsive
power.
In pursuance of your authority, given at the last Annual
Meeting, contracts have been entered into for the construction of two additional steamships, one for the Pacific
service, to be known as the "Empress of Japan," and the
other for the Atlantic service, to be known as the "Empress
of Britain."
The "Empress of Japan" will be a first class steel twin
screw geared turbine oil-burning, 21-knot passenger and
cargo steamer, 662 feet in length and 83 feet 6 inches in
breadth, and the contract calls for its delivery not later than
May,1930. Its cost will be £1,270,000.
The "Empress of Britain" is to be a first class
quadruple
screw geared turbine oil-burning passenger and
cargo
2128
FTNANCIAL CFERO NTCLE
steamer of,755.feet length and 97 feet 6 inches breadth,i, with
a speed of 24 knots. Its cost will be £2,100,000 and'the
builders have contracted to deliver it not later than May,
1931.
BRANCH LINES.
The construction of new branch lines in Western Canada
previously authorized by the shareholders was proceeded
with, 352 miles being graded, 343 miles of track being laid,
and 270 miles ballasted on these new lines.
Your Directors have given consideration to the necessity
of providing extensions in various parts of the Dominion to
serve the mining and agricultural activities which form such
an important phase of the country's development, having
regard particularly to the extensive operations that are
likely to take place in Northern Saskatchewan and Northern
Alberta and also to the settlement possibilities due to the
excellent character of the land, and in pursuance of this
policy have applied to Parliament for authority to construct
the following branch lines having an aggregate mileage of
approximately 1,200 miles:
1. From a point on the Lac du Bonnet Branch inyEastern Manitoba,
northerly and easterly to a point on the Eastern boundary of that Province.
2. From Bredenbury to Esterhazy. In the Province of Manitoba.
3. From Nipawin northerly to Island Falls on the Churchill River,in the
Province of Saskatchewan.
4. From Gronlid on the Lanigan Northeasterly BranchAto Pontrllas on
the Tuffnell-Prince Albert Branch, in the Province of Saskatchewan.
5. From Lanigan to Price Albert, in the Province of Saskatchewan.
6. From Prince Albert northerly to Foster Lakes,lin the Province of
Saskatchewan.
7. From Prince Albert northwesterly to Lac la Biche on the Alberta and
Great Waterways Railway, in the Province;of Alberta.
8. From Sonningdale through North Battlefordito:Meadow Lake,in the
Province of Saskatchewan.
9. From Hazeldine to a Junction with the Lac la Bich° line near Cold
Lake, in the Province of Alberta.
10. From Crossfield on the Calgary and Edmonton Railway westerly and
northerly about 70 miles,in the Province of Alberta.
11. From Trail easterly and southerly to the-International boundary at
the crossing of the Pend d'Oreille River,in the Province of British Columbia.
12. From Kootenay Landing to Procter, In the Province of British
Columbia.
15. From a point on the Stoble Branch to the Falconbridge Mining Area
in the District of Sudbury, Province of Ontario.
[VoL. 128.
with the Canadian National Railways the railways and
undertakings of the Edmonton, Dunvegan and British
Columbia Railway Company, the Central Canada Railway
Company, the Central Canada Express Company, the
Alberta and Great Waterways Railway Company and the
Pembina Valley Railway, all of which are presently owned
and operated by the Province of Alberta. The purchase
price is to be $15,580,000, payable in installments as follows:
$5,000,000 on delivery of possession, 85,000,000 on June 1
1933, and $5,580,000 on June 1 1939, with interest on the
deferred installments at four per cent. per annum. In addition, the purchasers are to pay and indemnify the Province
against liability on the founded debt of the Edmonton,
Dunvegan and British Columbia Railway Company comprising $7,000,000 First Mortgage Four Per Cent. Debenture
Stock due February 16 1942, and $2,420,000 First Mortgage
Four and One-half Per Cent. Gold Bonds due October 22
1944. The purchasers are also to complete the construction
of the extensions of the Edmonton, Dunvegan and British
Columbia Railway from Wembley to Hythe, about twentyfive miles, and the Central Canada Railway from Whitelaw
to the Water Hole District, about fifteen miles, and to pay
to the Province the amount expended by the Province in
such construction, and within five years construct and put
into operation not less than sixty miles of additional branch
lines and extensions.
The proposed Agreement will be submitted for your
approval, and your authority for the issue of Consolidated
Debenture Stock to aid in financing the transaction will be
asked.
MINNEAPOLIS, ST. PAUL AND SAULT STE.
MARIE RAILWAY COMPANY.
The fair grain crops of 1928 and improving business conditions throughout the Northwestern States resulted in the
largest gross earnings in the history of your subsidiary, the
Soo Line, and notwithstanding the heavy maintenance
expenses and increasing labour costs, the net income of that
Company was reasonably satisfactory. For the past five
years the Directors of the Soo Line have carried out an
extensive programme of improvements for the purpose of
enabling the property to be more economically operated and
they feel that considerable progress has been made in that
direction. The intensive programme for diversification in
agriculture which has been carried on in recent years is
bringing good results, and business conditions in the Northwest are now more stable and agriculture is gradually
righting itself through less dependence on the raising of grain.
In connection with the Western Lines involved in this
application to Parliament, negotiations have taken place
with the Canadian National Railway Company, which is
also making application to Parliament at the present Session
for the necessary authority to enable- it to construct certain
lines which would parallel portions of the lines applied for
by your Company, with the result that understandings have
been arrived at which will avoid duplication of lines hrough
NEW EQUIPMENT.
the territories affected.
Your approval will be asked for proceeding with the conYour Directors are making provision, with your approval,
struction of the undermentioned portions of the said branch to obtain the following necessary equipment at a total
lines and extensions, as conditions warrant, and for the issue estimated cost of $41,363,791.
and sale of a sufficient amount of Consolidated Debenture Passenger Cars
-Section Sleeping Cars
29 8
Stock to meet the expenditure therefor:—
11 Buffet Parlor Cars
110 miles
Lanigan-Prince Albert
10 Special Baggage Cars
Prince Albert-Lac Is Riche
Gronlld-Pontrilas
Trail easterly and southerly
Kootenay Landing-Procter
Stobie-Falconbridge
50 miles
20 miles
16 milks
33 miles
12 miles
In addition to the above mentioned lines, your Directors
are of the opinion that further extensions should be built, as
conditions warrant,in respect of the following lines,for which
parliamentary sanction has already been received:—
Acme Northwesterly
Archive-Wymark; Lake Johnston to Archive
Swift Current Northwesterly; Willingden to Vegreville
Bromhead Westerly, Mileage 20 to 44
Suffield Southwesterly; Arrowhead to Blackle
25.0 miles
27.0 miles
25.0 miles
24.0 stiles
26.0 miles
-60 ft. mall compartment
6 Mail and Express Cars
-30 ft. mail compartment
5 Mail and Express Cars
6 Standard 79 ft. Baggage Cars
2 Cafe Parlor Cars
15 First Class Coaches
15 Dining Cars
2 Overnight Single Bed Sleeping Cars
15 Lounge Observation Cars
3 General Superintendents' Cars
Freight Cars
200 Stone Cars—nominal capacity 64 tons
-60 tons capacity
7.500 Steel Sheathed Box Cars/
250 Freight Refrigerators
200 Steel Sheathed Automobile Cars
50 Express Refrigerator Cars
6 Ore Cars
300 Flat Cars
300 Coal Oars
5 Special depressed centre flat cars
Your approval will also be asked for proceeding with the
construetion of the last mentioned extensions and for the issue
and sale of a sufficient amount of Consolidated Debenture Service Units
325 Hart Convertible Ballast Cars
Stock to meet the expenditure therefor.
25 Mager type Air Dump Cars
It is also proposed to extend, as conditions warrant, the
40 29 ft. Conductors' Vans
Albert Branch of the Manitoba & North
Tuffnell-Price
-6 single and 1 double track
7 Snow Plows
2 Rail Hoists-2,500 lbs. capacity
Western Railway from Nipawin to Price Albert,a distance of
2 Self-propelling Pile Drivers
97 miles. The Manitoba & North Western Railway Com2 200 Ton Cranes
not exceeding $40,000 per
pany has authority to issue bonds
3 100,000 lbs. Capacity Jordan Spreaders
1 Composite Jordan Spreader and Ditcher
mile in respect of this Branch, which bonds will, in the usual
1 Brownhoist combined Steam Crane and Pilo Driver
course, be acquired by the Company with the proceeds of
Locomotives
the sale of Consolidated Debenture Stock to be issued for
20 T-1, 2-10-4 class oil burning—two equipped with boosters.
the purpose.
CAPITAL EXPENDITURES.
ALBERTA RAILWAYS.
In anticipation of your confirmation, your Directors
Subject to the necessary statutory authority and to your
approval, your Directors have agreed to purchase jointly authorized capital appropriations, in addition to those
MAR. 30
1929.]
FINANCIAL CHRONICLE
2129
approved at the last Annual Meeting, aggregating for the
CHANGES IN DIRECTORATE.
year 1928,$4,761,502, and ask your approval of expenditures
During the year the Directors received with regret the
on capital account during the present year of $14,631,072. resignation of Mr. J.
K. L. Ross, who had been a member
Of this amount the principal items are:—
of the Board since 1914. The vacancy thus created has
Replacement and enlargement ofstructures in permanent form_ 21,260,870 been filled by the appoint
ment of Sir Charles Gordon,
Additional stations, round houses, freight sheds and shops, and
G.B.E
.
extensions to existing buildings
1,809.652
Tie plates, rail anchors, ballasting, ditching and miscellaneous
It is also with deep regret that the Directors have to report
roadway betterments
1,350,838 that since the closo of the year the Company has suffered a
Replacement of rail in main and branch line tracks with heavier
severe loss in the deaths of Mr. F. W. Molson and Sir
section
1,524,549
Installation of Automatic Signals
1,904,000 Vincent Meredith, Bart. Mr. Molson had been a Director
Additional terminal and side track accommodation
1,633,854 since 1923 and Sir Vincent Meredith since 1916,
and both
Improving coaling and watering facilities
237,575
were members of the Executive Committee.
Mechanical Department, machinery at various points
702,710
Improvements in connection with Telegraph Service
The vacancy in the Executive Committee of the Board
945,822
British Columbia Coast Steamships
38.700 created by the death of Mr. Molson has been filled
Algonquin Hotel
by the
97.000
Hotel Saskatchewan
election of the Honourable F. L. Beique, K.C., to that
153,989
Terminal Improvements, Montreal
888,775 Committee.
The balance of the amount is required for miscellaneous
RETIRING DIRECTORS.
works to improve facilities and effect economies over the
The undermentioned Directors will retire from office at the
whole System.
approaching Annual Meeting. They are eligible for reelection:—
STOCK HOLDINGS.
Mr. Edward W. Beatty
The holdings of the Common and Preference Stocks of the
Mr. W. A. Black
Company at December 31 1928, were distributed as follows:
Hon. F. L. Beique, K.C.
Corn. & Prof.
Rt. Hon. Lord Shaughnessy, K.C.
Common
Preference
Combined
United Kingdom
42.94%
98.37%
For the Directors,
57.75%
Canada
17.50%
.30%
12.90%
United States
E. W. BEATTY, President.
33.06%
.71%
24.42%
Other Countries
6.50%
.62%
Montreal, March 11 1929.
4.93%
GENERAL BALANCE SHEET, DECEMBER 31, 1928.
ASSETS.
Property Investment:
Railway, Rolling Stock Equipment and"Lake and River Steamers
Ocean and Coastal Steamships, Exhibit "A"
Acquired Securities (Cost): Exhibit "B"
Advances to Controlled Properties and Insurance
Premiums
Investments and Available Resources:
Deferred Payments on Lands and Townsites
Provincial and Municipal Securities
Miscellaneous Investments. Exhibit "C," Cost
Assets in Lands and Properties, Exhibit"D"
Working Assets:
Material and Supplies on Hand
Agents' and Conductors' Balances
Net Traffic Balances
Imperial, Dominion and United States Governments. Accounts
due for Transportation, etc
Miscellaneous Accounts Receivable
Cash in Hand
$723.412.975.91
86.307.106.12
148.132,386.78
13,152.388.77
$57,023.582.79
792.721.29
26,854.153.22
75.626.193 30
160,296.650.60
$23,605.836.98
6.482,070.37
885,505.00
1.142,061.80
9.575.474.91
52,082,557.29
93,773.506.35
$1,225.075,014.53
LIABILITIES.
Capital Stock:
Ordinary Stock
Payments by employees on Subscription to Now Issue Ordinary
Stock at $150
Four Per Cent. Preference Stock
Four Per Cent. Consolidated Debenture Stock
Less: Collateral as below*
Ten Year 5% Collateral Trust Gold Bonds
(1934)•
Twenty Year 414% Collateral Trust Gold Bonds
(1946)•
Twenty Year 43,4% Sinking Fund Secured Note Certificate
s (1944)
Less: Purchased by Trustee and cancelled
$295.247,100.00
4,106.065.53
105,015.254.45
2404,368,419.98
$316,544,882.08
40,000.000.00
276,544.882.08
12,000.000.00
20.000.000.00
30.000.000.00
5.671,900.00
$24,328,100.00
368,524.38
Less: Amount held by Trustee
Mortgage Bonds:
Algoma Branch lit Mortgage 5 Per Cent
Current:
Audited Vouchers
Pay Rolls
Miscellaneous Accounts Payable
23,959,575.62
3.650,000.00
Accrued:
Rentals of Leased Lines and Coupons on Mortgage Bonds
Equipment Obligations
Reserves and Appropriations:
Equipment Replacement
Steamship Replacement
Reserve Fund for Contingencies and for Contingent Taxes
Premium on Capital Stock Sold (Less Discount on Bonds and
Notes)
Net Proceeds Lands and Townsites
Surplus Revenue from Operation
Special Reserve to Meet Taxes Imposed by Dominion Governme
nt
Surplus In Other Assets
$10,769,924.82
4,052.416.91
5.132.858.22
19,955.199.95
992,145.32
13,000.000.00
4,750.730.35
17.061.714.84
29,013,985.00
50.826,430.19
54.880.516.10
78.467,535.93
155.495,913.76
3,139,779.69
107.794.615.91
$1,225,075.014.53
E. E. LLOYD, Comptroller.
AUDITORS' CERTIFICATE.
We have examined the Books and Records of the Canadian Pacific Railway
Co. for the year ending December 31,
1928, and having compared the annexed Balance Sheet and
Income Account therewith, we certify that, in our opinion,
Balance Sheet is properly drawn up so as to show the true financia
the
l position of the Company at that date, and that
the relative Income Account for the year is correct.
Montreal, March 8, 1929.
PRICE, WATERHOUSE & CO., Chartered Accountants
(England).
2130
FINANCIAL CHRONICLE
[VOL. 128.
THE WHITE MOTOR COMPANY,
CLEVELAND.
ANNUAL REPORT-1928.
To the Stockholders:
The Directors herewith submit the Combined Balance
Sheet and Surplus Account of the Company, as of December 31st 1928, together with the Balance Sheets and Surplus
Accounts of the White Motor Securities Corporation and
the White Motor Realty Company.
The operations of the Company, after giving effect, as has
been customary, to the undistributed earnings of the White
Motor Securities Corporation and The White Motor Realty
Company, resulted in a net profit of $2,320,813.35. The
Net Loss on the same basis in 1927 was $895,341.43.
Fromithe Surplus of $5,781,352.06, as of December 31st
1927,1and the Net Earnings of $2,320,813.35 have been
deducted dividends of $800,000 paid during the year and
$500,000jtransferred to Reserve for Contingencies, leaving
the surplus as of December 31st 1928, at $6,802,165.41.
Gross sales in 1928 were $47,540,594.04.
The]Balance Sheet reflects a strong financial condition.
Cash:and Government Securities amount to $12,246,842.31;
Notes and Accounts Receivable, $6,504,579.37; Inventory
$13,243,128.30, a reduction of $3,044,230.09 since the first
of the year. The ratio of current assets to current liabilities
is 8.5 to 1.
ThelProperty Account was increased during the year by
and
the expenditure of $204,986.52 for Factory equipment
for property and necessary equipment for Sales
$431,117.99
and Service Stations in various cities. It was decreased
by $800,977.25 additional Reserve for Depreciation and by
$48,631.04 representing the dismantling of certain machinery
at the Factory. The Property Account was thus $9,282,017.93as of December 31st 1928, as compared with $9,495,521.71 on December 31st 1927, a decrease of $213,503.78.
Our established policy of continued development of our
quality product in anticipation of our customers' demands
resulted in placing on the market during the past year three
new models of exclusive White design and manufacture;
-ton truck equipped with the exclusive double reduction
a3
White axle, especially adapted for high speed and the use
with the
of pneumatic tires; a heavy duty unit equipped
s latest 100 H. P. six-cylinder motor; and a light
Company'
and conduty six-cylinder truck of entirely new design
Since the end of the year another new model,
struction.
and placed
a six-cylinder 1M-ton truck, has been announced
in production.
These models are designed to meet the conditions of
the very
modern traffic and embody to the highest degree
economlatest improvements in truck construction, insuring
and long lire, without neglecting the style
ical operation
importance as a factor
element which is steadily growing in
designs.
in truck
nt and
All expenses incident to the designing, developme
the
in production of these models incurred during
placing
current operating expense.
year were absorbed in
earnings over
Your directors feel that the improvement in
indicates that the readjustments inauguthe preceding year
proceeding are accomrated late in 1927 and which are still
to
the desired results and they look with confidence
plishing
the future.
WHITE MOTOR SECURITIES CORPORATION.
the
During the year this company continued to finance
sales for The White Company. The Balance Sheet
time
in this
and Profit and Loss Statement for 1928 are included
report.
$10,788,995.58
At the beginning of the year,it had on hand
year
installment agreements and purchased during the
$13,271,472.21, a total of $24,060,467.79. Of these installduring the
ment agreements, $14,101,563.54 were liquidated
leaving a balance on December 31st 1928, of $9,958,year,
904.25.
for estimated
The Net Profit for the year, after provision
was $445,996.98. After deducting dividends
Federal Taxes,
and $50,000 on the
of $175,000 on the Preferred Stock
Stock, all of which is owned by The White Motor
Common
carried
Company, a balance of $220,996.98 remained to be
account, making the total of this account
to surplus
$1,088,780.39. Increase in the surplus is included in the
earnings of The White Motor Company.
THE WHITE MOTOR REALTY COMPANY.
Earnings of The White Motor Realty Company for the
year, after provision for Federal Taxes, were $136,054.60.
This amount is available for dividends on the Common
Stock, all of which is owned by The White Motor Company
and is, therefore, included in the earnings of that Company.
The original issue of $3,000,000 of 6% Secured Serial Gold
Debentures has been reduced to $2,400,000 by the annual
retirement of the $200,000.
Resfectfully submitted,
THE BOARD OF DIRECTORS,
By WALTER C. WHITE,
President.
March 15th 1929.
THE WHITE MOTOR COMPANY, CLEVELAND AND
THE WHITE COMPANY AND THE WHITE
COMPANY, LIMITED.
(Subsidiary Companies.)
BALANCE SHEET AS OF THE CLOSE OF BUSINESS
DECEMBER 31 1928.
ASSETS:
Current—
Cash in Banks and on Hand
U. S. Government Securities (At Cost and
Accrued Interest)
Notes Receivable—Customers
Accounts Receivable—Customers
Accounts Receivable—Miscellaneous
Inventories (Based on the lower of cost or
market)
$1,376,907.08
10,869,935.23
2,024,845.91
4,349,212.96
130,520.50
13,243,128.30
$31.994,549.98
Investments—
White Motor Securities Corporation:
Total Issued Common Stock (Book Value). $1,588,680.39
The White Motor Realty Company:
760,109.50
Total Issued Capital Stock (Book Value).2,220,100.79
Other Investments
4,568,890.68
Property Account—
Land, Buildings, Machinery and Equipment..$14,646,945.72
5,364.927.79
Less: Allowance for Depreciation
9,282,017.93
Cost of Good Will. Patents, Models, Trade Marks, Trade
Patterns and Drawings
5,388,909.66
Names,
Deferred—
$298,599 67
Discount on Customers' Notes Sold
Prepaid Rentals, Taxes and Other Expenses,
157,215.77
Insurance Premiums, &c
Unexpired
455.815.44
$51,690,183.69
Note.—The White Motor Company has guaranteed the principal amount
of $2,500,000 of 7% preferred shares of White Motor Securities Corporation
and the payment of regular dividends thereon. There was a contingent
liability as of December 31, 1928, in connection with $9,958,904.25 of
Customers' Notes Receivable sold to White Motor Securities Corporation
under agreement to repurchase in case of makers' default. All these notes
are secured by direct lien on trucks and buses.
LIABILITIES.
Current—
Accounts Payable for Purchases, Pay Rolle,
Expenses, &c
$2.689.190.32
Accrued Federal, State and County Taxes.-845.495.50
White Motor Securities Corporation
175,621.01
The White Motor Realty Company
29,058.33
$3,740,265.16
Reserve—
1,147,753.12
For Contingencies
Capital Stock of the White Motor Company—
par value of shares $50 each)
(Authorized $50,000,000,
40,000.000.00
Issued and Outstanding 800,000 shares
-Surplus
6,802,165.41
As set forth in annexed statement
$51,690,183.69
WE HEREBY CERTIFY,that we have audited the books of account
and record of THE WHITE MOTOR COMPANY. CLEVELAND, also
The White Company, and the White Company, Limited, Subsidiary
Companies, as of the close of business December 31 1928, and that, in
our opinion, based upon the records examined and information obtained
by us, the annexed Balance Sheet correctly reflects the financial position
of the combined Companies at the date named and the accompanying
statement of Profit and Loss and Surplus Accounts for the year then
ended is correct.
ERNST & ERNST,
Certified Public Accountants.
February 25 1929
MAR. 30 1929.]
FINANCIAL CHRONICLE
THE WHITE MOTOR COMPANY, CLEVELAND
(And Subsidiary Companies).
PROFIT AND LOSS AND SURPLUS FOR THE YEAR
ENDED DECEMBER 31, 1928.
2131
PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED DECEMBER 31 1928.
INCOME.
Interest and Discount Earned
Less: Interest on Money Borrowed
$1,097,644.58
456,848.37
$640,796.21
PROFIT AND LOSS ACCOUNT.
Operating Profit (after deducting Manufacturing, Selling,
and Administrative Expense)
$1,988,587.38
Discount on Purchases, Interest Received, Income from Investments and Other Income (After deducting sundry
charges)
250,174.39
Profit Before Providing for Federal Income Tax
Provision for Estimated Federal Income Tax
$2,238,761.77
275,000.00
Net profit
$1,963,761.77
Net profit for year after giving effect to increase in book
value of investment in Stock of White Motor Securities
Corporation and The White Motor Realty Company,
represented by undistributed Earnings
$2,320,813.35
SURPLUS ACCOUNT.
Surplus—January 1 1928
$5,781,352.06
Addition:
Net Profit for year as set forth in Profit and
Loss Account
$1,963,761.77
Adjustment of book value of investment in
White Motor Securities Corporation and
The White Motor Realty Company to
reflect undistributed Earnings of those
Companies for the year:
White Motor Securities
Corporation
$220,996.98
The White Motor Realty
Company
136,054.60
357,051.58
$2,320,813.35
800,000.00
Less: Dividends Paid
1,520,813.35
EXPENSE.
Administrative and General
Taxes
$116,639.32
17,159.91
133,799.23
Profit before Providing for Federal Income Tax
Provision for Federal Income Tax
$506,996.98
61,000.00
Net Profit
$445,996.98
WE HEREBY CERTIFY, that we have audited the books of account
and record of the WHITE MOTOR SECURITIES CORPORATION, as
of the close of business December 31 1928. Cash in banks and United
States Government Securities were satisfactorily accounted for through
direct correspondence. The unpaid installments on Notes Receivable
Accounts were tabulated and relative deferred payment contracts or notes
were inspected or otherwise verified. Full provision has been made for
all known liabilities of the Corporation as of the date named. In our
opinion, based upon the records examined and information obtained by us,
the accompanying Balance Sheet correctly reflects the financial position
of the Corporation at December 31, 1928, and the relative Profit and
Loss Account is correct.
ERNST .k ERNST,
Certified Public Accountants.
February 11 1929.
THE WHITE MOTOR REALTY COMPANY.
(Cleveland.)
BALANCE SHEET AS OF THE CLOSE OF BUSINESS
DECEMBER 31 1928.
ASSETS.
$7,302,165.41
Transferred to Reserve for Contingencies as authorized by the
Board of Directors
500,000.00
n6,802,165.41
* Included in the above Surplus is adjustment to book values of investment in White Motor Securities Corporation and The White Motor Realty
Company represented by undistributed earnings of those Companies.
WHITE MOTORS SECURITIES CORPORATION.
BALANCE SHEET AS OF THE CLOSE OF BUSINESS
DECEMBER 31 1928.
Cash—
In Banks
U. S. Government Securities—
At Cost and Accrued Interest
Notes Receivable—
Secured
Accrued Interest
ASSETS.
$2,831.21
Cash in Bank
100,011.10
U.S. Government Securities(At Cost and Accrued Interest)_
Due from The White Motor Company and The White
29,958.33
Company
2,999,601.58
Land and Buildings(Cost less Depreciation)
Expense
60,030.59
Unamortized Financing
$3,192,432.81
LIABILITIES.
Accrued Federal Income Tax, Interest, Etc
Six Per Cent Secured Serial Gold Debentures
(Maturing in equal annual installments—
December 1 1826 to December 1 1940,incl.) $3,000,000.00
600,000.00
Less: Installments Paid
$31,073.31
2,400,000.00
$579,137.98
2,467,213.64
$9,958,904.25
73,457.43
10,032,361.68
Accounts Receivable—
The White Motor Company and The White Company
(Since Paid)
Capital Stock (No Par Value)
Authorized_15,000 shares
5,000 shares
Issued
Represented by:
Capital
Profit and Loss—Surplus
Balance January 1 1928-- $216,407.43
Net Profit Year 1928
136,054.60
$408,897.47
352,462.03
761,359.50
175,621.01
$3,192,432.81
Deferred Chores—
Prepaid Interest
97,992.75
$13,352,327.06
PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDED DECEMBER 31 1928.
LIABILITIES.
Notes Payable—
For Money Borrowed:
From Banks
Through Broker
INCOME.
$7,600,000.00
1,000,000.00
$8,600,000.00
Accrued—
Federal and County Taxes and Other Expenses
Deferred Income—
Notes Receivable Financing Charges
Unearned Interest on Notes Receivable
$430,000.00
Rental Income
98,536.77
$298,599.67
266,410.23
565,009.90
Capital Stock—
Preferred7% Cumulative (Authorized $5,000,000):
$2,500,000.00
Issued and Outstanding 25,000 shares
Common (No Par Value):
Authorized and Issued 25,000 shares
500,000.00
Declared Common Capital
EXPENSE.
Interest on Debentures
$155,000.00
Less: Interest on U. S. Government Securities and Bank
Balances
2,065.66
Depreciation
Financing Expense (Amortization)
General Expense
Paid for Normal Federal Income Tax on Bond
Interest
$152,934.34
95,753.33
14,482.54
9,998.84
2,176.35
275,345.40
Profit Before Providing for Federal Income Tax
Provision for Federal Income Tax
$154,654.60
18,600.00
3,000,000.00
Profit and Loss—Surplus—
Balance January 1 1928
Net Profit year 1928
Net Profit
$445,996.98
Less: Dividends Paid:
On Prof. Stock-4175,000.00
On Com. Stock-- 50,000.00
$136,054.60
$867,783.41
225,000.00
220.996.98
1,088,780.39
$13,352,327.06
WE HEREBY CERTIFY,that we have audited the books ofaccount and
record of THE.WHITE MOTOR REALTY COMPANY,CLEVELAND,
as of the close of business December 31 1928, and that, in our opinion,
based upon the records examined and information obtained by us, the
accompanying Balance Sheet correctly sets forth the financial position of
the Company at the date named and the relative Profit and Loss Account
Is correct.
ERNST & ERNST,
Certified Public Accou
February 25, 1929
[VOL. 128.
FINANCIAL CHRONICLE
2132
INTERNATIONAL HARVESTER COMPANY
ANNUAL REPORT DECEMBER 31, 1928
To the Stockholders:
The Board of Directors submits the following report of the
business and financial condition of the International Harvester Company and affiliated companies for the fiscal year
ending December 31 1928:
INCOME ACCOUNT FOR 1928.
Gross Earnings before deducting Interest on Loans, Depre$49,333,613.05
ciation, &c
Deduct:
$272,487.44
Interest on Loans
405,646.05
Ore and Timber Depletion
7,422,355.49
Plant Depreciation
3,030,890.04
Special Maintenance
2,000,000.00
Development and Extension
3,266,883.76
Provision for Losses on Receivables
750.000.00
Reserve for Collection Expenses
2,500,000.00
Appropriation for Pension Fund
19.648,262.78
$29.685,350.27
Net Profit
SURPLUS DECEMBER 311928.
$83,242.886.44
Balance at December 31, 1927
Add:
Net Profit for 1928
Deduct:
dends:
Cash
Preferred Stock
Common Stock
29.685,350.27
$112,928,236.71
$5.099.172.75
7,651,231.37
Stock Dividends
812,750,404.12
4.280,348.00
17,030.752.12
$95,897,484.59
Deduct:
Amount transferred from Surplus to Capital, representing
earnings permanently invested in the business
66,137.770.00
Surplus
$29.759.714.59
Note.—The sum of $2,058.455.07 recovered on war claims during 1928
has not been included in the above Income and Surplus account, but has
been paid directly into the Employes Pension Fund.
COMBINED BALANCE—SHEET—DECEMBER 31 1928.
—
ASSETS:
Current Assets:
Cash
832,468,371.52
Marketable Securities
6,869.345.29
Receivables;
Dealers' and Farmers
Notes
$89.336,791.85
Accounts Receivable
41.142.009.86
5161,390.910.85
Deduct:
Plant property sold, dismantled, or charged
off
$4,287,427.89
Depletion of iron ore,coal,and timber
405.646.05
Investments in other companies,reclassified
989.332.50
5.682,406.44
$130,478,801.71
Deduct:
Reserves for Losses.-- 10,011,101.15 120,467.700.56
Inventories:
Raw Materials, Work in Process,
Finished Products, &c
80.231,599.63
$240,037.017.00
Deferred Charges
501,280.64
Investments in Other Companies
1.637.741.50
Property:
Farm Implement Works and Twine Mills,
Motor Truck and Tractor Plants,
Branch Houses and Service Stations
Mines, Furnaces. Steel Mills. &c
$155.708,504.41
Deduct:
Reserves for Plant Depreciation
51.764.057.55
103.944.446.86
$346,120,486.00
LIABILITIES.
Current Liabilities:
Accounts Payable:
Current Invoices, Payrolls, Taxes,etc_ $34,896A82.59
Preferred Stock Dividend, payable
March 1 1929
1.310.977.50
Common Stock Dividend. payable
January 15 1929
2,755.741.37
Reserves:
Special Maintenance
Development and Extensions
Collection Expenses
Fire Insurance
Contingent
Forward
8156.672,564.39
facture of Farmall motors. Fort Wayne Works: New
motor building; extension to forge shop and power house.
Springfield Works: Pattern and tooling equipment for production of six-speed special truck; additional equipment
for increased production of special delivery and speed
trucks. West Pullman Works: Equ'pment for manufacture of bolts, nuts, cotters, etc.; gear cutting machinery; additional equipment to manufacture magnetos,
carburetors and roller bearings. P & 0 Plow Works:
Extension to forge shops and punch and shear building.
Auburn Works: Equipment for manufacture of field
cultivators. porato diggers and planters. Rock Falls
Works: Additional pattern and tooling equipment for
tractor barrows and corn shellers.
Canada—Hamilton Works: Snad-handling and continuous-pouring equipment for grey iron foundry; extension to malleable foundry building.
Foreign—Neuss Works, Germany: Paint-drying ovens;
equipment for continuous molding. Norrkoping Works,
Sweden: New core room; e ctension to foundry and castings storage buildings.
Branch Houses and Service Stations
3,014.2.39.59
United States—Purchase of sites for motor truck service stations at Philadelphia, Pa., and Sioux Falls, S. D.;
new motor truck service stations at Averdeen, S. D.,
Baltimore, Md., BLsmark, N. D., Mason City, Ia.,
Minot, N. D., Springfield. Ohio,and Washington. D. C.;
construction of new branch house and motor truck service
station at Fort Wayne, Ind.; purchase of warehouse at
St. Paul, Minn.; construction of new branch house at St.
Cloud, Minn.; addition to branch house at Salina, Kan.;
additional storage facilities at Council Bluffs, Ia.
Canada—Construction of warehouse at Calgary, Alta.;
construction of motor truck service station at Regina,
Sask.; part construction of warehouse and motor truck
service station at Swift Current, Sask.
Foreign—Completion of warehouse and motor truck
service station at Copenhagen, Denmark. Completion
of motor truck service station at London, England. Completion of building for general offices and motor truck
service station at Buenos Aires, Argentine. Construction
of warehouse and motor truck service station at Rosario,
Argentine.
Minas, Furnaces, Steel Mills, &c
1,704,106.87
Coal Mines—Bonham, Kentucky: Electrical improvements to mine sub-stations, power units, completion of
new school and community church.
Iron Ore Mines—Hawkins Mine, Nashwauk, Minnesota; Shaft, head-frame and equipment for development
of underground operation.
Furnaces, Steel Mills and Coke Ovens—South Chicago,
Illinois; Completion of two additional open hearth
furnaces; extension of open hearth stock house; preliminary work for construction of new blast furnace;
completion of shipping building for merchant mills.
Railroads—One locomotive; 64 steel gondolas.
Balance at December 31 1928
Deduct:
Reserves for Plant Depreciation
Net Balance at December 31 1928
$155,708,504.41
51,764.057.55
8103.944,446.86
WORKING CAPITAL.
Current Assets:
Cash
$32,468,371.52
Marketable securities, at cost or market, whichever is lower_
6.869,345.29
Receivables,leas reserves for losses
120.467.700.56
Inventories, valued at cost or market, whichever is lower,
less substantial reserves for depreciated stocks and possible
decline in market values, &c
80.231.599.63
$240.037.017.00
Deduct:
*Current Liabilities
38.963,201.46
Working Capital at December 31 1928
$201,073.815$4
*There is a contingent liability of 82.165,625.00 on purchase money
obligations Issued in the acquisition of a tract of timber lands which was
resold in the fall of 1926. These obligations, assumed by the purchaser, are
guaranteed by the Company, which retains ownership of the property until
the liability is discharged.
838.963.201.46
$10,346.085.27
2.000.000 00
2.750,000.00
8.971.784.68
3.250.000.00
27,317,869.95
Preferred Stock:
Authorized. 1,000.000 shares 6100 par value: Issued.
737,123 shares
73.712,300.00
Common Stock:
Authorized. 6,000,000 shares no par value; issued.
176.367.400.00
4.409,185 shares
Surplus
29,759.714.59
$346,120,486.00
CAPITAL STOCK.
PREFERRED STOCK.
The Preferred Stock, 7% cumulative, of the International
Harvester Company at December 311928, was:
Authorized:
1.000.000 shares,par value $100 each
Issued:
737,123 shares, par value $100 each
5100.000,000
873,712,300
The outstanding preferred stock of the Company was
increased during the year from $69,288,500 to $73,712,300
by the sale of 44,238 shares to employes under the Stock
Ownership and Investment Plan.
Note.—During 1928 the Pension Reserve was increased to $18,695,206.76,
and the Pension Fund assets were increased to the same amount by the addiCOMMON STOCK.
tion of new securities and cash. On December 13 1928, the directors
The Common Stock of the International Harvester
approved the trusteeing of the Pension Fund, and before the issuance of
this report a Pension Trust was executed and the Fund assets transferred Company at December 31 1928, was:
to trustees. Accordingly, the Pension Fund and the contra reserve have
Authorized:
been omitted from the above balance sheet.
6,000,000 shares, no par value.
Issued:
PROPERTY.
4,409,185 shares, no par value
8176,367.400
$146,038,153.64
Balance at December 31 1927
Capital Additions During 1928:
At a special meeting of the stockholders of the International
Farm Impl.ment Works and Twine Mills, Motor Truck
10.634,410.75 Harvester Company held on December 11 1928, the common
and Tractor Plants
United States—McCormick Works:Core oven, carbonstock of the Company, then having a par value of $100 a
izing furnaces; rotary hoe equipment. Deering Works:
share, was changed to no par stock and four shares of no
Additional equipment for increased production of harpar stock were authorized to be issued for each share of the
vester-threshers. Milwaukee Works: New boiler plant.
machine shop and office; increased manufacturing and
outstanding $100 par value stock. At this meeting the
storage facilities. Tractor Works: New steel storage and
stockholders authorized 6,000,000 shares of no par common
sheet metal buildings. Farmall Works: New motor
building; extension to foundry and equipment for manustock, of which 4,409,185 were issued to make the four-toForward
$156,672.564.39
one exchange for the then outstanding common stock and
FINANCIAL CHRONICLE
MAR. 30 1929.]
the remaining 1,590,815 shareeare held for future corporate
purposes, subject to issuance in such manner and for such
consideration as may be fixed from time to time by the
Board of Directors.
The change from $100 par to no par stock was made
primarily because the nominal value of $100 per share
served no useful purpose and was entirely misleading as to
the actual capital investment. During the 26 years of the
Company's existence it has been necessary to annually
reinvest a substantial portion of its earnings in the modernization and enlargement of its manufacturing and distributing
facilities to improve the quality of its product, effect economical operations and meet the increasing demand, with the
result that the capital investment per share was substantially
more than the par value. Because of this additional permanent investment in the business, the directors, following
the change to no par stock, increased the stated capital
account by the transfer of $66,137,770 from surplus.
The voting rights were changed to give the preferred stock
four votes per share and the no par common stock one vote
per share.
No portion of the capital stock has been issued for goodwill or patents. The Company's properties are unencumbered,
and it has no bonded indebtedness.
RESERVES.
PLANT DEPRECIATION.
The annual deductions from earnings for plant depreciation provide for the impairment and consumption of the
capital assets utilized in production and distribution. Such
depreciation is based on rates established by recognized
authorities and confirmed by experience in this industry.
Balance at December 31.1927
Add:
Provision for 1925:
Regular
Special,for old plant property
$46,038,064.87
$5,822,355.49
1.600,000.00
7.422,355.49
2133
books shortly after the termination of the war, this sum was
transferred direct to the Pension Fund and is notincluded in
the year's earnings.
PENSIONS.
This Company was a pioneer in the industrial pension field,
having maintained a Pension Plan since September 1 1908,
entirely at its own expense. Under this plan 2,184 employes
have been pensioned and over $5,390,000 paid out in pensions.
Any adequate pension plan involves heavy future oblige,
tions which can be safely provided for and financed only by
setting aside during the employe's productive years the fund
required to pay his pension after retirement. The Company
has followed this method during the twenty years' operation of the Pension Plan, through annual appropriations from
earnings.
A pension plan falls short of its purpose if employes cannot
implicitly rely upon it, and the legal protection of pension
funds for the purposes for which they are set aside is, therefore, highly important. To give employes more complete
assurance as to the payment of pensions, the directors, on
December 13 1928, approved the trusteeing of the Pension
Fund and before the issuance of this report a Pension Trust
was executed and the Fund assets transferred to trustees,
under an irrevocable trust which provides that these funds
shall be held and used solely for the payment of employes'
pensions, granted or to be granted,free from any prior claims
or rights of the associated companies or their stockholders or
creditors. It is expected that such additional amounts as
the directors may hereafter appropriate for pension purposes
will also be transferred to the Pension Trust.
As a large portion of the Pension Reserve had been invested
in income-bearing securities,the transfer of the Fund to the
Pension Trustees does not embarrass the Company's
finances.
CAPITAL EXPENDITURES.
Extensive additions were made during the year to the
$53,460,420.36
Company's motor truck manufacturing facilities. Large
Deduct:
Accumulated depreciation on properties sold and dismantled- 1.696.362.81 expenditures were also made for buildings and equipment to
tractors and tractor-drawn impleBalance at December 31.1928
$51,764.057.55 increase the output of
ments and for the production of special roller bearings,
SPECIAL MAINTENANCE.
These reserves provide for relining of blast furnaces, magnetos, carburetors and other integral parts. Further
maintenance of docks and harbors, conversion of power heavy expenditures are planned during the current year for
additions and improvements at the Company's manusystems, and other renewals and replacements.
facturing plants and steel mills.
Balance at December 31. 1927
$ 7.609,684.15
Add:
A number of new warehouses and service stations were
Provision for 1928
3.030.890.04 added to the Company's facilities in this and other countries
products.
$10,640,574.19 for storing, distributing and servicing its
Deduct:
Relining, renewal and other charges during 1928
294.488.92
Balance at December 31. 1928
$10,346,085.27
DEVELOPMENT AND EXTENSION.
Large expenditures are required in engineering research
and in the development and improvement of all lines of
power farm equipment to increase the efficiency of farm
operations and reduce the cost of crop production.
Provision for 1928
$ 2,000,000.00
REMARKS.
The volume of business for 1928 throughout the world was
the largest in the Company's history. The principal increase
was in sales of motor trucks and there was also a substantial
gain in sales of tractors and harvester-threshers and various
tractor-drawn implements.
While 1928 was a good crop year, the average returns of the
American farmer are still far below the level of other occupations. No subject involving the economic welfare of the
country is more important than the agricultural problem,
now awaiting consideration by a special session of Congress.
The Company earnestly hopes that some economically sound
national program will be formulated and made effective to
secure a better return to agriculture.
FINANCIAL
Net profit for the year was $29,685,000, or about 10% on
the capital invested in the business. The ratio of current
assets to liabilities at December 31, 1928, was more than six
to one.
At a special meeting of the stockholders, held December
11 1928, the common stock of the Company, having a par
value of $100 per share, was changed to a stock without
nominal or par value and four shares of the new no par stock
were authorized to be issued for each share of the $100 par
value stock then outstanding. Of the 6,000,000 shares of no
par common stock authorized by the stockholders, 4,409,185
shares were issued to replace the old $100 par value common
stock and the remaining 1,590,815 shares are held for future
corporate purposes. In order to equalize voting rights, the
stockholders established the basis of four votes for each
share of the preferred stock, and one vote for each share of
the no par common stock.
CREDITS.
Bills and accounts receivable at December 31 1928, aggregated $130,478,000, an increase of $25,971,000 over the preceding year. This increase was due principally to credit
extensions to purchasers of the larger units, such as tractors,
harvester-threshers and motor trucks. Great care is exercised
in extending such credits and the reserve provided against
possible losses is considered ample.
WAR CLAIMS.
During the year the Company collected $2,058,000 on
account of war losses. As all such losses were charged off the
EXPERIMENTAL AND DEVELOPMENT WORK.
Improved methods of agriculture and the gradual substitution of tractor-drawn for horse-drawn implements have
necessitated frequent and radical changes in the type and
design of the Company's products. These changes are
making obsolete a large quantity of special machine tools
and other manufacturing equipment in advance of the
usual time for replacement of such capital assets. Such losses
cannot, at present, be accurately determined and therefore
have not been specifically charged off; but they are covered
by a provision from the year's earnings included in the
Special Maintenance Reserve.
The Company plans the continuation of its program in
engineering research and the development and improvement
of all lines of power equipment to promote greater efficiency
in farm operations and to aid in decreasing the cost of crop
production. An appropriation of $2,000,000 was made from
1928 earnings to broaden this activity and insure the continuation of this important work.
Further progress was made during the year in the development of machines designed by the Company for picking and
stripping cotton.
AGRICULTURAL EXTENSION.
The activities of the Company's Agricultural Extension
Department have been vigorously continued with the
purpose and desire of aiding in the solution of the pressing
problems of American agriculture. The demonstration farms
operated through this department in the United States and
Canada constitute an important part of this non-commercial
undertaking.
GENERAL.
This Company deplores the diversion from normal business
channels of such vast sums in money and credit as have been
and are now being absorbed by the stock and security
markets. This abnormal condition with resultant high
interest rates produces an adverse effect upon agriculture,
the country's greatest industry, as well as upon other industrial and commercial undertakings. The Company is,
therefore, in hearty accord with the efforts of the Federal
Reserve Board and the leading bankers of the country to
correct this unbalanced situation.
The books and accounts for the fiscal year have been
audited by Haskins & Sells, Certified Public Accountants,
and their certificate is presented herewith.
The officers and directors deeply appreciate the indispensable contribution toward the success of the Company's
business made through the energy, initiative and loyalty
that have characterized the service of its employes in all
lands.
By order of the Board of Directors,
ALEXANDER LEGGE, President
Chicago, March 27 1929.
2134
[VOL. 128.
FINANCIAL CHRONICLE
INTERNATIONAL BUSINESS MACHINES CORPORATION.
SEVENTEENTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1928.
To the Stockholders:
Your Directors submit herewith Income and Surplus
Account for the year 1928,together with Consolidated Balance
Sheet as of December 31 1928, with the Auditors' certificate
attached.
The Net Income for the year, including Foreign Subsidiaries, before Federal Taxes, but after providing for full
depreciation ($1,268,158.38), Development and Patent
Expenses ($740,215.95), and Interest ($317,658.38), was
$5,938,765.66, compared with $4,935,318.83 for the year
1927, being an increase of $1,003,446.83.
After deducting Federal Taxes from Net Income, the
earnings per share were $8.83 on the 607,576 shares outstanding December 31 1928, which included the 5% stock
dividend paid December 28 1928; (on the basis of 578,643
shares outstanding December 31 1927, the earnings per
share for 1928 amount to $9.27, as compared with $7.66
in 1927, and $6.51 per share in 1926).
Net Current Assets totalled $9,570,928.65, compared
with $10,437,155.82 at tho close of 1927. Reduction of
Net Current Assets this year as compared with the net
total of last year was duo to the deposit of $1,000,000 in
Bond Sinking Fund for the retirement of bonds January 1,
1929, as mentioned in the succeeding paragraph.
During the year the Company retired and cancelled bonds
of a par value of $154,500. In addition, there was deposited with the Sinking Fund Trustees $1,039,683.61 for
the redemption of additional bonds called for paymeit
January 1 1929.
Your Directors have authorized a further retirement out
of earnings of $1,000,000 par value of bonds on July 1
1929.
In December 1928 a stock dividend of 5% was paid,
amounting to 28,933 shares. The result of this issue was
to increase the Capital Stock outstanding at the close of
the year to 607,576 shares. The dividend rate of $1.25
quarterly was maintained on the increased shares.
By order of the Board of Directors,
THOMAS J. WATSON, President.
INTERNATIONAL BUSINESS MACHINES CORPORATION AND DOMESTIC SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31 1928
ASSETS.
Current:
Cash
Call and Time Loans secured by collateral
United States Treasury Certificates
$2,388,111.19
1,200,000.00
1,585,000.00
Notes Receivable
Accounts Receivable
Less: Reserve for Doubtful Accounts
4,084,318.40
339,680.00
Inventories (At cost or lower)
Sinking Fund:
Cash in hands of Trustees for Redemption of bonds called for payment
Deferred:
Commissions advanced salesmen on unfilled orders, &c., less reserve
Prepaid Insurance, Taxes. &c
$5,173,111.19
7,006.56
3,744,638.40
3,260,813.86
$12,185,570.01
1,039,683.61
209,792.61
187,009.68
Investments:
Securities of and advances to other companies including Foreign Subsidiaries (at cost)
Add: Proportion undistributed surplus and profit of Foreign Subsidiaries
2,856,676.41
926,968.34
Plants and Equipment:
Land and buildings
Less: Reserve for Depreciation
$2,025,223.73
523,352.82
Plant Equipment and Rental Machines
Less: Reserve for Depreciation
15,470,268.39
8,896,038.40
396,802.29
3,783,644.75
1,501,870.91
6,574,229.99
8,076,100.90
14,871,245.13
1,111.254.43
Patents and Good-will
Less: Reserve for Amortization
13,759,990.70
139.241,792.26
LIABILITIES.
Current:
Accounts Payable, Accrued Items, &c
Dividend Payable January 10, 1929
Accrued Interest on Bonds
Federal Taxes (estimated)
$1,125,987.61
758,193.75
155,460.00
575.000.00
$2,614,641.36
Bonded Indebtedness:
Computing-Tabulating-Recording Co. Collateral Trust Sinking Fund Bonds. due 1941
Lm.s: Redeemed and Cancelled
Held in Treasury
$7.000.000.00
$1,818.000.00
40,000.00
1,858,000.00
5.142,000.00
969,646.61
244,012.47
30,271,491.82
Reserve for Contingencies
Capital Stock and Surplus of Subsidiary Companies, not owned
Declared Capital ($19,574,171) and Surplus represented by 607.576 shares of capital stock without par value
$39,241.792.26
SUMMARY OF CONSOLIDATED INCOME, SURPLUS
AND CAPITAL FOR THE YEAR ENDED
DECEMBER 31 1928.
Net Profit of Subsidiary companies, including Foreign, after
writing down inventories ofraw materials to cost or market,
whichever was lower, deducting maintenance and repairs
of plants and equipment, provision for doubtful accounts,
the proportion of net profit applicable to unacquired shares,
and expenses of International Business Machines Cor$8,264,798.37
poration
Less
Depreciation of plants, equipment and
$1,268,158.38
rental machines
740,215.95
Development and patent expenses
Interest on bonded indebtedness and bor317,658.38
rowed money
2,326,032.71
Net income for year 1928
Deduct Dividends as follows:
No. 52—$1.25—Paid April 10 1928
--Paid July 10 1928
-11.25
No. 53
No. 54—$1.25—Paid Oct. 10 1928
--Due Jan. 10 1929
*No. 55—$1.25
$5.938,785.88
$723,157.50
723,157.50
723,157.50
758,193.75
2,927,666.25
$3,011,099.41
Balance before deductions
Deductions
Federal Income Taxes 1928 (Estimated)--__ $575,000.00
71,236.54
Amortization of Patents
846,236.54
12,384,872.87
Surplus for Year 1928
27,906,628.95
Capital and Surplus January 1 1928
Declared Capital ($19,574,171) and Surplus December 31
1928, represented by 607,576 shares of capital stock$30,271,491.82
without par value
* Includes $35,036.25 dividend on 28,933 shares, stock dividend issued
December 28 1928.
THE AUDIT COMPANY OF NEW YORK
New York
Standard Oil Building
26 Broadway
Chicago
New York Life Building
39 South La Salle St.
To the Stockholders of the International Business Machines
Corporation:—
We have made a general audit of the books and accounts
of the International Business Machines Corporation and its
Subsidiary Companies and have reviewed reports from the
Foreign Subsidiaries, for the year ending December 311928.
We certify that the Consolidated Balance Sheet and
Related Summary of Consolidated Income, Surplus and
Capital presented herewith, are true Exhibits of the accounts
and that, in our opinion, they correctly set forth the financial
condition of the International Business Machines Corporation and Subsidiary Companies as of December 31 1928
and the results from operations for the period stated.
Very truly yours,
THE AUDIT COMPANY OF NEW YORK.
Ernest Wm. Bell, Vice-President.
H. I. Lundquist, Secretary.
New York, March 12 1929.
2135
FINANCIAL CHRONICLE
MAR. 30 1929.]
PARAMOUNT FAMOUS LASKY CORPORATION
CONSOLIDATED BALANCE SHEET AT DECEMBER 29, 1928
ASSETS
$4,705,118.77
1.450,000.00
166,770.98
Cash
Call Loans
Notes Receivable
Accounts Receivable:
Advances to subsidiary companies (not consolidated)
Advances to outside producers (secured by film)
Film customers and sundries
51,348.247.42
3,192,130.53
2,878.743.86
7.419,121.81
Inventory:
Released productions, cost less depletion
Completed productions, not yet released for exhibition
Productions in process of completion
Scenarios and other costs applicable to future productions
Rights to plays, etc. (at cost)
$11,075,994.94
4,378,755.93
1,044,622.54
1,770,569.70
1,184,059.23
19,454,002.34
2,117,708.87
Securities
35.312,722.77
Total current and working assets
2,729,165.37
10,399,129.09
Deposits to secure contracts
Investments in subsidiary and affiliated companies (not consolidated)
Fixed Assets:
Land, Buildings, leases and equipment (after depreciation)_
Premiums paid for Capital Stocks of consolidated subsidiaries
Advance payments on purchase of real property
$106,835,992.24
10,284,533.13
36,345.20
117.156,870.57
5,033,816.57
Deferred Charges
$170.631,704.37
TOTAL ASSETS
LIABILITIES AND CAPITAL
82,941,262.29
148,220.96
2.209,627.56
1,797,593.00
2,412.035.55
1,218,166 4
.5
920.000.00
Accounts Payable
Owing to subsidiary companies (not consolidated)
Excise taxes, payrolls and sundries
Owing to outside producers and owners of royalty rights
Mortgages, bonds, and purchase money obligations of subsidiary companies maturing serially within twelve months
Serial payments on investments due within twelve months
1928 Federal taxes (estimated)
$11.646.905.90
Total current liabilities
41.607,801.01
Mortgages, bonds, and purchase money obligations of subsidiary companies maturing serially after one year
7,294,143.18
Serial payments on investments due after one year
14.885,000.00
Twenty-year 6% Sinking Fund Gold Bonds
666,388.25
Advance payments of film rentals, etc. (self-liquidating)
2,107.808.02
Appropriated Surplus and other reserves-----------------------------------------------------------------------------------TOTAL LIABILITIES ___________________________________________________________________________________________ $78.208.046.36
5.686.624.20
Interest of minority stockholders in capital and surplus of subsidiary companies (including $3,073,200.00 preferred stock)
Capital (represented by):
Common stock, 2,163.565 shares without par value (including old shares not converted and 100,708 shares issued
$68.187.330.62
December 28, 1928, not entitled to dividend paid December 29. 1928)
18,549.703.19
Surplus
Contingent mortgage liability of subsidiary companies
Contingent liability on investment notes discounted
86,737,033.81
5890.500.00
930,000.00
$1,820.500.00
OTAL LIABILITIES AND CAPITAL ___________________________________________________________________________5170.631.704.37
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR TWELVE MONTHS ENDED DECEMBER 29, 1928
Profit for twelve months
Less: Provision for Federal Taxes
$9,329,592.77
616.529.52
$8,713.063.25
Balance carried to surplus
CONSOLIDATED SURPLUS ACCOUNT AT DECEMBER 29, 1928
Surplus at December 31. 1927
Add: Profit for twelve months to December 29. 1928, after providing for Federal taxes
$15,508,437.44
8.713.063.25
524.221,500.69
Dividends:
On common stock (paid in 1928)
Surplus at December 29, 1928
5,671.797.50
818.549.703.19
We have examined the accounts of the Paramount Famous Lasky Corporation and its subsidiaries for the twelve months ending December 29. 1928,
and certify that, in our opinion, the foregoing consolidated balance sheet and profit and loss and surplus accounts correctly set forth the financial
position of the Paramount Famous Lasky Corporation and its subsidiary companies at December 29, 1928, and the results of operations for the twelve
months ending on that date.
PRICE, WATERHOUSE & CO.
March 30, 1929.
2136
FINANCIAL CHRONICLE
(vol.. 128.
THE WESTERN UNION TELEGRAPH COMPANY, INC.
ANNUAL REPORT —FOR FISCAL YEAR 1928.
To the Stockholders:
pany and now owns practically all the outstanding stock of
A review of the Company's operations for the year 1928 that company.
follows, together with a comparative Balance Sheet and the
Accounts receivable, consisting principally of amounts due
Income and Surplus Accounts.
on current business from customers and agents, are larger
Investment in plant additions and improvements during than a year ago by $222,230, reflecting larger volume of
1928 added $16,264,584 to the Company's Property Account. business. Marketable securities and investments decreased
Approximately 60,000 miles of copper wire was strung $4,031,836, the funds being needed for plant
and
during the year, 9,800 miles for new circuits and the re- improvements. Treasurer's accounts, bank additions and
.
balances
mainder displacing iron wires; about 65% of total landline cash on hand, which increased $362,175, were verified. The
wire mileage is now of copper. Replacement of heavily usual appropriations were made to sinking and insurance
loaded aerial lines in congested centers by underground con- funds.
duits and cables has progressed. Additions were made to
The stockholders, in 1926, approved an Employes' Stock
pneumatic tube systems which connect main and branch Subscription Plan, pursuant to which 50,000 shares of the
offices in many cities.
Company's capital stook were offered to employes in May
The substitution, between main and branch offices, of 1926 at $120 per share, payable in installments over two
automatic printing telegraph operation for manual operation years. Final payments on employes' subscriptions were
by the use of the simplex printer,introduced in 1926,has con- made in July last; 25,923 shares, par value $2,592,300, were
tinued and similar direct connections are also being estab- issued to 7,247 subscribing employes. So much of the 50,000
lished with customers' offices, thereby substantially improv- shares as remained unsubscribed for was recently offered to
ing the speed and quality of the service.
employes at $130 per share, subject otherwise to substanAutomatic ticker transmission of New York Stock Ex- tially the same conditions as those governing the first offer.
change market quotations has been extended to practically Subscriptions were received under the second offer from
all parts of the United States, thus facilitating the unpre- 15,928 employes for more than twice the number of shares
cedented growth in volume of transactions on New York available, and subscriptions were accordingly prorated.
Stock Exchange and demonstrating the need for more rapid
Current liabilities were reduced by $1,104,690, attributicker transmission. A. new type of ticker, of increased table mainly to discharge, through issuance of capital stock,
capacity, has been developed and will be installed during of the liability incident to installment payments under the
1929.
first Employes' Stock Plan and reduction in estimated acBy arrangement with The Teleregister Corporation, in crued taxes, both of which were offset, in a measure, by
which your Company owns the controlling interest, a cen- increases in ordinary accounts payable and in the amount
trally operated market quotation board service, capable of due employes for income participation.
a speed equal to that of the quotation ticker, will shortly be
The Company's policy of providing for depreciation of
inaugurated.
property which ultimately must be replaced was continued;
Construction of the Company's new twenty-four story the unexpended reserve for depreciation of landline plant at
building at Hudson and Worth Streets, New York City, to the close of the year was $24,135,325, an increase of $2,785,accommodate the operating departments, was started last 086. Provision has also been made for maintenance and desummer; the building will be ready for occupancy early in preciation of ocean cables and the unexpended balance in
1930. A modern warehouse was erected in Chicago on site that reserve is now $11,157,276, or an increase of $398,232.
purchased last year. The building at Atlanta, in which the
Gross operating revenues for 1928 were the highest of
Company's main office has been located since 1919 under a any year in the Company's history and exceeded those of
long term lease, was purchased. Contracts have been let 1927 by $4,678,510, or 3.6%. Cable system revenues for
for erection of a six story main office building at Tampa, 1928 increased by 5.7%; the volume of traffic transmitted
Florida. Space for a new main office has been leased in a over the Company's ocean cables was greater than that
building now under construction at Buffalo, New York; a handled in any ether year. Net operating return on the
modern main office was established in San Antonio, Texas; Company's landline property, based on book value, was at
additional quarters in New York City have been leased to the rate of 5.8% for 1928, and the average rate for the past
Permit expansion of the engineering laboratories.
ten years was 6.1%. Income from dividends and interest
Negotiations with the Canadian National Telegraphs for showed a gain of $247,994. Net income was $15,467,659, an
the acquisition of Western Union's landline business and increase of 37,205 over that of 1927.
property in Nova Scotia, New Brunswick and Prince
Operating expenses for 1928 were larger than those of
Edward Island have been determined. Under the arrange- 1927 by $4,464,223, or 3.9%, attributable mainly to addiment Western Union will retire from public telegraph busi- tional expenses required for the enlarged volume of business,
ness in the provinces named, and will transfer its property improvements in the service and for substantial wage inand business therein to the Canadian Company; Western creases granted in pursuance of the Company's policy to
Union to retain title to the lines for through connection regulate wages of its employes according to their efficiency.
between its system in the United States and its cable stations
The tax burden was modified slightly by reduction in the
in Canada and Newfoundland.
United States income tax rate applicable to corporations, but
The Interstate Commerce Commission has announced its this reduction was partly offset by advances in State and local
.
tentative valuation of the Company's property. As was taxes. Payments by the Company in 1928 for State and
anticipated, this valuation, while purporting to be as of local taxes in the United States, as compared with twelve
June 30, 1919, is on the basis of average prices for the 1910- years ago, were 189% greater; during the same period the
1914 period; and even on that basis it is believed to be inade- Company's property account increased only 96% and annual
quate. The valuation affects only the Company's landline operating income 34%. The controversy, pending since
property within the United States, and hence includes noth- 1914, concerning British income taxes, referred to in
mg for the Company's ocean cables or property in other previous reports, was settled on terms satisfactory to the
.
countyies; nor does it include any allowance kr the extensive Company.
additions to and betterments of plant since 1919, or any
Western Union wage scales, as reflected by average wages
discernible amount for intangible values. The Company has per employe, are the highest in the Company's history and
entered its protest, and hearings thereon are now in progress have more than doubled since 1916, whereas living costs
before.the Commission. The basic principles underlying have advanced about 56%. Individual wage increases
valuation are still before the courts for judicial determine- aggregating over $3,100,000 per annum were granted in 1928.
,
tion, and any final valuation which the Commission may About 60% of the gross revenues of the Company is
place on the Company's property will, of course, be subject bursed for employes' wages and benefits. At the close of disthe
to review in the light of those principles.
year there were 62,987 employes, including
.The Joint General Committee of the National Electric gers. Conferences during the year between 14,094 messenrepresentatives
Light Association and Western Union Telegraph Company, of employes' associations and Company officers respecting
formed last year to work out a basis for solution of the prob- working conditions and other matters of mutual concern
lem of electrical interference which has resulted from con- were characterized, as usual, by a spirit of fairness
and
struction of telegraph and power lines in close proxim!ty good will.
throughout the country, has completed its first report who
The Employes' Income Participation Plan, commenced in
sets forth certain recommended general principles and prac- 1920, was continued for 1928; payments thereunder to emtices for co-ordination of the plants of telegraph and power ployes have aggregated $15,531,000 since the Plan
was
utilities.
started. Expenditures during 1928 for pensions, disability
On December 31, 1928, the Western Union System cora- and death benefits amounted to $1,744,000 and for the sixprised 216,169 miles of pole lines; 1,852,069 miles of wire; teen years since the Plan has been in effect, $17,800,000.
$,545 miles of landline cables; 30,680 nautical miles of ocean The cost of vacations with pay in 1928 was $2,542,000.
cables; and 24,842 telegraph offices.
Accident prevention
were continued and marked
The book value of American Telegraph and Cable Com- reduction during themeasures number of accidentsato
year in
plant
pany's stock held by Western Union was reduced during employes was effected.
1928 by $102,144, pursuant to a plan referred to in previous
At the close of 1928 there were 26,234 stockholders; of
reports for writing down the value of this stock to $10 per this number 24,723
shares or less and of these
share at the expiry, in 1932, of the lease of the Cable Com- 19,541 held 25 sharesheld 100
or less.
pany's property. During the year your Company increased
During 1928 landline and cable messages, exclusive of
its share holdings in the Stock Quotation Telegraph Com- special service for United States Weather Bureau,
were
MAR. 301929.]
FINANCIAL CHRONICLE
handled for the Government at $710,000 less than the cost of
operation and $852,000 less than such business would have
yielded at commercial rates. Under the Post Roads Act,
passed by Congress in 1866 and accepted by the Company,
authority is vested in the Postmaster General to fix rates for
Government domestic messages. The Company believes the
Government rate is unreasonably low and at least should be
raised to pay for the cost of operation.
The long standing controversy between the Company and
the United States Railroad Administration, involving about
$8001000, growing out of the difference in the wage schedules in effect during the period of Government operation of
railroads, has finally been satisfactorily compromised on a
50% basis.
During the year Western Union concluded important contracts with the American Telephone and Telegraph Company
and associated Bell Companies marking an important step
in the development of electrical communications. These
contracts contemplate the avoidance, so far as practicable,
of the duplication of outside plant through the use by each
party, at agreed rates, of the facilities of the other; the
combination of facilities for a photogram and telephotograph service; and the use by Western Union of certain patented apparatus which, under certain conditions, provides
several telegraph circuitsfrom a single pair of telegraph wires.
With a view to popularizing the deferred plan language
cable services, the cable rate for the overnight letter to Great
Britain was recently reduced to four cents per word and the
rate for the week-end letter was reduced to three cents per
word, with minimum charges in both eases based on twentyfive words. Similar services on a reduced rate basis will be
extended to other countries as soon as arrangements can be
completed.
An extensive program has been adopted for rearrangement
and improvement of the cables and facilities of the Mexican
Telegraph Company, which is controlled by your Company
and operated in conjunction with the Western Union System.
Upon completion of these changes, the Mexican Company
will have a practically new cable from Galveston to Vera
Cruz and improved cable facilities connecting Galveston,
Tampico, Vera Cruz and Puerto Mexico. These improvements will effect economies of operation and will provide
ample facilities for handling the expanding volume of business between this country and Mexico.
In the report for 1927 mention was made of the need of
additional cable facilities required by the growth of traffic
with Italy, Spain, Germany,and the Far East. These facilities have been provided by a high-speed cable between Bay
Roberts, Newfoundland, and Horta, Azores Islands, supplementing the New York-Azores 1924 loaded cable. Tests
indicate a speed of over 2,000 letters per minute in one
direction and, while the duplex experiments have not been
completed, it is expected that a speed of at least 1,200
letters per minute in each direction will be obtained simultaneously.
We continue to be close observers of the progress of Radio
and record our praise of its development.
Our position as the sole collector and distributor of the
Radio Corporation's Far Eastern traffic under a contract
running until 1944 has given us an opportunity to observe
the handling of messages over great distances by wireless,
and our exclusive contract for the landline transmission of
messages between ship and shore gives us a participation in
this growing traffic.
North Atlantic cable traffic has shown a gratifying increase and, as heretofore, the cables continue to enjoy by far
the greater part of the business between North America,
Great Britain and Europe. An important part of this AtIantio traffic requires immediate and accurate transmission, and
the daily exchange of hundreds of such messages returning
answers within two minutes and less appears to call for the
service furnished by cables. There are uses for Radio which
are unique, such as for communications with remote inland
countries and over the vast distances of the Pacific where
the time differential necessarily limits the business to communications which do not materially suffer through delays
due to atmospheric conditions.
As to, domestic landline transmission, we await with an
open mind the demonstration of a comprehensive system by
Radio. An effort to displace land wires by Radio is interesting from a scientific point of view, but the problems are
such that our faith reposes in wires. It will be found by those
who compete for land telegrams that the medium of connect-.
ing the thousands of villages, towns and cities is incident to
the major problem of collecting and distributing the millions
and millions of messages. If, however, in the years to conic
a system superior to wires is developed it can safely be as-.
sumed that your Company will be in the forefront of such
development.
The Western Union is primarily an organization of eager
men and women who, through long years of training and
experience, are expert in the handling of an almost limitless
detail, and whether the transmission of messages between
distant points is by wire or air your Company should, if
competently managed, maintain its preeminence.
With regret, we record the deaths of Messrs. Chauncey
M.Depew,Howard Elliott and J. Horace Harding, who were
Directors of the Company.
Respectfully submitted,
NEWCOMB CARLTON, President.
2137
THE WESTERN UNION TELEGRAPH COMPANY.
COMPARATIVE BALANCE SHEET DECEMBER 81 1928 AND 1927.
ASSETS.
Increase or
Dec. 31 1927.
Decrease.
Property Account—
Plant. Equipment and Real Estate,
including properties controlled by
stock ownership or held under
perpetual leases and merged in
3288,426,941.84 $272,162,357.79 116,264,584.05
the Western Union System
Amount recoverable on the expiration of long term lease in respect
1,180.000.00
1,180.000.00
ofobligationsassumed thereunder
Dec. 31 1928.
1289,606,941.84 8273.342,357.79 116,2646584.05
Other Securities Owned—
Stocks of Telegraph. Cable & Other
Allied Companies operated under
term leases (not Including securities held as Lessee)
$5.314,386.81
Stocks of Telegraph, Cable and
4.431,021.24
Other Companies
$5,416,511.41
9102,144.60
3,646,170.38
784.850.86
$9,745,388.05
$9,062,681.79
$682,706.26
Inventories of Material & Supplies $6,353,370.65
$6,412,855.18
K59.484.53
Current Assets—
Accounts Receivable, Including
Managers and Superintendents'
balances, &c. (less Reserve for
1222,230.61
Doubtful Accounts)
$15,873,303.33 815.651,072.72
Marketable Securities and Investments
19,366,331.90 23,398,168.67 *4,031,836.77
362,175.48
6,821,081.45
Treasurer's balances
7,183,256.93
342.422.892.16 $45,870,322.84 $3,447.430.68
Sinking and Insurance Funds(Cash
and Securities)
81.084,531.89
11.010,130.82
$74.401.07
Deferred Charges to Operations_
51,211,219.91
$1,614,167.48
*1402,947.57
$350,424,344.50 $337,312,515.90 $13,111,828.60
Total
•Decrease.
LIABILITIES.
Dec. 31 1928.
Dec. 31 1927.
Insreass or
Decrease.
Capital Stock—
Both. and Issued_3105,000,000.00
Less—Held against
Unpaid employes' subscriptions
Held in Treasury
2,591.100.00
30,760.59
5102,378,139.41 $99,787,706.91
Capital Stk.ofSubeld'y Companies
not owned by the
West. Union Tel.
Co. (par value):
Companies conteled
by Perpetual leases $1,336,600.00
Companies conteled
428.950.00
bystockownership
82,590,432.50
1.765,580.00
1.769,600.00
*3.96010
73,005,000.00
72.472,000.00
533.000.00
Funded Debt—
Bonds of The Western
Union Teleg. Co.:
Funding and Real
Estate MIgage
41i% Gold
Bonds, 1950_ _ _$20,000,000.00
Coll'ral 5% Trust
Bonds, 1938 _ _ 8.745,000.00
15-Yr.61(% Gold
Bonds, 1936._ 15,000,000.00
25
-Year 5% Gold
Bonds, 195E_. 25,000,000 00
Total
368.745,000.00
Bonds of Subsidiary
Companies
16,500.000.00
Less Held in Treaery 3.143.000.00
Total
53,357,000.00
Real Estate Wtgages $303,000.00
Total Capital Liabilities
$177,148,689.41 3174,029.206.91 83319,482.50
current Liabilities—
Audited Vouchers and Mlsccilane.
ous Accounts Payable
$8,704,024.94
Accrued Taxes (Entreated)
11,440,600.07
Interest and Guaranteed Dividends
Accrued on Bonds and etorks
743,666.38
Unpaid Dividends(Incl Dividend of
.
$2.047.022.00 payableJan.15'29) 2.079,118.96
Installment payments under Employes' Stock Plan
Employes' Income Participation
(payable Feb. 15 1929)
1,428,829.20
$7,917,008.56
11,520,749.66
1787,016.88
*80,149.59
743,109.96
556.42
2.020,981.96
58,137.00
2,218,455.96 '2,218.455.96
1,080,624.08
348.205.12
824,396,239.55 $25,500,930.18 "11,104.690.63
Deferred Non-Interest Bearing Liabilities, In respect of proceeds of
sales of securities and other property, held under leases for terms
expiring In 1981 and 2010, from
companies in which The Western
Union Telegraph Co has, for the
most part, a controlling interest,
payable on terminations of leases $13,118,531.93
$13,118,531.93
-Riterra For
Depreciation of Land
Lines
$24,135,325.00 821,350,238.45 12,785.086.55
Maintenance of Cables
11,157,276.45
10,759,043.58
398,232.87
Development of Ocean Cables__ _
9,990,482.08
9,999,482.08
Employes' Benefit Fund..
1,368.128.43
1.348.964.85
19,163.58
2.743,488.59
2,677,536.03
Other Purposes
65,952.56
$49,403,700.55 $46,135,264.99 $3,268,435-56
Surplus(as per Annexed Account). 388,357383.06 378.528.581.89 57,828.601.17
Total
8350,424,344.50 8337,312.515.90 $13,111.82/1.6
2138
FINANCIAL CHRONICLE
THE WESTERN UNION TELEGRAPH COMPANY.
INCOME AND SURPLUS ACCOUNTS FOR THE YEAR ENDED
DECEMBER 31, 1928.
INCOME ACCOUNT.
Gross Operating Revenues
5136,449,512.70
Deduct:
Operating Expenses, including Repairs, Reserved for Depreciation, Rent for Lease of Plants, Taxes, Employes' Income Par120,310,255.73
ticipation, &c
$16,139,256.97
Add:
Income from Dividends and Interest
2,937,807.89
519,077,064.86
Deduct:
Interest on Bonds of The Western Union Telegraph Company.....,3,609,405.74
$15,467,659.12
Balance transferred to Surplus Account
SURPLUS ACCOUNT.
$78,528,581.89
Surplus at December 31 1927
Add:
Balance from Income Account for year ended Dec.
31 1928
515,467,659.12
Premium on Capital Stock issued to Employes
518,100.00
during year
15,985,759.12
$94,514,341.01
Deduct:
Dividends paid and declared
Adjustments of Surplus (Net)
$8,084,634.00
72,523.95
Surplus at December 31 1928, as per Balance Sheet
8,157,167.95
$86,357,183.06
CURRENT NOTICES.
—A comparative analysis of insurance stocks, compiled annually by
Olokey & Miller, specialists in bank, trust company and insurance stocks,
52 Broadway, New York City, has just been completed. The 1929 edition
covers the stocks of 116 insurance companies and presents a complete
picture of the transactions of each company by which the intrinsic value
of the stock may be readily determined, based upon the ratio of earnings
to market price. Regarding the segregation of insurance companies into
distinctive groups, Clokey & Miller say: "During the past 10 years it
has been the tendency of the various insurance companies operating throughout the United States and Canada to affiliate themselves as a group, controlled either by one institution as a parent company or through a securities
holding company. This policy is found to be advantageous by distributing
the underwriting liability. In 1918 there were comparatively few groups
of companies, whereas to-day there are in all 84 groups consisting of 327
Insurance companies which take in approximately 75% of all the companies
regularly licensed to operate throughout the country. The combined
strength of group operation has in recent years made the stock of these
companies exceedingly popular from an investment standpoint,"
—In line with the widespread development of the general management
Investment company, a booklet descriptive of the American Founders
Group, the largest independent group of investment companies in the
United States, has been prepared by Harris, Forbes & Co., New York.
The American Founders Group, with combined resources in excess of $150,000,000, includes American Founders Corp. and four affiliated companies
of the general management type for which American Founders Corp.
provides investment supervision: International Securities Corp. of America,
Second International Securities Corp., United States & British International
Co., Ltd., and American & General Securities Corp. The Harris, Forbes
& Co.booklet outlines their history, organization and growth and in addition
to showing the relationship of the various companies, furnishes complete
statistical information regarding each of them.
—Newburger, Henderson & Loeb, 1512 Walnut St., Philadelphia, announce that Howard K.Mohr,for many years connected with the Electric
Light & Power Industry, has become associated with them. Mr. Mohr
who was assistant treasurer and executive assistant to the president of the
Philadelphia Electric Co., served the company in various and intimate
capacities for 32 years. As head of the advertising department he was
Instrumental in building up the excellent customer relationship and community good will possessed by the Philadelphia Electric Co. and which
proved particularly effective in defeating the attack of the Mitten management on the company in 1925. During the last five years Mr. Mohr has
been chairman of the membership committee of the Natonal Electric Light
Association.
—An innovation in brokerage service in New York was introduced with
the opening of the uptown office of Anderson & Fox at 347 Madison Ave.
This office is equipped with a luminous screen, upon which messages as to
the course of the market are transmitted from the floor of the Stock Exchange almost simultaneously. The "floor flashes," as they are called, are
typed on a "radio pad," which registers them on a cellophane slide, which
in turn is inserted into the projector. Then, by means of electric lamps
and lenses, they are magnified upon a large frame of ground glass that is
Inset in the quotation board. Use of the "radio pad" reduces the time
difference between the brokers'office and the trading floor, and is of especial
value on active days when the tape trails the market.
—The partnership of Lattin & Pierce, members of the New York Curb
Market, will be dissolved by mutual consent on March 31st. Announcement is made of the formation of a new partnership under the firm name of
Locke, Andrews & Pierce, members of the New York Curb Market, with
offices at 74 Trinity Place. John Locke, member of the New York Curb
Market, R. McK Pierce, member of the New York Curb Market, John G.
Andrews and William J. Hennessey are general partners and General Lincoln C. Andrews, H. R. Cuppia and E. F. Hubbard are special partners
to take effect April 1st.
—At the meeting of the board of trustees of The Mutual Life Insurance
Co. held Wednesday, the following promotions were announced; Dr. P.
Maxwell Foshay, second Vice-President and Manager of selection; A. D.
Reiley, Supervisor of Risks; G. Moore, Associate Supervisor of risks;
F. L. Huxtable,E. G. Walker and F. H. Niedenstein, Assistant Supervisors
of Risks; Dr. E. McP, Armstrong, Associate Medical Director; Dr. W. L.
Willis, and Dr. H. A. Bancel, Assistant Medical Directors; and Oliver M.
Whipple, Assistant Financial Manager.
—Formation of a new investment brokerage firm, Wales, Williamson &
Co., which will begin business Apr.6 at 149 Broadway, has been announced
The partners are Emory T. Wales, formerly a partner of Berdell Bros.,
Ward M Williamson, member New York Curb Market, who has been
associated for six years with Boldtmann & Williamson, and Edward L.
Roemer, who has been with Berdell Bros. for the past seven years. The
new firm will carry on a general Investment brokerage business and plans
eventually to undertake the underwriting of securities.
[VOL. 128.
—Tuesday's new high record of 8,239,600 shares sold on the New York
Stock Exchange contrasts with the record low of thirty-one shares established ninety-nine years ago, on March 16 1930, note Sulzbacher, Granger
& Co., Only two issues changed hands that historic day a century ago—
twenty-six shares of the United States Bank, the premier stock investment
of that time, sold at 119; also five shares of Morris Canal & Banking were
exchanged at 75%. The value of the transactions totaled $3,470.25.
—Goddard & Co.,Inc.,44 Wall St., New York City, bankers for Columbia Pictures Corp., announce that the company's new sound reproduction
and recording studios in Hollywood are being rushed to completion by a
crew of over 200 workmen. These structures comprise the latest development in sound stage construction and equipment. The Western Electric
Recording System is being used in making Columbia's talking movies.
—E. W. Clucas & Co., members of the New York Stock Exchange,
have extended their wire system to six additional cities. In Boston they
will be represented by Arnold, Sears & Co., in Cleveland by Witt, Kraus
& Co.; in Detroit by Wm. C. Roney & Co., in Hartford by Shaw & Co.,
In Philadelphia by E. W. Clucas & Co., and in Pittsburgh by Reynolds
& Co.
—Philip G. Mumford, general partner of William Schell & Co., and formerly President of Commercial Solvents Corp. has been elected a member
of the New York Stock Exchange. William &hall & Co. established in
1853, for some time held membership on the Exchange and the election of
Mr. Mumford marks the re-entry of this firm in this field.
—L. L. Hill, Vice-President, has been made General Manager of W. B.
Foshay Co. Mr. Hill, formerly of Page and Hill Co., Minneapolis, joined
the Foshay organization last fall. Announcement Is also made of the election of 0. M. Spratt as Vice-President. Mr. Spratt rejoined the W. B.
Foshay Co. a year ago as assistant to the President.
—Paul Elbogen & Co., members of the Rubber Exchange of New York,
have issued a twelve page booklet entitled "Important Factors to Be
Considered in Gauging the Rubber Market." This book gives the several
factors determining the price of rubber:on the consumption side—and on the
production side.
—F. A. Dickinson, Edward Maguire and Robert H. Paul, Jr.. members
New York Curb Market, have announced the formation of a partnership
under the firm name of Dickinson, Macguire & Paul, members New York
Curb Market, who will begin business, April 1 with offices at 149 Broadway
New York.
—Announcement is made of the appointment of Merrill, Lynch & Co.,
members of the New York Stock Exchange, as fiscal agents for the Minard
Run Oil Co., producers of crude petroleum in the Pennsylvania fields, and
as fiscal agents for the Emery Mfg. Co. refiners of Bradford, Penna.
—The Portland Cement Association, Chicago, Ill., has published an
attractive and well illustrated booklet,"Concrete Bridges," for distribution
among engineers, civic and town councils and chambers of commerce where
bridge construction is under consideration.
—Dr. Max Winkler, Vice-President, Bertron, Griscom & Co.,Inc., has
made a study of American Foreign Financing During 1928, which has
been published by the Foreign Policy Association in their bi-weekly issue.
—Wright Aeronautical Corp. and Curtiss Aeroplane & Motor Co., Inc.,
are the subjects of analyses contained in a circular issued by Barstow & Co.,
members New York Stock Exchange, 16 Exchange Place, New York.
—John McGuire, Inc., 120 Broadway, New York, announces tha
Paul Morton Trout, formerly with the Babson Statistical Organization it
associated with them as Manager of their new business department.
—Smith, Graham & Rockwell, members New York Stock Exchange,
50 Broadway, New York, have prepared a circular on United Aircraft and
Transport Corp., the largest company in the aviation industry.
—Louis L. Bucklin, formerly of the investment staff of Brookmire
Economic Service, has become associated with Hendrickson & Co., 61
Broadway, New York, in the investment department.
—Heller & Levenson announce the removal of their offices to new and
larger quarters in the Bank of America Building, 44 Wall St., and the
change in their telephone number to Beekman 1300.
—Holt, Rose & Troster, 74 Trinity Pl.. New York City, have Issued a
special circular on Chelsea Exchange Corporation, the investment affiliate
of the Chelsea Exchange Bank.
—Moses & Company, 29 Broadway, New York, have prepared a circular on the cosmetic industry which makes particular reference to Stein
Cosmetic Company, Inc.
—Hemphill, Noyes & Co., members of the New York Stock Exchange,
announce that John Marshall Jones has become assocaited with them in
their Baltimore office.
—The Irving Trust Co. has been appointed transfer agent for 50,000
shares participating preferred and 50,000 shares common stock of Family
Loan Society, Inc.
—McGann & Co., members N ew York Stock Exchange, announce that
Thomas B. McGlinn and William B. McGlinn have been admitted as
general partners.
—Ralph T. Reeve, formerly in the buying department of Halsey Stuart
& Co., Inc., has become associated with McClure, Jones & Co., 115 Broadway, New York.
—The Chase National Bank has been appointed transfer agent for 1,500,000 shares of capital stock—$1 par value—of the Golden Cycle Mining &
Reduction Co.
—Montgomery,Scott & Co., members New York and Philadelphia Stock
Exchanges, announce that Joseph J. Dennis has become associated with
their firm.
—Curtis & Sanger 49 Wall St., New York, have prepared an insurance
stock chart comparing figures for the years ending December 31 1927
and 1928.
—Dominick & Dominick, 115 Broadway, New York, have prepared
for distribution an analytical circular on the Underwood Elliott Fisher Co.
—S. S. Field, formerly with Berdell Bros., is now associated with Morton
Lachenbruch & Co.,42 Broadway, New York, in their trading department.
—Mackay & Co. have issued a circular outlining briefly certain recent
developments of Importance pertaining to the petroleum industry.
—Peter P. McDermott & Co , 42 Broadway, New York, have issued a
descriptive circular on The Starrett Corporation common stock.
—James C. Willson & Co., 39 Broadway, New York and Louisville,
Ky., have prepared an analysis of National Air Transport, Inc.
—Holt, Rose & Troster, 74 Trinity Pl., N ew York City, have issued a
special circular on aviation, chain stores and industrial stocks.
—Green, Ellis & Anderson have opened a branch office at 277 Madison
Ave., in charge of Mead A. Lewis and Marquis IC. Rankin.
—The Irving Trust Co. has been appointed transfer agent for preferred
and common stock of Progressive Merchants Co., Inc.
MAR. 30 1929.]
FINANCIAL CHRONICLE
2139
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
sumption deducted) 1,226,553 tons against 1,104,305 last
year; centrals grinding 161 against 155 last year. Of the
exports, 84,671 went to Atlantic ports, 17,980 to New
Orleans, 3,795 to Interior U. S.; 6,232 to Savannah; 13,611
to Galveston; 33 to South America, 6,029 to New Zealand,
Friday Night, March 29, 1929.
COFFEE on the spot was quiet, mild still competing 31,095 to Europe. Weather was fine. Receipts at U. S.
sharply with Santos with quotations 243/2 to 25c. for Santos Atlantic ports for the week were 100,169 tons against 138,982
4
4s, 173I to 18c. for Rio 7s, 173/2 to 173 c. for Victoria 7-8s in previous week and 84,018 same week last year; meltings
/
and 20 to 203,4e. for Robustas. Futures on the 25th inst. 80,992 tons against 70,536 in previous week and 63,300 last
were 4 to 15 points lower with Brazil and Europe selling. year; importers' stocks 176,633 tons against 165,607 in
Private cable advices stated that the accumulation of stocks previous week and 243,480 last year; refiners' stock 201,198
at Santos had induced the Defense Committee to stop re- tons against 193,047 in previous week and 71,587 last year;
ceipts from the interior at that port until demand had total stocks 377,831 tons against 358,654 in previous week
brought them down to the permitted level. Cost and and 315,067 last year.
On the 25th inst. London prices were easier with sellers of
freight offers were said to be lower. Spot trade was dull.
Stocks have increased. Rarely are prices of mild coffees Cubas for April shipment at 9s. 3d., equal to 1.79c. f.o.b.
so close as now to the parity of the better grades of Santos. and May at 9s. 43/2s., or 1.81 f.o.b. It is now understood
That is due to the scarcity of desirable Santos, owing to the that the total of sales made to the United Kingdom and the
policy of the Brazilian Defense Committee, arbitrarily as it Continent on Friday amounted to about 25,000 tons Cuba,
is asserted, to hold up good selections at a basis which at- including a cargo for second-half May-June shipment at 9s.
tracts buyers to mild coffees of superior quality and which 6d., equivalent to 1.84c. f.o.b. The balance was for May
usually command a good premium over Santos. May is the shipment at 9s. 534O. c.i.f. or 1.83 f.o.b. The London
next month to attract attention. May was 80 points below terminal market at 3.15 p. m. was quiet and unchanged to
the close of March last week and about lc. below the Street 9d. lower from the opening. London beet sugar at the same
3
A
price for Santos Contract D, and 134c. below the Street time was 3 d. lower to 4d. higher, the tone being steady.
price of other deliverable coffee for Contract A. It is On the 25th inst. some 5,000 bags of Porto Rican raw sugar
argued that either there must be a decline in the Street due April 16, sold at 3.67c. delivered, equal to 1 29-32c. c. &
values or an advance in Exchange prices between now and f. for Cubas. It was estimated that the firm offerings of
the end of May. Speculation is quiet. All the Exchanges sugars for immediate,clearing and for shipment up to the
are apparently dominated by the Brazil Defense Committee first week of April at 1 15-16c. c. & f., amount to at least
or their followers with orders to buy on weak periods and five cargoes of Cuba; 8,000 tons of Philippines and 6,000
liquidate on firm days. Arrivals of mild coffee in the United tons of Porto Ricos. On the 26th inst. trade was dull at
/
States since March 1 are 283,430 bags while deliveries for 178c. to 1 29-32c. for Cuba and c. & f. bid and asked. Rethe same time were 265,978 bags. Stocks of mild coffee in fined was 4.90c. with a fair withdrawal demand and not
the United States on March 25, 390,825 against 377,751 a much new business expected for a time. Futures on the
25th inst. were 1 point off to 1 point higher with sales of
week ago and 307,594 last year.
On the 25th inst. cost and freight offers from Santos were 27,950 tons. Hedge selling partly by Europe was one feaunchanged to a little lower. Rio was easier. The prompt ture, dull and lower London cables another and some modershipment tenders included Santos Bourbon 2-3s at 24.60c.; ate amount of long liquidation still another. But the de3-4s at 23.35 to 24.15c.; 3-5s at 22.85 to 23.85c.• 4-5s at mand for March and July was enough of a force to keep
223/2 to 23.60c.; 5s at 22 to 23.35c.; 5-6s at 223'c.; 6s at prices relatively steady.
It is pointed out that stocks in Europe are nearly 400,000
21.70 to 21.95c.; 6-7s at 2034c.; 7s at 20c. to 20.15c.• 7-8s
at 19.15c.; part Bourbon 3-4s at 23.05c.; 3-5s at 2334 to tons greater than they were last year at this time, while
already
23 Me.; Peaberry 4s at 23.20c.• 4-5s at 22.05 to 22.80c.; 5s stocks in the United States and Cuba are stated, 250,000
has sold
at
at 22.30c; rain-damaged 3-5s '20.45c.; 5-6s at 18 Yie.; 7-8s tons larger than a year ago. Cuba, it is
at 16.55 to 17.55c.; Rio 7s at 16.85 to 17.10c.; 7-8s at 163/i thus far 300,000 tons less sugar to Europe than last year at
to 16.85c. On the 26th inst. early firm offers were on the this time and she expects to turn out about 1,900,000 tons
average unchanged a few being slightly lower. For prompt more than the crop of 1928. Under these circumstances
3-4s at 2334 some argue that the weight of sugar must be felt at some
shipment Bourbon 2-3s were offered at 24
to 24 c.•, 3-5s at 22.40 to 23.70e.; 4-5s at 22.15 to 23.35c.; time or other, especially the futures market. Havana cabled
5s at 21.80 to 23.350.; 5-6s at 21.55 to 22.80c.; 6s at 21.60c.; in one instance that receipts were 238,919 tons; exports 164,6-7s at 20.15 to 2034c.; 7s at 20.05 to 21.35c.; 7-8s at 19.05c.; 599; stock 1,160,006 tons. Of the exports, 77,257 went to
part Bourbon 3-5s at 23.05 to 233/80.; 6s at 2134c.; Peaberry New York, 12,851 to Philadelphia, 11,131 to Boston, 18,513
4s at 22.40 to 23.10c.; 4-5s at 22.700.; 5-6s at 22.20c.; 6s at to New Orleans, 6,232 to Savannah, 7,032 to Galveston,
21.55c.; Rio 7s at 16.80c.• 7-8s at 16.45c.• Victoria 7-8s 832 to Interior of U. S., 50 to Canada, 3,139 to Brunswick,
'
afloat were quoted at 16.40e.; rain-damaged 3-5s at 2230.; Ga., 16,107 to United Kingdom, 7,251 to France, 1,758 to
/
5-6s at 21.15c.• 6s at 2034c.; 7s at 16.95 to 17.40c.; 7-8s at Holland, 1,958 to China,32 to South America. Mills grind16.10e. On the 26th inst. there was some uneasiness owing ing 159. The weather was favorable. Eight Cuban cento reports that Argentine and Cuba were quarantining vessels trals are reported to have finished their grinding, all but
from Brazil on reports of a yellow fever epidemic in Brazil one falling short of their estimates. On the 27th inst.
.
,
While the Brazilian papers have been discussing the matter another cargo of Cuban raw sugars sold for early April ship/
for some weeks, the first reference to it has just been made ment at 17 30. c. & f. This brings the total to about 75,000
in the New York press. From private advices, it appears bags.
Some 2,000 tons of Philippine due the 20th sold at 3.64e.
that only sporadic cases have so far occurred but there is a
7
possibility that a quarantine against Brazil may be declared delivered equal to 1 43. c. & f. for Cubas. The Java Trust
in the United States, which would naturally interfere with estimates that portion of the Java sugar production condeliveries of arriving cargoes. On Thursday Rio futures trolled by it at 2,755,000 tons and the independent producclosed 5 to 10 points off with sales of 5,000 bags and Santos tion at 250,000 tons or a total of 3,005,000 tons. This com1 to 7 lower with sales of 4,000 bags. Final prices shows pares with the estimate of 3,025,630 tons calbled earlier from
decline for the week on Rio of 8 to 9 points and on Santos another source on the 26th inst. The Great Western it
seems sowing 300,000 acres in beets against last year's
of 6 to 8 points.
253,000; Louisiana expects to increase her acreage to bereaped
Rio coffee prices closed as follows:
Dec
l.07@
14.13@
Spot unofficial._ _ _17 I July
this year by 100,000 acres. Java has a record crop which
14.490 nom.I March---13.71 © nom.
15.92 © nom. Sept
May
will begin to move early in May. Sowings in Europe are
Santos coffee prices closed as follows:
also expected to be increased. The details are not yet
Dec
I July
20.03 © nom.
21.570:
Spot unofficial_ @
I Sept
20.63 nom. March---19.52 © nom. available. On Thursday prices closed 1 point lower to 1
22.59140
May
point higher with sales of 15,300 tons. Final prices for the
-On the 23rd inst. prices closed 2 points lower week show a decline of 4 points.
COCOA.
higher with sales of 118 lots. The warehouse stock
to 3
Sugar prices closed as follows:
was 257,396 bags against 265,491 a year ago. March closed Snot unofficial
March
2.24@
i7 Sept
2.i0@
day at 10.33c. nominal; May 10.52c., July 10.80c. May
Dec
that
2.19 --1.90©
2.200 --2.0002.01 Jan
Thursday prices closed 16 to 18 points higher with May July
On
at 10.510. and July at 10.83c. Sales were 207. Final
LARD.-Spot prime Western was 12.60 to 12.70c. at one
prices show an advance for the week of 3 to 6 points, except time. Later on the spot prime Western was off to 12.50 to
1 point lower.
on May, which is
/
12.60c.; refined Continent l2 8e.; South America 1334c.
-Prompt Cuba, Porto Rico and Philippine raws Brazil 141.4c. On the 25th inst. futures in most cases fell
SUGAR.
A
were quiet early in the week at 1 15-16c. c. & f. Later 17 c. 5 to 10 points with hogs off 15 to 25c. and too much liquidawas accepted. Receipts at Cuban ports for the week were tion for a small market to withstand. Chicago reported a
257,963 tons against 221,152 in the same week last year; top price on hogs of $11.50. Western receipts of hogs were
exports 163,446 tons against 139,225 last year; stock (con- 149,300 or again much larger than expected against 131,000
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
2140
FINANCIAL CHRONICLE
a week previously and 170,000 last year. There were deliveries of 150,000 lbs. of lard on contract. Clearances of
lard from New York last week were 9,934,829 lbs. against
7,065,095 lbs. the week before. The bulk of these shipments were to the Continent. Futures on the 26th inst.
declined 5 to 15 points with stocks and grain rapidly falling
and money rising. On the 27th inst. futures closed unchanged to 13 points higher. Eastern interests were reported to be buying and there was some demand,supposedly
for European account.
On Thursday futures closed 5 to 10 points higher. Selling
pressure was lacking. Commission houses were good buyers
of July and September. Final prices are 3 points higher on
March for the week while other months are 5 points lower.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
•
Sat.
Mon.
Tues.
March
12.02 12.05
12.00
12.05
12.27
12.30
12.05
12.15
May
nly
12.55
12.40
12.52
12.62
IN CHICAGO.
77nirs.
Fri.
12.05
12.25
12.60
PORK higher. Mess, $33.50; family, $36; fat back, $28
to $31. Ribs, Chicago, 14e. Beef higher. Mess, $26;
packet $26 to $27; family $28.50 to $30; extra India, mess,
$44 to $46; No. 1 canned corned beef, $3.10; No. 2, 6 lbs.,
South America, $16.75; pickled tongues, $75 to $80. Cut
meats firm. Pickled hams, 10 to 20 lbs. 20%, to 21%c.•
'
bellies, clear, 6 to 12 lbs., 17% to 18%0.; bellies, clear, dry
salted, boxed, 18 to 20 lbs., 1691c.; 14 to 16 lbs., 169e.
Butter, lower grade to high scoring 4434 to 48c. Cheese,
flats, 233'2 to 293'fie.; daisies, 233'2 to 28e. Eggs, medium to
extras, 2634 to 30c.; premium marks, 3034 to 3134e.
OILS.
-Linseed was a little more active recently with
crushers reported willing to do business at 9.9e. for car lots.
Single barrels were held at 110. Jobbers were more interested.
And paint and linoleum makers were inquiring more freely.
Most of the business however seemed to be against old contracts. Cocoanut, Manila coast tanks, 791c.; spot N. Y.
tanks, 8e. Corn, crude, bbls., tanks f. o. b. mill, 834c.
Olive, Den., $1.30 to $1.40. China wood, N. Y. drums,
car lots spot, 1434 to 1491e.; Pacific Coast, tanks futures,
13e. Soya bean bbls., N. Y. 1134c.; tanks coast, 934c.
Edible, corn 100 bbl. lots, 12e.• olive oil, 2.25 to 2.30e.
2
Lard, prime, 15Yc.; extra strained, winter, N. Y., 13%c.
Cod, Newfoundland, 67c. Turpentine, 5591 to 61c. Rosin,
$7.35 to $10.45.
Cottonseed oil sales on Thursday including switches
5,300 bbls. P. Crude S. E., 891c. bid. Prices closed as
follows:
Spot
April
May
1June
10.60§
10.4510.90 July
Aug
10.60
10.61 t10.90 Sept
10.79 10.80 Oct
10.82 10.90 Nov
10.93@1O.92
10.78 10.95
10.50
Bid
RUBBER.
-On the 23rd inst. prices here fell 90 to 120
points on heavy liquidation, absence of trade demand and
London's decline to 11 Bid. for spot and April and 11%cl.
for April-June. The sales here were 1,030 contracts. April
here on the 23rd inst. closed at 22.10c.; May at 22.200.;
June at 22.40c., July at 22.50c., Sept. at 22.70 to 22.80c.,
October, 22.80c. and December, 23c. Spot was nominally,
22c. On the 25th inst. New York declined 20 to 40 points
early then gained 40 points, then fell 110 points from the
early high and finally ended 40 to 60 points net lower with
sales of 16 to 18 lots or 4,045 tons. London fell %d. and
regained X of the loss. But the world's rubber markets not
id.
to put too fine a point on it were in the rapids. Supplies are
considered ample. Bull speculation seems to be negligible.
On the decline the factory demand here increased but this
buying waits on declines. New York closed on the 25th with
May, 21.60c.; July, 21.900.; September, 22.20 to 22.30e.;
October, 22.30c.; December, 22.60c.; January, 22.600.;
February, 22.60e. Outside prices: Ribbed smoked spot and
%
March, 218s to 2191; April, 2191 to 219/sc.; April-June, 213
/
-Dec., 2291 to 2291c.
to 22c.- July-Sept., 22 to 22%c.; Oct.
thin brown
Spot, first latex crepe, 21% to 223/sc.,• clean
crepe, 193 to 19%c.; spooky, 1991 to 193/sc.; rolled, 1591 to
%
16c.; No. 2 amber, 19% to 20c.; No. 3, 193/2 to 1991c.;
No.4,1991 to 193/sc. Paras, up-river,fine spot,23 to 2334c.;
coarse, 133/s to 14c.; Acre, fine spot, 233/2 to 240.; Caucho,
Ball-Upper, 133'2 to 140. London, 11d. spot, April and
June. Singapore, April, 1031cl. The London stock was
27,656 tons an increase for the week of 1,214 tons.
On the 26th inst. prices here ran up 130 points with London
up K and Singapore, 1-16 to Xd.; shorts covering and
id.
factories buying more freely. New York closed on the
26th with May, 22.40 to 22.50c.; June 22.80c.; September,
23.30e.; October, 23.40c.• December, 23.70c.• January,
23.80e.; sales 1,958 lots. Outside prices: Ribbed smoked
8
spot, March and April, 22% to 229/0.; April-June, 22E% to
-Dec., 2391 to 239/se.
223/sc.; July-Sept., 23 to 2331c.; Oct.
Spot, first late crepe, 2291 to 233/sc.; clean thin brown
crepe, 1991 to 193/sc.; specky, 1991 to 199/se.; rolled, 15 to
1591c.; No. 2, amber, 193/s to 203/se.i No. 3, 19% to 193/se.;
No. 4, 1991 to 199/se. Parse, up-river fine spot, 233/2 to
24e. London spot, April and April-June, 11 91d.; July-Dec., 11%d. Singapore, April 105-16d.;
Sept., 11%d.; Oct.
April-May-June, 10 7-16d.• July-Sept., 10%d. On the 27th
'
inst. New York fell 20 to 50 points, July going below 230.
The sales were 842 lots. London was 113/scl. on the spot
and unchanged on futures. Singapore ended higher. May
on the exchange closed at 22.20c.;July at 22.50c.; September,
22.90c.; October, 23.10e.; December, 23.40. Outside prices:
Ribbed smoked spot, March and April, 2291 to 22910.;
%
/
April-June, 2238 to 221 c.; July-Sept., 22% to 233/se.;
Oct.
-Dee., 2391 to 233/sc.; spot first latex crepe, 2291 to
[VOL. 128.
22%e.; clean thin brown crepe, 1934 to 19%c.; specky, 1931
to 193/2c.; rolled, 16 to 16310.; No. 2 amber, 19% to 20e.;
No. 3, 193/2 to 1991c.; No.4, 193j to 193/se. Paras, up-river
fine spot, 2391 to 24c.; coarse, 14 to 1434c. Acre fine spot,
24 to 243/se.; Cauchoa Ball-Upper, 14 to 1434e.; Brazil,
washed, dried fine, 283 to 29e.
%
One view was as follows: "Rubber is now getting down to
a point where more cautiousness on the part of bears is
manifest." On Thursday prices closed 70 to 90 points higher.
Covering and evening up before the three-day holiday period
caused the advance. Houses with Far Eastern connections
were good buyers. There was a good deal of switching by
dealers. May closed at 23c., July at 23.40e. and October at
23.80c. Final prices show a decline for the week, however,
of 10 to 30 points. London on Thursday closed steady, but
quiet with prices unchanged to K
id. net higher. Spot
April, 11%d.; May, 11 Xd.;June, 11%d.;July-Sept., 119/sd.
and Oct.
-Dec., 11%d. Singapore closed steady and Wi to
%d. net lower. No.3 Amber crepe spot quoted 9 1-16d. or
3-16d. lower. London cabled: "An unofficial estimate of the
London rubber stocks show an increase of 450 tons."
PETROLEUM.
-Early in the week United States Motor
ic.
in bulk was advanced V to 734e. by the Sinclair Co.
Locally there was a better demand and prices were steady at
83 0. at refineries, but it was intimated that 83/sc. would be
/
accepted on a firm bid in at least a few cases. In tank ears
the range was 93/s to 991c. Sentiment has improved. In the
Gulf foreign buyers are showing more interest. Good sized
export sales are expected soon. Bunker oil was in good
demand on the spot and prices were firm at $1.05 refineries
and $1.10 f. a. s. New York Harbor. Contract deliveries
were heavy. Diesel oil was fairly active at $2 refineries.
Furnace oil was steady, but quiet, at 691e. in tank ears at
refineries. Gas oil was in fair demand. Lubricating oils
were steady. The Seminole field showed a sharp drop in
production as a result of the Sunday shutdown by leading
operators in that section during the 24 hours ended 7 a. m.
March 25th. The output was 205 barrels or 60,000 barrels
less than the previous day. There is a better feeling among
producers. Kerosene demand has held up well and prices are
rather steady. Water white, 831e. in tank cars at refineries
and 931c. in tank cars delivered to nearby trade. Prime
white was Xc. below these prices. A reduction in output is
expected with the approach of warmer weather.
Tables of prices usually appearing here will be found on an earlier page in
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
HIDES.
-There was a better demand for Argentine steers.
The River Plate section reported sales of 37,000 steers at
$41.50 or 193/sc. 0. & f. Russia has been buying. The
,
sales included 2,500 Sa.nsinena cows at 19 13-16o. and 2,000
La Blancas at 193/sc. City packer hides are said to be well
sold up for a time. Last sales were at 143/se. for native
steers, 133'2c. for butt brands, and 13e. for Colorado.
Common dry hides were quiet. Cucuta's, 2334 to 24o.;
Orinoeos, 225/e.; Central America, 22 to 23o.; La Guayra,
2
Maracaibo, Savanillo.s, 22e.; Santa Marta, 23o. New York
City calfskins, 5-7s, 2.150.; 7-9s, 2.500.; 9-12s, 2.95c.
-Coal rates declined. Oil and
OCEAN FREIGHTS.
sugar tonnage were recently in good demand.
CHARTERS Included sugar, Cuba, April, to Gothenburg, 218. 94.;
Cuba, April, to United Kingdom: Continent 18s. 6d.; Cuba. April. to
Shanghai. $7.25; Cuba, prompt to United Kingdom: Continent. 18s. 64.
Coal: Hampton Roads, late April, to Santos. $3.75; Hampton Roads to
-May. $3.75.
Rosario, April
-90.000 bbls. clean, April, San Pedro to not east of New York,
Tankers.
68c.: 120.000 bbls. dirty, nine consecutive trips to not East of New York
from Gulf. 27c.: fuel oil. April. Black Sea to South Spain, 9s. 9d.; Gulf,
-May. United Kingdom: Continent, range, 18s. 4104 about
clean, April
80,000 bbls., clean. April, to north of Hatteras, not east of New York,
28c.; Black Sea, one port, Baltic, 20s. Black Sea, two ports, Baltic, 21s.;
-May.
gas oil. April
Time: West Indies, round, prompt delivery, north of Hatteras. $2.45:
prompt. West Indies, round, $1.30: prompt. New York. trip down, West
Indies, $1.50; prompt delivery, Hampton Roads, redelivery, Montreal.
April, West Indies trade. $1.20; April. West Indies, round. $2.05: prompt
delivery. Pacific, round, $1.20: prompt, West Indies, round, $1.75.
-Prices were irregular. In Chicago some of the
COAL.
best Southern smokeless lump is quoted at $3.25, egg at
$3.50,stove at $2.50. Navy standard straight at New York
is nominally unchanged but actually easier, though New
York tidewater barges have lately taken a great deal of
Pennsylvania bituminous coal. Anthracite was quiet. Later
developments showed that output and prices both declined.
Fairly high temperatures in the upper Middle West have
had their influence. New York heard that lump competing
with their own southern smokeless was offered at $2.50 in
Chicago district. They have offered smokeless lumpat
$2.75 and figure egg is 25e. a ton higher with someless run
of mine, $1.75 to $2.25. National production was reduced
1,500,000 tons last week for one week, to an aggregate of
9,600,000 net tons, according to the forecast of the informed
National Coal Association. Current production is now supposed to be 25% less than at the highest total of the winter.
Later anthracite prices were reduced $I below those of a
year ago for the opening of the 1929-30 season and will remain in force during April and May at least.
-Only a moderate business was done as a
TOBACCO.
rule. Hardly that some would say. But prices were declared to be generally steady. Louisville reported that the
Burley Tobacco Growers' Co-operative Association is to
wind up its affairs and within 60 days the famous "Burley
pool" will end its existence unless unforeseen circumstances
arise. This does not mean, however, that it cannot be
promptly re-established. Durham, N. C., reported a big
MAR. 301929.]
FINANCIAL CHRONICLE
harvest this year. The final sales reports indicate that
about 25,000,000 more lbs. were produced in North Carolina
the past year than was estimated, the December estimate,
based upon the actual receipt figures up to that time, being
475,000,000 lbs. The warehouses actually handled about
484,100,000 lbs., 12,000,000 more than the previous year's
record crop. The average price paid the farmer was $18.78
was $18.78 per hundred lbs. against $22 in the previous year.
Estimates of the Philippine tobacco crop in 1928 are about
75,000,000 lbs., ae,corling to a report received in the section
of the Department of Commerce. Compared with a normal
crop, this production is approximately 5,000,000 lbs. short.
Mayfield, Ky., to the United States Tobacco Journal:
"Compared with last week, practically all markets, especially
in the dark sections of Kentucky and Tennessee, can be considered firm. Slightly lower averages as reported are accounted for by a larger percentage of the offerings being of
common to medium grades. Clarksville sales for week,
1,029,395 lbs. at an average of $13.73;for season, 14,325,880
lbs. at an average of $16.30 against an average year ago of
$17.32 on 12,182,490 lbs. Week's average 50 cents higher
than previous week. Springfield sales for week 1,051,455
lbs. at an average of $15.53; for season 10,488,650 lbs. at
an average of $17.06, against an average a year ago of $18.91
on 10,945,545 lbs. Week's average 16 cents lower than preceding week."
COPPER was advanced to 24 8e. for export and is now
on a parity with the domestic price of 24e. A good sized
tonnage was said to have been sold at the 24e. for domestic
delivery. Copper products with the exception of copper
wire were raised lo. a pound. Brass products were advanced
8
%e. Later the demand fell off and the belief was quite
general that business would be rather small for the rest of
the week. Exports sales on the 25th inst. were only 500
tons. Prices remained at 24c. for domestic delivery and
24N c. i. f. Europe ports. Foreign users, it is estimated,
3e.
will require 75,000 tons more to cover their needs for the
rest of June. Books are expected to be opened early next
week for August delivery, and this, it is generally believed,
will bring in heavy buying and probably another advance
in prices. There were rumors that sales were made at 24o.
for domestic account, but this could not be conformed. In
London on the 25th inst. spot standard declined £1 12s.
64. to £95 7s. 6d; futures off £1 15s. to 96 12s. 6d; sales 100
tons spot and 2,000 futures. Electrolytic was up £4 s2.
6d. to £111 12s. 6d. for spot and £112 12s. 6d. for futures.
On the 26th inst. London spot standard was unchanged but
futures advanced 2s. 6d. to £96 15s; sales 100 tons spot and
1,400 futures. Electrolytic fell 2s. 6d. to £111 10s. for spot
and £112 10s. for futures. Wednesday's trade dull at 24
to 24%e. the latter c. i. f. Europe. In London on the 27th
inst. standard fell £1 12s. 64. to £93 15s. for spot and £95
2s. 6d. for futures. Sales were 100 tons spot and 1,700
futures. Spot electrolytic dropped £5 to £106 10s.; futures
declined £1 48. to £111 10s.
TIN, though very quiet early in the week, became more
active on the 26th inst. when 275 tons were sold. Some 85
tons of this were switches. Sales in the outside market of
specific brands were estimated at 100 to 150 tons. Straits
shipments in March are expected to exceed 8,000 tons, as
against previous estimates of 7,500. Prices on the Exchange
on the 26th inst. closed unchanged to 5 points higher, the
later on August. Most of the demand was for, May and
June. April closed at 48.25 to 48.35e.; May and June at
48.35c., July at 48.34 to 48.40e., August at 48. 40c. and
September at 48.45c. Straits tin sold at 48V
se. In London
on the 26th inst. spot standard fell 12s. 6d. to £220; futures
off 5s. to £220 17s. 6d.; sales 60 tons spot and 240 futures.
Spot Straits tin declined 12s. 6d. to £221 10s. Eastern c. i. f.
London dropped £1 10s. to £224 5s. on sales of 125 tons.
Prices were unchanged at the second session.
Later trading was brisk at an advance of 15 to 25 points.
On the 27th inst. 30 transferable notices were issued making
103 so far this month. Stocks in official New York warehouses were unchanged. In London on the 27th inst. spot
standard advaned 12s. 6d. to £220 12s. 6d.; futurew up 17s.
6d. to £221 15s.; sales, 100 tons spot and 330 futures. Spot
Straits tin advanced 12s. 6d. to £222 2s. 6d. Eastern c.i.f.
London advanced 10s. to £224 15s. on sales of 275 tons. At
the second session standard advanced 2s. 6d.; total sales for
the day were 455 tons. On Thursday May closed at 48.30e.
and July at 48.45e., with sales of 15 tons.
LEAD demand has become more normal after the recent
feverish activity. Prices were steady at 7.75e. New York
and 7.65 to 7.85e. in the Middle West. April and May were
the most wanted. Lead ore in the Tri-State District was
$105. In London on the 26th inst. spot fell 5s. to £27 Is
6d.; futures dropped lls. 3d. to £26 6s. 3d.; sales, 850 tons
spot and 1,850 futures. Later the demand increased, with
prices 7.65 to 7.6734e. for East St. Louis and 7.75e. to 80.
for New York. In London on the 27th inst. spot fell 6s. to
£26 2s. 6d.; futures off 3s. 9d. to £26 2s. 6d.; sales, 100 tons
spot and 900 futures.
ZINC was in good demand and firm at 6.60c. East St.
Louis. Some producers are holding out for 6.85c. Ore was
advanced $1.50 to $42.50 on sales of 17,780 tons and production of 14,200 tons. In London on the 26th inst. spot
was up 3s. 9d. to .£27 10s.; futures off 2s. 6d. to £27 8s. 9d.;
sales, 50 tons spot and 1,150 futures. Later prices advanced
2141
$31to $4, that is, to 6.80e. for East St. Louis. In London
on the 27th inst. spot advanced is. 3d. to £27 us. 3d.; futures unchanged at £28 8s. 9d.; sales, 150 tons spot and 600
futures.
STEEL.
-Steady prices prevailed for steel at Pittsburgh
with a larger new business reported. Yet buyers, it is
intimated, balk at paying extras for cold rolled sheets. One
Pittsburgh despatch said: "Second quarter orders were
deferred, more or less regular quotations, however, are
maintained and producers 'seem confident of replacing tonnages on their books at higher level. Semi-finished steel is
firm with billets and sheet bars quoted $34 to $35 Pittsburgh on valley points. In Youngstown cold strip steel
large buyers are said to be obtaining supplies at 2.75e. but
small lots command a premium of $2 per ton or 2.85e. per
pound. Prompt steel is said to be less plentiful. Finished
steel is generally in less demand. Unfilled orders of independent sheet mills have recently been gaining. Strip steel
contracting at Pittsburgh was reported active. Cold rolled
later was reported firm at Youngstown with iron ore up
25o. Youngstown advices added that in galvanized and blue
annealed sheets it is possible to obtain tonnages at the
lower market while there is a $2 per ton price range in
common finishes.
-Prices were said to be steadier here in the
PIG IRON.
East and it was also said that in some cases the New York
sales last week made a good showing if in other eases they
did not. Buffalo nominally $17.50 to $18; Eastern Pennsylvania, $19.50 to $20.50; Virginia, $20.75; Birmingham,
$16.50 to $17; Chicago, 19.50 to $20; Valley, $17.50 to $18;
Cleveland, delivered, $18 to $19. Basic, Valley, $17.50 to
$18; eastern Pennsylvania, $19.50 to $19.75. All of the
above are merely nominal quotations. Birmingham's
business was disappointing even after the recent decline of
$1, with. output at about 85%. Pittsburgh wired: "Pig
iron holds the best position in the past year or two,comment
being that foundry and malleable grades are scarcer than for
some time and all grades are steady. Basic is quoted up to
$18 Valley, foundry and malleable at $18 and $18.50 Valley,
and Bessemer $18.25 and $18.50 Valley, the latter being
the least in demand."
Later with iron ore up 25e pig iron was firmer at Youngstown. The rise in the West it is figured adds about 50c to
the cost of iron. Deliveries were large later at Birmingham.
-Boston wired a Government report on the 25th
WOOL.
inst.:"Domestic wools of about 64s quality are still somewhat
irregular, but the tendency is toward firmer prices and greater
confidence in values. Texas, Montana and Wyoming
original bag lines show some signs of improvement in prices.
The receipts of domestic wools at Boston during the week
ended March 23 amounted to 618,800 lbs., as compared with
430,700 lbs. during the previous week." Later Boston
prices showed a downward tendency.
Buenos Aires cabled March 25th: "Stocks of unsold good
quality wools in the central produce market are high for this
season. Trading is dull, with prices considerably easier.
Fine and medium crossbred Concordia wools are down about
10% since last month. Supplies of provincial crossbreds are
practically exhausted, but prices are off 5%. This market
has been higher than in Europe throughout the season and
the decline in the past month is bringing Buenos Aires into
line. February exports were 49,759 bales." At Sydney on
the 27th inst. wool sales terminated with sustained competition particularly between Yorkshire,Germany and Japan.
Good French and Russian demand. Opening prices maintained. The seventh series will begin April 8th and will
continue until May 8th. Offerings will total 140,000 bales.
SILK.
-On the 23rd inst. prices advanced 1 to 4 cents
with sales of only 185 bales. Offerings were small. March
closed on that day at 5 to 5.020., May at 4.98 to 4.99 and
July at 4.87 to 4.88e. On Thursday prices ended 1 point
lower to 1 point higher with April ending at 4.96 to 5e.,
May at 4.97e. and July at 4.87e.
COTTON
Friday Night, March 29 1929.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 78,041 bales, against 97,085 bales last week and
106,350 bales the previous week, making the total receipts
since Aug. 1 1928 8,477,790 bales, against 7,334,510 bales
for the same period of 1927-28, showing an increase since
Aug. 1 1928 of 1,143,280 bales.
Receipts at--
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
2.508 3,076 8.504 1,559 1,963 920 18,530
Texas01171,092 1,092
Houston
1,379 2,637 2,376 2,161 1,684 1.127 11,364
3.806 2.707 2,412 13,295 779 1.500 24,499
New Orleans
218
31 808 304 6,428 1,352 9,141
Mobile
---------------- -11
Jacksonville
11
1,170 229 1,504 399 313
65
Savannah
5 133 140 --- 2.014 ---- 4.080
2,292
Charleston54
80 314
93 253
Wilmington
794
84 345 206 106 ---- 1.398
109
Norfolk
1,418 ---- 1,820 -------- 3,238
___
New York
15 ___
65
Boston
Baltimore
1.437 1.537
Totals this week_ 9,249 10,445 16,403 19,837 13,555 8.552 78.041
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
This Since Aug This Since Aug
Week. 11928. Week. 1 1927.
Mar. 29.
Galveston
18,530 2,675.077
Texas City
1,092 174.091
Houston
11,364 2,756,373
Corpus Christi
256,831
Port Arthur,&c
14,390
New Orleans
24;i65 1,420,618
Gulfport
498
Mobile
9,141 246.320
Pensacola
11,573
186
11
Jacksonville
Savannah
4.080 334,459
Brunswick
Charleston
2,292 158,219
5.505
Lake Charles___ _
794 120.769
Wilmington
Norfolk
1.398 215,704
92
N'port News,&c_
42.174
New York
3i5g
2,219
65
Boston
42,686
1,537
Baltimore
6
Philadelphia
22,306 1,977,871
87,026
716
19,3902,391,403
---- 176,343
736
17,ifio8 1,289,792
2,886
492
12,542
5,140
3,545
2,340
41
130
950
1929.
1928.
417,105
24,578
659,077
342,933
32,040
631,739
330,000
431,462
244.165
12,582
8
549,064
35,603
12.019
674
28,038
582
36,123
228,821
756
107.787
197.676
25,284
23.850
34.433
73.670
28,762
67.433
6.188
5,445
58,692
155
137,886
3,780
1,048
4,642
155.770
3.432
1,495
9,952
1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
16.594
22,330
28,042
33,764
22,306
18,530
4.160
36,704
31.550
37,433
19,390
11,364
19,514
29.327
26,914
53,794
17,995
24,499
83
1.519
2,537
3,046
2.886
9,141
7,019
7,687
8,786
15,984
12.542
4,080
Receipts 03-
5,943
2,329
11,465
2.287
5,215
95
5,683
78,041
88,473
168,766
5,140
3,545
2,340
2,292
794
1,398
Tot. this week
3,869
1.743
2,813
2,625
2,841
4,281
1,616
452
2,788
4,179
1,837
3,144
110,433
109,150
55.370
.3:14 510 11490 211 5.447 117 Ft 405_1 22 5.983 525
5 477 700 7
glnen Aorr 1
*Beginning with the season of 1926. Houston figures include movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a
total of 71,739 bales, of which 15,515 were to Great Britain,
11,871 to France, 12,523 to Germany, 15,327 to Italy,
9,871 to Japan and China, and 6,632 to other destinations.
In the corresponding week last year total exports were
116,713 bales. For the season to date aggregate exports
have been 6,597,260 bales, against 5,667,874 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
GerGreat
- Britain. France. many.
Exports from
Mar. 29 1929.
Japan&
Russia. China. Other.
Houston
New Orleans__ _ _
Mobile
Savannah
Charleston
Norfolk
New York
Los Angeles
Ban Diego
San Francisco_ _ _
-586
5;656
2.400
9,871
6,632 71,739
6,326
7,570
3,771
"iio
4,659
977
757
988
1,466
342
"iio
11,980
3,665 1.089
3,638 1,808
100
3,402
1,443
375
2,381
30,714 9,429 29,312 10,031 6,000 4,364 26,863 116.713
62.723 19,969 80,975 11.542 45,251 42,875 36,983 300,318
Exported to
From
Aug. 1 1928 to
J
apan&
GerMar. 29 1929. Great
Britain. France.' many. I Italy. Russia. China. Other.
Exportsfr
I
Galveston____ 347,341 282,500'
374,948261,962
Houston
31,160 12,068
Texas City
46,405 41,940;
Corpus Christ
480 2,430'
Port Arthur
1,296
Lake Charles_
New Orleans_ 362,150 81,846
73,399 1,943
Mobile
4,048
Pensacola
24
Savannah..... 143,327
498
Gulfport
777
54,884
Charieston..._
31,8
Wilmington_ _
-Ojai
65,226
Norfolk
92
Newport New
21.597 4,901
New York
873
Boston
2:8i6
BaltimorePhiladelphia...
54,188 13,549
Los Angeles
4.166 1,948
San Diego
250
8,737
San Francisco
Seattle
Total
Total.
2,000 21,550
1,506 16,357
900 8,727
50
560
100 8,161
1,546 2,989
450 1,802
80
957
6,428
1,466
2,742
15,515 11.871 12,523 15,327
Galveston
Total
Italy.
Total.
526,584 164,660 15,798 522,123 320,102 2,179,108
486.031182.753 53,340397,913 143,122 1.900.069
-- 8,417 11,117 100,896
36,518 1,616
89.541 21,624 4:904 55,036 27,781 287,231
14,390
3,558
500
7.422
6.027
330
1,151' 3,2
198,690103,613 69,340135,701 87,982 1,039,322
7,300 4,420 159,687
69,327 3,298
11,573
100
--- 1,400
750
5,275
10,500 3,221 266,939
108.137 1,730
498
1,150 13,545 125.663
-55,307
79,942
3.400
9.842 34:91111
5;566 1.85 99,447
23,454 2,374
92
84,145
6.010 13,871
25,117 12.649
4,259
2,945
'
441
4,378
i 1:5-ii1
83
1
110 173,279
66.187
33.645 5;666
11,010
600
4,296
16;176 609 31,574
5,608
17,618
17.648
1 626.697 709,605 1,688,387 541.066,143,3821251455 638,668 6,597,260
Total 1927-281.049.738 750,241 1,731,630 492,973 158.141 807.256 657,895 5,667,874
Total 1926-27 2.210.445867,177 2,106,847 617,3311214.537 1406400955,8428,680.589
-It ham never been our practice to Include in the
Note.-Ezports to Canada.
above table reports of cotton shipments to Canada. the reason being that virtually
imposisble to get
all the cotton destined to the Dominion conies overland and It Isfrom the customs
returns concerning the same from week to week, while reports
are always very slow in coming to hand. In view
districts on the Canadian border
however. of the numerous innuirles we are receiving regarding the matter, we will
present season
say that for the month of Fe ruary the exports to the Dominion the
season the
have been 25.8.15 bales. In tile corresponding month of the preceding
were 20,166 bales. For the seven months ended Fe 28 1920 there were
exports
for the corresponding seven months
174.366 bales exported, as against 152.300 bales
of 1927-28.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Charleston_ _
Mobile
Norfolk
Other ports *
7,500 28,900
4.017 11,941
3.500
5,500 29.000
---
4-.808
6,000
7.100
Total 1929
29,149 13.002 17.017 76.941
31.100 13,464 17,263 44,476
Total 1927- - 38,428 12.738 22,959 95,196
* Estimated.
Total 1928
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Galveston__
Houston.____
New Orleans_
Mobile
Savannah
Brunswick_ _
Charleston_.._
Wilmington
Norfolk
N'port N.,&c_
All others____
5,800
3,702
Savannah
78,041 8,477,790 88,473 7,334.510 1,775,818 1.777.597
Totals
On Shipboard Not Cleared for
GerOther CoastGreat
Mar. 29 at
- Britain. France. many. Foreign wise.
Galveston
11,200
New Orleans- 7,449
Stack.
1927-28.
1928-29.
Receipts to
Total 1928
Total 1927
[VOL. 128.
FINANCIAL CHRONICLE
2142
5,000
1,630
300
138
1,102
200
1,000
Total.
58,400
28.739
300
138
12,702
200
45,000
Leaving
Stock.
358,705
301.261
27,738
25,146
22,901
73,470
821,118
9,370 145.479 1,630,339
3,579 109.882 1,667,715
8.495 177.816 2,206,139
Speculation in cotton for future delivery in an eventful
week was active, excited, and very irregular, but prices
are lower than last Friday, owing largely to excited and
at times decidedly lower stock markets and with money
on call 15 to 20%. Moreover, beneficial rains of late
in western Texas have had some effect. Bearish factors
have been tempered by a better technical position and good
trade buying, while the belt as a whole is late in the work
of preparing for a new crop. On the 23d inst. prices
declined 1 to 5 points net, owing to further liquidation,
despite higher cables than due and the fall of 2 to 3 inches
of rain in Mississippi and Tennessee, with smaller but
supposedly detrimental rains delaying field work in Georgia
and Alabama. Beneficial rains fell in parts of Texas.
A depressing factor was the decline in stocks and grain and
the fear of higher rediscount rates at Chicago and New York.
The effect of the incorrect report of Friday that the Agricultural Department had issued a statement predicting a
larger acreage anda larger crop had not entirely disappeared.
A Washington despatch made light of the rains and floods.
That tended further to disturb holders here and further
long lines were dislodged. The maximum decline, however,
was at no time more than 10 to 12 points and at first there
was a rise of a few points on old crop and October, but, it
was significantly slight. Fear of a detrimental money
market and an idea that nothing injurious to the chances
of a good crop had happened in the cotton belt, were the
features.
On the 25th inst. prices fell 12 to 17 points early, with
Liverpool weak and the weather better. A large "wire"
house sold some 15,000 to 20,000 bales of May and Philadelphia spot dealers and the South and Southwest also sold.
Moreover, the stock market weakened at first and this had
some effect. Cotton people were watching the stock, money
and grain markets sharply and these things are believed to
have had not a little to do with the heavy selling of cotton
within a week by Wall Street, the West and Palm Beach, to
say nothing of the selling by the South and the professional
traders here, who have been very generally regarded as bearish. There was little or no rain reported at the South. It
was to that fact that the depression in Liverpool was very
:
largely due, together with the European selling there More.
over, Manchester was reported dull and weak with. trade
with India still badly handicapped by the political disturbances at Bombay, where a labor official was arrested charged
with conspiracy to declare war against the British Government. Worth Street as a rule was not at all active. Speculation on the bull side had received a blow from recent developments, including the false impression about a Washington outgiving last week as to the coming acreage and the
probable crop. But in the later trading there was a recovery of most of the early decline of 14 to 17 points in May and
July and a rally also of some 10 points in the new crop deliveries from the early low. Selling pressure soon slackened.
The technical position was much improved after the very
heavy selling in the last ten days. Selling was well taken.
That excited comment everywhere. The trade bought the
new crop months if it sold the old. Liverpool and Wall
Street bought and there was some local covering. There was
a division of opinion among the local traders. Some of them
leaned a little more to the buying side. One company sold
last week 50% above a full production of cloths. The forecast for the Esatern belt was for showery weather. The
season is late. Planting is plainly backward in the Southeast and also in parts of Texas.
On the 26th inst. prices advanced 10 to 15 points early,
with the cables strong, the technical position good and a rally
plainly due after a recent drop of 70 to 80 points. Besides
at first stocks advanced. The Eastern belt forecast was for
.
showers. Heavy rains had fallen in Arkansas. It was
drizzling in the Mississippi Valley and the temperatures there
were much colder. In parts of Oklahoma farm work is
declared to be nearly a month late. The carry-over is likely
to be smaller than for several years. A big crop is needed.
One view is that the carry-over this year is likely to be
1,000,000 to 1,200,000 bales smaller than the average. This
for a time attracted attention. The total, it is now suggested, may be 4,200,000 to 4,300,000 bales on July 31 this
year, against 5,100,000 last year and 7,800,000 in 1927.
But this counted for nothing later in the day when with
.
money on call reported at115 to 20% and stocks badly breaking. Wall Street sold out cotton. Selling became general.
Prices fell 30 to 50 points from the early high, or some 25 to
30 points below the closing of the previous day.
On Wednesday the 27th prices declined slightly with stocks
lower, money 15%, beneficial rains in Western Texas and
further liquidation. But a rally came later. The technical
position continued to strengthen. The trade bought May
FINANCIAL CHRONICLE
MAR. 30 1929.]
freely. Shorts covered. Liverpool bought supposedly on
the differences of 76 points on May and 130 points on July
between New York and Liverpool. The forecast was for
showers in the Eastern belt. They were not wanted. And
the weekly report was mainly bullish. It said that planting
of cotton is still confined to extreme southern Texas and
certain localities in Louisiana, while in the eastern belt a
small amount was put in as far north as southeastern Georgia.
In the southeastern States there was very little improvement
in conditions affecting agricultural operations. Temperatures were high and the latter part of the week was mostly
fair, which were effective to some extent in drying the soil.
In general, however, over the entire area from the lower
Mississippi river eastward and extending northward to Tennessee and western North Carolina, the soil remained 'too
wet to work and field operations remained largely at a
standstill.
Thursday prices ended 7 to 12 points higher on the old
crop and 20 to 25 points higher on the new. Many sold
the old crop and bought the new because of reports of a
late start in the belt and a bullish private forecast in regard
to the weevil. It was predicted that the weevil may do
considerable damage this year unless the summer as a
whole is rather dry and hot. Moreover, there were further
rains in the central and eastern belts and it looked as though
they might continue over Friday. Liverpool was higher
than due. To cap the climax, the stock market advanced
and money on call fell to 8%. This had a very plain
effect. Wall Street, the trade, the Continent, and so it was
intimated, rubber interests were buying. Spot markets
were higher and were active. Tire men, it is said, bought
December. On the other hand, at one time there was some
reaction owing to the fall of beneficial rains in western
Texas and considerable evening up on the eve of three
holidays. Of late the rainfall in the west of Texas has
been sufficiently heavy to have had a beneficial effect.
It was said that the rains were the first really helpful rains
seen for months past. Manchester was dull and it was
hinted that prices were rather inclined to sag. The Shanghai
auctions were quieter and prices declined. Worth Street
was steady, but on the other hand, it was not at all active
Speculation here was not brisk. It seems to lack the
support of some large interest which at one time recently
were generally understood to be identified with the bull
side. Final prices show a decline on old crop months
for the week of 2 to 12 points, while most of the new crop
months were 2 to 6 points higher, December, however,
being at the same price at the end as it was on Friday last.
Spot cotton ended at 20.950. for middling, a decline for
the week of 15 points.
The following averages of the differences between grades,
as figured from the March 27 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on April 5:
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
April 5 1929.
15-16
inch.
.15
.16
.15
.15
.18
is
.16
.16
.16
.15
.16
.16
.16
.16
.16
.15
.15
1-inch &
longer.
Differences between grades established
for delivery on contract April 5 1929.
Figured from the March 25 average quotations of the ten markets designated by
the Secretary of Agriculture.
White
.80 on
Middling Fair
.60
Strict Good Middling.- do
.41
do
Good Middling
do
.29
Strict Middling
do
Basis
Middling
do
76 off
Strict Low Middling
do
1.61
Low Middling
Extra White
.42 on
Good Middling
do do
.29
Strict Middling
do do
even
Middling
78 off
Strict Low Middling-- do do
do do
1.61
Low Middling
24 on
Spotted
Good Middling
do
.01 off
Strict Middling
do
.77
Middling
04 off
Strict Good Middling-Yellow Tinged
do do
.45
Good Middling
do do
Strict Middling
Light Yellow Btatned.1.08 off
Good Middling
Yellow Stained
1.37 off
Good Middling
Gray
.69 off
Good Middling
do
Strict Middling
1.08
.50
.50
.51
.52
.53
.50
.48
.49
.49
.45
.47
.47
.47
.47
.47
.44
44
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
March 22 to March 29Middling uplands
Sat. Mon. Tues. Wed.Thurs. Fri.
21.05 20.80 20.75 20.85 20.95 Hol.
NEW YORK QUOTATIONS FOR 32 YEARS.
1929
1928
1927
1926
1925
1924
1923
1922
20.95c.
19.850.
14.550
19.55c.
24.80c.
27.70c.
28 85c.
17.85c.
1921
1920
1919
1918
1917
1916
1915
1914
12.15c
41 50c.
28.25c.
34.25c.
19.30c.
21.10c.
9.65c.
13.50c.
913
1912
1911
1910
1909
1908
1907
1906
12.90c.
10.85c.
14.45c.
15.30c.
9.85c.
10.400.
10.95c.
11.700.
1905
1904
1903
1902
1901
1900
1899
1898
8.05c
14.900.
10.0.5c
8.94c.
8.Hic
9.62c.
6.31c.
6.12c.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
_ Barely steady__
SatUrday___ Quiet.5 pta. decl
_ Steady,25 pta. dec.. Steady
Monday
Tuesday __ _ Steady.5 pta. decl _ Steady
Wednesday_ Steady, 10 pta. adv - Steady
Thursday __ Steady,10 pta. adv. Steady
HOLIDAY.
Friday
Total
Since Aug. 1
SALES.
Spot.
Cotlir'cf Total.
1,401
1,401
600 5.900 6.500
800 1.800 2.600
200 2.200 2.400
600 41,200 41,800
3,601 51.100 54,701
149.508 400.900 550,408
2143
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Mar. 23.
Monday,
Mar. 25.
Tuesday, Wednesday, Thursday,
Mar. 26. Mar. 26. Mar. 28.
Friday,
Mar. 29.
,/an.
Range-Closing_
Feb.
Range..
Closing_
Afar.Range-ClosingApr.Range-20.56 -20.46 -20.57 -20.69Closing- 20.65May
Range.. 20.72-20.8520.64-20.79 20.20-20.82 20.43-20.69 20.65-20.80
Closing- 20.80-20.82 20.86-20.67 20.56-20.58 20.67-20.69 24.79-20.80
June
Range-20.49 --HOLIDAY
20.40Closing- 20.54 -20.41 -20.25Joill-
Range__ 20.23-20.35 20.14-20.29 19.63-20.32 19.87-20.15 20.08-20.23
Closing_ 20.28-20.29 20.16-20.18 19.95-19.98 20.13-20.14 20.20-20.21
Aug.
Range-19.95 -- 20.04 -20.2920.04Closing- 20.24Sept.
19.63
19.88
Range..
19.85 --- 19.80 -20.1019.88Closing- 20.21Oct.
Range.. 20.12-20.30 20.03-20.12 19.50-20.18 19.87-20.08 20.08-20.30
20.00-20.02 20.04-20.07 20.29Closing. 20.18 -20.07Oct. (new)
Range_ 20.05-20.15 19.95-20.09 19.38-20.10 19.72-19.95 19.95-20.19
20.17-20.18
Closing_ 20.09-20.12 19.97-19.98 19.80-19.88 19.93Nor.
Range._
Closing. 20.20 -20.10 -20.02 -20.06 -20.31Nov. (new)
Range..
19.95 -20.1919.8219.99Closing. 20.11 Dec.Range- 20.11-20.19 20.01-20.14 19.37-20.14 19.77-20.00 20.01-20.24
Closing- 20.15-20.16 20.03-20.04 19.88-19.90 19.99-20.00 20.20-20.21
.Jan
Range- 20.10-20.17 20.01-20.11 19.42-20.13 19.75-20.00 20.03-20.27
20.24-20.27
19.9919.87Closing_ 20.17 -20.03Feb.Ranfe.-
Range of future prices at New York for week ending
Mar. 29 1929 and since trading began on each option:
Option for
Mar. 1929._
April 1929
May 1929_ 20.20
June 1929._
July 1929- 19.63
Aug. 1929
Sept.1929. 19.63
Oct. 1929__ 19.38
Nov. 1929__
Dec. 1929._ 19.37
Jan. 1930__ 19.42
Range for Week.
Mar. 26 20.85
Mar. 26 20.35
Mar.27 19.88
Mar. 26 20.30
Mar. 26 20.24
Mar. 26 20.27
Range Since Beginning of Option.
18.58 Aug. 18 1928 22.06 July 9 1928
17.72 Sept. 19 1928 22.30 June 29 1928
Mar.23 18.00 Aug. 13 1928 21.47 Mar. 9 1929
17.12 Bept.19 1928 21.28 Mar. 9 1929
Mar.23 19.53 Feb. 19 1929 20.95 Mar. 9 1929
19.50 Dec. 6 1928 20.53 Mar. 6 1929
Mar. 25 18.08 Nov. 5 1928 20.63 Mar. 8 1929
Mar. 23 19.38 Mar. 28 1929 20.72 Mar.15 1929
18.89 Jan. 7 1929 20.38 Mar.13 1929
Mar. 28 19.06 Feb. 4 1929 20.70 Mar.15 1929
Mar.28 19.02 Mar.28 1929 20.86 Mar.15 1929
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Mar. 29Stock at Liverpool
Stock at London
Stock at Manchester
1929.
bales- 997,000
Total Great Britain
took at Hamburg
took at Bremen
took at Havre
took at Rotterdam
took at Barcelona
took at Genoa
took at Ghent
took at Antwerp
Total Continental stocks
92,000
1,089,000
1927.
1928.
774.000 1.348.000
1926.
836.000
170,000
86.000
854,000 1,518,000
922,000
80,000
522.000
245,000
14.000
80,000
33.000
506.000
306,000
13.000
107.000
55.000
655,000
295.000
17.000
125,000
57,000
262.000
218.000
5,000
93.000
12,000
894.000
987,000 1,149.000
590.000
1,983,000 1,841,000 2,667,000 1,512,000
Total European markets
India cotton afloat for Europe.-- 205,000 112.000 100,000 129,000
American cotton afloat for Europe 341,000 364.000 549.000 297,000
75.000
82.000
95.000
Egypt,Brazil,&c.,afloatforEurope 78,000
396.000 389,000 439.000 275,000
Stock in Alexandria, Egypt
1,217,000 851.000 577,000 845.000
Stock in Bombay, India
1,775,81801,177,59702,383,955 1,137.291
Stock in U. S. ports
0752,959 0863,788 0984.188 1.679,443
Stock in U. S. Interior towns
375
U. S. exports to-day
6,749.152 6.273,385 7,795,143 5,956,734
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales- 698.000 540.000 1,014.000 553.000
Manchester stock
63,000,70.000
70.000
Continental stock
831.000 935,000 1,092.000 541,000
American afloat for Europe
341.000 364,000 549.000 297,000
01.775,81801,777,59702,383.955 1,137,291
U. S. port stocks
0752,959 a863.788 0984.188 1.679.443
U. S. Interior stocks
375
U. S. exports to-day
Total American
4,469,152 4.543.385 6.178.143 4,777,734
East Indian. Brazil, &c.
Liverpool stock
London stock
Manchester st v•Ix
Continent tl stock
Indian afloat for Europe
Egypt, Brazil, &c.. afloat
Stock In Alexandria, Egypt
Stock in Bombay. India
Total East India. dm
Total American
Total visible supply
Middling uplands. Liverpool..
283.000
299.000
234.000
334.000
22.000
63.000
17,000
52.000
15,000
57.000
49,000
205.000
112.000
100,000
129,000
82.000
275,000
845,000
78.000
75.000
95.000
396,000
1.217.000
389,000
851,000
439,000
577,000
16.000
2.280.000 1.730.000 1,617,000 1.679,000
4.469.152 4,543,385 6,178,143 4.277.734
6,749.152 6,273,385 7,795,143 5.956,734
10.86d
10.96d.
7.86d.
10.16d.
19.650.
14.40c.
19.35c.
21.400. 15.150. 17.150.
13.256. 11.000. 18.000.
9.650.
9.45d.
7.056.
Broach, fine, Liverpool
8.808.
10 60d. 10.350.
Tinnevelly, good. Liverpool
7.500.
9.35d.
a Houston stocks are now included In the port stocks; in previous years
of the interior stocks.
they formed part
•Estimated.
20.95c.
Middling uplands, New York
Egypt, good Sakel. Liverpool:..:. 20.65d.
Peruvian, rough good. Liverpool- 14.500.
2144
FINANCIAL CHRONICLE
Continental imports for past week have been 96,000 bales.
The above figures for 1929 show a decrease from last
week of 68,652 bales, a gain of 475,767 over 1928, a
decrease of 1,045,991 bales from 1927, and a gain of 792,418 bales over 1926.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year,is set out in detail
below:
Movement to Mar.29 1929.
Towns.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
20.05
New Orleans_ _ _ 19.78
Mobile
19.65
Savannah
19.92
Norfolk
20.00
Baltimore
20.80
Augusta
19.69
Memphis
19.20
Houston
20.00
Little Rock
19.32
Dallas
19.50
Fort Worth_ _ _ -
19.95
19.68
19.50
19.77
20.75
20.70
19.56
19.05
19.85
19.15
19.35
19.35
19.80
19.49
19.40
19.68
19.62
20.70
19.50
18.95
19.75
19.08
19.25
19.25
19.90
19.67
19.50
19.79
19.75
20.60
19.56
19.05
19.85
19.18
19.40
19.40
20.00
19.75
19.60
19.9)
19.88
20.60
19.69
19.20
20.00
19.30
19.50
19.60
HOLIDAY.
Movement to Mar.30 1928.
Receipts.
Ship- Stocks
Ship- Stocks
Receipts.
meats, Mat.
meats, Mar.
Week. Season. Week. 29.
Week. Season. Week. 30.
Ala.,BIrmlnem 1,401 49,958 1,017 4,685
Eufaula
41
13,339
263 4,403
Montgomery
92 54,787
764 15,479
Selma
334 56,045 1,133 14,784
Ark..Blythe
1.107, 86.676
869 13,361
Forest City
351: 27,59
2,057 4,581
Helena
456 56.299
665 8.830
Hope
15 56,752
136 3.109
Jonesboro
77 33,07'
365 1,84:
Little Rock
964 114,068 2,140 13,865
Newport_ .
_ _
329 47,42
517 3,171
Pine Bluff
620 139,038 1,534 15.446
Walnut Rld .1,
kuis
197 38.531
579 4,656
Ga., Albany---- 1
3,57'
187 1,651
Athens
2028.57
878 6,785
Atlanta
2,041 120,263 2,636 41,963
Augusta
2.956 226,571 1,876 75.351
Columbus
1,106 47,732
503 11,411
Macon
997 49,151
657 6.626
Rome
75 35,871
500 29.8' I
La., Shreveport
650 144,313 2,848 41,376
Mlss.,Clar
477 145,118 2,656 18.655
Columbus - _
.
122 30.822
600 5,926
Greenwood
357 188,383 2.755 27.616
Meridian_ _ _ _
357 48,251 1.026 4,630
Natchez
402 31,733
552 18.312
Vicksburg...
20 24,821
92 2.348
Yazoo City
8
.
' 4.268
Mo., St. Louis_ 9,983 406,0251 11.887 19.895
N.0„Gen:shore 1.193 20,9
931 10.473
t
Raleigh
Oklahoma
1
15 towns e___ 2.875 767.1081 3.828 23.530
B.C., Greenville 3.701 176,5561 3,350, 44.010
Tenn..Meraphis 32,599 1.614,440 38,500218,969
Texas. Abilene_
113 53,091
---- 1,530
Austin
175 48.3011 ____ 1.399
Brenham---..
531
34,334,
323 2.421
Dallas
9011 136,8751 1.772 10.56
Paris
218 89.551
193 2.298
Robstown
_ __ _1 14.90& ---330
San Antonio
287 42,41:
1
522 1.560
Texarksusa _
99 64,569
746 4.202
Waco
778 143.42
1,051 6.818
Week Ended
Mar. 29.
[Vol,. 128.
926
151
5.
:
268
141
38
218
533
31
093
271
902
47
1
35
2.797
3.76
7
1,555
697
213
139
291
390
131
17
40
6.21
29
355
84,931
18,862
72,674
56,854
77.704
36,6
50,961
47,421
31,657
104.202
48,426
122,738
35,324
4.976
50,217
117,901
242,464
50 739
.
59,284
33.546
94,69
151.940
33,952
156,743
38,899
36,274
17.679
27,621
309.574
23,76
13,146
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
621 9,354
Saturday, Monday, Tuesday, Wednesday, Thursday,
Friday,
162 8,161
Mar. 23. Mar. 25. Mar. 26. Mar. 27. Mar. 28. Mar. 29.
1,87 21.404
1,040 17,851
47 11.028 fantutry _ _
389 10.447 February _
Vlarch _1,311 13,149
6•: 3.793 torn
day
20.03-20.06 19.92-19.93 19.74-19.76 19.9220.00-20.03
22, 3,112
rune
1.671 15.571
Fuly
20.07-20.08 19.96-19.97 19.80-19.81 19.97-19.98 20.07-20.08 HOLIDAY
41: 3,466
kugust
2,869 25,695
hiptember
354 2,381
19.91-19.92 19.79-19.81 19.6019.7819.97-19.98
1
1,754 )Moiler
Tovember
98
7.345 ,
3ecember 19.94 -- 19.83-19.84 19.6519.80 -20.021,827 29.470
Ian_(1930) 19.95 BM 19.84 Bid 19.65 Bid 19.82 BM 20.02 Bld
3.891 60.709
0sbrustry
.
Di 1,838
Ranch
1,380 5.800
Tone
1,100 16,874
loot
Quiet
Quiet
Quiet
&tsar
Steady
1,918 39.460 'Intim..
Ramis. Wu
fitn....lo
Von, Wily Vow. Rt thr Its,. *VA.
.
1.582 37.041
649 4.927
1,824 5.5,852
WEATHER REPORTS BY TELEGRAPH.
-Reports to
800 6.258
206 17.903 us by telegraph this evening indicate that,
although very
732 3,967
271 8,990 little cotton has been planted during the week except in
5,801 4,734
256 11,395 extreme southern Texas, the week as a whole has been more
123 3,560
favorable. There has been less rainfall and wet grounds are
drying out. Rivers are falling and farm work is well under
way in many sections.
-Farm work in the uplands is improving.
Mobile, Ala.
Fertilizer is being shipped freely. Large areas of river
bottom still under water.
Memphis, Tenn.
-The river is still 4.7 feet above flood
stage, but is slowly falling.
Thermometer.
Rain. Rainfall,
.
.
.
.
.
.•
.
Galveston, Texas
1 day 1.39 in. high 75 low 65 mean 70
Abilene. Texas
1 day 0.60 in. hich 92 low 48 mean 70
•Includes the combined totals of fifteen towns In Oklahoma.
Brownsville, Texas
dry
high 88 low 64 mean 75
high 84 low 62 mean 73
dry
The above total shows that the interior stocks have Corpus Christi, Texas
Dallas, Texas
high 88 low 54 mean 71
dry
decreased during the week 28,708 bales and are to-night Del Rio, Texas
1 day 0.04 in. high 94 low 52 mean 73
dry
high 88 low 62 moan 75
110,829 bales less than at the same time last year. The Palestine, Tessa
dry
high 86 low 58 moan 72
San Antonio. Texas
receipts at all the towns have been 17,256 bales more than New Orleans, La
high _. low
dry
mean 76
the same week last year.
4 days 0.27 in. high 91 low 58 mean 75
Shreveport, La
2 days 0.81 in. high 89 low 61 mean 72
Mobile. Ala
1 day 0.28 in. high 92 low 62 mean 77
OVERLAND MOVEMENT FOR THE WEEK AND Savannah, Ga
7 days 0.53 in. high 88 low 56 mean 72
Charleston, S.0
SINCE AUG. 1.
-We give below a statement showing the Charlotte, N.0
7 days 2.1'4 in. 111-11 00 low 55 mean elq
7 days 0.12 In. high 86 low 52 mean 67
overland movement for the week and since Aug. 1, as made Memphis,Tenn
up from telegraphic reports Friday night. The results for
The following statement we have also received by telethe week and since Aug. 1 in the last two years are as follows: graph, showing the height of rivers at the points named at
-1928-29----1927-28-- 8 a. m. of the dates given:
Mar. 29Since
Since
Afar. 29 1929. Mar. 30 1928.
ShippedWeek. Aug. 1.
Week. Aug. 1.
Feet.
Feet.
Via St. Louts
11.867 385.787
5,801 306,442 Now Orleans
Above zero of gauge_
15.3
9.8
Via Mounds, dre
73.190
1,504
4,120 221.556 Memphis
90.1
Above zero of gauge..
25.4
Via Rock Island
54
5.181
12.592 Nashville
40.5
Above zero of gauge_
18.3
Via Louisville
598
37,047
649
26.742 Shreveport
Above zero of gauge_
15.4
9.5
Via Virginia points
5.600 165.458
5.210 191.273 Vicksburg
Above zero of gauge_
48.8
35.1
Via other routes, &c
16,995 491.697
5,339 307.268
Total gross overland
RECEIPTS FROM THE PLANTATIONS.
-The fol36,618 1,158.360
21.119 1,065,873
Deduct Shipments
lowing table indicates the actual movement each week from
Overland to N. Y., Boston, Stc..
86,184
4,840
1,121
70,480
plantations. The figures do not include overland reBetween interior towns
507
15,115
498
16.852 the
Inland, &c.,from South
19,345 514.129
9.015 500,968 ceipts nor Southern consumption; they are simply a stateTotal to be deducted
24.692 615,428
10,634 588,300 ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
Leaving total net overland-*----11.926 542.932
10.485 477.573
the outports.
*Including movement by rail to Canada.
Stocks at Interior Towns. IRecelptsfrom Plantaens
Receipts t Hons.
The foregoing shows the week's net overland movement Week
Ended
this year has been 11,926 bales, against 10,485 bales for
1926.
1928. 1927. 1926. 1928.
1927.
1928. 1927. 1926.
the week last year, and that for the season to date the
Dec.
aggregate net overland exhibits an increase over a year ago
9.5711.232.43610308.77 1.561, 265.5' 158,087 345,938
31-- 265,781180.4
.
28- 255,661 159,069 323.796 1,255.901 1,328,74 1.562,861 279,131 179,041 325,197
of 65,359 bales.
-1928-29
-1927-28-1927.
1928.
Jan. 1929. 1928. 1927. 1929.
1928. 1927.
In Sight and Spinners'
Since
Since
4._ 188.298 110.324238..''1,240,631 1,295.532 1.529,304 173,023 77.113305.332
Takings.
Week.
Aug. 1.
Aug. 1.
Week.
IL. 172.340 117,331 264,74 1,203,459 1,2613388 1,509,83 135,1681 83,487 284,220
Receipts at ports to Mar.29
78,041 8,477.790 88.473 7,334,510
18.. 151.177 122.215 296,254 1.161,1 '1,217,543 1,487.981 108.8581 78.070 2744412
Net overland to Mar. 29
11.926
542,932 10.485
477,573
25._
Southern consumption to Mar.29..124,000 3,813,000 108.000 3,765,000 Feb. 171,761 120,4 58,932 1,118,699 1,180,09 1,467,42 129,32 82,968238:380
1-.155.731 139.56 235,198 1,072,678 1,134,08 1,404.18 109.710 93,558 171.958
Total marketed
213,967 12,833.722 206,958 11,577.083
8-- 135.078 111,8 228,441 1,007,913 1,087.654 l.350.1781 70,313 65.392 174.431
Interior stocks in excess
*28.7e8
435,490 *23,382
490,956
16_ _ 81.57,) 107,419 -...770 965.4121,049.1801,305,580140.069 88,946162.171
Excess of Southern mill takings
23_ 80,866 75,323210.193 936.027 1,023,1 1,270.lO4f 60.481 49.263 184,807
over consumption to Mar. 1709,288
256,489 Mar.
1.. 91.438 62.281 196.159 906.887 987.384l.224.580161.798 26,545141,546
Came into sight during week---185,259
183,576
8.- 86.941 70.755217.975 849,19 941.0431,168,286 29,749 24,434161,581
Total in sight Mar.29
13.978,500
12,324.528
15__ 106.350 73.234227.560 814.522 916,246 1.097,531 71,677 48.437 156,805
22._ 97.085 75,631185,888 781,687 887,170 1,036.360 64.230 47.581124,717
North.spinn's's taldngs to Mar.29 20,917 1,011.187 15,569 1,124,378
29
75 na 1 RR 473 158.788 752.959 863.788 984.188 49.833 65.091116.504
*Decrease.
The above statement shows: (1) That the total receipts
Movement into sight in previous years:
from the plantations since Aug. 1 1928 are 8,884,941 bales;
WeekBales.
Since Aug. 1Bales.
-April 1
251,477 1927
1927
17,026.564 in 1927-28 were 7,818,657 bales, and in 1926-27 were 11,665,-April 2
1926
170,485 1926
14.604.558 939 bales. (2) That, although the receipts at the outports
-April 3
1925
112,832 1925
13,518,661 the past week were 78,041 bales, the actual movement
from
QUOTATIONS FOR MIDDLING
COTTON
AT plantations was 49,333 bales, stocks at interior towns
OTHER MARKETS.
-Below are the closing quotations having decreased 28,708 bales during the week. Last year
for middling cotton at Southern and other principal cotton receipts from the plantations for the week were 65,091
markets for each day of the week:
bales and for 1927 they were 116,594 bales.
1.678 729.704 3,900 53,736
7.584 275,944 3,506 58.092
15,481 1,343,78 23,950219,912
541
52,588
5771 1,968
246 25,442
422, 2,119
715
26,287
880, 11,828
1,503 89.081
994' 26.547
3 i
72,828
408 3,080
-___
..._ -1 1,201
29.7
99 35,62
50 5,659
16
58,1
55
275' 6,359
591
86.210
850 10.000
--
'i'ii1
MAR. 30 1929.]
FINANCIAL CHRONICLE
2145
AGRICULTURAL DEPARTMENT DENIES ISSU- yarn and cloth is poor. We give prices to-day below and
-It was denied au- leave those for previous weeks of this and last year for
ANCE OF COTTON FORECAST.
thoritatively on Mar. 23 by Nils A. Olsen, chief of the comparison.
Bureau of Agricultural Economics, that the Department of
Agriculture has issued any forecast of the cotton acreage,
1927.
1928.
crop, demand or price for 1929.
Mr. Olsen in a formal statement declared that "under date of Mar. 22
1929. the New York News Bureau issued a statement from which the conclusion has been drawn that the Department of Agriculture had forecast
the cotton acreage, crop, demand and price for 1929. This conclusion is
wholly without foundation. The Department of Agriculture has issued no
statement whatever of this nature and, in fact, is prohibited by law from
so doing.
"An investigation by the Department shows that the conclusions in the
statement were arrived at by a representative of the New York News
Bureau from published statistics of acreage, production, consumption and
prices for past years available in the Department of Agriculture, and that
the interpretation of these statistics was solely that of the New York News
Bureau.
"A statement assuming full responsibility for the conclusions drawn
in regard to 1929 cotton conditions has been issued by the New York News
.
Bureau."
814 Lbs. Shirt- Cotton
(nos. Common Middrg
to Finest.
Uprds.
32s Cop
Twist.
32s Cop
Twist.
851 Lbs. Shirt- Cotton
Ws, Common Mtildro
to Finest.
UpFds
Dee.
-
6.
d. s. d.
s. d.
1514616% 13 3 013 5
1534@1614 13 3 013 6
6.
d.
d. a. 6.
a. d.
10.68 15140163( 13 2 013 7
10.63 1554017 13 4 014 1
Jan.
-
19 29.
151401614 13 3
151.101614 13 3
15%016% 13 3
1634481614 133
013 5
4813 5
013 5
(5136
10.60
10.50
10.63
10.48
19 28.
104017 0 13 5
151401654 13 5
151401634 13 7
15 01634 136
014 1
014 1
014 1
014 0
10.92
10.90
1062
10.32
13 3 ®13 6
13 3 013 5
13 3 013 6
13 3 013 6
10.35
10.34
10.43
10.49
143401554 13 5
1434016 0 13 5
1454 016% 13 6
1454481634 13 6
013 7
013 7
014 0
014 0
9.79
10.07
10.25
10.40
25
Feb.
15.
1514481634
15 016
153401834
153',01634
d.
10.88
11.06
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- Mar.
155401654 13 4 013 7
10.75 15 01614 13 5 013 7
10.63
The following brief but comprehensive statement indicates
10.54
11.12 15 01614 13 5 013 7
155401654 13 4 013 7
11.14 15 01634 13 5 013 7
10.77
155401634 13 4 013 7
at a glance the world's supply of cotton for the week and
11.10 151.4017 013 6 014 0
10.96
153401634 13 4 013 7
10.96 15344817 013 6 014 1
10.86
153401634 13 4 013 7
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
NEWS.
-As shown, the exports of cotton
SHIPPING
gone out of sight for the like period:
from the United States the past week have reached 71,739
bales. The shipments in detail, as made up from mail
Cotton Takings,
1928-29.
1927-28.
and telegraphic reports, are as follows:
Week and Season.
Bales.
-To Japan-March 22-Shinyo Maru, 690___
LOS ANGELES
March 25
-Hague Maru,3,300;Santos Meru,400
4.390
-Hague
To China-March 22-Shinyo Marti, 500March 25
200700
Maru,
To Liverpool
-March 23-Dinteldijk. 906.... March26988
Thomas P. Beale,82
350
-Rialto, 350
To Genoa-March 23
-Gloria de Larrinaga. 3,718_ 3,718
-To Liverpool
-March 22
HOUSTON
2,608
-March 22
-Gloria de Larrinaga. 2,608
To Manchester
Total supply
1,078
-Mar Carite, 1,078
To Barcelona March 14
7,204,063 22.744.180 6,684,667 21,487,642
78
Deduct
-Texas.78
To Copenhagen-March 25
Visible supply Mar. 29
350
-Texas,350
6.749.152 6.749.152 6,273.385 6,273,385
To Aalborg
-March 25
842
-March 25
-Chester Valley.842
To Venice
Total takings to Mar. 29a.._... 454.911 15,995.028 411.282 15,214.257
26
-Chester Valley, 26
To Ancona-March 25
221
Of which American
-March 25
-Chester Valley.221
293,911 11.650.828 290,282,11.170.897
To Trieste
Of which other
3.665
161.000 4,344,200 121.0001 4.013.360
To Bremen-March 27-0akman,3.665
2,746
To Havre
-March 27
-Ontario,2,746
1,025
-Ontario, 1.025
To Dunkirk-March 27
•Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
ORLEANS
-To Bremen-March 21-Ingram, 1,388.....
a This total embraces since Aug. 1 the total estimated consumption by NEW
-Ingram,225 addl_ 1,733
March 26-Juventus, 120___March 21
Southern mills, 3,813,000 bales in 1928-29 and 3,765.000 bales in 1927 -28
....March 26-Juven-March 21-Ingram, 1.086..
-and the aggregate amounts taken by Northern
To Hamburg
takings not being available
1,905
tus, 819
and foreign spinners. 12.182.028 bales in 1928-29 and 11,449.257 bales in
400
-Sinaloa,400
-March 20
To Vera Cruz
1927-28, of which 7,837.828 bales and 7,405,897 bales American.
700
To Naples
-March 23-Tergestea, 700
b Estimated.
1.108
-March 23-Tergestea, 1,108 _
To Venice
150
-March 23-Tergestea.150
To Piraeus
INDIA COTTON MOVEMENT FROM ALL PORTS.
1,776
-Eclipse, 1,776
To Japan-March 24
605
To China-March 24-Eclipse. 605
The receipts of India cotton at Bombay and the shipments
200
-Tugela, 200
-March 25
To Gothenburg
150
-Tugela, 150
-March 25
To Oslo
from all India ports for the week and for the season from
-Thomas P. Beale. 1,466_ 1.466
-March 26
-To Liverpool
SAN DIEGO
Aug. 1, as cabled, for three years, have been as follows:
March
-To Bremen-March 23-Monsun, 2,050
SAVANNAH
2,350
25
-Fluor Spar,300
-Fluor
-March 23-Monsun, 790-__March 25
To Hamburg
1928-29.
1927-28.
1926-27.
1,052
Spar, 262
March 28.
-Fluor Spar,50
50
-March 25
To Antwerp
Sihce
Since
Receipts at
Since
4,084
-March 27-Daytonian, 4,084
To Liverpool
Week. Aug. 1. Week. Aug. 1. Week.' Aug. I.
575
-March 27-Daytonian, 575
To Manchester
50
To Rotterdam-March 19-Scotscraig. 50
Bombay
139,000 2,197,000 116,000 .190.000 79,000 2.228,000
-March 22-Lancastria. 739; Regina,
-To Liverpool
NEW YORK
757
18
Since August 1.
Pot the Week.
70
To Barcelona-March 21-Hellen, 70
Exports
10
To Lisbon-March 21-Hellen, 10
Great 1 Conti- 'Japan eb
from
- LGreat 'Conti- '.Ipan &
120
-March 27-Rochambeau,120
To Hay a
neat.
China.
rilain. fleas. !China. Total. Drills.
Total.
-Cripple ()reek. 3.921.._..
GALVESTON-To Genoa-March 22
9.741
March 25-Monrosa,5,820
Bombay
1.100
1928-29._
„..,1 16.000 41.000 57.0001 35,0001 535,00011,124.0001.694.000
To Rotterdam-March 22-Chisone. 1.100
6,720
-March 25-Coronado,6,720
To Havre
1927-28 _ - 5
.0IM 21.000 58.000 84,000, 51,000, 400,000 713.0001,164.000
6,000, 238,0001,199,0001,443,000
-Coronado.850
850
1926-27_ 1,000, 4,000 55,000 60,000
To Dunkirk-March 25
-Coronado,900
-March 25
900
Other India
To Ghent
I
I
I
-Chester Valley, 1.610
-March 26
1,610
1928-29._ 3,000; 33,00011 ---- 36.000, 82.000, 382.00
To Venice
464,000
72,500 351.000
-Chester Valley,629
629
-March 26
To Trieste
1027-28.423.500
1926-27__ 4 005 2,0501 :------ 6.100, 31.000, 266.000
.
297,000 NORFOLK To Liverpool March 26
-Cold Harbor,827
827
-Cold Harbor, 150
-March 26
150
To Manchester
Total all
450
To Rotterdam-March 26-Beernsterdijk,450
1928-29_ 3,0001 49,000 41,000 93.0001 117.500, 917.000 1.12
4,0002.158.000
-Hanover.
To Bremen-March 29
575...375
1927-28_ 5,000 21,000 58.000 84.000, 123,500, 751,0001 713,0001,587.500
Liverpool-March 21-Dinteldijk. 342
342
0
1926-27_ 5.000 6,000 55,000 66.000' 137.000 5 4.0921.199,0001.740.000 SAN FRANCISCO-To
2,100
To Japan-March 21-Silver Belle. 2.100
-President Wilson,300
300
To China-March 22
According to the foregoing, Bombay appears to show an
1,097
increase compared with last year in the week's receipts of CHARLESTON-To Bremen-March 27-Monsun,1.097
To Hamburg
-March 27-Monsun,346
346
&
23,000 bales. Export from all India ports record an increase
To Rotterdam-March 27-Monsun,1,546
1,546
410
of 9,000 bales durirlk the week, and since Aug. 1 show MOBILE-To Havre-March 22-Ontario,410
To Genoa-Maddalena Odero,100
100
an increase of 570,500 bales.
To Barcelona-March 27
-Mar Blanco,50
50
Week.
Season.
Week.
Season.
Visible supply Mar. 22
6,817.804
6.365.091
Visible supply Aug. 1
4.175,480
4.961.754
American in sight to Mar. 29--_
180,259 13,978,500 183,576 12,324.528
Bombay receipts to Mar. 28_ _ _
139.000 2.197,000 116,000 2,190,000
Other India shipm'ts to Mar. 28
36,000
464,000
423.000
Alexandria receipts to Mar.27_ 21,000 1,419,200
14.000 1,127,860
Other supply to Mar.
5,000
510,000
6.000
460.000
I
I
1
___1
,/
1
1
1
Total
71,739
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
COTTON FREIGHTS.
-Current rates for cotton from
Alexandria, Egypt. The following are the receipts and Now York, as furnished by Lambert & Burrowes, Inc., are
shipments for the past week and for the corresponding week as follows, quotations being in cents per pound:
StandHigh
High StandHigh Stand
of the previous two years:
Density. ord.
Density. ard.
Density. ord.
Alexandria, Egypt,
Mar. 27.
Receipts (cantors)
This week
Since Aug. 1
Export (bales)
To Liverpool
To Manchester,&c
To Continent and India....
ToAmerica
Total exports
1928-29.
1927-28.
1926-27.
105,000
7.079,933
70.000
5,297.072
125,000
7.167,674
This
Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
4.000 138,087
1.000 130,289
8.000 361,309
16.000 140,786
4.250 110,612
118,148
3,750 292,120
2,500 95,257
6,500 182.593
-142,686
5,7MI 274.856
400 98,300
29,000770.471 10,500 616,137 12,650 698.435
Egyptian ba es weigh about 750 lbs.
Note.
-A cantar is 99 lbs
This statement shows that the receipts for the week ending Mar. 27 were
foreign shipments 29,000 bales.
105,000 cantars and the
Liverpool .450.
Manchester .450.
Antwerp
Mc.
Havre
.310.
Rotterdam .45c.
Genoa
.50c.
.600.
.600.
.600.
.460.
.600.
.650.
Oslo
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
.500.
.600.
.500.
.500.
.450.
.600.
.30e.
.650.
.650.
.750.
.650.
.650.
.75o.
.45c.
.800.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
.700.
.60e.
.45e.
.450.
.75o.
.75c.
.5110.
.850.
.7&e.
.600.
.600.
.90e.
LIVERPOOL.
-By cable from Liverpool we have the folthat port:
lowing statement of the week's sales, stocks, .,at&c
Sales of the week
Of which American
Sales for exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Mar. 8. Mar. 15. Mar. 22. Mar. 29.
38,000
45,000
37.000
27,000
27,000
22.000
21.000
15,000
1,000
1.000
2.000
1.000
67,000
66,000
61,000
49,000
1,009,000 1.006.000 1,004,000
997.000
715,000 722.000 714,000 698.000
71,000
66.000
44.000
44,000
35,000
44,000
53,000
19.000
200,000
189.000
199.000
179,000
120,000
100,000
101,000
95,000
-Our report received by
MANCHESTER MARKET.
The tone of the Liverpool market for spots and futures
cable to-night from Manchester states that the market for each day of the past week and the daily closing prices of
yarns is active and for cloths is quiet. Demand for both spot cotton have been as follows:
2146
FINANCIAL CHRONICLE
[VOL. 128.
and a forecast for further rains. Commission houses and
professionals sold. The decline was only short-lived, howDull.
Dull.
Quiet.
Quiet.
Quiet.
ever, for the demand broadened. A good export business
was done and commission houses and Eastern interests bought
10.97d,
Mid.Upl'cla
10.86d
10.846
10.92d
I0.966.
HOLIDAY freely. And there was also some buying reported by those
Bales
4,000
5,000
3,000
10,000
6,000
who were heavy sellers recently. The weather in Canada
{
Firm
Futures. Q't but st'y
Quiet
'
Sty unch'd Steady
was dry and indications were for continued dry and colder
8 to 9 ins. 8 to 8 pta. to 3 pts. 5 to Opts. 12 to 14 pts
Market
weather. Winnipeg was 1 to 1%c. higher and Minneapolis
opened
decline,
decline,
decline.
advance,
advance.
On Thursday, after an early decline,
was up 1% to 1
Market. I Q't but Ws
Q't but st'y Q't but st'y Q't but st'y
,
Quiet
4
1 7 to 10 pts. 12 to 13 pts 4 to 10 pts. 10 to 12 pts 11 to 12 pts
prices quickly rallied and ended at a net rise for the day of
P. M.
decline,
decline.
decline,
advance,
advance.
2c., with both Winnipeg and Minneapolis higher.
1 to 1 Y
Prices of futures at Liverpool for each day are given below: The foreign demand was better and there was no relief in
the Canadian Northwest, where dry weather continued.
Fri,
Thurs.
Wed.
Tues.
Mon.
Sat.
Mar. 23.
There was some evening up before the holiday and considto
12.15 12.30 12.15 4.0012.15 .400112.151 .400 12.15 4.0012.15 4.00
Mar. 29.
m P. m•P. m•D. m.D. ra• erable covering of shorts. Cash markets were firm. World's
p.m. p.m.p. m.p. m.p. m.p.
shipments exclusive of North America amount to 8,980,000
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4.
January......
bushels. Beneficial rains in the Southwest and general
February.....
March
10.6710.56 10.5510.62 10.6510.5410,54 10.66 10.65
liquidation caused the early weakness: Stop-loss orders
April
10.70 10.58 10.57 10.84 10.6610.64 10.54 10.7510.73
were caught. Final prices show a decline as compared with
May
10.77 10.65 10.65 10.71 10.72 10.63 10.62 10.70 10.69
10.75 10.63 10.63 10.68 10.69 10.59 10.58 10.7410.73
June
last Friday of 13% to 234c.
July
10,7910.6810.6710.72 10.7310,6310.6210.6710.67
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Market,
12:15 {
P.M.
August
September
October
November _
December
January
February
March
_
10.73 10.62 10.61110.65 10.66 10.56 10.55 10.61 10.61 HO LI10.68 10.57 10.56110.6010.61110.51 10.49 10.56 10.56 DA Y.
10.64 10.5310.52 10.5510.56 10.46 10.44 10.5310.52
10.61 10.5010.49 10.52 10.53 10.43 10.41 10.53 10.52,
10.61 10.5010.49 10.52 10.53 10.43 10.41 10.5110,50
10.60 10.49 10.48 10.5010.51 10.4210.39 10.5010.49
10.59 10.48 10.47 10.5010.5010.41 10.38 10.4910,48
10.58 10.47 10.46 10.4%10.49 10.40 10.37 10.48 10.47
BREADSTUFFS
Friday Night, March 29 1929.
Flour was reduced late last week, owing to lower prices
for wheat, but the decline did not help business much if at
all as many look for still lower prices. Later trade still kept
within narrow limits and for a time prices had a downward
tendency. In fact they are noticeably lower than a week
ago. On the 26th inst. the clearances from New York were
34,918 sacks to England and the Continent.
Wheat declined largely in sympathy with the break in
stocks and the tightness of money. Heavy liquidation followed, although within 24 hours there has been quite a
on heavy
recovery. On the 23d inst. prices fell 2 to
selling, partly attributed to Florida interests, but largely to
a fear of higher rediscount rates, tighter credits and the
continued decline in stocks. Back of all this was the big
visible supply, better crop news and dullness of the export
trade. Rallying power was lacking. Winnipeg declined
to Id., but Buenos Aires ended
4
1% to 13 c.and Liverpool
unchanged. i xport sales were 300,000 bushels. On the
25th inst. with a better technical position a rally was due
and prices ended M to lc. higher at Chicago and 1X,c. higher
at Winnipeg. Liverpool, too, was steadier. It was due to
a decrease in the United States visible supply of 301,000
bushels. Crop advices from the Southwest reported that
moisture was needed. Export demand at the seaboard was
quiet, but it was said that 300,000 bushels were sold at
Winnipeg. President Hoover was quoted as having informed
the Senate Agricultural Committee at the outset of its farm
relief hearings that he does not desire to lay down any specific
mode of farm relief, but is willing to co-operate with the
committee as its work proceeds. The visible supply having
decreased 306,000 bushels, the total in sight was 123,215,000
bushels, while the Canadian visible, including the quantity
in bond in the United States, was 114,446,000 bushels, showing an increase of 118,000 bushels, which made the total
North American visible 234,761,000 bushels, a decrease of
82,000 bushels for the week. The export demand was still
slow for all North American wheat, yet European interests
were reported as good buyers of futures both at Chicago and
Winnipeg. The Department of Agriculture estimated that
farmers intended to decrease durum wheats 19.5% and to
increase spring wheat other than durum by 8.3%. The
acreage of winter wheat which by March 1, appeared to have
survived the winter and to be available for harvest in 1928,
indicated somewhat less than the average abandonment.
On the 26th inst. trading was active, excited and prices ended
3c. lower after dropping 53 to 6e. from the early high of
that day due to the big break in the stock market and a rise
in the rate on call loans to 20%. But later came a rally of
M to 23/i from the low, as stocks rallied sharply and covering
in wheat increased as well as a better export demand. The
export sales were estimated at 1,000,000 bushels of Manitoba.
A little export business was reported in No. 2 hard winter.
Kansas needed rain.
On the 27th inst. prices declined early but rallied 1 to
ic.
1 Y and closed /to Nc. higher. The early weakness was
31
due to reports of favorable rains in parts of the Southwest
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs, Fri.
1483 149% 140%
151
150
No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
118
116
118% 119% 116
March
May
122% 1193 1205/ 121q
121
123% 124%
124% 125% 123
July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
Mayl
126%
124% 126% 123% 125
July
126% 1283'i 125% 126% 128%
1253 1273- 124% 125% 127
October
Indian Corn is lower than a week ago, partly in sympathy
with the decline in wheat, though it was not unaffected by
the stirring events in Wall Street. On the 23rd inst. prices
fell / to lc., now showing the same weakness as wheat.
53
Part of the early decline was recovered. The not loss was
A
only 3 to 5%e. Many were disposed to buy corn on breaks
who had turned their backs on•wheat. The cash demand had
been better, though it fell off. On the 23rd inst. the basis
was steady. The Department of Agriculture estimated that
farmers intended to reduce the acreage .6 to 1%. On the
25th inst. prices ended Ao.higher. The effect of the advance
in wheat was plain. Besides, the cash demand was better.
The estimated exportable surplus of Argentine is now 213,000,000 bushels against 251,000,000 recently. There was
some talk of export inquiry. Shippers reported a good
Eastern demand, with Chicago sales reported at 120,000
bushels. Demand was good in the local spot market at a
fairly steady basis. Outside terminal markets continue to
offer corn, with 90,000 bushels reported booked from Omaha
and Milwaukee. Country offerings were light however and
the roads in bad shape. The United States visible supply
increased last week 241,000 bushels against a decrease in the
same week last year of 1,389,000 bushels. The total is now
34,539,000 bushels, against 44,153,000 a year ago.
On the 26th inst. prices dropped 4M to 5c. from the early
high, owing to a very sharp deline in stocks and a rise in the
call money rate, the highest seen for nearly 10 years hereabouts. Liverpool and Buenos Aires declined. Early
prices were a fraction higher. Later there was a decline of
33.i to 4c.,ending at a net loss for ttle day of 23. to 2%c.
From the high point of the season, it was pointed out early
in the week, there had been a break of 10c. in corn and prices
were around the low of the movement. As in wheat, liquidation had been pronounced. In the meanwhile sales for export last week were about 1,000,000 bushels, the best for
the season, according to Chicago reports, with about 250,000
bushels said to be for Canadian distillers. There was an
increase in the volume of business in futures, with a decrease
of around 4,000,000 bushels in the open interest, which late
last week was 76,972,000 bushels.
3
On the 27th inst. prices ended % to lc. higher, in sympathy
with wheat. There was a good buying power. The cash
demand was fair and cash markets were firmer. A good
eastern shipping demand was reported. Country offerings
were small and receipts were moderate. Rain fell in parts of
the belt and the forecast pointed to further wet conditions.
On Thursday corn ended 3% to 1c higher or at about the best
prices of the day. The advance in wheat was the dominating
factor in this market. The country movement, too, was
small and little was offered. Cash corn was firm and there
were sales reported from the Chicago market to the East.
Commission houses bought. Final prices show a decline
since last Friday of 1 to 13zc.
MAR. 30 1929.]
FTNANCIAL CHRONICLE
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
11154 11231 10954 11051 11151
No.2 yellow
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
9234 9234 8934 9051 9134 ---March
---94
9234 9331
9451 95
May
9734 9854 9554 9651 9734 ---July
2147
due to weather conditions, price changes, labor supply, and the effect
of the report itself upon producers' action. Therefore the reports of
acreage actually planted to be issued in July should not be expected to
show the same changes as the intention reports.
Because of national legislation specifically prohibiting reports of intention to plant cotton, no Information on cotton has been collected.
INTENDED PLANTINGS IN 1929 IN PER CENT OF ACREAGE GROWN
FOR HARVEST IN 1928.
Smith
South
North
United
North
Oats declined to some extent, but on the whole acted very
States. Atlantic. Central. Atlantic. Central. Western.
Crop.
well, never being very much influenced by the features that
Per Cent. Per Cent. Per Cent Per Cent. Per Cent. Per Cent.
put down other grain so decisively. On the 24th inst. Corn
98.4
99.2
103.4
99.4
100.6
107.3
80.5
prices declined M to'Nc. net, the latter on March. A cer- Durum wheat,4 States8- 108.3 104.5 107.6 --------109.2
Other spring wheat, U.
112.1
97.0
105.7
105.6
111.8
99.2
tain independence characterized the market, even though Oats
105.1
116.9
111.9
111.9
109.7
106.2
it could not remain wholly unaffected by the weakness in Barley
105.6
--------165.0
109.9
---Flaxseed
other grain. On the 25th inst. prices ended Xc. off to Mc. Rice sorghums
110.8
100.9
---95.8
100.7
_--Grain
82.6
84.9
83.6
90.1
96.7
89.4
higher, with other grain up. The United States visible sup- Potatoes
105.0
108.3
103.2
101.0
85.7
106.2
Sweet potatoes and yams
ply decreased last week 806,000 bushels against 700,000 last Tobacco
116.5
97.3
116.3
102.6
103.6
109.1
--------104.1
105.9
Peanuts (tor
13,119,000 bushels, against 16,- ,........h.., nuts)
Ito a
year. This left the total
inn n
toe 9
toe 2
oo n
109'?
979,000 a year ago. The East bought. Shippers did a fair
CROP REPORTING BOARD
Joseph A. Becker, Acting Chairman,
business. Seeding is under way in central Illinois, but the
J. B. Shepard,
S. A. Jones,
Chas. E. Gage,
Chas. F. Basle,
forecast was for unfavorable weather. Some reports were Approved:
V. H. Church,
Paul L. Koenig,
R. W.Dunlap,
that the acreage would be smaller than a year ago. The DeG. S. Ray.
Acting Secretary.
farmers intended to
partment of Agriculture stated that
-The
COMMENTS CONCERNING CROP REPORT.
reduce the acreage 0.8 to 1%.
Agricultural Department at Washington, in giving out its
On the 26th inst. prices ended M to 1%c. lower, owing to report on cereal stocks on March 8, also made the following
the decline in grain. Stop loss selling was a feature, as other comments:
On March 1 stocks of grain on the farms of the country were larger than
grains broke and prices dropped. A moderate recovery oc- last year, but about equal to two years ago and equal to the five-year
farm stocks
average. Combining the
while there and rye,farm holdings on estimatedamounted toof corn, wheat,oats, barley
curred on buying by shorts and holders of bids,
43,800.000 tons, compared
March,1
year ago and average stocks of 43,400.000. These estiwas an excellent cash demand. Seeding reports advise rapid with 39,900,000 aonly the grain for sale, but also the amounts held for seed,
mates include not
crop
progress being made in central Illinois. On the 27th inst. feed and other USES on the farm until the close of theof theseason. Ordioats and two..
of the corn, about one-fourth
narily less than a
ended unchanged to Mc. higher. Shorts and commission fifths of the barleyfifthshipped out of the county where grown,and of wheat
are
three-fourths are shipped.
half and
houses were buying and the shipping demand was better. and rye between astocks of corn for the United States on March 1 1929
-Farm
CORN.
last year. 9% below two years ago and
Cash oats were firmer, with receipts small. On Thursday were slightly above The reported 36.3% of stocks, applied to6% below the
the estimated
five-year average.
1.030.000,000
to
prices closed at an advance of 3i to Mc., with other grain 1928 crop of corn for all purposes, indicates stocks andbefive-year avera
1,012,000,000 bushels a year ago
bushels, compared to
up, reports of foreign buying and shorts covering. Yet the age of 1.094.000,000 bushels. Stocks of corn on farms are less than last
grand divisions of the country except the North
to year in all where they are 17% larger. Stocks this year in Central group
weather in the Southwest was better. Final prices are
this group of
of States,
States are, however, only 1% above average. Stocks of corn on farms in
1'No. lower than last Friday.
75,600,000 bushels, as compared with 110,-
the South Atlantic States are
900,000 a year ago; in the South Central States 134,600,000 compared with
191,500,000 bushels a year ago.
The percentage of the corn crop which was of merchantable quality is
reported at 83.1%, the highest since 1923. Last year's quality was 73.1
and the five-year average is 78.9%.
-Wheat stocks on farms on March 1 1929 are estimated to be
WHEAT.
about 148,813,000 bushels, or 16.5% of the 1928 crop,compared with about
130,944,000 bushels in 1928 and about 130,000,000 In 1927. and the average
of about 127,000,000 bushels for the five years 1924 to 1928. Farm holdings in the spring wheat States of North and South Dakota, Minnesota and
Montana are about 59,000,000 bushels, compared with 54,000,000 bushels
In 1928. Holdings in the winter wheat States of Pennsylvania, Ohio. Indiana. Illinois, Michigan, Missouri, Nebraska, Kansas, Oklahoma, Texas
and Colorado are about 65,000.000 bushels, compared with 52.000.000 in
Oregon, California,
Holdings
1928 and 69,000,000
Rye followed to some extent in the wake of wheat with Idaho and Utah arein 1927.14,000,000 in Washington, with 15.000,000
bushels compared
about
year.
speculative trading not large and export demand slow. On bushels last
-Stocks of oats on farms March 1 1929 were much larger than one
OATS.
1923-27.
average
5
the 25th inst. prices were unchanged to /c. higher at the year ago, but only 4% above the previousof the five-year periodstocks on
year's crop the farm
percentage of the
as
end after moderate trading. At one time prices were un- Expressed1929awere 34.6% compared with 31.6% last year and a ten-year
March 1
to the estimated
changed to lc. higher. The United States visible supply average of 37.2%. When these percentages are applied approximately
quantities produced in the preceding year, holdings are
as compared with
last week 158,000 bushels, against 230,000 a year 501,321,000 bushels on March 1 1929bushels two years 373,167.000 bushels
decreased
ago and a five-year
one year ago, 421,897,000
ago. The total is now 6,841,000 bushels, against 4,894,000 on farmsof 480,092,000 bushels.
average
-Farm stocks of rye on March 1 1929 were about 29% smaller
RYE.
%
a year ago. On the 26th inst. prices ended 13 to 23c. than a year ago, the smaller holdings reflecting the comparatively light crop
1 were 13.3%
year. Holdings on farms
lower with other grain weak. They fell 3c. from the early grown lastas compared with 13.5% and March respectively,for of the total
the two pre14.5_ ,
1928 crop,
5.564,000
this
high. On the 27th inst. prices followed those of wheat and vious crops. The stocks on farmsfarm year are approximately 7,881.000
holdings amounted to
one year ago the
ended unchanged to 3/80. higher. There was no foreign bushels, while
demand worth mentioning. Offerings were light. Better bushels.
-The March 1 stocks of barley on farms are estimated at
BARLEY.
bushels as
weather conditions would be welcomed. On Thursday 97.050,000 bushels twocompared with 61,972.000 bushels one year ago.
years ago and 43,882,000 bushels, the five-year
39,183,000
Ac.
prices ended %to 18 higher in response to the rise in wheat. average.
producing
The stocks are considerably larger than a year ago in nearly all amounted
Some export business was reported, but it was not very
a general increase in total production, which
States.
large. Weather conditions were favorable. Final prices to 34% mainly due to United States.
for the entire
The farm reserves on March 1 are 27.2% of the 1928 Production: one Year
show a decline for the week of 1M to 2Mc.
ago they were 23.3% of the 1927 crop.
PRICES OF RYE FUTURES IN CHICAGO.
DAILY CLOSING
--Crop correspondents reported 31.4% of the potato crop
POTATOES.
on hand,
Sat. Mon. Tues. Wed. Thurs. Fri.
to be still on hand on March 1. Last year 26.7% of the crop was March 1
105
105
10331 10351 105
present holdings being more nearly comparable with the holdings of
March
hold10331 10354 104
10551 106
May
1925 from the large crop of 1924. In the 19 surplus late potato States and
106
10631 10431 10434 105
ings are reported as 36.7% of the crop, compared with 31.3% last year are
July
potato States" the holdings
34.9% in 1925. In the 16 "deficient late
GRAIN.
reported as 24.9% compared with 18.8% last year and 24.8% in 1925.
Oats. New York
Wheat, New York
Holdings in the Southern States are estimated at 9.9% of the crop, more than
No.2 white
1.4934
No. 2 red,f.o.b
58% half of the holdings being in North Carolina and Tennessee. These March
No. 3 white
No.2 hard winter.f.o.b----1.33%
57% estimates of potato stocks include quantities being held on the farms for
Rye, New York
Corn, New York
good and seed.
No. 2 f.o.b
1.11%
1 19%
No. 2 yellow
Barley, New York
1.09
WEATHER BULLETIN FOR THE WEEK ENDED
No. 3 yellow
Malting
8731 MARCH 16.
-The general summary of the weather bulletin,
FLOUR.
issued by the Department of Agriculture, indicating the in30
g7,10
flour,Apatents
$8.00@$6.35 Rye
Spring patents
fluence of the weather for the week ended March 16,follows:
6.00 Semolina No. 2. pound_
354
Clears, first spring_.. 5 60
6.40 Oats goods
-600
At the beginning of the week temperatures were moderately low for the
Soft winter straights
-5 900 6.25 Corn flour
2 6s
season over much of the country east of the Mississippi River and it was
Hard winter straights
also cool over the central Rocky Mountains and the Great Basin. There
Hard winter patents._ 6 254 6.60 Barley goods
Coarse
5.25(8 585
3 60
was a reaction to warmer over the East on the following day and much
Hard winter clears
Fancy pearl Nos. 1.2.
moderation occurred over the West. Precipitation was rather light and
Fancy Minn. patents.... 4 75(4 8.35
3 and 4
054 8.75
6.504 700 scattered during the first few days of the week, but on the 22d and 23d
City mills
there were widespread, locally heavy, rains over the southern Appalachian
For other tables usually given here, see page 2037.
region and sections to the southwestward and northward. Rain or snow
rather general west of the Rocky Mountains, but temperatures
INTENTIONS OF FARMERS TO PLANT.-The was also
were mostly moderate, except for a reaction to colder on the 23d in the
the season In
of Agriculture issued on March Great Basin. The weather continued rather mild forthe West theremuch
United States Department
were
of the East during the remainder of the week, but in
25 its report on farmers' intentions to plant wheat, corn, rather marked variations in temperature, with local differences of 30 deg, or
&c., in 1929. The report is as more on some days. Toward the close of the week it was generally warm
oats, tobacco, potatoes,
over the East, while rather cool weather for the season was reported over
follows:
parts of the northern Great Plains and sections to the southwestward.
farmers' intentions to plant In 1929, and is based Precipitation was light and scattered the latter part of the week.
This report presents
Chart I shows that the week was abnormally warm quite generally east
upon returns from about 50,000 _producers. It has been prepared by the
than normal to the westward.
Crop Reporting Board of the United States Department of Agriculture of the Rocky Mountains, and was colder the season from Iowa, Kansas,
high for
to furnish information which will enable farmers to make such adjustments The temperatures were unusually
Oklahoma, and eastern Texas eastward to the Atlantic Ocean, where the
plans for 1929 plantings as may seem desirable.
in their
as much as 18 deg, above the
This statement of farmers intentions to plant is not a forecast of the weekly means ranged generally from 9 deg, to upper Ohio Valley and Apnumber of stations in the
acreage that will actulaly be planted. It is simply an indication of what seasonal average. A sections reported the highest temperatures of
record
mind to plant at the time they made their reports, com- palachian Mountain
farmers had in
part of the week, and summer warmth prevailed in
pared with the acreage grown by them last year. The acreage actually for March the latter
planted may be larger or smaller than these early intention reports indicate, many districts. In the central and eastern portions of the country freez-
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
57
59
59
No.2 white
5731 5831 ---DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
111
March
4554 45
45
46
---45
May
4651 4631 4554 4654 46% -4454 4554 45%
4554 46
July
-DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
5234 5234 5134 5231
July
m
H$
5351 52
October
51,4 5234 5054 5134 51
I:18
2148
FTNANCTAL CHRONICLE
[VOL. 128.
ing weather did not extend farther south than New York.southern Michigan,
and central Iowa, but in the western Plains a minimum temperature of
32 deg. was reported as far south as Dodge City, Kan. West of the Rocky
New York, Friday Night, March 29 1929.
Mountains the period was generally cool, with the temperature averaghtg
from 3 de; to 6 der. below normal over much of that area; a few stations
While the slump in the stock market appeared to emphasize
In the Northwest and at high elevations in the Southwest had minimum
the hesitancy of buyers who are contemplating ordering
temperatures but slightly above zero.
Chart II shows that rainfall was again heavy to excessive In much of the Fall goods, otherwise it has apparently not greatly affected
area south of the Ohio River, and was rather heavy in west Gulf districts.
There were generous amounts also in central Rocky Mountain sections, textiles. The high rate of public consumption and the
and some Central-Northern States, while amounts ranging up to I inch demand for the distributing end of the trade, involving
occurred along the north Pacific coast. Elsewhere precipitation was gen- immediate
delivery, show that the situation is generally
erally light, with a considerable area of the Southwest receiving no rain.
The outstanding feature of the week's weather in the eastern half of the healthy, and there is no indication of slackening in the near
country was the summer-like conditions that prevailed. Under the in- future. The Golden Fleece Pageant contains
a lesson for all
fluence of abnormal warmth and abundant soil moisture vegetation made
remarkable advance, and at the close of the period early fruit trees were branches of the dry goods trade. It is indicated that the
blooming as far north as Kentucky. central Virginia and eastern Mary- Pageant will have a far reaching effect on style trends since
land, with buds swelling to Pennsylvania and the lower Lake region.
The so I dried rapidly in parts of the Ohio Valley, with plowing resumed distributors who viewed the fabrics were obviously very
In places. especially on uplands, and some oats were seeded locally, but favorably impressed. At the same time, it is said that it
in general, it continued too wet for working, and field activities were still
limited. In the more eastern States conditions were very favorable for is bound to influence a closer relationship between the varioutside operations, with some early gardening north to Pennsylvania, and ous divisions of the trade. Anticipations are that the compotatoes being planted on Long Island.
Conditions were also favorable in the central and southern Great Plains. prehensiveness and clever presentation which has distinand bniti vegetation and field work made good progress. Much disking guished the Pageant will have proved so instructive to the
and plowing were accomplished as far north as Nebraska, and seeding trade,
that buyers will henceforth make every effort to
oats was rather general in Kansas. In the northern Plains conditions
were less favorable, but some work was accomplished, with a little wheat inaugurate showings of the same nature which will help
seeded in South Dakota. Rain Is needed in western Kansas and the interior them in the selection
of goods. When it is remembered that
of the Pacific Northwest.
In the Southeastern States there was very little improvement In condi- the object of the Wool Institute's policies is to bring about
tions as affecting agricultural operations. The temperatures were high a co-operative relationship between producers and distriband the latter part of the week was mostly fair,
some extent in drying the soil sufficiently for the which were effective to utors which will be conducive to the most efficient producresumption of field OP.
orations on higher lands. In general, however, over the entire area from tion and selection of goods, it will be seen how successful the
the lower Mississippi River eastward,and extending
Tennessee
and western North Carolina, the soil continued northward towork, and Pageant held under its auspices promises to be in effect.
field operations remained largely at a standstill. too wet to part of the
The latter
DOMESTIC COTTON GOODS.—In general, cotton
week was favorable in Arkansas and Louisiana, where work was resumed
goods were only slightly affected by declines in the stock
to a considerable extent, but it was still too wet
In Oklahoma plowing and seeding made good in much of eastern Texas. market. Business continued
advance under
in good volume early in the
weather conditions, but it. remains too dry in western Texas favorable
Mexico. Corn seeding progressed as far north as Oklahoma, but and New week, and factors appeared to be little troubled over the
ing of cotton is still coned to extreme southern Texas and the plant- financial situation, but concern deepened later and it may be
locally in
Louisiana, while in the eastern belt a small amount was put in as far north
that the lessened activity on Thursday was partly symas southeastern Georgia.
SMALL GRAINS.—Winter wheat made rapid progress in practically
pathetic. However, whatever slackening took place was
parts of the main producing area, growth being markedly stimulated all
in
most sections by high temperatures and moist soil. The condition of the practically confined to fall goods, and, with both the retail
soil is now excellent in Nebraska, but in the western third of Kansas rain and wholesale trades very active, it is thought that the
is needed, with plants small and thin on the ground. Growth was
also in the middle Atlantic coast area, but in the wheat sections rapid current large movement of Spring goods will not be subjected
Pacific Northwest moisture is inadequate, and present conditions areof the to any material check. Buyers found that slight concessions
much
less favorable. In the Spring Wheat Belt field work
eral, because of unfavorable soil condition, thoughwas inactive. in gen- were procurable on some cloths toward the end of the week,
and
is doubtful if these are of any real significance as an
seeding were possible locally in South Dakota. In thesome plowingcrops
South cereal
made generally good growth. Oat seeding was largely delayed
by wet indication of the price situation. The diversion of looms
soil, except in the Plains States where this work was general
as far north from the production of one fabric to that of another, which
as most of Kansas.
THE DRY GOODS TRADE
but it
The Weather Bureau also furnishes the following resume has resulted in swelling the production of some constructions
is considered responsible for easiness in some quarters. Meanof the conditions in the different States:
Virginta.—Richmond: Temperatures high; rainfall moderate and sun- while, most lines are being maintained on a steady wiee
shine ample. Rapid advance in farm work and growth of vegetation, basis. As has been noted, the policies of small lot buying,
under favorable conditions. Plowing in progress and potato planting
and low inventories,followed by the retail trade have resulted
begun in interior. Early crops on eastern
boas mostly sown. Pastures green and wintershore coming up. Tobacco in an urgent need of replenishment. Public consumption is
grains Improved.
North Cardlino.—Raleigh: Week abnormally warm with near
-record at a high rate, and distributors are having difficulty in
high temperatures latter part; showers Thursday to Saturday, with
local storm damage. Vegetation advanced very rapidly. Peaches some securing prompt delivery of goods which are needed for Imin
bloom and strawberries and truck growing fast. Good progress in full mediate consumption. Dimities, piques, and swissesare
work in east; starting gardens in central, but soil mostly too wet for farm
work among the lines in point,and fine voiles are not over plentiful.
in west. Small grains looking well.
South Corolina.—Columbia; Heavy rains, with more floods
The position in the print cloths, sheetings, and even cotton
spring plowing further retarded. Remarkable transformationin streams;
in vegetation, Incident to week-end summer heat, and all crops groving rapidly. duck divisions, is very favorable. Mills manufacturing these
Peaches, pears, and plums in north in full bloom. Pastures improved. are sold ahead for ,some time, and so are in a position to
Early truck on coast doing well and cabbage heading satisfactorily.
Georgia—Atlanta: Excessive rains over north and west detrimental, withstand a lull in buying,should one really develop, without
but followed by warmth, causing rapid advance of vegetation over much of yielding lower prices to selling pressure. Activity in fine
State. Land still too wet to plow and rivers still in flood stages in south; goods centers is satisfactory, and
rayon-cotton mixtures conconsiderable reploAing necessary, but beginning to make rapid prop'ess
on uplands. Planting cotton and corn begun in southeast and many tinue to move into distribution in good volume. Print cloths
tobacco plants set in fields doing well. Planting potatoes continues; 28-inch 64 x 60s construction are quoted at 57gc. and 27-inch
/
melons starting well and asparagus moving. Peaches blooming generally
throughout State, with petals falling in Fort Valley district, where first 64x60s at 59'c. Grey goods 39-inch 68 x 72s construction
spraying under way.
are quoted at 83 0. and 39-inch180 ?c 80s at 10 No,
4
Florida.—Jaeksonville: Shipping strawberries, cucumbers, shle potaWOOLEN GOODS.—Business in the markets for woolens
toes, and other truck from north; warm weather unfavorable for cabbage,
celery, and lettuce. Corn fair to good stand; planting continued in north and worsteds is steadily increasing, but perhaps the worsted
and good progress in west, where work delayed. Melons good growth.
Oats doing well. Most tobacco crop planted. Rain of previous week in division has received more than its share of the orders as it is
south benefited fruit. Rain needed on uplands; some local irrigation.
variously estimated that sales are from 15 to 20% above the
Alabama.—Montgomery: Temperatures decidedly above normal. General and locally heavy. rains Thursday to Saturday; torrential in north- corresponding period of last year. The better volume is
west and floods continue in principal rivers. Very little farming accom- attributed to the increased confidence of buyers who do not
plished. Condition and progress of oats continue mostly good in north,
Out drowned out in some sections of south. In some large fields of coast count upon important price changes as the season wears on,
section many cabbage.plants washed away. Truck crops being planted, and it is said that keen salesmanship may be accountable
where Practicable. Pastures improving. Peaches and plums In full bloom for part of the increase. Style
trends generally continue to
generally.
Mississippi.—Vicksburg: Except for moderately favorable conditions be in the direction of darker fabrics. Brown, plum, blue and
in exteme northern and coast regions, excessive precipitation flooded wine are some of the favored shades.
Overcoatings are sellnumerous lowlands and stopped farming activities. Excessively warm
weather Saturday and thereafter greatly advanced vegetation. Progress ing steadily, and factors are encouraged by a more varied deof pastures excellent: truck mostly good.
mand than has been evident in previous seasons. While
Louisiana.—New Orleans: Heavy to excessive rains over north ewly in
week further delayed farm work, but planting went forward generally blue and grey remain popular, with an evident partiality
over south and resumed in north at end of week. Unseasonably warm shown for certain types of fabrics,the range which buyers
are
during last half causing rapid growth of all vegetation. Considerable
corn planted and some up. Small amount of cotton planted. Cane coming preparing for presentation to the public will, according to
out. Excellent for strawberries.
indications, be wider than usual. The American Woolen
Texas.—Houston: Warm with moderate rains in portions of coast and
southwest, but light elsewhere with conditions droughty in extreme west Co.'s fall lines include ombre stripe coatings, which are selland northwest. Progress of winter wheat, oats, pastures, truck, and fruit ing very well at this time, and in some quarters are considvery good, except poor to fair in drier sections of west. Farm work delayed by wet soil in much of central, upper coast, and east. Early corn ered to be well in line for a leading position during the season.
favorably affected, but planting slow. Cotton planting confined to ex- Sales of the same type of cloth by other factors appear to bear
treme south, where some up to good stands. Recent rains very beneficial
In winter garden districts. Strawberries in upper coast district unfavor- out this indication, and producers are accordingly doing their
best to develop possibilities in that direction. Propaganda
ably affected by too much rain and excessive cloudiness.
Okishoma.—Oklahoma City: Mostly clear and unseasonably warm; emanating from the women's wear division to impress
the
precipitation light and scattered. Very favorable for plowing, planting,
,
and advance of vegetation. Wheat still small and late, but made good public with the adaptability of woolens for semi-formal and
growth and generally in good condition. Seeding oats about finished; afternoon wear, as well as for sports and travel
apparel,
early planted good stand and progress. Corn planting under way, except in extreme north. Commercial potato crop mostly planted. Pas- is conceded to have been given impetus by the Golden Fleece
tures and meadows made rapid growth. Peaches and plums in full bloom, Pageant.
except In extreme north.
FOREIGN DRY GOODS.—The call for linens intended
Arkansas.—Little Rock: Work retarded first of week by cold, wet soil,
but progressed rapidly latter portion, due to sunshine and unusually high for men's suits and knickers for the summer season is tending
temperatures; much more favorable in west than In east. Some corn toward
better qualities. While the yardage involved is
planted in south and west. Much oats sown. Potatoes and gardens planted
in all portions. Wheat, winter oats, meadows, and pastures made splendid about on a par with last year, the more expensive goods reProS.ress. Fruit in excellent condition; Peaches and plums in full bloom.
turn a larger profit to primary factors. Plain fabrics are
Tennessee.—Nashville: Unusually high temperatures. Growth of all
grains advanced, while heavy rains in central and east retarded farm wanted instead of the fancies which were previously in vogue.
work. Peach and pear trees nearly in full bloom. Livestock in satis- There have been
large re-orders for handkerchiefs of late for
factory condition.
Kentucky.—Louleville: High temperatures and moderate preciPitation. the Eastern season, and it is expected that the total volume
Soil dried out and now worldng well. Better progrees in plowing. Ex- will approach if not exceed that at Christmas.
Burlaps
ceptional advance of vegetation; peaches and plums blooming. Early
gardening and potato planting proceeding rapidly. Wheat and rye growing continue moderately active with prices steady. Light weights
vigorously; mostly in good condition.
are quoted at 7.05c. and heavies at 9.40c. to 9.450.
MAR. 30 1929.]
FINANCIAL CHRONICLE
.tate and 1!titxjReparitnunt
NEWS ITEMS
Illinois, State of.—Governor Signs Three Cent Gas Tax
Bill.—The bill providing for a tax of 3 cents a gallon on
gasoline used in all motor vehicles that use the public
highways was signed on Mar. 25 by Governor Emmerson
after the bill had been approved by both houses of the
legislature without a change from the original form. The
funds derived from this tax are to be used for road building
throughout the state. We quote from the Chicago "Journal"
of March 26 as follows:
Governor Emmerson to
-day signed the 3
-cent gasoline tax, which will
go into effect in Illinois on August 1.
The signing was a ceremony of celebration for the gasoline tax, opposed
by Chicago and Cook Counties, and was an important victory for the
administration. The gasoline tax bill was passed by both houses of the
legislature without change from the form in which it was originally approved by the governor. Cameras clicked as the governor affixed his
official signature.
The bill provides for a tax of3cents a gallon on gasoline used in all motor
vehicles using public highways. It provides a division of the tax money
of two cents to the state and one cent to the counties.
Promises Chicago Lid.
Governor Emmerson in a statement promised to have highway engineers
roofer at once with Chicago organizations to decide what roads in the
Chicago area should be improved first. He promised also that the highway
department would "do all in its power under the law to give immediate
traffic relief to the metropolitan area, of which Chicago is the center.'
"This law," the statement said, "enables the state to attack the great
traffic problem now confronting the metropolitan area surrounding the
city of Chicago, and in the future to solve such problems as they arise near
other large centers of population. Further, it provides a means for the
counties to begin, in a rational manner, the solution of the secondary
road problem.
"I pledge to the people of Illinois that the state highway department will
administer this law so as to deal fairly and impartially with all parts of the
state.'
Co-operate With Counties.
will push the completion of the state bond issue system as rapidly as
the funds available will permit. It will co-operate in every way with the
counties so that the application of this law will produce the maximum
benefit in the secondary road system and, further, it will do all within its
power under this law to give immediate traffic relief to the metropolitan
area of which Chicago is the center.
"In order to work out this latter problem in the best possible way. I
have directed the officials of the department of public works and buildings and the division of highways to arrange for a conference of representatives of the county of Cook, the city of Chicago, and all interested organizations, so that the bast thought available may be obtained for our
guidance. Irrom this conference we will be able to determine what projects
are needed first to give the greatest measure of relief.
Rush Surveys and Plans.
"I have also directed the department after it has formulated its program
based upon such meetings and investigations, to rush surveys and plans as
rapidly as possible so that as soon as funds are available under the new law,
we may get work started in the Chicago area. Under the provisions of the
new law, and the appropriations made for the current biennium, approximately 34% of the funds will be expended within 30 miles of the loop
district of Chicago.
"I will do all within my power to give Chicago the greatest measure of
relief possible under this law, and at the same time I will see to it that
the road program throughout the state at large proceeds in an orderly,
efficient and businesslike manner."
Attorney General Carlstrom passed on the legal and constitutional character of the new law before the governor signed the measure.
2149
Results of the Legislative Session.—Of the important proposals which faced the Legislature during the just completed
session, eighteen were passed and twenty were defeated.
A complete tabulation of these measures, as published in the
New York "Herald-Tribune" of Mar. 29 is as follows:
Passed.
Income tax reduction by raising the exemptions from $1,500 to $2,500
for single persons and from $3,500 to $4,000 for married persons and heads
of families.
Appropriation of $253,000,000 for the support of Government in budget
bills.
Farm relief measures providing $12.600,000 for rural school aid, roads
and agricultural research.
Reapportionment of Senatorial districts.
Revision of inheritance law in decedents' estate bill.
Multiple dwellings bill, superseding tenement house law.
Investigation of old-age security, public service law, judicial reform and
Saratoga development.
Establishment of weather observation system for aviation.
Legalization of separate domiciles for married women.
Equal rights to women on political State committees.
Bills eliminating grade crossing, reducing expense to localities.
City convention bill, eliminating primaries in New York City elections.
Revision of poor law, reforming welfare supervision.
Establishment of a State Publicity Bureau, to advertise State's natural
resources.
State and county bills for reforestation.
Extension of occupational diseases to which workmen's compensation
benefits apply.
Failed.
New York City bills. including:
Creation of a department of sanitation;
Creation of control board for untied city subway operation;
Creation of city planning commission:
Creation of bridge and tunnel authority.
Governor Roosevelt's "gas" tax bill.
Governor Roosevelt's proposed trusteeship of water power.
Governor Roosevelt's 20% income tax reduction bill.
Governor's $50,000,000 proposed hospital bond issue.
Salary enforcement bills.
State and county wide enforcement bills.
Ambulance chasing legislation.
System for automobile accident compensation.
Anti-loan shark bill to attract legitimate capital.
Inquiry into suburban passenger traffic by Port Authority.
Optional waiver of trial by jury.
Baumes crime commission bills.
All the Democratic party program, including:
Referendum for four-year term for Governor.
Popular initiation of Federal and State Constitutional amendments.
Straight forty-eight-hour law for women and children in industry.
Requirement of hearing before issuance of injunctions in labor disputes
Governor Vetoes Municipal Short Loans Bill.—A bill that
was introduced into the Assembly as No. 1035, Print No.
1733, known as the Watson bill, designed to amend section
41 of the county law; section 141 of the town law and section
5,General Municipal Law,by authorizing counties and towns
to borrow money for improvements on temporary financing
was vetoed on March 26 by Governor Roosevelt. The following special dispatch regarding the matter is taken from
the "Journal of Commerce" of March 27:
Governor Roosevelt has vetoed the Watson bill, which would authorize
counties and towns to borrow money by issuing notes or temporary certificates of indebtedness to make improvements for payment of cost of which
bonds may lawfully be issued. In vetoing the measure Governor Roosevelt
said:
"At present a county may not borrow by temporary loan for county
Improvements, except in anticipation of taxes theretofore levied, and may
not exceed the amount of those taxes.
"This bill proposes to permit a county or town to issue temporary certificates for any improvement. Part of the certificates may be paid by the
issue of bonds and the balance may be included in the tax levy.
"In view of the mounting cost of town and county government not only
in the State, but throughout the nation, I am unwilling to accept a bill
that adds to the ease of borrowing money by such municipalities.
Iowa, State of.—Four Cent Gas Tax Bill Killed.—Aecording to the Des Moines "Register" of Mar. 15 the House of
Representatives, the previous evening, killed by a tie vote,
an amendment to the Bergman secondary road bill to raise
the state tax on gasoline to four cents a gallon. The report
New York State.—City Bond Issue Act Awaits Governor's
goes on to say:
Approval.—A measure that is described as one that will
Defeat of this amendment and of another to substitute the Hubbard- establish an independent procedure for the issuance and
Johnson bill for the Bergman bill, left the house ready to resume consideration of other amendments to the secondary road bill which had passed the validation of city bonds outside of the provisions of city
senate Friday.
charters has been passed by both houses and needs only
Was Close Vote.
the approval of Governor Roosevelt to become effective.
The vote on the gas tax amendment, offered by McIllrath of Poweshiek,
was so close, that the speaker could not announce the vote until the The following article on the subject by Edward H. Collins,
photograph of the voting machine had been developed.
appeared in the "Herald Tribune" of Mar. 23:
Then, before the vote was announced, Torgeson of Worth, who favors a
The act to amend the general city law of New York State in respect to
4 cent gasoline tax, changed his vote from aye to nay, leaving the final
bond financing has passed both houses of the Legislature, and is now await,result a tie at 53-53.
ing the signature of Governor Roosevelt, according to advices received here
Changed Ballot.
from Albany yesterday.
Torgeson's change of vote was accepted as a move for reconsideration
This measure was introduced in the lower house by Assemblyman Harry
Friday, either of the gasoline tax increase or of the rejection of the Hubbard- S. McKay. of Rochester, and in the upper house by Senator COMO A.
Johnson bill. Neither of these votes could be tabled, because such action Cilano, of the same city. It is designated 'an act to amend the general city
would table the whole bill, hence reconsiderations will be In order Friday. law in relation to the powers of cities to issue bonds and providing proFailure of the house to finish action on the secondary road bill, incor- cedure for the issuance and validation of bonds." Its purpose is to set
porating the recommendations of the secondary road commission, brings up an independent procedure for
and validating bonds, that proboth the primary road bill, drafted by Attorney General Fletcher, and the cedure to be complete in itself. issuing
Its origin lies in the circumstance that
secondary road bill to privileged status on the house calendar Friday.
many city charters throughout the state are of what is known as the "scissors
and-paste-pot" type, and that issuing or validating bonds under their
Supporters Strong.
provisions is oftentimes extremely difficult becasue of vague or conflicting
Supporters of the Bergman bill demonstrated Wednesday that they have clauses on the subjects which they contain. The measure, in other words,is
sufficient votes to pass the measure without material amendment. The a sort of crutch on which those cities may lean which are in doubt as to the
chief test came on the Hubbard-Johnson substitute.
limitations imposed by their own charters. Its use Is purely optional.
This bill would authorize agreements between township trustees and
The bill now awaiting the Governor's signature would amend Section 1,
county boards of supervisors, for construction of township roads by the Chapter 26, of the laws of 1909, constituting Chapter 21 of the consolidated
county boards. It would leave maintenance of township roads and control laws, by adding, after Article 6, Article 7. This article contains six sections.
of sufficient funds for the work,in the hands of the township trustees.
numbered 110 to 115, inclusive. The first of these reads as follows:
"Any city authorized to issue bonds for one or more city purpose; may
County Control.
elect to issue such bonds under this article, or to confirm and validate under
The Bergman bill transfers authority and funds for construction and this article proceedings taken and bonds authorized under any other law."
Section 111 sets forth the proper ordinance provisions under which cities
maintenance of township roads to the county boards.
It also provides for participation by the trustees in adoption of county should issue their bonds to comply with the amendment to the general
city law, and Section 112 describes the proper methods of publication and
secondary road building programs, including both county and township the
effect thereof. Section 113 concerns the election to make use of the valiroads.
The surrender of control of township roads to the county boards in the dating provisions of the act and reads as follows:
"A city authorizing bonds under any other act may elect to validate them
interest of getting more roads for the same money, is the cardinal feature
against statutory omission or irregularity in the manner provided in Secof the Bergman bill.
tion 112. Such election may be made by the ordinance authorizing such
bonds,
New York State.—Legislature Adjourns.—At 7.30 p. m. ing andor by separate ordinance, and such ordinance or ordinances authorizelecting to validate such bonds may be published or posted as peron Mar. 28 the 152nd session of the State Legislature ad- mitted by Section 112, and the bonds authorized by such ordinance. if for
a city purpose or
be
journed sine die in a deadlock with Governor Roosevelt respects validatedpurposes authorized by law, shall to and are hereby in all
Section 112."
in accordance with and subject
after having disapproved practically the entire program as
proposed by the Governor and adopting a budget which it is
reported the Governor believes will result in a deficit of
$6,000,000. The budget in question totals approximately
$264,500,000 while the figure for last year was but $234,000,000. The session was characterized by the bitter opposition
of the Republican majority in the Legislature to Governor
Roosevelt's program.
Oklahoma, State of.—Supreme Court Justices Charged
With Corruption.—The investigating committee of the House
of Representative reported articles of impeachment on Mar.
22 against Chief Justice Mason, Justice Riley and Justice
Clark of the State Supreme Court. There were thirty two
impeachment charges in all brought against the three Justices.
A similar procedure to that instituted in the trial of Governor
2150
FINANCIAL CHRONICLE
[VOL. 128.
BELLEVUE, Allegheny County Pa.-BOND OFFERING.
-J. M.
Simeral, Borough Secretary, will receive sealed bids until April 2, for the
purchase of $100,000 44% coupon borough bonds. Dated Jan. 3 1928.
Demon. $1,000. Due Feb. 1, as follows: $10,000, 1938, 1941, 1944, 1947,
1949, 1951, 1953, 1955. and 1957 and 1958. A certified check payable to
Impeachment articles alleging incompetency, wilful neglect of duty, the order of the Borough for $1,000 is required.
corruption in office and other offenses against three Justices of the State
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-BOND SALE.
Supreme Court were reported to the Oklahoma House of Representatives
The $387,600 special assessment road district bonds offered on March 20to-day by its investigating committee.
Eleven articles were reported against Chief Justice Charles W. Mason, V. 128. p. 1773-were awarded to the Detroit & Security Trust Co..
ten against Justice Fletcher Riley and eleven against Justice J. W. Clark. Detroit, and Braun, Bosworth & Co. of Toledo, at a premium of $136.00,
The report was filed by Representatives J. A. Patterson, Chairman of the equal to a price of 100.03. Interest payable on May and Nov. 1.
subcommittee which investigated the Supreme Court.
If adopted by the House, the charges will be transmitted to a Senate
BOERNE INDEPENDENT SCHOOL DISTRICT (P. 0. Boerne),
Court of Impeachment and procedure similar to that in the Johnston case Kendall County,Texas.
-BOND SALE.
-A $40,000 issue of 54% school
will prevail.
Antonio.
bonds has recently been
Chief Justice Mason and Justices Riley and Clark were members of the Due serially over a 40 purchased by A. D. Crosby & Co. of San
-year Period.
court which late in 1927 held that members of the eleventh Legislature
had no authority to convene in special session to investigate Johnston, then
BORDULAC TOWNSHIP (P.0.Bordulac), Foster County, N. Dak.
Governor, and State departments. It was in accordance with the Court's
-A $3,000 issue of 6% semi-annual township bonds has
opinion that Johnston called out the National Guard to prevent legislators -BOND SALE.
been purchased at par by Mr. Joseph Pitra of Bordulac. Denom. $500.
from using Capitol chambers for a session.
Dated Sept. 11928. Due on Sept. 1 1938.
Johnston, who was found guilty on Mar. 20-V. 128,p. 1958
-will be used. The following is an Associated Press dispatch to the New York "Evening Post" of Mar. 22:
Salem, Washington County, N. Y.
-Vote to Reincor-The voters at the spring election to be held on
porate.
April 29, will pass on a proposal to reincorporate the Village,
according to the New York "Times" of March 10, which
carried the following dispatch on the subject dated March 9.
Salem voters at the Spring election, on April 29, will pass on the question of reincorporation of the village, one of the two seats of Washington
County, under the general village laws and will elect successors to Joseph
H. Potter, President; L. W. Parrish, Clerk, and Clarence C. Abbott and
James H. Cruickshank, Trustees. The caucus for the nomination of candidates for village offices will be conducted in Proudfoot Hall, March 28.
at 8 p. m.
Salem is the oldest incorporated village in the State, the date being 1803.
Sponsors of the proposal to reincorporate say that the village would
gain many advantages by incorporating under the modern law. Under the
old law the powers of the village are called limited.
BONDS PROPOSALS AND NEGOTIATIONS.
-All bids
-BIDS REJECTED.
BOSTON, Suffolk County, Mass.
submitted on March 28,for the purchase of an issue of $1,000,000 temporary
notes, maturing on Oct. 1 1929, were rejected. Salomon Bros. & Hutzler,
offered to discount the loan on a 5.985' basis plus a premium of $7.00. The
Shawmut Corp. of Boston, bid on a 5.83% discount basis plus a premium of
$7.00 and the Old Colony Corp. Boston, bid on a 6.30% discount basis.
BOWIE COUNTY ROAD DISTRICT NO. 6 (P. 0. Boston), Tex.
-Sealed bids will be received until 10 a. m. on Apr. 15
BOND OFFERING.
by the County Judge, for the purchase of' a $330,000 issue of semi-annual
road bonds. Int. rate is not to exceed .554%. Denom. $1,000. Dated
Mar. 15 1929. Chapman & Cutler of Chicago will furnish the legal approval. A $6,000 certified check must accompany the bid.
(These bonds were voted at an election held on Mar. 2.)
-TEMPORARY LOAN.
BROOKLINE, Middlesex County, Mass.
-months
Curtis & Sanger of Boston, were awarded on March 25, $200,000 7
Revenue notes, on a discount basis of 5.20%. The following bids were
also submitted:
Discount Basis.
Bidder5.42%
Salomon Bros. & Hutzler (Plus $3.00)
5.42%
Shawmut Corp. of Boston
5.47%
First National Bank, Boston
5.49%
Old Colony Corp
-BOND SALE -Halsey, Stuart &
AKRON, Summit County, Ohio.
Co. of Chicago, were awarded on March 25, $384,000 44% coupon Airport Land purchase bonds, at a price of 101.07 a basis of about 4.64%.
-Albert
-BOND OFFERING.
BROOKLINE, Norfolk County, Mass.
Bonds are dated April 1 1929, are in denominations of $1,000 and mature
on Oct. 1, as follows: $15,000, 1930 to 1945, incl.; and $16,000, 1946 to P. Briggs, Town Treasurer, will receive sealed bids until 12 m. April 1,
the following coupon or registered bonds aggregating
1954iincl These bonds were offered on Mar. 18-V. 128, p. 1599.
NI for the purchase of
$360,000:
Due $28,000. Jan. 1 1930 to 1934, incl.
-BOND OFFERING.
-R. E. Kraber, $140,000 454% school bonds. improvement bonds. Due $8,000, Jan. 1
XrDrIkr,
-Luzerne County, Pa.
120,000 4% sewerage system
Borough Secretary, will receive sealed bids until 8 p. m. April 11, for the
1930 to 1944, incl.
purchase of $50,000 43 % highway bonds. Dated May 1 1929. Denom.
100,000 44% street construction bonds. Due $10,000, Jan. 1 1930 to
$1,000. Due May 1 1959; or $10,000. May 11939; 1944; 1949; 1954 and
1939. incl.
1959. A certified check for $1,000 is required. Legality to be approved
Dated Jan. 1 1929. Denom. $1,000.
by Townsend, Elliott & Munson of Philadelphia and Lutz, Erwin, Rieser
& Fronefield of Media.
-BOND SALE.
BROWN COUNTY (P. 0. Georgetown), Ohio.
% bonds aggregating $3,778 offered on March
issues of
The
-BOND OFFERING.
- 22-following p. 1600
ALLEGAN COUNTY (P. 0. Allegan), Mich.
-were awarded at par and accrued interest to the
V. 128,
Sealed bids will be received by the Board of County Road Commissioners, First National Bank of Sardinia:
until 1:30 p. m.(Central standard time April 9, for the purchase of $46,800 $2,070 road improvement bonds. Due $230, October 1 1930 to 1938, incl.
Road Assessment District No. 14 bonds
-rate of interest not to exceed
1,180 road improvement bonds. Due October 1, as follows: $130, 1930
6%. Bonds are dated May 1 1929 and mature serially on May 1, from
to 1937, incl.; and $140, 1938.
1931 to 1939. Incl. A certified check payable to the order of the Board of
528 road Improvement bonds. Due October 1, as follows: $48, 1930;
County Road Commissioners, for 1% of the bonds bid for is required.
and $61, 1931 to 1938, incl.
Dated October 1 1928. First Citizens Corp. of Columbus, offered a
ALPENA, Alpena County, Mich.
-BOND SALE.
-The $10,000 5% Premium of $32.55 for 6% bonds.
coupon refunding electric plant bonds offered on March 25-V. 128, p.
195 -were jointly awarded at a price of 101.00 as follows:$4.000 bonds were
BURLINGTON, Racine County, Wis.-BOND OFFERING.taken by the Alpena Trust & Savings Bank, $3,000 bonds by the Alpena Sealed bids will be received by A. Zechel, t ity Clerk until 2.30 p. m. on
National Bank, and the remaining $3.000 bonds were awarded to the April 4, for the purchase of a $10,000 issue of 5% semi-annual water works
Peoples State Bank of Alpena. Bonds are dated March 15 1929. Denoms. bonds. Denom. $500. Due $2,000 from Aug. 1 1930 to 1934, incl. Cost
$1,000. Due March 15 1935. Interest payable on March and Sept. 15. of printing the blank bonds is to be included in the bid.
Interest cost basis of about 4.795%.
BUTLER COUNTY (P. 0. Allison), lowa.-BOND OFFERING.
-BOND SALE.
-A Bids will be received until 2 p. m. on April 18. by C. F. Shirer, County
ARKANSAS, STATE OF (P. 0. Little Rock).
314,000,000 block of the $28,000,000 bonds offered for sale on March 28 Treasurer, for the purchase of an issue of $150,000 annual primary road
-V. 128, p. 1772
-was awarded to a syndicate composed of Halsey, bonds. Denom. $1,000. Dated May 1 1929. Due $15,000 from May 1
Stuart & Co., Inc., Lehman Bros., the chase Securities Corp., the Wm. 1935 to 1944, incl. Optional after 5 years. Sealed bids will be opened only
R. Compton Co., the Equitable Trust Co., the National Park Bank, E. H. after all the open bids are in. Blank bonds to be furnished by the purRollins & Sons, Eldredge & Co., Kountze Bros., the Bancamerica Corp., chaser. The legal approval of Chapman & Cutler of Chicago will be furStone & Webster & Blodget, Inc., the Detroit Co., Inc., Kean, Taylor & nished. A certified check for 3% of the bonds offered, payable to the
Co., A. B. Leach & Co., Inc., Ames, Emerich & Co., Inc., Taylor. Ewart County Treasurer, must accompany the bid.
& Co., R. W. Pressprich & Co., the Guardian Detroit Co., Inc., B. J.
Van Ingen & Co., Howe. Snow & Co., R. M. Schmidt & Co., Stranahan,
BUTTS ROAD DRAINAGE DISTRICT NO. 3 (P. 0. Portsmouth)
Harris & Oatis, C. W. McNear & Co.. R. H. Moulton & Co., the Wells- Norfolk County, Va.-BOND OFFERING.
-Sealed bids will be received
Dickey Co., H. L. Allen & Co., Pulleyn & Co., and the First National Co.. by John G. Wallace, Chairman of the Board of Drainage Commissioners,
the Mississippi Valley Trust Co., the Federal Commerce Trust Co., Stifel,
coupon drainage bonds, until
an issue
Nicolaus & Co., Inc., Kauffman. Smith & Co., Inc.. G. H. Walker & Co. for the purchase of Denoms.of $180,000 6% Dated June 1 1929 and due
$1.000 or $500.
and Stix & Co., all of St. Louis as 5s, at par. The award covered the noon on April 18.
1932 to 1935: $4,000, 1937 to 1942; $6,000.
$5,000,000 toll bridge bond issue, due from 1930 to 1954 incl. and $9,- on June 1, as follows: $2,000, 1952: $10,000 1953 to 1956 and $12,000.
to 1947; $8,000.
000.000 of the $23,000.000 issue of State Highway obligations bonds, due 1943 to 1959, all incl. 1948 to
Prin. and semi-annual int. payable at the County
1957
from 1935 to 1962 incl. The syndicate offered to take delivery of the Treasurer's office. The approval of the Norfolk County Circuit Court
remaining $14,000,000 of the bonds at 100% up to 90 days from original sale is necessary for the sale of these bonds. A $1,000 certified check, payable
date. It is reported that the State officials have the offering under conto the commissioners must accompany the bid.
sideration.
-LOAN OFFERING.
CAMBRIDGE, Middlesex County, Mass.
Henry F. Lehan, City Treasurer, will receive sealed bids until 12m. April 1
for the purchase on a discount basis of a $1,000,000 temporary loan. Dated
Apr. 2 1929. Denominations to suit purchaser. Payable Nov. 1 1929 at
the National Shawmut Bank, Boston or at the Chase National Bank, New
York. Legality to be approved by Ropes. Gray. Boyden & Perkins of
-BOND SALE.
ARROYO GRANDE,San Luis Obispo County, Calif.
-A $60,000 issue of 54% coupon water works bonds was purchased on Boston.
Mar. 18 by the Elmer J. Kennedy Co. of Los Angeles. Denom. $1,000.
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO.
Dated April 1 1929. Due $2,000 from April 1 1939 to 1968, incl. Int.
-BONDS REGISTERED.
-On March 23
10 (P. 0. Brownsville), Tex.
payable April and Oct. 1.
the State Comptroller registered a $680,000 issue of 6% serial water bonds.
bids
-Sealed
ASHLAND, Boyd County, Ky.-BOND OFFERING.
-BOND OFFERING.
-Scaled
CANTON, Haywood County, N. C.
will be received until April 2, by H. L. Carroll, City Clerk for the purchase
bids will be received until noon on April 5, by R. D. Coleman, Town Clerk.
of a $200,000 issue of 5% semi-annual sewer bonds.
for the purchase of a $15,000 issue of 6% funding bonds. Denom. $1,000.
(These bonds were unsuccessfully offered on Mar. 5-V. 128, p. 1772.)
Dated April 1 1929. Due $1.000 from April 1 1934 to 1948, incl. Prin.
is payable at the Hanover Nationli Bank in Now
ASHTON SCHOOL DISTRICT (P. 0. Ashton), Osceola County, and semi-annual int. Thorndike. Palmer & Dodge of Boston will furnish
-Sealed bids will be received until 10 a. m. York City. Storey,
-BOND OFFERING.
Iowa.
will furnish the required bidding forms.
Klosterman, Secretary of the Board of Education, the legal approval. The town clerk above clerk, must accompany the bid.
on Apr. 2, by L. M.
payable to the
for the purchase of a $35,000 issue of school bonds. Dated Apr. 1 1929. A $300 certified check,
Chapman & Cutler of Chicago will furnish the legal approval.
CARRIZO SPRINGS INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND SALE.
-An $80,000
AVON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 11 Carrizo Springs) Dimmit County, Tex.
County, Mich.
-The Metro- issue of 5% schoolhouse bonds has been purchased by the J. E. Jarratt
-BOND SALE.
(P. 0. Pontiac) Oakland
politan Trust Co. is reported to have purchased an issue of $65,000 school Co. of San Antonio, subject to an election to be held in the near future.
bonds bearing a coupon rate of 5%, at a price of 100.10. The Detroit &
-BOND SALE.
CATAHOULA PARISH (P. 0. Harrisonburg), La.
Security Trust Co., Detroit, offered 100.01 for the issue.
The $150,000 issue of semi-annual public improvement bonds offered for
-was sold to the Harrisonburg State
- sale on March 26-V. 128, p. 1435
AYDEN SCHOOL DISTRICT (P. 0. Ayden), Pitt County, N. C.
-An issue of $100,000 high school bonds has been purchased Bank, of Harrisonburg, as 5s, at par. Dated April 1 1929. Due from 1930
BOND SALE.
to 1949, incl.
by an unknown investor.
-ADDITIONAL DEAPPLETON CITY, St. Clair County, M0.
TAILS.
-The $24,000 issue of paving bonds that was purchased by the
Merchants Bank of Appleton City
-bears interest at 5%
-V. 128, p. 1958
and is due $1,000 from 1930 to 1947 and $3,000 in 1948 and 1949.
-BOND OFFERING.
-NO BIDS.
CEDAR RAPIDS, Linn County, Iowa.
-Sealed
-S. G. Grant,
BARNEGAT CITY, Ocean County, N. J.
April 4, by L. J. Storey, City Clerk,
Borough Clerk, states that no bids were received on Mar. 19, for the bids will be received until 10 a. m. on
water
coupon or registered Ocean and Inlet bonds scheduled for for the purchase of an issue of $160,000 of not works bonds. The award
$15,000 6%
less than par and accrued
-V. 128, p. 1599. Bonds are dated Mar. 15 1929 and mature $500. will be made on the most favorable bid
sale
interest,specifying the lowest rate of interest. Coupon bonds, only registeraMar. 15 from 1930 to 1959 incl.
ble as to principal. Dated Apr. 1 1929 and duo on April 1, as follows:
BARTLESVILLE, Washington County Okla.-BoND SALE POST- $10,000 1930 to 1933: 815.000. 1934 and 1935; $20,000, 1936 to 1938 and
semi-annual int, payable at the office of the
-The sale of the $169,400 issue of improvement bonds scheduled $30,000 in 1939. Prin, and
PONED.
-has been postponed for another six weeks office of the City Treasurer. The legal approval of Chapman & Cutter
for March 18-V. 128, p. 1773
of Chicago will be furnished. A $1,000 certified check is required.
or two months.
MAR. 30 1929.]
FINANCIAL CHRONICLE
Official Financial Statement-March 1929.
$132,656,896
Estimated actual value of all taxable property
Assessed val. of all prop'ty for taxation as equalized for yr. 1928 64.579,612
2,012.200
Total bonded indebtedness not including this issue
None
Floating debt
4,454,155
•
Value of property owned by city
for year 1928, 54 mills on one-fourth assessed valuation.
City tax levy
Rate of tax per $100.00, $1.35. Present population official 1925 state
census. 51,520; plus about 2,000 in recent annexations. Municipality
was incorporated in 1856. Commission government since 1908.
-The
-BOND SALE.
CHATTANOOGA, Hamilton County, Tenn.
two issues of 44% bonds aggregating $375,000, offered for sale on March
awarded at par to the First National
-were jointly
12-V. 128, p. 1435
Bank and the Hamilton National Bank, both of Chattanooga. The issues
are divided as follows:
$250.000 aviation park bonds. Due in 30 years.
125,000 incinerator bonds. Due in 30 years.
CHEYENNE SCHOOL DISTRICT (P. 0. Cheyenne), Roger Mills
-Sealed bids will be received until
-BOND OFFERING.
County, Okla.
1 p. m. on April 1, by C. V. Rice, Director of the Board of Education, for
of 6% semi-annual school building bonds.
the purchase of a $29,500 issue
Due in 20 years.
2151
$4,726.00 County road construction bonds at a premium of $105.60, equal
to 102.23, a basis of about 4.54%. Due $236.30, May & Nov.
15, from 1930 to 1939, incl.
To J. M. Brown, a local investor:
$4,120.00 Union Twp. road construction bonds at a premium of $100.00.
equal to 102.42, a basis of about 4.50%. Due $206, May &
Nov. 15, from 1930 to 1939, incl.
All the above bonds are dated Mar. 15 1929.
CROWELL INDEPENDENT SCHOOL DISTRICT (P. 0. Crowell),
-The $10,000 issue of school
-PRICE PAID.
Foard County, Tex.
-V. 128, p. 1774
bonds that was purchased by Garrett & Co. of Dallas
was awarded for a $600 premium, equal to 106.
-BONDS REGISCULBERSON COUNTY (P. 0. Van Horn), Tex.
-A $75,000 issue of 5%% serial road, series 1929 bonds was
TERED.
registered on March 22 by the State Comptroller,
-BOND SALE.
-A
CULVER CITY, Los Angeles County, Calif.
$45,000 issue of 54% coupon refunding bonds was purchased on Mar. 11
of Des Moines at par. Denom. $1,000. Dated
by Carleton D. Beh & Co.
Feb. 15 1929. Due $5,000 from Feb. 15 1930 to 1938, incl. Int. payable
on Feb. and Aug. 15.
-BOND SALE.
CUMBERLAND COUNTY (P. 0. Fayetteville), N. C.
CHICAGO SOUTH PARK DISTRICT(P.O.Chicago), Cook County -The $700,000 issue of coupon funding and refunding bonds offered for
-was awarded to Stranahan, Harris &
4% rehabilitation bonds of- sale on March 23-V. 128. p. 1775
-The $3,500,000
-BIDS REJECTED.
111.
-is. for a premium of $5,100, equal to 100.728,
-were not sold, as all bids submitted Oatis, Inc., of Toledo, as 53
fered on March 26-V. 128, p. 1959
were rejected. Halsey, Stuart & Co. and the National City Co., bath of a basis of about 5.17%. Dated March 1 1929. Due from March 1 1931
cost basis to 1953. The other bidders were as follows:
New York, jointly offered a price which would entail an interest
to the District of 4.70%. Another tender submitted by a Chicago banking
Premium.
Biddergroup headed by the First Trust & Savings Bank, figured an interest cost
$5,000
Heimerdinger
basis of 4.72%. Other bids tendered by syndicates headed by the William Walter, Woody &
3,570
R. Compton Co. and White, Weld & Co. respectively were on interest Otis & Co
cost bases of from 4.75 to 4.88%.
OFFERING.
-BOND
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
receive sealed
-BOND -F. J. Husak, Clerk Board of County Commissioners, will purchase of
CHICKASAW COUNTY (P. 0. New Hampton) Iowa.
standard time), Apirl 24, for the
-Sealed and open bids will be received by R. D. Markle. bids until 11 a. m. (eastern bonds aggregating $177,312:
OFFERING.
the following issues of 4%%
County Treasurer, until 2 p. m. on April 10, for the purchase of a $280,000
bonds. Due
Issue of annual primary road bonds. Denom. $1,000. Dated May 1 1929. $53,000 Assessment Portion road improvement 1937, incl. Oct. 1, as
follows: 55,000, 1929; and 56,000. 1930 to
Due 528,000 from May 1 1935 to 1944. incl. Optional after 5 years. Purimprovement bonds. Due Oct. 1, as
chaser to furnished blank bonds. Legal approval of Chapman & Cutler
41,660 Assessment portion road
follows: $4,660, 1929; $4,000, 1930 to 1932, incl.; and $5,000, 1933
of Chicago will be furnished by the county. A certified check for 3% of
to 1937. incl.
the bonds offered, payable to the above treasurer, must accompany the bid.
Oct. 1,as follows:
49,064 County's portion road improvement bonds. Due
$5,064. 1929; and 55,000, 1930 to 1933, incl.
-BOND OFFERING.
CHOCTAW COUNTY (P. 0. Ackerman), Miss.
improvement bonds. Due Oct. 1, as
8,434 Assessment portion road
-Sealed bids will be received until noon on Apr. 1, by Frank Irving. Clerk
follows: $934. 1929; and $1,000, 1930 to 1936, incl.
of the Board of Supervisors, for the purchase of a $25,000 issue of semiOct. 1,as follows:
8,434 County's portion road Improvement bonds. Due
annual county bonds. Int. rate is not to exceed 6%. Denom. $1.000.
$934, 1929; and $1,000, 1930 to 1936, incl.
from Apr. 1 1930 to 1954, Incl. A $500
Dated Apr. 1 1929. Due $1,000
Due Oct. 1. as
Assessment portion road improvement bonds. and 51,500. 1936.
8,360
certified check must accompany the bid.
follows: $860, 1929: $1,000, 1930 to 1935, incl.; Oct. 1,as follows:
Due
8.360 County's portion road improvement bonds. $1,500, 1936.
,
CHOUTEAU COUNTY SCHOOL DISTRICT NO. 28 (P. 0. High$861 1929; $1,000, 1930 to 1935,incl.; and
County Treasurer.
-The $10,000 issue of
-MA TURIT Y.
wood), Mont.-INT. RATE.
Prin. and int.(A. & 0. 1) payable at the office of the
par to the State Board of Land Com- Bids for bonds to bear a different rate of interest will be considered, proschool bonds that was awarded at
fraction shall be
-bears interest at 6% and is due in 1949.
-V. 128. P. 764
missioners
vided however, that where a fractional rate is bid such
check payable to the order
stated in a multiple of % of 1%. A certifiedbid for is required.
- of the County Treasurer for 1% of the bonds
CLARKE COUNTY (P. 0. Osceola), lowa.-BOND OFFERING.
Both sealed and open bids will be received until 2 p. m. on April 16. by
--BONDS OFFERED.-Sealed bias were
Tot Scott, County Treasurer, for the purchase of an $11,000 issue of annual
DALLAS, Dallas County,Tex.
primary road bonds. Denom. $1,000. Dated May 1 1929. Due on May received until 10 a. m. on March 29, by the City Secretary, for the pur1 1944 and optional after 5 years. Sealed bids will be received up to the chase of two issues of 4%% coupon bonds aggregating $315,000, divided
hour of calling for open bids. Purchaser to furnish blank bonds. County as follows:
will furnish the legal approval of Chapman & Cutler of Chicago. A certibonds. Due from 1930 to 1969, incl.
fied check for 3% of the bonds offered, payable to the above treasurer, $215,000 hospital incinerator bonds. Due from 1930 to 1969, incl
100.000 garbage
must accompany the bid.
Prin. and int. (A. & 0.) payable
Denom. $1,000. Dated April 11929. in New York City. The approvNational Bank
-The four In gold coin at the Chase Cutler of Chicago. The genuineness of the bond
-MATURITY.
CLARKSDALE, Coahoma County, Miss.
ing opinion of Chapman &
Issues of semi-annual bonds aggregating $500,000, awarded on March 12 signatures will be certified by the Republic National Bank of Dallas.
to the First National Bank of Memphis, as 5%s, at a price of 100.261-is due as follows: $10,500. ion to 1934: $20,500, 1935
V. 128, P. 1774
Financial Statement(As of March 1 1929.)
to 1944; $24,000, 1945 to 1949; $25,000, 1950; $25,500, 1951 and $24,000.
(yr. 1928)- _$600,773,5 .00
1952 to 1954, giving a basis of about 5.23%.
Estimated actual value of all prop.for taxation returned by
Ass'd val. of all prop. for taxation (yr. 1928), as
270,348,075.00
Assessor and Collector of taxes (basis 45%) $100 of ass'd
-The following issues
-BOND SALE.
CLIO, Genesee County, Mich.
52.4500 each
- Tax rolls for year 1928,at rate of
6,623,507.83
of bonds aggregating $105,000 offered on Mar. 21- V. 128, p. 1774
valuation, produced the sum of
were awarded to Slier, Carpenter & Reese of Toledo, at a premium of
50.000,000.00
Bonded debt limit, as per charter
$1,510, equal to a price of 101.40:
280,000.
(estimated),
Population, 1920, census, 158,976; Present
$62,000 sewage disposal bonds. Due Jan. 1. as follows: $1,000. 1930 to
1937, incl.; 52,000, 1938 to 1949, incl.; and $3,000, 1950 to 1959.
incl.
IMPROVEMENT DISTRICT (City and County)
DALLAS LEVEE
-A $2,000,000 block of
25,000 water works mtge. bonds. Due $1,000, Jan. 1 1932 to 1956, incl. Tex.
-BONDS OFFERED FOR INVESTMENT.
18,000 general water works bonds. Due $1,000, Jan. 1 1932 to 1949, incl. the $6,000,000 issue of 5%% levee improvement bonds that was purchased
-is now being offered for public
3433
-V. 127, p.
by Taylor, Ewart & Co.
Halsey, Stuart & Co., at prices
COCHISE COUNTY UNION HIGH SCHOOL DISTRICT NO. 9 subscription by Taylor, Ewart & Co. and offering notice reports that the
-Sealed bids will be re- to yield 5.75% for all maturities. The authorized by qualified voters of
-BOND OFFERING.
(P. 0. Tombstone), Ariz.
calved by W. E. Clark, Clerk of the Board of Supervisors, until April 1, bonds are part of an issue of $6,000,000
taxes levied on all
for the purchase of a $70,000 issue of school bonds. A certified check for the district and are payable from unlimited ad valorem
assessed benefits.
taxable property in the district in proportion to the
10% must accompany the bid.
-At a special
-BONDS VOTED.
COLDWATER, Tate County, Miss.
election held on Mar. 21 the voters authorized the issuance of $25,000 in
bonds for the installation of a municipal water system by a vote of 88
"for" to 22 "against."
-BOND SALE.
-A
COLLETON COUNTY (P. 0. Walterboro) S. C.
$65,030 issue of indebtedness bonds has been purchased by an unknown
investor.
-TEMPORARY LOAN.
-The
CONCORD, Middlesex County, Mass.
Old Colony Corporation of Boston, recently purchased a $50,000 temporary
loan, maturing on Oct. 24 1929.00 a discount basis of 5.23%. The Merchants National Bank of Boston, was the only other bidder offering to
discount the loan on a 5.25% basis.
-BOND SALE.
-The First
CONNEAUT, Ashtabula County, Ohio.
Citizens Corp of Columbus was awarded on Mar. 26, $62,700.57 5% coupon
construction bonds, at par and accrued interest plus a premium of
sewer
$18. equal to 100.02, a basis of about 4.99%. Bonds are dated Dec. 1
1928. Due $6,966.73, Sept. 1, from 1930 to 1938 incl. Int. payable on
Mar. and Sept 1.
Andrews), Huntingtou
DALLAS SCHOOL TOWNSHIP (P. 0.
-Sealed bids will be received by the
-BOND OFFERING.
County, Ind.
m. Apr. 5, for the purchase of
Township Advisory Board, until 7:30 p.
bonds. Dated
345,000 454% school building construction and equipment
and July 1
Mar. 1 1029. Denom. $500. Due as follows: $2,000, Jan. (J. & J. 1)
Prin. and int.
1931 to 1941. incl.; and $1.000. Jan. 11942.
payable to the
the State Bank at Andrews. A certified check for is required.
Payable at
order of A. 0. Garretson, trustee, for 3% of the bonds bid
--BOND OFFERING.
DARLINGTON, Darlington County, S. C.
W. Fountain,
Sealed bids will be received until noon on Apr. 2, by E. issue of 5 or
Town Clerk and Treasurer, for the purchase of an $82.000
1929 and due on
5%% refunding bonds. Denom. 31,000. Dated Apr. 1 1960 and $5,000
Apr. 1, as follows: $2,300, 1932 to 1941: $3,000, 1942 to
Commerce
In 1961. Prin and int.(A.& 0.) payable at the National Bank of majority
in New York City. These bonds were voted on Mar.19 by a large
A $2,000 certified check must accompany the bid.
-Sealed bids
-BOND OFFERING.
DAYTON, Liberty County, Tex.
an
will be received until Apr. 5 by W. S. Neel, Mayor, for the purchase of
Issue of $100.000 5 % semi-annual water works and sewer system bonds
A $1,000 certified check must accompany the bid.
Denom. $1,000.
-The $300,000
COVINGTON, Kenton County, Ky.-BOND SALE.
-ADDITIONAL
DECATUR COUNTY (P. 0. Decaturville) Tenn.
Issue of coupon public improvement bonds offered for sale on Mar. 28-V. INFORMATION.
-The $46,000 issue of courthouse refunding bonds that
-was awarded to Dewey, Bacon & Co. of New York. as 4%s, was
128. 13 1959
more fully described as follows:
-Is
reported sold-V. 128. p. 920
at a price of 100.68, a basis of about .4.67%. Dated Jan. 1 1929. Due
coupon bonds in denom. of $1,000. Dated Mar. 1 1929 and due on
$12.000 from Jan. 1 1930 to 1954 incl.
ar. 1. as follows: $1,000. 1930 to 1936: $2,000, 1937 to 1941; $3,000,
1942 to 1944 and 114,000. 1945 to 1949. all incl. Prin. and int.(M.& S. 1)
-BOND SALE.
CRAWFORD COUNTY (P. 0. English), Ind.
-The payable at the Bank of Tennessee in Nashville. Purchased by Caldwell
-were awarded & Co. of Nashville. Legality to be approved by B. H. Charles of St. Louis.
$81,082.60 5% bonds offered on Mar. 15-V. 128, p. 1263
as stated below:
To the Fletcher American Co. of Indianapolis:
-BOND OFFERING.
DECATUR COUNTY (P. o. Leon), Iowa.
$33,600.00 Sterling Twp. road construction bonds, at a premium of $375.00 Bids will be received until noon on Apr. 12. by H.0. Scott, County Treasequal to 101.11, a basis of about 4.77%. Due $1,680. May & urer, for the purchase of a $249.000 issue of primary road bonds. Denom.
Nov. 15 1930 to 1939, incl.
and due on May 1,as follows: $25,000 1935,
Dated May 1
6,354.60 County road construction bonds at a premium of $73.00, equal $1,003. and $24,000 in 1929 Optional after 5 years. Prin. and annual
to 1943
1944.
to 101.13, a basis of about 4.765%. Due $317.73, May and int, payable at the office of the County Treasurer. Purchaser to furnish
15 1930 to 1939, incl.
Nov.
blank bonds. Chapman & Cutler of Chicago will furnish legal approval
5.849.40 County road construction bonds at a premium of $60.00, equal free to purchaser. Both sealed and open bids will be received. A certified
to 101.02, a basis of about 4.79%. Due $292.47, May & Nov. check for 3% payable to the above treasurer, must accompany the bid.
incl.
15 1930 to 1939,
17,520.00 Whiskey Run Twp. road construction bonds at a premium of
-I. H.
-BOND SALE.
DERRY TOWNSHIP, Mifflin County, Pa.
$203.00. equal to 101.15, a basis of about 4.76%. Due $876,
Holmes & Co. of Pittsburgh, were recently awarded $12,500 5% school
May & Nov. 15. from 1930 to 1939. incl.
bonds. Dated Jan. 1 1929. Due as follows: $1,500, 1933; $2,000, 1936
To Alatott & Alstott, local investors:
and
$8,912.60 Patoka Twp. road construction bonds at a premium of $285.00, and 1939; $3,000. 1942; and $4,000. 1945. Prin. and int. (Jan.be July 1)
approved
equal to a price of 103.19, a basis of about 4.34%. Due $445.60. payable at the Rusell National Bank, Lewistown. Legality to
ny Burgwin, Scully & Burgwin of Pittsburgh. Purchasers are reoffering
15 1930 to 1939, incl.
May & Nov.
the bonds for investment priced to yield 4.25%.
To Joseph Bell, a local investor:
V
2152
Financial Statement.
Assessed valuation for taxation 1928
Total bonded debt including this issue
Floating debt
Population, 1920 U. S. Census 3,858.
FINANCIAL CHRONICLE
FORT MYERS, Lee County, Fla.
-BOND SALE.
-Of
Issue of 554% refunding, series 13 bonds offered for sale on the $250,000
V. 128, p. 1960-a block of $150,000 bonds was purchased byMarch 26the BrownCrummer Co. of Orlando. at a price of 95.12. The next highest bid was
an offer of 92.50.
31,020,511
29,500
10.000
DE WITT COUNTY ROAD DISTRICT NO. I (P.O. Cuero), Tex.
BOND SALE.
-The 343.000 isssue of 5% road bonds offered for sale on
Mar. 18-V. 128, p. 1774
-was awarded at par and accrued int. to H. D.
San Antonio. Due 313.000 In 1953 and $15,000 in 1954
Crosby & Co. of
and 1955. Prin. and semi-annual int. payable at the National Bank of
Commerce in New York City.
DOLGEVILLE, Herkimer County, N. Y.
-BOND SALE.
-The
-218,000 coupon or registered street improvement bonds offered on March
26-V. 128. p. 1774
-were awarded as 5s to Sherwood & Merrifield, Inc.
of New York, at a price of 100.20, a basis of about 4.95%. Bonds are
dated March 1 1929 and mature 32,000, March 1 1930 to 1938, incl.
Other bidders were:
BidderInt. Rate, Rate Bid.
Manufacturers & Trader-Peoples Trust Co.. Buffalo 5349
100.154
George B Gibbons & Co., New York
53i 7
0
100.474
Dewey, Bacon & Co., New York
100.33
5%%
DONNA INDEPENDENT SCHOOL DISTRICT (P. 0. Donna),
Hidalgo County, Tex.
-BONDS REGISTERED.
-An issue of 3100,000
5% serial school bonds was registered on March 20 by the State Comptroller.
DUNCAN, Stephens County, Okla.
-BOND SALE.
-A $22,000 issue
of 6% coupon paving improvement bonds has recently bee 1, purchased
by the Hanchett Bond Co. of Chicago. Denom.$500. Dated Feb. 4 1929.
Due 32.000 on Oct. 1 1930 and $2,500 from Oct. 1 1931 to 1938, incl. Prin.
and int. (A. & 0. 1) payable at the City Treasurer's office. Legality approved by Holland M. Cassidy of Chicago.
DUNDEE SCHOOL DISTRICT NO. 5, Monroe County, Mich.PROPOSED BOND ISSUE.
-The District according to S. H. Reynolds,
Secretary Board of Education, is contemplating the issuance of $150,000
bonds for school construction and equipment purposes. No date has been
set for the sale of the bonds which were approved for sale at an election held
on March 19. Of the votes polled, 261 were in the affirmtaive and 93 in
the negative.
DUQUESNE SCHOOL DISTRICT, Allegheny County, Pa.
-BIDS.
-The following bids were also submitted on March 14 for the 3140.000
4W% school bonds awarded to the Guaranty Co. of New York, at a premium of $1,604.40, equal to 101.14, a basis of about 4.18%-V. 128. p.
1960:
BidderPremium.
R.M.Synder & Co.,Philadelphia
81.500
A. B. Leach & Co., Philadelphia
Par
National City Co., N. Y
82
G. M.Byllesby & Co., Chicago (Less $1,314.74 Par, for expenses.)
EAST CLEVELAND SCHOOL DISTRICT, Cuyahoga County,
Ohio.
-BOND OFFERING.
-Donald C. Van Buren, Clerk-Treasurer,
Board of Education, will receive sealed bids until 12 m. April 13, for the
purchase of the following issues of 43i% bonds aggregating $1,242,000:
$742.000 Junior High School building bonds. Due Oct. 1, as follows
.
$29,000, 1930; $30.090. 1931: 329.000. 1932: 330,000. 1933 and
1934: 529,000, 1935; 330,000. 1936 and 1937; $29,000, 1938;
330.000, 1939 and 1940; 329,000, 1941; 330,000, 1942 and 1943:
829.000, 1944: $30,000, 1945 and 1946: $29,000, 1947: $30,000,
1948 and 1949; $29.000, 1950: and $30,000, 1951 to 1954. incl.
500,000 Real estate, construction, equipping and furnishing buildings.
Due 525.000, Oct. 1 1930 to 1949, Inc!
Dated April 1 1929. Denom. 31.000. Bids for bonds to bear an interest
rate other than the one specified will be considered, provided that where
a fractional rate is bid such fraction shall be stated in a multiple of 31 of
17. Prin. and int. (April and Oct. 1) payable at the Guardian Trust Co.,
0
Cleveland. A certified check for 2% of the bonds bid for is required. Bids
may be for "all or none" or any single issue. Legality to be approved by
Squire, Sanders & Dempsey of Cleveland.
EATON,Preble County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received by H. N. Swain, Village Clerk, until 12 m. April 15 for the
purchase of $17,000 53.6% coupon sewage disposal bonds. Dated Sept.
10 1928. Denom. $500. Prin. and int. payable at the office of the Village
Clerk. A certified check payable to the order of the Village for 3% of the
bonds bid for is required.
[VOL. 128.
FOSTORIA, Seneca County, Ohio.
-BIDDERS.
-The following I.
a list of the other bidders and bids submitted on March
the two
issues of bonds aggregating $29,953,97 awarded as 5s to the 19 for Citizens
First
Corp. of Columbus, at 101.85, a basis of about 4.63%-V. 128. p. 1960:
Bidder$10.000 $19,953.97 Total Premium
Well. Roth & Irvin Co
5
$120.00
5 &47
Provident Savings Bank & Trust Co. 5%
5W
20.28
Assel, Goetz & Moerlein
57
535?
45.00
Breed, Elliott & Harrison
53i:'
:,
0
5%
33.92
Seasongood & May
Mayer
53(9'
534 0
51.00
N. S. Hill & Co
531%
226.00
53(7
Davies-Bertram Co
53i5
75.00
5%eo
FOXBORO, Norfolk County, Mass.
-TEMPORARY LOAN.
-A
275,100 temporary loan maturing on Nov. 15 1929. was
to the Shawmut Corporation of Boston, on a discountrecently awarded
basis of 5.28%.
Other bidders were:
Bidder
Discount Basis.
Old Colony Corporation
5.297
F. S. Moseley & Co
5.40
Merchants National Bank,Boston
5.42 o
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
The 3100.000 temporary loan offered on March 26-V. 128, p. 1960
-was
awarded to the Old Colony Corporation of Boston, on a discount basis of
5.92%. Loan is in denominations of $50,000 and Is payable on Nov. b
1929. John P. Dunn, Town Treasurer.
FRANKFORT (P. 0. Frankfort), Herkimer County, N. Y.
-BOND
SALE.
-The $71,000 5% coupon or registered town highway improvement
,
bonds offered on March 26-V. 128,,p. 1775
-were awarded to the Manufacturers & Traders-Peoples Trust o., Buffalo, at a price of 101.01, a
basis of about 4.85%. Bonds are dated April 1 1929 and mature April 1.
as follows: $1,000, 1930; and $5,000, 1931 to 1944, incl.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
-BOND OFFERING.
-Frank G. Blitz, County Treasurer, will receive sealed bids until 1 p. in.
Apr. 1 for the purchase of the following issues of 434% bonds aggregating
$43,000:
$18,500 W.D. Moore at al Brookville Township road improvement bonds.
Due $1,000, May 15 and 3500 Nov. 15 1929; and $500, May &
Nov. 15 from 1930 to 1946. incl.
13,500 C. H. Relboldt et al Laurel Township road improvement bonds.
Due as follows: 31.000, May 15 and 3500. Nov. 15 1929; and $500.
May & Nov. 15. from 1930 to 1941, incl.
11,000 Glenn Garrison at al Metamora Township road improvement bonds.
Due as follows: $1,000. May & Nov. 15 1929; and $250. May &
Nov. 15, from 1930 to 1947, incl.
Bonds are dated Dec. 3 1928. Prin. and int.(M. & N. 16) payable at
the office of the above-mentioned official in Brookville.
FRANKLIN COUNTY SCHOOL DISTRICTS(P.O. Apalachicola),
-BOND SALE.
Fla.
-The $40,000 issue of 6% special tax school district
No. 1 bonds offered for sale on Feb. 25-V. 128. p. 1264
-was awarded
to the Apalachicola State Bank, at a price of 99, a basis of about 6.11%.
Dated Jan. 11929. Due from Jan. 1 1930 to 1949. incl.
BONDS NOT SOLD.
-The $50.000 issue of6% special tax school district
No. 2 bonds offered at the same time
-was not gold as
-V. 128. p. 1264
all the bids were rejected. Due $2,000 from Sept. 1 1931 to 1955, incl.
FRANKLIN COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
2 (P. 0. Apalachicola) Fla.
-BOND OFFERING.
-Sealed bids will be
received by A. A. Core, Superintendent of the Board of Public Instruction.
until April 8,for the purchase ofa $50,000 issue of6% school bonds. Denom
$1,000. Dated Sept. 11928. Due $2,000 from Sept. 1 1931 to 1955, incl.
The opening of bids will take place at the regular meeting of the Board
at 2 p. m.on April 9. Prin and semi-annual int. payable at the Apalachicola
State Bank or at the Hanover National Bank in New York City. A $5,009
certified check must accompany the bid.
-Otis & Co. of CleveGARFIELD HEIGHTS, Ohio.
-BOND SALE.
land. have purchased an issue of $136.000 534% street improvement bonds.
Dated April 1 1929. Denom. 31,000. Due serially on Oct. 1, from 1930
to 1939. incl. Prin. and int. (A. & 0. 1) payable at the Central National
Bank, Cleveland. Purchasers are reoffering the bonds for public investEDMOND, Oklahoma County, Okla.
-MATURITY.
-The 345.000 ment, priced to yield 5.00%:
Issue of coupon city bonds that was awarded to the First National Bank
Financial Statement.
of Edmond as 5s. at a price of 100.208-V. 128, p. 1094
-is due 85,000 Assessed valuation, 1928
$25.091.390
from Feb. 1 1932 to 1940 incl. giving a basis of about 4.97%.
Total debt including these bonds
3.400.660
$434,468
Sinking fund
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.
- Net debt
2.966,192
Harold E.Thurston,County Treasurer.states that on March 26,a $200,000
Population (1920 census) 2.555. Present official estimate 14,000.
temporary loan on a discount basis of 5.21%. Loan matures in 10 months.
The following bids were also received:
-BOND OFFERING.
-H. 0. Hay, Cii.3
GARY, Lake County, Ind.
:
.
Bidder
Discount Basis. Comptroller, will receive sealed bids until 12 m. April 8. for the purchase
Salem Trust Co. (plus 32.50)
of 5192.000 431 City Hail remodeling and equipment bonds. Dated Feb.
5.30
Cape Ann National Bank, Gloucester (plus 31)
11929. Denom. 31,000. Due Dec. 1, as follows: $2,000. 1942 and 1943;
5.42
Bay State National Bank of Lawrence
35.000. 1944 and 1945; $10,000, 1946 to 1948 incl.; 315.000. 1949 to 1952
5.457Q
Merchants National Bank. Salem (plus 31.25)
5.941
0
incl.; $10,000. 1953 to 1960 incl.; and 38.000, 1961. Interest payable on
Gloucester Safe Deposit & Trust Co
June and December 1.
5.98%
Gloucester National Bank
6.165%
-BOND SALE.
GARY, Lake County, Ind.
-The A25,000 434 special
FAIRVIEW, Bergen County, N. J.
-BOND OFFERING --George assessment bonds offered on March 25-V. 128. p. 1601-were awarded
Ebel, Jr.. Borough Clerk, will receive sealed bids until 8 p. m. April 10, to the Fletcher American Co. of Indianapolis, at a premium of $337.00,
for the _purchase of the following issues of coupon or registered bonds aggre- equal to 101.34, a basis of about 4.61%. Bonds are dated Feb. 1 1929
gating $448.000:
and mature $5.000. Dec. 11940 to 1944. Incl. Successful bidder agreed to
$395,000 534, 534 or 6% assessment bonds. Due May 1, as follows: furnish blank bonds and pay a:cruei interest to date of delivery of bonds.
Seipp. Princell & Co. of Chicago, offered to furnish blank bonds, pay
$35,000, 1930;and $40,000. 1931 to 1939 incl.
53.000 534 53i or 534% (rapt. bonds. Due May 1, as follows: 82.000. accrued interest to date of delivery, plus a premium of $50.00. Inland Investment Co. of Indianapolis, offered par and accrued interest to date of
1930 to 1939 incl.; and $3,000. 1940 to 1950 incl.
Dated May 1 1929. Denoms. 31.000. Prin. and int.(May and Nov. 1) delivery plus a premium of $341.50.
payable in gold at the United States Mtge. & Trust Co.. New York. No
more bonds to be awarded than will produce a premium of 31.000 over the
GEAUGA COUNTY (P. 0. Chardon) Ohio
-BOND OFFERING.
amount of each issue. The aforementioned Trust Co.. will supervise the Ethel L. Thrasher, Clerk Board of County Commissioners, will receive
preparation of the bonds. A certified check payable to the order of the sealed bids until 1 p. m. (eastern standard time) April 15. for the purchase
Borough for 2% of the amount of each issue bid for is required. Legality of 350,540.86 5% special assessment road improvement bonds. Dated
to be approved by Hawkins, Delaffeld & Longfellow of New York.
Mar. 5 1929. Due Mar. 5, as follows: 86,540.86, 1930; 36.000, 1931;
55.000, 1932; 36,000. 1933; 85,000, 1934; 36,000, 1935; 35.000. 1936:
-BIDS REJECTED.
FALL RIVER, Bristol County, Mass.
-John $6.000. 1937: and $5.000, 1938. Interest payable on March and Sept. 6.
J. Quirk, City Treasurer, states that all bids received on March 26, were A certified check payable to the order of the County Treasurer for 5% of
rejected for the purchase on a discount basis of a 31.500,000 temporary the bonds bid for is required.
loan, to be dated March 28 1929 and payable $500,000 on Nov. 7 and
$1,000,000, on Nov. 14 1929.
GLENDALE CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
Angeles County, Calif.
-BOND SALE.
-The $400,000 issue of 5%
-BOND OFFERING. school bonds offered for sale on Mar. 25-V. 128, p. 1960
FAYETTE COUNTY (P.O. West Union),Iowa.
-was Jointly
-Bids will be received until 2 p. m. on April 11, by F. G. Leo, County awarded to R. H. Moulton & Co. and the Security Co., both of Los
Treasurer, for the purchase of a 3200,000 issue of annual primary road Angeles. at a price of 100.76, a basis of about 4.90%. Dated March 11929.
bonds. Denom. $1.000. Dated May 11929. Due $20,000 from May 1 Due from March 1 1930 to 1949.
1935 to 1944. incl. Optional after 5 years. Both sealed and open bids are
Invited. Purchaser to furnish blank bonds. County will furnish approving
GRAHAM, Young County, Tex.
-BONDS REGISTERED.
-The
opinion of Chapman & Cutler of Chicago. A certified check for 3%, 3225.000 Issue of 5% semi-annual water works bonds that was recently
purchased-V. 128, p. 1436
Payable to the above treasurer, must accompany the bid.
-was registered on March 22 by the State
Comptroller.
-TEMPORARY LOAN.
FITCHBURG, Worcester County, Mass.
awarded on Mar. 21, a 3300,000
GRAND RAPIDS, Kent County, Mich.
The Shawmut Corporation of Boston, was
-BOND SALE.
-The followtemporary loan maturing in about 8 months, on a discount basis of 5.28%• ing issues of bonds aggregating $973,000 offered on March 25-V. 128.
p. 1960-were awarded to a syndicate composed of Stone & Webster and
Other bidders were:
Discount Basis. Hlodget, Inc. and R. M. Schmidt & Co.. both of New York and the First
Bidder
National Co. of Detroit, as 43.4., at a premium of $2,140 equal to 100.219.
5.34
Worcester CountNational Bank
a basis of about 4.69%:
5.36
Safety Fund National Ilank, Fitchburg
F. S. Moseley & Co
5318,000 sewage disposal bonds. Dated April 11924. Due August I, as
5.38
follows: $42,000, 1930; and 512.000, 1931 to 1953, incl.
Salomon Bros. & Hutzler (Plus $3.00)
5.39 0
MAR. 30 1929.]
FINANCIAL CHRONICLE
2153
BONDS RE
-OFFERED.
--Sealed bids will be received until 2 p. m. on
460,000 street improvement bonds. Dated April 1 1929. Due $92.000,
Apr. 22, by II. E. Majors, Superintendent of the Board of Public InstrucApril 1 1930 to 1934, incl.
190,000 street improvement bonds. Dated April 1 1929. Due $19,000, tion, for the purchase of two issues of school bonds, aggregating $55,000
as follows:
April 1 1930 to 1939. incl.
5,000 sewer construction bonds. Dated April 1 1929. Due $1,000, 240,000 5% Special Tax School District No. 7 bonds. Denom. $500.
April 1 1930 to 1934. incl.
Dated Mar. 1 1929. Due on Mar. 1 as follows: $1,500,1931 to
1955 and $2,500 in 1956. Prin. and semi-annual int. payable at
The following bids for 4 % bonds were also submitted:
the National Bank of Commerce in New York City. Bids will be
BidderPremium.
received for the entire issue or for a block of $25,000. A $500
Eldredge & Co
21.500.00
certified check must accompany the bid.
E. II. Rollins & Sons, et al
846.56
15,000 6% Special Tax School District No. 8 bonds. Denorns. $1,000
R. L. Day & Co
1,001.59
and $500. Dated Apr. 1 1929. Due on Apr. 1 as follows:
Halsey, Stuart & Co , et al
1,560.00
1932 to 1951 and $1,000, 1952 to 1956, all incl. Prin, and semiNational City Co
865.97
annual int, payable at the Chase National Bank in New York.
Stranahan. Harris & Ostia, Inc., et al
Bid Par.
A $500 certified check must accompany the bid. Legality of the
Harris Trust & Savings Bank, et at
327.00
bonds will be approved by Chapman & Cutler of Chicago.
GRANT TOWNSHIP SCHOOL DISTRICT(P.O.Primghar) O'Brien
HOLYOKE, Hampden County, Mass.
-BIDS REJECTED.
-All bids
County, Iowa.
-BOND OFFERING.
-Sealed bids will be received until
a
1:30 p. m. on April 8, by Ernest Wohlert, President of the Board of Educa- submitted on March 28, for the purchase ofon $300,000 temporary loan,
to be dated March 29 1929 and to be payable
Nov.8 1929, according to
tion, for the purchase of a $17,000 issue of 4 % semi-annual school bonds. a report were rejected.
Denoms. $1,000 and $700. Due $1,700 from April 1 1930 to 1939, incl.
A certified check for 2% is required.
HOPEWELL, Prince George County, Va.-BOND SALE.
-The
GREECE STONE ROAD SIDEWALK DISTRICT (P. 0. Rochester) three issues of bonds aggregating $300,000, unsuccessfully offered on
Mar. 12-V. 128. p. 1775
-have since been jointly purchased by Ryan,
Monroe County, N. Y.
-BOND SALE.
-The $14,000 coupon or registerd Sutherland & Co. of Toledo and the Well, Roth & Irving Co of Cincinnati,
sidewalk district bonds offered on March 27-V.128,P. 1960
-were awarded
to the Union Trust Co. of Rochester, as 55, at a price of par. Bonds are as 5Hs. for a premium of $750, equal to 100.25. a basis of about 5.48%.
dated April 1 1929 and mature April 1, as follows: $1,090, 1930 to 1935 incd The issues are described as follows: $150,000 street improvement,$100,000
school and $50,000 sewer bonds. Dated Nov. 1 1928. Due 530.000 from
and $2,000. 1936 to 1939 incl. Other bidders were:
Nov. 1 1944 to 1953, incl.
Biddermt. Rate. Rate Bid.
Sage. Wolcott & Steele, Rochester
6%
100.00
HOWARD COUNTY (P. 0. Cresco), Iowa.
OFFERING.
George B. Gibbons & Co.. New York
100.747 Sealed bids will be received until 2 p.m on Apr. 8,-BOND H.Parchman,
6%
by Bertha
County Treasurer for $200,000 issue of annual primary road bonds. Open
GREENBURGH (P. 0. Tarrytown) Westchester County, N. Y.
- bids will then be called for. Denom. $1,000. Dated May 1 1929. Due
BOND SALE.
-The following coupon or registered bonds aggregating $20.000 from May 1 1935 to 1944, incl. Optional after 5 years. Chapman
$206.500 offered on Mar. 27-V. 128. p. 1960
-were awarded as 4.80s. & Cutler of Chicago will furnish the legal approval to purchaser. Blank
to George B. Gibbons & Co. of New York, at a price of 100.178 a basis of bonds to be furnished by the purchaser.
about 4.76%.
$06,000 Parkway Gardens paving impt. bonds. Due Mar. 15, as follows:
-PETITION TO ISSUE
HOWARD COUNTY (P. 0. Kokomo) Ind.
$9,000, 1930 to 1933 incl.; and $10,000, 1934 to 1939 incl.
-The Indiana State Board of Tax Commissioners,
86,000 Knollwood Manor, Section 2, paving bonds. Due Mar. 15, BONDS DENIED. petition to
issue $61,757.33 bonds for the improveas follows: $8.000,1930 to 1933,incl.;and $9.000, 1934 to 1939.incl. on Mar. 18, denied a
21,000 Shawhee Road paving impt. bonds. Due Mar. 15, as follows: ment of the Almon Hunt road in Liberty Township according to the Mar. 21
Issue of the Indianapolis "News."
$1,000, 1930 to 1938, incl.; and $2,000, 1939 to 1944. incl.
3,500 Archer Ave., extension paving impt. bonds. Due Mar. 15. as
HUMBLE INDEPENDENT SCHOOL DISTRICT (P. 0. Humble)
follows: $500, 1930; and 51,000, 1931 to 1933, incl.
Dated March 15 1929. Lehman Bros. of New York bid 8207,057.50 Harris County, Tex.
-Sealed bids will be received
-BOND OFFERING.
for 5s.
by G. A. Martin, President of the Board of Education. until 11 a. m. on
April 5,for the purchase of an issue of 5140,0005% school bonds. Denom.
$1,000. Dated April 10 1929 and due on April 10, as follows: $1,000, 1930
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
Prin.
LOAN.
-The $200,000 temporary loan offered on March 25-V. 128, to 1933; 62,000, 1934 to 1937 and $4,000, 1938 to 1969, all incl. State
-were awarded to the Third National Bank & Trust Co., Spring- and annual int. payable at the State Treasurer's office, the Humble
r.• 1775
field, on a discount basis of 5.40%. Loan is due on Nov.7 1929. Legality Bank or at the Seaboard National Bank in New York. A 52,890 certified
check, payable to the President of the Board of Education, must accomto be approved by Ropes, Gray, 13oyden & Perkins of Boston.
pany the bid.
HAMPTON TOWNSHIP SCHOOL DISTRICT, Allegheny County,
Pa.
-BONDS NOT SOLD.
-Harry G. Heil, District Secretary, states
that the $55.000 434% school bonds offered on Fe ruary 5-V.128, p.434
have not been disposed of as an injunction was issued on behalf of the
taxpayers restraining the Board from awarding the issue. Bids were
turned unopened. After hearings held in February and the last one reon
March 14, the injunction was dissolved,the secretary reports, and nothing
further was done toward the disposition of the obligations.
(These bonds were voted on March 12 by a count of 312 yes to 36 no.)
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND SALE
-We are now informed that the award on Feb. 7
NOT CONSUMMATED.
of $58,000 5% bridge construction bonds to the First National Bank of
Huntington at a price of 103.329 (V. 128. p. 1094) was not consummated
because of an irregularity in the transcript of the proceedings.
-The above bonds, reoffered on March 21 (V. 128. O.
BOND SALE.
1602), were awarded to the Meyer-Kiser Bank of Indianapolis at a premium of $590, equal to a price of 101.10. Bonds are dated Feb. 1 1929.
HARRISON COUNTY (P. 0. Logan), Iowa.
-BOND
- Interest payable on Jan. and July 1. The following bids were also subBids will be received until 2 p. m.on Apr. 10 by C. W.Huff,OFFERING.
County Treasurer, for the purchase of an IS8110 of $130,000 annual primary road bonds. mitted:
Premium.
Bidder
Denom. $1,000. Dated May 11929. Due $13,000 from May 1 1935 to
$597.50
1944, incl. Optional after 5 years. Open bids will be received after *Inland Investment Co., Indianapolis
513.00
First National Bank. Huntington
sealed bids are in. Blank bonds are to be furnished by the purchaser.
456.80
Chapman & Cutler of Chicago will approve the legality of the bonds. A Old National Bank, Fort Wayne
316.00
certified check for 3% payable to the above treasurer, must accompany A. B. Flynn, Logansport
156.00
Citizens State Bank. Huntington
the bid.
• Bid not in compliance with notice of sale.
HARTFORD, Hartford County, Conn.
-BOND OFFERING.
Charles II. Slocum, City Treasurer, will receive sealed bids until 1 p. m.
-BONDS NOT SOLD.
-C. G. Specker
HURON, Erie County, Ohio.
Apr. 17, for the purchase of the whole or any part of $1.550,000
public improvement bonds. Dated May 1 1929. Denom. $1,000. 4g% Village Clerk, states that the two issues of bonds offered on March 27Due V. 128. p. 1437. 1602
% special assessment
-consisting of 821,379.35
6 . 00, May 1 1930 to 1960 incl. Prin. and int. payable in gold. A impt. bonds and $9.340.17 6% special assessment inapt, bonds, have not
50 0
certified check payable to the order of the City Treasurer for 2% of the
par value of the amount of bonds bid for must accompany each proposal. been awarded as yet. The Clerk reports that only one bid of par was subSuccessful bidder or bidders shall take delivery and pay for the amount of mitted for the 6% bonds and the following tenders were offered for the
bonds awarded to them on May 1, at the office of the City Treasurer. 5)4% issue:
Premium.
BidderOfficial notice of the proposed award of these bonds will appear in two
6321.95
N.8. Hill & Co., Cincinnati
subsequent issues of the "Chronicle" namely on Apr.6 and Apr. 13.
251.00
W. K. Terry & Co., Toledo
Mayer,Cincinnati
214.00
HEARNE INDEPENDENT SCHOOL DISTRICT (P. 0. Hearne) Seasongood St Corp. Columbus
152.00
First-Citizens
Robertson County, Tex.
-BOND SALE.
-The $110.000 issue of5%
111.00
annual school bonds offered for sale on Feb. 19-V. 128. p. 1264 semi- Ryan, Sutherland & Co., Toledo
19.00
awarded to Hall & Hall of Temple for a premium of $2,257. equal to -was Well, Roth & Irving Co., Cincinnati
102.05.
•basis of about 4.88%. Due In 40 years.
-NOTE OFFERING.
IDAHO, State of (P. 0. Boise).
-Sealed bids
(These bonds were voted on March 5 by a count of 246 to 27.)
will be received until 10 a. m.(mountain time) on Apr.4 by Byron Defenbach,State Treasurer,for the purchase of a $500.000 issue of treasury notes.
HENDERSON COUNTY (P. 0. Henderson),Ky.-BOND SALE.
- Int. rate is not to exceed 6%. Denoms. to suit the purchaser. Dated
An issue of $100,000 road bonds has been purchased by Caldwell & Co.
Apr. 16 1929 and due on Oct. 16 1929. Notes will be payable to bearer
of Nashville.
but holders have registration right and to payment at the National Park
Bank in New York City. Printed and engraved notes will be furnished
HENDERSON COUNTY(P. 0. Henderson) Ky.-BOND OFFERING. by the State at the actual coat thereof, not to exceed $50. which expense
-Bids will be received by R. F. Crofton. County Judge, until April
the purchasers. Authority: Chap.
17, shall be paid by Legis. Session. approved Mar. 18 270, 1929 Seas. Laws,
for the purchase of a $200,000 Issue of 43.(% road and bridge bonds.
1929. A certified check
B.:339. 20th
for 2%,payable to the State Treasurer,is required.
HENRY COUNTY (P. 0. Mt. Pleasant) Iowa.
JACKSONVILLE, Duval County, Fla.
-BOND OFFERING.
-BOND SALE.
-The two
Sealed and open bids will be received by C. J. Brown, County
issues of bonds aggregating $525,000, offered for sale on March 21 (V.
until 2 p. m. on April 4, for the purchase of a $200.000 issue Treasurer, p. 1602). were jointly awarded to Lehman Bros. of New York and 128,
the
of annual
primary road bonds. Denom. $1,000. Dated May 1 1929.
Atlantic National Bank of Jacksonville, at a price of 100.52. a basis of about
from May 1 1935 to 1944, incl. Optional after 5 years. Due $20.000 4.79%. The issues are described as follows:
Purchaser to
furnish blank bonds. The legal approval of Chapman & Cutler of
Chicago 1,376,000 5% Hogans Creek impt. bonds. Dated Jan. 1 1926. Due from
will be furnished by the county. A. certified check for 3%, payable to the
Jan. 1 1934 to 1948.
County Treasurer, is required.
150,000 4 % Beaver Street viaduct bonds. Dated Feb. 15 1929. Due
from Feb. 15 1939 to 1946.
HERKIMER (P. 0. Herkimer), Herkimer County, N. Y.
-BOND
-E, J. Beckingham, Town Supervisor, reports that the
SALE.
JANESVILLE WATER DISTRICT (P. 0. East Syracuse), Onon$19,000
coupon 5% highway improvement bonds offered on March 26-V. 128, daga County, N. Y.
-BOND OFFERING.-Edwin
SuperKayo,
p,_1775-were awarded to Sherwood & Merrifield, Inc. of New York. at visor, will receive sealed bids until 10 a. m. April A.for theTown
2
purchase of
100.29 a basis of about 4.93%. Bonds are dated Apr. 1 1929 and mature $30,000 coupon or registered water bonds, rate of interest not to exceed
Apr. 1 as follows: $2,000. 1930 to 1938 incl; and $1,000, 1939.
5% and to be stated in a multiple of 1-10th or
of 1%. Bonds are dated
Manufacturers & Traders-Peoples Trust Co., Buffalo. offered 100.28 April 1 1929 are in denominations of 61.000 and mature $2,000 April 1
for the issue.
1934 to 1948 inclusive. Principal and interest (April and Oct. 1) payable
in gold at the First Trust & Deposit Co., Syracuse. A certified check
HERKIMER COUNTY (P. 0. Herkimer), N. Y.
-BOND SALE.
- Payable to the order of the Town Supervisor,for $1,000.1s required. LegalThe $622,000 4%% coupon registered county road improvement bonds ity to be approved by Clay. Dillon & Vandewater of N. Y. City.
offered March 26-V.128, P. 1602
-were awarded to the Manufacturers
& Traders-Peoples Trust Co. of Buffalo. at a price of 100 062 a basis of
JEFFERSON COUNTY (P.O. Madison), Ind.
-BOND OFFERING.
4.48%. Bonds are dated Apr. 1 1929 and mature Apr. 1 as follows:$22.000 William E. Carr, County Treasurer, will receive sealed bids until 1:30
p. m. April 1 for the purchase of $7.500 4)4V Jacob Vath et al. Hanover
1931 to 1954 incl.
Township road improvement bonds. Dated March 1 1929. Denom.
$375. Due $375 May and Nov. 15 from 1930 to 1939 incl. Interest payaThe following bids were also submitted:
ble on May and Nov. 15.
Bidder
Rate Bid.
George B. Gibbons & Co
100.01
KALAMAZOO TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0.
Sherwood & Merrifield,Inc
-BOND OF100.014 Kalamazoo R. F. D. No. 7), Kalamazoo County, Mich.
Dewey,Bacon & Co
100.061 FERING.
-N. P. Poulsen. Secretary. Board of Education, will receive
sealed bids until 7:30 p. m. April 4 for the purchase of 665,000 4,4% coupon
HICKMAN, Fulton County, Ky.-BOND SALE.
-A $28,000 issue school bonds. Dated May 1 1929. Denom. $1,000. Due May 1 as folof 6% funding bonds has recently been purchased by Walter. Woody dc lows: 64,000, 1930 to 1939 incl., and $5,000, 1940 to 1944 incl. Principal
Heimerdinger of Cincinnati.
and interest payable in Kalamazoo. A certified check for 2% of the bonds
bid for is required.
HOLMES COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
-BONDS NOT SOLD.
Bonifay), Fla.
-The two Issues of school bonds
-BOND OFFERING.
KEOKUK COUNTY (P.O. Sigourney), Iowa.
aggregating 855,000, offered on Mar. 19-V. 128, p. 1602
-were not sold Bids will be received until Apr.2 by John B. Slate. County Treasurer,
as all the bids received were rejected.
for the purchase of a $200,000 issue of' primary road bonds. Dated May 1
2154
FINANCIAL CHRONICLE
1929. Due $20,000 from 1935 to 1944 and optional after five years. Both
sealed and open bids are invited, open bids will be received when all sealed
bids are in.
[VOL. 128.
$1,000 over the amount stated above. A certified check payable to the order of the Borough for 2% of the bonds bid for is required.
-BOND OFFERING.
KOSSUTH COUNTY (P. 0. Algona) Iowa.
Bids will be received until 2 p. m. on April 16, by H. N. Kruse, County
Treasurer, for the purchase of a $200,000 issue of annual primary road
bonds. Denom. $1,000. Dated May 1 1929. Due $20,000 from May
1 1935 to 1944, incl. Optional after 5 years. Sealed bids will be opened
after all open bids are in. Purchaser to furnish blank bonds. Legality
approved by Chapman & Cutler of Chicago. A certified check for 3%,
payable to the County Treasurer, is required.
MANCHESTER, Hillsborough County, N. H.
-NOTE OFFERING.
W. 0. McAllister, City Treasurer, will receive sealed bids until 2 p. m.
April 1. for the purchase on a discount basis of $250.000 notes. Dated
April 2 1929. Denoms. to suit purchaser. Due Dec. 10 1929. The notes
are to be engraved under the supervision of the Amoskeag Trust Co.,
Manchester. Payable in Boston or New York. Legality to be approved
by Ropes, Gray, Boyden & Perkins of Boston.
MANHEIM (P.O. Dolgeville) Herkimer County, N.Y.
-BOND SALE.
-The $12,000 6% registered highway improvement bonds offered on
LAFAYETTE, Lafayette Parish, La.
-BOND SALE.
-The four issues Mar. 26-V. 128, p. 1776
-were awarded to Sherwood &
of bonds aggregating $311,000. offered for sale on Mar. 11-V. 128, Fi• of New York, at a price of 101.67 a basis of about 5.47%. Merrifield, Inc.
The
921-were awarded as follows:
dated April 1 1929 and mature $3,000, April 1 1931 to 1934, bonds are
$100,000 6% improvement bonds to the Commercial National Bank of were also submitted by the Manufacturers & Traders-Peoples incl. Bids
Trust Co.,
Lafayette. Due from Feb. 1 1930 to 1944, incl.
Buffalo, and the First National Bank of Dolgeville.
80.000 5% sewerage system bonds to the Bank of Lafayette & Trust Co.
Due from Feb. 1 1930 to 1959. incl.
MARION, Marion County, Ohio.
81.000 5% sewerage disposal plant bonds to the above bank. Due
-BOND OFFERING.
-.1. L. Landes,
City Auditor, will receive sealed bids until 12 m. Apr. 9, for the purchase
from Feb. 1 1930 to 1959, incl.
50,000 5% swimming pool bonds to the above bank. Due from Feb. of the following issues of 534% bonds aggregating $16,547.75:
1 1930 to 1959, incl. Denoms. $500 or $1,000 at option of pur- $9,350.25 street cleaning equipment bonds. Due as follows: $1,350.25.
Mar. 1 and $2,000, Sept. 1 1930: and $1.000, Mar. and Rapt. 1
chaser. Dated Feb. 1 1929.
1931 to 1933 incl. A certified check for $500 is required.
3,087.50 bonds for the installation of traffic lights and stop signs. Due
LAKEVIEW SCHOOL DISTRICT (P.O. Riverside) Riverside County
as follows: $587.50, Mar. 1 and $500, Sept. 1 1930; and $500.
-Sealed bids will be received until 10 a. m.
Calif.
-BOND OFFERING.
Mar. and Sept. 1 1931 and 1932. Certified check for $100
on April 8, by D. G. Clayton, Clerk of the Board of Supervisors, for the
required.
purchase of a $14,000 issue of 5% semi-annual school bonds. Denom.
4,110.00 Fire Department equipment bonds. Due as follows:
$1,000. Dated April 1 1929. Due $1,000 from 1930 to 1943, incl. A
2610.
Mar. 1 and $500. Sept. 1 1930; 3500. Mar. and Sept. 1 1931 to
certified check for 5% of the bonds, payable to the Clerk, is required.
1933 incl. A certified check for $150 is required.
Bonds are dated Mar. 1 1929. Int. payable on Mar. and Sept. 1. All
-WARRANT SALE.
LA PORTE, Harris County, Tex.
-A $25,000 checks should be payable to the order of the City Treasurer.
issue of 6% warrants has recently been purchased by the J. R. Phillips
Investment Co. of Houston. Due in 14 years.
MARION COUNTY (P. 0. Indianapolis), Ind.
-PROPOSED BOND
ISSUES.
-Contemplated bond issues aggregating $1,600,000 will be
LEOMINSTER, Worcester County, Mass.
-BOND OFFERING.- mitted for approval by the County Council on Mar. 29 according tosubSealed bids will be received by Charles D. Hamden, City Treasurer, until Indianapolis "News" of Mar. 23, which also carried the following on the
the
11 a. m. April 2, for the purchase of $25,000
% coupon sewer bonds. subject:
Dated Mar. 1 1929. Denom. $1,000. Due Mar. 1 as follows: $2,000.
"Proceeds from the bonds would be used'to resurface several roads, to
1930 to 1934 incl.; and $1,000, 1935 to 1949. incl. Prin. and int. (March pay current debts of the county, to pay the county's share of flood preand Sept 1 ) payable at the First National Bank, Boston. Legality to vention work and to meet other expenses. Ten separate ordinances
rebe approved by Ropes, Gray, Boyden & Perkins of Boston. Bonds to be lating to the bond issues will be presented to the council.
prepared under the supervision of the First National Bank. Boston.
"Bonds bearing
% interest in the sum of $620,000 will be asked to
further flood prevention work, which includes Improvements along White
River from Morris St. to Raymond St. Of this amount $347,539.06 will
Financial Statement. March 16 1929.
Net valuation for year 1928
$22,631,122.00 be used to reimburse property owners in that vicinity for damage to their
Debt limit
554,905.92 land.
"An ordinance providing for a bond issue of $123,000 to provide funds for
Total gross debt including this issue
1,355,200.00 construction
of bridges and retaining wall will be among the 10 ordinances.
Exempted Debt
A total of $108,500 is asked to provide money for resurfacing of four county
Water bonds
$380,000.00
roads.
School bonds
408,000.00
"An Issue of $47,000 for construction of a new county garage on the
Sewer bonds
75,000.00
863,000.00
site of the present garage at the Marion County Jail will be sought."
Net debt
$492,200.00
Borrowing capacity March 1 1929
MAYWOOD, Bergen County, N. J.
$62.705.92
-BOND OFFERING.
-S. 0.
Ogden, Borough Clerk, will receive sealed bids until 8:45 p. m. April 2
for the purchase of the following issues of 434, 5, 534 or 534% coupon or
LEON COUNTY (P. 0. Tallahassee), Fla.
-BOND OFFERING.
- registered bonds aggregating $425,000:
Sealed bids will be received until noon on Apr. 22, by Geo. J. Sullivan, $341,000 assessment
bonds. Due April 15 as follows: $30,000, 1930 to
Chairman of the Board of County Commissioners, for the purchase of a
1933 incl.; 341.000, 1934; and $45,000, 1935 to 1938 incl.
$410,000 issue of 5% road bonds. Denom. $1,000. Dated July 1 1925
84,000 public improvement bonds. Due April 15 as follows: $4.000.
on July 1. as follows: 35,000, 1931 to 1933: $6.000, 1934; $5,000,
and due
1931 to 1941 Incl., and $5,000, 1942 to 1949 incl.
1935: $10,000, 1936 and 1937; $12,000, 1938: $11.000, 1939 and 1940;
Dated
517,000, 1941 and 1942: 516,000, 1943 to 1945; $22,000, 1946 to 1950: Payable April 15 1929. Denom. $1,000. Prin. and int. (April and Oct. 1)
in gold at the City National Bank, Hackensack. No more bonds
$27,000, 1951 and 1952 and $28,000, 1953 to 1945. Prin and int. (J. & J.) to be awarded
than will produce a premium of 51.000 over the amount of
payable at the National City Bank in New York City. Caldwell & Ray- each issue.
A certified check payable to the order of the Borough for 2%
mond of New York City will furnish the legal approval. A certified check
the bonds
for 2% of the bonds bid for. payable to the County Commissioners, is of Washburn bid for is required. Legality to be approved by Reed. Hoyt.
&
of New York City.
required.
LITTLE FALLS (P. 0. Little Falls), Herkimer County, N. Y.
-The $25,000 5% highway improvement bonds offered
BOND SALE.
-were awarded to Sherwood & Merrifield.
on Mar. 26-V. 128, p. 1776
Inc. of New York, at a price of 100.10 a basis of about 4.987. Bonds are
dated April 1 1929 and mature April 1,as follows: $1,000, 1930; and $2,000,
1931 to 1942, inc.
LOCKHART, Caldwell County, Tex.
-BONDS REGISTERED.
-The
$100.000 issue of 5% serial street improvement bonds that was recently
sold-V. 128, p. 19b1-was registered on Mar. 22 by the State Comptroller.
LOMBARD, Du Page County, Ill.
-BOND SALE.
-The Hanchett
Bond Co. of Chicago was awarded 5170.000 6% improvement bonds.
Dated Oct. 1 1928. Denom. $1,000 and $500. Due 310,000. Oct. 1 1930
to 1946 incl. Prin. and int. payable at the office of the Village Treasurer.
Legality to be approved by Holland M.Cassidy of Chicago.
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
-Of
the seven issues of bonds aggregating $8,400,000, offered for sale on
-two issues aggregating $4,500,000 were awarded
Mar. 26-V. 128, p. 1962
to a syndicate composed of the First National Bank, Blair & Co., Hallgarten & Co., Eldredge & Co., and Halsey, Stuart & Co.. all of New
York, the Anglo-London-Paris Co. of Los Angeles, the Bank of Italy and
the Detroit Co., both of San Francisco. the Old Colony Corp., Geo. B.
Gibbons & Co.. Inc., R. W.Preesprich & Co.. all of New York, and Dean,
Witter & Co. of San Francisco, for a premium of $4,051, equal to 100.088.
a basis of about 4.81%. The issues are as follows:
$2,500,000 water works bonds as 43%s, Due from Mar. 1 1930 to 1969.
$2,000,000 funding series 2 bonds as 5s. Due $100,000 from Oct.1
to 1948, incl.
BONDS OFFERED FOR INVESTMENT -The above bonds are now
being offered for public subscription by the purchasers at prices to yield
from 4.65% to 5%, according to maturity. The offering circular reports
that the financial statement of the City of Los Angeles as of December
31 1928. shows a valuation of $3,727,494,340 based on the value fixed
for taxation purposes. The total net bonded debt, incl. this issue, amounts
to $99,177,611. The bonds now offered are said to be legal investment
for savings banks in New York, Massachusetts, Connecticut, California
and other States.
LOS ANGELES COUNTY MUNICIPAL IMPROVEMENT DISTRICTS (P. 0. Los Angeles), Calif.
-BOND ELECTIONS.
-On April
2 elections will be held in the two following districts: $250,000 issue in
districts No. 64 for a large park purchase and a $30,000 issue in district
No. 67 for the acquisition of a small tract.
MADISON COUNTY (P. 0. Madisonville), Tex.
-BONDS NOT SOLD
-The$81,000 Issue 0(5% road bonds offered on Mar.21-V.128, p. 1602
was not sold. Dated Jan. 10. 1929. Due serially in 40 years.
MEMPHIS, Shelby County, Tenn.
-NOTE SALE.
-The
issue of revenue notes offered for sale on March 26-V. 128, p.$1,000,000
1777-was
awarded to the Union Planters Bank & Trust Co. of Memphis, as 535s,
for a premium, equal to 100.0025, a basis of about 5.48%. Dated Jan.
1 1929. Due on Sept. 6 1929.
MIDDLETOWN, Butler County, Ohio.
-BOND OFFERING.
-0. a.
Campbell, City Auditor, will receive sealed bids until 12 m. (Eastern
standard time) April 12 for the purchase of $12,000 6% city's portion
street improvement bonds. Dated April 1 1929. Denom. $500. Due
$1,500 Sept. 1 1930 to 1937 incl. Prin. and int. (March and Sept. 1)
payable at the National Park Bank, New York. A certified check payable
to the order of the Village Treasurer, for $200 must accompany each bid.
Legality to be approved by Peck, Shaffer & Williams of Cincinnati.
MILLS COUNTY (P. 0. Glenwood), lowa.-BOND OFFERING.
Both sealed and open bids will be received until 2 p. m. on Apr. 11 by
Otto J. Judkins, County Treasurer, for a $70,000 issue of primary road
bonds. Denom. 51,000. Dated May 1 1929. Due $7,000 from May 1
1935 to 1944 incl. Optional after five years. Chapman & Cutler of Chicago will furnish legal approval. Purchaser to furnish the blank bonds.
A certified check for 3%, payable to the above Treasurer, is required.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING,
Bids will be received by Chas. E. Doell, Secretary of the Board of Park
Commissioners, until April 10 for the purchase of two Issues of bonds aggregating $127.500, divided as follows:
568,000 4%.% St. Anthony Boulevard improvement bonds. Dated
May 11923. Due 56,800 from May 1 1924 to 1933 incl. (Those
bonds maturing from 1924 to 1929 will be paid for by the city at
the time of delivery.)
59,500 Keewaydin Field acquisition and improvement bonds. Interest
rate is not to exceed 5%. Dated May 1 1929. Due 55,950 from
May 1 1930 to 1939 inclusive.
Open bids will be received after 10:30 a. m. on above date. Prin, and
semi-ann. int. payable at the fiscal agency in New York or at the office of
the City Treasurer. Thomson, Wood & Hoffman of New York City will
furnish legal approval. A certified check for 2% Is required.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Sealed bids will be received by Geo. M. Link, Secretary of the Boardof
Estimate and Taxation, until 10 a. m. April 10 for the purchase of six
issues
of bonds, aggregating $1,606.558, divided as follows:
$941,558 public school building bonds. Due as follows: $38,558 in
1930:
$38,000 in 1931 to 1945, and $37,000 1946 to 1954. all
250,000 sewer construction bonds. Due $10,000 from 1930 to inclusive.
1954 incl.
220,000 park dredging bonds. Due $11,000 from 1930 to 1949 incl.
150,000 work house bonds. Due $6,000 from 1930 to 1954 incl.
35,000 paving bonds. Due $2,000 from 1930 to 1944 and $1,000 from
1945 to 1949.
10,000 library improvement bonds. Due $2,000 from 1930
Int. rate is not to exceed 5% and is to be stated in multiples to 1934 incl.
Dated May 1 1929. Prin. and semi-ann. hit. payable at theof 34 of 1%.
city's fiscal
agency in N. Y. City, or at the City Treasury. Legal approval by Thomson, Wood & Hoffman of New York City. No bids are to be for less than
par. Authority, Sections 9 and 10 of Chapter XV. of the City Charter.
A certified check for 2% of the bonds bid for, payable to 0. A. Bloomquist.
City Treasurer, is required. (The official advertisement of this offering
appears on the last page of this section).
MAMARONECK, Westchester County, N. Y.
-BOND SALE.
-The
following coupon or registered bonds aggregating $194,000 offered on
Mar. 20-V. 128. p. 1602
-were awarded to Dewey, Bacon & Co. of New
York. as stated above:
$165,000 park bonds sold as 4.70s. at a price of 100.45, a basis of about
4.66%. Dated Mar. 1 1929. Due Mar. 1 as follows: $4,000,
1930 to 1964 incl.: and $5,000, 1965 to 1969 incl.
29,000 public improvement bonds sold as 5s at a price of par. Dated
MONONA COUNTY (P. 0. Onawa), Iowa.
Jan. 11929. Due Jan. 1 as follows: $5,000, 1930; and $6,000, Bids will be received by H. L. Morrison, County-BOND OFFERING.
m.
on April 9 for the purchase of an $80,000 issue Treasurer, until 2
1931 to 1934 incl.
of primary road bonds.
The above supersedes the report given In V. 128, p. 1962.
Denom.$1.000. Dated May 1 1929 and due on May 1 as follows: $10,000.
1935 to 1940, and $20,000 in 1941. A certified check for 3%, payable to
- the County Treasurer, is required.
-BOND OFFERING.
MANASQUAN, Monmouth County, N. J.
Annie B. Appleget, Borough Clerk, will receive sealed bids until 8 p. m.
April 9,for the purchase of*28,0006% coupon or registered bunding bonds.
MOUNT EPHRAIM, Camden County, N. J.
-BOND OFFERING.
Dated April 11929. Denoms.$1,000. Due $1,000, April and Oct. 1 1930 Sealed bids will be received by R. D. Kershaw, Borough Clerk, until 8 p. m.
to 1943 incl. No more bonds to be awarded than will produce a premium of April 8, for the purchase of $155.000
5. 534 or 5J.% coupon or registered
MAR. 30 1929.]
FINANCIAL CHRONICLE
2155
-The foi-Financial Statement.
PARMA, Cuyahoga County, Ohio.
15, as follows:
water bonds. Dated April 15 1929. Denom.$1.000.Due AprilPrin. and int: lowing statement is issued in connection with the proposed award on April
$4.000. 1931 to 1965, incl.; and $5,000, 1966 to 1968. incl. Bank, Mount. 1. of two issues of bonds aggregating $152,000 consisting of $140,300
National
(A. & 0. 1) payable at the Mount Ephraimwill produce a premium of bonds described in -V. 128, p. 1963
-and $11,700 bonds, description of
Ephraim. No more bonds to be awarded than
-both issues bear a coupon rate of6%.
check payable to the which was given in-V.128, p. 1777
$1.000 over the amount stated above. A certified required. Legality to
Financial Exhibit.
is
0
order of the Borough for 27 of the bonds bid forYork City.
be approved by Caldwell & Raymond of New
$38,000,000.00
Actual value of taxable propert(estimated)
Assessed valuation for taxation (last appraisement-1928)--- 27,493.390.00
-BOND OFFERING Total bonded debt
3.055,522.38
MUSCATINE COUNTY(P.O. Muscatine),Iowa.
16 by Special assessment bonds
2,919,330.00
-Both sealed and open bids will be received until 2 p. m. on Apr.
1,037.051.01
Rosenbaum County Treasurer, for the purchase of an issue of Note debt, in addition to bond debt
Frances B.
1929.
4,092,573.39
$130,000 primary •road bonds. Denom. $1,000. Dated May 1be fur- Total debt
58,430.84
Cash value of sinking fund held for redemption
Due $13,000 from May 1 1935 to 1944 incl. Legal approval will
None.
nished by Chapman & Cutler of Chicago. Blank bonds to be furnished by Water debt
None.
purchaser. A certified check for 3%, payable to the above Treasurer, Floating debt
Population 1920 census, 5,500. Population now (estimated), 14.000.
must accompany the bid.
Village incorporated, January 1 1925. Total tax rate (par $1,000) all
Financial Statement.
purposes, $21.60.
taxation as equalized for
Assessed value of all property for
$42,627,005
for year 1928
PASADENA ACQUISITION AND IMPROVEMENT DISTRICT
-BOND SALE.Assessed value of all property for taxation as returned by 42,322,015 NO. 1 (P. 0. Pasadena), Los Angeles County, Calif.
assessor for year 1928
A $356,523.89 issue of improvement bonds has recently been purchased by
978.000 Redfield, Van Evers & Co. of Los Angeles as 5%s for a premium of $7,040,
Total bonded indebtedness, incl. this issue
None
5.06%. Denom. $1,000, 500 and one for
Total floating debt
None equal to 101.97, a basis of about due on Feb. 26 as follows: $14,500. 1934
Water works bonds, included in above
26 1929
None $523.89. Dated Feb. in 1958.and
sinking fund
Amount of
Prin. and int.(J.& J.) payable at the office
to 1957, and $8,523.89
Present population (eat.), 29,105.
of the City Treasurer.
NAMPA HIGHWAY DISTRICT (P. 0. Nampa), Canyon County,
PELHAM UNION FREE SCHOOL DISTRICT NO.1(P.O. Pelham),
-Sealed bids will be received until Apr. 15 by Westchester County, N. Y.
-BOND OFFERING.
Ida.
-The following is a list of the other
-BIDS.
the Clerk of the Board of Commissioners, for the purchase of a $450,000 bids submitted on March 21 for the $575,000 school bonds awarded as
Issue of refunding bonds.
of New York at a price of 100.819,a basis of about
4.60s to Estabrook & Co.
4.545% (V. 128, p. 1963):
Rate.
Price Bid.
-let.
NEEDLES SCHOOL DISTRICT (P. 0. San Bernardino), San
Bidder
-The $30,000 issue Kissel, Kinnicutt & Co
$575,857.00
4.70%
-BONDS NOT SOLD.
Bernardino County, Calif.
-was not Bankers Company of New York
4.60%
576,374.25
of 5% coupon school bonds offered on March 18-V. 128, p. 1777
4.60
576,077.55
sold as no bids were received. They will be disposed of at private sale. George B. Gibbons & Co
4.60
576,897.50
Due from 1934 to 1948, incl.
Kean, Taylor & Co
4.70
576,955.00
Lehman Brothers
4.70%
576,207.50
-BELATED BOND RE- Dewey, Bacon & Co
NEWBURYPORT, Essex County, Mass.
4.75%
588.608.48
-The Newburyport Institution For Savings, purchased on July 11 A M. Lamport & Co
PORT.
Successful bidders are reoffering the bonds for public investment priced
Departmental Equipment bonds, dated July 10
last, $46,000 4% registered
1928, one bond for $10,000 and four in denoms. of $9,000 each, maturing to yield 4.40%. The bonds it is stated are a legal investment for savings
July 10 as follows: $10.000, 1929; and $9,000, 1930 to 1933 incl. Int. banks and trust funds in New York. Assessed valuation reported at
$43,257, 144 and total bonded debt $2,170,000.
payable on Jan. and July 1.
-BOND SALE.
PELICAN RAPIDS SCHOOL DISTRICT NO. 11 (P. 0. Pelican
NEWPORT(P.O. Newport), Herkimer County, N.Y.
-ADDITIONAL DETAILS.
-The $27,000 507 coupon highway improvement bonds offered on March 26 Rapids) Otter Tail County, Minn. that was purchased at par -The
by the
-were awarded to the Manufacturers & Traders-Peoples $63.000 issue of junior high school bonds
-V. 128, p. 1777
-bears interest at4% and is due on July 1,asfollows:
0. The State
-V.128. p. 1963
Trust Co., Buffalo, at a price of 101.14, a basis of about 4.887
April 1 1930 to 1956, incl. $5.000. 1934 to 1936 and $4,000, 1937 to 1948 inclusive.
bonds are dated April 1 1929 and mature $1,000.
-BOND OFFERING.
-Sealed
-TEMPORARY LOAN
PERRYTON,Ochiltree County., Tex.
NORTHAMPTON,Hampshire County, Mass.
-The Shawmut Corporation of Boston was awarded on Mar. 21 a $300,000 bids will be received until 2 p. m.on .Apr.4,by J. C.Beever, City Secretary,
on a discount basis of for the purchase of a $48,000 issue of 5% semi-annual street improvement
temporary loan maturing in about eight months,
bonds. Dated April 1 1929. Due $1,000 from 1931 to 1940 and $2,000,
5.42%. Other bidders were:
certified check, payable to the City SecreDiscount Basis. 1941 to 1959, all incl. A $3,000
Bidder5.50% tary, must accompany the bid.
Northampton (plus $18.50)
Hampshire County Trust Co.,
5.74%
Salomon Bros.& Hutzler (plus $3)
PIONEER SCHOOL DISTRICT NO, 4 (P. 0. Oak Grove), West
-The proposed
-BOND OFFERING CANCELED.
Parish, La.
-BOND SALE. Carroll of the $75,000 Issue of not to exceed 6% semi-annual school lionds
(P. 0. Norway), Herkimer County, N. Y.
NORWAY
offering
offered on March 26-V. 128, P. scheduled for April 17 (V. 128, p. 1963) has been canceled as the election
-The $24,000 4%% highway bonds
-were awarded to Sherwood & Merrifield, Inc. of New York, at a held on March 20 was unsuccessful.
1603
Price of Par. Bonds are dated April 1 1929 and mature $1,000, from 1930
to 1953, incl.
-BOND OFFERING.
-L. P.
PITTSFORD, Monroe County, N. Y.
receive sealed bids until 8 p. m. April 5 for the
-BOND OFFER- Curtiss, Town Clerk, will coupon or registered street improvement bonds
OAK GROVE TOWNSHIP, Benton County, Ind.
following
purchase of the
received by the Township Advisory Board, untll aggregating $330,000. rate of interest not to exceed 6% and to be stated in
-Sealed bids will be
ING.
1 p. m. Apr. 15 for the purchase of $75,000 4%% school building and im- a multiple of hot1%;
provement bonds. Dated Apr. 16 1928. Denom. $1,000. Due as fol- $193,000 East Ave. Estates bonds. Due April 1 as follows: $13.000. 1930
$2,000,
lows: $3,000, July 1 1930:$3,000, Jan. and July 1 1931 to 1935 incl.;1
to 1942 inclusive, and $12,000, 1943 and 1944.
January and $3,000,_ July 1 1936 to 1943 incl.: and $2,000, Jan. 1944.
137,000 Knollwood Drive bonds. Due April 1 as follows: $7,000, 1930
1) payable at the Bank of Oxford, Oxford.
Prin. and int. (J. & J.
to 1934 incl.: $8,000. 1935 and 1936; $9,000. 1937 and 1938'
$10,000, 1939 and 1940; $11,000, 1941; $12,000, 1942 and 1943.
-BOND OFFERING.
-Sealed
and $13,000, 1944.
OAKLAND, Alameda County, Calif.
Dated April 1 1929. Denom. $1,000. Principal and interest (April
bids will be received by Frank 0. Merritt, City Clerk. until 11 a. m. April 4
for the purchase of an issue of $1,000,000 harbor improvement bonds. Int. and Oct. 1) payable at the Union Trust Co., Rochester. A certified check
rate is not to exceed 5%. Denom. $1,000. Dated July 1 1926 and due on payable to the order of the town for $5,000 is required. Legality to be
July 1 as follows: $28,000, 1930. and $27,000,from 1931 to 1966 incl. Int. approved by Clay, Dillon & Vandewater of New York City.
rate is to be stated in multiples of J% of 1%. Prin. and semi-ann. hit.
Financial Statement Town of Pittsford.
payable in gold at the office of the County Treasurer. Orrick, Palmer &
Dahlquist of San Francisco will furnish the legal approval. A certified Assessed valuation 1928
$5.774,832
-town
check for 1% of the bid, payable to the City Clerk, is required. (This re5,321,705
Villages of Pittsford & East Rochester
port supplements that appearing in V. 128, P. 1777.)
26,000
Indebtedness, as follows: Long Meadow Water district
350.01)0
Sanitary Sewer District No. 1
-A $15.000 issue of
175,000
Storm Water Sewer District No. 1
OGDEN, Boone County, lowa.-BOND SALE.
200,000
Druid Hills Sewer District
water bonds has recently been purchased by Geo. M. Bechtel & Co. of
6,000
Town Fire District
Davenport.
280,000
Kllbourn & Overbrook Street Impt. bonds
20.000
Knollwood Water District
-A $33,_500 issue of
-BOND SALE.
County, Okla.
OKEENE, Blaine
85,000
Knollwood Sewer District No. 1
6% improvement bonds has lieen_purchased by the Hanchett Bond Co. of
Chicago. Denom. $500. Dated Dec. 9 1928. Due on Oct. 1 as follows:
Total
$1,142.000
$2,000, 1931 and $4,500 from 1932 to 1938 incl. Prin, and int. (A. & 0.) Temporary financing, street impts.: Knollwood Drive
125,000
payable at the office of the City Treasurer.
200,000
East Avenue Estates
SCHOOL DISTRICT (P. 0. OKlaunion) Wilbarger
OKLAUNION
$325,000
-A $55,000 issue of 5% school gymnasium
-BOND SALE.
County, Tex.
Above amount of temporary financing will be funded by proceeds of sale
and auditorium bonds has recently been Jointly purchased by Hall & Hall of Knollwood Drive and East Avenue Estates Street Impt. bonds.
at a price of 96,36, a basis of about
of Temple and Prudden & Co.of Toledo.
Population, 1925 census, town. 6,266; Pittsford Village, 1,454; East
5.4(1%. Dated Mar. 181929.
Rochester, 5,883.
(These bonds were recently voted by a count of 83 to 15.)
The Village of Pittsford is wholly, and the Village of East Rochester
Denom. $1,000. Due $2,000 from 1930 to 1949 and $3,000 1950 to 1954. partly within the Town of Pittsford, and have a total assessed valuation of
Prin. and hit. (A. & 0.) payable at the Hanover National Bank in New over $5,000,000.
York City.
-BOND SALE.
PLEASANT TOWNSHIP, Wabash County, Ind.
OLIN CONSOLIDATED SCHOOL DISTRICT (P. 0. Olin), Jones The $75,000 43 % school building bonds offered on March 20 (V. 128,
County, lowa.-BOND OFFERING.-Bids will be received by Guy B. p. 1439) were awarded to the Fletcher Savings & Trust Co. of Indianapolis
Macomber, Secretary of the Board of Directors, until 1 p. m. on Mar. 30 at a premium of $7.00,equal to a price of 100.009. Bonds are dated Feb. 1
for the purchase of an issue of $110,000 school bonds.
1929 and mature as follows: $2,500, July 1 1930; $2,500. Jan. and July 1
1931 to 1934 incl., and $2,500. Jan. 1 1945.
-The $18,000
OMAK, Okanogan County Wash.-BOND SALE.
Issue of coupon city hall, fire station, fire truck equipment and site bonds
-BOND OFFERING.-C. B.
PONTIAC, Oakland County, Mich.
-was awarded to the State of
offered for sale on Feb. 5-V. 128, p. 435
Patterson, Secretary Board of Education, will receive sealed bids until
Washington, as 4%s, at par. The only other bid was a premium offer 2 p. m. April 9, for the purchase of $500,000 series "0", coupon school
6s, tendered by the Citizens State Bank of Omak.
of $18 on
bonds. Dated April 15 1929. Denoms. $1,000. Due May 1, as follows:
$9.000. 1930 and 1931; $10,000. 1932; $11.000, 1933 and 1934; $12.000,
ONEIDA AND EAGLE TOWNSHIPS FRACTIONAL SCHOOL 1935; $13,000, 1936 and 1937; $14,000, 1938; $15.000, 1939 to 1943 incl.;
DISTRICT NO. 12 (P. 0. Grand Ledge) Eaton County Mich.-BOND $16,000. 1944 and 1945; $17,000. 1946; $18,000, 1947; $20.000, 1948-11. G. Harrod, Secretary Board of Education, will receive $21.000. 1949; $22,000, 1950 and 1951; $23.000. 1952 and 1953; 824.000.
OFFERING.
school 1954; $25,000, 1955 to 1957 incl.; and $26,000, 1958. Rate of interest not
sealed bids until 3 p.m. April 10,for the purchase of $125,0004 L.
bonds. Dated May 1 1929. Due May 1, as follows: $6,000, 1930: $7,000, to exceed 5%. Prin. and int. (May and Nov. 1) payable at the District
1931 to 1933 incl.,• $8,000, 1934 to 1939 incl.; and $10,000,1940 to 1944 incl. Treasurer's office. A certified check payable to the order of the District
Treasurer for 5% of the bonds bid for is required. Legality to be approved
A certified check for $500 is required.
by Chapman & Cutler of Chicago.
-BID REJECTED.
Albion), N. Y.
ORLEANS COUNTY (P. 0.
River County, Miss.
-BOND ELECTION
.The bid of the Livingston County Trust Co. of par, which was submitted A POPLARVILLE, Pearl
special election will be held soon
coupon or
on March 27 for the $177,000 4%% sale (V. registered highway and gen- Issue of $100,000 for street paving for the purpose of passing upon a bond
purposes. It is reported that Poplar128, p. 1777). was rejected,
eral purpose bonds, scheduled for
of $850,000 while the bonded debt is only
villa has
F. W. Buell, County Treasurer, reports, as the terms of the tender were $22,500. an assessed valuation
unsatisfactory.
PARKSIDE SCHOOL DISTRICT(P.O.Chester), Delaware County,
by
-BOND OFFERING -Sealed bids will be receivedfor Lulu M. Clegg,
Pa.
1,
Secretary Board of Directors, until 8 p. m. April 1929. the purchase of
Denom.$1,000.
4%% coupon school bonds. Dated April 1
$28,000
the order of the School
Due April 1 1949. A certified check payable to Legality to be approved
is required.
0
District for 27_of the bonds bid forPhiladelphia.
by Townsend. Elliott & Munson of
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-Of the
$185,000 issue of 4%% street widening bonds offered on March 19 and
erroneously reported sold (V. 128. p. 1963), a $95,000 block was awarded
as follows, $30 000 to the
Anglo-London-Paris Co. of San Francisco for
$11 premium; $65,000 in two seiparate lots to the City Treasurer at par.
The Portland "Oregonian" of March 22 commented on the unsuccessful
sale as follows:
2156
FINANCIAL CHRONICLE
"Portland bond houses yesterday refused to bid on an issue of
$185,000
of 4H% street-widening bonds, the first
authorized by the people at the Novemberblock of the $3,170,000 issue
election. Of the
the city sold only $95,000 worth, the Anglo-London-Paris Co. first block.
cisco bidding $30.011 for $30,000 of the bonds and William of San FranTreasurer, taking $65,000 worth at par for the water bond Adams, City
sinking fund
and the general sinking fund.
"Bond houses said that since municipal bonds are
because of the intangibles tax passed by the last no longer tax-exempt
Legislature,
municipal bond no longer is worth par. The city cannot sell a 436%
obligation bond for less than par, although it can sell its water a general
the market. Higher interest rates will be required on municipalbonds at
bonds if
they are to obtain par in the market, in face of the general
bond condition
and in face of the intangibles tax, it was pointed out.
"'The investor in municipal bonds,' said one bond house, *Is
in the yield after the tax has been deducted. With the situationinterested
as it now
is, no one knows what the bonds the city offered are worth.
lost their value as a tax-exempt security. The buyers are They have
temporarily
out of the market. There is no question but
force up the rate of interest that cities will bethat the intangibles tax will
required to
before they
can get money for improvements. We cannot now affordpay pay par
to
for
a 434% bond.'
"The bonds were dated April 1 1929 and will run serially to April
1 1959.
The refusal of the bond houses to take the issue puts the city up
against the
proposition of raising its interest rate or of postponing widening
projects
that the people have voted."
POTTAWATTOMIE COUNTY (P. 0. Council Bluffs),
Iowa.
BOND OFFERING.
-Both sealed and open bids will
2 p. m.on Apr. 12 by W. A. Stone, County Treasurer,forbe received until
the purchase of
$300.000 issue of primary road bonds. Denom. $1,000. Dated May a
1
1929. Due$30,000from May 1 1935 to 1944 incl. Optional after five years.
Purchaser to furnish blank bonds. Approving opinion of Chapman &
Cutler of Chicago will be furnished by the county. A certified check
for
3% of the bonds offered, must accompany the bid.
PREBLE COUNTY (P. 0. Eaton), Ohio.
-BOND SALE.
-The
Citizens Corporation of Columbus, was awarded on Mar. 23. an First$17.538.66 bridge bonds, at a premium of $52.62,equal too price ofissue of
100.24.
The issue bears a coupon rate of 53(%.
PUEBLO COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Pueblo)
-BOND SALE.
Colo.
-A $6,000 issue of school bonds has been purchased
Joseph D.Grigsby & Co.of Pueblo prior to an election to be held on Mar.
O.
?
[VOL. 128.
The following bids were also submitted:
BidderPremium.
Seasongood & Mayer,Cincinnati
51,707.00
Ryan,Sutherland & Co. Toledo
1,087.00
Provident Savings Bank & Trust Co.,Cincinnati
780.00
Title Guarantee & Trust Co., Cincinnati
440.00
Citizens Bank,St. Bernard
126.00
Otis & Co., Cleveland
732.00
Siler, Carpenter & Bootie. Toledo
25.00
Taylor, Wilson & Co., Cincinnati(bid on
$196.000)
848.80
ST. JOHN THE BAPTIST PARISH
SCHOOL DISTRICT NO. 1
(P. 0. Edgard), La.
-BOND OFFERING.
by E. D. Abadie. President of the Parish -Sealed bids will be received
School
April 8,for an issue of $180,00 school bonds. Int,Board, until 11 a. m. on
rate is not to exceed 5%.
Denom 31.000. Dated Mar. 1 1929.
and int. (M. & S. 1) payable either at Due over a 20 year period. Prin.
the Jefferson Trust & Savings Bank inthe Bank of St. John in Reserve.
by the purchaser. Bonds will be sold Gretna or at a bank designated
Chapman & Cutler of Chicago, John C.subject to the legal approval of
Thompson of New York, or any
other reputable attorneys selected by the
purchaser. A certified check
for 2% par of the bid is required.
SALINA Saline County,
-BOND OFFERING.
--Sealed bids
will be received until 5 p. in. onKan. 1, by
April
Chas. E.
for the purchase of a $24,065.57 issue of 436% coupon Banker, City Clerk,
bonds. Dated Nov. 1 1928 and due on Nov. 1, as public improvement
follows: $2,465.57 in
1930 and $2,400 from 1931 to 1940, incl. Int. payable
on May & Nov. 1.
A certified check for 2% of the bonds shall
accompany each bid.
SALMON, Lemhl County, Ida.
-BONDS NOT SOLD.
-The $64,429.16 issue of 6% semi-annual special assessment inapt.
bonds offered on
March 7-V. 128, p. 1439
-was not sold as no bids were received.
SAN BERNARDINO COUNTY WATER WORKS
DISTRICT NO, 2
(P. 0. San Bernardino), Calif.
-BOND SALE.
-A
coupon water works bonds was purchased on Mar. $13.000 issue of 7%
11 by the Elmer J.
Kennedy Co. of Los Angeles for a premium of $7.77. equal
to 100.0 ,59
a basis of about 6.99%. Denom. $1,000. Dated
from Feb. 1 1943 to 1955, incl. Int. payable onFeb. 1 1928. Due 31.000
Feb. & Aug. 1.
SANTA BARBARA, Santa Barbara County, Calif.
-BONDS ELECTION.
-On May 7,at the general election to
will pass upon a proposition to issue 5175,000be held on that day,the voters
in bonds for the acquisition of
beach front property.
QUITACUE, Briscoe County, Tex.
SAXON SCHOOL DISTRICT NO.70(P. 0. Spartanbrug) Spartan
-ADDITIONAL DETAILS.
•
The $60,000 issue of water works bonds that was purchased by the Brown- burg County, S. C.
-NOTE SALE.
-A $20,000 issue of school notes will
Crummer Co. of Wichita
-V. 128 p. 1963
-bears interest at 536% and was be taken over by the sinking fund.
awarded at a $500 discount, equal to 99.166, a basis of about 5.57%.
Due from April 1 1929 to 1968.
SCOTT COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. Shakopee), Minn.
-BOND SALE.
-A
RAPIDES PARISH ROAD DISTRICT NO. 29 (P. 0. Alexandria), bonds has recently been purchased at par by the$70,000 issue of 4% school
State.
La.
-BOND OFFERING -Sealed bids will be received until noon on Apr.
15 by 0. G. Durham, Secretary of the Police Jury, for the purchase of a
SCRANTON,Lackawanna County,Pa.
-BOND SALE.
$27.500 issue of coupon road bonds. Int. rate is not to exceed 6%. Denom. 434% municipal improvement bonds offered on Mar. 26-V.-The $40,000
$500. Dated May 15 1929 and due on May 15 as follows: $1,000, 1930 were awarded to it. M. Snyder & Co. of Philadelphia, at 128. p. 1778
to 1937; $1,500, 1938 to 1946 and $2,000. 1947 to 1949. all incl. Prin. $4,200 equal to 102.27 a basis of about 4.27%. Bonds are a premium of
dated May 1
and in (M.& 8. 15) payable at the office of the parish treasurer in Alex- 1929 and mature May 1, as follows: $2,000.
1930 to 1939 incl.; and 111.000,
andria or at the National Bank of Commerce in New York City. Sue- 1940 to 1959, incl.
cessful bidder to pay for the approving opinion of a recognized bond attorney, also the printing of the bonds. A $1,500 certified check, payable
SEAFORD, Sussex County, Del
-BONDS OFFERED.
-Norris Marto the above treasurer, must accompany the bid.
vel, Town Secretary, received sealed bids until 7 p. in., Mar. 29 for the
purchase of $30,000 5% series C street and sewer improvement bonds.
RICHLANDS,Tazewell County, Va.-BOND ELECTION-A special
ated Apr. 1 1929. Denom. $1,000. Due 51,000, July 1 1939 to 1968
election has been set for April 22, to pass on a proposed $30,000 bond
issue incl. Prin. and hit. (J. & J. 1) payable at the Seaford Trust Co., Seaford.
for a new school building. The
will be divided between the state
and town, the cost being about $60.000.
SHERIDAN LAKE SCHOOL DISTRICT (P. 0. Pueblo), Pueblo
County, Colo.
-BOND SALE.
-A 535,000 issue of school building bonds
RIVERVIEW (P. 0. Chattanooga), Hamilton County, Tenn.
- has been purchased by Joseph D. Grigsby & Co. of Pueblo.
BOND SALE.
-Two Issues of 536% bonds aggregating $48,026.28, were
purchased by the American Trust & Banking Co. of
SHIP BOTTOM-B
premium of $288, equal to 100.59. The issues are Chattanooga, for a Ocean County, N. J. EACH ARLINGTON SCHOOL DISTRICT,
divided as
-NO
-No bids were submitted on Mar. 25,
$33,026.28 paving districts and $15,000 general obligation bonds. follows: for the $24,500 5% coupon BIDS.
or registered school bonds scheduled to have
been sold-V. 128. p. 1778. Dated Mar. 1 1929. Due Mar. 1 as follows:
ROCK HILL, York County, S. C.
-BOND SALE.
1952 incl.; and
of coupon water extension bonds offered for sale on -The$300,000 issue $1,000, 1930 to -The Realty 31,500. 1953.
BOND SALE.
March 22-V.
Co.
D. 1778
-was jointly awarded to the Peoples National Bank and the 128, at par $23,000 of the above issue. of Beach Arlington, has since purchased
National Union Bank, both of Rock Hill, at par Dated March 1 1929.
Due
$10.000 from Jan. 1 1940 to 1969. incl.
SHOREWOOD (P. 0. Milwaukee), Milwaukee County, Wis.BOND OFFERING.
-Sealed bids will be received until 8 p. m. on Apr. 1
ROCKLEDGE, Montgomery Co., Pa.
-BOND SALE.
-The $120.- by Theo. B. Olsen, Village Clerk, for the purchase of a s21,000 issue of
000 436% coupon borough bonds offered on March 25-V. 128,
1778- 436% railroad track removal bonds. Denom. $1,000. Dated Jan. 1
were awarded to the Bank of Philadelphia & Trust Co. of Philadelphia, 1926
p.
at a price of par. Bonds are dated May 1 1929 and mature $5,000. May from and due on Jan. 1 as follows: $1.000, 1939: $2.000, 1940 and $3.000
1941 to 1946. Prin. and int. (J. & J.) payable at the office of the
1 1930 to 1953 incl. No other bid submitted.
Village Treasurer. The printing of the bonds to be paid for by the purchaser.
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND OFFERING.
-George S. Utter, Village Clerk, will receive sealed bids until 8 p. m.,
SOUTH PORTLAND, Cumberland County,
-NOTE SALE.
Apr. 10, for the purchase of $900,000 series &coupon or registered sewer The Fidelity Trust Co. of Portland, recently was Me.
bonds
-rate of interest not to exceed 5% and to be stated in a multiple of of tax notes, due in about seven months, on a awarded a $250,000 issue
discount basis of
34 or 1-10th of 1%. Dated Apr. 1 1929. Denom. $1,000. Due Apr. 1 First National Bank of Boston was only other bidder offering to 5.60%.
discount
as follows: $20,000 1934 to 1951 incl.; and $30.000, 1952 to 1969 incl.
issue on a 5.93% basis.
Prin. and int. (A. 0. 1) payable in gold at the First National Bank, the
Rockville Centre. A certified check payable to the order of the Village for
-BOND SALE.
-A $335.000 /Me
$18.000 is required. Legality to be approved by Clay, Dillon & Vande- ofSPENCER, Rowan County, N. C.
534% publlc improvement bonds has been purchased at par by Mr.
water of New York City.
McDaniel Lewis of Greensboro.
ROME, Oneida County, N. Y.
-BOND SALE.
-The 399.472 coupon
STAMFORD, Fairfield County, Conn.
-LOAN OFFERING.
or registered assessment bonds offered on March 25-V. 128. p. 1778
- bids will be received by Leroy I. Holly, City Treasurer, until 12 -Sealed
were jointly awarded to George B. Gibbons & Co. and Roosevelt & Son, 9, for
m. April
the
both of New York, as 530, at a premium of $178.45. equal to 100.17. a Denoms. purchase on a discount basis of a 5100.000 temporary loan.
basis of about 5.43%. Bonds are dated March 15 1929 and mature $24,868. are to be 325,000. $10,000 and $5,000. Due Oct. 4 1929. The notes
prepared under the supervision of the Old Colony Trust Co.,
March 15 1930 to 1933, incl. Farmers National Bank & Trust Co., Rome. Boston. Legality to be approved
by Storey, Thorndike, Palmer & Dodge
offered a premium of $158.00 for 536s and the Manufacturers & Traders of Boston.
Peoples Trust Co., Buffalo. bid for 5i,s, offering a premium of $52.72.
STARK (P. 0. Starkville), St. Lawrence County, N. Y.
ROSEBURG, Douglas County, Ore.
-BOND
-BOND OFFERING.
-Sealed SALE.
-The $24.000 5% coupon highway improvement bonds offered
bids will be received until 7:30 p. in. on April 1, by A J. Geddes, City on Mar. 26-V.
128. p. 1779
-were awarded to Sherwood Sr Merrifield.
Recorder, for the purchase of a 525,000 issue of 57. semi-annual aviation Inc. of New York.
at a price of 100.01. a basis of about 4.99%. Bonds
Park bonds. Denom. $500. Dated Mar. 11929. Due $2,500 from Mar. are dated April 1 1929 and mature
April 1, as follows: $1,000. 1930 to 1939,
1 1930 to 1939, incl. Said bonds are issued under authority of the Charter
of the City of Roseburg and Ordinance No. 921 as amended by Ordinance incl.; and $2.000. 1940 to 1948. incl.
No. 924, duly and regularly passed by the Common Council of the City
SUFFOLK COUNTY
-BOND OFFERING.
of Roseburg, Oregon. and approved by the Mayor of said city March 6th -Shephard M. Scudder.(P. 0. Riverhead), N. Y.
County Treasurer, will receive sealed bids until
1929,for the purpose of providing funds for the acquisition and maintenance
of an aviation park and field as described in Ordinance No. 920. A $500 2 p. in. April 4, for the purchase of the following issues of coupon or registered bonds aggregating $558.000
-rate of interest not to exceed 434%
certified check, payable to the City, must accompany the bkl.
and to be stated Ina multiple of 34 of 1%:
$358,000 highway and bridge bonds. 'Due April 1, as follows: $15,000,
ROSS SCHOOL TOWNSHIP,Lake County,Ind.
-BOND OFFERING
1930 to 1938, incl.; $20,000, 1939 to 1948, lad.; and $23,000,
-Henry Sievert, Trustee, will receive sealed bids until 2 p. m. April 13,
1949.
for the purchase of $40,000 5% school building construction bonds. Dated
200,000 County Building bonds. Due 510,000, April 1 1939 to 1958 incl.
Dated April 1 1929. Denom. $1,000. Prin. and int. (April and '
June 11929. Denom. $500. Due in 15 years. Prin. and semi-annual int.
Oct.
payable at the American Trust & Savings Bank, Hobart. A certified payable in gold at the Suffolk County National Bank, itiverhead or 1)
at
the National City Bank, New York. A certified check payable to the
check for $500 is required.
of the above-mentioned offical for $10,000 is required. Legality order
to be
ROSWELL, Chaves County, N. M.
-BOND SALE.
-A $15,000 issue approved by Clay, Dillon & Vandewater of New York City.
of 6% Paving bonds has been purchased by Joseph D. Grigsby & Co. of
SWISSVALE SCHOOL DISTRICT,Allegheny County,Pa.
Denver.
-BONDS
VOTED.
-At an election held on Mar. 19. official returns show that the
RUSSIA (P. 0. Poland), Herkimer County, N. Y.
-BOND SALE.
- proposition to issue $250.000 bonds for school construction and equipment
The $23,000 5% highway improvement bonds offered on Mar. 26-V. purposes, was approved by a vote of more than 3 to 1. Official count
128, p. 1778
-were awarded to Sherwood & Merrifield, Inc. of New York, recorded 352 votes In the affirmative and 111 in the negative.
at a price of 100.51 a basis of about 4.94%. Bonds are dated April 1 1929
and mature $1,000, April 1 1931 to 1953, incl.
TAYLOR COUNTY (P. 0. Abilene), Tex.
-BOND SALE.
-The,
$275,000 issue of 5% road bonds offered for sale on March 25-V. 128'
- p. 1964
ST. BERNARD SCHOOL DISTRICT, Hamilton County, Ohio.
-was awarded at par to the Roger H.Evans Co. of Dallas. Due
BOND SALE.
-The $200,000 5% coupon school building bonds offered from April 1 1930 to 1958, Incl.
on Mar. I8
-were awarded to a syndicate composed of
-V. 128. P. 1604
Assel, Goetz & Moerlein. Bohmer, Reinhardt & Co., and Davies-Bertram
TENNESSEE, State of (P. 0. Nashville).
-BONDS NOT SOLD.
Co., all of Cincinnati, at a premium of $2,077 equal to 101.03 a basis of The two issues of bonds, aggregating $4.361,000, offered on March 25
about 4.88%. Bonds are dated July 1 1929 and mature $4,000, March (V. 128. P. 1779 and 1964).were not sold as all the bids were
rejected.
and Sept, 1 1929 to 1953, incl.
The issues are divided as follows:
MAR. 30 1929.]
FINANCIAL CHRONICLE
$4,000.000 bridge bonds. Int. rate is not to exceed 5%. Due in 15 years
and subject to call at 101 after seven years.
361.000 Central Hospital for the Insane emergency building bonds.
Int, rate is not to exceed 6%. Due in five years.
2157
35.000 street improvement bonds. Due as follows: 33.000, 1940 to 1944.
and $4,000 from 1945 to 1949. all inclusive.
Blank bonds to be furnished by the bidder. A certified check for 5%
is required.
-BOND SALE.
TUSCALOOSA COUNTY (P. 0.Tuscaloosa), Ala.
WEST CARROLL PARISH ROAD DISTRICTS (P. 0. Oak Grove),
The $151,000 issue of 5% road bonds offered for sale on March 25 (V. 128 La.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. on
p• 1267) was awarded at par to Caldwell tx Co. of Birmingham. Dated April 17 by R. V. Reeves. Secretary of the Police Jury, for the purchase of
May 1 1929. Due on May 1 1959.
two issues of road bonds, aggregating $78,000. divided as follows:
$50,000 District No. 7 bonds. Due on April 1 as follows: 51,000, 1930
-BOND OFFERING.
-An issue
UNION COUNTY (P.O. Union), S. C.
and 1931; 32,000, 1932 to 1939; $3.000. 1940 to 1947. and $4.000,
of $154.000 county bonds will be offered for sale on Apr. 3 by J. H. Bartles,
1948 and 1949.
County Treasurer. The bonds will be awarded subject to the approving
28,000 District No. 3 bonds. Due 31.000 from April 1 1930 to 1941 and
opinion of Reed, Hoyt & Washburn of New York City and purchaser is
52.000. 1942 to 1919.
required to pay for the printing of the bonds. A. $2,000 certified check
Int. rate is not to exceed 6%. Denom. 51,000. Dated April 1 1929.
must accompany bid.
Prin. and int. (A. & O. 1) payable at the National Bank of Commerce in
New York. Legality Ito be approved by B. A. Campbell of New Orleans
VANDERBURG COUNTY (P. 0. Evansville), Ind.
-BONDS AP- and another recognized bond attorney.
PROVED-The Indiana State Board of Tax Commissioners on March 13
approved the issuance of $123,000 bonds for the improvement of the Wesley
-FINANCIAL
WEST PALM BEACH, Palm Beach County, Fla.
Swartz road in the county,the Indianapolis"News" of March 21 reports.
STATEMENT.
-The following statement is furnished in connection with
the offering on April 3 of the $240,000 issue of 6% coupon or registered
VERMILION PARISH SCHOOL DISTRICTS (P. 0. Abbeville), refunding bonds, details of which was given in V. 128, p. 1964:
La.
5109.492,085
-BOND OFFERING.
-Sealed bids will be received until April 4, by Assessed valuation for purposes of taxation 1928
16,786 000
the Secretary of the Parish School Board, for the purchase of two issues *Total debt (including these bonds)
of school bonds aggregating $31,000, as follows: $16,000 Henry School
District No. 1 bonds and 515,000 Milton School District No. 2 bonds.
Tax Rate 14.5 Mills.
*Included in the above debt are $7,405,000 special assessment impt.
WALLA WALLA COUNTY SCHOOL DISTRICT NO. 68 (P. 0. bonds whihc were issued to finance street and sewer local improvements;
Walla Walla), Wash.
-BOND OFFERING.
-Sealed bids will be received special assessments have been levied against specially benefited property
until 10 a. m. on Apr. 13 by the County Treasurer, Hen Thompson, for for the amount of each benefits. These special assessments are payable
the purchase of an issue of $1,500 school bonds. Int. rate is not to exceed in instalments over a period of years. The bonds have serial maturities
6%.
arranged to come due when the special assessment collections should be in
hand. General taxes may. if necessary, be levied for the payment of these
bonds in the event assessment collections prove to be insufficient to meet
WALTHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
Bank of Commerce & Trust Co. of Boston, was awarded on Mar. 26, a bond service. 1927, Summer, (Official est.). 35,000. Population winter
Population
$200,000 temporary loan payable on Nov. 15 1929, on a discount basis
of 5.575%. Old Colony Corporation of Boston, was the only other bidder (official est.), 75,000.
offering to discount the loan on a 5.92% basis.
WHARTON COUNTY ROAD DISTRICT NO. 4 (P. 0. Wharton)
Tex.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
WALTON COUNTY (P. 0. DeFuniak Springs), Fla.
-BONDS NOT
County Judge, for the purchase
a
SOLD-The two issues of 6% bonds aggregating $90,000, offered on on April 8, by John Norris, road bonds. Denom. $1,000.ofA $500.000
issue of 534% semi-annual
certified
March 16-V. 138, p. 1267
-were not sold as high waters cut off outside check for 2% must accompany the bid.
communication.
-NOTE SALE.
WINCHESTER, Middlesex County, Mass.
-Faxon,
BONDS RE-OM:RED.-Sealed bids will again be received until 2 p.
m.on April 20, by M. T. Fountain, Clerk of the Board of County Com- Gade & Co. of Boston were awarded on March 22 a $100,000 issue of revenue
missioners, for the purchase of two issues of 6% bonds, aggregating $90.- notes maturing in about eight months, on a discount basis of 5.18% plus
a premium of $1.00.
000 as follows:
$50,000 hospital bonds. Due on Sept, 1 as follows: $5,000, 1933: $10,000,
1938; $15,000, 1943 and $20,000 in 1948.
WINFIELD (P. 0. West Winfield), Herkimer County, N. V,
40,000 jail bonds. Due on Sept. 1 as follows: 55.000. 1933 and 1938; BOND SALE.
-The $14.000 5% coupon highway improvement bonds
$10,000, 1943 and $20,000 in 1948.
-were awarded to the Manufacturers
offered on March 26-V. 128, p. 1779
Denom. $1,000. Dated Sept. 11928. l'rin. and int.(M.& S.) payable & Traders-Peoples Trust Co., Buffalo, at a price of 100.16 a basis of about
at the National Bank of Commerce in New York City. The approving 4.95%. Bonds are dated April 1 1929 and mature 32,000, April 1 1930
opinion of widely known bond attorney will be furnished to the purchaser. to 1936, incl.
A. certified check for 2% par of the bonds bid for is required.
WINN PARISH (P. 0, Winnfield), La.
-MATURITY.
-The 336,000
WAPATO, Yakima County, Wash.
-MATURITY.
-The 310.000 issue of 6% semi-annual jail bonds that was awarded to the Well. Roth
issue of 5% coupon fire apparatus bonds that was purchased at par by the & Irving Co. of Cincinnati, at a price of 100.013-V. 128, p. 1038
-is
State Finance Committee
-V. 128, p. 1779-is due from 1931 to 1940 incl. due as follows: 33,000, 1930 to 1933, and $4,000 from 1934 to 1939. all
inclusive, giving a basis of about 5.99%•
WAPELLO COUNTY (P. 0, Ottumwa) lowa.-BOND OFFERING.
Bids will be received until 2 p. m. on April 9, by Fred Pohison, County
WINNESHIEK COUNTY (P.O. Decorah),lowa.-BOND OFFER/NO.
Treasurer, for a $67,000 issue of annual primary road bonds. Denom. -Sealed and open bids will be received until 2 p. m. April 9 by C. P.
$1,000. Dated May 1 1929. Due $6,000 from May 1 1535 to 1943 and Seim, County Treasurer, for a $200,000 issue of annual primary road
$13,000 in 1944. Optional after 5 years. Sealed bids will be opened only bonds. Denom. $1,000. Dated May 1 1929. Due 520,000 from May 1
after all open bids have been received. Purchaser to furnish blank bonds. 1935 to 1944 incl. Optional after five years. Sealed bids will be opened
County will furnish legal approval of Chapman & Cutler of Chicago. A after all the open bids are in. Blank bonds to be furnished by the purcertified check for 3% of the bonds offered, is required.
chaser. County will furnish the legal approval of Chapman & Cutler
of Chicago. A certified check for 3% of the bonds offered, payable to
- the above Treasurer. is required.
WARREN COUNTY (P. 0. Indianola) lowa.-BOND OFFERING.
Sealed and open bids will be received by J. 0. Hendrickson. County
Treasurer, until 2 p. m. on April 17, for a $200,000 issue of annual primary
WOODLAKE UNION HIGH SCHOOL DISTRICT (P. 0. Visalia),
road bonds. Denom. $1,000. Dated May 1 1929. Due $20,000 from Tulare County, Calif.
-BOND OFFERING.
-Sealed bids will be reMay 1 1935 to 1944, incl. Optional after 5 years. Sealed bids will be ceived until 10 a. m. on Apr. 16 by Gladys Stewart. County Clerk, for the
opened after all open bids are in. Purchaser to furnish blank bonds. Chap- Purchase of a $25,000 issue of 5% school bonds. Denom. 31.000 and $500.
man & Cutler of Chicago will approve legality. A certified check for 3% Due $2,500 from Mar. 19 1930 to 1939 incl. Prin. and I.(M & S.)
of the bonds, payable to the county treasurer. is required.
payable in gold at the County Treasurer's office. A certified check for
5%, payable to the Chairman of the Board of Supervisors, is required.
-BOND SALE.
WARREN, Herkimer County, N. Y.
-The $25,000
5% registered highway improvement bonds offered on March 26-V.
WOODVILLE, Sandusky County, Ohio.
-BOND OFFERING.
128, p. 1779
-were awarded to Sherwood & Merrifield, Inc. of New York,
Krueger, Village Clerk, will receive sealed bids until
at a price of 101.0157, a basis of about 4.83%. Bonds are dated April 1 Arthur C.purchase of $7,050 6% special assessment fire fighting12 m. April
15 for the
equipment
1929 and mature $1,000 April 1 1930 to 1954 incl. A bid of 101.0156 was and apparatus bonds. Dated Jan. 15 1929. Due as follows:
$1,000.
submitted by the Manufacturers & Traders-Peoples Trust Co., Buffalo.
July 15 1929: 51.000, Jan. and July 15 1930: $1,500. Jan. 15 1931: $1,000.
July 15 1931, and $1,550 Jan. 15 1932. Interest payable on Jan. and
WARREN TOWNSHIP (P. 0. Warren), Jo Davies* County, 111.
- July 15.
BOND OFFERING.
-Sealed bids will be received by J. L. Graham, Township Clerk, until 3 p. m. April 3 for the purchase of $20.000 road bonds.
WORCESTER, Worcester County, Mass.
-NO
rate of interest not to exceed 6%. Bonds are dated May 1 1929 and mature Shawmut Corp. of Boston was awarded on Mar. 25, anTE SALE -The
issue of $600,000
$2,000 Aug. 1 1930 to 1939 incl. A certified check payable to the order of notes issued in anticipation of revenue, dated March 27 1929 and due on
the Township Clerk for 2% of the bonds offered is required.
Nov. 14 1929, on a discount basis of 5.33%. Denoms. $50.000. 825.000
and $10,000. Notes are payable at the Old Colony Trust Co., Boston or
WASHINGTON COUNTY SCHOOL DISTRICT NO. 18 (P. 0. at the Bankers Trust Co., New York. Legality to be approved by Storey,
Akron), Colo.
-ELECTION SALE.
-A $26,000 issue of5% refunding Thorndike. Palmer & Dodge of Boston. The following bids were also
-PRE
school bonds has been purchased by Heath, Schlessman & Co. of Denver submitted:
subject to an election to be held soon. Duo serially in from 1 to 20 years.
BidderDiscount Basis,
7
Salomon Bros. & Hutzler (Plus $5)
5.390
Worcester County National Bank
WAYANDOTTE COUNTY (P. 0.Kansas City),Kan.-BOND OFFER
5.45%
ING.-Sealed bids will be received until 2 p. m. on April I, by William First National Bank, Boston
5.49%
Beggs. County Clerk, for the purchase of a $51,400 issue of 4;1% coupon S. N. Bond & Co
5.68%
road improvement bonds. Denom. $1,000, one for $100. Dated Jan.
1 1929 and due on Jan. I, as follows: $3,400. 1930: 34,000, 1931 to 1936
YALOBUSHA COUNTY ROAD DISTRICT NO. 4 (P. 0. Water
and 33,000, 1937 to 1914, all incl. Prin. and int. (J. & J.) payable at the
-ADDITIONAL, INFORMATION.
Valley), Miss.
-The $75,000 issue of
office of the State Treasurer in Topeka. Legal approval by Bowersock, road bonds that was purchased by the Commerce Security Co. of Memphis,
Fizzell & Rhodes of Kansas City. A certified check for 2% of the bid, at a price of 103.62-V. 128. p. 3743-bears Interest at 534%. Denom.
payable to the Board of County Comnasiiioners, is required.
31.000. Dated Sept. 1 1928 and due on Sept. 1, as follows: $2,000. 1929
to 1933; $3.000, 1934 to 1948 and $4,000, 1949 to 1953, all Incl. Basis of
WAYNOKA, Woods County, Okla.
-MATURITY.
-The $23.500 about 5.26%. Prin. and int.(M.& S. 1) payable at the County Depository.
issue of 6% improvement bonds that was purchased by the Hanchett Bond Legality approved by Chapman & Cutler of Chicago.
Co. of Chicago (V. 128, p. 598) Is duo on Oct. 1 as follows: $1,500, 1929;
52,000, 1930, and 32.500. 1931 to 1938 incl.
YELL COUNTY SPECIAL SCHOOL DISTRICT NO. 67 (P. 0.
Casa), Ark.
-BOND SALE.
-A $15,000 issue of6% school bonds has been
WEATHERFORD, Custer County, Okla.
-BOND SALE.
-A 339,500 purchased at par by Mr. .1. A. Langlands of Little Rock. Due as follows:
issue of6% street improvement bonds has been purchased by the Hanshett 3500, 1930 to 1937, and $1,000, 1938 to 1948, all inclusive. (This corrects
Bond Co. of Chicago. Denom. $500. Dated Jan. 19 1929. Due $4.000 the report appearing in V. 127. p. 3439.)
on Oct. 1 1928 and 1929 and $4,500 from 1930 to 1936. Prin. and int.
(A. & 0. 1) payable at the office of the City Treaauree. Legality approved
YORK COUNTY SCHOOL DISTRICT NO.37(P.O. Clover), S.C.by Clay, Dillon & Vandewater of Now York.
BOND OFFERING.
-Sealed bids will be received until 11 a. m. April 19
by L. L. Hardin, Chairman of the Board of Trustees, for the purchase of a
WELLSVILLE,Montgomery County, Mo.-ADDITIONAL DETAILS. 350.000 issue of 534 and 6% semi-annual coupon school bonds. Dated April
-The $135,000 issue of waterworks and sewerage system bonds that was 11929. Due in 20 years.
purchased by the Mississippi Valley Trust Co.of St. Louis
-V.128.p.1779
_bears interest at 434% and was awarded at par.
WEST ALLIS, Milwaukee County, Wis.-BOND OFFERING.
-Sealed
bids will be received until 2 p. m. on April 13 by M.C. Henika, City Clerk,
for the purchase of five issues of 43.i% bonds, aggregating $247,066, as follows:
-REVENUE AND EXPENDITURES.
$70.000 school bonds. Due 310,000 from 1943 to 1949 incl. Payable at
CANADA (Dominion of).
the West Allis State Bank of West Allis.
The following dispatch from Ottawa appeared in the "Wall Street Journal"
52,000 water bonds. Due as follows: 32,000. 1940 and 1941: 33,000, of March 26:
1942 and 1943, and 37,000. 1944 to 1949. Payable at the First
"Ordinary revenue of Dominion of Canada for 11 months of the fiscal year
National Bank of West Allis.
ended Feb. 28 totaled $407,938,555, an increase of $32,355.048 over the
police and fire building bonds. Due 55,000 from 1940 to 1949 incl. corresponding 1927-28 period. Ordinary expenditures amounted to 8299,50,000
Payable at the First National Bank of West Allis.
509,095, an increase of 316.000.300. Net debt of Canada as of Feb. 28,
40,000 storm sewer bonds. Due $4,000 from 1940 to 1949 incl. Payable last, totaled 52.206,491,479, a decrease of $64,130,157 from February 28,
at the West Allis State Bank of West Allis.
1928."
CANADA, its Provinces and Municipalities.
2158
[VOL. 128.
FINANCIAL CHRONICLE
DORVAL, Que.—BOND OFFERING.—Sealed bids addressed to
37,440.00 5% macadam and stone gravel street bonds. Due in 5 annual
H. Meloche, Secretary-Treasurer, will be received until 6 p. m. April 3
instalments.
for the purchase of $32,000 5% debentures. Dated Nov. 11928. Denom.
28,387.00 5% water mains bonds. Due in 20 annual instalments.
o
to suit purchaser. Payable in 30 years at Lachine or at any other place
20.000.00 5% school bonds. Due in 20 annual instalments.
the_Council may designate.
17,525.00 5% Douglas Bridge bonds. Due in 15 instalments.
16,635.00 5% Fairlawn Ave. paving bonds. Due in 5 annual instalments.
GRAND MERE, Que,—BIDS REJECTED.—J. W. Deziel, Secretary10,230.90 53. % street improv. bonds. Due in 20 annual instalments.
Treasurer, states that all bids submitted on March 20 for the $400,000 5%
4,820.00 5% 20th Ave. pavement bonds. Due in 10 ann. instalments.
bridge debentures and the $125,000 5% street debentures, both issues
o
4,010.00 5% sidewalk bonds. Due in 15 annual instalments.
aggregating 3525,000, scheduled to have been sold (V. 128, p. 1780), were
4,610.00
% water mains bonds. Due in 30 annual instalments.
rejected. Debentures are dated Nov. 1 1928 and are payable at Montreal,
1.520.005% Bassano Road, pavement bonds. Due in 5 annual InQuebec and Toronto. Alternative bids were asked for 15
-year
-year or 30
stalments.
serial bonds.
1,100.00 5% Brooke St. sidewalk bonds. Due in 15 ann. instalments.
720.00 5% grading bonds. Due in 5 annual instalments.
BOND SALE.—The above bonds were privately awarded on Mar. 25
to the Banque Canadienne Nationale of Montreal. The $300,000 issue
SHERBROOKE, Que.—BOND OFFERING.—A. Des Lauriers, City
brought a price of 97.82 and the $125,000 issue was sold at 97.72.
Clerk, will receive sealed bids until 5 p. m. April 2 for the purchase of
-year serial bonds bearing a coupon rate of 5%,
MONTREAL NORTH, Que.—BOND OFFERING.—The School Com- $372,000 10. 30 and 40
missioners for the Municipality St. Charles, Bas
-du-Salt, will receive sealed dated Nov. 1 1928 and payable at Sherbrooke, Montreal and Quebec.
bids until 8 p. m. April 10 for the purchase of $5,000 534% 20
-year serial
SUDBURY, Ont.—BOND OFFERING—Sealed bids will be received
bonds dated Nov. 1 1928. Bids should be addressed to J. A. Cadieux, by H. It. Grant, Town Treasurer, until 12 in. April 2 for the purchase of
Secretary Treasurer, Montreal North.
$35,025 5% 10
-year bonds and $273,280 5% 20
-year serial bonds, payable
at Sudbury, Toronto and Montreal.
VMOSSBANK, Sask.—BOND OFFERING.—E. Stredwick. Secretary
VANCOUVER, B. C.—DEBENTURES OFFERED.—E, A. Cleveland,
Treasurer, Mossbank, will receive sealed bids until 10 a. m. April 1 for the
purchase of $4,000 Marchmont School District No. 123 debentures, rate of Chairman, Vancouver, received sealed bids until 12 m. March 28 for the
purchase of the following Issues of 434% debentures,aggregating $800,000:
interest not to exceed 7%. Due in 15 years.
$500,000 Greater Vancouver Water District 40
-year gold debentures, payable at Vancouver, Victoria, Winnipeg, Toronto and Montrein.
NORTH YORK TOWNSHIP(P.O. Willowdale), Ont.—BOND SALE.
Of the total amount $200,000 debentures are dated March 1 1928
—The following issues of bonds, aggregating $335,826.90, offered on March
and the balance dated March 1 1929.
18 (V. 128, p. 1780), were awarded to C. H. Burgess & Co. of Toronto at
300,000 Vancouver and Districts Joint Sewerage and Dfainage Board
a price of 95.57. This tender was the only one submitted.
40
-year gold debentures dated March 1 1928, payable at Vancou$100,000.00 5% bonds. Due in 20 annual instalments.
ver , Victoria, Toronto and Montreal, and according to the re88,829.00 5% concrete and macadam street bonds. Due in 10 annual
port, guaranteed by the Province of British Columbia.
Instalments.
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City of Minneapolis
PHILADELPHIA
NOTICE IS HEREBY GIVEN, That on
Wednesday, the 10th day of April, A. D. 1929,
at 10:00 o'clock A. M., the Board of Estimate
and Taxation of the City of Minneapolis, Minnesota, will sell 81,606,558.00 Permanent Improvement Construction Bonds. Said bonds will be
dated May 1, 1929, will be payable $69,558.00
on the first day of May, 1930: $69,000.00 on the
first day of May, 1931, and $69,000.00 on the
first day of May of each and every year thereafter to and including the first day of May.
1934: $67,000.00 on the first day of May, 1935.
and $67,000.00 on the first day of May of each
and every year thereafter to and including the
first day of May, 1944: $66,000.00 on the first
day of May, 1945: 365,000.00 on the first day of
May, 1946, and $65,000.00 on the first day of
May of each and every year thereafter to and
including the first day of May, 1949: $53,000.00
on the first day of May, 1950, and $53,000.00 on
the first day of May of each and every year
thereafter to and including the first day of May,
1954, and will be in denomination of $1,000.00
as nearly as practicable.
Said bonds will bear interest, payable semiannually, at a rate not to exceed five per cent
(5%) per annum, and will be sold for cash to the
bidder offering a bid complying with the terms
of this sale and deemed most favorable, subject
to the provision that the Board of Estimate and
Taxation reserves the right to reject any or all
bids. Bids offering an amount less than par
cannot be accepted.
Each proposal is to be accompanied by a certified check payable to C. A. Bloomquist, City
Treasurer, for an amount equal to 2% of the
amount of the bonds bid for, to be forfeited to
the city in case the purchaser refuses to pay for
the bonds when ready for delivery.
The above bonds are to be issued pursuant to
the provisions of Sections 9 and 10 of Chapter XV.
of the charter of the City of Minneapolis.
The approving opinion of Messrs. Thomson,
Wood & Hoffman, attorneys and counsellors at
law, of New York City, as to legality and validity
of issue, will accompany the bonds.
Further information and forms on which to
submit bids will be furnished on request.
By order of the Board of Estimate and Taxation at a meeting thereof held March 18, 1929.
GEO. M. LINK, Secretary.
343 City Hall.
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