Full text of Commercial and Financial Chronicle : March 8, 1930, Vol. 130, No. 3376

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The
SATURDAY, MARCH 8 1930.

VOL. 130.

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,

The Financial Situation.

/

Declining money rates have now become the order
of the day, and this week the Bank of England has
2
1
/
reduced its discount rate from 4 to 4%,following a
long series of antecedent cuts in rates extending back
to October last, at the time of the panic in the stock
market, when the British bank's discount rate stood
2
1
/
at 6 %. The last previous cut in the Bank of England's rate, prior to that of this week, was on Feb. 6,
2%.
when the rate was marked down from 5% to 4y
But the Bank of England does not stand alone in
this lowering of discount rates. Earlier in the week
—on Monday—the Bank of Italy reduced from 7%
2
1
/
to 6 %. On Thursday, the same day as the Bank of
England, the Bank of the Netherlands reduced from
2
1
/
2
1
/
4% to 3 %,the Bank of Sweden from 4 % to 4%,
/
and the Bank of Denmark from 5% to 41 2%, while
on Friday the Bank of Germany reduced from 6%
/
to 51 2%.
These latest cuts will everywhere be welcomed as
another step in the return to normal conditions at
the financial centers of the world after the complete
dislocation of monetary conditions caused by the
unbridled speculation on our Stock Exchanges which




NO. 3376.

finally culminated in October last. A 4% discount rate
at London is also to be hailed with satisfaction, inasmuch at there is a widespread belief in Great Britain
that a lower bank rate carries distinct advantage in
providing a stimulus to trade, and certainly trade
needs stimulating in Great Britain, and, for that
matter, also in Germany and several other countries, to which now must be added also the United
States, the army of the unemployed in this country
having recently been greatly increased. It may well
be questioned, however, whether in times of business
depression exceedingly low interest rates confer any
benefits or carry any advantage in stimulating trade,
and we notice that in an address delivered before
the Philadelphia Association of Security Salesmen,
George W. Norris, Governor of the Federal Reserve
Bank of Philadelphia, expressed similar doubts.
Mr. Norris said that the value of easy money as a
stimulant to general business was a doubtful remedy.
At all events, low money rates are now here, and
whatever benefits they confer upon trade, if any,
will be sure to accrue.
In this country also there have been the present
week renewed manifestations of declining money
rates. Rates for bankers' acceptances have been
marked down three separate times during the week,
/
18 of 1% on each occasion, and the rate for 90-day
/
2
1
/
bills is now down to 3 % bid and 338% asked. Not
only that, but even the call loan rate on the Stock
2
1
/
Exchange was down to 3 % both yesterday and the
day before, and on no day of the week has the rate
been higher than 4%. All this is a perfectly natural
development. There is nothing strange or mysterious about it. It reflects prevailing conditions in
both the security markets and in the mercantile
world. There is an abundance of credit with little
demand for it, and low rates for it are the inevitable
result. Trade is now rapidly slowing down, and
there is no gainsaying the fact, notwithstanding the
reassuring statements with which the country is
being 60 freely regaled from Washington. This
slowing down, of course, serves still further to curtail the demand for banking accommodation and
cheapens the price at which it is to be obtained.
In that sense, of course, the rapid descent in money
rates is an unfortunate feature, and to be deeply
regretted. It is not a circumstance to be gloated
over, though the Stock Exchange the present week
has made it the occasion for a new speculative outburst at rising prices.
The Bank of England rate having been lowered
2
by another Y of 1%, there has been much talk also
of another cut of the same extent in the rediscount
rates of -our Federal Reserve Banks, or more
especially the Federal Reserve Bank of New York.
This would bring the rediscount rate down to 3 %,
2
1
/
the figure to which it was reduced in the summer of

1518

FINANCIAL CHRONICLE

1927, thereby starting the gigantic speculation on
the Stock Exchange which ended with such disastrous results in the autumn of last year. It will be
recalled that when the Bank of England marked its
rate down by y to 1% on Feb. 6, the New York Re2
serve Bank immediately followed with a corresponding reduction in its own rate, and that doubtless
furnished the basis for this week's talk (and actual
expectations in certain quarters) of a similar cut
in the New York rate on the present occasion.
The directors of the New York Reserve Bank, at
their meeting Thursday afternoon, wisely decided
not to make any change in their own rate, and are
to be commended for so doing. There is no reason
why our Reserve Banks should always trail behind
the Bank of England, and no valid reason why a difference of Y of 1%, or even a full 1% as was the
2
case not so long ago, should be maintained in favor
or against the Bank of England (whichever way the
difference is regarded). Nor is there any reason why
the Bank of England's policy as regards rate-making
should control American rate-making policy. Great
Britain has conditions of its own, and so has the
United States. The thing most to be guarded
against in this country is the speculative use of funds
in stock market inflation, which in the end spells
disaster, not alone to the speculators, but also involves the industrial and mercantile world in
trouble, as the country is now being made so
painfully aware, in the after effects of last
autumn's collapse from which the country is now
suffering.
It would be the height of folly to repeat the mistake of 1927, and this has reference not alone to
fixing inordinately low rediscount rates on the part
of the Reserve Banks, but also to the forcing of
unneeded Reserve credit into use. The situation
to-day is much like what it was when the Reserve
Banks embarked upon their easy money policy in
1927. The member banks are rapidly paying off
their indebtedness to the Reserve Banks,for the twofold reason that they have no need of borrowing at a
time when their own resources are ample for all
requirements and also because there is no profit in
borrowing when interest rates are so low. That is
the state of things to-day, and that was the situation
in 1927. But in 1927, when the member banks refused to extend their borrowings, the Reserve institutions undertook to make borrowing attractive by
reducing their rediscount rates to 31 2%. The bait
/
did not work. The member banks held aloof. Then
the Reserve Banks proceeded to force Reserve credit
into use by adding to their holdings of acceptances
and by enormously increasing their holdings of
United States Government securities.
They are not repeating that mistake on the present
occasion if their action of recent weeks can be
accepted as an indication of the policy now being
pursued. This week's return of the Federal Reserve
Banks is illuminating in that respect. Member bank
borrowing during the week, as evidenced by the
volume of bills discounted, was further reduced
from a total of $324,781,000 to $308,616,000, but
the Reserve Banks have not undertaken to offset
this by enlarging their security holdings through
open market operations. Their holdings of United
States Government securities are a little larger,
standing at $486,145,000 as against $482,755,000 last
week. On the other hand, they have reduced their
holdings of acceptances, which the present week are




[VoL. 130.

reported at $271,202,000 as against $299,306,000 last
week. The result altogether is that total bill and
security holdings the present week stand at $1,078,193,000 as against $1,138,522,000 a week ago, and
$1,467,030,000 a year ago on Mar. 6. These figures
have reference to the Reserve System as a whole—
that is, for the 12 Reserve Banks combined.
For the New York Reserve Bank by itself the
figures are even more impressive in that regard.
Borrowing of the member banks at the New York
institution has been further reduced during the week
in amount of $18,725,000, and the total of the borrowing as represented by the discount holdings is
now down to $39,679,000 as against $270,610,000 a
year ago on Mar.6 1929. We might add that for the
12 Reserve Banks combined the discounts holdings
now at $308,616,000 compare with no less than $989,172,000 a year ago on Mar. 6. But though the New
York Reserve Bank sustained a reduction of $18,725,000 in its discount holdings the present week as
a result of the further curtailment of member bank
borrowing, bill holdings were not increased, but instead were reduced in amount of $11,747,000, while
holdings of Government securities were only slightly
larger, with the result that total bill and security
holdings of the New York Reserve Bank (reflecting
the amount of Reserve credit out) are only $337,354,000 against $365,148,000 a week ago.
All this is important as bearing upon Reserve
policy at the present time, when the situation is so
closely analogous to that of 1927. Credit is in overabundance, as is evidenced by the course of money
rates. At such a time the flow of Reserve credit
should be controlled by member bank borrowing.
Reserve credit is super credit, imposed upon ordinary bank credit, and should at all times be sparingly used. Reserve credit also constitutes the
entire reserves of the member banks, and that affords
an additional reason for restricting its actual use by
confining it to member bank borrowing and not
thrusting it out when member banks have no legitimate use for it. That is even more important than
that the rediscount rate should not be reduced to
inordinately low figures, thereby inducing the member banks to borrow at the Reserve institutions when
they have no genuine occasion for so doing. It is,
therefore, gratifying to find that the Reserve authorities are now letting the curtailment of member bank
borrowing exert its proper influence in cutting
down the volume of Reserve credit outstanding.
The performances of the Federal Farm Board,
which is engaged in assisting the agricultural world
in quite a different way from that in which the
Federal Reserve Banks are assisting the financial
world, are becoming increasingly disturbing and
should be carefully watched. The Farm Board
keeps shifting its policy from week to week, and it
might almost be said from day to ddy, and protests
against its course are coming from every quarter.
It is engaged in regulating price, which, it has
already become apparent, involves the regulating of
production, which in turn means telling producers
of the soil what to do and what not to do. This is
one of the most perilous feats ever undertaken. Mistakes in such circumstances are natural, and, in fact,
are inevitable, but should be frankly admitted and
pointed out and not glossed over. For nearly six
months the Farm Board has been engaged in "stabilizing" wheat and cotton prices, and the more stabil-

MAL 81930.]

FINANCIAL CHRONICLE

1519

izing it does the less stable the prices become. Last loans failed to stem the tide of selling, and stocks
October it prescribed a schedule of prices for wheat of grain were piling up in this country more drastic
and cotton, up to which it was willing to make loans measures became necessary. That is why the Farm
through farm co-operatives, so as to finance farmers Board created the Stabilization Corporation, to be
in withholding their wheat from market, thereby able to go the limit if necessary to save the situapreventing the sale of such.products from operating tion." Now that the emergency is largely passed
to depress prices, and the Board has held undeviat- the time has come,it was stated, to consider a policy
ingly to such prices, though market prices have that will hold "for the long pull ahead." The Secresharply declined; and in the case of wheat such tary said, however, there appeared to be other phases
loan figures are now 8 to 15c. a bushel higher than of the matter, and some of the dispatches say, he
the actual market price, which keeps steadily de- added, that "What brought this order into the grain
clining notwithstanding the Board's most strenuous industry under the Board's arbitrary loan price was
the widespread practice of traders in buying at the
efforts to prevent it.
At first the Board confined itself to making simply cash grain price in the cities and shipping the grain
loans, professing indifference to the course of market back into the country, there to be sold to the Farm
values, which in the end they thought would have Board, often at a profit of 8 to 10c. a bushel." But
to conform to their ideas of what they should be. the climax as to what the Board was doing and conWhen that did not suffice, they took the next step templated doing came on Thursday.
and engaged in actual buying of wheat, through
The Farm Board announced in effect that it was
organizations especially created for the purpose. ready to buy all the wheat in sight. A Washington
For a time the Board undertook to buy solely from dispatch to the New York "Times" said: "Chairman
the co-operatives, paying these operatives the loaning Legge denied that the future operations of the Board
price. When that failed to make any impression would have the aspects of an attempt to corner the
upon the course of values, they bought in the market market, but it is understood that the Board is preitself. As a result, for a time the Board had two pared to take control of up to 150,000,000 bushels
sets of prices, one for the co-operatives and another of wheat in its campaign to stabilize the market.
for the market, the two at wide variance, thereby The visible supply is estimated to be 162,000,000
setting the whole trade by the ears. Now, as a final bushels. The Board now controls in excess of
step, the Board announces its purpose to pay only 25,000,000 bushels through the Grain Stabilization
the market price and to buy from everybody without Corporation, the agency through which its market
operations have been conducted."
discrimination or distinction.
Last week, when the market tumbled so badly, the
In making its formal announcement, the Board
March option for wheat dropping below a dollar a denied that its recent activities took on the aspect
bushel, the Board, through its agencies, began buy- of speculation. It said:
ing right and left, even dealing in future options, and
"The Grain Stabilization Corporation will conprices as a result bounded upward with such energy tinue buying wheat in the market and remove from
that it seemed as if the Board had finally achieved the market whatever additional quantity may be
success. But this week prices have again been necessary to relieve the pressure and prevent any
plunging downward, though the low extreme of last considerable decline in wheat prices. The Farm
week has not again been reached, and apparently Board is prepared to advance to this farmers' orthe Board finds itself in the same predicament as ganization whatever funds are necessary for that
before, the March option on Thursday selling down purpose. The Stabilization Corporation is being
to $1.0478 against the low of 983% reached last week. accused of speculating in the grain market. There
/
By the way, cotton also has taken a new downward is no foundation in fact for such statement. The
plunge the present week, dropping lower even than Stabilization Corporation is prepared and expects
last week, spot cotton in New York having sold yes- to take delivery of all grain purchased on futures
terday at only 14.15c. against the low of 14.90c. re- contracts and merchandise it as the market concorded on Monday of last week; in other words, ditions will permit."
cotton is now down well below 15c. a pound.
It was further reported, the "Times" dispatch said,
The Farm Board's new policy regarding the buy- that the Stabilization Corporation is prepared to
ing of wheat was announced at Chicago on Saturday hold millions of bushels of wheat off the market,
of last week and came from Alexander Legge, Chair- even after the new crop is marketed next summer, to
man of the Board, after what is said to have been a permit the corporation to avoid losses and possibly
secret conference between Secretary of Agriculture realize a profit from its operations. The financing
Hyde, members of the Farm Board, and officers of of the buying of 150,000,000 bushels, the limit set by
the Grain Stabilization Corporation, and the Farm- the Board, it was stated, would require about $165,ers' National Grain Corporation. The statement 000,000. The board already has loaned or obligated
was to the effect that the Farm Board had discon- slightly less than $75,000,000 of the $150,000,000 so
tinued purchases of wheat on an arbitrary loan far appropriated for it by Congress. The Board,
basis. The announcement said that "On account of however, has assurances from Congressional leaders,
impending congestion of grain on many terminal it was averred, that ample additional funds will be
markets and the at least measurable passing of the forthcoming, if required.
emergency in grain prices we will discontinue buyThe character of this week's Federal Reserve stateing grain on the arbitrary loan price basis which
was established last October. The Farmers' Na- ments has already been indicated in what has been
tional Grain Corporation will continue to make loans said above. Brokers' loans have increased during
to co-operatives on the present crop, however, until the week in amount of almost $100,000,000, the exact
addition for the week having been $94,000,000. Loans
July 1."
Secretary of Agriculture Hyde was more explicit, by the reporting member banks for their own account
being quoted as having said "that when Farm Board increased from $953,000,000 to $1,006,000,000 loans




1520

FINANCIAL CHRONICLE

for account of out-of-town banks increased from
$980,000,000 to $1,022,000,000, while loans "for account of others" are slightly lower at $1,545,000,000
against $1,556,000,000.
Member bank borrowing at the Reserve institutions was further reduced from $342,781,000 to $308,616,000, at which figure comparison is with no less
than $989,172,000 a year ago on Mar. 6 1929. The
holdings of acceptances have also been reduced during the week, falling from $299,306,000 to $271,202,000, while holdings of United States Government
securities are slightly higher at $486,145,000 against
$182,755,000. The result is that total bill and
security holdings are only $1,078,193,000 the present
week as against $1,138,522,000 a week ago, showing
a reduction in the amount of Reserve credit outstanding of $60,329,000. Federal Reserve notes in
circulation increased from $1,637,094,000 to $1,641,426,000, while gold reserves moved up from $2,898,631,000 to $2,995,523,000.
Insolvencies in the United States during February
maintained practically the same high level as in
January. Some reduction in number was to be expected, because of the shorter month; and, also,
owing to the fact that in the opening month of the
year commercial defaults are practically in every
year more numerous than for any other month. In
respect to the latter, the return for the month just
closed is slightly less favorable than that for the
corresponding month in each of the three preceding
years. February indebtedness, too, continued heavy,
relatively a little above the high total for January.
The records of R. G. Dun & 0o., on which these comments are based, show 2,262 commercial failures in
February involving $51,326,365 of liabilities. For
January there were 2,759 similar defaults for $61,185,171, the number being the highest of any month
on record, while in February of last year 1,965 failures occurred for $34,035,772 of indebtedness. Defaults in January exceeded those of the corresponding month last year by 8.8%, while the increase in
February over a year ago is 15%. Only in February
1922 was the number of insolvencies higher for that
month than for this year, while the liabilities then
amounted to $72,608,000.
The increase for February this year over a year
ago applies to all three classes into which the return
is separated. There were 526 manufacturing defaults last month involving $20,723,948 of indebtedness; 1,605 trading failures for $20,908,939, and 131
in the division embracing agents and brokers owing
$9,693,438. A similar separation for February 1929
shows 478 manufacturing defaults for $11,890,514;
1,378 trading failures involving $17,890,726, and 109
in the third division owing $4,254,532. For manufacturing lines, the lumber and building class show
quite an increase both in number and indebtedness.
Several small failures are reported for the textile
divisions, and a few more defaults occurred last
month in chemicals; for the class embracing printing
and engraving, and for the leather section, the latter
including shoes. On the other hand, a reduction
appears in number of defaults in clothing manufacturing, and for bakers, although as to both of these
classes liabilities are much heavier than a year ago.
In the division covering machinery and tools, the
number of insolvencies last month was the same as a
year ago, but the amount owing was considerably
higher this year.




[Vol,. 130.

In the trading section eight of the 14 separate
classifications show a larger number of defaults last
month than occurred a year ago, while only four
report an increase in liabilities this year, and for
only one of the four, the clothing section, is this
increase of much consequence. A notable feature
for the.trading class is the reduction in insolvencies
for the large grocery division, both in number and
liabilities; for this division a decrease has appeared
for several months in the recent reports. There are
also fewer defaults among general stores, as well
as for hotels and restaurants. For these three sections, failures in the past have been quite heavy.
Reductions are also shown last month in the furniture division, the hardware section, and for books
and stationery. On the other hand, a large increase
appears for the clothing division, while more failures
are reported for last month among dealers in dry
goods, as well as for shoes, in the drug line, for
jewelers, and for furs and hats.
The heavy indebtedness reported for February
naturally reflects an increase in the number of the
larger defaults. There were in all last month 65
failures for which the liabilities in each instance
amounted to $100,000 or more, the total for the
latter being $25,596,445. For the corresponding
month of last year there were in all 53 similar defaults owing $11,887,374. Both in the manufacturing division and for that embracing agents and
brokers, the return for last month, as to the large
failures, was quite unsatisfactory. Thus for the
former there were 31 such defaults involving $13,404,779, while for agents and brokers the number
of the large failures was 18, with total liabilities
of $7,590,086. The increase in both of these classes
over a year ago was very heavy. On the other hand,
there is a decrease in February this year for the
larger defaults in the trading section, the number
being 16 and the indebtedness $4,241,580.
The stock market this week displayed more or
less irregularity in the early part, but with
many advances and a firm upward trend, and on
Thursday showed positive buoyancy on the announcement that the Bank of England had reduced
its rate of discount from 412% to 4%. It was ex/
pected that this would be followed by a like reduction by the Federal Reserve Bank of New York.
This expectation was not fulfilled, but, entirely
apart from that, pronounced ease in money developed
at New York, the call loan rate dropping on both
/
1
2
Thursday and Friday to 3 %,and at no time during
the week having been higher than 4%, besides which,
as already noted above, rates for bankers' acceptances were reduced three separate times during the
week. On Friday some disappointment was felt over
the fact that the Federal Reserve Bank of New York
had failed to lower its rediscount rate, in harmony
with the reduction made by the Bank of England,
and this brought realizing sales at the opening, but
in the afternoon the upward movement was resumed
under the influence of continued ease in money. Accounts regarding the condition of general trade have
been decidedly less hopeful, but this was ignored,
and the traders who apparently are engineering the
upward movement encountered no obstacle from
other directions.
Trading has been of good sized proportions. At
the half-day session on Saturday the dealings on the
New York Stock Exchange aggregated 1,806,700

MAR.8 1930.]

FINANCIAL CHRONICLE

1521

shares; on Monday the sales were 3,634,260 shares; against 12278; Union Pacific at 225% against 225;
7
on Tuesday, 3,455,676 shares; on Wednesday, Southern Pacific at 121% against 123; Missouri Pa3,715,090 shares; on Thursday, 3,349,640 shares, and cific at 96 against 91; St. Louis-San Francisco at
on Friday, 3,634,764 shares. On the New York Curb 111% against 109 bid; Missouri-Kansas-Texas at
Exchange the sales last Saturday were 591,200shares; 54% against 53%;Rock Island at 118 ex-div. against
on Monday, 892,000 shares; on Tuesday, 1,087,300 1201
%; Great Northern at 9778 against 98, and
/
shares; on Wednesday, 1,258,500 shares; on Thurs- Northern Pacific at 91% bid against 93%.
day, 785,400 shares, and on Friday, 866,500 shares.
The oil shares are higher, notwithstanding last
Prices are not greatly changed from a week ago, week's cut in oils and gasoline. Standard Oil of
notwithstanding the upturn on Thursday. Amer- N. J. closed yesterday at 62% against 5834 on Fri/
ican Can closed yesterday at 142 against 142% on day of last week; Simms Petroleum at 25% against
Friday of last week; United States Industrial Alco- 23% bid; Skelly Oil at 30% against 29%; Atlantic
hol at 12018 against 11834; Commercial Solvents at Refining at 433 against 38%; Texas Corp. at 52%
/
/
/
4
34 against 311 2; Corn Products at 95% against 95; ex-div. against 52%; Pan American B at 52%
/
Shattuck & Co. at 46 against 44; Columbia Grapho- against 52%; Phillips Petroleum at 35 against 317/8;
phone at 29% against 2914; Brooklyn Union Gas at -Richfield Oil at 24% against 24; Standard Oil of
/
1711 2 against 17514; North American at 117% N. Y. at 32% against 32%, and Pure Oil at 22%
/
/
against 11614; American Water Works at 10634 against 22.
/
/
against 111; Electric Power & Light at 7034 against
/
The copper shares are irregularly changed. Ana67; Pacific Gas & Elec. at 64-/ against 62%; Stand- conda Copper closed yesterday at 75% against 75 on
18
ard Gas & Elec. at 1181 8 against 12214; Consolidated Friday of last week; Kennecott Copper at 59%
/
/
Gas of N.Y.at 12058 against 11934; Columbia Gas & against 577/8; Calumet & Hecla at 29% against 29%;
/
/
Elec. at 92% against 921s; Public Service of N. J. Andes Copper at 32% against 32% bid; Inspiration
/
at 96 against 9734; International Harvester at 9414 Copper at 29% against 29%; Calumet & Arizona at
/
/
against 9318; Sears, Roebuck & Co. at 911 against 80% ex-div. against 77%; Granby Consolidated Cop/
%
90%; Montgomery Ward & Co. at 46% against 44/8; per at 57 against 5738; American Smelting & Refin/
Woolworth at 65 against 65; Safeway Stores at ing at 761 8 against 73%, and U. S. Smelting & Re/
1051 4 against 99%; Western Union Telegraph at fining at 301 4 against 3318
/
/
.
/
215 against 21634; Amer. Tel. & Tel. at 23934 against
/
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240%,and Int. Tel. &•Tel. at 68% against 6834
/
.
Stock exchanges in the important European
Allied Chemical & Dye closed at 268 against 267 financial centers responded variously to the more
on Friday of last week; Davison Chemical at 3878 significant developments of the current week, such
/
against 38;• E. I. du Pont de Nemours at 128y as the lowering of the Bank of England discount
2
against 1271 Radio Corp. at 50 against 48%; Gen- rate and the formation of a Cabinet in France. The
%;
eral Electric at 78% ex-div. against 761 8; National London Stock Exchange registered progressive im/
Cash Register at 76 against 74%; Fox Film A at provement with prices marked upward throughout
34% against 33%; International Combustion Engi- the list on the news of the decline in the bank rate
neering at 7% against 7/; International Nickel at Thursday from 4% to 4%. French and German ex3
4
4114 against 391 A. M. Byers at 90% against 85; changes, on the other hand, were irregular and very
/
%;
Timken Roller Bearing at 77% against 76%; War- little progress was made. The Paris Bourse
ner Bros. Pictures at 70Y8 against 671
%; Mack strengthened appreciably when the new Tardieu
Trucks at 83% against 81%; Yellow Truck & Coach Government received a vote of confidence, but this
at 2118 against 19%; JohnsManville at 142 against advance was short-lived. All markets in Europe con/
13778; National Dairy Products at 50% against tinued to show the effects of the uncertain industrial
/
50%; National Bellas Hess at 12 against 113%; situation and the mounting unemployment figures.
Associated Dry Goods at 42 against 37/ Lambert & J. H. Thomas, one of the leaders of the Labor Party,
8;
Co. at 1063 against 10734; Texas Gulf Sulphur at blames the falling price level for the large increase
4
/
61% against 63, and Roister Radio at 234 against 3. in unemployment in England in recent months.
/
The steel shares are irregularly changed. United Alarmingly large totals also are reported from GerStates Steel closed yesterday at 18234 against 183% many and Austria, where the situation is attributed
/
on Friday of last week; Bethlehem Steel at 1033% in part to abnormally cold weather. Money rates
against 100%, and Republic Iron & Steel at 77 continue to decline, however, in all centers and some
against 7578 The motor stocks show relatively comfort is gained from this development.
/.
small changes. General Motors closed yesterday at
The London Stock Exchange was subdued in the
%
4278 against 431 on Friday of last week; Nash opening session of the week, only a few of the inter/
Motors at V% against 51%; Chrysler at 38% national issues showing any brighter tendency.
against 39; Packard Motors at 20 against 19; Hud- Business was small in all sections of the list, while
son Motor Car at 56% against 55%, and Hupp prices were inclined to softness. The dull tone was
Motors at 21% against 2134 The rubber group is attributed in part to the poor reception by the Lon.
/
higher. Goodyear Rubber & Tire closed yesterday don market of a series of bond flotations, underat 8678 against 81% on Friday of last week; B. F. writers having to take up 82% of a t'hell Transport
/
Goodrich at 481 8 against 4734; United States Rub- Company issue, 77% of a Nigerian Government loan,
/
/
ber at 27% against 27, and the preferred at 54 and 80% of a City of Hull Corporation loan. The
against 51%.
market was again dull Tuesday, with few active
Railroad stocks show no great change. Pennsyl- spots. Shipping shares moved upward a little, but
vania RR. closed yesterday at 82% against 82% on British industrials, oil stocks and rubber issues lost
Friday at last week; New York Central at 184% ground, while the gilt-edged list was barely steady.
against 183%; Erie RR. at 5918 against 59; Del. & General improvement took place Wednesday, partly
/
Hudson at 173 bid against 170; Baltimore & Ohio at as a result of the clearer international political air
11734 against 115%; New Haven at 12134 ex-div. that followed the approval of the Tardieu regime in
/
/




1522

FINANCIAL CHRONICLE

Paris. British funds moved upward on growing expectation of a rate cut announcement and other' departments also improved. The trading was the best
in several weeks. Announcement of the bank rate
reduction Thursday was greeted on the London Stock
Exchange with cheers, as the action is expected to
aid British trade. Although no great improvement
in business occurred on the Exchange, prices were
firm in all sections and some smart advances were
recorded. The gilt-edged section anticipated the rate
cut and prices advanced early in the session. The
upward movement was resumed yesterday, with giltedged securities and British industrials leading the
advance.
Sessions of the Paris Bourse were curtailed this
week, owing to the Mardi Gras holiday Tuesday.
Prices were firm at the opening Monday,but the tone
soon weakened under the influence of a sharp drop
in Rio Tinto and further declines in Turkish securities. The entire list receded and selling continued
unchecked until just before the close. The Curb
Market also was very heavy in this session, chiefly
because of a collapse in Russian securities which are
soon to be stricken from the list. An appreciable
strengthening of the price trend took place Wednesday, when trading was resumed after the Mardi Gras
suspension. Buying began on a small scale early
in the session, and it gained momentum later so that
the entire list progressed. The confidence was due
in great part to realization that the political situation had been solved satisfactorily. Notwithstanding the success of the Tardieu Ministry late the previous day, trading was hesitant at the opening
Thursday and a lower level of prices was soon established throughout the list. A pronounced selling
movement in Bank of France shares and in Rio Tinto
precipitated the general decline. Little notice was
taken of the bank rate reduction in London. Price
changes on the Bourse yesterday were irregular.
The Berlin Boerse was irregular at the opening
Monday, with prices of most issues down somewhat
from previous levels. This tendency was reversed,
however, as the session progressed, and almost all
the early losses were regained. A weak tone prevailed throughout the list in Tuesday's session with
the selling attributed mainly to professional circles.
The general decline was confined within a small
margin, only a few issues showing larger losses.
Continued unsettlement in the internal political
situation also prompted some selling. Agreement by
the German Cabinet on a political course occasioned
a little more confidence on the Boerse Wednesday
and the tone improved. The volume of trading remained small and price changes also were unimportant. Interest subsided toward the close of the
day and the highest quotations were not maintained.
Selling was again resumed Thursday and the list
turned decidedly weak. Professional selling in a
few issues upset the entire market and the downward
movement was continued throughout the day, with
the exception of a brief interruption when the announcement of the reduction of the London Bank
rate was made. The close was dull and without
signs of recovery. Conflicting influences caused
sharp downward and upward movements on the
Boerse yesterday. The resignation of Dr. Schacht
as President of the Reichsbank was followed by a
sharp decline, but the reduction in the Reichsbank
rate caused recovery later.




[VOL. 130.

Resumption of full negotiations at the five-power
naval disarmament conference in London was
made possible yesterday by the return to London of
the reconstituted French delegation. The interruption of the conference occasioned by the fall of the
Tardieu Ministry in Paris on February 17 was thus
brought to an end, and the gathering was able to
resume much where it left off, since the present
French representation is substantially the same as
that of the earlier weeks of the meeting. The only
change made consists of the substitution of Jacques
Louis Dumesnil, Minister of Marine in M. Tardieu's
present Cabinet, for Georges Leygues, who acted in
that capacity in the previous Ministry. Foreign
Minister Aristide Briand, however, is likely to have
a greater voice in the direction of the French negotiations, as Premier Tardieu is to proceed to London
only for week-ends instead of spending most of his
time at the conference as formerly. The vote of CORfidence received by Premier Tardieu after making
his Ministerial declaration was unusually favorable,
and it is not believed that any further interruption
of the conference will be occasioned by political difficulties of the French Cabinet. M. Briand headed
the French delegation, which arrived in London late
Thursday.
Private negotiations were continued among the
British, American, Japanese and Italian delegations
this week before the return of the French, but no
definite decisions were made. Consultations of considerable moment were held by the American and
Japanese representatives regarding the Japanese
demand for a 70% ratio of the American strength
in 10,000 ton cruisers armed with eight-inch guns.
No official announcement was made on these discussions, but it was understood that little progress
was made toward reconciling the Japanese and
American viewpoints. Conjecture among the remaining delegations and among the accredited press
representatives in London turned largely to the
probable attitude of the French negotiators on their
demand for a navy of 724,000 tons by 1936 and their
suggestions for security pacts. Political accords
which would enable the French to reduce their requirements were avidly discussed in informal circles,
although it is understood that no direct proposals
along this line have yet been made. The French were
said to have in mind, however, some declaration by
the American Government that a consultation of
the powers would take place if the provisions of
the Kellogg-Briand treaty were threatened. A
Mediterranean accord of non-aggression and mutual
assistance among interested naval powers also was
suggested.
A stir was caused among the American delegates
last Sunday by a cabled appeal, signed by 1,200
American men and women, urging reduction and
not mere limitation of armaments at the conference.
The appeal recalled President Hoover's Armistice
Day speech in which he said: "We will reduce our
naval strength in proportion to any other. Having
said that it only remains for others to say how low
they will go. It cannot be too low for us." In reply
to these representations, Secretary of State Stimson
issued a statement Wednesday to the effect that
the prospects of the naval conference indicated a
net reduction of 200,000 tons in the American fleet,
built, building and appropriated for, but exclusive
of airplane carriers. It was expressly noted that
the indicated reduction is dependent upon reduction

MAR.8 1930.]

FINANCIAL CHRONICLE

in the fleets of other powers. "There seems to be
an impression," Mr. Stimson said, "that the work
of the American delegation at this conference is
likely to result in an increase instead of a reduction
in the tonnage of the navies of the world. The surest
way to answer that is to give such results as seem
to be within reach up to date. The plan which in its
essentials appears to be acceptable to America and
Great Britain provides for a net reduction in the
tonnage of the American fleet, in capital ships,
cruisers, destroyers and submarines, built, building
or appropriated for, of over 200,000 tons and an even
larger reduction on the part of the British fleet. If
vessels authorized, but not commenced, were included in existing fleets, the amount of reduction
would be much greater. Of course, these reductions
are contingent upon some reduction being made in
the fleets of other powers." The calculation by Secretary Stimson, dispatches made clear, was on the
basis of the fleet as it would have existed five or six
years hence had there been no London Conference.
British naval estimates for 1930, made public
Thursday, show a net total of £51,739,000, against
£55,865,000 for 1929, or a reduction of £4,126,000.
The prospect of early parliamentary action by the
interested governments on the new Young Plan of
German reparations payments is held out by favorable reports of German Reichstag committees on the
Young Plan protocol, the German-American debt
agreement and various liquidation treaties. All
agreements signed at The Hague were accepted by
the committees, clearing the way for consideration
of the necessary legislation by the Reichstag. This
body, accordingly, convened Thursday after a week's
recess and the second reading of the Young Plan
and the debt agreements was begun. A final vote
is likely to be reached early next week, and it is confidently assumed that the result will be favorable.
Acceptance of the plan and the related treaties by
the German Parliament will be followed by consideration of the legislation in the Parliaments of
France, Britain, Italy and other creditor governments. Action in every case i's likely to be both
speedy and favorable, as no opposition has been
manifested against the plan in any creditor country.
With final approval of the plan thus pending,
arrangements have been completed this week for
American participation through private banking
houses in the Bank for International Settlements,
which is to act as a clearing house for the reparations
payments. Giovanni Fummi, representative in
Rome of J. P. Morgan & Co., signed the constitutive
document of the new institution Tuesday in the
name of J. P. Morgan & Co., the First National Bank
of New York and the First National Bank of
Chicago. Through this action these institutions
agreed to join with the central banks of England,
France, Germany, Italy, Belgium and Japan in
guaranteeing in equal parts the subscription of the
authorized capital of $100,000,000 of the new bank.
The separate agreement negotiated late last year
between the United States and Germany for the
direct settlement of reparations due this country
was sent to Congress Wednesday by President
Hoover with a brief accompanying message in which
the President approved a report by Secretary Mellon
outlining the plan. Mr. Hoover recommended the
enactment of the necessary legislation authorizing
the agreement. The plan includes a reduction of




1523

10% in the army of occupation costs, as provided
in the Young Plan. Under the new agreement an
annuity of 40,800,000 Reichsmarks is to be paid
for 52 years to satisfy Mixed Claims Commission
awards, while 25,300,000 is to be paid for 37 years to
cover the costs of the American Army of Occupation.
Secretary Mellon stated in his report that the execution of the agreement is conditional upon the coming into operation of the Young Plan. It will, moreover, be retroactive to Sept. 1 1929. Pertinent comments on the need for a separate agreement were
made by Mr. Mellon as follows: "Both the Secretary of State and I have felt that the position steadfastly adhered to by our Government was a sound
one and that there was no justification at this late
date for involving our country in the responsibilities
of collecting and distributing reparations payments,
which adoption of the Young Plan would necessitate.
Very obviously we could not avail ourselves of the
machinery provided for by the Young Plan and at
the same time refuse to accept any of the responsibilities."
An official communication announcing the resignation of Dr. Hjalmar Schacht as President of the
Reichsbank was issued by the Executive Board of
that institution yesterday, causing excitement in
Berlin financial circles and some perturbation in
other European centers as well. Dr. Schacht has
made clear in no uncertain terms his dissatisfaction
with changes effected in the Young plan by the conference of governments at The Hague. He threatened in January, while the conference was in progress, to withhold participation of the Reichsbank
in the new Bank for International Settlements, but
he was made to abandon this position. The announcement now made of the "steps to terminate
prematurely his contract for service to the bank"
indicates that the reasons for this action "rest in his
divergent views of the final Hague protocol." He
will remain in office until a successor has been
named. The office of the President of the Reichsbank is a semi-political one of great power and prestige in Germany. Dr. Schacht was appointed to the
post in 1923 for a 10-year period, and he has thus
served seven years of the prescribed period. Statements have frequently been made that he aspires to
the Chancellorship and eventually to the Presidency
of the German Republic, giving a decided political
tinge to his opposition to the reported changes in
the Young plan. A Berlin dispatch to the Associated Press reports Dr. Schacht as saying: "My
decision to retire from the Reichsbank is final and
irrevocable." He remarked, in addition, that he
could not undertake to do in his official position the
things demanded of the Reichsbank President under
The Hague protocol. His act, he said, had nothing
to do with politics.
Political difficulties in France have been solved
for the time being by the formation of another
Cabinet by the Conservative leader, Andre Tardieu.
The first Ministry formed by Premier Tardieu fell
on February 17, after only a few months in office,
all parties of the Left in the Chamber of Deputies
combining to defeat him on a financial issue of
relatively little importance. One of the main reasons
for the Cabinet crisis, observers pointed out, was the
fact that M. Tardieu had spent almost all his time
since he became Premier at The Hague or at Lon-

1524

FINANCIAL CHRONICLE

don to attend the series of important international
conferences on the Young Plan and on naval limitation, leaving the conduct of political affairs in
Franco to his lieutenants. The adverse vote on
February 17, which turned his first Cabinet out of
office was taken in the absence of the Premier. M.
Tardieu, it is now indicated, will henceforth devote
much less time to international conferences and
more to party affairs at home. The task of forming
a new government was accepted by M. Tardieu
February 26, after the defeat in the Chamber of
the radical leader, Camille Chautemps, who formed a
short-lived Ministry on February 21. Party negotiations were conducted with exceptional care among
the dozen groups in the Chamber, and the Premier
was able to announce a Ministry last Sunday which,
he felt, would secure the support of a sufficient number of Deputies. Anxiety over the continued French
Cabinet crisis had been growing, in the meantime,
not only in France, but also in all the countries
represented at the current naval conference in London, since these negotiations were halted pending
the return of the French delegation.
One of the stormiest debates witnessed in the
French Chamber in recent years occurred Wednesday when Premier Tardieu read his Ministerial
declaration and asked for a vote of confidence. Party
feeling ran high and tumult reigned in the Chamber
when the session began. Radical Deputies cheered
their own party members vociferously, preventing
the Premier from making himself heard, and M.
Bouisson, the President of the Chamber, had to suspend the sitting twice before order and silence could
be restored. The reading of the declaration would
ordinarily have taken ten minutes, but it was nearly
an hour before M. Tardieu finished his address. The
declaration, confined almost entirely to fiscal
measures, resembled in all important aspects the
policies previously laid down by the Premier. The
Government called for early passage of the budget
and proposed reforms of the whole fiscal system.
Passage was urged of the much debated national
assurance act and of a bill for broad political amnesty, while proposed tax reductions are more extensive than formerly. When a vote was finally
taken, it resulted much more favorably than was
expected. M. Tardieu received a vote of confidence
by a majority of 53, the favorable ballots totaling
316, while 263 Deputies voted against the new Government. The most important Cabinet changes
resulting from the political crisis were effected in
the Ministries of Finance and Marine, Paul Reynaud replacing Henri Cheron in the former, while
Jacques Louis Dumesnil was given the Marine portfolio in place of Georges Leygues. A further development of unusual interest was the appointment by
Premier Tardieu of an Under-Secretary for "Tourism," largely as the result of a decline in the number
of American visitors to France. The list of fully
accredited Ministers in the new Cabinet follows:
Premier and Interior, Andre Tardleu
Foreign Affairs, Aristide Briand
Justice, Raoul Peret .
War, Andre Maginot
Marine, J. L. Dumesnil
Finance, Paul Reynaud
Budget, Germain Martin
Public Instruction, Pierre Marraud
Colonies, Francois Pietel

Commerce, Pierre-Etienne Flandin
Agriculture, Fernand David
Posts and Telegraphs, Andre Mallarme
Air, Laurenteynac
Pensions, Champetier de Ribes

W

l Rn
e rui er c
°
1
t 11
rgatIr .trae,r ; oilin
i "
Labor, Pierre Laval

Although political difficulties have thus been overcome, France has had to face this week a serious
national disaster resulting from floods which swept
•over the Southern and Central parts of the country.
'Continued rains swelled the rivers Tarn, Lot, Ga-




[VOL. 130.

ronne, Aude, Agout, St. Amour and Coreze, and in a
number of places embankments were broken and
wide stretches of country flooded, while whole towns
also were submerged. The most serious damage
occurred in Montauban and Moissac in the valley
Of the Tarn, where dikes collapsed, flooding these
cities and causing the deaths of numerous inhabitants. Communications were destroyed and but
slowly renewed, but sufficient information has come
through to indicate that thousands of houses have
been destroyed, factories razed and vineyards and
farms covered with a thick coating of mud. Preliminary estimates indicate that the deaths will exceed 400, while the damage is likely to exceed $40,000,000. The new Tardieu Ministry spent the
greater part of its first deliberations organizing
measures to aid the afflicted area and four Ministers
were hastily dispatched to direct the relief operations. A demand for a 30,000,000-franc emergency
fund was submitted to the Chamber by the new
Government.
A change in the American diplomatic representation in Poland has been necessitated by the death on
Feb. 17 of Alexander P. Moore, who was named by
President Hoover in January as the first United
States Ambassador to Poland when the legation in
that country was raised to the rank of an embassy.
Mr. Moore's career was one of distinction in the
fields both of journalism and diplomacy, and news
of his death was received with profound regret in
Washington circles. John N. Willys of New York
and Toledo, who gave up this connections in the
automobile industry last summer to be available for
public service In the diplomatic corps, was nominated by President Hoover Mar. 4 to succeed Mr.
Moore. Mr. Willys will thus be the first American
Ambassador to Poland to assume his duties in that
country. The first Polish Ambassador to the United
States, Tytus Filipowicz, presented his credentials to
President Hoover on the'same day that Mr. Willys
was nominated. M. Filipowicz declared in a brief
speech that the decision of the two governments to
,raise their legations to embassies would "increase
the volume of trade and add to the feeling of security
in Central and Eastern Europe." The new Ambassador also expressed formal regrets over the death of
Mr. Moore. President Hoover, in replying, said that
the actions of the two countries in raising their
mutual representation to ambassadorial rank confirmed the wish of the United States and Poland
to maintain the closest and most cordial relations.
Russian communist leaders have called a halt even
more quickly than was expected on the program of
collectivization" of the small land holdings of Russian peasants. The drive for rural socialization was
successful enough, so long as it was applied only to
the Kulaks, or proprietors of relatively large tracts,
against whom the Communists and the smaller peasants usually united. It is on the friendly tolerance
of the vast body of smaller Russian peasants that
the Communistic dictatorship actually relies for support. The Russian peasant accords the present
regime such tolerance because he is convinced that
the Communists were instrumental in bringing about
that "White Division" of the land for which he had
been longing for several centuries. Any attempt at
genuine socialization of his holdings is sure to provoke the profound resentment of the smaller peasant

MAR.8 1930.]

FINANCIAL CHRONICLE

as such a step appears to him in the guise of a
return to the old and hated regime of virtual serfdom. Ten years ago Lenin speedily dropped his program of rural socialization, and Stalin has now followed suit. The present Russian Dictator embarked
early this year on a program of regional collectivization of the land. In commenting on this two weeks
ago we remarked that this plan, since it would affect
the numerous small proprietors, is likely to produce
some interesting results. The results began to appear Mar. 1, when reports from German and Polish
sources indicated that a "new wave of Russian emigrants has swept over the Eastern border of Poland."
The emigrants were "peasants who refused to work
under the new collectivization system which the
Soviet authorities imposed on them," and it was
remarked, moreover, that they crossed the borders
despite the doubling and trebling of frontier guards.
This was followed early this week by a statement,
issued over the signature of Stalin, in which Soviet
Russia was warned against going too far and too
quickly in the process of rural socialization. "It is
unquestionably the most important pronouncement
made in Russia for several years," a Moscow report
to the New York "Times" said. An Associated
Press dispatch described the statement as a "warning to Communist officials that they must slacken
their campaign." Official circles in Moscow interpreted that statement, the dispatch said, as an indication that Stalin "realizes the collectivization program has aroused some of the peasants to open
hostility." The Stalin pronouncement was regarded
therefore as "a distinct moderation of the Government's rural policy, and it was interpreted as meaning that the Kremlin has decided that the success
of the collectivization policy depended largely upon
• the good will and voluntary consent of the peasantry." Stalin claimed in his statement that 50%
of the peasantry are embraced already in collective
farms under State control, but it may be remarked
that impartial investigators name figures that appear lilliputian in comparison with this broad claim.
"The success we have had," M. Stalin said, "may
make some party members drunk and cause them to
overestimate their strength and underestimate the
power of our enemies. We cannot collectivize farms
by force. This is foolish and reactionary. Healthy
collectivization must be asked upon the active support of the bulk of the peasantry."
Haitian opposition to the continued American
military occupation of the West Indian republic has
been emphasized in the hearings at Port-au-Prince
of the commission appointed by President Hoover
to study conditions and make recommendations regarding American policy. That such opposition
existed was, of course, well known, but the extent
and fervency of the desire for termination of the
rule of United States marines has apparently caused
surprise in some quarters. The commission, headed
by W. Cameron Forbes, arrived in the Haitian capital Feb. 28. They were greeted by a courteous gathering of 5,000 people who displayed numerou
s
placards demanding a legislative election and
the
end of the American occupation. The commissioners
promptly issued a statement inviting the represent
atives of all shades of opinion to testify and promising
to protect those who wished their identity shielded.
No one appeared, however, on the following morning
when the hearings were scheduled to begin. It ap-




1525

peared that leaders of the anti-occupation faction
intended to boycott the hearings, but after further
assurances by the American commissioners witnesses
began to present their arguments. In a further quiet
demonstration Sunday, 15,000 Haitians gathered in
the principal square of Port-au-Prince to pray for
the restoration of self-rule. Particular objections
were voiced in the hearings this week to the scheduled election of a new President by the Council of
State April 14. The council is appointed by the
President and it in turn elects a President. It has,
accordingly, been rather easy for President Borno
to remain in office. Much opposition to his continued rule was manifested by witnesses before the
commission, and pleas also were made for the recall
of Brig. Gen. John H. Russell, American High Commissioner, who was accused of acting with dictatorial
powers and using President Borno as a pawn.
Pertinent suggestions for ending the American
occupation were laid before the commission Tuesday
by Georges N. Leger, leading lawyer of Port-auPrince. M. Leger specified that he was speaking
only as an individual, but it was understood, a report
to the New York "Times" said, that his plan was
elaborated by the Federated Committee of Patriotic
Societies of Haiti. The plan, as summarized, follows: First, the creation of a provisional government to take over the reins at the end of the present
administration, since there is insufficient time to
hold elections for Senators and Deputies before
April 14; second, the creation under this provisional
government as soon as possible of a regular administration based on the election of the Legislature by
the people, which in turn would elect the President;
third, abolition of the office of American High Commissioner and the restoration of the usual diplomatic representation by means of a United States
Minister; fourth, the immediate withdrawal of the
marines, leaving the policing of the country to the
gendarmerie, which, however, should remain under
an American commander and have a skeleton command of American officers until the Haitians are
trained to run it completely themselves; fifth, abolition of the office of American financial adviser,
but retention of the Receiver General, who, however,
should so conduct his office as to train the Haitians
eventually to take over his functions; sixth, continuation of American assistance in the sanitary
service which all Haitians agree is admirable;
seventh, abolition of all other American activities,
some of which were said to be useless, while it was
held that others can be performed as well by Haitians. "We are fed up with experts," M. Leger remarked in summing up. "Haitians want assistance,
but not domination."
President Horacio Vasquez, for 30 years a dominant figure in the Dominican Republic, resigned
office with his Cabinet last Sunday, completing the
bloodless revolution that began in the northern part
of the country early last week. Insurgent forces
under Senor Estrella Urena appeared to have as
their main objective an end of the protracted rule
of the President and his political supporters. Acquiescence of the ountry as a whole in this aim
was indicated by the easy march of the small insurgent army on the capital, which was occupied
Feb. 26. Agreement was rapidly made through the
mediation of United States Minister Charles B. Curtis, for the resignation of President Vasquez and the

FINANCIAL CHRONICLE

1526

rVot. MO.

The Bank's statement for the week ended March 5
shows a gain of £310,960 in bullion. Reserves, how.
ever, fell off £173,000, circulation having expanded
£484,000. The Bank now holds £152,290,198 of
gold in comparison with £151,828,798 last year.
Public deposits decreased £4,312,000 while other deposits increased £12,671,039. Other deposits include
bankers accounts which rose £12,980,557 and other
accounts which fell off £309,518. Loans on government securities increased £4,190,000 and those on
other securities £4,359,489. Other securities consist
of discounts and advances and securities. The former showed an increase of £2,124,516 and the latter, of
£2,234,973. The reserve ratio dropped from 65.86%
last week to 60.57% now. A year ago the ratio was
Nearly all the European central banks reduced 51.69%. Below we show a comparison of the various
their discount rates during the week, as has already items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
been indicated further above. On Monday the Bank
1926.
1927.
1928.
1929.
1930.
of Italy, which had been maintaining a 7% rate since
Mar. 9.
Mar. 10.
Mar. 7.
Mar. 6.
Mar. 5.
2
1
/
Mar. 14 1929, reduced to 6 %. On Thursday the Circulation
a347,296,000 355,088,000 135,115,000 137.056,560 141,246,270
8,462,000 16,158.524 16,756,234
7.675,000 8,283.000
Bank of England, which had only four weeks before, Public deposits
99,816.324 101,479.000 102,878,000 103.922.324 102,523,734
2
1
/0
0
on Feb. 6, reduced from 57 to 4 7, reduced fur- Other deposits
accounts 63,694,475 64,183,000
Bankers'
0
ther to 47. On Thursday also the Bank of the Other accounts_ 35,921,849 37,296.000 31,761,000 31,222.580 39,295,328
Government secur's 38,631,855 44,796.000
0
Netherlands lowered its rate from 47, the figure in Other securities_ _ 21,944.703 26.493.000 55,321,000 73.680.766 74,183,023
6,840.871
Disct. &
2
1
/0
since Jan. 15, to 3 7, while the Bank of Den- Securitiesadvances 15,103,832 10,379.000
effect
16.114.000
24,096,262
42,533,000
0
mark marked its rate down from 57, the figure Reserve notes & coin 64,993.000 56,740,000 151,898,057 33,446,466 145,592,532
150.753.026
Coln and bullion_ _ _152.290,198 151,828,798
7
1
/
maintained since Nov.24 last, to 42 0,and the Bank Proportion of reserve
20.21%
27.85%
38.20%
51.69%
60.57%
to
of Sweden, which since Jan. 1 had been holding to Bankliabilities
5%
%
5%
55.5%
rate
Bank of
0
2
1
/0
4 7, reduced to 47. On Friday the Bank of Ger- a On Nov. 29 1928 the fiduciary currency was amalgamated withBank of England
England
£234,199,000 to the amount of
time
0
many, which had been quoting 67 since Feb. 5, re- note issues adding at that
notes outstanding.
in Austria
7
1
/
2
1
/
duced to 5 %. Rates remain at 62 0
0
%
1
/
and Hungary; at 52 in Spain; at 57 in Norway;
The Bank of Germany in its statement as for the
0
and Switzerland, and at 37 in fourth week of February reports an increase in gold
2
1
/
at 3 % in Belgium
France. In the London open market discounts for and bullion of 34,189,000 marks, raising the total of
/
short bills yesterday were 314@3 5/16% against the item to 2,444,389,000 marks. The total of gold
/
0
3%7 on Friday of last week, and 3 3/16@314% for in the corresponding week last year amounted to
long bills against 3 7/16% the previous Friday. 2,728,933,000 marks and the year before 1,883,350,Money on call in London yesterday was 3%. At 000 marks. Reserve in foreign currency declined
0
Paris the open market rate remains at 37, but in 14,991,000 marks during the week, while deposits
/
0
Switzerland has been reduced from 2347 to 258%.
abroad and investments remain unchanged. Bills of
exchange and checks and advances register gains of
ended 344,525,000 marks and 268,612,000 marks, while
The French Bank statement for the week
Mar. 1 showed a decline in gold holdings of 104,872,- silver and other coin, notes on other German banks
390 francs. Total gold holdings now aggregate and other assets show declines of 26,511,000 marks,
42,855,470,351 francs, which compares with 34,063,- 17,406,000 marks, and 26,925,000 marks respectively.
146,745 francs at the corresponding week last year. On the liabilities side of the account, notes in circulaNotes in circulation register an expansion of 2,244,- tion reveal a gain of 717,827,000 marks, bringing the
000,000 francs, raising the total of the item up to total of notes outstanding up to 4,722,430,000 marks,
71,116,413,595 francs, as compared with 64,226,465,- as compared with 4,553,026,000 marks in 1929, and
950 francs the same week in 1929. Credit balances 4,268,220,000 marks in 1928. A decrease is shown
abroad and bills bought abroad record decreases of in other daily maturing obligations of 147,287,000
12,000,000 francs and 4,000,000 francs respectively. marks and in other liabilities of 9,047,000 marks.
A decrease is also shown in French commercial bills Below we furnish a comparison of the various items
discounted of 1,247,000 francs, and in creditor current of the Bank's return for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
accounts of 2,128,000,000 francs, while the item of
Changes
Feb. 28 1930. Feb. 28 1929. Feb. 29 1928.
179,000,000 francs.
for Week.
advances against securities rose
Retchsmarks. Retchstnarks. Retchsmarks.
Reichsmark:.
Assets-items with last week as Gold and bullion
Below we compare the various
Inc. 34,189,000 2.444.389,000 2,728,933,000 1,883,350,000
85,626,000
149,788,000
85,620,000
Unchanged
Of which depos. abr'd_
well as for the corresponding week last year:
90,394.000 281,953,000
14,991,000 383.802,000
setting up of a provisional regime with Senor Estrella Urena at its head. In preparation for this
step, General Estrella Urena was named Secretary
of the Interior, so that he succeeded automatically
to the Presidency on the resignation of Senor Vasquez. The new President took the oath of office
Monday before the National Assembly and in the
presence of the United States Minister and other
diplomatic officials. In a brief speech afterward,
he promised to respect the Constitution and the laws
of his country, and guaranteed free access to the
polls at the regular Presidential election next May.
He stated subsequently that his first concern would
be Santo Domingo's foreign debt.

BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings____Dec. 104,872,390
Credit bats. abr'd_Dec. 12,000,000
French commercial
bills discounted_Dec. 1,247,000
Bills bought abr'd_Dec. 4,000,000
Adv. agst. socurs_Inc. 179,000,000
Note circulation__Inc2,244,000,000
CITA.curr. acets__Dec 2128,000,000

COMPARATIVE STATEMENT.
Status as of
Mar. 1 1930. Feb. 22 1930. Mar. 2 1929.
Francs.
Francs.
Francs.
42,855,470,351 42,960,342,741 34,063,146.745
6,955,419,560 6,967,419,568 11,473,970,667
6,527.418,129
18,717,908,277
2,668,431,198
71,116,413,595
15,912,444,884

6.528,663,129
18,721,908,277
2,489.431,193
68,872,413,595
18,030,444,884

6,124,061,281
18,326,970.680
2,405,091,022
64,226,465,950
17,805,735,843

Reserve in for'n cum _Dec.
Bills of exch. SC checks.Inc. 344,525,000 1,965,003,000 1,888,919,000 2,242.275,000
67,866,000
Silver and other coin_Dec. 26,511,000 137.866,000 114.352.000
7,143.000
7,244.000
3,542,000
Notes on oth. Ger.bks.Dee. 17,406,000
313,308,000 297,247,000 117,112,000
Inc. 288,612.000
Advances
94,239,000
93,277,000
93,170,000
Unchanged
Investments
Dec. 28,925,000 484,925,000 470,718,000 551,823,000
Other assets
Liabilities-Notes in circulation Inc. 717,827,000 4,722,430,000 4,553,026.000 4,268,220,000
Oth.daily rnatur.obllg.Dec. 147,287,000 468,522.000 525,560,000 507,035,000
Other liabilities
Dec. 9,047,000 151,231,000 171,987,000 221,285.000

Money rates were lowered this week, not only in
New York, but in most of the other important finanThe Bank of England discount rate was this week
well. In New York the
reduced from 4% to 4%. It was only on Feb. 6 cial centers of the world as
declines took the form of lower rates for call money
last that the rate was lowered to 432% from 5%•




MAR.8 1930.1

and cuts in the yields on bankers' acceptances.
Other centers, however, witnessed a series of cuts
in discount rates of central banks. The most important of these was a drop in the Bank of England
2
1
/
discount rate, Thursday, from 4 to 4%, while on
the following day the Reichsbank in Berlin lowered
2
1
/
its figure from 6 to 5 %. Additional declines were
announced Thursday by the central bank of the Neth2
1
/
erlands from 4 to 3 %, the Bank of Sweden from
2
1
/
4 to 4%, and the National Bank of Denmark from
2
1
/
5 to 4 %. The Italian discount rate was lowered
Monday from 7 to 6 %. Although there was gen2
1
/
eral expectation of a lower rate in New York, no
announcement was made by the Federal Reserve
Bank. Three successive cuts in bankers' bill rates
were, however, announced Tuesday, Wednesday and
/
Thursday, each reduction amounting to 1 8 of 1%.
Call loans in the New York market showed easier
conditions. The official rate on the Stock Exchange
was 4% for all transactions Monday, Tuesday and
Wednesday, but funds were available in the unofficial "Street" market at 3 % Monday and Tues2
1
/
day, and at 3% Wednesday. Call loans renewed
Thursday and yesterday at 4%, but new loans were
reduced to 3 % both days, while in the outside
2
1
/
market deals were arranged at 3%. Time loans also
reflected the monetary ease, with rates on all maturities dropping to 414@4 %,as against previous quo2
1
/ /
tations of 4 @43
2
1
/ 4%. A feature of the time loan
market was an offering of a substantial amount of
money at 12 months at 5%, at which level, however,
only a moderate amount was taken. Brokers' loans
against stock and bond collateral show large increases in both the compilations regularly made.
The Stock Exchange tabulation for February indicates a gain of $182,280,287 for that month, while
the Federal Reserve statement for the week ended
Wednesday shows an increase of $94,000,000. Gold
movement at New York for the week to Wednesday
night consisted of imports of $305,000, no exports
or changes in ear-marked gold being reported. The
daily statement of the Reserve Bank for Thursday
showed imports of $1,007,000, and a decrease of
$5,000,000 in gold ear-marked for foreign account.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on Monday, Tuesday and Wednesday were at 4%, including
renewals. On Thursday and Friday the renewal
rate each day was 4%, with a drop each day to
2
1
/
3 % in the rate for new loans. Larger offerings
and a light demand were the features of the market
for time money. On Monday, Tuesday and Wednes2
1
day quotations were 414@4 % for 30 days, and
/ /
/
41 2@434% for 60 days to six months. On Thursday
/
and Friday quotations were 4@4%70 for 30 days
and 414104 % for 60 days to six months. The de2
1
/ /
mand for prime commercial paper in the open market
showed no indications of slowing up, though larger
offerings of choice paper were available. Rates for
names of choice character maturing in four to six
months are 4 %. Names less well known are
2
1
/
quoted at 434@5%.
/
Prime bank acceptances continued in good demand, but the offerings were insufficient to meet
the requirements. Rates were reduced 1 8 of 1% in
/
both the bid and the asked columns for all maturities
on Tuesday, again on Wednesday, and a third time
on Thursday. The Reserve Banks reduced their




1527

FINANCIAL CHRONICLE

holdings of acceptances during the week from $299,306,000 to $271,202,000. Their holdings of acceptances for their foreign correspondents further declined from $513,346,000 to $505,179,000. The posted
rates of the American Acceptance Council are now
/
2
1
/
at 3 % bid and 338% asked for bills running 30
also for 60 and 90 days, and likewise for
days, and
2
1
/
/
120 days, and 358% bid and 3 % asked for 150
days and 180 days. The Acceptance Council no
longer gives the rates for call loans secured by
acceptances, the rates varying widely. Open market
rates for acceptances have also remained unchanged,
as follows:

Prime eligible bills

SPOT DELIVERY.
-180 Days- -150 Days- -120 Days
Bid. Asked.
Bid. Asked
Bid. Asked.
334

34

334 334
-60DaysBid. Asked.
334
334
33.4

-90Days
Bid. Asked.
Prime eligible bills

33.4

FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible tun-member banks

33.4

33.4

-30DVS
Bid. Asked.

334

33.4
334 bid
334 bid

There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.

Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in
Bffed an
Mar. 7.
4
4

434
434

43.4

44
4

43.4
434
4
43.4

43.4

Date
Established.

Previous
Bale.

Feb. 13 1930
Feb. 7 1930
Jan. 16 1930
Feb. 8 1930
Feb. 7 1930
Dec. 10 1929
Feb. 8 1930
1930
8 1930
Feb. 15 1930
8 1930
Dec. 81929

43.4
434
5
5
5
5
434
5
5
434
5

Feb. 11
Feb.
Feb.

5

Sterling exchange was dull and irregular until
Thursday, when with the announcement of a reduction in the Bank of England rate to 4% the market
became active and firmer. On Monday sterling
was under pressure and touched the lowest since
Oct. 3 1929, when cable transfers sold as low as
4.85/. On Thursday following the announcement
of the reduced Bank rate cable transfers sold as high
as 4.86g. The reduction in the Bank of England
rate from 432% to 4% has been expected for several
weeks and has been a factor in the weak undertone
of exchange throughout the period. The range this
4
A
week has been from 4.851 to 4.857 for bankers'
sight, compared with 4.85 9-16 to 4.85 15-16 last
week. The range for cable tansfers has been from
4
4.857 to 4.863-i, compared with 4.85 29-32 to
4.86 5-16 a week ago. The English Bank rate of
4% had been in effect since Feb. 6, when it was
reduced from 5%. The rate was last at 4% on
Dec. 3 1925, when it was raised to 5%. The action
of the British Bank was considered a precursor of a
further general reduction in official money rates at
all important centres, and as a matter of fact the
Bank of the Netherlands and the Bank of Denmark
and the Bank of Sweden followed with reductions
the same day, and the Bank of Germany followed
the next day. The reduction by the Bank of Italy
came earlier in the week.
Until the present reduction in the Netherlands
rate, only three other central banks of importance
had rates below 4% set by the English institution,
namely, France and the two chief banks which
follow its lead—Switzerland and Belgium. It was

1528

FINANCIAL CHRONICLE

confidently expected in banking circles that the rediscount rate of the New York Federal Reserve
Bank would also be reduced, as money rates on this
side are showing decided ease and bank acceptances
rates have been reduced three times during the week,
so that the New York acceptance quotations-33/%
@3%%—correspond closely to the rate of 3 15-16%
for three months' bills in London. The Italian
Bank rate was reduced from 7% to 63/2% on Monday
and on Thursday the Danish National Bank rediiced
its rediscount rate to 432% from 5% and the Swedish
Bank reduced its rate of rediscount from 43/2% to
4%. The Bank of the Netherlands reduced its rate
from 4% to 332% as of March 7. The Reichsbank
cut its rate from 6% to 532% yesterday. The general easing of money rates at all international centres
is of course largely responsible for the easier undertone
of exchange on the European centres at this season,
when it should normally turn more in their favor.
The lower tone of industrial activity in nearly all
countries and the greatly reduced volume of American loans abroad are also factors of ease, but bankers
also assert that there is a more decided flow of funds
to the New York security market, causing an easier
trend of foreign exchange, contrary to seasonal drift.
This week the Bank of England shows an increase in
gold holdings of £310,960, the total standing at
£152,290,198, which compares with £151,828,798 a
year ago. On Saturday the Bank of England bought
£10 in foreign gold coin and exported £2,000 in
sovereigns. On Monday the Bank received £250,000
in sovereigns from abroad and sold £5,163 in gold
bars. On Tuesday the bank appears to have taken
none of the open market gold in London. There
were approximately £1,000,000 in bars available,
which were taken by an unknown buyer at the price
of 84s. 113/d. The unknown buyer is believed to
8
have been Germany. On Thursday the bank
received £30,817 in sovereigns from abroad. Yesterday the Bank bought £1,689 gold bars, £18 foreign
gold coin and exported £4,000 sovereigns.
At the Port of New York the gold movement for
the week Feb. 27
-March 5, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $305,000, of which $213,000 came from
Brazil and $92,000 from other Latin American
countries. There were no gold exports and no change
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York for
the week ended March 5, as reported by the Federal
Reserve Bank of New York, was as follows:
-MARCH 5, INCL.
GOLD MOVEMENT AT NEW TORK, FEB. 27
Exports.
•
Imports.
$213,000 from Brazil
None.
92,000 chiefly from other Latin
American countries.
$305,000 total
Net Change in Gold Earmarked for Foreign Account.
None.

On Thursday, $1,007,000 gold was received at
New York from Colombia for the Guaranty Trust Co.
The Federal Reserve Bank of New York announced
that $6,225,000 gold was received at San Francisco
on Saturday from Japan. On Tuesday, $7,000,000
were received there from Japan, making a total of
$13,225,000 during the week.
Canadian exchange continues to show a better
tone, although Montreal funds are still at a discount.
On Saturday, Montreal was at M of 1%;on Monday,
at 7-16; on Tuesday, at 15-32; on Wednesday, at
15-32; on Thursday, at 7-16, and on Friday at 7-16
of 1% discount.




[VoL.130.

Referring to day-to-day rates sterling exchange on
Saturday last was inclined to ease in a dull half
holiday market. Bankers' sight was 4.85 17-32%
4.857 ; cable transfers, 4.8515-16@4.86. On Monday
,
sterling under pressure touched the lowest since Oct.
3 1929. Bankers' sight was 4 853'@4.855 cable
.
%
transfers were 4.85%@4.85 15-16. On Tuesday the
market was slightly improved. Bankers' sight was
4.853'@4.85 11-16; cable transfers, 4.85 15-16@
4.86 1-32. On Wednesday the market was firmer.
The range was 4.85%@4.85% for bankers' sight and
4.85 31-32@4.86 3-32 for cable transfers. On Thursday sterling was firmer and in demand. The range
was 4.85 11-16@4.85% for bankers' sight and 4.86
1-16@4.863 for cable transfers. On Friday sterling
wassomewhat easier; the range was4
.85%@4.8513-16
for bankers' sight and 4.86 1-16@4.86 3-16 for cable
transfers. Closing quotations on Friday were
4.85% for demand and 4.863' for cable transfers.
Commercial sight bills finished at 4.85, 60-day
bills at 4.82 9-16, 90
-day bills at 4.8134, documents
for payment (60 days) at 4.82 9-16, and 7
-day grain
bills at 4.84 15-16. Cotton and grain for payment
closed at 4.853'.
Exchange on the Continental countries has been
dull and irregular, following the trend of sterling and
as during the past few weeks, influenced largely by
the uncertainty in the trend of money at important
centers and the expectation of a reduction in the
rediscount rates of important central banks. The
Reichsbank lowered its rate of rediscount on Friday,
March 7 to 53/2% from 6%. The Lombard rate was
cut to 63/270. As noted last week, the market was
taken by surprise at the news that 30,000,000 francs
gold had been shipped from Paris to Berlin on Saturday two weeks ago. It seems that the total shipments
made since the beginning of the movement equaled
approximately 90,000,000 francs, although there is no
official confirmation of the exact amount of the
transactions'. As noted above, an unknown buyer
took approximately £1,000,000, practically the total
supply in the London open market on Tuesday.
Bankers believe that Germany was the unknown
buyer. The Reichsbank for the week ended Feb. 28
showed an increase in gold holdings of 34,189,000
marks, bringing the total gold reserves to 2,444,389,000 marks. Money rates are rapidly easing at
the German centers, although still sufficiently high
to make Berlin an attractive center for European
as well as New York funds. The exchange position
of the mark in relation to dollars and sterling, as
well as to francs, shows considerable strength. In
New York marks are nearly 5 points above parity.
London quotations have averaged around 20.365,
which is generally calculated as the gold point from
London to Berlin.
French francs have been steady and relatively
firmer in New York, with transactions small in
volume and of routine character. Francs are weak
with respect to German marks and hence the gold
export movement from Paris to Berlin. The statement of the Bank of France for the first time in a
long while shows a reduction for the week, rather
than an increase, in gold reserves. The statement
for the week ended Feb. 28 shows a reduction of
104,872,390 francs, all of which it is believed represents gold exported to Germany. Total holdings
stand at 42,855,000,000 francs. This compares
with 34,063,000,000 francs a year ago. It has been

MAR.8 1930.]

FINANCIAL CHRONICLE

repeatedly set forth that -th6"Bank of France is
especially desirous to prove that it is not seeking to
monopolize, gold and to show that the French bank
note is actually convertible into gold. Paris bankers
point out that the Bank of Franbe could have sold
foreign exchange, thereby diverting the German gold
purchases to other markets.
Italian lire have been relatively steady, although
dull. As• noted above, the Italian Bank reduced
its rate of rediscount on Monday to 63/2%. This
reduction has been expected for some time and
brought only a moderate recession in Monday's
trading, when lire were quoted at 5.23 13-16 for
sable transfers, against 5.24 1-16 on Friday a week
ago. This week Italian cables closed at 5 234.
. 3
The London check rate on Paris closed at 124.23
on Friday of this week, against 124.26 on Friday of
last week. In New York sight bills on the French
center finished at 3.913, against 3.90 13-16 on
Friday of last week; cable transfers at 3.913, against
3.91 1-16; and commercial sight bills at 3.90 15-16,
against 3.904. Antwerp belgas finished at 13.92
3
for checks and at 13.93 for cable transfers, against
13.92 and 13.93. Final quotations for Berlin marks
were 23.843/ for checks and 23.853' for cable transfers, in comparison with 23.844 and 23.859 a
3
week earlier. Italian lire closed at 5.233/b for
bankers' sight bills and 5.23% for cable transfers,
against 5.23 11-16 and 5.24 1-16 on Friday of last
week. Austrian schillings closed at 143, against
143. Exchange on Czechoslovakia finished at
2.963', against 2.96; on Bucharest at 0.60, against
0.60; on Poland at 11.25, against 11.25; and on
Finland at 2.52, against 2.52. Greek exchange
closed at 1.30 for bankers' sight and at 1.30% for
cable transfers, against 1.30 and 1.303t.
Exchange on the countries neutral during the war,
while dull and irregular and reflecting the easier
trend of sterling and the major Continentals, show
little change on balance from a week ago, except in
the case of Dutch guilders and Swiss francs, both of
which are higher. Following the general trend of
receding money rates, the Danish National Bank
reduced its discount rate on Thursday from 5% to
43/2% while the Swedish bank reduced rate from
432% to 4%. The Bank of the Netherlands lowered
its rate of rediscount from 4% to 332%, offective
from March 7. Exchange on Spain continues to
fluctuate widely and closes lower from week to week.
In Monday's trading pesetas at 11.96 for cable
transfers touched a new low in all time. Vigorous
attacks made recently on the Madrid Government
by the Spanish Republican faction, taken in conjunction with the apparently groundless report that
stabilization of the peseta was to be undertaken,
have further clouded the financial outlook in that
quarter.
Bankers' sight on Amsterdam finished on Friday
at 40.07%, against 40.06 on Friday of last week;
cable transfers at 40.099., against 40.08, and commercial sight bills at 40.05, against 40.
033/2. Swiss
francs closed at 19.333/2 for bankers' sight bills
and at 19.34% for cable transfers, in comparison
2
with 19.283/ and 19.293. Copenhagen checks
finished at 26.743/ and cable transfers at 26.76,
against 26.763/ and 26.783/ Checks on Sweden
.
2
closed at 26.82 and cable transfers at 26 833/2,
.
against 26.823/ and 26.84; while checks on Norway finished at 26 733/i and cable transfers at 26.75,
.




1529

against 26.733/b and 26.75. Spanish pesetas closed
at 12.08 for checks and at 12.09 for cable transfers,
which compares with 12.16 and 12.17 a week
earlier.
Exchange on the South American countries has
been steadier, and slightly more active. The generally easier tone of sterling and the European
exchange and the decline in money rates are factors
largely favorable to improvement in quotations on
South America, aside from the fact that Brazil has
made large shipments of gold to both New York and
London for the support of the milreis. It is well
known that the impossibly high money rates of last
year, especially at New York, were greatly detrimental to exchange on Buenos Aires and Rio. Now
that there has been so great a reversal in money
rates generally, South American exchange is expected
to improve in consequence. Argentine paper pesos
%
closed at 375 for checks, as compared with 37%
on Friday of last week; and at 37 11-16 for cable
transfers, against 37 11-16. Brazilian milreis finished
at 11 5-16 for bankers' sight and at 11% for cable
3
transfers, against 11 3-16 and 113j. Chilean exchange closed at 12 1-16 for checks and at 123
for cable transfers, against 12 1-6 and 123/; Peru
8
at 4.00 for checks and at 4.01 for cable transfers,
against 4.00 and 4.01.
Exchange on the Far Eastern silver points continues extremely demoralized as a result of the falling
prices of silver. It will be recalled that on Friday
and Saturday of last week there was a startling
collapse of silver, which was attributed to the imposition of a silver import duty by the Indian Government. There was further fresh weakness at the
beginning of this week, when the New York price
dropped to a record low of $.39%. The London
silver price on Monday set anoher new low of
18 15-16d. per fine ounce. On Monday there was a
rumor in New York that China was contemplating
an imposition of duty on silver imports similar to
that adopted by India. Chinese exchanges immediately surged forward on the strength of this
report. The reason for the upturn in Chinese is
that stocks of silver held in China will advance in
value according to the duty decided upon, as the
metal on hand there will then have a greater purchasing power. There is no official confirmation as to
what China contemplates in the way of an impost
on silver. According to London dispatches conservative estimate of the revenue which will result to
the Indian Government from its impost is placed at
a figure of 100 lacs of rupees, which is equivalent to
40,000,000 ounces of silver. Sir George Schuster,
finance member of the Indian Government, said
that he thought that the duty on silver may help to
create confidence in the metal by raising the value
of the stock which is hoarded in India. He also
stated that the Government was willing to co-operate
with other important interests to regulate sales in
accordance with world demand. Japanese yen continue firm and showed improved undertone as yen
rates are practically pegged since the return of Japan
to the gold standard and the establishment of credits
for this purpose in New York and London. This
week the Federal Reserve Bank reported the receipt
of $13,225,000 gold at San Francisco from Japan,
which follows upon the receipt last week there of
$8,500,000.

1530

[VoL. 130.

FINANCIAL CHRONICLE

Closing quotations for yen checks yesterday were
49.25@49 7-16, against 49 3-16©49 7-16. Hongkong closed at 37@37 5-16, against 3758@38 1-6;
/
Shanghai at 479'@47%, against 46%@46 13-16;
Manila at 497 , against 4932; Singapore at 56N@
4
56%, against 56/@563'; Bombay at 36%, against
36%, and Calcutta at 36%, against 36%.

Mat.6 1930.

Mar. 7 1929.

Banks of
Gold.

Miser.

Total.

Gold.

SUrer.

Total.

152 290,198 151,828,79
151,828.798
England...152,290,198
342,843,77 272,505,17
d
.843,770
272.505,173
France a.
Germany 114,730.050 c994,600 115,724.6 138,446,650
994.11: 137,441,250
Spain _ _ _ 100,684,000 28,372,000 129,056,000 102,374,000 28,522,001 130,896.000
56,126,000 54,641,000
56,126,000
54,641.000
Italy
36,418,000 36,212,000 1,845,00 38.057.000
Netherl'd 36.418,000
27.157,000
Nat. Belg- 33,672,000 1,287.00 34,959,m 25.889,000 1,268.
867,000 23,325,00 19,271,00
Switzerl d 22,438,0001
'
1,844,00 21.115,000
13.554,000 13.086,000
Sweden_ _ _ 13,554,000
13.086.000
9.960,
382,0
9,578.000
9,595,000
Denmark
468, I 10.063,000
''I
8,146,
8,158,
8,158,000
Norway -- 8,146,0001

31,902.600922,382.618830,006,621
364,948,221
Total week
Pursuant to the requirements of Section 522 of the Prey. wee 890.480,018 31,970,600921,258,180829,242,4 34,941,60 363.929,050
34,686.6
889,287.08
Tariff Act of 1922, the Federal Reserve Bank is now a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of
of gold held
certifying daily to the Secretary of the Treasury the abroad, the amount of which the present year isGermany are exclusiveOct. 7 1924.
£7.489,400. c As of
d Silver is now reported at only a trilling sum.
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
A Time for Energy and Courage at London.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
The acceptance of the new Tardieu Government
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MARCH 1 1930 TO MARCH 7 1930. INCLUSIVE.
by the Chamber of Deputies on Wednesday, by the
unexpectedly large majority of 53, puts an end to the
Noon Buying Rate for Cable Transfers in New York
Value in United States Money.
(
Country and Monetary
halt in the proceedings of the London Conference
Unit.
Mar. 1. Mar. 3. Mar. 4. Mar. 5. Mar. 6. Mar. 7.
occasioned by the overthrow of the first Tardieu
$
$
EUROPECabinet on February 17, and the Conference is again
Austria, schilling___-1 .140597 .140604 .140644 .140640 .140664 .140652
.139265 .139244 .139253 .139263 .139277 .139301
Belgium, belga
in a position to go on with its work. M. Tardieu
.007210 .007215 .007215 .007210 .007215 .007217
Bulgaria, ley
Czechoslovakia, krone .029603 .029603 .029603 .029606 .029608 .029613
retains the portfolio of the Interior in his recon.267525 .267481 .267507 .267523 .267546 .287526
Denmark. krone
England, pound sterstructed Ministry, but it is understood that M.
4.859388 4.858750 4.859836 4.859959 .860434 4,860923
ling
.025163 .025160 .025160 .025161 .025165 .025166
Finland, markka
Briand, Foreign Minister, will now head the French
.039102 .039108 .039117 .039114 .039126 .039127
France, franc
Germany, reiclismark .238557 .238530 .238590 .238597 .238617 .238500
.012959 .012955 .012956 .012957 .012961 .012958
delegation, with the Premier making weekly visits
Greece, drachma
.400779 .400703 .400823 .400850 .400977 .400944
Holland, guilder
.174766 .174762 .174722 .174722 .174732 .174750
Hungary, pengo
for purposes of consultation. A new Minister of
.052395 .052371 .052369 .052363 .052367 .052364
Italy, lira
.267345 .267370 .267388 .267384 .267380 .267434
Norway, krone
Marine, M. Dumesnil, replaces M. Leygues in the
.111970 .111975 .111975 .111925 .111925 .111972
Poland,zloty
.044929 .044991 .044912 .044908 .044912 .044929
Portugal, escudo
delegation. The Ministerial declaration read to the
.005950 .005950 .005951
Rumania, leu
.005950 .005949 .005947
.121284 .119770 .115986 .116611 .121019 .120727
Spain, peseta
Chamber made it clear that the French demands for
Sweden,krona
.288365 .268377 .268383 .268315 .268303 .268323
Switzerland. franc
.192900 .192909 .193058 .193145 .193228 .193347
naval tonnage or security will be maintained as beYugoslavia, dina.?
.017609 .017607 .017609 .017607 .017608 .017623
ASIAfore, but it is believed that M.Briand, admittedly the
China.471250 .491250 .483125 .486041 .489583 .490000
Chefoo tied
most distinguished diplomat in Europe, may prove
.464843 .483750 .477031 .479843 .483750 .482812
Hankow tadl
Shanghai, tael
452500 .470535 .464017 .468125 .470357 .470321
to be somewhat more tactful than was M. Tardieu
.476666 .498250 .488541 .491458 .495000 .495416
Tientsin tael
Hong Kong dollar_ .366428 .371428 .366964 .368214 .368035 .368571
in presenting the French case. There is no reason
Mexican dollar ...
.325000 .338437 .333437 .336250 .337812 .338437
Tientsin or Parana
.326666 .340833 .335833 .337083 .339166 .340000
to expect, however, that M. Briand will be allowed
dollar
Yuan dollar...._ --- .323333 .337500 .332500 .333750 .335833 .336666
to conclude any agreement of which M.Tardieu does
India, rupee------.361275 .361353 .361325 .361310 .381282 .361496
.491718 .492114 .492215 .492140 .492190 .492243
Yen
Singapore(S. S.) dollar .559875 .559908 .559875 .559875 .559875 .559908
not approve. The opposition to the new Ministry
NORTH AMER..994565 .995121 .995218 .995181 .995486 .995531
Canada, dollar
which showed itself in violent demonstrations in the
1.000153 .000342 1.000406 1.000500 1.000468 .000468
Cuba, peso
.475425 .475200 .475125 .474887 .474300 .474062
Mexico, peso
Chamber did not turn upon the London program, but
.992600 .992600 .992622 .993000 .992850
Newfoundland, dollar .992125
SOUTH AMER.was directed at M. Tardieu personally and the genArgentina, peso (gold) .856650 .856312 .856194 .856504 .854940 .853005
Brazil, milreis
.112062 .112022 .112125 .112805 .113550 .114210
eral political policy for which he stands. As far as
.120365 .120360 .120369 .120370 .120382 .120395
Chile. peso
.884613 .886488 .886488 .886488 .889972 .890774
Uruguay, peso
naval armament is concerned, the French position
Colombia, peso
.983900 .963900 .963900 .963900 .963900 .963900
remains unaltered.
The two weeks and more during which the formal
Owing to a marked disinclination on the part of
proceedings of the Conference have been suspended
two or three leading institutions among the New
York Clearing House banks to keep up compiling have been a trying time, especially for the American
the figures for us, we find ourselves obliged to dis- delegation. The committees which have been studycontinue the publication of the table we have been ing various technical questions have been hampered
conversations
giving for so many years showing the shipments and by the absence of France, and the
which have been going on between Senator Reed and
receipts of currency to and from the interior.
resulted
As the Sub-Treasury was taken over by the Fed- the Japanese ambassador appear not to have
in any yielding of the Japanese demand for an eneral Reserve Bank on Dec. 6 1920, it is also no longer
British party situapossible to show the effect of Government operations larged cruiser tonnage. The
tion, while primarily a matter for Great Britain and
in the Clearing House institutions. The Federal
the British Empire, has suddenly become more comReserve Bank of New York was creditor at the Clearplicated, and while talk of an early general election
ing House each day as follows:
is probably premature, the unexpected declaration of
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
the Conservative leader, Stanley Baldwin, in favor
AT CLEARING HOUSE.
of empire free trade under certain conditions, and
Aggregate
Saturday, Mondag. 7'nerdag, I Wednesday Thursday, Friday.
Mar. 7.
for Work.
Mar. 5.
Mar. 6.
the outbreak of a controversy in the Liberal Party
M00% 4.
Mar. 1.
Mar. 3.
$
$
over the leadership of Lloyd George, do not make Mr.
$
$
153.000.000 145.000,000 175.000.600 145.000,000 145,000.000 151.000.000 a.914.060400
MacDonald's position any more secure. Discussion
Note.
-The foregoing heavy credits reflect the huge mass of checks which Come
to the New York Reserve Bank from all parts of the country in the operation of of naval reduction at a moment when Europe and
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing America are deeply stirred over unemployment and
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 the activities of Communist organizations has been
NewAYork are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing Howe but are deposited with the Federal Reserve seized
upon by the advocates of a big navy, especially
Bank for collection for the account of the local Clearing House banks.
in England, as an example of dangerous policy, and
The following table indicates the amount of bul- some strong attacks upon the proposed reduction of
the British fleet have appeared in the English papers.
lion in the principal European banks:




I

MAR.81930.]

FINANCIAL CHRONICLE

1531

The American delegation finds itself beset with for the abandonment of the American policy of nondifficulties from which a way of escape has not yet interference in European affairs, which has done its
presented itself. Instead of the actual reduction of best to force the United States into the League of
naval tonnage which it was to help in bringing about, Nations and the World Court, and which is now
it finds itself confronted with proposals which in- committed to the policy of putting "teeth" into the
volve an actual increase of tonnage. It has not been Paris peace pact. The long dispatch which followed
able to obtain even an informal agreement regarding on Tuesday, signed by four of the leading promotors
a general limitation of tonnage, and even the ex- of the previous communication,is devoted to reinforcpected Anglo-American parity in cruiser strength has ing the demand for reduction. The proper course, we
been jeopardized by the large French demands and think, would have been for the signers of these apthe insistence of Japan upon having more than it peals, if they felt that an expression of their views
now has. The alternative French proposal of a might aid the Conference, to have transmitted their
security pact to which the United States should be documents in the regular way through the Departa party appears to have divided the delegation, and ment of State. We cannot think that any good will
in any case raises a question regarding which be accomplished by ignoring the President and the
Department and undertaking to deal with the naval
American policy has hitherto not been in doubt.
It is clear that naval disarmament, in the form matter over their heads.
There is no wonder that Secretary Stimson and
of either reduction now or limitation for the future,
than his colleagues, beset with difficulties which increase
is a much larger and more complicated question
it appeared to be when the Conference was proposed, rather than diminish, and prodded by self-constiand that political questions which it was hoped tuted and irregularly assembled groups of wellmight be avoided are intertwined with the technicali- meaning partisans in the United States to do what
ties of tonnages and ratios. On no one of any of neither they nor any of the other delegations have
these matters is it possible for the American delega- as yet been able to do, should be somewhat confused
tion to remain silent, at the same time that the suc- and hesitant. The statement issued by Mr. Stimson
cess of the Conference depends very much • upon on Wednesday night, announcing that "the plan
the attitude which the American representatives which in its essentials appears to be acceptable to
America and Great Britain provides for a net retake.
Under these difficult circumstances, the unofficial duction in the tonnage of the American fleet . .. of
attempts which have been made in this country to over 200,000 tons, and an even larger reduction on
prod the American delegation into doing something the part of the British fleet," seems to have been
which it has thus far found it impossible to do, seem prompted by a desire to offset in some way the unpeculiarly inopportune. Senator Borah was within official complaints of inaction that have come from
his rights in broadcasting on March 1 a speech urging this country. Issued without any accompanying
disarmament, and pointing out what a calamity it figures to show wherein the contemplated reduction
would be if the London Conference should adjourn consists, the first effect of the statement was less
without accomplishing its object, but Senator Borah clarifying than probably was expected, and even
is chairman of the Foreign Relations Committee as with the figures which later appeared in press diswell as an influential member of the Senate, and any patches the reduction seems to be what is hoped for
speech he may make on a diplomatic issue that is rather than what has been actually agreed upon.
under consideration cannot help seeming like an at- Ambassador Dawes, in the speech at London last
tempt to go behind the President and the Depart- fall in which Mr. Hoover's idea of the Conference
ment of State and exert some direct pressure of his was for the first time outlined, wisely remarked that
own. Taken in connection with the speech of Senator the reduction and rearrangement of naval tonnage,
McKellar of Tennessee on February 28, advocating when it was completed, must be in terms which the
the recall of the American delegation on the ground man in the street could comprehend. So many sets
that the Conference appeared to have failed, it may of figures, some of then actual zed more hypothethave the unfortunate effect of provoking further ical, have been bandied about in the Conference that
Senatorial speeches on the same subject, thereby the average person, in this country at least, is more
starting a debate on the terms of an agreement that likely to be confused than enlightened when a new
has not yet been drafted and upon which, when it set is presented, unless he can be assured that the
shall have been completed, the Senate will have the figures represent an actual decision of the Conduty of passing judgment. It is to the credit of the ference or of one of the delegations.
It is not yet time to despair of the Loudon ConSenate that it has refrained thus far from embarrassdebating the naval issue, ference. Difficulties have arisen that were not foreing the Administration by
and it is to be hoped that it may continue its dignified seen, there have been unexpected and discouraging
delays, and issues which it was hoped might be kept
restraint.
Even more inappropriate under the circumstances out have been brought in. If there has been rather
is the appeal which was cabled to the American too much speechmaking and broadcasting of personal
delegation on Sunday, signed by some 1200 men and opinions and exhortations, a vast amount of hard
women, protesting against the abandonment of a work has also been done in clearing the ground. For
policy of reduction, and urging "the importance of the moment, too, the issues of reduction, limitation
taking steps at the London Conference to utilize the and parity have been overshadowed by the political
principles of joint conference in the case of disputes issue of security, and it is this latter issue, apparwhich otherwise might lead to war." The com- ently, that will have to be disposed of before the
munication, while doubtless drawn up with the best others can be pursued much farther. M. Briand, it
of intentions, is at the most representative of only is reported, is prepared to urge upon the Conference
a small section of American public opinion, and that two security pacts, one a kind of Mediterranean
section the one, if we may judge from an inspection Locarno involving France, Great Britain, Italy and
of the signatures, which has persistently agitated perhaps Spain, the other an implementation of the




1532

FINANCIAL CHRONICLE

Paris peace pact in which the United States and
Japan are also to join.
On the other hand, the Conference has resumed
its deliberations with the return of the French delegation, and the British Government has announced
a substantial cut in the naval estimates for the coming fiscal year. With Great Britain reducing its
estimates, other governments may be induced to
lower theirs. The course of the American delegation,
we feel sure, if it expects the approval of the Senate
and the American people, is to refuse to have anything to do with any kind of security pact, to leave
the Paris peace treaty where it is without supporting any scheme for enforcing it, and to work
courageously and energetically for limitation at as
low a figure as can be secured, and, if possible, for
reduction at any point at which reduction can be
obtained. The measure of success along these lines
may very well turn out to be less than was at first
expected, but it may nevertheless be sufficient to
make the Conference worth while and a real step
in advance.
The Slump in Savings Banks Deposits.
Many and suggestive are the reasons given for the
slump in savings bank deposits in this country for
the year ending June 29 1929. The facts are startling. According to a compilation made by the Savings Bank Division of the American Bankers' Association, instead of a normal progression for the
period named there was an actual recession in excess
of $195,000,000. This contrasts with a gain in the
preceding 12 months of $2,300,000,000. There was
also a loss for the year ending June 29 1929 of more
than 500,000 depositors. The total savings deposits
in banks and trust companies June 29 1929 stood
at $28,217,656,000, according to this report. In preceding years the gain was pronounced, as follows:
For 1926, $1,562,000,000; for 1927, almost $1,400,000,000, and for 1928, as stated, more than $2,300,000,000. The year 1929 showed a total of 52,664,127
depositors against 53,188,348 depositors for 1928, a
loss of 524,221. All this occurred, it will be noted,
before the October-November smash in the stock market of 1929, which must have further seriously lowered the totals in deposits and depositors, for which,
however, no figures are available. Of course the first
inference is that withdrawals to engage in stock
speculation is one of the chief causes for this decline, for the "long boom," at the date named, had
already shown signs of failure.
One thing we may reasonably count on, money
once withdrawn and invested in the stock market
did not return, in any appreciable degree, before the
smash came, because reinvested, and could not thereafter return, because lost. But there were many
allurements during this period of decline in savings
other than stock speculation. This was the period of
investment trust creations, of split-ups in bank
stocks, and of the flotation of many capital issues
held out as having high promise. It is but natural
that with •the prevalent craze for making money
quick savings depositors should be induced, or
seduced, into withdrawals for some of these purposes, offering high rates of return. If so, it is proof
that this sort of financial excitement is cumulative,
spreading throughout the country, almost like a
prairie fire. Since in the small country banks are
always concealed savings deposits it is probable that
the decline in savings deposits is even greater than




[Vol,. 130.

the compilation indicates. Be this as it may, the
reversal, it is said, is the greatest in 20 years.
Increase in savings bank deposits has been one
of the stock arguments to show the great prosperity
of the United States for the last 10 years. But a
sudden recession of nearly two hundred millions in
a single year from the 1928 totals shows that the
momentum of increase was suddenly checked by
some compelling cause, even while the claims of
prosperity were most loudly shouted. The Association report mentions the facts: "Industrial production was much higher last year than the preceding
year. Factory payrolls were considerably greater.
In production, employment and trade advances were
made over the preceding year. In the farm areas
the improvement noted for 1928 did not recede in
1929, and the live stock industry in all its branches
was prosperous." From this it appears that the
ratio of increase in savings deposits could have kept
up, but did not. Reversal in a single year was violent and unprecedented. Why? Leaving out the
influence of profits in new stock issues, and through
speculation on the exchange, what other prominent
reason obtrudes? Is it not rational to consider the
general state of the times, the life of the people, in
our search for a reason?
Proceeding along this line, we note the common
saying that "the people are living too fast." If the
alleged prosperity really existed (we think it was
always exaggerated), then there could be excessive
spending and still an excess of savings. But if for
any reason the excess of spending overtopped the
excess of savings, then there must at some point
come a reversal, and we are justified in believing that
the process will continue in this way until there is a
reversal of cause. High wages can contribute to the
purchase of semi-luxuries only to the point of satiety
or to the point of a decline in wages provided we
are dealing with cash purchases. But if purchases
are made upon credits then the time must come,
even upon a level of high wages, when the spending,
the time-payments, will exceed the ability to save
in the same ratio. Did not this actually occur? Did
not the common statement that installment selling
was being put on a more stable basis mean that these
firms were compelling payments more rigidly, were
studying more carefully their risks, all of which
would tend to reduce savings and cause withdrawals?
In a word, payday came more suddenly and faster
than the temper of the spenders expected. As in the
case of unjustified promises in the returns of stocks
and in the profits a speculation, the lesson of curtailed spending will be to turn the people back
to the savings banks. A small interest credited every
six months on a pass book is a more certain increase
than that in the book value of stocks which is unrealized, or the quotation prices on a stock market
which is one thing to-day, another to-morrow. But
whether this reasoning be justified or not, we can
deduce some general principles of importance from
the facts here presented. It was the common assertion that so-called prosperity was good for everybody whether directly enjoyed or not. Common
labor, clerical employment, professional services, did
not keep pace with the high wages of mechanical
trades. Commodity prices maintained a nearly even
keel, with only a slight reduction. If these classes
spent their substance as rapidly as the well-paid they
sooner reached the impasse.

MAR.8 1930.]

FINANCIAL CHRONICLE

Reason as we may, savings deposits, being an
index to the condition of the people, show us that
we have reached a turn in the tide. We can no
longer save and spend as we will, and increase our
permanent wealth. Of course savings deposits are
a surplus over and above expenditures, legitimate or
extravagant. But there is nothing in the year under
consideration to indicate that legitimate expenditures were larger or at an increased ratio. There is
the startling fact of speculation run wild and an
extravagant living on the part of the people at large.
If a ratio of saving is to keep up, the ratio of income
must run parallel to the ratio of spending. This
never occurs for a long stretch of time. Spending
grows by what it feeds on. The more people have,
often the more they want. When gratification can
come for a period, say, of 10 years either by high
wages or credits, the desires and tastes of the people
are thereby accelerated, until a point comes when the
spending must encroach on the saving, and a result
follows such as we now witness.
Prosperity is a good thing, when rightly used.
But it should be equable,stable, and actual. To sing
its praises for the purpose of inducing speculation
is an evil. To prOclaim it as perpetual is an error.
To shout it from the housetops to generate a fictitious buying and selling is a wrong. To try to
make the people believe that all are prosperous at
the same time is a deception. Talking it all the time
is a form of mental contagion any people should
shun, for it begets a form of spending that must
sometime come to grief. A reversal of near two and
a half billions in saving in a single year is an object
lesson in finance that teaches a truth. We think the
truth is: a more frugal life, an intensified devotion
to the business in hand, and a realization that all
permanent growth is slow. Invention is a benefactor, yet it may become illusory. To believe that
every new product and machine is necessary to a
happy life is to sap our energies and to drain our
natural resources.
Changes in the New York Law Regarding the
Descent and Distribution of Property.
SUPPLEMENTARY ARTICLE.
(By HAROLD J. FAULKNER of the New York City Bar.i

The writer has been requested to indicate what amendments to the new Decedent Estate Law (enacted in 1929)
are suggested for consideration by the 1930 Legislature in
the second supplemental report submitted by the Commission which drafted the original statute. The request is
easily complied with. The Commission does not suggest
any essential amendments to the substantive provisions of
the statute. It makes it plain that it does not favor any
radical amendments to the new law, but desires to see it
tested in actual operation before recommending changes in
substance. On this point the Commission says: "Various
suggestions have been submitted to the Commission intended
to correct defects in the Law of Estates. The Commission
has not taken final action on certain of these changes because of its established policy to permit Chapter 229 of
the Laws of 1929 to go Into effect without substantial
changes by the Legislature of 1930."
It follows that the amendments now proposed are largely
a matter of form, and for the purpose of clarifying the law
before it actually goes into effect on Sept. 1. Reference
should be made, however, to an addition inserted in subdivision 9 of Section 18 of the Decedent Estate Law. As
the new law now stands it provides that a husband or
wife, during the lifetime of the other, may waive the right
of election to take against a particular will or against any
'will of the other, by an instrument duly signed and acknowledged. As amended the section will, in addition to
the above, provide "An agreement so executed made before
the taking effect of this section wherein a spouse has waived




1533

or released all rights in the estate of the other spouse shall
be deemed to release the right of election granted in this
section." This further text has been added so as to include
separation agreements and trust agreements executed prior
to Sept. 1 1930, which might otherwise be deemed as not
falling within the scope of the provision.
Apart from this, the recommendations in the supplemental report are all in the nature of changes intended to
clarify its provisions and which are not of sufficient Importance to merit detailed notice. The report does, however, allude to other possible defects in our law of estate
which doubtless will be the subject of a report at some
future date. One of the matters which the Commission
has taken under advisement concerns the provision of the
present transfer tax law dealing with contingent interests
and remainders. It is now necessary, in estates where contingent remainder interests are provided for in the will, to
deposit with the Tax Commission within eighteen months
after the decedent's death, either cash or securities in an
amount equal to the tax the State would receive if that
contingency occurred which would give the State the latgest
tax. If cash is deposited it is placed in an Albany bank
by the Tax Commission, and the interest therefrom is paid
to the Trustee of the estate on behalf of the life beneficinries
of the estate. The purpose of this of course, is to protect
the State. It has possession of the fund from which it can
claim the transfer tax on contingent interests, though the
life tenant may live fifty or sixty years. If it ultimately
develops that the remote contingencies do not occur, the deposit is returned to the representative of the estate. This
method of taxing contingent remainders is vexing to
Executors and Trustees, and, of necessity, must be cumbersome to the State.
It is hardly necessary to say that the Bar will welcome
any change in this law that will provide for more expeditious and less cumbersome payments. It is to be hoped
that the Commission will find a solution which will be
equitable and acceptable. In referring to this matter the
Commission says:
"The New York State Commission on Defects in the Law of Estates
has before it a proposal that the transfer tax on all contingent interests
passing under wills or trust deeds should be fixed absolutely and as early
as possible in the administration of the estate. Under the present law
all of such contingent transfers are taxed temporarily. The tax on contingent remainders is based upon the full, undiminished value of the
fund. A deposit of securities or cash is required to secure the payment
of the tax which is fixed subsequently when the interests ultimately
vest. It is claimed thereby that the ascertainment of the tax is inordinately postponed, and that the State of New York is required to conserve several million dollars in securities belonging to estates, and to
maintain an accounting system for each separate estate in order that the
income on the temporary deposit may be paid to the life beneficiaries
through the Trustee. It is claimed also that there are disadvantages in
this system both for the State and for the representatives and beneficiaries
of estates. The proposal is to fix the tax absolutely on the entire contingent interest at a flat rate sufficient to maintain the present income
to the State from taxes on such transfers.
The Commission invites members of the Bar, and particularly specialists
in transfer tax work in estates, to submit their views on the desirability
of such a change in the law. It is hoped that with the co-operation of
the State Tax Commission and the committees on taxation of both brandies
of the Legislature some effective solution of this problem will be reached."

The other changes which the Commission has under consideration are the following:
1. The capacity of a wife to release directly to her husband her right
of inchoate dower.
2. The vesting of title to real estate in an administrator.
3. The survival of actions for personal injuries, caused by negligence,
and for damages for causing death, against the estates of deceased persons
responsible therefor.
4. An amendment to Section 21 of the Decedent Estate Law (which
requires the will to be signed at the end) by providing that the presence
of dispositive or other testimentary words or directions, or the appointment of an Executor or Trustee after the signature, shall not invalidate
that which precedes the signature.
5. The expedition of the administration of estates and the expedition
of the payment to legatees or distributees of their shares of the estate
within a period shorter than one year after the issuance of letters. The
suggestion has also been made to shorten the period, from the present
term of one year to six months, within which an accounting can be compelled, where there is no publication of notice of claims to creditors.
6. A statutory provision to include in an action for death damages
under Section 134 of the Decedent Estate Law, the expenses of the last
illness, including the reasonable value of hospital expenses and physicians'
services.
7. An amendment to Section 114 of the Domestic Relations Law, so
that in the absence of natural children, one adopted child may inherit
from another adopted child of the same foster-parent or parents.

All of the above except (5) deal with special matters and
hence need not be gone into here. As to (5) it would seem
that since the expeditious closing of an estate depends so
much upon the character of the particular estate that the
establishment of any rule compelling the payments of
legacies within a period shorter than one year from the

104

FINANCIAL CHRONICLE

Issuance of letters might be unwise. However, the suggestion is not without merit, for in estates where no reasons
exist for postponing the payment of legacies, it does seem
a pity that legatees should be compelled to wait for more
than a year for payment.

[VoL. 130.

other shares, too. That is a consideration of no
small importance. It also confines the interest of
the surviving spouse to the income during his or
her lifetime, and not to the principal, which makes
a great difference.
It seems to the Editor that another limit might
be imposed. The statute might provide that the
interest conferred on the surviving spouse shall have
a definite limit, say be worth not to exceed, say,
$1,000,000. This at 5% interest would yield $50,000
income a year, and that ought to be sufficient, though
the amount can be fixed at any sum,at the discretion
of the legislator. If husband and wife are at odds,
the only concern the law can have is to see that
adequate provision is made for the survivor. If no
limit is imposed we have the possibility, in a State
like New York where so many large estates exist,
that a worthless and profligate husband, or perhaps
a faithless and spendthrift wife, yet not divorced,
may receive a big slice of some huge estate or get a
share of the colossal income of the same. The change
could be readily made, too. All that would be necessary would be to insert the few words we have
placed in italics in the second paragraph of Section
18 of the Decedent Estate Law, as is done in the
following:

In publishing the above, the Editor wishes again
to direct attention to a limitation which it appears
to him ought to be set to one of the new provisions
that have been incorporated in the amended law.
The publication of this series of articles will have
served a useful purpose if it has impressed the reader
with the unquestionable fact that there is much of
merit in the new law in this State relating to the
descent and distribution of property. As previously
pointed out, the provision which it is difficult to
become reconciled to is that which gives the surviving spouse, whether husband or wife, a definite
interest in the estate of the deceased partner, of
which he or she can not be deprived. There appears
something inherently mischievous about a proposition which undertakes to deprive an individual of
the right to dispose of his property at death in the
way that his conscience and his best judgment dictate. However, the careful analysis of the new law
which Mr. Faulkner has made shows that this need
not involve the turning over to the surviving spouse
tes" 18. Election by surviving spouse against
of the interest in the estate to which the law says tamentary provision. 1. Where a testator diesor in absence of1930.
after August 31
he or she shall be entitled at the time of the death and leaves a will thereafter executed and leaves surviving a husband or
election is given to the surviving spouse to take
wife, personal
of the other. The requirements of the law will be his oraher share right ofestate as in intestacy, subject to the limitations,
of the
satisfied if the decedent during his or her lifetime conditions and exceptions contained in this section. a surviving spouse
(a) In exercising the right of election herein granted
or by testamentary provision establishes a trust the shall in no event be entitled to take more than one-half of the net estate
of debts, administration expenses
equivalent of the interest to which the law says the of the decedent, after the deduction in no case exceed one million dollars
and any estate tax, and such half shall
survivor shall be entitled. There is an obvious ad- in value.
There should be no tinkering with the new statute
vantage in such an arrangement. It gives the decedent the right to name the executor or trustee, after it once goes into effect, and the change, now
and thus guard against squandering the property, made, would obviate the need of any amendment in
not only the survivor's share but perhaps all the that respect in the future.

Gross and Net Earnings for United States Railroads for the
Calendar Year 1929
The calendar year 1929 was one of great activity
in trade and industry and this naturally accrued to
the benefit of the railroads in the shape of enlarged
tonnage and revenues. But the trade activity and
the benefits resulting therefrom were sharply terminated by the stock market collapse which came
in October and in like manner railroad tonnage and
railroad revenues encountered a severe setback in
the closing months of the year—a setback all the
more pronounced as far as net earnings are concerned by the fact that railroad expenses were not
curtailed in proportion to the loss in traffic and in
revenues, this failure to curtail expenses being due
to the desire of railroad managers to co-operate with
President Hoover in his determination to maintain
current business activities as nearly as possible at
former levels so as to prevent large-scale unemployment. For the year as a whole the period was one
of improved results as compared with the previous
year, but improvement which was heavily scaled
down by the losses resulting from -the adverse
happenings just referred to in tlie later months of
the year.
In the so-called key industries, particularly, activity reached exceptional proportions and continued
almost without interruption until the abrupt change
came the latter part of the year. In the industries




alluded to, and more especially the steel trade,
the customary seasonal recession incident to the
summer season, with attendant hot weather, was
almost entirely lacking, and when some slowing
down at length did appear it was much more moderate
than that which ordinarily comes with the advance
of the season. It is common to hear it said that
signs of trade reaction appeared well in advance of
the crash of the Stock Exchange, but such reaction,
as far as it actually developed, may be said to
have been nothing more than the seasonal slowing
down and which had been delayed longer than
usual. It will be found as we proceed that even
when some trade recession developed late in the
summer the volume of trade in the country's leading
industries still remained well above that of the
corresponding months of the previous year. That
is notoriously true of automobile production and
likewise true of the steel trade, the great activity
in which is due so pre-eminently to the large orders
fed to it by the automobile concerns.
While the railroads shared in the activity and
prosperity for which the year will always be memorable, notwithstanding the stock market crash which
marked and marred the closing months, they nevertheless did not participate in it to its full extent nor
in the degree generally supposed. This failure of

MAR.8 1930.]

FINANCIAL CHRONICLE

the rail-carrying industry to reflect the unexampled
activity in the country's leading industries was particularly noticeable during the first half of the year.
In our review of the railroad results for the first
six months of the year, after pointing out that a
much larger percentage of improvement in the gross
revenues in 1929 would have been more in accord
with prevailing views as to the benefits which were
accruing to the rail carriers from the unexampled
activity in leading lines of industry, we went on to
say that if an explanation was sought for the disparity
referred to one reason for the comparatively small
way in which the gross income of the carriers was
increasing was to be found in the circumstances
that, except in the case of a few large systems
favored by heavy through travel, passenger traffic
and passenger revenues of the roads had been undergoing contraction, owing to the intense competition
of the automobile and the supplanting of rail travel
by motor vehicles either privately owned or operated
by bus lines. And this remark is as applicable to
the last six months of the year as it was during the
first six months, passenger revenues nearly all through
the year, month by month, continuing to show
losses even as compared with the shrunken passenger revenues of the previous year, and the cause
must have been that just mentioned.
One of the distinguishing features of the year, as
n the years preceding, was the growing efficiency
with which the railroads were being operated. But
even this distinction disappeared in the latter part
of the year as gross earnings began heavily to fall
off without finding any offset in the shape of reduced expenses.
Stated in brief our tabulations show an increase
in the gross revenues from operations for the 12
months of 1929 as compared with the 12 months of
1928 in the sum of $162,305,781, or 2.63%, attended
by an augmentation in expenses in amount of $71,023,068, or 1.56%, leaving consequently a gain in
the net earnings in amount of $91,282,713, or 5.39%.
The ratio of expenses to earnings (before the deduction of taxes) was only 71.61% in 1929, as
against 72.37% in 1928, and much heavier ratios
in the years preceding. The grand totals for the
two years are shown in tabular fofm in the following:
Jan. 1 to Dec. 31—
Mike of road (179 roads)

Inc.(+1 or Dec.(—)
1929.
1928.
239,482
+2.143 0.91%
241,625
11
Gross earnings
6,339,246382 6,176,941,101 +162.305,781 2.63%
Operating expenses
4,540,487,417 4,470,023,561 +71,023.068 1.58%
Ratio ofexpenses to earnings--0.76%
72.37%
71.61%
Net earnings

1,798400,253 1.706,917.540

+91.282.713 5.39%

When the year is divided into half-yearly periods,
it quickly appears that the whole of the improvement, at least as far as the net earnings are concerned, and more too, appeared in the first six
months and that in the last six months a portion of
the gain in net earnings, which had accrued in these
six months, was lost. For the first six months our
compilation showed $151,648,890 increase in gross,
or 5.21%, and as the augmentation in expenses
reached no more than $36,701,689, or 1.66%, there
remained a gain in net earnings of $114,947,201, or
16.36%. On the other hand, in the last six months
the further increase in the gross earnings reached no
more than $10,000,000, or barely 0.30%, while expenses ran up in amount of $34,321,379, or 14.9%,
causing, therefore, a loss in net of $23,664,488, as
will appear from the following table, showing the
comparative figures for the two half-yearly periods
separately:




1535
First Six Months.
1929.

Gross earnings
Operating expenses

Second Six Months.

1928.

1929.

1928.

IS
3,057,560,980 2,905,912,090 3,281,685,902 3,271.029,011
2,240,060,759 2,203,359,070 2,300.985,870 2,266,664,491
817.500,221

Net earnings

702,553,020

980.700,032 1,004,364,520

It deserves to be pointed out that the falling off
in earnings during the last six months occurred
entirely during the last three of the six months. In
July, August and September our monthly tabulations still continued to show gains in gross and net
alike, though in September the gain in net was
relatively light. In the table we now introduce we
furnish a comparison of the totals for each month
of 1929, both gross and net, with the corresponding
totals for 1928. It will be noted that gains of substantial amount appear in each and every one of the
first nine months of the year in gross and net alike,
the increases for February and March, however,
falling somewhat below the average—in February
because the roads in 1929 lost the advantage of the
extra day they had had in 1928 because of its being
leap year, and in March because there were five
Sundays in the month in 1929, whereas in 1928 the
month had contained only four Sundays. In September, as already noted, the gains in both gross
and net were relatively light, while in October,
November and December the roads suffered a heavy
diminution in both gross and net for the reasons
already stated. The monthly comparisons appear
in the table which we now insert:
Lange of Road.

Gross Earnings.
Month.
1729.
January
February
March
April
May
June_
July
August
September
October
November
T1Arorn hpr

1928.

Inc.(±)or
Dec.

$
488,201,495
474.780,516
516,134,027
513.076,028
536,723,030
.531,033,198
556.706,135
585,638.740
565,816,654
607.584.997
498,316,925

$
457.847,810
458,587.931
605.249.550
474.784.902
510.543.213
502,455,883
512,821,937
557,803,468
556,003,668
617,475,011
531,122,999
495.950.821

$
+28,853.685
+18,292,585
+10,834,477
+38,291,124
+28,120,817
-1-28,577,315
+43,884,198
+27,835.272
+9,812,986
—9.890,014
—32,806.074
—27.767.999

4115.132_322

(—).

Net Earnings.

1929.

1928.

Miles.
240.833
242,884
241.185
240.956
241,280
241,608
241.450
241,026
241,704
241,622
241,695
241.834

Miles.
240,417
242,668
240.427
240,816
240,798
241.243
241,183
241,2.53
241,447
241,451
241,326
240.773

(+)or Dec.(—).

Inc.

Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December

1928.

Amount.

$
117.730,186
126,368,848
139,639,086
136.821,660
148,798.792
150.174.332
168,428.748
190,957.504
181,413.185
204,335,941
127,163.307
106.315.167

$
94,151.973
108.987.455
132,122.686
110,884.575
129,017,791
127,514.775
137,635,367
174.198,644
178,800,939
216,519,313
157.192,289
138.501.238

$
+23,578,213
+17,381.398
+7.516,400
+25.937.085
+17,754,001
+22.659.557
+30.703.381
+16,758,860
+2,612,246
—12,183,372
—30,028,982
—32.186.071

1'er Cad.
+25.04
+15.95
+5.53
+23.39
+12.09
+17.77
+22.37
+9.62
+1.46
—5.83
—19.11
—23.12

One further fact deserves to be borne in mind,
qualifying still further the importance and significance of the improved results for 1929, reduced as
they were by the unfortuate happenings toward the
close of the year. In this we have reference to the
fact that the 1929 gains, at least as far as the gross
earnings are concerned, are really a recovery of the
losses sustained in the two years immediately preceding. For the calendar year 1927 our compilations had shown a falling off of no less than $253,305,228 in the gross earnings and of $155,453,498 in
the net earnings and in our comments on the results
for that year we remarked that it had been in fact
the poorest year that these rail carriers had had since
their return to private control in 1920. In 1928 our
statement showed a further loss in gross earnings of
$30,265,342 in comparison with the poor results of
1927, accompanied, however, by a saving in expenses of $135,435,125, producing, therefore, a
gain in net of $105,169,783, which to that extent
acted as an offset to the much larger loss in net sus-

1536

FINANCIAL CHRONICLE

tamed in 1927. The further gain in gross now shown
by our tabulations for 1929, amounting to $162,305,781, does not, it will appear, serve to wipe out
entirely the very heavy losses in gross sustained during the two preceding years, but the showing of the
net was the best ever made as the result of the further increase in the sum of $91,282,713 now disclosed, due entirely, however, to the greater efficiency with which the roads have been operated.
It should not escape attention that while there
was very considerable trade revival in 1928, particularly during the last half of the year, and certain
leading industries enjoyed prosperity for nearly the
whole of the twelve months, full recovery from the
setback of 1927 did not ensue until 1929. During
flip early months of 1928, outside of a few excepted
industries, the volume of trade was in many instances
moderately smaller than it had been in 1927. There
was in 1928, it is true, a revival of the automobile
trade after the severe slump which that trade had
experienced during the previous year, which slump,
however, was due mainly to the fact that the Ford
plants were then out of commission, being engaged
in devising a new model of car. But it remained for
1929 to show what the automobile industry could do
in a period of real trade revival and with the Ford
plants once more operating at a normal capacity,
and apparently no obstacles of any kind existing to
full capacity production anywhere. Then also the
agricultural implement makers in 1928 had found a
wider market for their machinery, owing to the improved agricultural situation in the spring-wheat section of the Northwest, and this, together with the
increased demand from the automobile makers, stimulated a revival of activity in the steel trade—a revival, however, which was hardly a 'circumstance to
the wonderful activity for which the year 1929 will
ever remain famous.
Outside of these favored lines, howeirer, adverse
developments of larger or smaller consequence played
their part in holding railroad revenues down in
1928. One of these was the continuance of trade
depression in the South and in that respect there was
relatively little change for the better even in 1929.
Towards the middle of the year 1929 there were some
indications going to show that the South was now
about entering on the road to recovery, but the improvement remained short lived and a renewed setback occurred after the Stock Exchange fiasco; and
in the business slump which followed the South suffered as severely as any other section of the country.
As far as the different geographical divisions of the
country are concerned, there was really only one
section in 1928, namely the spring-wheat section of
the Northwest, where the situation was generally
and widely better than in the year preceding. In
the territory referred to a great economic improvement had been wrought by the abundant springwheat harvest of 1927 (after several years of poor
or indifferent harvests in that part of the country),
followed by another bounteous harvest in 1928, and
this continued a favoring influence during the first
half of 1929, only to be followed by a renewed crop
shortage in the last-mentioned year as a result of
long-continued drought, so that in the latter part
of 1929 that section of the country once more had
to contend with quite a setback. It happened, too,
that a big slump occurred in the price of wheat in
May 1929, making the situation in the whole of the
Western grain raising district correspondingly gloomy.




[Vol,. 130.

Fortunately, in this respect, an equally sharp recovery in grain prices ensued in June and was quite well
maintained during the rest of 1929, only to be followed during the early part of 1930 by a renewed
break in the grain market,.
In the last analysis the marvelous activity and
prosperity of general trade during 1929 must be
ascribed to the great revival which occurred in the
automobile industry and in the steel trade, which
was fed by orders from the automobile concerns and
also, the latter part of the year, by orders from the
railroads on a greater scale than for many years previously. Almost a million more motor vehicles were
produced during the 12 months of 1929 than in the
12 months of 1928, or the 12 months of 1927, the
output in 1929 having been 5,358,414, as against
4,358,759 in 1928 and 3,401,326 in 1927. As a result mainly of this great activity of the automobile
trade, steel production and iron production attained
during 1929 a height never before known. In each
of the first nine months of the year the number of
machines turned out was well in excess of that of the
preceding year, bearing out what has already been
said with reference to the seasonal reaction having
been largely absent, but in October 1929 the number was 380,017 against 397,284 in October 1928; in
November, 217,570 against 257,140, while in December a big slump occurred when the number of
machines produced fell to 120,004 in 1929 against
234,116 in December 1928.
The American Iron and Steel Institute calculates
the output of steel ingots for the calendar year 1929
as no less than 54,164,348 tons, the largest on record,
and comparing with 49,865,185 tons in the calendar
year 1928 and with 43,397,743 tons in 1927. Here,
too, the output continued in excess of that of 1928
in every month until October, when a slight falling
off occurred, the production for the month in 1929
having been calculated at 4,511,650 tons as against
4,649,968 tons in the same month of 1928, followed
by a rapid decline thereafter, the product for November 1929 being 3,513,025 tons as against 4,266,835 tons in November 1928 and for December 1929,
only 2,896,269 tons as against 4,018,208 tons. The
make of iron, according to the "Iron Age" of this
city, reached 42,285,769 tons in 1929 against 37,837,804 tons in 1928 and 36,232,306 tons in 1927.
All this great expansion occurred in face of the
fact that the building industry suffered a decline,
being the one large-scale industry which constituted
an exception to the general rule of activity and expansion. According to the F. W. Dodge Corporation,
the construction contracts awarded during the year
1929 in the 37 Eastern States reached a total in 1929
of $5,754,290,500, against $6,628,286,100 in 1928,
$6,303,055,000 in 1927 and $6,380,915,000 in the
calendar year 1926, and $6,006,426,000 in 1925.
Our own figures for building permits covering 354
leading cities showed an aggregate of work planned
for 1929 of $3,083,256,143, as against $3,500,730,450
in 1928, $3,651,036,217 in 1927, $4,121,964,853
in 1926 and $4,393,364,166 in 1925.
As against the diminution in building activity, and
no doubt a complete offset to the same, the railroads
had the advantage of a greatly increased transportation of coal. The most important single item of
traffic carried by the railroads (treating them collectively) is the coal tonnage and therefore the advantage in that respect may be considered to have
been general and widespread. In 1928, notwith-

MA.R. 81930.]

FINANCIAL CHRONICLE

standing partial trade revival, coal production
lagged behind until the last few months of the year.
As a consequence, the quantity of coal mined decreased still further after the big slump in 1927. In
1929, on the other hand, as was natural under growing trade revival, the demand for coal once more
increased, and yet not to such an extent as to make
good the losses sustained in 1927 and in 1928. As
against 573,367,000 tons of bituminous coal mined
during the calendar year 1926, the production in 1927
fell to 517,763,000 tons and in 1928 fell still lower, to
500,745,000 tons; in 1929 there was a recovery to
525,358,000 tons. It is proper to point out, however, that the bulk of the recovery occurred during
the first nine months of the year. In October,
November and December, when comparison was with,
figures in 1928 which themselves showed a recovery
as compared with the low levels reached in those
months of 1927, the further addition in 1929 was
very slight. This has reference to the production
in the soft coal regions. In the case of Pennsylvania anthracite, where also there had been the previous two years a sharp contraction in output, the
recovery in 1929 was comparatively slight. From
84,437,000 tons, the production of anthracite in
1926, there was a reduction to 80,096,000 tons in
1927 and a further reduction in 1928 to 75,348,000
tons. In 1929 there was a recovery to only 76,640,000 tons.
The South continued to labor more or less under
the effects of business prostration. .The signs of
relief which were in evidence at one time proved, as
already stated, misleading, while the business reverse to which the whole country succumbed during the last three months of 1929 did not leave the
South exempt, but rather dealt a new blow to business activity in the Southland. This business depression in the South, it may be recalled, had its
origin in the first instance in the collapse of the speculative boom in real estate and the havoc caused by
the Florida hurricane in September 1926. The
situation was made acute by the big drop in the price
of cotton, which came with such suddenness in the
autumn of 1926, when the cotton-consuming world
began to realize that the crop which was then being
gathered was to be of immense size. The depression
persisted all through 1927, even .though the price of
cotton then fully recovered and came back to the
level prevailing before the break, and even moved
higher than this previous level. During 1928 the
depression continued, besides which the reduction in
the size of the crop itself meant a considerable reduction in railroad tonnage, the 1927 yield of cotton
in the United States having been only 12,956,043
bales against 17,977,374 bales in 1926. In 1928 the
crop increased to 14,477,874 bales and things generally began to have a more reassuring look, which
doubtless would have resulted in substantial recovery in 1929, aided by recovery elsewhere in the
United States, especially as the 1929 yield of cotton
proved even higher than that of 1928, being estimated at 14,919,000 bales. But a new setback occurred, as already stated, when the stock market
collapse in the autumn acted as a wet blanket on
industrial activity everywhere.
The roads running through or connecting with
Florida suffered the most severely, and not a few
of them sustained further reduction of their traffic
and revenues in 1929 in addition to the losses experienced in the two years immediately preceding.




1537

As a measure of the intensity and prolonged character of the business depression in that part of the
country, the shrinkage in bank clearings at leading
points there stands as a graphic illustration. As
previously pointed out by us, the slump in the
bank exchanges at the Florida cities stands as the
most notable in history. Thus the clearings at
Miami suffered further shrinkage in 1929, reducing
them to $142,316,000, at which figure comparison
is with $632,867,020 in 1926 and no less than $1,066,528,874 in 1925. A drop from over a billion dollars
to only $143,316,000 in three years marks a collapse to which it would be difficult to find a parallel.
At Tampa the 1929 clearings aggregated only $136,395,461, as against $184,472,445 in 1928, $237,515,432 in 1927, $414,418,178 in 1926 and $461,800,170 in 1925. Even at Jacksonville the clearings
were cut almost in two in the space of three years,
the total for 1929 being down to $778,250,904, as
against $835,268,613 in 1928, $1,002,493,423 in
1927, and $1,505,427,663 and $1,446,158,867, respectively, in 1926 and 1925.
Loading of revenue freight on the railroads of the
United States furnishes a sort of composite picture
of the general traffic and revenues of the roads.
From statistics collected by the American Railway
Association it appears that the number of cars loaded
with revenue freight aggregated 52,789,789 in the
52 weeks of 1929, as against 51,589,887 cars in the
52 weeks of 1928, and 51,635,806 cars in the 52
weeks of 1927. The total for 1929 was the largest
on record, except for the year 1926, when the number of cars footed up 53,098,819 cars. Here again
a sharp contrast is in evidence between the first
nine months of the year and the closing three months.
For the 12 months, as a whole, the increase in 1929,
as compared with 1928, is 1,199,902 cars, but for
the first nine months of the year the increase stood
as high as 1,654,824 cars, there having been a
falling off during the last 13 weeks of the year of
454,922 cars. During the first 39 weeks the loadings were uniformly larger than in the corresponding
period of the previous year, whereas in the last 13
weeks there was a pretty general shrinkage. The
increase in the grand total for the 52 weeks occurred
in face of decreased loadings of grain and livestock.
Total loadings by commodities for 1929 compared
with 1928 as compiled by the Car Service Division
of the American Railway Association were as follows:
Grain and grain products
Livestock
Coal
Coke
Forest products
Ore
Merchandise less-than-carload-lot freight
Miscellaneous freight

1929.
2.394.459
1.418.949
9,232.429
627.546
3.250,794
2.281.288
12.200,440
20,383.884

1928.
2.512.937
1.520.915
8.768.487
533.716
3.327.270
1,909.766
13,165,573
19.851.223

The true measure of the traffic movement is of
course furnished by the number of tons of freight
moved one mile, and some figures in that respect
have been made available in a statement issued by
the Bureau of Railway Economics under date of
Feb. 19. It appears from this statement that
492,179,745,000 tons of freight were moved one
mile in 1929, against 477,183,492,000 ton miles in
1928, 474,696,115,000 tons one mile in 1927 and
488,701,825,000 ton miles in 1926, the 1929 total
being the largest on record. The increase over 1928,
it will be seen, was 14,996,253 net ton miles, or 3.1%,
and the increase over 1927 17,483,630 ton miles,
or 3.7%, and over 1926, the previous record, 3,477,920,000 ton miles, or 0.7%. It is interesting
to observe that the heaviest increase over the pre-

[Vol,. 130.

FINANCIAL CHRONICLE

1538

vious year is found in the Eastern District, comprising the great manufacturing and coal-mining
regions, while the increase in the Western District
is in much smaller ratio, and the Southern District,
as would be expected from what has been said above,
shows an actual falling off. In brief, for the Eastern
District there is an increase in the tonnage movement one mile of 5.2%, but for the Western District
an increase of only 1.8%, while the Southern District shows a reduction of 0.5%.
As already indicated, Western roads in 1929
suffered a severe shrinkage in their grain traffic, a
diminished export demand being in part responsible
for this. Not alone was there a great reduction in
the volume of wheat moved to the Western primary
markets, but the falling off extended in greater or
lesser degree to all the other cereals. Total receipts
of wheat at the Western primary markets for the
52 weeks of 1929 were 453,536,000 bushels, as against
518,793,000 bushels in the corresponding period of
1928; the receipts of corn aggregated 272,497,000
bushels, as against 326,774,000 bushels; of oats
140,617,000 bushels, against 155,332,000 bushels; of
barley 62,492,000 bushels, against 94,044,000 bushels, and of rye 25,398,000, against 26,325,000 bushels. For the five items combined, total receipts at
the Western primary markets aggregated only
954,540,000 bushels in 1929, as compared with
1,121,268,000 bushels in 1928, a falling off of no
less than 152,319,000 bushels. In the following
table we give the details of the Western grain movement in our usual form for the 52 weeks of 1929
and 1928:
Witt ERN FLOUR AND GRAIN RECEIPTS.
Wheal.
Year End.
Flour.
(bush.)
Dec. 31.
(Ibis.)
Chicaoo1929 ___12,161,000 34,256,000
1928 _12,329,000 37,119,000
Milwaukee
7.658,000
1829 ___ 2,245,000
1928 ___ 2,581,000
4,166,000
St. Louis
1929 ___ 6,650,000 41.612.000
1928 ...._ 6,280.000 46,309,000
Toledo
1929
14,160,000
1928 ___
12,239,000
Detroit
1929
1,681,000
1928 _
1,837,000
Peoria
1929 ___ 2.617,000
2,258,000
1928 ___ 3,221,000
2,099,000
Duluth
1929 __ _
75,143,000
1928
109,180,000
Minneapolis
/929 ___ 8,000,000 95,551,000
1928 __ _
127,076,000
Kansas City
1929 ___
16,000 95.565,000
1928
96,472,000
Omaha and Indianapolis
1929 ___ 3,000,000 40,101.000
1928 ___
38,161,000
Sioux City
2,415,000
1929
2,484,000
1928
St. Josepk1929
15,237.000
11,720,000
1928
Wichita
1929
28.476,000
29.848,000
1928

Corn.
(bush.)

Oats.
(bush.)

Barley.
(bush.)

Itve.
(bush.)

83,435,000 37.810.000 8.135.000 8,563,000
116,945,000 54,020,000 16,367,000 4,829,000
13.287,000 12,507.000
8,255,000 13,847,000

849,000
1,081,000

32.111,000 20,311,000 1,736,000
36,032.000 21,537.000 2,583,000

312,000
403.000

14,507.000
16,426,000

1,492,000
1,728,000

5.463.000
4,076,000

498,000
176,000

327,000
72,000

5,455,000
1,082,000

979,000
1,177.000

115,000
134,000

GRAIN AND FLOUR RECEIPTS AT SEA.BOARD PORTS FOR 52 WEEKS.
1925.
1928.
1927.
Receipts of1926.
1929.
Flour
bbls_ 24.578.000 25.208.000 23,225,000 25,217,000 24,803,000
Wheat
Corn
Oats
Barley
Rye

20,474,000
25,799,000
1,965 000
1,105,000

7,974.000 3,345,000
8,998,000 2,812,000

113,000
67.000

5,437.000 14,983,000 7,615.000
3,045,000 29,360,000 12.808.000

13,080.000 23,482,000 20,463,000 7.269,000
11,598,000 22,031,000 28,401,000 6,697,000
5,391.000
4,515,000

54.000

43,771,000 19,971.000
51,412,000 20,794,000

46,000
33,000

94,000
52,000

8,441,000
8,550,000

3,975.000
4,081.000

283.000
281,000

8,000
7,000

10,596,000
10,597,000

1,190.000
1,435,000

27.000
13,000

8,000
1,000

3,356.000
2,631,000

464.000
417,000

32.782.000
41,048,000

The grain movement at the seaboard during 1929
was also on a greatly reduced scale as compared to
the preceding year, the falling off being no less than
198,963,000 bushels. All the different cereals registered decreases, the shrinkage in the case of wheat
being exceptionally large, namely, 127,733,000 bushels. The seaboard grain receipts include also the
movement to Montreal as well as to United States
ports, and the Montreal receipts (reflecting Canadian
shipments) were also on a greatly reduced scale
during 1929. The receipts at the seaboard for the
52 weeks of 1929 were only 221,457,000 bushels, as

bush_160.415.000
17,330,000
15,766,000
24,517,000
3,429,000

Total grain

288,148,000
19,263,000
35.369.000
59,079,000
18,561,000

298,956.000
10,575,000
24.674.000
29,462,000
16.734,000

303.154,000
8,250,000
42.203,000
38,427,000
30.825,000

242,507,000
11,925,000
78,707,000
44,446,000
29,742.000

221.457.000 420,420,000 378,401.000 422,849,000 405,327,000

Western roads also had the disadvantage of a
smaller livestock traffic, the movement showing a
falling off for the twelve months as it did for the
first six months of the year. At Chicago the receipts
for the 52 weeks of 1929 comprised only 221,328 carloads, as against 233,166 carloads in 1928, 245,013
carloads in 1927, 261,320 carloads in 1926 and 259,083 cars in the 52 weeks of 1925. At Kansas City
the receipts in 1929 were 97,673 cars, against 102,152
cars in 1928, 106,302 cars in 1927, 115,436 cars in
1926 and 123,864 cars in 1925, while at Omaha the
receipts were 81,253 cars in 1929, against 86,494
cars in 1928, 89,163 cars in 1927, 105,075 cars in
1926 and 111,283 cars in the twelve months of 1925.
Coming now to the cotton movement in the South,
this, too, showed a heavy shrinkage, both in the
shipments overland of the staple and the receipts at
the Southern outports, as compared with the year
1928, when the movement was the smallest in many
years. Total cotton shipments overland for the
year 1929 aggregated only 913,635 bales, against
914,507 bales in 1928, 1,137,001 bales in 1927,
1,580,136 bales in 1926, 1,646,167 bales in 1925,
1,433,140 bales in 1924 and 1,364,005 bales in 1923.
The receipts of the staple at the Southern outports
during 1929 reached but 8,653,461 bales, notwithstanding the increased size of the crop, against
9,021,645 bales in 1928, 9,750,543 bales in 1927,
11,513,760 bales in 1926, 9,445,560 bales in 1925, but
comparing with 7,958,171 bales in 1924 and but
6,317,636 bales in 1923, as is shown by the table
we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO DEC. 31,
1924 TO 1929, INCLUSIVE.

230,000
299,000

Total All
1929 _34,689,000 453,536,000 272,497,000 140,617,000 62,492,000 25,398,000
1928 _24,411,000 518,793,000 326,774,000 155,332,000 94,044,000 26,325,000




against 420,420,000 bushels in 1928, as will be seen
by the subjoined table:

Full Year.
Ports.
1929.

1928.

1927.

1926. i

1925.

1924.

Galveston
bales 2,045,403 2.887.759 2,443,591 3.239,336 3,202,321 3,346,911
Houston & Texas City 3,028.784 2,924.486 3,144,754 3,000,632 2,013,723 1.308,605
1,761,162 1,565.743 1.901.407 2,210,042 2,145,265 1,823,223
New Orleans
421,225 260,459 145,991
Corpus Christi
405,636 269,313 316,538 339,392 218,610 154,160
Mobile
15,003
6,004
28,789
1,978
16,588
7.408
Pensacola, dic
497,091 471,056 884,448 969.241 850.080 628,998
Savannah
208,741 226,719 432,086 528,746 340,234 195,441
Charleston
100,540 157,751 163,103 132,109 139,536 118.521
Wilmington
154,895 248.553 312,421 477,281 608,189 367,026
Norfolk
7,818
200
7,605
Lake Charles
14,971
Beaumont
Total

bales 8,653,461 9,021,845 9,750,543 11,513,76019.445,580 7,958,171

Perhaps reference should also be made among the
favorable influences of 1929 that the ore-carrying
roads, more particularly those carrying ores to the
head of the Great Lakes, had a distinct advantage
the present year, not alone because of the larger demand for ore owing to the great activity of the iron
and steel trades, but also because of the much earlier
opening of navigation on the Great Lakes as contrasted with the very late opening in 1928. Thus
these roads were favored in a double way. It may
be recalled that in our review of the earnings for
1928 we explained the relatively heavy losses in
earnings sustained by such roads as the Duluth
Missabe & Northern and the Duluth & Iron Range
as due to the late opening of navigation, and added
that this must also have been a drawback on the
ore-carrying lines of the Great Northern Ry. In
1929 the same roads were favored in the double way
already mentioned, and recovered these losses of

M.
81930.]

FINANCILL CHRONICLE

1928 and more too, they all having very large gains
to their credit.
As far as the weather is an influence on the traffic
and earnings of the roads, the winter in the earlier
months of 1929 was not much of a drawback in the
northern part of the Eastern half of the country.
In the Western half, however, the winter was quite
severe, extreme cold accompanied in many instances
by repeated heavy snowfalls having seriously interfered with railroad operations. The remark applies
particularly to Wisconsin, Iowa, Colorado, Utah,
Wyoming, Montana, Idaho and thence all the way
west to the State of Washington. Colorado seems
to have suffered most from accumulated snow.
Thus Associated Press dispatches from Denver Feb. 7
1929 said that railroad transportation in the mountainous regions of southwestern Colorado was at a
standstill, while section crews began a two weeks'
task of clearing tracks of the heaviest snow slides
in many years. The towns of Silverton, a mining
community, and Craig, on the Denver & Rio Grande
Western RR., were completely isolated, it was stated.
Nine snow slides had crashed down on the tracks
since Feb. 2, and one of these was said to have been
from 40 to 75 feet deep and 800 feet wide. The Rio
Grande Southern, operating on the Lizard's Head
Pass, it was also stated, was blocked by snowdrifts, though there were no snowslides. It was also
reported that highways in Wyoming, Utah and
Idaho were blocked by snowdrifts and that zero
temperatures were general. Montana appears to
have suffered in a similar way. On Feb. 9 1929 Associated Press advices from Kansas City stated that railroad transportation in southwestern Colorado had
been further hindered by additional snow and that
zero temperatures prevailed in that region and in
Kansas, Oklahoma and the Texas Pan Handle.
Two more snowslides had crashed on the tracks of
the Denver & Rio Grande Western between Durango
and Silverton, Col., making a total of 11 in 13 miles.
On Feb. 17 press dispatches from Durango stated
that relief from a food shortage, which had become
serious, was in sight for the isolated town of Silverton,
Col., as large forces of workers continued to cut
through mountains of snow which had blockaded
the once famous mining camp since Feb. 3. Avalanches of snow which had buried the Denver &
Rio Grande Western tracks into the town to a
depth ranging from six to 80 feet were then expected
to be cleared away within three days to enable a
train to pull into the town with food and commodities.
At different times during March also there came
reports of snowslides at widely separated points in
the section of country referred to—Colorado, the
Dakotas, Montana, the State of Washington, &c.
WEATHER CONDITIONS AND RESULTS IN
EARLIER YEARS.
In the early months of 1928 the winter ranked as one of
the mildest on record, complaints of obstruction to railroad
operations from snow or ice or extreme cold having been
entirely absent in all parts of the country. In 1927, too, the
winter was not severe in any part of the country if we except
a limited area in the Rocky Mountain regions where unusually heavy falls of snow were encountered during January, February and March. In fact, it may be said that in
some of the Rocky Mountain States, particularly Colorado
and Wyoming, repeated heavy snowstorms occurred all
through the winter of 1927, making railroad operations diffi
cult; even towards the middle of April an unusually severe
spring blizzard was reported, seriously interrupting traffic,
the latter extending also into South Dakota. Barring this,
however, the winter of 1927 did not impose drawback of any




1539

great consequence anywhere. In 1926, likewise, the winter
on the whole was not much of a disturbing influence. The
situation in that respect was not so extremely good as it
had been in 1925, and yet was on the whole quite favorable.
In January weather conditions in 1926 did not impose much
of an obstacle to railroad operations over any large sections
of the country. On the other hand, in February the New
England roads suffered by reason of heavy falls of snow.
The winter of 1926, taking the country as a whole, was, as
stated, quite mild, but in February there were some big
snowstorms in the East, with, however, nothing approaching a blizzard. In other words, there were no big drifts to
tie up traffic and interfere seriously with the running of
trains. In this city there was in 1926 no snowfall of any
consequence during the winter until February, but in this
last mentioned month there were two very heavy snowstorms, namely, one on Feb. 3-4, when 10.3 inches of snow
fell, and another on Feb. 9-10, when the snowfall was 11.6
inches. For the whole month of February the snowfall in
this city in 1926 aggregated 25.7 inches, being the heaviest
on record for any February since 1899, when the fall was
27.5 inches, and comparing with only 0.8 inch in February
1925 (when, however, the fall was extremely heavy in
January), and with 11.5 inches in February 1924 and 17.9
inches in February 1923. The February snowtsorms in 1926
seem to have extended all over New England and through
New York State. New England roads virtually all reported
for that month large losses in gross, as well as in net, and
no doubt the circumstances mentioned was in part responsible for this, in addition to which, however, these roads must
have had their coal traffic reduced by the anthracite miners'
strike.
In both 1925 and 1924 the railroads enjoyed quite remarkable exemption from bad weather and from the often
extreme rigors of the winter. In January 1925 bad weather
was somewhat of a drawback on certain lines here in the
East, though not to any great extent for the country as a
whole. There were repeated snowstorms in these parts in
the month in 1925, and in New York City the fall of snow
was the heaviest of any January in the history of the local
weather bureau, reaching 26.2 inches. This compared with
only 2.6 inches in January 1924, but with 21.9 inches in
January 1923, this latter having also been a month of ver
heavy snowfalls. A storm which came toward the end
the month in 1925—that is, Thursday Jan. 29 and extende
into Friday Jan. 30—proved particularly mischievous in
New York State. The New York Central RR. reported it
as the worst in its history, especially between Albany and
Rochester, causing considerable delay in the running of
trains. The 20th Century train from Chicago was 16 hours
late in reaching the Grand Central Terminal in New York
City. It was due at 9:40 a.m., but did not arrive until 1:18
and 1:33 the following morning (Saturday), coming in two
sections. The area of disturbance, however, in this way
was very much circumscribed, being confined largely to
New York and New England, while elsewhere in the northern part of the country the winter was comparatively mild
and little complaint was heard of obstruction because of
snow and ice or because of extreme cold.
After this heavy snowstorm in New York State the latter
part of January (1925), from which, as noted, other parts
of the country were exempt, mild weather developed in
February, and this may be said to have been a condition
common to the whole United States and even Canada, the
winter nearly everywhere having been an open one and
spring having come unusually early virtually everywhere.
Nor was there much severe winter weather in 1924, but in
1923, on the other hand, the winter was of unusual severity
in many parts of the northern half of the United States,
especially in New England and in northern New York,
where the roads suffered from repeated snowstorms and
from the depth of the accumulated snowfalls, with resulting
large increases in operating expenses.
In discussing at the outset of this article the shrinkage in
the earnings of the roads which occurred in 1927, and emphasizing the fact that the 1927 loss in net was the first the roads
of the United States had sustained after a tong series of gains
beginning with 1921, we referred to the very poor showing

1540

FINANCIAL CHRONICLE

made by the railroads in the years preceding, during the
period of Government control. Previous to 1921 expenses
had been mounting up in a frightful way until in 1920 a
point was reached where even some of the strnogest and best
managed roads were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges. And it
is these enormously inflated expense accounts that have furnished the basis for a good part of the saving and economies
effected in the years since then. As compared with 1920,
the roads in both 1921 and 1922 also had the advantage of
much more favorable weather conditions. In 1921 the
winter was exceptionally mild and much the same remark
may be made with reference to the winter of 1922. This
last, while perhaps not so extremely mild as the winter of
1921, was at all events not of unusual severity-at least not
of such severity in most of the country as to entail heavy
expenses for the removal of snow and the clearing of tracks,
though the winter is declared to have been a hard one in
certain special sections, in Wyoming and Montana, for
instance, and contiguous territory. In 1920, on the other
hand, the winter had been exceptionally severe.
In commenting on the results for 1920 and noting the tremendous increase in operating costs in that year, we took
occasion to say that, taken in conjunction with the antecedent huge additions to expenses, it constituted an unfavorable record for which no parallel could be found in American railroad history. As a matter of fact, 1920 constituted
the fourth successive year in which the net had fallen off
in each year, too, in face of very substantial gains in the
gross earnings. As showing how extraordinarily poor the
results were in 1920, we may say that while there was an
addition to the gross of no less than $1,026,235,925, net
actually fell off in amount of $303,953,253. In 1919 the
increase in the gross was of only moderate extent (5.25%),
and yet amounted to $258,130,137. As it was accompanied,
however, by an augmentation in expenses of $401,609,745,
there was a loss in net of $143,479,608, or 15.80%. For
1918 our compilation showed an increase in the gross in the
sum of $863,892,744, or 21.40% (due in no small measure
to the advance in rates made by Director-General McAdoo
at the close of May in that year), but the addition to the
expenses reached $1,148,664,364, or 40.35%, leaving a loss
in the net of $284,771,620, or 23.92%. The prodigious augmentation in the 1918 expenses was due not merely to the
general rise in operating costs, but yet more to the tremendous advance in wages granted by Director-General McAdoo
in May 1918, and made retroactive to the 1st of January of
that year. But even for the calendar year 1917 our compilations showed that while gross had increased $430,679,120,
or 11.61%, this was attended by a rise in operating expenses
of $490,738,869, or over 20%, leaving a loss of $60,079,749
in net earnings. There was this qualifying circumstance,
however, with reference to the 1917 loss in net, namely,
that it followed strikingly good results, both as regards gross
and net, in 1916 and 1915. On the other hand, it is equally
important to remember that these gains for 1916 and 1915
represented in part a recovery of previous losses.
In the following we show the yearly comparisons as to
both gross and net for each year back to 1907. For 1910
and 1909 we take the aggregates of the monthly totals as
then published by the Inter-State Commerce Commission,
but for the preceding years we give the results just as regis-a portion of the railroad
tered by our own tables each year
mileage of the country being then always unrepresented in
the totals, owing to the refusal of some of the roads at that
time to furnish monthly figures for publication.
Length of Road.

Gross Earnings.
Year.
Year
Given.
1907
1908
1909
1910
1911
1912 '
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929

$
2.287,501,605
2,235,164,873
2,605,003,302
2,836,795,091
2,805.084,723
3,012,390,205
3,162,451,434
2,972,614,302
3,166,214,616
3,702,940,241
4,138,433,260
4,900,759,309
5,173,647,054
6,204,875,141
5.552,022,979
5,522,522,416
6,342,058,872
5,961,186,643
6,177,280,802
6,435,539,259
6,195,259,346
6,168,119,487
11.339.24R RR2




Year
Preceding.

Increase(+)or
Decrease (-).

$
$
2,090,595,451 +196,906,154
2,536,914,597 -301,749,724
2,322,549,343 +282,453,959
2,597,783,833 +239,011.258
-30,024,816
2,835,109,539
2,790,810,236 +221.579,969
3,019,929,637 +142.521,797
3,180,792.337 -208,178,035
+ 152,539,765
3,013,674,851
3,155,292,405 +547.647.836
3,707,754,140 +430,879,120
4,036,866,565 +863,892,744
4,915,516,917 +258,130,137
5,178,639,216 +1026,235,025
6,216,050,959 -664,027,980
+43.693,964
5,478,828,452
5,608,371,650 +733,687,222
6,332,874,535 -371,087,892
5,977,687,410 +199,593.392
6,169,453,120 +266,086,139
6,448,564,574 -253,305,228
-30.265,342
6,198,384.829
R 1 7A 0,11 ini
..L. 1 A9 /AS 7R 1

Year
Given.

Year
Preceding.

Miles.
173,028
199,726
228,508
237,554
241.423
239,691
241,931
246,356
249,081
249,098
250,193
233,014
233,985
235,765
235,690
235,564
235,461
234,795
236,330
236,891
238,527
240,626
241R25

M iles.
171,316
197.237
225.027
233.829
238,275
236,000
239,625
243,636
247,036
247,868
249,879
232,639
234,264
234,579
234,777
235.338
235.705
234,622
236,139
235,809
237,799
239,536
230 4R2

[Vol,. 130.
Net Earnings.

Length of Road.

Year.
Year
Given.
1907
1908
1909
1910
1911
1912
1913
1914,.
1915
1916
1917
1918
1919
1920
1921
1022
1923
1924
1925
1926
1927
1928
1929

Year
Preceding.

Increase(+)or
Decrease (-).

Year
Given.

Year
Preceding.

$
660,753,545
694,999,048
901,726,065
909,470,059
883,626,478
937,978,711
907,022,312
828,522,941
1,040,304,301
1,272,639,742
1,215,110,554
905,794,715
764,578,730
461,922,776
958,653,359
1,141,598.071
1,410,968,636
1,424,240,613
1,604.400,124
1,731,509,130
1,579,621,895
1,706,067,669
1,998,200,253

$
665,285,191
748.370,244
750,685,733
900.473.211.
907,914,866
877.617,878
940,509,412
904,448,054
828,650,401
1,036,016,315
1,275,190,303
1,190,566,335
908,058,338
765,876,029
402,150,071
951,497,925
1,161,243,340
1,409,433,583
1,428,508,949
1.602,513,558
1,735,075,393
1,600,897,886
1,706,917,540

$
-4,526,646
-53,371,196
+151,040,332
+8,996,848
-24,288,388
'+60,350,833
-33,489,100
-75,825,113
+211,653,900
+236.623,427
-60,079.749
-284,771,620
-143,479,608
-303,953,253
+556,503,288
+190,100,146
+249.725.296
+14,807,030
+175,891,175
+128,995,572
-155,453,498
+105,169,783
+91,282.713

Miles.
173,028
199,726
228,508
237,554
241,423
239,891
241,931
246,3.56
249.081
249.098
250,193
233,014
233,985
235,765
235,690
235,564
235,461
234,795
236,330
236,891
238,527
240,626
241.625

Miles.
171,316
197,237
225,027
233,829
238,275
236,000
239,625
243,636
247,936
247,868
249,879
232,639
234,264
234,579
234,777
235,338
235,705
234,622
238,139
235,809
237,799
239,536
239.482

As far as the separate roads or systems are concerned, decreases of magnitude in the case of the
grass at least are contributed mainly by two groups
of roads, namely Southern roads and Western roads
located in the spring-wheat section of the Northwest, where drought was an adverse factor and
caused a large shrinkage in the spring-wheat crop
after the bounteous harvest of spring wheat in the
two years preceding. The Northern Pacific falls
$4,750,376 behind in gross and 84,500,075 in net.
The Great Northern with a larger ore traffic to
offset the loss in grain and other items of freight,
shows only $804,283 decrease in gross and $432,077
decrease in net. The Chic. Mil. St. Paul & Pac. has
to its credit $806,486 gain in gross, but shows a
contraction of $2,753,744 in net. The "Soo" road
suffered a reduction of $1,638,003 in gross and of
$552,192 in net. The Chicago North Western enlarged its gross by $2,643,192 and its net by $3,996,060. The ore-carrying roads have large gains to
their credit, as a result of the larger ore movement.
The Duluth Missabe & Northern with $3,188,655
gain in gross and $2,588,384 gain in net is an instance
in point. The Burlington & Quincy has $481,484
decrease in gross with $2,144,132 increase in net.
The Union Pacific (for the system as a whole) shows
$731,975 decrease in gross and $1,385,178 decrease
in net.
In the Southwest the comparisons are more favorable, the Southern Pacific having added $10,678,105
to gross and $9,512,098 to net; the Atchison $14,354,364 to gross and $12,699,568 to net; the Rock Island
$6,488,959 to gross and $1,199,914 to net; the
Missouri Pacific $8,231,389 to gross and $4,419,149
to net; the St. Louis-San Francisco $2,803,123 to
gross and $157,663 to net, and so on throughout the
list. An exception must be made of the Texas
roads with a smaller cotton movement (for the State
of Texas), as also such roads as the Texas & Pacific,
which in previous years added enormous amounts to
its income by reason of oil development, but in 1929
lost a portion of its previous gains, and suffered a
decrease of $5,099,398 in gross and of $2,412,879 in
net.
Eastern trunk lines, traversing the populous manufacturing districts and serving the steel and coal regions, enjoy of course very favorable returns. The
Pennsylvania RR. shows $32,135,615 increase in
gross and $19,156,657 increase in net. The New
York Central has enlarged its gross by $15,194,333,
but its net by only 8896,006, though the net would
make a better comparison except that the expenses
of December of the previous year contained a special
credit item of $2,800,000 in connection with a readjustment of pension reserve, which credit was not

MAR.8 1930.]

FINANCIAL CHRONICLE

repeated in December 1929. These figures have
reference to the New York Central itself. Including the various auxiliary and controlled roads, like
the Michigan Central, the Big Four, &c., we get an
increase of $22,599,495 in gross and of $737,020 in
net. The Baltimore & Ohio reports an increase of
$8,600,095 in gross and of $580,929 in net. The
Erie has $4,213,417 gain in gross and $1,975;387
gain in net.
In the South attention centres on the roads situated in Florida, or connecting with the same. The
Florida East Coast on top of the large losses of previous years suffered a further decrease in gross in
1929 of $428,708, attended, however, by an increase
of $22,833 in net. On the other hand, the Atlantic
Coast Line recovered some of its earlier losses, and
shows $978,724 gain in gross and $3,513,193 gain
in net; similarly the Seaboard Air Line records improved results, following earlier losses, having to its
credit $906,701 gain in gross and $1,222,108 gain
in net. The Louisville & Nashville has sustained a
loss of $5,560,605 in gross and of $2,357,575 in net.
The decreases for the Southern Ry. are much more
moderate, being only $932,504 in gross and $1,746,374
in net. In the following we show all changes for the
separate roads for amounts in excess of $1,000,000,
whether increases or decreases, and in both gross
and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31 1929.
Increase.

Increase.

Pennsylvania
$32.135,615 Chicago & Northwestern $2,643,192
New York Central
a15,194,333 Bessemer & Lake Erie_ _ - 2,118.237
2,019,430
Atch Top & Sante Fe (3).. 14,354,364 Boston & Maine
1,810.201
Norfolk & Western
10,684,640 Elgin Joliet & Eastern_
Southern Pacific (2)_ 10.678,105 Deny & Rio Gr Western_ 1.628,013
1,501.474
Baltimore & Ohio
8,600,095 Michigan Central
1,391,518
Missouri Pacific
8.231,389 Virginian
1.250.516
Rock Island Lines (2)_- 6,488,959 Central Vermont
1,135,993
Wabash
5.559,983 Delaware & liudson_
Chesapeake & Ohio
1,010,370
4,953,943 Maine Central
NY Now Hay & IIart_ _ _ 4,825.617
Erie (3)
$165.293.250
Total(37 roads).
4,213,417
N Y Chic & St Louis_ _ _ _ 3,508,936
Decrease.
Duluth Missabe & North 3,188,655 Louisville & Nashville__ $5,560,605
C C C& St Louis
5,099,398
3.151,748 Texas & Pacific
Det Toledo & Ironton_ _ _ 2,949,584 Northern Pacific
4,750,376
- 1,638,003
St Louis San Fran (3)_ _ 2,803,123 Minn St Paul & S S M.
Los Angeles & Salt Lake_ 2,796.637 Norfolk Southern
1,014,030
Pittsburgh & Lake Erie_ _ 2,728,292
Pere Marquette
$18,062,412
Total(5 roads)_
2,706,871
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is an increase of $22,.599,495.
PRINCIPAL

CIIANGES IN NET EARNINGS FOR
MONTHS ENDED DECEMBER 31 1929.
Increase,

TWELVE
Increase.

Pennsylvania
$1,513,959
$19,156,657 Virginian
Atch Top & Santa Fe (3)- 12,699,568 Long Island
1,493,300
Norfolk & Western
11,155,088 NY Chic & St Louis_ _ __ 1,478,577
Southern Pacific (2)9,612,098 Seaboard Air Line
1,222,108
NY New Hay & Hart_ _ _ 4,855,713 Rock Island Lines (2)..1,199,914
Missouri Pacific
4,419,149 Chic St P Minn &Omaha 1,075,669
Chicago & North Western 3,996,060
Atlantic Coast Line
Total (30 roads)
3,513,193
$97.042,839
Los Angeles & Salt Lake_ 2,827,935
Decrease.
Duluth Missabe & North 2,588,384 Northern Pacific
$4,500,075
Burl & Quincy
Chic
2,144,132 Chic Milw St t) & Pac___ 2.753,744
Chesapeake & Ohio
2 412879
1,982,335 Texas & Pacific_ _
Erie (3)
1,975,377 Louisville & Nashville... 2:357:575
Det Toledo & Ironton_ _ _ 1,775,144 Southern Railway
1,746,374
Wabash
1,696,128 Union Pacific (4)
1,385,178
Bessemer & Lake 2rio___ 1,622,502 Cinc New Orl & Tex Pac_ 1,130,004
Elgin Joliet & Eastern___ 1.604,677
Deny & Rio Gr Western_ 1,535,262
Total(10 roads)
$16,285,829
The New York Central proper showed a net increase of $896,006,
Including the various auxiliary and controlled roads like the Michigan
Central. "Big Four," &c., the result is an increase of $737,020.

When the roads are arranged in groups or geographical divisions, according to their location, the
generally favorable character of the comparisons for
1929 is made evident by the fact that all the different regions in the different districts show improved
results, barring only the Southern region, which
shows a relatively small decrease, in gross and net
earnings alike. Our summary by groups is given
below. As previously explained, we group the roads
to conform entirely with the classification of the
Inter-State Commerce Commission. The boundaries of the different groups or regions are indicated in
t. the footnote to the table.




District and Region.
Jan. 110 Dec. 31-

1541
Gross Earnings
1928.
Inc.(+)or Dec.
(-)

1929.

Eastern D4alrietNew England region 10 roads) _ 274,759,465 264,807.049
Great Lakes region (34 roads)_.._ _1,161,822,893 1,124,877,289
Central Eastern region (28 roads) _1,439,424,125 1,383,713,516
Total (72 roads)

+9,952,416 3.70
+36,945.604 3.2.8
+55,710,609 4.05

2,876,006,483 2,773,397,854 +102.808,629

Southern District
Southern region (30 roads)
Pocahontas region (4 roads)
Total (34 roads)

769,131,250
279,126,327

773,448,299
281,287,834

1,948,257,577 1,034,736,133

3.67

-4,317,049 0.57
+17,838.493 6.85
+13,521.444

1.95

Western District
Northwestern region (18 roads).- 752,329,178 750,318,670
Central West. region (24 roads) 1,083,059,355 1,051,840,556
579,594,289 568,647,888
Southwestern region (31 roads)
2,414,982,822 2,368,807,114

Total (73 roads)

+2,010,506 0.26
+31.218,799 3.13
+12.946.401 2.29
+48.175.708

1-94

Total all districts (179 roads)_-6.339,248.882 6,176,941,101 +162,305,781 2.638
District and Region.

Net Earnings-

Jan. 1 to Dec. 31- -Mileage--1928.
Eastern District1929.

1929.

1928.

Inc.(4-) or Dec.(-)

7,291 80,863,036 73,165,539 +7,697.497 10.64
New England region.. 7,287
GreatLakes region- --24,841 23,353 301,307,322 296,703,625 +4,603.697 1.55
Central Eastern region 27,373 27,239 400,328,743 371,181,438+29,145,255 7.89
Total

59,501

57,833 782,497,101 741,050,652+41.448,449

5.60

Southern District
Southern region
Pocahontas region
Total

40,151 40,060 189,021,799 190,440,580 -1,418,781 0.53
5,636
5,627 109,436,358 94,318,810+15,117,548 15.81
45,787 45,687 298,458,157 284,759,390+13,698,767 4.74

'Western District
Northwest region
48,972 48,814 211,014,570 208,504,321 +2,510,249 1.15
Central West. region- 52.333 52,202 340,503.319 314,751,854+25,751,465 8.09
35,032 34,896 185,727,106 157,351,323 +7,875,783 5.00
Southwestern region
Total

136,337 135,912 717.244,995 681,107,498+36,137,497 3.30

Total all districts

241,625 239,482 1798200253 1706917540+91.282.713 5.39

NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
-This region comprises the New England States,
New England Region.
-This region comprises the section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a goo from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
-This region comprises the section north of the southern
Pocahontas Region.
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-ThLs region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
e Columbia nl vn to prises t
by ion. Thisregioercomthe Pac
and b
to Portland esiern
Porti
irec. eetion south of the Northhi s
Central
western region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
-This region comprises the section lying between the MisSouthwestern Region.
sissippi River south of St. Louis and a line from St. Louis to Kansas City and thence
Paso and by the Rio Grande to the Gulf of Mexico.
to El

We now add our detailed statement for the last
two calendar years, classified by districts and regions
. •
the same as in the table above,and giving the figures
for each road separately:
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC. 31,
Eastern District.
-Gross
1929.
1928.
1929.
New England
:
Ar 1
128. Inc. or Dec.
Region5
7,199,222
2,795,160
Bangor Az Aroostook 8,135,674
2,248,717 +546,443
Boston &Maine__ 78,481,438 76,462,008 19,072,496 19,158,757
-86,261
Canadian Nat System2,532,217 -133,976 -136,590
Atl & St Lawrence 2,346,177
+2,614
7,603,825
1,978,865
Central Vermont_ 8,854,341
1,526,491
+452,374
-See Great Lakes Region.
Chic Det & C C T Jet
Det Gr Hay & Mil-See Great Lakes Region
Grand Trunk West-See Great Lakes Region
Dul Winn & Pacific-See Northwestern Region
Can Pat Lines
2,763,328 2,552,877
144,372
In Maine
108,215
+36,154
2,089,853
2,037,925
108,952 -660,509
In Vermont
+857,461
Atl-See Northwestern Region
Dul So Shore &
Minn St Paul dr S S 38-See Northwestern Region
Spokane International-See Northwestern Region
20,312,269 19,301,899
Maine Central
5,245,008
4,315,616
+929,392
New Haven System
Western-See Great Lakes Region
N Y Ont 8;
NY N H & Hart_ A42,458,670 137,633,053 48,340,125 43,484,412
+4,855,713
NY Connecting.... 3,041,033 2,857.741
1,982,864
1,856,019 +126,845
6,276,682
6,626,282
Rutland
1,241,170
1,264,408
-23,238
Total (10 roads) 274,759,465 264,807,049 80,863,036 73,165,539
+7,697,497

1542

FINANCIAL CHRONICLE

Gross
Great Lakes
1929.
1928.
1929.
Region$
Buff Roch & Pitts__ 17,830,225 16,993,828
3,242,357
Can National System
AU & St Lawrence-See New England Region
Central Vermont
-See New England Region
Chi Det & COT Jet 3,835,378
4,013,441
2,116,606
Det Or Ear & Mil 8,626,444
9,363,889
3,355,428
Dui Winn & Pacific-See Northwestern Region
Cr Trunk West__ 21,705,545 22,070,054
5,131,222
Delaware & Hu&on 41,365,708 40,229,715
9.225.200
Del Lack & Western 81,743,222 81,138,442 24,023,312
1,668,743
312,291
Detroit & Mackinac 1,586,302
Detroit Terminal__ 2,436,356
2,323.158
768,871
4,873,358
2,092,568
Det Tot & Shore Line 4,946,190
Erie System
6,739,440
Chicago & Erie__ 15,619,837 14,884,622
Erie
113,510.598 110,091,920 24,860.081
1,583,383
188.383
NI&NY
1,542.907
1,303.383
4,957,022
NY AUSCI at West. 5.057,565
4,861,616
Indiana Harbor Belt 12,967.446 12,722.774
240,933
1,208.234
1,123.497
Lake Terminal
71,722,735 71,935.071 18,221.601
Lehigh Valley
2,822,848
871,638
Lehigh & Hod River 2.649.345
1,314.293
5,392,412
Lehigh & New Engl. 5,084,659
7,191.161
3,602.146
7,424,672
Monongahela
1,720,985
822,585
Montour
2.436,498
New Haven System-See New England Region.
NHN HJ, Hart
2,010,269
N Y Ont & West_ 12,212,597 12,650,717
N Y Central LinesCinn Northern-See Central Eastern Region
-See Central Eastern Region
C 0 C & St Louis
Evans Ind & Terre Haute-See Central Eastern Region
Michigan Central 94,718,967 93,217,493 29,853.572
396,927,577 381,733,244 94.379.047
N Y Central
34,135,108 31.406,816
5,739.082
Pittsb & Lake Erie
NY Chic A, St Louis 56,385,456 52,876,520 16,488.571
2,120.439
477,586
Newburg & So Shore 1,957,313
Pere Marquette.- 48,468,439 45.761.568 14,123.138
318.671
1.883.261
1,511.030
Pittsb & Shawmut
1,799,681
4,473.024
Pittsburgh & W Va_ 4.729,605
1,916,609
143,790
Pitts Shawmut & No 1.798.767
1,517,681
509,970
Toledo Terminal_ _ _ 1,006,937
1,172,434
136,279
1,094,104
Ulster & Delaware
Wabash System
6,244,153
5,965,673
1.676,161
Ann Arbor
76,632,974 71,072,991 20,357,551
Wabash

Net
1928.

Inc. or Dec.

3,104,341

+138,016

2,358,624
3,510,059

-242,018
-154,631

6,025,510
8.644.055
23,152.434
429.746
794,760
2,475.126

-804,288
+581,145
+870.878
-117,455
-25,889
+382,558

5,991.044 +748.396
23,622.531 +1,237,550
-10,569
198,952
1.075,579 +227,804
4,815,340
+46.270
69.255 +171,678
18,108,136 +113.465
954,543
-82,905
1,437.202 -122.909
3,384,503 +217,643
391.908 +430,677
2,153,896

-143,627

30,573,558 -719,98C
93,483.041
+896,00(
5.803.826
-64.744
15,009.984 +1,478,587
546,630
-69.044
14,725.221 -602,083
564.309 -245.638
1,918.670 -118,989
414,224 -270,434
587.134
-77,164
177,874
-41,595
1.540,187 +135,974
18.661,423 +1,696.128

Total (34 roads). 1,181.822,893 1,124,877,239 301.307,322 296,703,625 +4,603,697

Gross

Net

Central Eastern
1929.
1928.
Inc. or Dec.
1929.
1928.
Region.
5
S
3
Akr Cant & Youngs_ 3,809,447
1,621,914
3,538,028
1,274,477 +347,437
Balt & Ohio SystemBalti At Ohio
245,418,776 236.818.681 64,848.742 64,267.813 +580,929
Staten 1st P. T.__ 2,637.897
3,1'27,061
745.550
1.024.436 -278,936
11 &0'Chic Term... 4.392,489
4,356.197
967,426
1.062.530
-95,104
Belt Ry of Chic.... 8,299,174
8,152.394
2,690,381
2,551.209 +139,172
Bess & Lake Earle... 17,912,973 15.794,736
8,120,880
6,504,378 +1,622,502
Bklyn B 1) Term-. 1,425,378
1,471,638
540,343
574,143
-33.800
Buffalo & Susque _- 1,767,549
1,632,984
152,414
166,908
-14,494
Chesa,t Ohio System-Cheaa & Ohio-See Pocahontas Region
Hocking Valley_ _ 20,888,860 20,801,232
8,286,131
8,123,603 +162,528
677,575
603.057
Chic & Ill Midland. 3,052,413
2,730,600
+74.518
Chic Ind Louisville_ 18,078.394 18.381.006
5,169.653
5,195.198
-15,545
25.398.284 24.893.573
Chic & East III
5,705.178
5.472,815 +232,303
Elgin Joliet & East. 26.412.441 24,602.240
9,386.857
7,782.180 +1,604,677
539.247 +190,794
Monongeh
Conn_ 2,568.634
2.129,030
730.041
14.057,420 11,107.836
5,992.390
4,217.246 +1.775,144
I)et Toledo & Iron
Conem & Black Lick 2,139,242
297.337 +152,152
1,873,359
449.489
N Y Central Lines
1,187,750
Clan Northern
3,840,769
4.061,793
1.250.508
+62.848
C CC & St Lou.. 91,981,900 88,830.152 22,357.817 21,840.997 +516,620
Evan.,Ind & Ter 11
181,785
59,662
166,457
66,258
+6,596
Y Central-See Great Lakes Region
Inttsb & Lake Erie--See Great Lakes Region
Michigan Central-See Great Lakes Region
Pennsylvania System
Long Island
• 41,326,194 40.532,572 13,591,515 12,098.215 +1,493,300
Pennsylvania_ _ _682,702.931 650.567,316 189.552,339 170,395.682+19,156,657
W Jersey & Seash_ 10,435,800 10,484,098
2,399,942 +761,089
3,161,031
Reading System-Atlantic City.._
81,480 +553,143
. 3.988,454
634.623
3,732,785
Central of 21
,
58,136,940 58,002,057 15,918,644 15,879.897
+38,747
Reading
97,196,955 96.454.889 21,267,159 22.255.454 -998,295
Union
2,569.523 +927.339
3,496,802
11.031,307 10,142,499
Western Maryland_ 19,006.497 18,618,041
5,918,978 +378,111
6,297.089
Wheeling & Lake Er 21,335,222 20,705,664 6.642.044
6,837,281 -195,237
Total (28 roads)_1439424125 1,383713516 400.325,743 371,181,488+29,145,255
Total Eastern District (72 roads) 2,876,008,483 2773397854 782,497,101 741,050,652+41,446,449

Southern District.
Gross
Southern
1929.
1928.
RegionAtl Birm & Coast-- 4,719,692
4,798,168
Atlantic Coast Line SystemAtl Coast Line__ 72,371,894 71,393,170
Atl & West Point_ 2,885,412
3,073,917
Charles & W Caro 3,153,362
3,279,890
Clinchfield
6,783,240
6.870,121
Georgia
5,281,995
5,271,325
Louisville & Nashv-133,328,453 138,889,058
Nash Chan & St L 23,203,724 23,335,033
West Ry of Ala
3,238,872
3.022,299
Columbus & Green_ 1,941,195
1,829,576
Florida & East Coast 13,446,015 13,874,723
Georgia & Florida
1,673,596
1,616,576
Gulf Mobile & No.- 7,631,220
7,510,346
Ill Central System
Central of Georgia 25,033,992 25,132.987
Gulf& Ship Island 3,177,916
3,308,201
Illinois Central.. _153,183,808 152,569,583
Yazoo & Miss Vail 27,585,565 26,850,679
Mississippi Central_ 1,644,922
1,691,523
New On & Gt Nor. 3,262,756
3,231,189
Norfolk Southern _
8,108,287 9,122,317
Seaboard Air Line_ 58,151,008 57,245,207
Southern Ry System
Ala Gt Southen- 10,336,630 10,110,310
New On & Tex P. 22,489,448 21,631,726
Ga So & Florida
4,228,395 4,519,309
Mobile & Ohio... 17,315,532 17,369,129
New On & N E
5,599,681
5,522,966
New On Terminal 1,806,399
1,634,033
Northern Ala..- 1,251,704
1,155,423
Southern Ry
143,183,948 144,118,452
Tennessee Central
3,330,262
3,256,510

1929.
75,320

Net
1928.

2
Inc. or Dec.
$
183,180 -107,860

18,940,305 15,427,112 +3,513,193
705,667 -167,405
538,262
825,179
738,205
-86,974
2,669,055 -219,389
2,449,666
862,945
+22,692
885,637
27,656,216 30,013,791 -2,357,575
5,207,840 +598.506
5,806,346
801,367 -237,869
563,498
333,460 +147,854
481,314
3,985,516
+22,833
4,008,349
245,265
-43,374
201,891
2,391.008 2,109,989 +281,019
-24,990
5,890,190 5,924,180
194,047
-31,099
462,948
35,351,185 36,135,952 -784,767
5,998,813 +164,788
6,163,601
506,525
-4.5,665
460,860
1,029,274 -168,934
860.340
2,103,412 2,570,047 -475,635
15,564,351 14,342,243 +1,222,108
+47,296
2,947,0211
2,994,322
6,392,475 -1,130,004
5,262,471
-70,453
706,531
636,078
4,169,821 -123,600
4,046,221
1,825,397 +102,838
1,928,235
+28,984
715,296
744,280
363,985 +1443,464
.510,449
40,482,360 42,228,734 -1,748,374
710,868 +104,611
815,479

Total(30 roads)
..769,131,250 773,448,299 189,021,799 190,440,580 -1,418,781




[VOL. 130.
-

Pocahontas
GrossNet
Region-1929.
1928.
1929.
1928.
Inc. or Dec.
Ches & Ohio System- $
$
$
$
$
Chesapeake & Ohlo_129,779,115 124.825,172 44,264.258't42.281.923 +1,982,335
Hocking Valley-See Central Eastern Region.
Norfolk & Western_117,631.751 106.947,111 51,580.504 40.425,416+11,155,088
Rich Fred & Potom_ 11,843,825 11,035,433 3,701,359
3.235,193 -466,166
Virginian
19,871,636 18.480,118 9,980,237 8,376,278 +1,513,959
Total(4 roads)___279,126,327 261,287.834 109,436,358 94,318.810+15,117,548
Total Southern District (34 roads)___ 1048257.577 1034736133 298,458,157 284,759,390+13.898,787
Western District.
.-.---Gross
Northwestern
1929.
1928.
1929.
gi
Reon$
$
Canadian Nat System
-$
29.
Ati & St Lawrence
-See New England Region.
Central Vermont
-See New England Region.
Ch Det & Can G T Jet
-See Great Lakes Region.
Dul Winn & Pan,. 2.484.113
2.573,965
381,407
Or Trk Western-See Great Lakes Region.
Can Pac Lines in Me
-See New England Region.
Can Pan Lines in Vt-See New Encland Region.
Dul So Sh & Act__ 4,971,501
5,045.858
982,679
M St P & S SM.. 48,653.651 50,291.654 13.332,433
Spokane Internat 1,243,838
1,195,321
384,850
Chicago & N W System
154.732,947 152.089.755 39,446,907
Chic & N W
Ch St PM & Om_ 27.218.998 27,063,052
5,149,758
Chic Grt Western
25.825,337 24,871,023
5,958.265
Ch Mil St p& Pac-171.3431,385 170.554,899 42.500,524
Chic River & Ind _
7,059.100
6,852.263
3,173,453
Dul & Iron Range
7,259.165
6,548.686
2,772.722
Dul Missabe & Nor_ 26.600,295 17,417.640 12.831.926
Great Northern
125,932.808 126.737.091 43.0419,808
Lake Sup & Ishpem_ 3,130.099
2.517.812
1,587.960
Minn & St Louis._ 14,700,506 14,450.531
2,869.499
96.522,348 101.272,724 25.970.683
Northern Pacific
Spok P,,rt & Seattle- 9,395,261
9,345,584
3,494,713
Union Pan SystemLrs Am;& Salt L
-See Central Western Region.
Oregon Short Line-See Central Western Region.
Ore-Wash Ry & N..129,225.194 29.693,248
6,535,293
St Jos & Or told-See Central Western Region,
Union Pacific-See Central Western Region.
1,998,632
1,797,564
Green Bay & West
531,600

Net
$

Inc. or Dec.
$

458,726

-77,319

913.059
13.884.625
392,862

--69.620
- ,.912
552 19
8

35 450.847 +3.996,060
4,074.089 +1,075,669
5 444.502 4-513 763
45.314,268 -2.753,744
2,829,943 +343,510
2,129 820
10,243,642 ++ 42.282
Z58 004
8
43 501,975 -432.077
1,084,069
2,068,54'3
30.479.758 - 8503, 595
1 009 :008711
4,5 0
3,492,385
+2,328

6.305,956

+229,337

464.247

+67.353

Total (18 roads)_752,329,178 750,318,670 211.014,570
Gross
2
1939.
1928.
1929.
Central Western
Region
$
a
Atchison SystemAtch Top & S Fe_221,821.610 209.244,167 77,428,676
Gulf Colo .5, S Fe-See Southwestern Region,
Panhandle At S Fe
-See Southwestern Region.
482,992
551,227
Bingham & Garfield
169,548
Burlington Route
Chic Burl & Qu_162,409.925 182,891,409 50,844,382
734.122
780.486
-46.904
Quincy Om & It C
4.482,068
Ft W & Den City_ 12.396.410 11.601.560
2.995,635
Colo & Southern_ 12.230.276 12 303 314
Wichita & Sou-See Southwestern Region.
6,704.852
Chicago & Alton__ 28.728.354 28.540.347
Den & Rio Or West_ 34 8'18 Ra9 33 200.656 10.203.503
4,011,663
Den & Salt Lake.- 3,981,131
1,754.484
1.103.302
Nevada Northern__ 1,324.630
824.547
801.876
Northwestern Pan__ 6.180.763 6.355.971
1,907.171
Peoria & Pekin tin.- 1,825.888
482.872
Rork Island System
Chic It I At (I'M__ 8.250.983 6.915.993
3,720.0743
Chic B. 1 & Pac_139.470.580 134.316,611 35.446,102
Sou Pacific System
Southern Pacific _225.677.737 219.112.183 72,326,174
Texas & New Orl-See Southwestern Region.
Tol Peon & West_ _ _ 2,273.837
2.174,719
611,164
Union Pacific System
Oregon Short Line 39.462.471 38.731.874 13,907.053
27,569.150 24.772.513
Los Ang & S L_
7.831,971
Ore-Wash Ry & Nay-See Northwestern Region.
St Jos & Or Isld__ 3.951.177
4.073.862
1.295,499
Union Pacific___121.099.778 121.071.611 42.055.714
2.111.702
1,707.413
Utah
846,346
3,249.853
Western Pacific.... 17.687.895 17.594 075
San Diego &
1,275.250
1.225,832
329.477
Illinois Terminal... 7.163.425 6,717,136
2,148.361

208,504.321 +2,510,249
Net
1928.
Inc. or Dec
$
$

Total (24 roads)
.1083059355 1 051840556 340.503,319
Southwestern
1928.
1929.
Region.
1929.
$
Atch System3
-See Central Western Region.
Atch Top & Santa Fe
Gulf Colo&S Fe__ _x 30,234,223 28.099,317 8,937,091
Panh & Santa Fe..x. 18,581,801 18,919,786 6,453,167
Burlington Route
Chic Burl & Quincy-See Central Western Region
-See Central Western 'Region.
Quincy Burl & K C
Colo & Southern-See Central Western Region.
Ft Worth & Deny City-See Central Western Region.
1,752.861
626,923
Wichita Valley. _ _ 1,489.517
1,559,773
Ft Smith & Western 1,528,874
285.504
Frisco Lines
-1,314,322
-17,958
Ft W & Rio Gr_x_ 1.234,598
St Louis S Fran.: 84,938,060 82.113.691 25,498,205
1,952.1338
492,978
St L San Fran Tex 2,011,316
941,263
2,390.022 2,334,856
Galveston Wharf _
Kansas City SouthernTexark &Ft Smith 3,102,150 2,910,509 1,550,508
K C Southern_ _ _ _ 18,876.072 18,513.388 6,152,299
3,268,728
1,837,343
Kansas Okla & Gulf 3,698,842
7,284,497 2,552,237
Louisiana & Arkan_ 7,866.665
1,051,907
58,307
La RYNavCo of Tex 1,079,722
3,725,530
1,511,522
Midland
3,581,686
1,654,466
209,598
Mo & No Ark
1,933,824
774,850
Nlissouri Illinois__ _ 2.324,095 2,193,092
Mo Kansas Texas- - 56,024,439 58,549,119 18,568,100
Mo Pacific System
1,029,637
Beau So L &W_x_ 3,507,534 3,310.903
Inter'l Gt North._ 18,244,984 18,855,805 3,995,712
Missouri Paciflo_139,807,914 131,576.525 36,904,473
2,884,211
848,501
N Orl Tex & Mex x 3,022,578
St L Browns&Mex_x 8,319,223 8,213,685 2,687,869
2,136,335
420.459
San Ant 1Jv & Gulf_ 1,904,993
Texas Ar Pacific.. 45,696,434 50,795,832 13.846,713
St L Southw System
St L Southwestern_ x 18,224,597 17,999,097
7,026,828
St L So'w of Tex x 7.704,968 7,576,668 -1,212,032
Southern Pacific Lines
Southern Pan-See Central Western Region.
Texas New Orl_x_ 74,327,964 70,215,413 19,423,173
3,491,412
Ter Ry Assoc of St L 12,531,589 12,777,614
1,248,030
259,985
1,333,541
Texa.s-Mexican
118,681
Trinity At Brazos Val 2,822,293 2,717,457
1,143,633
456.380
Wichita.Falls & So
1,180,517

314.751.884+25,751,465
Net
1928.
Inc. or Dec.

64,899,977+12,528,699
99,076

+70,472

48,7041,250 +2,144,132
-1n3 904
+57,000
4,381.967 +100,101
3,094.611
98,976
6 117 387 +587.465
8.758.241 +1.535,262
1,475311
+279,143
646.151
+178.386
023 767
178.109
515.823
32,951

4-

2.503.516 +1,216.560
35.462.748
-16,646
67,300.605 +5,025.569
527.823

+83,341

13.342 726 +564,327
5,040.038 -I-2.827.9:
1.270,016
+25,483
44,200.039 -2.204,325
573 587 +272.759
3.387 868 -138,013
294.119
35,328
1,616.056 +532,305

8,108.303
7.110,990

+828,698
-657,829

769.435
271,616

-142,512
+13,888

133,812
25,249.600
432,150
1,088.609

-151,770
+248,605
+60,828
-147,346

1,387,521
5,967,355
1,231,955
2,151.108
48,834
1,530,510
142,391
648.977
17,615,303

+182.987
+184,944
+605,388
+401,129
+9,673
-18,988
+67,207
+125,873
+952,797

915,556 +114,081
4,141,352 -145,640
32,485.324 +4,419,149
598,821 +249,680
+54,682
2,633,187
567,340 -146,881
16,259,592 -2,412,879
6,517,333
-272,201

+509.495
-939,831

14,936,644 +4,486,529
3,871,182 -379,770
-44,474
304,459
607,562 -488,881
416,807
+39.
579

Total(31 roads) _ _579,594,289 566,647,888 165,727,106 157,851,323 +7.875,783
Total Western District(73 roads)... 2414983822 2368807114 717,244,995 681,107,498+36,137,497
Grand total (179
roads)
6339246882 6176941101 1798200253 1708917540+91,282,713

MAR.8 1930.3

1543

FINANCIAL CHRONICLE
-UTILITY EARNINGS.
PUBLIC

Public-Utility Earnings in December and the
Calendar Year.
Gross earnings of public-utility enterprises in December,
exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by 95 companies or systems
operating gas, electric light, heat, power, traction and water
services and comprising practically all of the important organizations in the United States, were 3211,500,000, as
compared with 3202,500,000 in November, and 3202,000,000
in December 1928. Gross earnings consist, in general, of
gross operating revenues, while net earnings in general represent the gross, less operating expenses and taxes, or the
nearest comparable figures. In some cases the figures for
earlier years do not cover exactly the same subsidiaries,
owing to acquisitions, consolidations, &c., but these differences are not believed to be great in the aggregate. This
summary presents gross and net public-utility earnings by
months from January 1926, the figures for the latest months
being subject to revision.

Gross Earnings.
January
February
March
April
May
June
July
August
September
October
November
December

1926.

1927.

1928.

$177,473,781
165,658,704
167,642,439
166,927,022
159,135,618
157.744,715
153,245.315
153.188,101
159,519,246
170,733,069
176,000,649
188,146,705

3191.702,022
177,612.648
179,564.670
176,467,300
171,25.5.699
167,975,072
161,633,462
162.647,420
169,413,8.85
177,734,493
182,077,497
104,985,134

3196.573.107
187,383,731
187,726,994
181,143,633
180,255,407
178,696,556
173.645,919
173,952,469
179,346,145
190.705.668
198,032.715
202,000,000

1929.
3203.000,000
194,000,000
19.5.()00.000
190,000,000
18.9.750,000
183,000.000
178,000.000
170.500.000
185,000,000
197,500,000
202,500,000
211.500.000

Total (year)__ _ $1,995,415,364 32,113,074,302 32,229,552,394 32.308.750,000
Net Earnincs-January
February
March
April
May
June
July
August
September
October
November
December

366,974.941
61,555,164
60,696,920
59,471,359
54,993,907
55,699.751
49,238,806
49.844,522
56,930,481
60,878.181
65.844.729
73,023.848

::.73,746.891
66,907,757
65.412,739
61,907,729
61,194,779
59,167,096
53,980,280
53,551.164
61,897.207
65,259,727
70,214,463
78,937,417

Total (year)___

1715.152,609

5775,177.254

$79,013,279
74,296.576
72,811,146
68,971,324
67,732,911
67,537.149
62,260,333
61,8C9,794
68,235,698
73,670,561
81,363,806
91,000,000

392,000.000
86,000,000
85.000,000
83,000.000
82,500,000
79.000,000
71,000,000
73.000,000
80.000,000
83,000,000
92,000,000
100.000,000

3868,702,577 31.006,500,000

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. and the cash demand if latterly only moderate is steady.

Friday Night, March 7 1930.
Warmer weather has stimulated business to some extent
in the wholesale and jobbing branches, but taking trade
and industry as a whole it is still running behind last year.
The resumption of outdoor work on the return of spring
weather may make a considerable difference. Meanwhile
there is a good deal of unemployment in this country. Also
the tendency of commodity prices has been downward with
evidences of overproduction either at home or abroad or
both and a slackness of demand, explain it as we may,
which have caused sharp declines recently in silver, grain,
cotton, silk, coffee, sugar, rubber, hides and some other
commodities. The historic decline in the price of silver and
silver exchange is a noteworthy sign of the time, marking perhaps a significant evolution in the trade of the world as nations
more and more return to the gold standard and the Far
East finds its buying power curtailed as rates of silver exchange steadily decline. This, of course, hurts the trade
of those who sell to the Orient. The tendency in the Far
East is to raise the rates of duty on silver, lessening its
market and thereby hastening the decline in its value. But,
after all, this is in a sense a side issue. The outstanding
fact is that the trade of the world lags. That is plain
enough. The Bank of England, the Bank of Germany,
the Bank of Italy and the Scandinavian Banks have reduced their rates of discount but in Germany and possibly
in England this was due to an unsatisfactory condition of
trade, and a disposition to assist it by more accommodating
rates for money. The London call rate is even lower than
that in New York being 3% as against 33 % here.
The return to lower rates of money in the great centers
of the world's trade is of course a hopeful circumstance
from one point of view because it must inure to the advantage of the world's business sooner or later. Credit is
more easily available. Stocks have been irregular but
latterly advancing. Car loadings are the smallest for some
years past. Of course building is slow as usual at this time
of year, but must soon increase. It is rather surprising
in any case to notice that shipments of common brick in
January were only half as large as those in the same month
last year, though the orders on hand in January, it is true,
were only 15% less than at the end of January last year.
At the same time warmer weather offers more promising
conditions for building, and now construction, road improvement and similar work which when the time arrives
is to be conducted on a vast scale according to the program
of President Hoover. The outlook for the winter wheat
crop in the Southwest is favorable.
Wheat declined this week 6 to 7M cents owing to the
lack of a keen export demand and to the fact that stocks are
very large. The Farm Board has been buying and intimates
that it will continuo to buy, but it will not pay the old loan
price for cash wheat but only the market price. Corn
declined 43 cents, pulled down by wheat at a time when
speculation was dull. But stocks of corn are relatively
small, farm reserves are light, receipts are not at all large




The farm consumption of corn seems likely to continue
large. Oats have practically disregarded the decline in
other grain under the bracing effect of a good cash demand
and small receipts. Rye, the most unfortunate member of
the grain list, has been the weakest with a decline of 7 cents
or more unaided by speculation or cash demand.
Cotton has dropped 13c. on heavy liquidation and
dullness of trade in the raw and manufactured product at
home and abroad. American cotton continues to suffer
from the competition of East Indian and other foreign
growths and the exports of the American staple are according to one computation 885,000 bales smaller thus far
this season than for the same time last season. Wool has
been rather quiet and barely steady in this country and at
some of the recent foreign auction sales 10 to 123'% lower.
Hides have declined Yo. owing largely to the uncertainty
as to tariff action by Congress. Cocoa declined 30 to 35
points. Provisions declined with grain though not markedly
so. Still lard fell 15 to 20 points. Rubber declined half a
cent with shipments to this country large and a decreased
output more or less in the air so. Disappointed longs have
sold freely. There appears to be plenty of rubber and none
too much demand. Coffee has been dull and irregular
partly because of the suspense here over the result of the
Presidential election in Brazil as to which no official result
has yet been reported, but the closing prices show a decline
for the week on some deliveries. of 20 to 25 points. Sugar
advanced about a dozen points net on futures following the
vote in the United States Senate increasing the duty to 2c.
on Cuban as against 1.76c. the present rate with an increase
to 23/c. on all other sugars. But refined sugar has declined
2
to 4.85c.
Pig iron has been quiet and Chicago iron has declined
50 cents a ton through the competition of Alabama iron.
Steel has been less active as to both trade and production
with some falling off in the demand from the automobile
industry. Some reports say that the sales of implements,
tractors and road machinery have increased. The orders
for tractors are very large. Steel prices seem hardly so
firm as they were recently. Raw silk after declining sharply
in New York and Japan has latterly been rather steadier
though Japan has to meet steadily increasing competition
from Italy and China to go no further. In New York of
late the trading in raw silk has been quiet. Broad silks
have sold on only a moderato scale buyers in many cases
holding off awaiting lower prices as the sequel of the recent
big decline in raw silk. Lead has declined here to 5.75c.
Cotton goods have been quiet and lower; print cloths 383/b
inch 64 x 60s fell from 6% to 6%c. Fine and fancy cotton
goods were in some cases dull but in others were in demand
at premiums owing to scarcity for spot and nearby delivery
goods. The American Woolen Co. and others at the opening
of fall linos of men's wear and woolens and worsteds reduced
prices sharply the cuts being 173/2 to 40c. a yard on various
goods.
The stock market on the 6th inst. advanced with money
33/2% sterling firm and the Bank of England rate of discount

1544

FINANCIAL CHRONICLE

[VOL. 130.

lowered
of 1% to 4%, amid cheers on the London Stock Outlook For 1930 Prepared
By Department of AgriculExchange. Wheat declined 2 cents early but more than
ture Shows Need of Further Agricultural Adjustregained this later when the Farm Board issued a rather
ments.
belligerent statement of its intention to support wheat
Farmers must plan their production this year particularly
prices and take delivery. Cotton rallied sharply. Bonds
advanced very noticeably. To-day stocks advanced with in view of the outlook for prices of each product during the
estimated sales of 3,600,000 shares, despite the unexpectedly next marketing season and adjust expenditures carefully to
large increase in brokers' loans for the week of $94,000,000. maintain farm incomes, according to the annual outlook
That was double what a good many had expected. Call report for 1930 prepared by the Bureau of Agricultural
loans were 3% in London, and here 33i7. Cotton broke Economics, U.S. Department of Agriculture, in co-operation
0
sharply but wheat showed no marked net change. Bonds with representatives of the agricultural colleges and extension
were in good demand and rail issues were higher. Thirty- services of 45 States, and the Federal Farm Board. The
four chain and mail order houses combined showed a gain in report, made public Jan. 27, says:
The domestic market may improve later in the year, but it is unlikely
trade for February of about 63% over February last year.
that the demand for farm products in the summer and fall of 1930 will
The increase for the first two months of 1930 was 8% over good as during last summer and fall. The demand for some farm be as
products already has been affected by the decline in industrial activity
the same time last year.
since last June. Butter, cotton and wool have been noticeably affected,
Providence, R. I. wired that the Lorraine Mills at Paw- and apples, potatoes and grains have failed thus far to
make the usual
catuck, Conn. closed on the 1st inst. after 50 years of almost seasonal price advances.
The outlook for farm mortgage financing and for marketing credit is
300 out of work. It is
continuous operation, throwing
more favorable than a
understood that the plant will be idle for about a year unless duction credit appearsyear ago. On the other hand, the outlook for proless satisfactory in most of the South. A somenew owners acquire the property. The Potter Hill Woolen what larger supply of labor for farm work will be available probably at
during the first half of the year. The general price
Co. is due to reopen under new owners April 1. Charlotte, slightly lower wages
to remain
farm machinery
N. C. advices say that falling cotton prices have added to level forfour years, while is expected evidence ofabout the same as during
the last
there is no
an immediate change in
demoralized conditions prevailing in the yarn markets prices for fertilizers.
the
the wheat situation in the United States and other
There is little in
and little business is being done. Winston-Salem, N. C.
to indicate that prices for the 1930 crop of the United
wired that the Winston-Salem textile plants would not be countries at presentdifferent from those prevailing for the 1909 crop, unless
States will be much
affected by the recent recommendation of a leading group fall-sown wheat suffers severe winter damage or the spring wheat acreage
of Northern and Southern manufacturers that hours be is reduced. World stocks will be somewhat lower on July 1 1930 from a year
world acreage will probably not be materially changed and
reduced to 55 hours per week for day and 50 per week for earlier, but theare not likely to be so low as in 1929, when they were below
Yields per acre
night operations. A survey of the local textile plants shows average.
An increased corn crop would yield a lower price than in 1929 in view
that none of them are working more than 55 hours per week
of the possibility of lower feeding requirements.
now and some were on a shorter schedule. One mill, how, The acreage and production of cotton I n the last five years, excepting
ever, is running 55 hours per week for night work. Bur- 1927, have been at comparatively high levels. It seems certain that any
be unwise.
lington, N. C. reports that an increase in the amount of the increase at present wouldexpected to average at least as
Hog prices in 1930 are
high as in 1929,
industrial pay rolls in Alamance County, N. C. of at least and possibly higher. A reduction in slaughter supplies in indicated, but
$100,000 monthly before 1930 ends is predicted by well this probably will be partially offset by a decrease in foreign and domestic
informed persons. Helping toward this increase is the demand for hog products.contemplate expanding production are faced with
Beef cattle raisers who
awakening of the industrial plants at Haw River where the a general tendency to increase the number of cattle and with a downward
Tabardrey Mills and Granite Finishing Mills are getting trend in prices over the next decade.
The
started. Another big factor is A. M. Johnson Rayon butter underlying dairy situation is not as bad as would appear from present
prices, but unless dairy herds are closely culled and more heifers
Mills, Inc. at Burlington, where work is progressing on sent to slaughter there will be a further increase in the size of dairy herds in
1931 and 1932.
doubling the original size of the plant. At Mount Airy,
The high point in the expansion of the sheep industry has been reached
N. C. the Mount Airy Knitting Co. is preparing to double and it is unlikely that prices for sheep and lambs can be maintained at the
capacity.
high levls of the last three or four years. Some reduction in world wool
its
production is expected by 1931, and it is likely that demand will have
Manchester, England, cabled that the Lancashire Cotton proved by that time. Domestic consumption of mohair is expected toiminCorporation has announced that after this month offers of crease but not enough to support prices at high levels. Domestic production
amalgamation will be based on a lower schedule of valuation of mohair is now about equal to domestic consumption.
The decline in numbers of horses and mules will continue at about the
of fixed assets which is taken to be a sign of growing power same rate as in recent years.
The trade of Manchester is adversely effected by low rates
The present outlook for poultry and eggs does not justify any increase
in production of chickens over 1929, either for eggs or meat, unless profor silver exchange and declining prices for cotton.
ducers are willing to face the prospect of reductions in price levels.
Montgomery Ward & Co.'s sales for the month of FebruThere is no material improvement in either domestic or export demand
ary were $18,405,885, a decrease of $249,385 or 1.34% from for oats in prospect, whereas more active competition from larger supplies
of other
Feedstuff
the corresponding month of 1929. Sales for the first two lower feed grains is probable. next threeprices are expected to continue
or four months. A further inthan a year ago under the
months of 1930 were 836,736,998 compared with 836,784,106 crease in the acreage of legume hays and decrease in acreage of timothy,
in the same period of 1929. This was a decrease for the two prairie and other grass hays are expected this year. Repetition of the large
production of red clover and alsike clover seed is not expected. Maintenance
months of $47,108 or .13%. Montgomery Ward & Co. of
acreage of alfalfa for seed, but curtailment of sweet clover for seed is
has 550 retail stores in operation, while a year ago the chain suggested.
Present prospects indicate that higher returns are to be expected from
comprised about 200 stores. An increase of 3.38% in the
sales of F. W. Woolworth & Co. was announced for the flax in 1930 than from wheat and other small grains grown in the same
area and under the same conditions. Flax acreage could be increased onemonth of February as compared with February 1929. Sales third without fear of reducing domestic prices to the world price level.
Commercial production of apples is expected to continue to increase gradfor the month totaled $20,029,799, against $19,375,281 last
ually
period of several years, and now plantings are justified only
year. Sales for the first two months of the present year are whereover a are unusually favorable conditions for the production of high
there
3.79% ahead of the corresponding period of 1929. They Quality fruit. A considerable increase in the bearing acreages of grapefruit
and oranges is expected. The probability of heavy grape production and
aggregated $38,436,942 against $37,036,386.
low prices continues.
The number of peach trees of bearing age is still so great as to make
On the 2nd inst. it was cold, raw and blustery here a
marketing situations during the
typical March day. On the 3rd inst. it was down to 17 Possible heavy production and unfavorable in the South has probably been
next few seasons. The peak of production
with a maximum of 29. Boston had 20 to 28 degrees; reached. The pecan outlook is for a material increase in production of
Chicago, 14 to 28; Cincinnati, 14 to 24; Cleveland, 12 to 22; improved varieties during the next decade with some reduction in prices.
this year in the early producing
Cantaloupe prices probably will
Detroit, 16 to 22; Kansas City, 20 to 48; Milwaukee, 12 to sections and a moderate decrease inbe lower in the intermediate and late secacreage
28; St. Paul, 14 to 32; Montreal, 2 to 12; New Orleans, tions is recommended in order to raise prices to the level of a few years ago.
26 to 30; Oklahoma City, 20 to 48; Omaha, 20 to 46; Phila- Watermelon growers should plant a somewhat smaller acreage.
Prospects for strawberry
delphia, 22 to 30; Portland, Me., 14 to 22; Portland, Ore., since 1926; smaller acreagesgrowers now seem to be better than in any year
are in prospect and there is likelihood of reduced
42 to 60; San Francisco, 50 to 62; Savannah, 30 to 42; Yields in some districts.
Potato growers report that they intend to plant an acreage 6% larger
Winnipeg, 12 to 32.
Seattle, 40 to 60; St. Louis, 22 to 40;
than was planted last year, apparently forgetting the unprofitable season
On the 6th inst. it was 38 to 56 degrees here. Boston had of 1928. The high potato prices being received now are not the result of a
Cincinnati, 32 to 60; low acreage last season, but are due almot entirely to adverse weather con38 to 50 degrees; Chicago, 32 to 42;
ditions last summer. If the intentions for 1930 are carried out, prospects
Cleveland, 32 to 46; Detroit, 30 to 44; Kansas City, 30 to 52; are
for lower potato prices after the first of July.
Milwaukee, 30 to 40; St. Paul, 28 to 44; Montreal, 30 to
The constant tendency toward expansion of lettuce acreage, particularly
34; Omaha, 38 to 58; Philadelphia, 38 to 60; Portland, Me., in California and Arizona, confronts the industry with difficult marketing
problems, although there Is as yet no evidence that the peak of demand has
32 to 46; Portland, Ore., 42 to 52; San Francisco, 50 to 62; been
reached.
Seattle, 38 to 48; St. Louis, 36 to 54; Winnipeg, 16 to 32.
Only a moderate increase in the sweet potato acreage is expected. Onion
To-day was rather cool and raw here and threatening rain growers in most States will find it advantageous to reduce acreage. The
total screage
for shipment to
which came after nightfall. Temperatureslwere139Atoy46 held close of tomatoes grown acreage of dry market in 1930 should be
to that of 1929. The
beans seems to be well addegrees.
justed to domestic demand.




MAR.8 1930.]

FINANCIAL CHRONICLE

The present prospect is for favorable cabbage markets until August in
view of relatively light holdings of old cabbage and reduced acreage in southern areas. Further increase in late cabbage acreage does not seem warranted.
A reduction in peanut acreage of 10 to 15% is recommended. No expansion of broomcorn acreage appears justified in view of prospective commercial requirements and small carryover from the 1929 crop.
The outlook for cigar tobacco types continues favorable, but further increases in acreage are inadvisable. Increases in acreage seem Justified in
Virginia Fire-Cured and Maryland, stocks of which are relatively low and
demand good. Acreage about the same as last year is recommended for
Henderson Stemming, Green River and Virginia Sun Cured, while decreased
acreage is recommended for flue-cured, Burley, One Sucker, and Kentucky
and Tennessee Fire-Cured.
Some improvement in rice prices in the Southern Belt for the remainder
of the current season and through the 1930-31 season is in prospect.
The world sugar production probably will continue large and prices relatively low but apparently the tendency to increase production has been
checked and some slight improvement in prices is in prospect.

Shifting of Farm Population Was Less Rapid in 1929
Than in Previous Years.
The movement of farm population from farms to cities
and from cities to farms declined in 1929, according to the
estimates of the Bureau of Agricultural Economics, United
States Department of Agriculture. The Bureau's figures
show that 1,876,000 persons moved from farms to cities
last year as compared with 1,923,000 in 1928, 1,978,000 in
1927 and a peak of 2,155,000 in 1926. The city-to-farm
movement was also smaller, being placed at 1,257,000 persons last year, compared with 1,347,000 in 1928 and 1,374,000
in 1927. Under date of Feb. 21 the Bureau also says:
Births on farms last year are estimated at 631,000 and deaths at 281,000.
Taking these figures into account along with the movement to and from
farms, the Bureau places the total farm population on Jan. 1 1930 at
27,222,000,compared to 27,491,000 on Jan. 1 1929, or a decrease of 269,000.
The Bureau's figures for the past year show that in the New England
States 67,000 persons left the farm and 50,000 returned to farms; Middle
Atlantic States, 139,000 from farms, 110,000 to farms; East North Central,
275,000 from farms, 204,000 to farms; West North Central, 327,000 from
farms, 225,000 to farms; South Atlantic, 292,000 from farms, 162,000 to
farms; East South Central, 204,000 from farms, 136,000 to farms; West
South Central, 331,000 from farms, 204,000 to farms; Mountain States,
127,000 from farms, 78,000 to farms; Pacific States, 114,000 from farms,
88,000 to farms. Births on farms were 23 to the 1,000; deaths were 10
to the 1,000.
CHANGES IN NUMBER OF PERSONS LIVING ON FARMS DURING 1929,
BY GEOGRAPHIC DIVISIONS.
(Number of persons in 1,000's, 1. e., 000 omitted.)

Geographic
Divisions.

DEPARTURES.
EstiARRIVALS.
mated
Farm PopsFarm
To Cities,
lotion of
From MOS,
Pops- Births. Towns and Deaths. Towns and January 1
lesion
Villages.
Villages.
1930.
ofJan.
1 '29. % No. % No. % No. % No. %
No.

New England__ *629
Middle Atlantic *1,742
East No. Cent_ *4,172
West No. Cent_ *4,602
South Atlantic_ *5,416
East So. Cent'l_ *4,528
West So. Cent'l *4,530
Mountain
*910
Pacific
*962

1.8
1.9
1.7
1.7
2.8
2.7
2.5
2.5
1.5

11 7.9
33 6.3
71 4.9
78 4.9
152 3.0
122 3.0
127 4.5
23 8 6
14 9.1

50
110
204
225
162
136
204
78
88

1.0
1.1
.8
.8
1.2
1,3
1.1
.7
.6

8
19
33
37
65
59
50
8
6

10.6
8.0
6.6
7.1
5.4
4.5
7.3
14.0
11.9

67
139
275
327
292
204
331
127
114

98.1
99.1
99.2
98.7
99.2
99.9
98.9
96.5
98.1

617
1,727
4,139
4,541
5,373
4.523
4,480
878
944

United States.* 27.491 25 551 a a 1 2n7 1 n 251
6.8 1.876 99.0 27.222
* Slightly revised from announcement March 14 1929.

1545

imous in reporting recoveries from the low average of activity noted at the end of the year, the gains ranging from
3 to 9 points according to the basis and methods of computation used," according to the Chatham Phenix National
Bank and Trust Company Monthly Outline of Business for
March, which says:
The improvement is moderate as yet, and Is by no means uniformly
distributed between the various components of production, finance, and
trade, but as the third month opens, evidence is accumulating that business
is definitely recovering from its recent sinking spell.
That the current upswing is not more rapid is even viewed with a degree
of satisfaction by some. These recall the experience of 1924. when a sharp
decline at the end of the preceding year was followed by a prematurely
rapid recovery in the first two months, resulting in a still more severe
secondary recession which lasted well into the summer. The comparatively
slow but orderly progress now being made is viewed as giving assurance
that such a mishap is not likely to be repeated in the present case.
The most hopeful evidences of recuperation now seen are offered by
three of the great basic industries, steel, automobiles and, to a somewhat
less degree, textiles.
The steel plants in February were operating at about 80% of capacity,
as compared with 60 to 70% in January and 45 or 50% in December. Unfilled orders show steady gains over the past five months. The U. S.
Steel total at the beginning of February was 360,000 tons greater than at
the same time in 1929. These indicators are taken as solid ground for
encouragment, since steel has generally proved to be one of the surest of
barometers. On the other hand,a downward price tendency and a diminishing ratio of new bookings to capacity are offered as arguments against
over-great optimism based upon steel.
Opinion in the automobile industry looks to a generally good year,
although not on the scale of the extraordinary achievement of 1929. The
rate of seasonal increase in the textile industry in December and January
was even greater than the corresponding months a year ago, although
actual consumption was less. Over and against the gains in these fundamental lines, however, must be placed less favorable reports from building,
commodity distribution and trade.
Encouragement for the trade interests as well as business at large is
found in preliminary reports of the U. S. Labor Department for February
which indicate that employment generally is on the increase. Further
support for the national buying power is found in an increase in dividends
and interest paid so far this year, which amounts to 20% by comparison
with a year ago. Reports received by the U. S. Commerce Department
indicate that at least $1,683,000,000 investment income has been paid
to the people of the United States to March 1, or well over a quarter of
a million more than was paid during the same period in 1929.

President Hoover Reported as Saying Unemployment
is Largely Confined to Twelve States
-Expects
Change for Better in 60 Days-3,000,000 Unemployed Estimated by Secretary of Labor Davis.
A careful study of prevailing business and employment
conditions, made with the aid of Governmental departments,
has convinced President Hoover that the worst effects of
the stock market crash of last November on business activity
and in reduction of employment will have passed over within
30 to 60 days. Advices to this effect were continued in an
Associated Press dispatch from Washington yesterday
(March 7) published in the "Sun" of last night. Continuing
the dispatch said:

Mr. Hoover believes a resumption of normal activity will be brought
by seasonal resumption of out-of-door construction work and the expanded
program of construction undertaken by railroads, public utilities and
and private enterprise.
Secretary of Commerce Lamont Looks for Normal general business by the Commerce aad Labor departments have indicated
Surveys made
that unemployment amounting lo dlitrers has bean confined to twelve
Business Within Two Months.
States, while in
rid*
Secretary of Commerce Lamont predicted on March 3 have been littlethe remaining thin; hates of the Union the conditions
at variance from Moe regularly encountered during the
that economic conditions will be satisfactory within two winter season.
The President also has conclude(from the evidence before him that
months. We quote from a Washington dispatch to the
the low point of both business activity and employment was reached in
New York "World," which went on to say:
the latter part of December and the early part of January and that the
No more optimistic statement has issued from Government sources since situation is much better now.
the stock market crash than that from the Department of Commerce giving
A third finding from the studies has been that the call made upon the
the Secretary's views in answer to the question "How's business?" Quoting business world last December by the President for maintenance of conhim indirectly, the statement said:
struction activities has been heartily responded to.
"He said that practically all dependable surveys of national scope inContracts announced in the United States for January and February
dicated that business was amazingly well off in view of what it had gone wore 40% greater than any like total ever observed in the season. The
through.
total for the year promises to be high and larger than last year, the Presi"He said that he talked recently with an officer of one of the leading rail- dent understands, while the undertakings of important business concerns
roads which for many yoars had followed the practice of carefully sur- to maintain wage rates are being continued.
veying and estimating in advance its gross business for the year as a basis
The Government's statisticians have estimated that the actual number
for expenditures. He said these statistics had shown uncanny accuracy. of persons unemployed at the present time in the United States is only
This railroad's figures for 1930, he said, were only 3% under last year between one-third and one-half of those unemployed during the 1921-1922
and the railroad officer told him that the information indicated that the Period of business depression.
dip below last year would 'come about' in the early months of this year.
Measures taken in conjunction with the Federal Reserve Board to bring
"He said many other railroad statistics checked with this information. about lower interest rates have been very effective. the President considers,
"In Secretary Lamont's opinion business will improve with the sunshine though it is true that mortgage funds have not been made so freely available
and that large sections of the country are frozen in or subjected to weather as other funds. However, he understands that insurance companies have
conditions which retard many business activities.
boon freed in greater degree during recent weeks from the burden of lending
"Secretary Lamont said he would like again to point to the fact that last on policies, and that this, with other factors, is likely to bring about a
Year was a record year in many lines of business and that in snaking com- greater supply of cash for residential construction and like purposes.
parisons for the present year against last year that fact should be borne in
Admitting the existence of "distressing unemployment"
mind.
"He felt that the situation would be well in hand within the next two in this country and estimating that 3,000,000 are out of
months."
work, Secretary of Labor Davis nevertheless maintained

Chatham Phenix National Bank & Trust Co. Finds
Business Barometers Reflecting Improved Conditions
Business Barometers Reflecting Improved Conditions.
"Business barometers, which are generally taken as reflecting the broad business movement, are practically unan-




on
March 4 that the Hoover Administration had held unemployment down to less than "one-half that of previous crashes,"
and asserted also that passage of the tariff and public buildings bills would remove the uncertainty of the present
situation. The foregoing is from Washington accounts
March 4 to the New York "Times" which also had the
following to say:

1546

FINANCIAL CHRONICLE

rirou 130.

A report which was circulated at the Capitol that President Hoover Bread Line Opens in Brooklyn—Unemployed Receive
was considering calling an unemployment conference was officially denied
Free Food for the First Time in Sixteen Years.
to-night.
Secretary Davis outlined his views in a formal statement issued after
Brooklyn's first bread line in sixteen years formed in the
the Cabinet meeting at which the unemployment stivation was discussed.
according to the New York "Sun"
the speeches by Senator Wagner and others yesterday were chilly dawn on March 4,
Whether
taken up at the Cabinet meeting was not disclosed, but Mr. Davis said of that date, from which the following is also taken:
that his statunent contained what he thought of Mr. Wagner's speech.
Young and middle-aged men, 150 of them, munched rolls and sugar buns
Before the Cabinet meeting, Mr. Davis said that instead of appro- and drank as many cups of coffee as they wanted, as the guests of the
"dole" for the unemployed, as proposed by Senator Harry Wolkoff Association at 1255 Bedford Avenue, and then went out
priating a $50,000,000
Brookhart, it would be far better to devote that money to the public to look for work.
building program.
The last time unemployment conditions in Brooklyn were bad enough
Holds Relief Is in Sight.
to make free meals a necessity was in the winter of 1914-1915 when there
admin- was a brief slump in some industries due to the outbreak of the European
"Senator Wagner makes a great show of indignation that the
istration has not been able to overcome the whole of the terrific disloca- war. Since that time Manhattan and other boroughs of New York have
-work in the winter, but Brooklyn's
tion of business and consequent unemployment resulting from the stock distributed free meals to the out-of
crash in New York, the Senator's home city," Secretary Davis said in his shops and factories always had jobs for the workless.
The Harry Wolkoff Association made a tentative offer of free breakfast
statement. "I admit that there is distressing unemployment, but for
the first time in the history of these events, by its actions and policies Yesterday morning, however, and discovered that there is a real need for
to less than one-half that assistance in Brooklyn now. The bread line will continue to form every
the administration has held unemployment
of previous crashes, and, by the stabilization of wages and co-operation morning, between 6 and 8 o'clock at the Bedford Avenue address until
of the business world, work is being provided in a way that should relieve unemployment is lessened, It was announced.
For the most part the men in the line to-day were poorly dressed and
most of this within the very near future.
"While employment for the week of Feb. 17 as compared with Feb. 10 appeared to have been out of work for some time. One fairly well-dressed
showed a drop of 3-10ths of 1%, the situation is greatly improved over man said he was an automobile mechanic and that when "times were
better" he could make as much as $110 a week. "A first-class mechanic
the low point of last December.
"It is a fair estimate to make that the new census will show something can't get a job now," he said.
living in the country and certainly
One man who said he was a plasterer making $60 to $80 a week in good
like 46,000,000 individuals earning a
times said he belonged to the plasters' union, which has 1,250 members.
43.000,000 of them are at work.
"The construction program worked out by President Hoover exceeds Only about 100 of the union members are working now, he declared.
A plumber who earned $70 to $80 a week said that less than a third of
1929 and is having its effect. The Secretary of Commerce has announced
a seven billion dollar program for the Government and other civic agencies. his fellow plumbers in the union of 1,500 members were employed now.
own proposals are for more Federal employment
Harry Wolkoff, the founder of the association, is chief clerk of the Eighth
"Senator Wagner's
agencies and more statistics, and as I see it, hoped-for cures of the result Avenue Municipal Court, before which come many cases produced by the
A growing
of future crashes. I am in accord with them. However, none of these inability of a wage earner in the family to support his family.
number of such cases led Mr. Wolkoff to undertake the bread line.
things create jobs right now.
are worth the present administration recomniended
is President of the club. George M. Curtis Jr., Assistant
Rubin Smith
"For what they
necessary expansion in employment agencies and statistics through the District Attorney of Kings County, is another member. They were both
Department of Labor budget, not yet passed by the Senate, but of far more at the eating place before 5 a.m, to-day, preparing the coffee and rolls for
importance, as I see it, is the urgent necessity for the public buildings bill their guests.
which passed the House and the appropriations for public works in the
deficiency bill now awaiting Senate action.
New York Telephone Co. Lost 8,000 Subscribers in
Asserts Workers Need Tariff.
February—Company Officer at Albany Hearing
"But, above all, the workers of the country need the passage of the
Lays Decline to Business Slump.
tariff act to remove uncertainty and allow the workers to make in our own
factories the hundreds of millions of dollars' worth of goods now coming
Testimony at the resumption on March 4 of the telephone
in by import. In fact, the delays in tariff legislation are more responsible
rate hearings at Albany before the Public Service Commission
to-day for creating unemployment than any other factor.
"Push the building program, pass the tariff bill, and our workers will was marked by the disclosure that the New York Telephone
find employment."
Co. sustained a net loss of 8,000 subscribers during the
When asked for his views on the Brookhart proposal, Secretary Davis
A dispatch from Albany
said that American workmen want honest employment and a steady job, first twenty-five days of February.
"not a dole or charity." He thought Mr. Brookhart's suggestion was well to the New York "Times", reporting this, added in part:
intended and said he did not wish his own statements to be regarded as
These are the first records to be revealed for the brief period since the
severe criticism. He doubted, however, the practicability of the Iowan's temporary increases in rates, as modified somewhat by order of the Complan, explaining that $50,000,000 would not go far as a "dole." as it would mission, went into effect.
mean only $1 weekly for eighteen weeks for the 3,000,000 now estimated
Russell H. Hughes, Assistant Vice-President of the company, gave this
gain
to be unemployed.
testimony, adding that in December there had been a contrasting net
of 10,400 subscribers. Mr. Hughes attributed the present decline to poor
A later dispatch to the "Times" March 5 stated:
business conditions, particularly in the New York area.
President Hoover is hopeful that the unemployment situation will be
The downward trend in business, the witness said, became so evident
greatly remedied in the next sixty days, it was revealed to-day at the in December and brought about a revision of the company's estimates for
everything that the administration can do
White House. He feels that
1930. Other testimony brought out that provisional estimates drawn
Is being done and believes that the machinery already set in motion will
up in October 1929, had had to be revised early in January with the result
bring about the desired relief.
that estimated revenues were scaled down by $6,000,000 and $2,000,000
The President does not consider that there is any cause for alarm In were also shaved off anticipated expenses. The changes were duo to the
equal those in 1921,
present cond.tions, which, it was pointed out, do not
less favorable outlook, it was said.
when 5,000,000 were estimated to be out of work in the economic readjustment which followed the World War. He has not considered calling an
unemployment conference, it was said, and has no intention of doing so, President Dickinson of Indiana Limestone Co. Finds
so, as he feels that everything possible in the way of executive aid L. being
All Signs Point to Resumption of Building Activity.
supplied.
Agrees With Davis's Views.
America is rebuilt every forty years. That is the average
The statement on unemployment issued yesterday by Secretary of Labor life of a building, according to the Indiana Limestone Co.
Davis reflected the views of President Hoover, it was said at the White
"While the physical life of many steel buildings is longer
:J.-_;!V7n
House-Vil

than forty years," says President A. E. Dickinson, "rising
taxes and land values make old buildings unprofitable.
U. S. Senate Committee Gets Bills for Stabilizing
buildings is 2% annually,"
Employment—Johnson Named to Preside Over The natural increase in new
says Mr. Dickinson, who adds:
Hearings.
There are 1,650,000 more people living in the United States this year
From the New York "Herald Tribune" of March 7 we than there were last. These people must be provided with homes. Additional business enterprises must be housed in factories, stores and commertake the following Washington advices March 6:

of a million people move each year from farms
The Senate Committee on Commerce to-day appointed a subcommittee cial buildings. A quarter
to towns.
to unemployment.
to consider the bills before the Committee in relation
It is estimated the normal annual new building program of the country
Senator Gerald B. Nye,
The subcommittee was authorized on motion of
Dakota. He suggested that Senator Hiram Johnson, Chairman would rebuild a city the size of Philadelphia. activity in 1930. In 1929,
of North
The subcommittee
Signs all point to a resumption of building
of the Committee, should head the subcommittee.
slack
Arthur Vandenberg, of there was less than the normal requirements of a new building. This
selected consists of Senators Johnson, Nye and
of Florida, and Harry will be taken up in 1930.
Michigan, Republicans, and Duncan U. Fletcher,
B. Hawes, of Missouri, Democrats.
Couzens, Republican,
Senator Vandenberg suggested that Senator James
and hearings of the sub- 40% Report Idle in Building Trades—New York Emof Michigan, be invited to attend the meetings
presided over the Education and Labor
committee, inasmuch as he had
ployers and Unions Discuss Situation in the City
was agreed to
Committee when it considered unemployment. This
and Find it Serious—Painters Worst Hit—$31,560,unanimously by the Committee.
three bills of Senator
300 in Contracts Let in January as Against FiveThe Committee on Commerce considered the
with unemployment.
Robert F. Wagner, Democrat, of New York, dealing
Year Average of $98,676,100.
Invitation of the
Senator Wagner argued in behalf of these bills at the
Unemployment in the building trades in New York City
the same position he recently set forth on the floor of
Committee, taking
action.
at present is becoming serious, according to union leaders
the Senate, that the present situation calls for constructive
The three bills of Senator Wagner relating to unemployment include one and
employers whose views were canvassed on Feb. 24, A
regulated construction of public
to provide for the advance planning and
York
of industry and prevention of unemployment in statement to this effect was contained in the New
works, the stabilization
periods of business depression. This bill would provide $150,000,000 for "Times," which went on to say:
public improvements. James J. Davis, Secretary of Labor, has reported
While no machinery exists for ascertaining the exact extent of unemon this bill, and, while expressing sympathy with the parpose, objects to ployment, the best estimates obtainable indicated that from 40% to 60%
various features
of the 115,000 building trades mechanics in New York are idle. Adding
Another bill provides for the establishment of a National employment
number
is to to these the unemployed helpers and auxiliary workers, the actual
system and co-operation with the States in promoting it The third
of jobless workers in the building trades in this city was placed at
expand the present arrangements in the Department of Labor for collection
between 54,000 and 67,000.
of statistics on employment.




MAR.8 1930.]

FINANCIAL CHRONICLE

1547

Union officials said that some of their men are in desperate circumstances, having used up their "rainy day" surpluses. Some are being cared
for by their children and relatives and others are looking for "odd jobs."
Others are applying to charity organizations for relief.

six relief measures in use and proposed, choice of the best course is not
always easy and the problem grows as a concern grows old."
Public pensions were disapproved by the investogators.

Painters Are Hard Hit.
The percentage of unemployment varies from about 20% among the
8,000 union electricians to 75% among the 12,000 painters, which is apparently the hardest hit' of any of the large union organizations.
Roswell D. Tompkins, Secretary of the Building Trades Council, the
executive body controlling the unions, said that his estimate of unemployment for all unions was 50%, with the smaller tile trades going up
to about 90%. C. G. Norman, head of the Governors of the Building Trades
Employers' Association, placed the average unemployment figure at 40%.
The unemployment situation is reflected in the figures for contracts
awarded. According to the F. W. Dodge Co., the contracts awarded in
January amounted to $31,560,300, as compared with $80,360,000 in
December 1929; $64,432,700 in January 1929, and a January average of
$98,676,100 from 1925 to 1928.
The estimates of Mr. Norman, for the employers, tallied with those
offered by the union, with one exception. Mr. Norman estimated that 70%
of the plasterers were unemployed, as against a 40% figure by the union.
"In 1921 there were not more than 20% unemployed," said Mr Norman.
"The present slump is much greater than that. It is almost as bad as
1913, when between 50 and 60% of the mechanics were looking for work.

Creation of Committees in Ohio Asked for Purpose of
Inquiring into Unemployment—Report to Governor Says Prevention of Involuntary Idleness
Ought to Present Challenge to Society.
From the "United States Daily" of Feb. 19 we take the
following from Columbus, Ohio, Feb. 18:

Lays Slump to Overbuilding.
In Mr. Norman's opinion, the slump in building employment reached
the bottom during the fall renting season. He ascribed the large unemployment figures to the overbuilding of residential portions of the Bronx,
Queens and Kings by "speculative builders" who are no longer able to continue work, because the savings banks and mortgage lending institutions
have been dismayed by the large number of vacancies and have shut
down on mortgage money.
Alexander Kelso, of the District Council of Carpenters, estimated that
45% of the 45,000 carpenters in New York and vicinity are idle. He
pointed out, however, that architects were busy and hoped that the industry
would soon be humming again.
For the bricklayers' union it was estimated that 40% of their men
were employed at present and that within 60 weeks another 40% might
be busy on the scaffolds.

Prevention of involuntary idleness, with all its train of suffering, want
and waste, ought to be a challenge to society, says a report to Governor
Myers Y. Cooper and the Legislature by the department of industrial relations in suggesting the creation of four permanent committees on public
work, public employment offices, stabilization of industry and employment,
and on statistics of unemployment and irregularity of employment.
The report, which was written by Fred C. Croxton, special assistant for
the Department of Industrial Relations, submits general plans for speeding
up the public work program and the development of measures for stabilizink industry and employment.
Governor Cooper announced Feb. 17 that he approves the plan and ha.,
directed the department to devote its immediate attention to the public
work and to the public employment offices. The report, he said, also has
the endorsement of the director of industrial relations, William T. Blake,
and the chief of the division of labor statistics and employment, George
F. Miles. Mr. Croxton also drafted the employment plans for Ohio at
the beginning of the World War.

Net Profits of Industrial Corporations in 1929 Higher
Than in 1928 According to Ernst & Ernst.
Net profits in 1929 of 794 industrial corporations, which
represent a fair cross section of industry, were 18.73%
higher than earnings of the same corporations in 1928
setting a new high record for the year as a whole, according
to an analysis announced by Ernst & Ernst, accountants and
Says Painters Are in Need.
Philip Zausner, secretary of the District Council of the Brotherhood of auditors. The analysis includes all the leading corporations
Painters, said that as most of the union painters work on housing construc- whose net earnings for 1929 have been announced to date.
tion, that accounted for the large proportion of idleness among them. Ile
A statement regarding the analysis says:

said that needy painters visit his office daily and walk the streets looking
for work.
At the office of the Electrical Workers' Union, Emil Priess said it was
difficult to give the exact number of unemployed electricians because there
was no system of registration for the unemployed. His estimate was 20%
among his 8,000 mechanics.
As a result of the lack of work, builders on renovation jobs reported
that union men were lowering their minimum demands and were willing
to work below the usual wage scale. One man said he could get any
number of plasterers to work for $10 a day, although their contract scale
Is $15.40. Carpenters, with a wage scale of $13.20, are said to be willing
to work for $7 and $8 a day.
The lack of machinery to gather figures on seasonal employment in the
building industry will be one of the topics discussed to-day at a sectional
meeting of the New York Building Congress. It is proposed that a system
for gathering such data be installed by the Congress, in co-operation with
the unions and the employers, neither of which has fact-gathering
machinery.

Finds 125,000 Clerks Idle—Office Workers' Union in
New York City Suggests Shorter Hours to Aid
Them.
Charging that 125,000 of the 450,000 office workers in New
York City are unemployed, speakers at a meeting of the
Office Workers' Union, at the Labor Temple, 14th Street and
Second Avenue, on Feb. 24 called for the establishment of a
seven-hour day and five-day week to provide employment for
a greater number. The New York "Times," from which we
quote, added:
The union is affiliated with the Trade Union League, a Communist
organization. Sixty persons were present at the meeting, which had for its
purpose the extension of the organization.
"The unemployment situation is affecting office workers more than any
other section of the working class because they are unorganized," declared
II. Robbins, Chairman of the meeting. The average wage of office
workers in the city is $23 a week, he said.
Other speakers were C. Klinhoffer, Secretary of the youth section of the
Trade Unity League; Carl Brodsky, an organizer of the Electrical Workers'
Union, and George Primoff, President of the Office Workers' Union. The
union's aims include unemployment insurance, free employment agencies,
a minimum wage of $22 a week, and abolition of overtime and piecework.

For 180 railroads the 1929 net operating income was 6.72% higher than'
In 1928 and a group of 91 financial institutions, including banks, investment trusts and others, showed net earnings in 1929. 35.65% higher than•
In 1928. This latter figure does not take into consideration any shrinkages
In market values of securities held by investment trusts included in the
tabulation, except for such companies as took such losses into their accounts.
Operating income of 98 telephone companies for the eleven months of
1929 (latest available) was 7.26% higher than in the corresponding months
of 1928 and for the same eleven months' period, 95 other public utility
companies showed net earnings 16.56% higher in 1929 than in 1928.
For the entire list of 1258 corporations, including industrials, utilities,.
railroads and financial institutions, average net earnings were 15.28%.
higher in 1929 than in 1928.
For the year 1929, the 794 industrials as tabulated showed total net
earnings of $2,496,916.000 as compared with $2,103,057,000 in 1928; the
180 railroads, $1.274,774,000 as compared with $1,194,488,000; the 91
financial institutions, $257,169,000 as compared with $189,576,000. For
the eleven months periods the 98 telephone companies showed not operating
income of $252,159,000 in 1929 as compared with $235,082,000 in 1928;
and the 95 other public utilities, net earnings of $906,500,000 as compared
with $777,703,000. The total net earnings of all classes included in this
study were $5,187,518,000 in 1929 as compared with 8-1,499,906,000 in
1928.
The year 1928, which is used as a basis of comparison in this analysis,
was in itself a good year, in fact, it had been established the best post-war
business year. The annual corporation profit studies made by Ernst &
Ernst for 1928 showed that for 1,042 corporations of all classes, profits
averaged 17.19% higher than in 1927 and 11.35% higher than for 1926,
the then high point of corporation earnings since the World War.
This comparison of percentage increases unquestionably shows the trend
of corporation earnings but is subject to the fact that this period was One
of mergers and consolidations, through which reported corporate profits,
were, to some extent, augmented by the inclusion of' companies which had
been acquired and whose figures were not, in some cases, available for computing the previous years' results. This would have a tendency to show a
relatively higher percentage of increase between years so that while theyearly trend has been definitely shown, the measure of increase or decrease
cannot be accurately judged from the percentage figures arrived at through
such studies.
Comparison of profit trends over the past two years is reflected in the
following summary, which, although the groups of companies differ somewhat for the respective periods because not all companies report their
profits by quarters, nevertheless, may be considered as indicative of In—
dustry in general since each quarter's figures include a fairly large representation of the country's business.
1929 Compared with 1928.
Industrials.

Survey of Massachusetts Industries Refutes Report
That Men over 40 are Barred from Work.
The associated industries of Massachusetts reported on
Feb. 21 that an industrial survey had "disproved recently
published statements to the effect that men of 40 or over
are not wanted or retained in industry," and that "our army
of worn-out workers is being greatly enlarged." Associated
Press accounts from Boston in the New York "Times"
added:
The report said that such statements were "neither warranted by available data nor in accordance with the facts."
The survey showed that "middle-aged workers out of employment are
finding work to-day in Massachusetts Industry; that there are no data to
show general discrimination against older workers; that most employers
are earnestly trying to find ways to lessen the difficulty of older workers
In retaining and finding employment, and that while there are at least




First six months
First three quarters
Full year

1928 Compared with 1927.

Number
Companies.

Per Cent
Increase.

Number
Companies.

Per Cent
Increase.

465
271
794

36.96
27.04
18.73

380
232
815

7.90
19.17
20.49

The influence of the receding activity in the latter portion of 1929 is
evident in the decline reflected in the accumulated percentage of gain,
1929 compared with 1928. For such companies as have reported final
quarter earnings, the decrease in the last three months of 1929, as compared
with the corresponding quarter in 1928, approximated 8% for 148 Indus-trials with profits totalling 8200,000,000.
This comparison of the last quarters of 1929 and 1928 should be considered in the light of the fact that the closing months of 1928 represented
a period of increasing business activity which carried on well into the third
quarter of 1929. It will be interesting to learn the comparison of the first
quarters of 1930 and 1929, particularly as to whether the figures will indicate
that the declining trend which began in the third quarter of 1929 is con,
tinuing steadily during the early months of the present year. Such indices
of trade conditions as are now available would seem to point toward probablecontinuance of this downward trend during the first three months of 193V'

but any comparison with the same period of last year, must take into account the fact that the first three months of 1929 was a period of record
activity.
The following general summary of corporation profits has been compiled
by Ernst & Ernst from published reports:

DEPARTMENT STORE SALES, BY DEPARTMENTS.
Percentage Increase (+) or Decrease (-):
January 1930 Compared with January 1929.
Department.
Total
(a)

COMPARATIVE CORPORATION PROFITS 1929 AND 1928.

1928.

1929.
Industrials
Aeronautics
Amusement companies_
Automobile m'facturers
Auto parts & accessories
Bakeries
Beverages & confections
Brass & copper products
Building supplies
Business equipment_ _ _
Chain stores
Chemicals
Clothing manufacturers
Coal mining
Drugs
Food products-miscell.
Iron and steel
Machinery and tools
Meat packers
Metal products-sundry
Mining and smelting
Oil producers & refiners
Paper products
Printers and publishers_
Railroad equipment_
Restaurant chains
Shoe manufacturers_ _ _
Textiles
Tire and rubber
'Tobacco products
;Unclassified manufacturing and trading

P. C. Number of Companies.
Increase. Better. Worse. Total.

10,727,000
56,099,000
363,078,000
64,673,000
51,913,000
42,411,000
13,596,000
64,006,000
17,735,000
150,979,000
63,431,000
26,172,000
7,502,000
54,404,000
70,214,000
330,632,000
75,281,000
35,218,000
89,569,000
155,171.000
219,182,000
13,719.000
29,274,000
36,173,000
6,825,000
25.044,000
9,141,000
38,253,000
163,157,000

6,854,000
30,253,000
392,205,000
60,315,000
45,987,000
35,821,000
10,927,000
63,284,000
14,538,000
152,521,000
47,881,000
26,087,000
5,471,000
44,582,000
61,326,000
196,911,000
56,460,000
38,175,000
76,172,000
116,488,000
165,890,000
11,645,000
25,737,000
21,208,000
5,971,000
24,353,000
9,615,000
28,635,000
148,350,000

%
62.93
85.44
*7.43
7.23
13.11
18.39
24.42
1.14
21.99
*1.01
32.48
.33
37.12
22.03
14.49
67.91
33.34
*7.75
17.59
33.21
32.12
17.81
13.74
70.56
14.30
2.83
*4.93
33.59
9.98

5
7
11
23
8
17
7
23
4
26
13
14
5
14
24
22
45
3
38
19
27
14
10
11
5
3
14
5
12

1
3
8
16
5
5
3
18
1
13
1
15
2
1
9
2
11
13
13
9
13
5
2
1
2
5
16
5
7

6
10
19
39
13
22
10
41
5
39
14
29
7
15
33
24
56
16
51
28
40
19
12
12
7
S
30
10
19

213,337,000

179,755,000 18.68

112

48

160

2,496,916,000 2,103,057,000 18.73
Total industrials _ _
Telephone companies
°per. income 11 mos. 252,159,000 235,082,000 7.26
Other public utilities
906,500,000 777,703,000 16.56
11 months
Railroads
Net operating income 1,274,774,000 1,194,488,000 6.72

541

253

794
98
95
180

Total, excl. financial
4,930,349,000 4,310,330,000 14.38
institutions
Financial institutions13ks Invest. trusts,(ke_ 257,169,000 189,576,000 35.65

1167
91
1258

5,187,518,000 4.499.906.000 15.28

Total
*Decrease.

Federal Reserve Board's Survey of Retail Trade in the
United States During January-Sales 4% Below
Those of Month Ago.
Department store sales for January were 4% smaller than
in the corresponding month a year ago, according to reports
to the Federal Reserve System from 628 stores located in
275 cities in all Federal Reserve Districts. Under date of
Feb. 27 the Board presents its further survey as follows:
-SALES, STOCKS.
DEPARTMENT STORES: DATA BY DISTRICTS
(Based on value figures.)

Federal Reserve
District.

Percentage Increase (-I-)
or Decrease (-);
Jan. 1930 Compared
with Jan. 1929.
Sales.

Boston
New York
Philadelphia_ _ _ _
Cleveland
Richmond
Atlanta
Chicago

Federal Reserve
District.

Stocks (End
of Mo.).

Percentage Increase (+)
or Decrease (-);
Jan. 1930 Compared
with Jan. 1929.
Sales.

Stocks (End
of Mo.)

St. Louis
Minneapolis
Kansas City __ _ _
Dallas
San Francisco -

-4
-17
-2

United States_

--5
--4
-10
--5
--3
--7

+6
+2
-2
-9
+3
-13
-9

--12
--12
--8
--11
--2
-4

-3

Inventories of the reporting department stores at the end of January
were 3% below the level of a year ago, according to reports from 475 stores
in 217 cities.
CHANGES IN DEPARTMENT STORES SALES AND STOCKS IN
SELECTED CITIES.

City.

[VoL. 130.

FINANCIAL CHRONICLE

1548

Percentage Increase (+)
or Decrease(-)
Jan. 1930 Compared
with Jan. 1929.
Sales.

Northeastern
Boston
New Haven_ _ _ _
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia_ _
Midwestern
Cleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee
Southern
Baltimore
Washington_
_
Atlanta

City.

Stocks (End
of Mo.).

+9
+4
+4
--2
--11
--2
+6
--7

-5
-8
-5
-2
+2
-3
-19
-8
+5
-12

-5
-14
-5
-6
-10
-12
--9
-10
-18
--7
+3

-3
-18
+1
-7
-10
-4
-11
+4
-9
+ 18

+10
+2
-7

-4
-1
-5




Percentage Increase (-I-)
or Decrease(-)
Jan. 1930 Compared
with Jan. 1929.
Sales.

Birmingham__ _ _
Chattanooga _ - Nashville
New Orleans__ _
St. Louis
Little Rock_ _ _ _
Louisville
Memphis
Dallas
Fort Worth_ __ _
IIouston
WesternMinneapolis_
_
Duluth-Superior
St. Paul
Kansas City.
Denver
Oklahoma City.
Omaha
Topeka
San Francisco_ _
Los Angeles_ _ -.
Oakland
Salt Lake City. _
Seattle
Spokane

Stocks (End
of Mo.).

-16
-6
+5
-22
-10
-11
-18
-14
-8
-11
-14

-6
+1
+2
-11
-3
+1
-3
-13
+13
+2
-2

-26
-11
+1

-20
-11
-20

-7
-13
+10
-4
-2
-1
+12
-13
-4
-13

+3
+6
-16
-4
+2
+9
+21
-5
+6
--3

Boston.

New Cleve- Rich- ChiDalSt.
York. land. mond. cago. Louis. (as.

Piece Goods
Silks & velvets__ _ _ -8
+4 -10
Woolen dress goods -17 -22
-7
Cotton wash goods -3
-5
+3
Linens
-8
-4
-6
Domestics, muslins
Src
-4
10
-2
Ready-to-wear Ac cessori esNeckwear,scarfs_ _ -9 -15
-5
Millinery
+5
-7 -7
Gloves (women's &
-8
-7
+2
children's)
+9 +12
Corsets, br2ssieres +9
Hosiery (women's
+6
& children's)... -5 ____
Knit underwear_ _ _ -14 -10 -11
Silk, muslin under-7
wear
-10 -10
+4
2
-1
Infants' wear
-9
Small leather g'ds_ -10
-2
+3
Women's shoes_ - _ -4 -11
+6
-2 ____
Children's shoes
Women's Wear
-5
W'm'n's co'ts,suits -19 -12
-6 +15
Women's dresses.. -1
-4 +23
Misses' coats, suits -2
+2 +30
Missess' dresses_ _ _ +10
Juniors',girls' wear +3
+7 +27
Men's, Boys' We ar+2 -18
Men's clothing_ _ _ -13
Men's furnishings,
-6
-9
-1
hats, caps
8
+1
+3
Boys' wear
-9 -13
Men's, boys' shoes -9
House Furnish'gs
-2 +16
-1
Furniture
+18
-3
Oriental rugs
+4
Dorn.floor cover'gs -5 -5
Draperies, uphol+6
stery
-7 __
+6
-1
-8
China, glassware

San
Fran.

-8 ____
-30 -14
-2
+4
-7
-5

-10
-37
+2
-10

-4
-14
-16
-20

-17

____

-13

-7
-8

+2
+12

-6
-25

-15
+7

+11
+23

-11
+13

-16
-1

+4
-5

-1
+7

-9
-18

-5
-5

-11
-24

-18
-22

-4
-25

-6
-12

-14
-5
-9
+3
-13 -14
-9
+1
-7
+5

-9
+3
-17
-14
-11

-24 -20
-5 -23
-28
-1
-6
-5
-15 +16

-3
__ _ _
-8
+9
-1

-23
-2
-4
-1
-4

-11
+15
+2
+28
+16

-28
-9
-25
-I
-10

-42
-14
-21
-13
-13

-26
-9
-39
-19
-11

-18
-2
-2
+13
-8

-23

-6

-10

-18

-11

-2

-13
-15
-9

-3 -17
+3 -13
+8 -19

-24
-23
+4

-14
-23
____

-8
-2
+8

-20
-33
-13

-8
-64
-18

-12
___ _
-38

-20
+1
-17

-1 -20
+3 _ __

-23
-24

-27 -17
-11 4-16

-13
-8
-6
-4
-11

-5
-15
+5

-12
-24
-12
-4

-14
-6
-7
-17

-14

-26

-9

-25
-17

-30 -10
-30
-7

a Data are for about 200 stores with total annual sales in listed departments of
1850,000,000 and in all departments of $1,250,000,000. More than 50% of these
sales are for about 40 stores located in six cities: Boston, New York, Pittsburgh,
Detroit, Cleveland, and Los Angeles. In individual Federal Reserve districts
more than half of the reported sales are made by stores in following cities: Boston,
New York, Pittsburgh, Cleveland, Washington, Dettoit, Milwaukee, St. Louis,
Dallas, IIouston, Los Angeles. and San Francisco. The total number of reporting
stores varies from about 65 for certain items to about 175 for other items; in the
individual Federal Reserve districts corresponding ranges are usually about as
follows: No. 1, 8-30; No. 2, 8-12; No. 4, 17-64; No. 5, 7-11; No. 7, 8-30; No. 8,
6-10; No, 11, 6-14; No. 12, 8-20.
-SALES AND STOCKS, BY FEDERAL RESERVE
DEPARTMENT STORES
DISTRICTS.
Index Numbers' Monthly Average 1923-1925=100.
Federal Reserve
Districts.

No. of
Stores.

United States
Stocks
-Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco

11'41hout Seasonal
Adjustment.

Jan.
1930.

Dec.
1929.

Jan.
1929.

Jan.
1930.

Dec.
1929.

Jan.
1929.

36
60
57
55
28
41
97
19
19
27
22
36

110
110
92
93
102
93
110
88
82

108
122
105
109
117
106
117r
102
89

102
107
89
102
100
108
119
98
81

-65
117

114
127

104
119

104
99
80
78
85
76
88
72
70
74
80
103

176
207
173
171
204
171
189r
164
132
165
179
203

06
97
78
80
82
89
97
81
70
83
90
100

497

101

115

105

89

185

91

34
42
45
49
28
29
79
19
15
21
21
32

03
104
77
94
98
89
100
91
72

96
109
88
93
104
95
116
90
72

97
106
84
99
101
96
110
94
80

85
96
71
80
86
82
98
79
64
102
72
100

94
104
84
85
92
84
107
83
65
100
73
102

89
97
78
84
89
88
98
82
71
103
71
92

(a)
Sales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco

Adjusted for Seasonal
Variations.

-Si

-83

-Si

108

112

100

100
100
94
89
98
88
414
United States
a Stores for which figures are available since base period 1923-25. b Monthly
average 1925=100.

New York Federal Reserve Bank's Indexes of Business
Activity.
In presenting its indexes of business activity the Federal
Reserve Bank of New York in its Mar. 1 "Monthly Review"
Says:
Average daily carloadings of merchandise and miscellaneous freight
increased somewhat in the early part of January from the low level at the
end of December, but there was no further increase during the latter part
of the month and the January average, though higher than that of December,
remained considerably below the levels of the preceding four years. Loadings of heavy bulk freight also increased, but remained lower than in
recent years.
Distribution of goods to consumers apparently showed more than the
usual reduction from the holiday high level of December. Average daily
sales of department stores in this district declined slightly more than usual,
as did also the sales of chain store systems, other than grocery chains;
and the index of advertising declined to about the lowest level in recent
years. Bank debits were in substantially smaller volume than a year ago.
On the other hand, the amount of life insurance paid for continued to
increase, after seasonal adjustment, and this bank's index equaled the
level of last September, which was the highest since December 1926. The
number of new corporations formed in New York State showed an Increase
of more than seasonal proportions in January, from the low levels of
November and December, but remained 17% under the level of a year
previous. The number of business failures increased more than usual to the
highest figure for any January on record.

MAR.8 1930.]

FINANCIAL CHRONICLE
Jan.

Primary Distribution—
Car loadings, merchandise and miscellaneous_ _ _ _
Car loadings, other
Exports
Imports
Panama Canal traffic
• Wholesale trade
Distribution to Consumer—
Department store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business Acticity—
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits, N. Y City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 36 States
New corporations formed in N Y. State
Real estate transfers
General price level*
Composite index of wages*
Cost of living*

Nor.

1929.

1929.

98
98
99

92
88
84r

Dec.
1929.

Jan.
1930.

87
88
80

92
90
86P
102p

114

113

104

95
104

84
103

85
96

96

93

100

98

96
92

89
104

92
101

89

106
95

104
96

107
93

111
86

108
185
121
202
442
85
107
100
102
123
120
83

117
202
130
189
239
81
104
99
100
92
87
73

103
138
115
139
289
85
102p
96r
100
74
86
71

98
117
115
129
241

179
224
172

174
226
172

174
227
172

1549

year, however, there was total production of electrical energy 7.9% in
excess of that for 1928.
Manufacturing activity for the fourth consecutive month showed a
decline in January as compared with the same month a year ago. Again,
if one excepts 1929, the level reached in January 1930 was the highest
for any of the past five years. Specifically, the January 1930 level was
13.5% below January 1929 and 9% above January 1928.
Cement production in December fell 4.7% below the December 1928
figure, although total production for the full year was only slightly
lower than that for 1928, the rate of decline amounting to 1.3%.
Motor vehicle production in January was smaller than in the month of
1929 by 31.9%, but larger than that of 1928 by 17.8%. Only two of
the past five Januarys have shown larger production figures than 1930,
the exceptions being 1929, the banner year for the industry, and 1926,
another year of large production.
Although building totals were extremely small in January, bank clearings were not abnormally smaller than in previous years, and motor vehicle
Production should certainly not be considered disappointing.
Figures
covering the other indexes, while not exhilarating, certainly do not reveal
an entirely unsatisfactory present state of affairs. The index of manufacturing activity probably reflects the situation as accurately as any
one figure, at a level about 13% below last year.

174
228
170

80
96
111
89
96
69

Wholesale Trade in January as Reported to Federal
Reserve Board.
Reports to the Federal Reserve System by wholesale firms
Gain in Industrial Output Noted by Department of indicate that sales in January were larger than in January a
year ago for agricultural implements and silk goods, about
Commerce in Monthly Indexes.
The Department of Commerce in its monthly indexes of the same for groceries, and smaller for meats, dry goods,
production, stocks and unfilled orders, issued March 3 says: shoes, headware, drugs and furniture. The statistics as
Production.—Industrial output during January after adjustments for made available Feb. 27 by the Federal Reserve Board follow:
p Preliminary. • 1913 averag100. r Revised.

seasonal variations, showed a gain over the preceding month but was lower
than a year ago according to the weighted index of the Federal Reserve
Board. Manufacturing production was likewise greater in January than in
December but was lower than in January, 1929. The production of minerals showed declines in January from both the previous month and the
same month of last year.
Commodity Stocks.—The general index of commodity stocks at the end
of January was greater than a year ago, the increase over last year being
solely due to larger holdings of raw materials. Manufactured goods in
the hands of manufacturers were held in smaller quantities at the end of
January than at the end of the same month of the preceding year.
Unfilled Orders.—Unfilled orders for manufactured goods at the end of
January showed gains over both the preceding month and January, 1929.
As compared with the previous month all groups for which data were
available showed larger orders. Contrasted with a year ago unfilled orders
for each group were greater in January, except textiles which declined.
Index Numbers, 1923-1925=100.
Production—
Raw materials:
Animal products __________________________________
Crops
Forestry _________________________________________
_________________________________________
Industrial (compiled by Federal Reserve Board)
Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Nonferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks—
Total
Raw materials
Manufactured goods
Unfilled Orders—

Total
Textiles
Iron and steel
Transportation equipment
Lumber

Jan.
1930.

Jan.
1929.

Dec.
1929.

94
96
67
103
112
102
99
102
95

96
113

93
139
70

131

82
117
117
117
117
116
103
123
89
150
95
134
124
159
148
131

98
113
114
166
80
133

144
160
122

139
148
127

158
186
119

86
54
90
156
78

77
75
86
53
74

78
52
87
116
66

102
97
116
106

106

99
116
96
90
96
95
120

-45

First National Bank in Detroit Says No Clear Indications of Rapid Recovery Are Yet Evidenced-Conditions in Michigan.
There has been no uniform continuation of the recovery
evident a month ago in general activity in Michigan. Building declined abruptly during January, and bank clearings,
as well as manufacturing activity, showed no conspicuous
gain. There has been no relapse to the low points of last
fall, but, on the other hand, no clear indications of a rapid
recovery a:re as yet shown. Bank clearings for January,
while 20.1% smaller than a year ago, were 2.8% larger than
those 'reported for the initial month of 1928. As a matter
of fact, if 1929 is excepted, the January 1930 total is larger
than that for any of the past five years, according to the
March issue of "Michigan Graphic," published by First
National Bank in Detroit. The latter also Says:
Awards of building contracts were extremely small in January. Not
only was the total the smallest in five years, but the decline from 1929
was 38.4%, and from 1928, 59.6%. Engineering construction (public
works and utilities) registered an increase of 104.1% over the 1929
figure, but unfortunately this item was too small a portion of the total
to entirely offset a decrease of 51.7% in non-residential and 32.3% in
residential.
Public utility activity was less by 2.1% in December than a year ago,
marking the third successive month of decline below last year. For the




PERCENTAGE INCREASE (+) OR DECREASE (—) BY FEDERAL
RESERVE DISTRICTS.
Sales—January 1930 Compared with January 1929.
District Number
Line.

Total.
2

Groceries_ _ _ _
Meats
Dry goods_ _ _
Shoes
Hardware_
Drugs
Furniture
_
Agric. impl.*
Silk goods x_

3

4

5

6

—6 —1 —2 —1 —1 —5

7

8

9

10

1

i 12

0 —3 +3 —2 —2 +9

—2
—11 —4 —11 —2 —8 —23 —23
—17
—19 —28 —15
—19 —19 —18 —5 —28 +19 —30 —35 —20 —11
—5
—12 —6 —15 —6 —5 —13 —8 —14 _5 —12 —14
—15
—12 —15 +19 —18 --9 —3 —18
—13
—7 —24
—14 —21 +2
—11
—12
+18
p+9
_
Sales—January 1930 Compared with December 1929.

+6 —8 +2 —4 +1 +7 +3 +5 +2 +1 +8 +16 +19
Groceries_ - -Meats
3
Dry goods
+34 —22 —25 +21 —1 —21 +35 ____ -F15 +51 -I 13
+17 :
.
+68 —23 —28 —43 —40 +95 —11 —39 +141-13
Shoes
—10
Hardware_ _ _ —10 ____ —31 —32 —18 +23 +4 —23 +4 —13 —13 —5 —10
+11 ____ +40 —2 —5 +12 +2 —4
0 ____ +8 —5 +17
Drugs
—2 —24 —13 ____ —17
Furniture _ _
—13
Agric. lmpl. * -I:36 __-- ____
_
Silk goods x- P-1-50 ____ _
Stoc s—Jan. 31 1930 Compared with Jan. 31 1929.
Groceries_ _ _ _
Dry goods_ _ _
Shoes

—3 —7 +5 —3 +3 +2 —10
—5
0
—17 —4
—24 +22
+7 +7 +31
Hardware_ _ _
—8 —3 —2 —4 +2
Drugs
+5
+5
—4
Furniture
Silk goods x_ p+12

—8 —47 —3 —26 +7 +18
—9 +29 —9
+3 —9
—3 +1 —15
—10
+3 +14 —8 —4
—3
—5 +1
+3 +14
—6
+13
+7

* Domestic sales only. x Quantity, not value.
of America. p Preliminary.

Reported by Silk Association

Trade and Industry in U. S. as Viewed by Statisticians
in Industry Operating Under Auspices of National
Industrial Conference Board—Normal Level of
Business Looked for in May or June.
The likelihood is that it will be May or June before approximately normal levels of business activity are reached.
This statement summarizes the consensus of the Conference
of Statisticians of Industry, operating under the auspices
of the National Industrial Conference Board, 247 Park Avenue, as published in their February statement on business
conditions, based on monthly statistics and other pertinent
information from the fields of industry, commerce, transportation and finance. General business in January was
found to have improved somewhat over December, but also
was the lowest for any January since 1922. According to
the views of the Conference of Statisticians signs of increasing activity were noticeable in the automobile, iron
and steel and in the construction industries, but in the latter
were confined to public works and utilities and commercial
buildings. Contemplated new work east of the Rocky Mountains amounted to close to $1.500,000,000, the largest total
recorded for any month. Employment in January, as reported by the metal trades, showed more than 1% increase
over December, but still was 1% lower than in January a
year ago. Newspaper and periodical advertising in January
was somewhat below that of the corresponding month last
year. January department store and mail order house sales
were slightly below a year ago. General distribution, however, as reflected in freight car loadings of mercandise and
miscellaneous products, shows a 'relative improvement for

1550

[VOL. 130.

FINANCIAL CHRONICLE

the early part of February. In summarizing its views the
Conference of Statisticians in Industry says:
Summary.
General business in January improved somewhat over the low level of
December, but was the lowest for any January since 1922.
Industrial and business prospects were most significantly indicated by
the January and February decline in money rates. Almost invariably
the prevalence of low interest on bank loans is followed in due course by
a marked widening of the use of capital for business operations, precursor
of the investment in plant which characterizes long upward swings. An
industrial and trade expansion came after the decline in the rent of funds
In 1927. Abundance of capital then was largely limited to the United
States. At present money rates • betoken more abundant funds, hesitating
about home investments in some countries, especially Great Britain, because of apprehension over the domestic outlook, hence available in large
amounts for American use on terms current here.
Those who, when their confidence revives, will initiate the recovery with
loans or flotations are confronted with mixed signals. Consumption of
power by industry and of light in trade, as indicated by electric current
Production, showed no improvement over December in January or early
February. Heavy reliance has been placed upon the railroads' endeavor
to complete a six months' capital budget in excess of $140,000,000 dyer
same period last year. With lower gross and net the managers must live
In the hope that freight rates, long under erosion, may not be generally
reduced to "start business up," thus crippling the roads as actual stimulators of business recovery. Automobile production was up in January
And promises further increase in February, but has been restrained, in
the interest of stability, by the establishment of a closer correspondence
to dealers' sales. The Dodge reports showed continued decline in residential building contracts awarded but some improvement in the public
works and utilities classification.
Slackness in individual purchasing power was reflected in a decrease
under 1929 in the January sales of department stores, which continued
even in the first part of this month. Merchandise L. C. L. and miscellaneous freight car loadings, after relative declines throughout January,
showed a less severe loss for the early February weeks in comparison with
the corresponding period a year ago.
That capital, in spite of all these cautionary signs, keeps faith and
courage is shown by a sudden increase in the number of incorporations;
by rising steel construction contracts, published earlier than the building
operations in which the steel is to be used. The large-scale shift of loan
volume to the lower rate brackets dates early in February. Usually cheap
money persists for four or five months before commercial borrowing or
plant expansion widens in marked degree. This would point to May or
June before approximately normal levels are reached.

Annalist Weekly Index of Wholesale Commodity Prices.
The Annalist Weekly Index of Wnolesale Commodity
Prices stands at 135.0, a decrease of 0.2 points from last
week (135.2 revised), and compares with 147.1 at the corresponding date in 1929. In announcing this the Annplist says:

The steel mills worked in January at 71.5% of capacity, against 59.1%
in December. U. S. Steel closed the month with the largest total of
unfilled orders for the last four years, due chiefly to structural steel demand
and good orders from the railroads and from manufacturers of automobiles.
machinery and agricultural implements.
January production of automobiles and trucks totaled 298,325 units
In the United States and Canada. This was considerably less than the
output in January last year, but checks closely with the January average
for the past five years.

Commenting on collection conditions, as surveyed by the
research department of the National Association of Credit
Men, the bulletin notes an increase in the "slow" column
at the expense of "fair," and the practical disappearance of
the word "good" from collection reports. Some correspondents contributing to the survey suggested the setting up of
a new classification to be called "tough."
Summarizing general commercial conditions, the report
concludes:
Money is still cheap, and while the problem of unemployment is a real
one in some industries, it has certainly not reached the status of a menace
to our general business welfare. At least part of the moderate decreases
in wholesale and retail trade may be accounted for on grounds of seasonal
variation and unfavorable weather conditions. From the investment point
of view, many of the wounds of October and November have been healed,
and investors rather than speculators are likely to dominate the picture
for some time to come.

Production of Electric Power in the United States in
January 1930 Exceeded Corresponding Month in
1929 by Approximately 5%.
According to the Division of Power Resources, Geological Survey, the output of electric power by public utility
plants in the United States for the month of January 1930,
totaled 8,647,373,000 k.w.h., an increase of approximately
5% over the same month in 1929, when production totaled
around 8,241,000,000 k.w.h. Of the total for January of
this year, 5,747,518,000 k.w.h. were produced by fuels and
2,899,855,000 k.w.h. were produced by water power. The
Survey further shows:
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY .PUBLIC
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Change in Output
Total by Water Power and Fuels-1929 from Previous Year
Nov. 1929.

Dec. 1929.

Jan. 1930.

Dec.'29. Jan.'30.

574,336,000 588,879,000 599,240,000 +3%
New England
Middle Atlantic--- 2,151,269,000 2,271,360,000 2,278,868,000 +9%
East North Central_ 1,947,137,000 2,036,229,000 2,100,486,000 +4%
West North Central_ 493,975,000 504,016,000 494,710,000 +8%
1,021,483,000 1,036,616,000 1,099,831,000 +14%
South Atlantic
0%
East South Central_ 303,414,000 301,251,000 317,123,000
West South Central_ 425,000.000 416,500,000 408,040,000 +12%
315,377,000 326,614,000 320,353,000 +2%
Mountain
1,011,330,000 1,028,817,000 1,028,722,000 +9%
Pacific

' The decline this week, though moderate, establishes a new low, and is
8.1% below the index last year at this time.
Of the eight groups comprising the composite index, five have declined;
two, the food products and building material groups have advanced; and
one, chemicals, remains unchanged. The largest decline occurred in the
farm products and textile groups. In spite of the advance of 5 cents a
8,243,321,000 8,510,282,000 8,647,373,000 +8%
Total for U.
+5%
bushel in wheat and advances in other grains in sympathy with wheat
prices. declines in steers, hogs, cotton, eggs and wool more than balance
The average daily production of electricity by public utility power plants
the advances and bring the farm products group index to a record low, in the
United States in January was 278,948,000 k.w.h., about 134% larger
11.8% below last year and 12% below the 1929 high in July. A sharp than the output in December.
decline of raw silk to a record low, and further declines in yarns, bring
The curves of average daily output indicate that the demand for electhe textile index 0.7 point below last week to a new low, 13.5% below tricity is
again increasing, after the decrease in demand for November. The
last year and 5.1% below the preceding record low in 1927. The decline
output in Jan. 1930, was 5% larger than in Jan. 1929. This is comparable
In the fuel index is accounted for by another fall in gasoline prices; and with
increases of 13% for the same months in 1929 and 1928 and of 6%
metals declined because of lower prices of lead, tin, zinc and pig iron.
for 1928 and 1927.
The monthly production of electricity by the use of water power, after
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
having been less than the monthly output during the last seven months of the
(1913=100)
previous year, was 5% greater in January than in December. The output
March 4 1930. Feb. 25 1930. March 5 1929. by the use of water power is still somewhat below normal.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
146.8
130.3
129.5
Farm products
UTILITY POWER PLANTS IN 1929 AND 1930.
146.1
135.6
135.7
Food products
154.7
134.4
133.7
Textile products
181.2
151.9
151.8
Fuels
,
Iner ase Inerease
Produced by
128.8
123.5
123.2
Metals
1929
Water Power.
1930
154.1
150.8
151.6
Building materials
Over
Over
1930.
1929.
134.7
132.0
132.0
Chemicals
1928.
1929.
1929.
1930.
125.5
116.0
115.7
Miscellaneous
147.2
135.2
135.0
All commodities
34%
13%
33%
5%
January . 8,241,000,000 8,647,000,000
.
212%
33%
February ___ 7,429,000,000
39%
_ _
.......
10%
March
7,989,000,000
15%
42%
April
7,881,000,000
14%
43%
__May
. 8,084.000,000
Association of Credit Men Cites Increased June
ational
r
11%
____
40%
__7.768,000,000
12%
____
38%
..... 8,012,000,000
Building Activity as Indicating Probable Turning July
11%
__
34%
8,354,000,000
August
31%
11%
8,061,000,000
Point in Business Recession.
September
10%
31%
__8,708,000,000
October
____
32%
6%
Increased activity in the building industry, viewed along November 8,243,000,000
8%
32%
---8,510,000,000
indicates a probable December

/

with symptoms of recovery in other lines,
RA ot
11 c7.,
07 0411 AAA nnn
Tntal
turning point in the present recession, according to the
bulletin of the "National Association of Credit Men," a Based on output for 28 days.
March
on
operation of all power
The
sent to members on March 3. "For the first time in nine plants quantities given in the tables are based the engaged in generating
producing 10,000 k.w.h. or more per month,
years," the bulletin says, "the January total of building electricity for public use including central stations and electric railway
and engineering contracts, according to Dodge reports, plants. Reports are received from plants representing over 95% of the total
plants which do not submit reports is
exceeded the total of the December immediately preceding. capacity. The output of those of output and fuel consumption as reestimated; therefore the figures
January building contracts aggregated $323,975,200."
ported in the accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, c'sWhile the volume of contracts for the month did not
these reports.]
approach boom proportions, being under the figure for operates in the preparation of
"contemplated
January 1929, the bulletin points out that
Farm Price Level Drops Three Points in Month.
new work reported in 37 states during January totaled
The general level of farm prices was 131 on February
$1,455,344,600, by far the largest total of newly planned work
15 as compared with 134 on January 15, and 136 in Februever recorded for a single month."
Evidences of recovery in both steel and automobile manu- ary a year ago, the five-year period 1900 to 1914 being used
as a base of 100, according to the Bureau of Agricultural
facture are also commented upon as follows:




MAR. S 1930.]

Economics, U. S. Department of Agriculture, which under
date of March 1 said:
Changes in the group indices from January 15 to February 15
were: Poultry and poultry products down 24 points; cotton and cottonseed down 7 points; dairy products down 6 points; grains down 3
-points; fruits and vegetables up 1 point; meat animals up 4 points.
As compared with a year ago, cotton and cottonseed were down 28
points on February 15; dairy products down 15 points; grains down 8
points; poultry and poultry products down 4 points; fruits and vegetables up 57 points; meat animals unchanged.
Decided improvement in the hog-products storage situation and a
prospective sizeable reduction in available hog supplies during the first
half of this year have favored a continuation of the seasonal advance
in the United States average farm price of live hogs which started in
January. From January 15 to February 15, hog prices advanced
approximately 8%, and at $9.48 per hundredweight on the latter date
were about 7% higher than a year ago. Stocks of pork on February 1
were 17.9% less than a year ago, while lard stocks were 34% smaller.
The corn-hog ratio for the United States advanced from 11.4 on
January 15 to 12.2 en February 15, when the ratio was 2 points
higher than a year ago.
The United States average farm price of sheep and lambs declined
from January 15 to February 15, and at $6.84 per hundredweight on
February 15, the farm price of sheep was approximately 1% lower
than a month earlier and 16% below a year ago. The farm price of
lambs, at $10.46 per hundredweight, was about 6% lower than on
January 15 and 17% below February 15, 1929. Changes in the farm
prices of sheep and lambs from January 15 February 15 of this year
present a sharp contrast to the usual seasonal advance of about 4%
in the prices of these animals during this period.
The farm price of corn showed no significant change from January
15 to February 15, slight declines in the Corn Belt and North Atlantic
States almost wholly offsetting price advances in Southern and Far
'Western territory. Commercial stocks are low and receipts of corn at
primary markets were small during recent weeks.
Continuance of the weak foreign demand for wheat forced the farm
price of wheat to new low levels for the current crop season. From
January 15 to February 15 the United States average farm price of
wheat declined approximately 6%. At $1.01 per bushel on February
15, wheat prices averaged about 3% below a year ago.
A sharp decline in the farm price of cotton from January 15 to
February 15 brought the United States average to the lowest level
since June 1927. At 14.8 cents per pound on February 15, cotton
prices were 1 cent lower than a month earlier, and 3.2 cents below
a year ago.
The United States average prices of both butter and butterfat
showed slightly more than the usual seasonal decline from January 15
to February 15. Declines of 4% in the prices of each of these commodities during this period brought farm butter prices to a level 16%
below a year ago and butterfat prices .6% below. Although butter
production was at a somewhat lower level in February than a year ago,
the dairy markets continue weak because of burdensome storage holdings.
Farm prices of milk cows declined further from January 15 to
February 15. At $85 per head on the latter date, the average farm
price was $7 below the corresponding date last year.

Loading of Railroad Revenue Freight Low.
Loading of revenue freight for the week ended on Feb. 22
totaled 828,890 cars, the Car Service Division of the American
Railway Association announced on March 4. Due to the
observance of Washington's birthday this was a decrease of
62,707 cars below the preceding week this year. It also was a
reduction of 76,613 cars under the same week in 1929 as
well as a reduction of 40,527 cars under the same week in
1928. Details are given as follows:

Decline in Commodity Prices Reported By
National Fertilizer Association.
Commodity prices declined three-tenths of 1% during
the week ended March 1, according to the wholesale price
index of the National Fertilizer association. The decline
has amounted to 1.3% during the past two weeks, and the
index is now 6.5% lower than for the like date a year ago.
The association also says:
Further

Forty-five items declined, and twenty-three advanced. Eight groups
declined, and one advanced slightly. The larger declines occurred in
fats; other foods; mixed fertilizer; grains, feeds and livestock; and
textiles. The price of silver also declined sharply, indicating an increase in the value of gold relative to silver.
Based on 1926-1928 as 100 and on 474 quotations, the index for the
week ended March 1 stood at 92.0; for the week ended February 22,
92.3; and for that ended February 15, 93.3.

Outlook For Buying Power on Pacific Coast As Viewed By
Silberling Research Corporation-Continued Decline.
Under date of Feb. 22 the Silberling Research Corporation has the following to say as to the outlook for buying
power on the Pacific Coast:
General business and buying-power on the Pacific Coast continued
-to decline in January to a level farther below the normal trend than
has been seen since 1921. There has been an unsual amount of unemployment in manufacturing industries and much more general
release of workers from office and clerical positions than ordinarily
occurs in a moderate and temporary business recession. The transportation of goods by rail suffered a sharp decline. Among the unfavorable factors still in the immediate foreground of the general Coast
business picture arc the necessity for further curtailment in oil and
lumber production and a reduction in the volume of shipping, both
intercoastal and foreign. It is unfortunate that the Oriental market,
which is becoming of such importance for the Pacific Coast, is temporarily dislocated by the decline in silver prices and other special
influences and the curtailment in this direction is likely to become
more evident as the official figures become available during the spring.
It is still too early to gauge with accuracy the probable effect of
agricultural conditions on Coast business activity this year, but from
recent tendencies it is likely that wheat and cotton will sell at lower
prices than have prevailed for some years and there is danger of
excessive supplies of certain important fruits. The livestock industry,
and to a less extent also the dairy industry, in many localities, are
facing unfavorable conditions. The general impression at this time
regarding farm incomes in this territory during 1930 suggests spotty
conditions and lower prices. Canners, however, will be justified in
preparing for a larger consumer demand for this year's packs.




1551

FINANCIAL CHRONICLE

Miscellaneous freight loading for the week of Feb. 22 totaled 306,659
cars, 19,792 cars below the same week in 1929 and 3,017 cars below the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 219,374
cars, a reduction of 7,402 cars under the same week last year and 6,516 cars
under the same week two years ago.
Coal loading amounted to 161,122 cars, a decrease of 40,061 cars under
the same week in 1929 and 12,340 cars below the same week in 1928.
Forest products loading amounted to 56,159 cars, 4,017 cars below the
same week last year and 8,956 cars under the corresponding week in 1928.
Oro loading amounted to 8,911 cars, a decrease of 451 cars under the same
week in 1922, but 1,339 cars above the corresponding week two years ago.
Coke loading amounted to 11,536 cars, a decrease of 2,321 cars under the
corresponding week last year, but 166 cars above the same week in 1928.
Grain and grain products loading for the week totaled 41,923 cars, a
reduction of 2,010 cars under the corresponding week in 1929 and 4,156 cars
below the same period in 1928. In the Western districts alone, grain and
grain products loading amounted to 28,512 cars, a reduction of 2,329 cars
under the same week in 192g.
Live stock loading totaled 23,206 cars, 559 cars below the same week in
1929, and 7,047 cars below the corresponding week in 1928. In the Western
districts alone, live stock loading amounted to 18,217 cars, a decrease of
114 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week last year while all except the Allegheny,
Pocahontas and Southwestern districts reported decreases compared with
the same week in 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1928.
1929.
1930.
3,349,424 3,571,455 3,448,895
Four weeks in January
3.590,742
3,505,962 3,766,136
Four weeks In February
Total

6,855,386

7,337,591

7,039,637

January Industrial Production in New England Moves
Up from December Low Level.
The industrial situation in New England is indicated as
follows in the Monthly "Review," March 1 of the Federal
Reserve Bank of Boston:
The Situation.
Industrial production in the United States, as well as in New England,
showed an increase in January from the low level of December. Larger
output of automobiles, steel, cotton textiles, and shoes was the principal influence causing the increased activity for the entire country. The automobile and steel industries contribute practically no direct influence upon
New England industrial production, and the increase in New England in
January was scmewhat less than that of the entire country. Boot and shoe
production in New England during January, although larger than in December, was considerably less than that of the corresponding month a year
ago. While total output of shoes in this district in January was slightly
larger than in December, employment and earnings reported by the Department of Labor and Industries of Massachusetts indicated a substantial improvement in January. The aggregate payrolls for 104 concerns showed
an increase of more than 28%, and the number employed in the boot and
shoe industry (Massachusetts reporting concerns) increased nearly 18% in
January from December.
New England cotton consumption in January was less than in January a
year ago, but was substantially larger than in December. Cotton receipts
at five New England cities declined in January, and stocks of raw cotton in
New England mills increased. Improvement was noted in the textile industry generally throughout New England, with the exception of silk machinery activity, which declined slightly. Total carloadings in New England
since the first of the year were considerably behind those during the first
six weeks a year ago, and a similar condition was reported for the entire
country. The volume of residential building contracts awarded (square
feet) in this district during January was the smallest since February 1923,
but the volume of commercial and industrial building increased over December. Sales of New England reporting department stores in January
were nearly 7% larger than in the corresponding month a year
ago, although in two states, New Hampshire and Vermont, a smaller volume was reported. The principal reason for the increase in total sales was
the unusually large gain reported both by Boston and outside stores in
radio sales. Collections of regular charge accounts in New England reporting stores were the slowest for any January in recent years. Although commercial failures in January in the United States increased 8.8%
in number and 13.6% in total liabilities over the corresponding month a
year ago, in New England there was a decline of 14.0% in number and
8.9% in total liabilities. The rediscount rate of the Federal Reserve Bank
/
of Boston was reduced on February 13 from 412% to 4%.

Decline in Consumption of Electric Power by Industries
in Philadelphia Federal Reserve District in January.
In its report of electric power consumed by industries in
its district, the Federal Reserve Bank of Philadelphia says:
Reflecting lessened demand,daily output of electrical energy by 12 central
stations, declined slightly between December and January but was noticeably larger than in January 1929. Consumption of electric power by industries, by far the largest consumer, was about 2% less than in December
but nearly 16% more than in the same month last year according to estimates
on the basis of the number of working days. Sales of electricity for lighting
purposes increased in the month and as compared with the year earlier.
although the extent of the gain in the month was not as pronounced as in
the same period last year.

1552

FINANCIAL CHRONICLE

[VOL. 130.

ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT
.
12 Systems.

January
(Total for 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
* Working days average.

Daily Average Daily Average
Change from Change from
Dec. 1929.
Jan. 1929.

62,000 kw.
20,242,000 kwh.
6,280,000 kwh.
10,325,000 kwh.
3,637.000
18,547,000 kwh.
4,034,000 kwh.
433,000 kwh.
3,601,000 kwh.
12,067,000 kwh.
329,000 kwh.
2,271,000 kwh.
*9,467,000 kwh.
2,446,000 kwh.

+0.5%
-0.4%
+17.3%
-4.3%
-13.5%
-0.5%
+9.0%
+0.3%
+10.2%
-1.1%
+49.7%
-0.3%

+3.2%
+16.3%
+89.5%
-5.2%
+14.1%
+19.3%
+13.6%
+6.2%
+14.6%
+13.7%
+45.2%
+3.3%
*+15.6%
+76.6%

Indications of Improved Conditions in Philadelphia
Federal Reserve District Follow Decline in Business
Activity in January.
"Business activity in the Philadelphia Federal Reserve
District as a whole declined further in January, but since
then there have appeared some signs of seasonal improvement in industrial output and in the distribution of commodities," it is stated in the Mar. 1 "Business Review" a
the Philadelphia Federal Reserve Bank, from which we
also take the following:

Analysis of the information available shows that the rate of manufacturing activity is turning slightly upward, after a severe decline from
the peak of last year reached in October. This is especially true of certain
Advance Report for January on Wholesale and Retail primary and secondary metal products, leather and a few of the textile
products.
Trade in Philadelphia Federal Reserve District.
Factory employment in this section declined further between the middle
Conditions in the Wholesale and retail lines in the Phila- of December and the middle of January, the extent of the drop being
delphia Federal Reserve District are indicated in the follow- about the same as is usual for that time. In comparison with the same
period last year, the number of workers on payrolls was larger, according
ing survey of the Federal Reserve Bank of Philadelphia:
to reports from about 1,000 firms employing approximately 400,000
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
workers. The demand for workers by employers in January, however,
DISTRICT FOR THE MONTH OF JANUARY 1930.
declined more than was to be expected and did not measure up to that
in the same month last year.
The volume of wage payments by reporting concerns also was smaller in
Net Sales During Month.
Stocks at End of Mo.
January than in December, but was larger than in January 1929. This
Index Numbers
Compared Compared Compared Compared
favorable comparison with a year earlier was made possible by larger
(P. Ct. of 1923-1925
with
with
with
with
payrolls in certain metal, textile, food, leather, paper, and chemical
Monthly Average). Precious
Same
Previous
Same
Month.
Month.
industries. The majority of industries producing building materials, howMonth
Month
Dec. 1929 Jan. 1930
Last Year
Last Year ever, had fewer workers and smaller wage
disbursements in January this
year than last.
Boots and shoes_ _ _ _
42.4
74.4
Drugs
113.7*
-2.1
The output of factories and mines in this district in some lines showed
111.3x
---15.2
Dry goods
64.4*
50.91 --21.9
---3.5
+16:5%
gains in January, although the extent of the increase was somewhat
Electrical supplies_ _
less
118.2
54.0x ---54.3
---12.9
-5.3
+4.1
than seasonal. The manufacture of such textile products as wool and silk
Groceries
102.7*
98.9x
--3.8
---2.2
-3.2
+0.5
Hardware
products, cotton yarns, and clothing increased during the month. The
--32.1
95.3*
65.2
---6.4
+0.6
-2.6
Jewelry
187.6*
52.5
--72.0
---16.2
-9.3
+6.7
output of leather products also was larger. Production by steel works and
Paper
87.7
101.3
A- 15.5
---3.7
-1.0
+0.6
rolling mills likewise expanded, though the present rate of operation is
lower than that prevailing in January 1929. The production of cement
Accounts Outstandino
Collections
declined further in January and as compared with the same month last
at End of Month
During Month.
year. The output of petroleum refineries, on the other hand, increased
Compared Compared Compared Compared
in the month and in contrast with a year ago. Output of electric
power
with
with
with
with
declined slightly in the month but was larger than a year before.
Previous
Same
Precious
Same
Month
Stimulated by cold weather, resulting in active demand by householders,
Month
Month
Month
Last Year
Last Year
the output of anthracite in the first fortnight of February increased,
following a decline in January, but lately sales again have decreased someBoots and shoes
-11.9% --14.8% --40.3% -13.0%
Drugs
what owing to an unusually high temperature. Production of bituminous
+2.0
--8.3
A-5.8
-16.9
Dry goods
-9.2
--I2.1
--23.5
coal continued on the increase, reflecting a broadening demand from
-3.2
Electrical supplies
-25.7
A-41.4
industries.
Groceries
-4.3
--2.6
--1.3
Hardware
Stocks of finished goods at manufacturing plants are said to be mod-10.8
4-8.2
--14.4
+9.0
Jewelry
-36.8
erate, although in several lines there seems to be a slight accumulation
A-2.3
A-88.6
+12.8
Paper
+4.7
-3.3
--15.5
-2.8
since the previous month. Compared with a year ago, however, all
* Revised. x Preliminary.
leading manufacturing groups reported smaller inventories except for the
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT industries producing building materials and those
refining petroleum.
With respect to stocks of raw materials at the end of January, such
FOR THE MONTH OF JANUARY 1930.
figures as are available show an increase in textile fibres, cement, and
goat
Index Not. of Sates Net Sales
and kid skins in comparison with inventories on the same date
Stocks at
a year
(Per Cent of 1923-25 January
End of Month,
ago. Stocks of anthracite were also larger, while those of
bituminous
Monthly Average).
Compared With
1930,
coal were smaller. Indices of stocks of raw materials in the country
Compared
show
December January
an increase in foodstuffs and textiles but a decline in metals,
with
Month
Year
chemicals
1929.
1930. Jan. 1929
Ago.
Ago.
and oils from the previous year.
All reporting stores
Contracts awarded for new construction increased very sharply in value
173.4
-3.1
81.8
--13.2
--8.3
Department stores
in January, but this was due principally to a few large projects
174.5
-2.4
79.6
--I3.7
--10.1
involving
In Philadelphia
170.8
81.6
-1.3
--17.8
--12.2
construction for public utilities and building of highways. The value
Outside Philadelphia
of
-5.4
--5.3
--6.2
residential contracts let, on the contrary, while showing a slight gain
Apparel stores
180.8
113.2
-4.6
over
Men's apparel stores
December, was less than one-half of that reported in January
167.0
106.2
+1.3
1929. The
In Philadelphia
value of building permits declined drastically.
+9.1
Outside Philadelphia
-6.0
The real estate market continues perplexing. The volume of
Women's apparel stores_
186.1
real estate
115.9
---6.6
--8.2
+3.1
In Philadelphia
transactions continued smaller than in January 1929. Mortgages and
-8.4
-7.2
+6.1
Outside Philadelphia
funds for building operations are not readily obtainable, and
-1.5
-7.0
-8.6
Shoe stores
rents continue
142.0
85.8
-7.9
-3.6
-2.7
on the downward trend, factors reflecting an overbuilt
Credit stores
condition, according
141.8
62.2
-9.5
-12.7
-1.4
to several reports.
Stores in:
Philadelphia
170.1
Contrary to the usual seasonal tendency, railroad shipments in
85.0
-2.4
-17.1
-9.7
this
Ailentown, Bethlehem and
section turned decidedly upward in January; in February
Easton
they continued
178.1
82.5
-0.4
--5.9
-10.7
on the increase, as is to be expected. The movement
Altoona
189.6
82.5
of merchandise and
-3.6
-2.4
--6.2
Harrisburg
miscellaneous commodities, representing for the most part finished prod171.6
78.1
--3.9
-5.5
--I4.1
Johnstown
124.4
60.1
-6.3
+0.8
ucts, in January was larger than in the same month in the previous
--2.1
Lancaster
four
178.8
75.3
-8.0
+0.3
+2.1
years. Receipts of &dry and poultry products as well as animal slaughterReading
195.1
80.8
-3.1
-3.0
-5.4
Scranton
ings compared rather favorably with the quantity reported for January
167.3
63.6
-13.0
-11.9
-11.7
1929.
Trenton
181.4
73.0
--2.9
The dollar volume of sales at retail and wholesale in January declined
-7.3
-2.5
Wilkes-Barre
172.3
67.1
-3.0
--6.0
-2.6
more sharply than is usual for that month and were smaller than in the
Wilmington
222.6*
79.1*
+0.9
-5.3
-1.5
same month last year. Wholesale prices have fluctuated within a
All other cities
-7.1
--9.I
-1.8
wide
range, and the rate of decline in the week ended Feb. 21 was the largest
since early October 1929. Inventories carried by retailers were noticeably
Accounts Re- Collections
Stocks
ceivable at During Mo.
Turnover
smaller at the end of January than on the same date in the previous
End of Mo. Compared
January.
month and in January 1929.
Comp'd with
with
Check payments in leading cities declined both seasonally and
Year Ago.
Year Ago.
1930.
1929.
in comparison with a year earlier. Sales of new passenger automobile
All reporting stores
s, as
0.30
---___ _
0.30
measured by registrations, decreased further in the month and
Department stores
were
0.30
0.29
___ _
---In Philadelphia
smaller than a year ago. Sales of life insurance declined
__ _ _
0.35
0.33
---somewhat less
Outside Philadelphia
than is usual for January and were appreciabl larger
+2.6
0.21
-0.3
0.22
y
than in the same
Apparel stores
____
___ _
month last year.
Men's apparel stores
____
___ _
The number of commercial failures was
In Phi.adelphia
more than double that in
---Outside Philadelphia
December and was larger than in January 1929. The
+2.8
0.20
0.22
amount of liabilities
Women's apparel stores
0.49
____
0.55
__involved increased greatly from December and
In Philadelphia
was almost twice as large
0.53
0.61
--as in January 1929.
Outside Philadelphia
0.31
- -- 3
-3
-.
+0.5
0.30

Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
* Preliminary.




+4.5
-3.0
+4.2
+10.8
-2.4
+6.1
+7.9
-2.9
--0.9
-9.2
+7.3
4-4.8

-11.0%

-9.8
-4.4

0.18
0.16

0.19
0.20

- -- -5.9
-3.5
--0.4
+0.7
___+2.2
-2.7
-7.3
+9.0
-4.0
+2.2

0.36
0.19
0.24
0.26
0.23
0.19
0.24
0.23
0.24
0.18
0.18
0.19

0.34
0.17
0.23
0.24
0.19
0.22
0.23
0.23
0.26
0.19
0.17
0.20

Some Indications in Cleveland Federal Reserve District
of
Improved Business Conditions-Retail and Wholesale
Trade Below Recent Months.
According to the Monthly Business Review of the Cleveland Federal Reserve Bank industry and trade in
its district appear "to be recovering at a moderate rate from the
recession which began in mid-summer of 1929." The review
goes on to say:

MAR.81930.)

FINANCIAL CHRONICLE

The upswing is not general as yet, but industries which were early
affected, noticeably automobiles, iron and steel and others, though still
operating under last year's levels are now showing definite improvement. Retail and wholesale trade, on the other hand, which was not
materially affected in late 1929, was in decidedly smaller volume in
January than for many months and is now evidently feeling the effect
of decreased purchasing power caused by, among other things, the widespread unemployment noticed in December and early January. However, expanding operations at steel mills, automobile and accessory
plants and a contrary to seasonal improvement in construction activity
have provided work for many so that employment has now increased
from the low-point in January.
On the basis of electrical energy consumed, industrial activity reached
the low-point of the present cycle in December, the increase in operations in January being about 17% in this section of the country, the
largest being shown by the rubber, automobile and steel industries.
The extent of the recovery in steel production (generally regarded
as a good business indicator) is shown by the "per cent of capacity"
figures which have advanced from a low-point of 59% in December
to 81% in the third week of February. Despite this rapid increase in
operations, which seems to have been warranted in view of the fact
that unfilled orders of the United States Steel Corporation increased
in January, the level of activity is still well below that of last year
when operations were about 90%. Since over 50% of all iron and
steel made in the country is manufactured in the Fourth District, the
effect of this seasonal improvement on local conditions in February
has been marked. Local mills, however, are not producing at the high
levels of other districts, particularly Chicago, where large railroad
orders have buoyed up output.
Although the increase in January automobile production has been
greater than seasonal, the month's total was 32% under the same
period last year. The increase, while marked, so far at least, has
been within reasonable limits. Automobile companies are endeavoring
to keep production within the bounds of consumer demand.
Commodity prices, particularly of raw materials, including cotton and
wheat, continued to decline in January and early February at a more
rapid rate than was shown in the closing months of 1929. The production of commodities thus affected is not of primary importance in
this District, but the effect of such a decline is through the decreased
purchasing power of farmers and producers of raw materials, both in
this country and abroad, who are large consumers of many products
of local factories.
Building contracts awarded in this District showed a contrary to
seasonal increase in January and continued to improve in early February,
though totals for both months were below one year ago. Contemplated
new work reported in January by the F. W. Dodge Corporation reached
a new high point and amounted to $1,455,000,000 for the entire country.

Moderate Improvement In Business Conditions
Reported by St. Louis Federal Reserve Bank.
In its "Monthly Review," dated Feb. 28, the Federal
Reserve Bank of St. Louis states that "as compared with
the similar period immediately preceding, the past 30 days
have been marked by moderate improvement in commerce
and industry in this District." Further surveying conditions
in its District the Bank says:
In a large majority of lines investigated, however, the volume of business
transacted was measurably below that at the corresponding period last
Year or in 1928. The loss in volume extended to both the wholesale and
retail sections of distribution, and was also noticeable in most manufacturing lines. In retail trade and some wholesale classifications, the recession was accounted for partly by the long spell of unfavorable weather.
The temperature in January was considerably below average, and for the
district as a whole that month was the coldest since 1918. Precipitation
was heavy and during practically the entire month, ice and snow covered
the ground throughout the northern tiers of the district. Communications
in the country were seriously interfered with by im passable roads in
many sections, while in the urban centers prevailing weather conditions
tended to discourage shopping.
While inventories of merchandise are for the most part of moderate
proportions, there is a general dispostion among merchants to postpone
replenishing stocks until a more definite opinion can be formed of likely
developments during the next few months. This is true particularly of
retailers in the country, where uncertainty relative to spring farming
programs has been emphasized by the recent decline in prices of cereals,
cotton and some other farm products to the lowest levels of the season.
Purchasing of commodities is confined very largely to an immediate requirement basis, and in turn manufacturers are making up only limited
quantities of goods for which they have not actual orders on their books.
This attitude of hesitancy is reflected in extremely conservative commitments for raw and semi-finished materials.
Combined January sales of all wholsesale lines investigated were 47.2%
larger than in December, and 18.6% below the January, 1929, total. The
volume of retail trade, as reflected by sales of department stores located
in the principal cities of the district, was 11.8% smaller in January than a
Year ago. Withdrawals from checking accounts in the chief cities in January were smaller by 2.7% than in December. and 9.9% less than in Jan.
1929. Most recent reports indicate that special sales conducted by merchants through the district for purpose of moving winter merchandise have
met with less satisfactory response than during the past several seasons.
Investigations by the Employment Service of the U. S. Department of
Labor indicate that the employment situation as a whole in this district
developed moderate improvement as contrasted with the closing weeks of
last year and the first half of January. The number of idle workers, however, was larger than at the corresponding period a year earlier. Resumption of activities at industrial plants, which were closed for inventory
and repairs, has given employment to large numbers of skilled and common
laborers. At numerous plants, however, operations were being conducted
on part-time schedules, and in a majortiy of industries there was a surplus
of workers. There were unusually heavy releases of clerical help in retail
stores and offices in the large cities. Decreases in building activity have
reacted adversely on the volume of employment in the building trades and
in manufactories of building materials. Southern textile and lumber mill
operations have not been at a sufficiently high rate to utilize the full supply
of workers available. The long spell of extremely cold weather halted
highway construction, river and levee improvements and city street and
sewer work, resulting in heavy unemployment among workers engaged in
these activities.
Stimulated by weather conditions, the markets for bituminous coal
maintained a high level of activity. Demand from both industrial and




1553

domestic consumers was strong, and the trend of prices was higher, with
the average well above that of the same time last year. The only weakness
evident was in screenings, particularly the lower grades, and this was due
to increased stocks resulting from the larger production of prepared sizes.
While purchasing was still on a hand-to-mouth basis as a rule, there was a
dispostion in some quarters to build up stock piles. The heavy movement
during the last half of the month rapidly cleaned up the accumulation of
loaded cars at Illinois, Indiana, and western Kentucky mines. The augmented requirements for domestic sizes resulted in producers being behind
on orders in a number of instances. Buying by the railroads, public utilities
and municipalities was in considerable volume, with reordering for needs
presumably covered, representing a large part of the tonnage. For the
country as a whole production of bituminous coal for the present coal year
to Feb. 8, approximately 265 working days, totaled 449,510,000 tons,
against 436,158,000 tons the year before and 407,456,000 tons in the coal
Year of 1927-1928.
Freight traffic of railroads operating in this district showed considerable
loss in volume as compared with the corresponding periods a year ago and
in 1928. Decreases in both comparisions was general through all classes
of freight, and particularly marked in the miscellaneous, merchandise and
farm products categories. A relatively better showing was made by coal
and coke than the other classifications, the movement having been stimlated by cold weather. For the country as a whole, loadings of revenue
freight for the first five weeks of the year, or to Feb. 1, totaled 4,248,318
cars, against 4,518,609 cars for the corresponding period in 1929 and 4,375,157 cars in 1928. The St. Louis Terminal Railway Association, which
handles interchanges for 28 connecting lines, interchanged 208,05g loads
ill January,against 187,464 loads in Dec3mber and 240,596 loads in January,
1929. During the first nine days of February the interchange amounted to
62,703 loads, against 53,814 loads during the corresponding period in
January, and 81,306 loads during the first nine days of February, 1929.
Passenger traffic of the reporting roads in January was about even with
that of the same month a year ago. Estimated tonnage of the Federal
Barge Line, between St. Louis and New Orleans, in January was 74,500
tons against 72,480 tons in December, and 131,916 tons in January, 1929.
The decrease in the yearly comparision was due largely to the presence of
heavy ice in the Mississippi River.
Reports relative to collections during the past 30 days reflected considerable irregularity, with the average below that at the corresponding period
last year. February first settlements with wholesalers in the chief urban
centers were generally below expectations, and the number of requests for
extensions was somewhat more numerous than has been the case in recent
months. Boot and shoe interests, and hardware firms reported relatively
better returns than some of the other principal lines. Retail collections
In the country were reported slow, due partly to the inclement weather.
City wholesalers reported payments in smaller volume than at the same
time in 1929. Slow collections are still complained of by building material
interests, and some branches of the iron and steel industry. Answers to
questionnaires addressed to representative interests in the several lines
scattered through the district showed the following results:
Excellent
Good
Fair
Poor
1.4% 20.3% 55.4% 22.9%
January, 1930
1.4% 24.3% 61.4% 12.9%
December, 1929
3.6% 57.8% 33.8% 5.6%
January, 1929
Reserve District during January
Commercialfailures in the Eighth Federal
according to Dun's, numbered 170, involving liabilities of $3,054,140.
against 113 failures in December with liabilities of $4,935,058, and 171
defaults for a total of $3,052,720 in January, 1929.

Merchandising Conditions in Chicago Federal Reserve
District in January-Seasonal Recession in Retail
Trade-Falling Off in Wholesale Trade as Compared With Last Year.
Seasonal recession In retail and chain store trade in the
Chicago Federal Reserve district in January, with wholesale trade less active than in the same month a year ago,
are shown in the "Monthly Business Conditions Report" of
the Federal Reserve Bank of Chicago, issued Feb. 28, which
thus surveys merchandising conditions:
Wholesale Trade.
For the fourth successive month, wholesale trade in this district disilayed
less activity than during the same period a year ago, with grocery sales,
as in previous months, about the same in the comparison. January trade
in dry goods and shoes at wholesale showed the greatest recession from
last year, with practically all reporting firms sharing in the loge. As
compared with the final month of 1929, sales fell off in all lines except
groceries. Collections have followed the trend of sales, but remain better
than a year ago in the hardware trade. Prices continue to show a weakening tendency in most lines.
WHOLESALE TRADE DURING THE MONTH OF JANUARY. 1930
Net Sales During Month
Per Cent Change From
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
ghoes
Electrical am pplies

(27)+ 5.4
(15)-23.0
(9)-20.8
(5)- 3.6
(8)-39.2
(27)-20.5

Same Month
Last Year.

Preceding
Month.

Same Month
Last Year.

Preceding
Month.

(27)- 0.02 (19)- LS
(14)-12.8 (11)-1- 7.1
(7)+19.1
(9)-23.0
(41+ 7.5
(5)- 2.7
(8)-35.0
(6)+ 5.6
(26)-11.8 (20)- 8.0

Accounts Outstanding End of Month.
Per Cent Change From

Stocks at End of Month
Per Cent Change From

Ratio to
Net Sales
During
Month.

Same Month
Last Year.
(19)- 7.6
OM+ 2.8
(7)-1- 2.6
(4)+ 3.5
(6)- 2.6
(20) +7.0

Collections During tfonlls
Per Cent Change From
Preceding
Month.

Sams Month
Last Year.

(23) 87.4 (21)- 7.3 (20)- 4.0
Groceries _
(23)+ 1.0 (23)-10.0
(15) 278.4 (11)-27.3 (101+ 0.6
Hardware - 115)-10.7 (14)- 2.4
(9)- 9.1
(8)-18.3
(9) 420.7
(9)- 7.8
(8)-37.3
Dry goods_
(4) 177.6
(41+ 8.3
(3)- 4.0
(4)- 1.9
(3)- 6.5
Drug
(7)-11.1
(71+ 2.9
(7) 639.2
(6)-26.3
(6)-42.8
Shoes
(25) 164.9 (15)- 6.0 (14)-10.3
Elec. suppl. (25)-12.0 (24)-10.4
Figures in parentheses indicate number of firms included.
Department Store Trade.
The usual seasonal recession following the Christmas holidays was
evidenced in January department store trade, sales of 94 reporting stores
in the district falling 53.4% below December. Milwaukee trade, as in

1554

FINANCIAL CHRONICLE

several previous months, increased over the corresponding month a year
ago, gaining 3.3% over last January, while in Chicago, Detroit, and
Indianapolis, sales were smaller in this comparison for the fourth consecutive month, declining 9.7, 17.7, and 6.7%, respectively. The slowing
down in the automotive industry has affected trade in Detroit to a considerable extent, and also in Indianapolis, while the spinal meningitis
epidemic in the latter city was largely responsible for the January decline.
A decrease of 5.9% from last year was shown in total sales for 57 stores
in other cities, and the district decline averaged 9.4%.
A lower volume of stocks was on hand the end of January than either
a month previous or a year ago, declines averaging 5.3 and 1.2% in the
respective comparisons. Turnover of .26 times was slightly less than
the .30 shown for January last year.
Collections expanded 21.8% over December, while accounts receivable
on January 31 totaled 14.1% less than at the end of the year. Increases
in both items of 9.7 and 3.4%, respectively, were recorded over a year
ago. Evidence of slightly improved collection conditions in the district
over the first month of 1929 is shown in their ratio to accounts outstanding
a month previous, which was 42.9% this January and 39.4% last year.
Among the larger cities, Indianapolis and Detroit indicated an opposite
trend.
Chain Store Trade.
A seasonal recession of 42.6% from the preceding month was shown in
the aggregate January sales of 20 chains operating 2,801 stores; as compared with January 1929, an increase of 10.3% was recorded. The
number of stores in operation gained 0.4 and 14.7%, respectively, in the
comparisons. Average sales per store were 43.0% below a month previous
and 3.9% under a year ago. All reporting groups except shoes showed sales
declines in the comparison with December, while only musical instruments
and shoes had smaller sales than last January, men's and women's clothing,
drug, cigar, five-and-ten cent, and groceries reporting total sales as
heavier than a year previous.
Other Retail Trade.
Aggregate sales during January of 19 dealers and the shoe sections of 19
department stores showed a seasonal recession from December of 52.8%;
as compared with a year ago, a decline of 15.2% was indicated. All but
two firms had smaller sales than in December and more than half recorded
decreases from January 1929. Stocks on hand were 3.4% lower than a
month previous, but averaged 8.8% heavier than a year ago. Accounts
receivable by dealers on January 31 fell 6.4% below December, while
collections during the month increased 3.4%; a decrease of 12.0% was
recorded for accounts receivable as compared with a year ago, and collections totaled 7.7% less in the same comparison. The ratio of accounts
receivable to sales during the month averaged 89.3% fcr January, 84.8%
for December, and 83.6% for January last year.
A decline of 43.3% from December was shown in the total January
sales of 22 dealers and the furniture and furnishings departments of 24
department stores. As compared with a year ago, sales were less for the
third consecutive month, declining 11.7%. Installment sales of 17 dealers
recorded the same trend, with decreases of 41.0% and 14.6% in the respective comparisons. Collections by 19 dealers totaled about the same
as a month previous but fell 2.0% below January 1929, while collections
on installment accounts increased 3.1% in the month-to-month comparison and showed a recession of 7.4% from a year ago. Accounts
receivable on dealers' books were 2.7% lower than at t' end of December
but gained 1.4% over Jan. 31 1929. Stocks of dealers and department
stores the end of the month averaged 7.7% below a month previous and
decreased 2.4% from the average a year ago.

Trade Statistics in Atlanta Federal Reserve District
in January at Lowest Level for any January Since 1922.
In its District Summary the Federal Reserve Bank of
Atlanta, in its Monthly Review Feb. 28 says:

[VOL. 130.

ment. Stocks of merchandise increased slightly in January over December
at Chattanooga, and at both Chattanooga and Nashville compared with
January a year ago, but for the District as a whole January stocks decreased
2.8% over the month and were 6.7% smaller than a year ago. The rate of
stock turnover was slightly less than for the same month last year. Following the holiday season January collections increased 18.2% over those in
December, and accounts receivable at the end of January showed a decrease of 14% compared with a month earlier, but collections were 2.4%,
and accounts receivable 1.0%, less than for January 1929. The ratio of
Collections during January to accounts receivable and due at the beginning
of the month for 32firms was 32.6%;for December this ratio was 31.7%,and
for January last year 34.7%. For January the ratio of collections against
regular accounts for 32 firms was 34.7%,and the ratio of collections against
Installment accounts for 9 firms was 16.1%.
Wholesale Trade.
The volume of wholesale trade in the Sixth District declined slightly in
January, compared with December, and was less than in January of any
other year since 1922. In fact, the combined index number of sales in eight
lines of wholesale trade since the middle of 1922 has been lower than that
for January this year in only six instances, in the midsummer months of
June 1924, July 1927, Juno and July 1928, and in February and June 1929.
It is not unusual, however,for this index to show a decrease from December
to January, as during the past 10 years decreases have been shown in seven
Instances and increases in only three. Total sales reported by 119 firms
averaged less than 1% below those in December, and 5.7% less than in
January last year. January sales of groceries, hardware, drugs and stationery increased over December,and the only increase shown over January 1929
was in sales of electrical supplies. Stocks of merchandise averaged 7.2%
larger than for December, but were smaller than a year ago, accounts roceivable were less than for December, but slightly larger than for January
1929, and collections wet()smaller than in December or In January last year.

Manufacturing Activities and Output in Chicago
Federal Reserve District-Midwest Distribution of
Automobiles.
Increased distribution, at wholesale, of automobiles in
the Middle West is indicated in tile following regarding
manufacturing activities and output, which we quote from
tile "Monthly Business Conditions Report" of the Federal
Reserve Bank of Chicago, issued Feb. 28:
Furniture.
Reports from 26 furniture manufacturers in the Seventh Federal Reserve
District indicate that orders for furniture have revived seasonally but are
considerably below the January average of the last three years. The aggregate of orders booked during January increased 81.8% over December's
figure with unfilled orders more tham doubling, but as compared with
January 1929 recessions of 17.9% and 26.8%, respectively, are noted In
the to items. Declines of 23.8% and 21.1% from the preceding month
and a year ago, respectively, were registered in shipments which are
seasonally low. The average rate of operations for 21 firms was 70.4%
in January, an increase over December's rate of 69.4%; operations a year
ago averaged 74.8%.
Automobile Production and Distribution.
A greater expansion than usual for the month, following an exceptionally
low December, took place in January schedules of automobile manufacturers,
although output was considerably below last January, continuing the
decline in evidence since October in the year-to-year comparison. The
Department of Commerce reports 234,527 passenger automobiles produced
in the United States in January this year, which compares with 91,234
in December and 347,382 for January a year ago; truck output totaled
37,990, against 27,286 a month previous and 51,591 in the corresponding
month of 1929.
Following the trend of production, wholesale distribution of automobiles
in the Middle West increased considerably during January over the preceding month; the gain in the value of these sales, however, was much
less than that in number, indicating that low and medium priced cars
displayed greater activity than those of higher price. Retail distribution
and used car sales declined from December, although the recession in
the number of new cars sold at retail was very slight. The volume of
trade in both new and used cars remains smaller than a year ago, while
stocks are notably heavier. The ratio of deferred payment sales to total
sales of 29 dealers increased from 51.6% in December to 56.6% for
January, the latter comparing with 51.3% for the same period of 1929.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
(Changes in January 1930, from previous months).

Trade statistics compiled by this Bank for January and based upon
reports from department stores and wholesale firms located throughout the
sixth distriot indicate that both retail and wholesale trade declined to the
lowest level for January of any year since 1922. Sales at retail by 42 department stores declined seasonally from the high level in December, and
averaged 13% less than in January last year. The volume of wholesale
trade declined only slightly compared with December. and was 5.7% less
than in January 1929. Commercial failures in the District, however, were
fewer in number and liabilities were smaller than for December, or for
January last year. A smaller demand for bank credit in the District in
recent weeks is indicated in the decrease in loans by weekly reporting member
banks in principal cities for February 12 compared with figures five weeks
earlier, and a year ago, and in a substantial reduction in the borrowings of
these banks from the Federal Reserve Bank. Discounts for all member
banks in the District on Feb. 12 were also smaller than on Jan. 8, and were
Per Cent Chance From
Companies Ind'd.
less than half as large as on the corresponding report date a year ago.
Dec.
Jan.
Savings deposits reported by 74 banks in the District averaged somewhat
Jan. 1929.
Dec. 1929.
1929.
1929.
larger at the end of January than a month earlier, because of a substantial
increase during January reported from Nashville. Debits to individual
New Cars
accounts at 26 reporting cities increased 1.5% in January over December, Wholesale-Number sold
+62.2
-51.3
26
25
+23.5
-53.6
26
25
Value
but were 8.2% smaller than in January 1929. Building permits issued at
-23.4
-0.9
56
51
20 regularly reporting cities of the District increased 26% in January over Retail-Number sold
-18.8
-24.5
56
51
Value
December, but averaged apprmdmately half as large as in January last On hand Jan. 3I-Number
+28.1
+15.6
57
52
+13.0
+28.8
year. Contract awards in the District as a whole also increased substanti57
52
Value
Used Cars
ally over December, but were 16.6% less than in January a year ago. Con-12.9
-11.8
57
52
sumption of cotton in the cotton-growing States increased 27.6% in Jan- Number sold
+9.3
-41.1
57
52
Salable on hand-Number
uary over December, but was 11% less than in January a year ago, and out+5.4
+16.3
57
52
Value
put of cloth and yarn by reporting mills in this District also was smaller
than in January last year. Output of bituminous coal in Alabama and
Tennessee averaged somewhat larger in January this year than last, and Industrial Employment Conditions in Chicago Federal
production of pig iron in Alabama showed decreases compared with the pro
Reserve District-Tendency Toward Steadiness
ceding month and the same month a year ago.

In etai ing conditions in wholesale and retail lines in its
District the Bank says:
Retail Trade.
The distribution of merchandise at retail in the Sixth [Atlanta) District
declined seasonally in January,following tile holiday period, and was at a
lower level than at the same time a year ago. The January index number
of sales by department stores in this District was lower than for January
of any other year since 1922.
January sales reported to the Federal Reserve Bank of Atlanta by 42
department stores located in 22 cities of the District averaged less than half
as large as for the high month of December, and were 13.2% less than in
January 1929. There was an increase reported from Nashville over January a year ago, but decreases are shown for other cities shown in the state-




Reported.
A tendency toward steadiness in industrial employment
was indicated by a smaller decline in number of wage earners and payrolls during January than for several months
past, says the Feb. 28 "Monthly Business Conditions Report"
of the Federal Reserve Bank of Chicago, which also has the
following to say regarding employment conditions in its
district:
This was largely influenced by the activity of both producers and ueere
of iron and steel. Although a decline was recorded for steel and Iron
workers, it was slight, and manufacturers of vehicles, particularly of

automobiles, showed a notable increase-the first since October. Other
groups showing a decline less sharp than in December were lumber, which
increased in Wisconsin, though the district as a whole felt a recession, the
stone, cement, and glass products group, and leather. The closer relationship found in some groups between the amount of payroll and the number
employed indicated a return of these lines to a fuller time schedule than
was maintained at the end of the year. Particularly is this clear regarding
the two groups, with a smaller decline in payrolls than in number of men,
food products and chemicals. Leather, lumber, and the stone, clay and
glass products group show a much greater decline in wages than in
number of men, although for all manufacturing the recessions were 0.8% in
number employed and 2.5% in payrolls.
Non-manufacturing employment was not improved during January, being
marked by a decline throughout the district in wholesale and retail trade,
and a similar trend in construction activities, which was sharpest in
Illinois. Part-time operation of coal mines further reduced their volume
of payroll, although only a small loss in number of men was recorded.
In each State reporting on activity of free employment offices an increase
occurred in the ratio of number of applicants to number of jobs available,
as compared with the December ratio, but with a wide variation between
various cities. In Illinois 257 applications were received for each 100
jobs available, while at certain points, such as Cicero, Decatur, and
Chicago, the figure was above 300. For five cities in Indiana the ratio
was 164, although Indianapolis had a much better demand for labor,
especially of the unskilled type. In Iowa the ratio averaged 315 in
January. During December the corresponding figures were: Illinois, 177 ;
Indiana, 119; and Iowa, 278.
EMPLOYMENT

AND

Industrial Groups.

-SEVENTH
EARNINGS
DISTRICT.

No. of Wage Earners.
No.
of
Week Ended
Per
Report
Mg Jan. 15 Dec. 15 Cent
Firms. 1930. 1929. Change

Metals & metal prods.
(0th. than vehicles)..
529 180.127 181,864
Vehicles
68 39,852 37,812
Textiles & textile prod.
139 30,138 30,520
Food & related prods_
298 50,178 51,646
117 11,698 11,979
Stone,clay&glassprod.
Lumber & its products
234 29,154 29,509
Chemical products
62 8,813 9,196
Leather products
70 17.228 17,784
Rubber products._ _
6 3,637 3,622
Paper and printing
248 33,611 33,709
Mfg.(totaioflOgroups) 1,771 404,436 407,641
Wholesale and retail
trades
Public utilities
Coal mining
Bldg. and construction

1555

FINANCIAL CHRONICLE

MAR. 81930.]

FEDERAL

sales, combined for five leading lines reporting, showed an increase over
December of 4.3%, but a decrease from January a year ago of 9.2%.
There were seasonal gains over December in sates of drygoods, groceries
and drugs, but decreases in sales of hardware and furniture as compared with
the heavy business of the preceding month. In comparison with January of
last year the sales for this January showed slight decreases in sales of groceries, hardware and drugs and moderate decreases in sales of drygoods
and furniture.
Inventories at the close of January showed stocks of drygoods, hardware
and drugs increased while stocks of groceries and furniture decreased as
compared with the close of December. Howes er,stocks of wholesalers at the
close of January averaged smaller than a year ago for all lines except furniture, which reported a slight increase.
-Complete reports of sales of department stores in cities till oughRetail.
out this District during January showed a decrease of 7.7% from January
last year. The decline in retail trade was general over the District, as only
six of the 38 reporting stores indicated their January sales were larger than
a year ago.
Sales of apparel stores in January, influenced by increased purchases of
heavy winter clothing, closely approximated those of a year ago. Sales
of retail furniture stores averaged about 25% lower than those for January
of last year.
Stocks of merchandise on hand at reporting department stores at the
close of January averaged slightly lower than a year ago.

RESERVE

Total Earnings.
Week Ended.
Jan. 15
1930.

Dec. 15
1929.

-1.0 $5,362,518 85,555,348
+5.4 1,096,536 1,043,978
722,358
680,925
-1.3
-2.8 1,344,671 1,355,107
321.755
306,380
-2.3
627,901
591,482
-1.2
257,055
254,196
-4.2
374,545
340,859
-3.1
75,152
75,152
+0.4
-0.3 1,023.950 1,026,764
-0.8 11,076,669 11,359,963

Per
Cent
Change
-3.5
+5.0
-5.7
-0.8
-4.8
-5.8
-1.1
--9.0
0.0
-0.3
-2.5

903,093 -13.2
783,851
131 30,225 35,576 -15.0
80 102,948 103,214 -0.3 3,543,931 3,485,957 +1.7
393,249 -12.3
344,988
47 12,736 13,054 -2.4
471,635 -28.3
338,240
210 10,945 13,610 -19.6

Automobile Production in January.
January production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce, was 273,089, of which 234,527 were passenger cars,
37,990 trucks, and 572 taxicabs, as compared with 120,004
passenger cars, trucks, and taxicabs in December and 401,037
in January 1929. The table below is based on figures
received from 144 manufacturers in the United States for
recent months, 42 making passenger cars and 113 making
trucks (11 making both passenger cars and trucks). Figures
for passenger cars include only those designed as pleasure
vehicles, while the taxicabs reported are those built specifically for that purpose, pleasure cars later converted to commercial use not being reported as taxicabs. Figures for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers and busses. Canadian figures are supplied by the
Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION.
(Number of machines).

All employment (total
2.239 561.290 573_095 -2.116.087,679 16,613,897 -3.2
of 14 groups)
* Wisconsin only. a Illinois and Wisconsin.
Total.

Volume of Business in Kansas City Reserve Bank in
January Higher Than in December But Below
January a Year Ago.
The general volume of business in the Tenth [Kansas
City] Federal Reserve District was slightly higher in January
than that recorded for December, but considerably lower
than that recorded for January a year ago. Further indicating conditions in its District the March 1 Monthly Review of the Federal Reserve Bank of Kansas City goes
on to say:

Canada

United Sates.

1929.
401,037
January
February__ _ _ *466,418
*585,455
March
*621,910
April
*604,691
May
*545,932
June
*500,840
July
*498,628
August
*415,912
September
*380,017
October
November__. *217,570
*120,004
December_

Passenger
Cars.
347,382
405,708
513,344
537,225
516,055
452,598
426,137
441,942
364,786
320,327
169,282
*91,235

Trucks.
51,591
58,602
*70,032
*82,999
*87,318
*91,956
*73,64.
*55,641
*50,26
*58,822
*46,642
*27,286

Total (year)_ *5,358,414 *4,586,021 *754,804

Taxicahs x

Total.

Pass'ger
Cars. 7'ruckg.
17,164
25,584
32,833
34,392
25,129
16,511
13,600
11,037
10,710
8,975
7,137
4,426

4,337
5,703
7,788
7,509
6,430
4,981
3,861
3,177
3,107
5,548
2,287
1,069

17,589 263,295 207,498

55,797

2,064
2,108
2,079
1,686
1.318
1,378
1,054
1,040
865
868
1.646
1,483

21,501
31,287
40,621
41,901
31,559
21,492
17,461
14,214
13,817
14,523
9,424
5,495

1930
1.532
8.856
572 10.388
214.527 37.990
971 (IR()
While the reports reflected some recovery from the recession in December, TrinlinrI,
the fact that January was the coldest month this region has witnessed in
• Re.ised
,
many years served as a check on business and accounted for some part
x Includes only factory-built taxicabs, and not private passenger cars converted
of the decrease from a year ago. At the opening of February, a shift to
Into vehicles for hire.
higher temperatures and spring-like weather stimulated activity in practically all lines, and preliminary reports to the end of the third week indicatecl business was moving with steady strides toward the busy season of
Marked Inprovement in Automotive Parts Industry in
the year.
January-Outlook Favorable.
Trade reports, complete for January, indicated seasonal gains over
December in wholesale distribution, although the volume for the month
Operations in the automotive parts-accessory industry
was below that for January a year ago. Retail trade at department stores
upward in January and a comfortable gain
a heavy decline in January, such as usually follows a December turned definitely
experienced
peak, but the month's sales were smaller than for January a year ago.
was recorded in business over December. February will show
Production of leading manufacturers, including the slaughtering of meat
some further increase, with the outlook favorable for the
animals, made seasonal gains in January over December, but showed
January. 1929. The January immediate future, according to the Motor and Equipment
losses for nearly all lines as compared with
output of crude petroleum and soft coal was larger and shipments of zinc Association. Conservative and moderate improvement in
and load ore smaller than for the preceding month, while in all mineral
business is expected for the next few months. The Associalines the January output did not measure up to that reported for January
tions statement further shows:
1929.
Reports indicated more than the usual mid-winter curtailment of building
The most notable gain was scored by the suppliers of original equipment
and general construction activity. The value of contracts awarded in the to the car and truck manufacturers. The business of this group was abDistrict as a whole, and the value of permits issued in leading cities, was normally low in December due to the fact that car manufacturers had on
smaller than in the corresponding month last year.
hand a large amount of material unused during the closing months of 192g
Unemployment was unusually high in January, due to the almost com- and which they used in January. The index of shipments for the original
plete cessation of out-of-door work and curtailed operations of industrial equipment group, which dropped below 50 in December to 135 in January.
plants. However, the advent of warmer weather in February brought a
Shipments of manufacturers of service parts and service equipment to the
resumption of activity and general relief to this situation.
wholesale trade also went up satisfactorily in January. The business for all
in February
Conditions for the agricultural and livestock industries
groups was below January 1929, however, as was expected. Business of
were reported as highly favorable in practically all sections of the District. wholesaler members of the Association declined some from December and
Winter wheat was making an excellent showing, pastures were greening-up was also slightly below the same month last year.
and farmers were busy with preparations for the season's planting of crops,
The grand index of shipments for all groups of members reporting their
The annual survey of livestock on farms showed small increases over a Year figures to the M. E. A. in January stood at 132% of the January 1925 baseago in numbers of beef and dairy cattle and sheep, a moderate decrease in Index of 100 as compared with 52 in December and 188 in January a year ago.
numbers of hogs, and email decreases in numbers of horses and mules.

Reports by divisions, of member manufacturers business
The Bank also has the following to say regarding wholesale
in January, follows:
and retail trade:
Parts-accessory makers selling their products to the car and truck makers
Trade.

Wholesale.-BusIness of representative wholesale firms in this District
which report their monthly trade statistics to this bank, was in moderately
heavy volume during January, notwithstanding conditions for the distribution of merchandise were unfavorable and retail merchants apparently
were exercising a degree of caution in purchasing stocks. The January




for original equipment made shipments aggregating 135% of the January
1925 base as compared with 34 in December, 78 in November, and 212 in
January a year ago.
Shipments to the trade by makers of service parts were 1377 of the-January 1925 base figure as compared with 132 in December, 139 in November.
and 141 in January last year.

1556

FINANCIAL CHRONICLE

[VOL. 130.

Accessory shipments to the trade in January were 79% of the 1925 base
as compared with 90 in December,83 In November,and 77 in January 1929.
Service equipment shipments, I. e., repair shop machinery and tools
In January were 135% of January 1925 base as compared with 119 in
December. 115 in November, and 173 in January a year ago.

crease in production, and a 16% decrease in new business, when compared
with 1929.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 20 mills as 6,509,000 feet, shipments 3,673,000 and orders 3,534,000. The same number of mills reported
production 4% less, and orders 38% less than last year.

Lumber Orders and Shipments Under Production.
Lumber orders were 1% less and shipments 2% less than
production, for the week ended March 1, it is indicated in
reports to the National Lumber Manufacturers Association
from 808 hardwood and softwood mills, which gave total
production for the week as 333,658,000 feet. A week earlier
834 mills reported orders 3% less and shipments 5% less than
production which totaled 341,830,000 feet. Unfilled softwood orders on hand at 481 mills on March 1 were the equivalent of 23 days' production, the same equivalent given by
527 mills a week earlier. As compared with last year,
400 identical softwood mills reported production 6% below,
shipments 7% below and orders 10% below figures for the
same week a year ago; for hardwoods 213 identical mills
gave production 3% less, shipments 12% less and orders 19%
under the volume for the same week last year.
Lumber orders reported for the week ended March 1
1930, by 591 softwood mills totaled 293,019,000 feet, or
Yz of 1% above the production of the same mills. Shipments
as reported for the same week were 291,569,000 feet, or about
the same as production. Production was 291,694,000 feet.
Reports from 237 hardwood mills give new business as
36,647,000 feet, or 13% below production. Shipments as
reported for the same week were 36,621,000 feet, or 13%
below production. Production was $41,964,000 feet.

CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR WEEK ENDED MAR. 1 1930 AND FOR 9 WEEKS TO DATE.

Unfilled Orders.
Reports from 481 softwood mills give unfilled orders of 999,550,000
feet, on March 1 1930. or the equivalent of 23 days' production. This is
based upon production of latest calendar year-300
-day year-and may
be compared with unfilled orders of 527 softwood mills on Feb. 22 1930
of 1,068.685,000 feet, the equivalent of 23 days' production.
The 351 identical softwood mills report unfilled orders as 934,105,000
feet, on March 1 1930, as compared with 1,172,545,000 feet for the same
week a year ago. Last week's production of 400 identical softwood mills
was 224,491,000 feet, and a year ago it was 239,394,000 feet: shipments were
respectively 228,689,000 feet and 246,441,000 feet; and orders received 228,126,000 feet and 254,073,000 feet. In the case of hardwoods, 213 identical
mills reported production last week and a year ago 38,404,000 feet and
39,402,000 feet; shipments 33,56:3,000 feet and 38,214,000 feet; and orders
33.742,000 feet and 41,845,000 feet.

ProducShip% of
ion
771en ts
Pro(M Feet) (M Feet) duction

Association.

Southern Pine
Week-134 mill reports
59,521
61,908
9 weeks-1,263 mill reports_._
525,072
487,725
West Coast Lumbermen'sWeek-212 mill reports
173,903
158,775
9 weeks-1,913 mill reports_ _ _ _ 1,249,526 1,209,464
Western Pine Manufacturers
Week-77 millreports
30,596
33,889
9 weeks
-699 mill reports
209,757
259,908
California White & Sugar Pine
Week-14 mill reports
4,221
11,991
9 weeks
-222 mill reports
57,606
155,071
Northern Pine Manufacturers
Week-8 millreports
1,938
5,153
9 weeks
16,345
-77 mill reports
40,310
Northern Hemlock & Hardwood(Softwood)
Week-20 mill reports
2,204
1,258
9 weeks-291 mill reports
36,062
16,604
North Carolina Pine
Week-112 mill reports
11,328
10.019
9 weeks
91,928
-992 mill reports
82,353
California Redwood
Week-14 mill reports
7,983
8,576
9 weeks-131 mill reports
69,910
58,379
Softwood total
Week-591 mill reports
291,694
291,569
9 weeks-5,588 mill reports_ - - - 2,256,206 2,309,814
Hardwood Manufacturers' Inst.Week-217 mill reports
9 weeks
-1,888 mill reports_ _ _ _
Northern Hemlock dr Hardwood
Week-20 mill reports
9 weeks-291 mill reports

% of
Orders
ProOf Feet) duction

104
93

62,937
527,121

106
100

91
97

151,099
1,252,849

87
100

111
124

39,479
275,820

129
131

284
269

17,361
162,122

411
281

266
247

4,200
35,842

217
219

57
46

969
18,446

44
51

88
90

10,165
72,622

90
79

107
84

6,809
64,754

85
93

100
102

2.03,019
2,409.576

100
107

32,948
261,812

93
93

33,113
278,418

93
99

6,509
84,481

3,673
46,490

56
55

3,534
43,753

54
52

41,964
364,802

hardwood totsWeek-237 mill reports
9 weeks-291 mill reports

35,455
280,321

36,21
308,302

87
85

36,647
322,171

87
88

Raw Silk Imports Fall Off-Deliveries to American
Mills in February Also Declined.
According to the Silk Association of America, Inc., imports of raw silk fell off during the month of February,
amounting in that month to 42,234 bales. This compares
with 43,175 bales in the preceding month and 43,278 bales
in the month of February 1929. Approximate deliveries to
American mills in February 1930 totaled 49,852 bales, as
West Coast Movement.
against 46,228 bales in the same month a year ago and 57,683
The West Coast Lumbermen's Association wired from Seattle that
new business for the 212 mills reporting for the week ended March 1 totaled bales in the month of January of this year. Stocks of raw
151,009,000 feet, of which 39,598.000 feet was for domestic cargo delivery, silk at March 1 1930 amounted to 68,646 bales, as compared
and 33,522,000 feet export. New business by rail amounted to 65,573.000
Feb. 1 last and 46,993 bales at March 1
feet. Shipments totaled 158,775,000 feet, of which 50,748,000 feet moved with 76,264 bales at
aoastwise and intercoastal, and 26,878,000 feet export. Rail shipments 1929. The Association's statement follows:

totaled 68,743,000 feet, and local deliveries 12,406,000 feet. Unshipped
orders totaled 618,620,000 feet, of which domestic cargo orders totaled
236,002,000 feet, foreign 178,290,000 feet and rail trade 204,328,000 feet.
For the eight weeks ended Feb. 22, 139 identical mills reported orders 3.3%
over production, and shipments were 1.1% over production. The same
mills showed a decrease in inventories of .5% on Feb. 22, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
134 mills reporting, shipments were 4% above production, and orders 6%
above production and 2% above shipments. New business taken during
the week amounted to 62,937,000 feet, previous week 65,688,000 at 146
mills); shipments 61,908,000 feet ((previous week 61,866,000): and production 59,521,000 feet, (previous week 63,375,000). The three-year average
production of these 134 mills is 67,178,000 feet. Orders on hand at the end
of the week at 106 mills were 178,206,000 feet. The 123 identical mills
reported a decrease in production of 6%, and in now business an increase
of 5% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Oregon,
reported production from 77 mills as 30,596,000 feet, shipments 33,889,000
and new business 39,479,000 feet. Sixty identical mills reported a decrease
of9% in production, and of 19% in new business, when compared with last
year.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reported production from 14 mills as 4,221,000 feet, shipments 11,991,000 and orders 17,361,000 feet. The same number of mills
reported a decrease of 39% in production, and an increase of 24% in orders,
In comparison with the same period of 1929.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 8 mills as 1,938,000 feet, shipments 5,153,000
and new business 4,200,000. The same number of mills reported production
28% more, and new business 78% more, than that reported for a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 20 mills as 2,204,000 feet, shipments 1,258.000 and orders 969,000. The same number of mills reported
a decrease in production of 14% and a decrease in orders of 38%, when
compared with 1929.
The North Carolina Pine Association, of Norfolk, Va., reported producion from 112 mills as 11,328,000 feet, shipments 10,019,000 and new business 10,165,000. Forty-six identical mills reported production 6% less,
and new business 23% more than that reported for the corresponding week
of last year.
The California Redwood Association, of San Francisco, reported production from 14 mills as 7,983,000 feet, shipments 8,576,000 and orders
6.809,000. The same number of mills reported an increase in production
of 11%, and in orders a decrease of 33%, in comparison with a year ago.
;
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 217 mills as 35,455,000 feet, shipments 32,948,000 and new
business 33,113,000. Reports from 193 identical mills showed a 2% de-




RAW SILK IN STORAGE MARCH 1 1930.
[AB reported by the principal warehouses In New York City and Hoboken.'
European.

Japan.

All Other,

Stocks Feb. 1 1930
Imports month of February 1930_x

1,544
1,045

54,038
36,915

20,682
4,274

78,264
42,234

Total amount available during Feb.
Stocks March 1 1930_z

2,589
1,250

90,953
50,661

24,956
16,735

118,498
68,646

Approximate deliveries to American
mills during February.Y

1,339

40,292

8,221

49,852

(Figures in Bales)
-

Total.

SUMMARY.
Imports During the Month

Storage at End of Month.z

1930.

1929.

1928.

1930.

1929.

1928.

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

43.175
42.234

58,384

46,408
44,828
50,520
36.555
52,972
45.090
38,670
62,930
47,286
48,857
48,134

76,264
68,646

49,943
46,993
45,218
39,125
39,898
47,425
42,596
48,408
55,104
64,129
76,452
90,772

47,528
41,677
40,186
35,483
42,088
41,127
38,868
50,975
50,464
49,381
49,806
48,908

Total
Average monthly- -

85,409
42.705

72,455

53,839

44,707

43,278
48,103
47,762
49,894
54,031
46,795
65,516
59,970
66,514
62,885
58,479

44,128

661,611
55.134

566,378
47,198

Approximate Deliveries
to American Afills.Y

Approximate Amount of Japan
Silk in Transit Between Japan
and NewYork End of Month.

1930.
January
February
March
April
May
June
July
August
September
October
November
December

1929.

1928.

1930.

1929.

1928.

57,883
49,852

57,349
46,228
49,878
53,855
49,121
46,504
51,624
59,704
53,274
57,489
50,562
44,159

52.420
50,679
52,011
41.258
46,367
46,051
40,931
50,821
47,797
49,940
47.709
45,026

37,000
24,000

31,000
30,000
29,000
30,700
28,000
21,200
34,100
41,600
39,000
49,000
41,000
38,000

25.000
23,500
19,200
28,500
24,000
17,600
32,300
27,500
25,600
31,200
22,800
42,500

Total
107,535 619,747 571,010
Average monthly_ _
51,646
47,584
26,642
53,768
30,500
34,383
I Imports at New York during current month and at Par flc ports i revious to
the time allowed in transit across the Continent (covered by Manifests 23 to 45.
Inclusive). y Includes re-exports. z Includes 379 bales held at railroad terminals
at end of month. Stocks In warehouses include National Raw Silk Exchange
certified stocks, 5,300 bales.

MAR.8 1930.]

FINANCIAL CHRONICLE

U. S. Supreme Court's Findings Upholding Secretary of
Agriculture in Prescribing Rates For Buying and Selling Livestock at Public Stock Yards.
A brief reference was made in our issue of March 1
(page 1378) to a decision rendered February 24 by the
United States Supreme Court upholding the right of the
Secretary of Agriculture to prescribe rates for buying and
selling livestock at public stockyards. The Department of
Agriculture at Washington, in an announcement issued
Feb. 25, has the following to say regarding the decision:
The decision marks the conclusion of litigation commonly knot'vn
as the Omaha rate case arising from an order by the Secretary of
Agriculture, November 19, 1926, lowering the maximum commission
charges for handling livestock at the Omaha stockyards. The Supreme
Court also decided that the rates prescribed were reasonable as well
as legal.
The suit, as originally brought before a statutory tribunal of three
judges in the Federal Court for Nebraska, enjoined the enforcement of
the Secretary's order. Fifty-nine concerns, the entire membership of
the Omaha Livestock Exchange, all of which registered under the
packers 'and stockyards act as market agencies, joined in challenging
the validity of the Secretary's order. The opinion of the court, as
delivered by Mr. Justice Brandeis, outlined the history of the case,
reviewed the evidence, declared the Secretary's act to be within the
constitutional power of the Federal Government, and explained the
basis for the decision.
The plaintiffs had contended that their charges were for personal
services rendered their patrons and that rate fixing was essentially
wage fixing, which was an infringement on their personal liberty and
constitutional rights. The court pointed out, however, that the plaintiffs enjoyed a substantial monopoly at the Omaha stockyards over an
indispensible service in interstate commerce in livestock, that they
had eliminated rate competition and had substituted for it rates fixed
by agreement among themselves without consulting the shippers and
others who pay the rates. The court's decision allowed also that the
plaintiffs had bound themselves to maintain uniform charges regardless
of the differences in experience, skill, and industry.
In the opinion of the court the Secretary's order was not an attempt to fix anyone's wages or limit anyone's net income, since the
order fixes only the charges to be made in individual transactions.
The court's opinion dealt at length also with the soundness of the evidence and testimony involved in the case. The decision is regarded
by department officials as highly fundamental in the enforcement of
the Packers and Stockyards Act which is intended to promote the
orderly and economical handling of livestock at public stockyards.

Decline in Canadian Newsprint Output-Mills Operated at
Only 71.4% of Capacity During January-Lowest in
Some Time.
The following is from the Montreal "Gazette" of Feb. 15:

1557

mitting itself for more rubber than is necessary. World consumption
of crude rubber increased 27% in 1929 and production gained 30%.
Imports to the United States in January amounted to 47,462 tons compared with 52,305 tons in January, 1929, a decline of 9%. Although
invoices of rubber to the United States in the first week of February,
amounting to 14,293 tons, were the largest ever reported for a single
week, lower imports in preceding and following weeks made the weekly
average so far this year lower than the average for 1929. Production
restriction programs on Dutch and English plantations, until a more
equitable price level is obtained, have not, as yet, resulted in anything
tangible.

Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes avail-

able the following preliminary report on the hosiery industry
by 127 hosiery mills in the Philadelphia Federal Reserve
District, from data collected by the Bureau of the Census.
PERCENTAGE CHANGES FROM DECEMBER 1929 TO JANUARY 1930.
Women's

Men's

Full- Seam- Full- Seam*Total. fashion. less. fashion less.
Hosiery knit during
month
+4.6
Net shipments during
month
-5.8
Stock on hand at end of
month, finished and in
the gray
+10.0
Orders booked during
month
-28.6
Ratio of cancellations in
January to unfilled orders on hand at end of
December
2.0
Unfilled orders at end of
month
-16.1
* Also includes "Athletic."

Boys'
Misses'
and

Infants.

+32.8

+5.0

-21.8

+3.8 -25.4 -26.7 +80.3 +102.7

+6.5 -20.8

+17.8 +13.4 +21.8

+0.4

-0.7

-5.8 -10.5

-5•1 +21.4 -31.1 -11.0 -64.3

4.8

2.7

-21.4 -12.5

-9.0

5.9

2.4

+7.6

0.2

+5.6

0.2

-3.9 -30.7 -23.4

Canadian Pulp and Paper Exports in January Valued
at $16,006,342-Total $804,538 Below Preceding
Month and $129,856 Under January 1929.
According to the report issued by the Canadian Pulp and
Paper Association, exports of pulp and paper from Canada

in January were valued at $16,006,342. This was a decline
from the December total, of $804,538 and was less than
the total for January 1929 by $129,856. We quote from
the Montreal "Gazette" of Feb. 25, which added:

Exports of wood-pulp for the month amounted to $3,923,584, an increase of $540,000 over the previous month's total. Exports of paper in
During the month of January, Canadian newsprint mills operated January were valued at $12,082,758 which was a decline of $1,366,166
at only 71.4% of rated capacity, according to the official figures just from the previous month and $408,286 below the total for January 1929.
issued by the News Print Service Bureau, constituting the lowest
Details for the various grades of pulp and paper are as follows:
level for some considerable time past and contrasting with 82.3% of
capacity for January of last year.
January
January
January
January
A feature of the report above referred to is the fact that production
1930.
1930.
1929.
1929.
of Canadian mills during January showed a decline from January of
Tons.
Tons.
Pulp
last year, being the first time in several years that gain has not been
21,820
Mechanical
$650,696
16,771
$420,062
shown month by month over the corresponding period of the preceding Sulphite, bleached
1,681,830
21,619
23,328
1,773,913
year.
Sulphite, unbleached__
993,102
20,056
14.590
732,446
9,604
556,509
11,306
For the month of January total production of newsprint by Canadian Sulphate
675,609
41,647
2,211
2,187
43,064
mills amounted to 206,305 tons, as compared with 214,443 tons in Screenings
January of last year.
$3,923,584
75,310
68,182
$3,645,154
Paper
Shipments during the month were slightly down below production,
199,773 $11,609,926 195,047 $11,973,615
amounting to 202,008 tons which compares with 208,427 in January 1929. Newsprint
1,199
Wrapping
128,276
1,258
132,838
ratio of shipments to capacity of the mills was only 69.6%.
The
4.040
Book (cwts.)
32,992
5,517
49.147
The rather surprising point about the situation last month was that Writing (cwts.)
106
717
21
740
310,847
334,704
United States mills showed on improvement over January of last year, All other
producing 124,851 tons as against 123,822 one year ago, That is, their
„
.
. .
ratio was well ahead of that of Canadian mills.
Pulpwood exports increased sharply in January to 120,063 cords valued
Total production of the two countries was 331,156 tons as compared
at $1,135,348 as compared with 67.116 cords valued at
with 338,265 for January 1929. There was a decrease of 4% in Can- ber and 70,536 cords valued at $649,837 in January $694,955 in Decem1929.
adian output, while the United States mills were up 1%.
Production in Newfoundland continues to grow, this being chiefly due
to operations of International Paper and Power Company there. Out- Petroleum and its Products-Large
Cut Made in Crude
put was 23.263 tons as compared with 20,648 one year ago, showing
Production as California Enters New Proration
an increase of 13%.

Turpentine Farmers Co-operative Association Formed in
Georgia.
The New York "Journal of Commerce" reports the following from Valdosta, Ga., Feb: 28:
Julian Langner, secretary of the American Turpentine Farmers Cooperative Association, which has just been organized in this city and
now awaiting its legal charter, is in Valdosta planning a vigorous campaign for enrolling turpentine producers as members of the body.
Among the first movements to be undertaken by the association will
be a series of conferences to be held at various points in the naval
stores producing area. Mr. Langner is arranging programs for the
first two of these, one of which is to be held in Valdosta and the other
probably in Waycross. The dates have not been set but will be fixed
as soon as the programs are ready.

Federal Reserve Bank of Cleveland Finds Rubber Prices
At Lowest Level Since 1922
-No Tangible Results Yet
In Rubber Restriction Programs.
In its comments on the rubber and tire industry the
Federal Reserve Banks of Cleveland, in its March 1
Monthly Review, says in part:
Crude rubber prices continue weak and at the lowest level since 1922.
Despite this fact, the industry in general does not appear to be corn-




Agreement-Fight to Win Tariff Protection Continues-Royal Dutch-Shell Interests Willing to
Co-operate in World-wide Curtailment.
A cheering note in the crude oil situation is the report of

production for the week ending March 1, showing a daily
average reduction of 98,100 barrels. This was almost
directly due to the new proration plan now in effect in
California, resulting in a drop on 86,800 barrels daily in that
State. California operators are striving to bring production
down to about 610.000 barrels per day, which full enforcement of the curtailment program would bring about.
There were no further price revisions made in crude oil in
any cf the fields this week. The general market has not yet
recovered from the effects of the recent cuts, when Standard
Oil Co. of New Jersey subsidiaries in Mid-Continent inaugurated a downward revision which spread throughout
the greater part of the country's producing centers.
Although the U. S. Senate has rejected an amendment to
the pending tariff bill, offered by Senator Thomas of Oklahoma, producers are continuing their flight at Washington
and are striving to have the amendment successfully acted
upon before the bill finally leaves the Senate. The action

1558

of the Senate, whose vote was 39 to 27, temporarily defeated
but did not damper the ardor of the delegation headed by
Wirt Franklin, representing the Independent Petroleum
Association of America. Mr. Franklin and delegation leaders are continuing in the belief that their cause could be revived whenever they can show a majority attained, providing this occurs while the bill is still in Senate. If it should
leave that body with petroleum and its products remaining
on the free list, the battle of the independents will be over
until next Congress. The independents are asking a duty
of $1 per barrel on crude oil and 50% ad valorem on petroleum products.
While the tariff fight has held the attention of the industry,
other matters of prime importance have come forward. In
regard to world-wide curtailment, a statement has been issued by the Royal Dutch-Shell interests of Europe through
through Richard Airey, president of the Asiatic Petroleum
Co., a Royal Dutch-Shell subsidiary, announcing that
organization's willingness to participate in any "reasonable
plan" to bring about such curtailment.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$2.80 Smackover, Ark., 24 and over
Bradford, Pa
1.75 'Smackover, Ark. bel w 2
Corning, Ohio
1.38 Eldorado, Ark., 34
Cabe11, W Vs
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Midcontinent, Okla., 37
.80 Artesia, N M
Corsicana, Texas. heavy
.87 Santa Fe Springs, Calif.. 33
Hutchinson, Texas, 35
1.00 Midway-Sunset, Calif. 22
Luling, Texas
1.20 Huntington, Calif., 26
Elpindletop, Texas, grade A
1.05 Ventura. Calif 30
SpindietoP, Texas, below 25
.65 Petrolia, Canada
Winkler, Texas

$.90
.75
1.14
.90
1.23
1.65
1.08
1.20
.80
1.09
1.13
1.90

-STANDARD OIL OF NEW JERSEY TAKES
REFINED PRODUCTS
-REDUCLEAD IN CURTAILING REFINERY OPERATIONS
TION IN TANK CAR GASOLINE PRICES EXPECTED HERE
MARKET STRUCTURE WEAK WITH BUSINESS SLUGGISH.

The Standard Oil Company of New Jersey has taken the
lead in effectively curtailing refinery operations in an effort
to relieve the general depression which has held the pertroleum industry for the past few months. Effective March 9
the Standard refineries will cut their refinery output oneseventh. They will not adopt the suggestion of the Federal
Oil Board, however, which would close refineries on Sundays,
-day period that the
but will so reduce output during the 7
net result will be the same. The Standard Oil Co. statement pointed out that mechancial questions prevented absolute shut-down one day each week, and that as the same
result could be obtained through their system, they would
-day basis. This will
-day operation on a 6
continue 7
result in no cut either in personnel or wages, they emphasized.
The price structure in refined products in the Eastern
market is weak. It is expected that lower tank car prices will
be named March 10 or 11 by leading refiners here. It is
generally understood that they will cut to an eight cents per
gallon level, although it may be pegged down X cent per
gallon at a time.
In the past week there has been practically no stable basis
for calculating operations here. Prices were fluctuating
between sales, according to market factors, and the result
was to frighten away prospective buyers. There has been
little actual buying during the past week except in cases where
delivery was imperative.
Not only in kerosene does this condition exist, but the
general feeling of weakness is spreading to kerosene. Activity has slowed down considerably in kerosene movement
and buyers are wary of placing contracts until a firmer price
basis is reached.
Consumption of both gasoline and kerosene has dropped
considerably below expectations, this fact adding to the uncertainty of buyers. There has been a failry good movement
in heating oils, with bunker still quoted at 81.05 a barrel,
and Diesel at 82 a barrel, at refineries. Kerosene quotations
range from 73 to 7X cents per gallon for 41-43 water white,
with 7M cents accepted as the general market.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
$.06% 1North Louisiana_ -.S.0731
,
$.08__a.08361Arkansas
NY(Bayonne)
.06%
.08q [North Texas
.06 California
West Texas
.08
.09%lLos Angeles. export_ .073. [Oklahoma
Chicago
.094
Coast. export_ .0S5.5 'Pennsylvania
.07%1Gulf
New Orleans
Gasoline, Service Station, Tax Included.
5 182
;Minneapolis
6.13
New York
5.163 Cincinnati
.195
New Orleans
.16
Atlanta
Denver
.2
.21
.188 Philadelphia
.22
Detroit
Baltimore
.251
San Francisco
.18
Boston
Houston
.20
.195
Spokane
.24
Buffalo
.15
Jacksonville
.16
.179 St. Louis
Chicago
.15
Kan.scs City
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
$.07%
New Orleans
$.05
@.07%1Chicago
.0534'Los Angeles, export_ .053i 1Tulsa

NY.(Bayonne).07
North Texas

Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
5.85 Gulf Coast
New York (Bayonne) $1.05 Los Ange as
.951Chicago
2.00 New Orleans
Diesel




[VOL. 130.

FINANCIAL CHRONICLE

8.75
155

Gas 011, 32-34 Degree, F.O.B. Refinery or Terminal.
N. Y. (Bayonne)---$.05 'Chicago
S.031Tulsa

$ 03

Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,487,400 barrels, or 95.5% of the 3,650,900
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
March 1 1930, report that crude runs to stills for the week
show that these companies operated to 74.6% of their total
capacity. Figures published last week show that companies
aggregating 3,484,400 barrels, or 95.4% of the 3,650,900
barrel estimated daily potential refining capacity of all plants
operating in the United States during that week, but which
operated to only 72.2% of their total capacity, contributed to
that report. The report for the week ended March 11930,
follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS;
WEEK ENDED MARCH 1 1930.
(Figures in barrels of 42 gallons.)

District.

P. C.
PotenHal Capacily
Report.

Crude
Runs to
Stills.

P. C.
Oper.
of Total
Capac
Report.

Gasoline
Stocks

Gas and
Fuel Oil
Stocks.

100.0
East Coast
91.0
Appalachian
Ind., Ill. and Kentucky- - 98.6
Okla., Kansas & Missouri 89.1
90.7
Texas
96.8
Louisiana-Arkansas
93.6
Rocky Mountain
99.3
California

3,412,500
580,500
2,127.500
1.898,400
4,232,600
1,300,400
387,100
4,261,500

80.5
71.1
85.6
65.9
85.7
70.9
39.7
68.3

---- ------8,433,000
6,391,000
677,000
1,079,000
7,804,000
3,000,000
4,698,000
3,222,000
8,097,000
12,006.000
2,092,000
2,686,000
2,025.000
1,042,000
15,868,000 109,781,000

95.5

18,200,500
2,500,100
17,612,700
2,516,100

74.8

52,190,000

138,211,000

72.2

51,734,000

138,134,000

3,265,700
817.800

88.6
79.2

6,919,000
2.383_000

9,365,000
1 201 nnn

Total week Mar.
Daily average
Total week Feb. 22_x
Daily average

95.4

100.0
Texas Gulf Coast
Louisiana Gulf Coast- --- 100.0

x Revised due to receipt of additional California reports and because of error in
last week's report which carried the gas and fuel oil stocks in Louisiana-Arkansas
district as 1,401,000 barrels, and whim figure was used in arriving at last week's
gas and fuel stocks total, when the figure should have read 2,204,000 bbls. Louisiana
Gulf Coast not affected by change.
-All crude runs to stills and stocks figures follow exactly the present
Note.
Bureau of Mines definitions. In California, stocks of heavy crude and all grades
of fuel oil are included under the heading "Gas and Fuel Oil Stocks." Crude oil
runs to stills include both foreign and domestic crude.

Crude Oil Output in United States Falls Off.
The American Petroleum Institute estimates that the
daily average gross crude oil production In the United States
for the week ending Mar. 1 1930 was 2,623,950 barrels, as
compared with 2,722,050 barrels for the preceding week, a
decrease of 98,100 barrels. Compared with the output for
the week ended Mar. 2 1929 of 2,702,900 barrels daily, the
current figure represents a decrease of 78.950 barrels per
day. The daily average production east of California for
the week ended Mar. 1 1930 was 1,900,950 barrels, as compared with 1,916,050 barrels for the preceding week, a decrease of 15,100 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Mar. 1 '30. Feb. 22'30. Feb. 1530. Mar. 229.
617,200
713,000
046,800
632,700
Oklahoma
114,700
95,700
110,600
110,500
Kansas
56,100
89,100
89,700
89.000
Panhandle Texas
82,050
79,850
81,000
80,900
North Texas
53,450
53,850
52,750
53,050
West Central Texas
380,250
336,400
342,450
340,700
West Texas
20,650
23,750
23,600
25,100
East Central Texas
61,250
68,150
66,750
65,450
Southwest Texas
37,550
35,700
41,700
41.800
North Louisiana
58,400
74,400
58,150
58,500
Arkansas
122,850
157,000
178,850
180,500
Coastal Texas
20,650
22.950
21,250
22,950
Coastal Louisiana
102,500
120,400
121,700
119,500
Eastern (not incl. Michigan)___4,600
13,800
13,400
13,550
Michigan
52,250
49,200
50,100
53,650
Wyoming
9,400
9.200
8,250
8,650
Montana
7,450
4,850
5,250
4,950
Colorado
'2,850
10,250
10,300
10,300
New Mexico
801,800
751,000
723,000
806,000
California
2,623,950 2,722,050 2,652,950 2,702,900
Note.-1tenOrt9 received indicate that the increase in production recorded during
the weeks ended Feb. 15 and 22 in California were duo to tests of potential production in various areas to form a basis for proration, and that the Increase in Oklahoma for the week ended Feb. 22 was due to a similar cause.
Total

The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended March 1, was 1,486,900 barrels, as compared with
1.511,350 barrels for the preceding week, a decrease of 24,450 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,445,250 barrels, as compared with 1,469,950 barrels, a decrease
of 24.700 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:

MAR.8 19301
-Week EndedMar. 1. Feb.22.
Oklahoma19,050 20,150
Allen Dome
21,250 21,100
Bowlegs
16,450 16,800
Bristow-Slick
16,600 16,600
Burbank
8,250
10,400
Carr City
33,500 32,750
Earlsboro
31,500 47,050
East Earlsboro
42,000 47,800
Little River
15,050 19,800
East Little River
5,800 6,050
Maud
Mission
12,800 14,600
83,900 88.550
Oklahoma City
43,650 44,350
Si. Louis
Sasakwa
9,250 8,900
Searight
9,250 8,200
Seminole
21,050 21,650
East Seminole
4,100
3,250
KansasSedgwick County
23,500 23,250
Panhandle Texas
Gray County
54,900 52,600
Hutchinson County
23,500 25,300
North Texas
Archer County
17,300 17,400
Wilbarger County
24,600 26,000
West Central Texas
Brown County
8,800 8,750
Shackleford County __ __ 8,500 9,000
West Texas
Crane & Upton Counties 45,500 45,350
Howard County
37,900 36,700
Reagan County
16,800 16,750
Winkler County
92,600 91,200
Yates
133,050 133,800
Balance Pecos County 6,500 6,200
East Central Texas
Corslcana-Powell
6,000
5,950

1559

FINANCIAL CHRONICLE
Southwest TexasDarst Creek
Luling
Salt Flat
North Louisiana
Hay nesville
Urania
A rkansasChampagnolle
Smackover (light)
Smackover (heavy)
Coastal Texas
Barbers Hill
Pierce Junction
Raccoon Bend
Spindietop
Sugarland
Coastal Louisiana
East Hackberry
Old Hackberry
Sulphur Dome
Wyoming
Salt Creek
Montana
Sunburst
California
Dominguez
Elwood-Goleta
IIuntington Beach
Inglewood
Kettleman Hills
Long Beach
Midway-Sunset
Santa Fe Springs
Seal Beach
Ventura Avenue

-Week Ended
Mar. 1. Feb. 22.
15,800 17,000
10,400 10,300
25,200 25,300
4,550
5,000

4,550
5,100

4,300
4,200
5,150
5,150
41,650 41,400
24,500 23,500
11,300 11,300
11,800 11,800
17,300 17,350
12,200 12,400
1,350
1,250
6,600

1.400
1,700
5.300

33,950 30,400
4,950

4,950

10,500
41,800
41,000
22,000
13,000
111,000
73.000
166,000
29,800
53,900

10.500
37,500
41,000
22,000
13,000
122,500
77,000
221,000
35,000
65,000

Advices from London point out that the possibility of estimating profor 1930 is obscured by uncertainty as to whether the scheme
of restriction, recommended by the Tin Producers' Association, will be
adopted by all companies. If this should be the case, output in 1930
will be some 20,000 tons below the 1929 figure, while some slight recession
in resumption may also be expected.
That consumption will further advance in the future is now regarded
as established. On its own momentum it has risen by some 13,000 tons
a year since 1927; a further stimulus is expected from the fact that the
Tin Producers' Association, in conjunction with the Tin Industrial Applications Committee has initiated an extensive program of scientific research
with a view to developing increased and new uses for the metal. This
program has already been put in hand, and large results are looked for in
the next two years.
In conserving production at the present juncture the tin producers
are virtually protecting their productive capacity against the risk of inability to meet the world's requirements. If the price goes above £225
Per ton, conservation will be forthwith removed. This price is nearly
30% below the peak of the last boom, high prices being now thought
undesirable owing to their conducing to temporarily inflated output. Producers are anxious not to discourage production nor to adopt a course
tending toward a repetition of the present slump. Meanwhile, taking a
leaf from the book of the American non-ferrous metal producers, they are
energetically pursuing a program of self-help, not only by control but by
those far-sighted and constructive methods of research for new and increased
uses of tin which have had such outstanding successes with copper,cadmium,
aluminum, &c.

duction

Items bearing on the tin restriction plans have appeared
in these columns Jan. 11, page 207; Jan. 18, page 382; Feb. 1,
page 714 and Feb. 8, page 898.

Fair Copper Demand at Unchanged Prices-Weakness Production of Slab Zinc in February Lower-Shipin Lead Slows Down Business-Zinc and Tin Lower.
ments Exceed Those of Previous Month-InvenCopper sold in fair volume at unchanged prices during the
tories Increase.
week, but the other non-ferrous metals, owing to weakness
According to the American Zinc Institute, Inc., the total
in price structures, did not fare so well, reports "Engineering domestic production of all companies, including electrolytic
and Mining Journal" Metal and Mineral Markets, adding:
and high grade zinc, amounted to 44,924 net tons, as comLoad, zinc, tin and silver all fell to new lows and the only cause assigned
tons in the preceding month and 48,154
for the weakness in these metals is overproduction. Most of the weakness pared with 51,133
originated in countries outside of the United States, where business con- tons in February 1929. Shipments rose from 40,462 tons in
ditions have not shown the rate of imwovement generally expected.
January to 42,154 tons in the following month, and also
Copper sales booked during the week indicated that the rate of conFebruary of last year. Stocks
sumption is gradually picking up in nearly all quarters. Reports from con- compares with 52,952 tons in
suming centers reveal that wire mills are doing relatively better than the at Feb. 28 1930 again reached a new high figure, amounting
brass manigicturers, but, on the whole, fabricating plants are operating at on that date to 90,703 net tons. This compares with total
approximatffly 90% of the average rate for 1929. This is regarded as
stocks at Jan. 31 1930 of 87,933 tons and 40,420 tons at
satisfactory under present business conditions.
With two price reductions, totaling 25 points, the New York lead market Feb. 28 1929. The Institute's statement further states:
was established at 6 cents per pound. Total sales for the week amounted
Metal sold, not yet delivered, at the end of February totaled 32,862
to about little more than half the volume in the weeks preceding. Reports tons; total retort capacity at the end of February. 112,185 tons; the numconficting, but the general
as to the cause of the break in London were
ber of idle retorts avaiable within 60 days, 51,740; the average number of
business depression on the Continent and the accumulation of supplies in retorts operating during February, 57,763; the number of retorts operating
weak hands were named as factors by traders.
at the end of February, 57,289. A comparative table shows:
Further weakness in prices was noted in the market for zinc. Sales of
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD.
prompt material took place at as low as 5 cents per pound, East St. Louis.
(Figures in Short Tons.)
The decline in price stimulated business to some extent, although trading
cents per pound,
was by no means active. Straits tin sold down to 36
Stocks
Total
Domestic
ProNew York, a new low. The decline accelerated buying slightly and before
Shipments. End of Mo.
Exports.
Shipment3.
auction.
Month ofthe close prices steadied.

Banca Company Joins Tin Rationalization Plan-Government-Controlled Producer in Dutch East Indies Supports Program.
The Banca Company, the Government-controlled tin producing enterprise which, with the Billiton Company, produces 95% of the tin mined in the Dutch East Indies, has
joined the tin rationalization plan recommended by the Tin
Producers' Association, according to semi-official advices
reaching this country Feb. 28 by cablegram. Semi-official
advices from London report that the Director of Public
Works in the Dutch East Indian Government, official
spokesman for the Banca Company, informed the People's
Council "that a curtailment of production was imperative."
The Government made it clear that the present method of
operating the Banca mines already called for a measure of
regulation equivalent to that in effect in the Federated
Malay States. The working week has been cut to six days
of ten hours, with fifteen full holidays in the year. It is
further stated:
In view of the light American deliveries, which are considered inevitable in the early months of 1930, every effort is being made to put the
rationalization plan in full effect in all producing areas. It is calculated that the difference between the present prices of tin, around
170
and £175 a ton, and the figures of £225 contemplated in the rationalization plan, means a difference of about £140,000 a week to stockholders in tin companies.

1930.
January
February
First 2 mos. 1930
1929.
December
November
October
September
August
July
June
May
April
March
February
January
Total in 1929._ _
1928.
December _
November
October
September
August
July
June
May
April
March
February
January
Total in 1928

51,133
44,924

40.442
42,148

20
6

40.462
42,154

96,057

82,590

26

82,616

48,590
47,620

34,378
41,636

50,938

47,117

53,285
55,290
54,441
52,953
56,958
54,653
55.471
48.154
49,709

46.287
50,610
46,570
47.973
56,614
56,558
56,267
51,057
47,677

11
39
67
1,468
069
681
1,874
1,106
1,469
1.862
1,895
2,055

34,389
41,675
47,184
47,755
51,579
47,251
49,847
57,720
58,027
58,129
52,952
49,732

628,062

582,744

13,496

596,240

50,591
50,260
50,259
49,361
52,157
50,890
50,825
53,422
53,493
55.881
52,414

49,625
48,698
60,126
44,103
47,050
49,510
49,780
49.818
46,517
51,856
46,754
45.771

2,067
1.088
1,980
1,759
2,901
3,638
1,802
3,138
3,746
3.786
4,134
5,231

51,692
49,786
52,106
45,862
49,951
53,148
51,582
52.956
50.263
55,642
50,888
51.002

619.595

579,608

35.270

87.933
90,703

614,878

50,042

77,262

63,061
57,116
53,363
47,833
44,122
36,932
33,826
34,588
37,982
40,420
45,418

45,441
46,562
46.068
47,915
44,416
42,210
44,468
45.225
44,759
41.529
41,290
42,163

Tin Rationalization Program Said to Aim
at Fair Prices.
No sensational rise in the price of tin is expected to follow
the operation of the plans of the Tin Producers' Association
for the restriction of tin production, nor is any sensational
Be Cut 20,000 Tons
Tin Production in 1930 May
- rise desirable for the industry, according to semi-official
Adoption of Restriction Program By All Companies statements from London. The announcement reporting
Will Reduce Output to Around 160,000 Tons.
this states:
The world's production of metallic tin in 1929 exceeded
The maximum price sought by tin producers is stated to be in the neighbora record world's consumption by 6,493 tons, according to hood of £225 per ton,some 30% below the high point of 3 years ago,according to semi-official advices from London. Stability is definitely referred
figures compiled by the Anglo-Oriental Mining Corp.,
to high prices, due to the tendency of the latter to overstimulate the supply
and it is this over-production, followed by price depression, of fresh capital. Leading tin interests attribute the present slump to excess
which it is stated has caused British producers to take of investment 3 years ago, leading to a surplus of unmarketable tin now
steps to rationalize the industry A statement issued in becoming available.
Conservation is being carried out in the first instance, by suspending
this city in noting this sa)s:
mining operations on Sundays. This, with universal adoption, will_reduce




1560

FINANCIAL CHRONICLE

[VOL. 130.

the world's output by about 2,000 tons below the present monthly capacity. Illinois Steel Co. and one Gary furnace in the Chicago
district and one
The residual output, it is calculated, will be sufficient to meet the world's furnace of the Sloss-Sheffield Steel & Iron Co. In Alabama.
needs in 1930. Meantime,there will be a reserve of output
-capacity capaThe three furnaces blown out or banked during February were the
ble of meeting an emergency demand up to 17% in excess of the reduced Keystone furnace in the Schuylkill Valley; one Aliquippa furnace
of the
output
-rate, thus serving as a brake on any tendency of prices to soar.
Jones & Laughlin Steel Corp. in the Pittsburgh district; and the Oriskany
The research and exploitation programs which are already in operation, furnace of E. J. Lavine & Co. in Virginia.
are expected to assist materially in broadening and extending the markets OAILY
AVERAGE PRODUCTION OF COKE PIG IRON IN TUB UNITED
for the metal. Very little direct research work has, in the past, been done
STATES BY MONTHS SINCE JAN. 1 1925-GROSS TONS.
on tin; in the case of copper, aluminum, cadmium and other metals, great
results have followed the initiation of similar programs.
1925.
1926
1927.
1928.
1929.
1930.
Much of the research work has been entrusted to the British Non-Ferrous
ranuary
.
Metals Research Association. All programs are under the supervision and
108,720 106.974 100,123
92.573 111.044 91,209
rebruary _
104,408 105.024 100,004 114.507 101,390
114.791
energetic direction of the Tin Industrial Applications Committee.
dant'
114.975 111.032 112,366 103,215 119,822
kprli
108.632 115.004 114.074 106,183 122,081
vlay
94,542 112,304 1119,385 105,931 125 745
Steel Ingot Production in February.
rune_
89.115 107.844 102.988 102,733 123,908
,
rirst six months- ___ 105.039 109,660 107.351 101,763 119,864
The American Iron & Steel Institute, in its report issued ruly
85.936 103.978
95.199
99,091
122.100
kugust
95.073 101,180 121,151
87.241 103,241
March 7, places steel ingot production for February at (epternber
92.498 102,077 118.585
90,873 1(14,543
89.810 108,832 115,745
97,528 107.553
4,067,971 tons which compares with 3,786,450 tons in )ctober
governber
100,767 107,890
88,279 110,084 106,047
January. The average daily output was 169,499 tons for )ecember
104,853
99,712
86.960 108,705
91,513
the 24 working days in February and 140,239 tons for the 27 12 months'average_ _ 99.735 107.043 99,266 103.352 115.851
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
working days in January. In February 1929, however, in
BEGINNING JULY 1 1927
-GROSS TONS.
which month there were 24 working days, the average ton1929.
1930.
1928.
1927.
1928.
1929.
Jan.__
nage produced was at the rate of 180,250 tons daily, the Feb.__ 2,869,761 3,442.370 2,827,464 July _ _ 2,951,160 3,071,824 3,785,120
2,900,126 3,206,185 2,838,920 Aug _ _ 2,947,276 3,136,570 3,755,680
output for the month being 4,326,000 tons. Following are Mar _ 3,199,674 3,714,473
Sept _ _ 2,774,949 3,062,314 3,497,564
Apr__ 3,18.5,504 3.662.625
Oct ___ 2,784,112 3.373,806 3,588,118
the monthly figures since January 1929:
May
3,283.856 3,898.082
Nov _ _ 2.648,376 3,302.523 3,181,411
June__ 3,082,000 3,717,225
Dec___ 2,695,755 3,369,846 2,836,916
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1929, TO
FEBRUARY 1930-GROSS TONS.
34 yr_18,520,921 21.640,960
Year*_36,232,306 37,837,804 42,285,769
Reported for 1929 by companies which made 94.51% of the Open-hearth and
• These totals do not include charcoal pig iron. The 1928 production of
Bessemer Steel Ingot Production in 1928.
this
Iron was 142,960 gross tons.
DAILY RATE OF PLO IRON PRODUCTION BY MONTHS
Monthly
Calculated
dpproz. Per
-GROSS TONS.
Output
Monthly No.of Daffy
Cent.
Bessemer. Companies. Output, an Wkg. Outpid, OperaOpenSteel Works
Merchant.*
Total.
Reporting. Companies. Dads. all Co.'s. tion.a
Months
hearth.
1929
Jan
Feb

1928-January
549.616
489,279

4,243,834
4.088.503

4,490,354
4,326,000

7.293,442 1,038.595

8,332.337

4,183.869
4.026.576
4,276,186
3,990,798
3,922,532
3.988.729
3.627.639
3.619 432
2.797,488
2,376.775

4,780.560
4,666.927
4,983.670
4,613,383
4.572.482
4.656,752
4,263,232
4,263,960
3.320.160
2.737,284

3,694.218
3,599,224

27
24

166,309
180,250

84.80
91.91

8,816,354

51

172.870

88.15

5,058,258
4,938,025
5.273,167
4,881,370
4.838.093
4,927,258
4.510,879
4.511,650
3,513,025
2,896,269

26
28
27
25
26
27
25
27
26
25

194,548
189,924
195.302
195.255
186,080
182,491
180,438
167,098
135.116
115.851

99.20
96.84
99.59
99.56
94.88
93.05
92.01
85.21
68.90
59.07

Total__ 44.103,466 7,087,261 51,190,727 54,164,348 311

174,162

88.81

2 mos_
March__ _
April_ ___
May _ _ _
June_ - July.
A ug
Sept
Oct _
Nov
Dec

1930
Jan.__ *3,137,002
Feb
3,336,021
2 10308-

a A,q nnq

596,691
611,351
7i)7,484
622.585
649,950
668,023
635,593
644,528
522,672
360,489

441,572 *3,578,574 *3,786,450
508,618 3,844,639 4,067,971

27
24

on Ion

gl

7 192 912

7 QgA A91

*140,239 71.51
169,499 86.43
154 n08 75 AR

*Revised. a The figures of "per cent of operation" are based on the annual
capacity as of Dec. 31 1928, of 60,990,810 gross tons for Bessemer and Open-hearth
steel Ingots.

March
April
May
June
July
yust
September
October.
November
December
1929-January
February
March
April

69.520
78.444
83,489
85,183
88( 76
8 .)51
55
81,630
79,513
82.642
8882..45794
0

23:553
21 060

92,573

19,726
21,000
20,355
21.103
19. 78
5

1 r13.104
1
15
106,183

18,538
19,487
4((.7$1
21,610

102 1 ::180
109250979833:
102,077

85,415
222553;56114i
8895,254360
95.461

100 832
1 ,084
8
108.705
111,044

2 17
2 01
6 6
4
114,822
11 9 5°7
12'4,087
100 680
95.'174
25,571
125,745
99,993
Juneilay
23,915
123.908
July
98,044
24.056
122.100
98,900
August
22,251
It 185
:551
05,426
September
21,159
93,644
October
22.101
115.745
83.276
November
22,771
1v6.047
68,152
Decemher
'23.361
91 513
1930
71,447
-January
19.762
81,850
February
19,810
191 :2 9
0 30
0
9
•tnellides pis Iron made tor the market by steel minimum,
PRODUCTION OF SFEEL COMPANIES FOR OWN USE
-GROSS TONS

Total Pig iron
Pig Iron Outout in February Increased Sharply.
Striovi and Ferromanganese.
Ferromanganese.%
-----With every active furnace heard from, there was a sharp
-------1929
1930.
1928
1928.
1929
1930.
increase in pig iron output in February over January, the
January..... -- 2.156,133 2.651.416 2,214.875 22,298 28.208 27,260
"Iron Age" of March 6 stated. At 101,390 gross tons per February
2.274.880 2.498,901 2,284,234 19.320 35.978 21,310
2.588.158 2,959 295
27.912 24.978
day the increase was 10,181 tons or about 11%. This. com- March
months
7,018.171 8.109.612
pares with a slight decrease in January from December of April
69.530 79,1114
2,655,500 2,826 028
18.405 22,413
one-third of 1%. Production of coke pig iron in February May
2,652,872 3.105.404
29.041) 25,896
June
2.448.905 2,999.798
32.088 33,368
was 2,8.38,920 tons or 101,390 tons per day for the 28 days
Half
14.675,448 17,040.842
149.963 160,836
as compared with 2,827,464 tons or 91,209 tons per day for July year
2,464,896 3,039.370
32,909 31.040
2.561,904 3,065.874
the 31 days in January. The next smallest February was August
24.583 28.461
September
2.477,695 2.862.799
22,278 27.505
100,004 tons per day in 1928. A year ago the daily rate was
9 months
22.179.943 26.008.885
230.733 247.842
114,507 tons, a decrease for this year of 13,117 tons per day October
2.729,589 2.902.060
23.939 31,108
November
2,654.211 2.498,291
29,773 28,285
or about; 11.5%.
December.
2.647,863 2.112.704
28,618 28,564
There was a net gain of seven furnaces in February-ten
Year
30,211.606 33,522,840
312,061 338,799
blown in and three shut down. This compares with a net
't Includes output of merchant fumaces
gain of 15 furnaces in January (owing to an error the total
furnaces blown in during January should have been 18 in- Steel Output Slightly Lower-Pig Iron Production
stead of 19). The "Age" further reported:
in February 11% Higher Than in January-Price
Operating Rate on March 1.
of Pig Iron Declines.
For the 179 furnaces active on March 1 the operating rate is estimated
Irregularities in demand, wide variations in the operating
as 102,250 tons per day. This compares with 96,370 tons per day (revised)
rates of different mills and a further moderate recession
for the 172 furnaces active on Feb. 1.
Of the ten furnaces blown in during February, three were Steel Corpora- in total ingot production are features of a steel market that
tion stacks, six belonged to independent steel companies with one credited lacks a
definite trend, reports the "Iron Ago" of Mar. 6,
to merchant producers. The three furnaces shut down were classified:
One independent steel company and two *merchant. Thus there was a net in its review of the iron and steel markets. The "Age"
gain of elAht steel-making stacks and a net loss of one merchant furnace. further states:
-Making Iron.
Increase Moslig Steel
The expansion in output last month was mostly in steel-making iron.
The increase over January was 10,133 tons per day or about 14%. The
February daily rate was 81,580 tons against 71,447 tons in January.
There was 21.310 tons of form -manganese made in February, comparing
with 27,269 tons in January. The February daily output was 761 tons
against 879 tons in January. The February total was the smallest since
18,405 tons in April 1928.
Furnaces In and Out.
Among the furnaces blown in during February were: One Susquehanna
furnace of the Hanna Furnace Co. in the Buffalo district; one Eliza furnace
of the Jones & Laughlin Steel Corp., and one Monongahela furnace of the
National Tube Co. in the Pittsburgh district; one Ashland furnace of the
American Rolling Mill Co. in Kentucky; one Haselton furnace of the
Republic Iron & Steel Co. in the Mahoning Valley; one River furnace of
the Corrigan-McKinney Co., and the Betty furnace of the Central Alloy
Steel Corporation in northern Ohio: one South Chicago furnace of the




Business from tne automobile industry remains at a reduced level and
in most centers specifications from other byuers have also diminished,
possibly more because of greater caution than any distinct change in the
rate of consumption. Chicago continues to stand out because of its sustained activity, with ingot production at 95% of capacity and likely to
increase rather than decline.
Steel makers with diversified output, and particularly those manufacturing rails and other heavy rolled products, are faring better than those
specializing in lighter forms of steel. The Steel Corporation average
remains at 85%; on the other hand the operations of certain producers
of sheets and strip have fallen to 50% of ingot capacity. The average for
the entire industry is estimated at 78%, compared with 80% last week
and 82% two weeks ago.
I'ig iron production in February was 2,838,920 tons, or 101,390 tons
a day, compared with 2,827,464 tons, or 91,209 tons a day, In January.
The gain in daily average was 10,181 tons, or 11%. The rate fell short
of that for February a year ago
-114,507 tons
-but exceeded that of
February, 1928-100,004 tons.

MA.R. 81930.]
---

FINANCIAL CHRONICLE

Larger output was accounted for by steel company furnaces. Nine steel
works stacks were blown in and one was put out, as against one merchant
furnace lighted and two blown out. The operating rate for 179 furnaces
active on March 1 was 102,250 tons a day, compared with 96,370 tons
for 172 stacks on Feb. 1.
Rail mills at Chicago are now running at capacity, and the steel requirements of railroad car builders are heavy, but rail output is seasonal and it
is a question whether equipment buying will continue at the rate of recent
months. Barring a possible purchase of 5,000 cars by the New York
Central in April or May, not a great deal of new equipment business is
in prospect. Meanwhile some of the railroads have curtailed repair work.
The steel trade is confident that the present interlude will be followed
by a revival in activity with the coming of spring. Fresh assurances from
Washington indicate that open weather will also mark the launching of
many Governmental projects. According to the latest estimates of
Federal, State, municipal and county officials, public construction in
1930 will call for the expenditure of $3,500,000,000, the largest total for
any peace-time year. Public utility expenditures in the first quarter
will aggregate $305,000.000, a gain of 12% over those for the corrresponding
period of 1929, and the outlay for the entire year is estimated at $1,400,000.000.
The "Iron Age" composite price for pig iron is now $17.75 a gross ton,
compared with $17.92 a week ago. The finished steel composite remains
at 2.312c. a lb., as the following table shows:
Finished Steel.
pig Iron.
Mar. 4 1030, 2.312c. a Lb.
One week ago
2.312c.
One month ago
2.305c.
One year ago
2.391c.
10 year pm war average
1 689c,
1111.sed on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Law.
Hick

1930_ _2.362c. Jan. 7 2.305c. Jan. 28
1929_2.412c.
1928-_2.391c.
19272.453c.
1926_2.453c.
1925_2.560c.

Apr.
Dec.
Jan.
Jan.
Jan.

2
11
4
5
6

2.362c.
2.314c.
2.293c.
2.403e.
2.396c.

Oct. 29
Jan, 3
Oct. 25
May 18
Aug. 18

Mar. 4 1930, $17.75 a Gross Ton.
$17.92
One week ago
18.17
One month ago
18.38
One year ago
15.72
10 year pre war average
Based on average of basic iron at Valley
furnace and foundry irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
Low.
High.
1930__$18.21 Jan. 7 $17.75 Mar. 4
18.21 Dec. 17
1929._ 18.71 May 14
17.04 July 24
1928___ 18.59 Nov. 27
17.54 Nov. 1
1927_ 19.71 Jan. 4
19.46 July 13
1926._ 21.54 Jan. 5
18.96 July 7
1925._ 22.50 Jan. 13

Pig iron production in February increased 10.9% over
January, on a daily basis, and came within 2.9% of February,
1929, says the "Iron Trade Review" of Cleveland, March 6.
The month's daily rate was 101,640 gross tons, compared
with 91,573 tons in January and 114,942 tons last February.
Despite the 3-day shorter month, the February total of 2,845,927 tolls exceeded the 2,838,751 tons of January, adds
the "Review," further stating:

1561

average selling price of 1.95c. for bar iron in the January-February period, a
drop of $1 per ton from November-December. This is the first wage reduction at bar iron mills since November-December 1927. The settlement for
independent sheet and tin plate mills continues current wage levels.

For the third consecutive week the U. S. Steel Corp. has
maintained its production of ingots at betiveen 85 and 86%
of the theoretical capacity, says the "Wall Street Journal"
of March 4. The "Journal" continues:
Independent steel companies show a reduction of nearly 2%, to a shade
above 73% for the past week, compared with 75% in the preceding week
and 77% two weeks ago. The drop among independents is due primarily
to lessened activities in the units supplying automobile and other consumers
who were taking less steel during the past few weeks. The larger independents have continued to operate at a comparatively good rate and show
little reduction from two weeks ago.
For the entire industry the average is around 79%, contrasted with 80%
a week ago and a shade over 81% two weeks ago.
At this time last year the production of steel took a sudden sharp bound
upward, the Steel Corp. showing a gain from the preceding week of 5%
to 96%, while independents were up 4% to 91%, and the average rose
slightly more than 4% to above 93%.
In the early part of March 1928, the Steel Corp. was running at 89% with
independents at 76% and the average 82%. These figures showed decreases of about 1% from the final week of February in that year.

Production of Bituminous Coal and Anthracite
Falls Off.
According to the United States Bureau of Mines, Department of Commerce, the output of bituminous coal and
Pennsylvania anthracite for the week ended Feb. 22 1930
fell below that for the preceding week and for the corresponding period last year. The production for the week
ended Feb. 22 last was as follows: Bituminous coal, 9,506,000 net tons; Pennsylvania anthracite, 1,432,000 tons and
beehive coke, 68,300 tons. This compares with 10,224,000
tons of bituminous coal, 1,738,000 tons of Pennsylvania
anthracite and 65,800 tons of beehive coke produced in
the week ended Feb. 15 1930, and 11,752,000 tons of bituminous coal, 1,463,000 tons of Pennsylvania anthracite and
111,800 tons of beehive coke produced in the week ended
Feb. 23 1929.
For the coal year to Feb. 22 1930 the production of
bituminous coal amounted to 469,240,000 net tons, as
compared with 459,851,000 tons in the coal year to Feb. 23
1929. The Bureau's statement follows:

This good statistical showing is somewhat vitiated, however, because it
is so largely traceable to the bulge in operations late in January, when demand for iron and steel was broader than to-day. So many of the 17 blast
furnaces lighted in January came into production in the closing days of the
month that the full benefit did not accrue until February. The net gain
in active stacks in February was six, all of the steelworks caLssification,
making 179 of the country's 314 potential stacks in blast Feb. 28.
BITUMINOUS COAL.
Considerable pig iron is believed to have been piled in the past fortnight.
The total production of soft coal during the week ended Feb. 22, inSteelmaking capacity being more flexible than that of pig iron, it is probable
the mines, is estimated at 9.506,000 net
that steel ingot statistics for February, available next week, will show that cluding lignite and coal coked at
preceding week, this shows a
the gains in production in the first three weeks of the month were tempered tons. Compared with the output in the
decrease of 718,000 tons, or 7%. Feb. 22, Washington's birthday, was
by the decline which developed in the fourth week. March, which normally
observed as a holiday in some regions, and for the country as a whole prosees the Spring upturn in Nit stride, opens with operating rates continuing
duction was equivalent to approximately 0.9 of a normal working day.
to fall.
Estimated United States Production of Bituminous Coal (Net Tons).
Some expansion in automotive requirements for steel seems certain by
1928-1929
1929-1930
the end of March, but with railroad buying past its zenith and current heavy
Coal Year
Coal Year
rollings at Chicago not being replaced, opinion concerning the second quarter
Week.
to Date.
to Date.
1Veek EndedWeek.
has undergone revision downward in the past week. As pig iron producers Feb. 8
12,070,000
449,510,000
436,158,000
10,936,000
1,699,000
2,012,000
enter March with no indications of coverage by consumers whose needs
1,823,000
1,651,000
Daily average_
11,941.000
459,734,000
10,224,000
448,099,000
normally would quicken the next 60 to 90 days, their expectations are con- Feb. 15 a
1,990,000
1,700,000
1,658,000
Daily average
1,704,000
siderably dimmed.
469,240,000
11,752,000
Feb. 22_b
9,506,000
459,851,000
Prices, naturally, are in a highly sensitive state. Producers of finished
1,959,000
1,698,000
1,611,000
Daily average_
1,665,000
a Revised since last report. b Subject to revision.
steel are confronted with the situation that if the market is not stabilized
shortly it may continue unsettled through the Summer. Some makers have
The total production of soft coal during the present coal year to Feb. 22
opene:I books for the second quarter on a basis somewhat higher than the
(approximately 276 working days) amounts to 469,240.000 net tons. Figures
lowest prices now current
for corresponding periods in other recent coal years are given below:
Meanwhile, with consumers indifferent, shading has become more pro459,851,000 net tons 1928-27
527,436,000 net tons
nounced in some lines and extras are not always observed. Wire rods have 1928-29
427,324,000 net tons 1925-26
483,715,000 net tons
1927-28
sold off $2, at $38, Pittsburgh. Woven wire fencing schedules have been
figures above, the total production
As already indicated by the revised
revised, indicating some reductions. Tin mill black sheets have sold at
2.85c., a recession of $1. Further concessions have been xnade in strip to of soft coal for the country as a whole during the week ended Feb. 15 is
automotive buyers. Pig iron at Chicage has been lowered 50 cents, to estimated at 10,222,000 net tons. Compared with the output in the
$19.50. Scrap in many districts is 25 cents weaker. It is noteworthy that Preceding week, this shows a do,rease of 714,000 tons, or 6.5%. The
the "Iron Trade Review" composite after being stationery at $35.24 since following table apportions the tonnage by States and gives comparable
the last week of January, fell 12 cents this week, to the lowest level since figures for other recent years:
September 1928.
Estimated 1Veekly Production of Coal by States (Net Tons).
Week Ended
For a 550
-mile gasoline pipe line which the Sun Oil Co. may lay from MarFeb. 1923
Feb. 15 '30 Feb. 8 '30. Fee.. 16 '29 Feb. 17 '28 Average.a
Statecus Hook, Pa., to Cleveland 100,000 tons of pipe will be required. The
334,000
3417,000
372,000
395.000
409,000
I3arnsdall Corp. is reported' planning an 800
-mile gasoline line from the Alabama
62,000,
27.000
44.000
25,000
mid-continent oil field to Milwaukee. Tho Central States Natural Gas
Corp. gas line front 're As to Chicago, still pending, will take 200,000 to
250,000 tons of pipe.
February freight ear awards, totaling 16,928, were the largest since October. Since Jan. 1 21,88.1 cars have been bought, compared with 29,140 a
year ago and 14,380 two years ago. At present 5,000 freight and 250 passenger cars are pending. Structural steel awards, featured by 6,800 tons
of grade crossing separation work at Chicago, totaled 27,000 tons this week,
compared with 36,880 tons last week and 55,933 tons a year ago.

Ford Motor Co., Detroit, with an inquiry for 330.000 tons, this year as
for several years past has opened the Lake Superior iron ore buying season.
In 1929 the Ford company inquired for 360,000 tons, buying 340.000 initially
and about 20,000 later. In 1928 the company purchased 4(0,000 tons.
On account of increased shipments from its own nines the Ford company's
open-market purchases of ore arc not an accurate guide to its consumption.
Last year Lake Superior ore was advanced 25 cents a ton.
A preponderance of railroad business has enabled Chicago district steelmakers to push their operations up from an 88-90% rate to between 90
and 95%. Pittsburgh this week averages 75 to 80%, contrasted v.-Ith
78 to 80 last week. Buffalo holds at 74%. Youngstown district makers are
off 4 points, to 74%. At Cleveland 21 out of 34 open hearths are on, :ire
fewer than last week. Steel corporation suLsidiaries continue unchanged
this week at 85-86%, but independents are off 2 p3ints, to 73%. The eatire
industry this week averages 79%, against 80 1 tst week.
Wages in unionized bar iron mills will be reduced about 25 cents a day
during March and April because the bimonthly settlement discloses an




Arkansas
192,000
261,000
Colorado
1,235,000 1,414,000
Illinois
393,000
427,000
Indiana
Iowa
88,100
101,000
71,000
Kansas
74,000
915,000
986,000
Kentucky-Eastern
V)estern
266,000
301,000
Maryland
16,000
58,000
Michigan
17,000
16,000
Missouri
02,000
04,000
Montana
5,000
72,000
New Mexico
38,000
48,000
North Dakota
51,000
83,000
Ohio
474,(100
455,000
Oklahoma
04,000
107,000
Pennsylvania (bituminous) 2,604,000 2.572,000
Tennessee
123.000
129,000
Texas
13,001)
13,000
Utah
78,000
145,000
Virginia
266,000
280,000
‘ us, , t, n
44(00
50,000
W. Vir-mla--Soutnetn_b 1,868,0 o 2,0.i ,iton
Northern.c
704,'00
,
674,000
Wyctr ing _
111,000
144,000
Other States
1,000
2,000
--s r osl_ _10.224,010 10,9'16,101
Total be , ,
.- 1- 0
1,738,000 1,746,000
Pennsyinvala antbra te

199,000
300,000
231,000
1,620,000 1,284,000 1,993,000
384.000
460,000
613,000
112,000
79,000
136,000
89,000
65,000
95.000
809,000
1,037,000
556,000
324,000
390,000
226,000
53,000
51,000
65,000
16,000
17,000
26.000
71.000
104,000
79,000
63,000
92,000
80.000
60.000
64,000
58,000
40,000
37.000
80,000
193,000
465,000
604,000
60,000
98,000
62,000
2,810,000 2.50m,000 3,087,000
112,000
127,000
130,000
22,000
23,000
20,000
96,000
75,000
153,000
212,000
220,000
288,000
77,000
47,000
73,000
2,1211,00 1,690,000 1,166,000
665,00)
634,000
720,000
170.000
126,000
156,000
2,000
6,000
7,000
11,
04,101 9,26,000 10,956,000
1,736,000 1,007,000 1, 02,000
,,

Teta' all coal
11,962,000 12,682,000 13.677,000 10,533,000 12,858,000
a Average weekly rate for entire month. b Includes ope-ations on the N. & W.,
C. dr 0., Virginian, and Charleston Division of the B. & 0. c Rest of State.

Including Panhandle.

[VOL. 130.

FINANCIAL CHRONICLE

1562

BEEHIVE COKE
The total production of beehive coke during the week ended Feb. 22
Is estimated at 68,300 net tons, an increase of 2,500 tons, or 3.8%, over
the output in the preceding week. The accumulative production of beehive
coke since Jan. 1 amounts to 526,700 tons. This is in comparison with
821,700 tons during the corresponding period in 1929.
Estimated Production of Beehive Coke (Net Tons).
1929
1930
Week Ended
to
to
Feb. 22 Feb. 15 Feb. 23
Date.a
Date.
1929.
1930.
1930.b
Region
99,500 456,800 726,500
57,800
& W. Virginia... 60,400
Pennsylvania, Ohio
47,300
6,300 46,400
5,200
Georgia, Ky., Tenn., and Virginia__ 5,100
23,500 47,900
6,000
2,800
Colorado, Utah and Washington____ 2,800
65,800 111,800 526,700 821,700
68,300
United States total
17,863
11,450
18,633
10,967
11,383
Daily average
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Compared with the output
Feb. 22 is estimated at 1,432,000 net tons
in the preceding week, this shows a decrease of 306,000 tons, or 17.6%.
The decrease was partly due to time lost on account of the holiday on
Feb. 22, Washington's birthday.

Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1930-Daily
Daily
Avge.
Avge,
Week.
Week.
Week Ended304,800
1,746,000
1,829,000
291,000
Feb. 8
289,300
1,738,000
1,736,000
289,700
Feb. 15_a
266,000
1,432,000 b260,400
1,463,000
Feb. 22
a Revised. b Feb. 22 weighted as 0.5 of a working day.

Five Pittsburgh Coal Companies to Pool Sales Through
Centralized Marketing Agency.
An agreement among five Pittsburgh coal companies that
will bring under a centralized agency the marketing of
about 7,500,000 tons annually was effected at Pittsburgh
Feb. 26 according to a dispatch to the New York "Times"
which added:
The companies involved are the Continental Coal Company, the Henderson Coal Company, the Chartiers Creek Coal Company, the Du(luesne Coal and Coke Company and the Superior Mining Company.
Marketing operations of the companies hereafter will be carried on
by the Continental Coal Company here.

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 5, made public by the Federal
Reserve Board, and which deals with the result for the
12 Reserve banks combined, shows decreases for the week
of $34,200,000 in holdings of discounted bills, and $28,100,000 in bills bought in open market, and an increase of
$3,400,000 in U. S. Government securities. Member bank
reserve deposits declined $30,700,000, Government deposits
$30,100,000, and cash reserves $2,600,000, while Federal
Reserve note circulation increased $4,300,000. Total bills
and securities were $60,300,000 below the amount reported
a week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
decreases of $18,700.000 at the Federal Reserve Bank of New York, $11,100,000 at Philadelphia, $6,300,000 at Cleveland, and $3,900,000 at
at San Francisco. The System's
Boston; and an increase of
holdings of bills bought in open market declined $28,100,000, of IL S.
bonds $9,500,000 and of Treasury notes $11,400,000, while holdings of
Treasury certificates and bills increased $24,300,000.
Federal Reserve note circulation declined $10,300,000 at the Federal
Reserve Bank of New York and $3.000,000 at Philadelphia, and increased
at Chicago, $5,000,000 at Boston, $3,200,000 at Atlanta and
$4,300,000 at all Federal Reserve banks.

$7,100,000

$9,700,000

The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 1609 and 1610.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended March 5, is as follows:
Mar.5 1930.

Increase (+) or Decrease (-)
During
Year.
Week.

Total reserves
Gold reserves

3,183,959,000
2,905,523,000

-2,626,000
+5,892,000

+348,367,000
+312,686,000

Total bills and securities

1,078,193,000 -60,329,000

-388,837.000

308,616.000 -34,165,000
Bills discounted, total
Secured by U. S. Govt. obligations_ 148,890,000 -35,273,000
+1,108,000
159,726,000
Other bills discounted

-680,556,000
-457,163,000
-223,393,000

Bills bought in open market

271,202,000 -28,104,000

-33,442,000

U. S. Government securities, total
Bonds
Treasury notes
Certificates and bills

+3,390,000
486,145,000
69,660.000 -9,507,000
209,665,000 -11,365,000
206,820,000 +24,262,000

+323,181,000
+18,066,000
+118.994,000
+186,121,000

+4,332,000

-53,436,000
-35,307,000
-14,845,090

Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with tlie returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of




CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar. 5 1930. Feb. 26 1930. Mar. 6 1929.
7,499,000,000 7,412,000,000 7,270,000,000

Loans and investments-total

5,582,000,000 5,499,000,000 5,416,000,000

Loans
-total

2,953,000,000 2,890.000,000 2,859,000,000
2,629,000,000 2,609,000.000 2,557,000,000

On securities
All other

1,917,000,000 1,914,000,000 1,854,000,000

Investments-total

1,102,000,000 1,108,000,000 1,110,000,000
815,000,000 805,000,000 745,000,000

U. S. Government securities
Other securities
Reserve with Federal
Cash in vault

Reserve

Bank.._.... 723.000,000
48,000,000

782.000,000
49,000,000

726,000,000
53,000,000

5.186,000,000 5,226,000,000 5,285,000,000

Net demand deposits
Time deposits
Government deposits

,246,000,000 1,230,000,000 1,167,000,000
1,000,000
2,000,000
77,000,000
943,000,000

Due from banks
Due to banks
Borrowings from Federal Reserve Bank_

74,000,000
904,000,000

97,000,000
951,000,000

2,000,000

1,000,000

196,000,000

Loans on secur. to brokers & dealers:
.006,000,000 953,000,000 1,117,000.000
For own account
For account of out-of-town banks...,_ _1,032.000,000 980,000,000 1,707,000,000
.545,000,000 1,556,000,000 2,823,000,000
For account of others
3,583,000,000 3,489,000,000 5,647,000,000

Total

3,175,000,000 3,116,000,000 5,142,000,000
408,000,000 373,000,000 506,0(10,000

On demand
On time

Chicago.
Loans and investments-total

1,970,000,000 1,942,000,000 2,141,000,000

Loans-total

1,564,000,000 1,546,000,000 1,691,000,000
942,000,000
623,000,000

U. S. Government securities
Other securities
Reserve with Federal Reserve Bank____
Cash in vault

949.000,000
741,000,000

396,000,000

450,000,000

170,000,000
235,000,000

Investments-total

935,000,000
611,000,000

406,000,000

On securities
All other

162,000.000
233,000,000

191,000,000
260,000,000

174,000,000
15,000,000

171,000,000
15,000,000

177,000,000
16,000,000

1,237,000,000 1,222,000,000 1,262,000,000
605,000.000 687.000,000
616,000,000

Net demand deposits
Time deposits
Government deposits

-25,141,000

2,349,108,000 -58,872,000
2,315,190,000 -30,668,000
6,732,000 -30,108,000

Federal Reserve notes in eirculation....1,641,426,000
Total deposits
Members' reserve deposits
Government deposits

these brokers' loans the present week shows an increase of
$94,000,000, the total on March 5 1930 being $3,583,000,000,
as compared with $6,804,000,000, the high record in all
time, established on Oct. 2 1929, and with $5,647,000,000
on March 6 1929.

138,000,000
330,000,000

Due from banks
Due to banks
Borrowings from Federal Reserve Bank.

1,000,000

144,000,000
314,000,000
1,000,000

160,000,000
341,000,000
131,000,000

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the foliowing Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 26:

reporting
The Federal Reeserve Board's condition statement of weekly
Feb.
shows decreases for the week of
member banks in leading cities on
investments, $34,000,000 in borrowings from
$87,000,000 in loans and
in net demand deposits, and an
Federal Reserve banks and
increase of $23,000,000 in time deposits.

26
$22,000,000

FINANCIAL CHRONICLE

MAR.8 1930.]

in the New
Loans on securities declined $16,000,000 at reporting banks
at all
York district, $6,000,000 in the Boston district, and $28,000,000
the New York
reporting banks. "All other" loans declined $58,000,000 in
district and $64,000,000 at all reporting banks.
New
Holdings of U. S. Government securities declined $6,000,000 in the
of other
York district and $7,000,000 at all reporting banks, while holdings
securities increased $16,000,000 in the New York district and $11,000,000
at all reporting banks.
the
The principal change in borrowings from Federal Reserve banks for
of New
week was a decrease of $33,000,000 at the Federal Reserve Bank
York.
A summary of the principal assets and liabilities of weekly reporting
ending
member banks, together with changes during the week and the year
Feb. 26 1930, follows:
Increase (-I-) or Decrease (—)
Since
Feb. 27 1929.
Feb. 26 1930. Feb. 19 1930.
—335,000.000

Loans and investments—total_ _ _22,003,000,000

—87,000,000

16,428.000,000

—91,000.000

+62,000,003

7,641,000,000
8,786,000,000

—28,000,000
—64,000,000

+68,000,000
—7,000,000

Loans—total
On securities
All other

5,575,000,000

+4,000,000

—397,000,000

U. S. Government securities_ _ _ _ 2,801,000,000
2,774,000,000
Other securities

—7,000,000
+11,000,000

—241,000,000
—156,000,000

Reserve with Federal Res've banks 1,731,000,000
221,000,000
Cash In vault

+36,000,000
—11,000,000

ARGENTINA.
Business continues to be dull and most merchants have adopted a waiting
attitude. Imports are apparently declining slightly. Exports are slow and,
so far, much lower than during the corresponding period of the previous
year. Estimates of the corn crop still vary widely but the weather for late
planting is favorable. The first airplane via the east coast carrying mail
arrived in New York, thus inaugurating a new weekly air service. The
local press has printed a telegraphic resume of the report of the D'Abernon
Mission and so far local comment regarding it has been favorable.
AUSTRALIA.
Business conditions in Australia have not improved, and the exchange and
y
at
local financial situation are somewhat more unsatisfactor now then
ten shillings
this time a year ago. The exchange rate has moved up another
pounds sterling, and bankers are progressively
to 62 shillings 6 pence per 100
to ship
rationing exchange, although the Commonwealth Bank continues
17 million
gold to bolster up the London balance. Since last July a total of
is earmarked for shipment
pounds sterling in gold has been either shipped or
now totals
in the near future. The Commonwealth Bank's London balance
with 19
only three million seven hundred pounds sterling as compared
has ocmillion three hundred thousand a year ago. A slight improvement
largely due to revised
curred in Australian bonds on the London market, are
edged and other securities conestimates of the wheat yield but local gilt
continuo to decline. Owing to the shortage of loan moneys, Government
being reduced wherstruction projects are being curtailed and personnel is
construction activities are
ever possible. The coal deadlock continues and

—15.000,000
—25,000,000

—22,000,000
+23,000,000
+1,000,000

1563

—443,000,000
—5,000,000
—31,000,000

Investments—total

slow in all lines.

BRAZIL.
tendency to improve
The Brazilian business situation is showing a slight
is little difference
12,944,000,000
Net demand deposits
especially in the Rio de Janeiro district, but thus far there
6.874,000,000
Time deposits
there is no change in basic conditions.
in actual volume of business, and
5,000,000
Government deposits
November, incl., 1929,
Foreign trade exports for the months of January to
—52,000,000 amounted to £87,879,000 and imports to L79,881,000 This gives a slightly
—21,000,000
1,083,000,000
Due from banks
—69,000,000
+56.000,000
still far below the 5
2,790,000,000
Due to banks
more favorable balance than in 1928, but one that is
will react favorably after the
—34,000,000 —560,000,000 year average. It is felt that general business
152,000.000
Borrowings from Fed. Res. banks_
being at least parpresidential election in March, the present uncertainty
Although it is hoped
restricted
Beginning with the statement of Jan. 9, 1929, the loan tially responsible for the greatly the worst ordering.
of the commercial depression,
have seen
figures exclude "Acceptances of other banks and bills of that recent months is that normal business is still many months away.
conservative opinion
t," and include all Manufacturing industries continuo exceedingly depressed with liquidation
exchange or drafts sold with endorsemen
production. Private construcreal estate mortgages and mortgage loans held by the banks; sales lowering price levels and impeding new t in most lines is increasing.
fairly active, but unemploymen
other banks and bills sold with tion work isfor January to November foreign trade show a favorable balance
previously acceptances of
Statistics
endorsement were included with loans, and some of the of 8,000,000 pounds sterling as compared with the latest five year average of
Exchange has changed very little. Over
banks included mortgages in investments. Loans secured by over 10,000,000 pounds sterling.
gold was shipped to New York on Feb. 27. Coffee
longer shown separately, $5,000,000 worth of
U.S. Government obligations are no
exports have been heavy.

only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. Tile figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of 8135,000,000 on Jan. 2 1929,
which was merged with a non-momber bank.

*Manufacturers Trust Co.(New York).
We reprint below the statement of the Manufacturers'
Trust Co. with the supplementary items, the latter having
been received too late for insertion in last week's issue:
-Dec. 31 '29.
Resources
Stock and bond investments
$74,247,507
13,126,869
Real estate
Bonds and mortgages owned
31,839,035
Loans on bond & mtg. or oth.r.e.coll_ 4,125,054
Loans & disc. sec. by other collateral_114,607,875
Loans disc.& bills pur.not sec.by coll_176,567,514
own acceptances purchased
250,613
60,739
Overdrafts
52,469,093
Due from Fed. Res. Bank of N. Y
Duo from approved res.depositaries 1,312,181
Due from other tr.co's,bks.& bankers 1,544.336
617.886
Specie
Other currency auth. by laws of U. S_ 3,219,240
20,839,741
Cash items
11.952,635
Customers'liability on acceptances
1,408.606
Other assets
Total

Dec. 31 '28. Nov. 15'27.
$76,167,750 $67,990,339
5.193,307
5,261,284
17.010,657 20.341,164
1,647,465
965,897
90,208.441 50,041.767
119.327.916 95,632,952
198,485
623,374
33.729
27,123
30,986,168 29,142,683
414.674
2.289,277
1.253.199
992.719
661.446
417,035
2,564.313
3,610.722
36,201.957
9,087.212
6,488.816
3.746.417
1,114.469
919,318

508,188,924 389.472.792 291,089,283

Liabiltites—
$97,500,000 $17,500.000 $15,250,000
Capital stock
Surplus fund and undivided profits__ 58,510,691 34,612,529 28,226.928
1,756,738
2,396,449
Pref. deposits—N. Y. State say. bks 3,588,429
764,204
884,444
532.348
DuoN.Y.Statesav.&loanassns.,&c.
2,358.645
5,089,113
2,659.595
Due as executor, administrator, &c
564,470
989.960
Deposits by State of New York_ _ _ _ 1,071,036
1,284.983
780,554
Depos.secured by pledge of assets_ 1,567,952
348.556
445,655
101.341
Deposits otherwise preferred
368,645,970 307.858,539 228,408.617
Due depositors (not preferred)
4,229,796
5,682,218
2,756,503
Due to trust companies & banks
32,448,865 16,277,747
4.076.066
Acceptances
1.916.585
2,754,551
4,910.922
Other liabilities
Total

$508,188,924 389,472.792 291.089,283

1923.
1929.
1927.
Supplementary—For Cal. Year—
Total int. & comm.rec'd during year_$22,920,705 $13,919,643 $10,371,970
746.009
3,977,413
4,344.920
All other profits received during year_
3,885,000
2,262,500
Amt.of diva, declared on cap.stock.. _ 6,600,000
Amt.deposits on which int. is allowed 261,225,000 182,213.000 163,020,000
* Since July 29 1927 includes Commonwealth Bank and Standard Bank.
United Capitol Nat. Bank & Trust Co. merged into Manufacturers' Trust
Co. as of June 6 1928. State Bank & Trust Co. merged into Manufacturers' Trust Co. as of Jan. 26 1929. Above statement for Dec. 31 1929
Is for both companies. For previous years for Mfrs.' Trust Co. only.

Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication March 8, the following summary of market
conditions abroad, based on advices by cable and radio:




BRITISH MALAYA.
of a
Plans were announced during the past week for the establishment
and
chain of of aerodromes throughout British Malaya between Singapore
will be completed within 18 months.
Kedah. It is stated that the work
trade of this area.
Severe price cutting continues in the petroleum
and extend credits
Importers and wholesalers are proceeding cautiously
and consumer demand
reluctantly, as general business continues depressed
however,in reducing the heavy
is lowered. Progress was made in January,
and the question of
stocks of import lines held at the beginning of the year
of merchants, who are
stock reduction is now receiving the special attention
declining as the wintering
slow to accept new lines. Rubber production is
operation but no effect
season is unusually severe. Tin restriction is in
trade in January showed
Is as yet observable on output or prices. Foreign
in exports, compared with
a decrease of 7% in value of imports and of 18%
January, 1928.
CANADA.
fiscal year ending March 31
Estimates of Dominion expenditure for the
Feb. 27 include an appropria1931 submitted to the House of Common on
at the British Empire Trade
tion of $150,000 for the Canadian exhibit
proposed for aviation a feature of
Exhibition of Buenos Aires. The increase
expenses, civil air operations
the estimates, is to be divided between training
public works provides $1,500,and air mail routes. The appropriation for
at Ottawa, and $3,100,000
000 for the new National research laboratories
at Prescott, Ontario in
for grain transshipment terminals to be erected
A new customs house at Toronto
connection with the Welland Canal.
total expenditure anticiis also provided for at a cost of S1,500,000. The
than the expendipated aggregates $399,358,000. This is 4.887,000 less
largely on acture proposed for the present fiscal year, the decrease being
debt, war claims adjustments,
count of the decline in interest on the public
land settlement, &c.
and expenditures for immigration and colonization,
factories
The border cities report some increased activity in automobile
the DominIn that district but January exports of freight automobiles from
than in January,
ion were 50% lower and passenger automobiles 77% lower
Railways have an1929. The Canadian National and Canadian Pacific
western provinces
nounced a joint new construction program for the four
An agreement
involving an expenditure of approximately $20,000.000.
the provincial
has been signed between the Dominion Government and
the administration of the
Government of British Columbia transferring
from Federal provincial control. ManPeace River Block in that Province
the expenditures to
itoba province has adopted $3,000,000 road program,
be chiefly on surfacing.
CHINA.
the import trade outlook.
New low record of silver continues to depress
at this season, add to
Further snowfall and rains in North China, unusual
Shanghai import trade is
favorable indications for.the winter wheat crop.
general are lifeless with few signs
practically at a standstill, and exports in
for silver are again causing
of any immediate improvement. New low levels
General business
considerable uneasiness among importers and dealers.
conditions in Manchuria remain unchanged from last week. Retail stores
to further reduce stocks.
are holding frequent sales at cost prices in order
reopening of Soviet commercial organizations in North Manchuria is almost
completed.
ECUADOR.
Economic and business conditions in Ecuador did not change during
February and complaints continued against the difficulty in making collections and the low volume of sales. The "Christmas" cacao crop was
disappointing, the yield during December and January being 8,000 quintals
(101.4 pounds) less than in the same months of 1928 and 1929 and arrivals
during the first 15 days of February were approximately 9,000 quintals
less than during the same period of 1929. The Central Bank sold five times
as much exchange as it purchased in January, 1930, as well as four times
the amount sold in January, 1929, indicating the exportation of capital
while imports continue reduced. Cacao deliveries since Jan. 24 were 19,500
quintals and exported were 18,000 quintals. Latest reports concerning
the 1930 cacao crop have not been as favorable as those earlier in the year.

1564

FINANCIAL CHRONICLE

INDIA.
All branches of commerce and industry in India have been unsettled for
some time past by world conditions. The agricultural depression experienced in most countries in recent years is now felt in full force in India,
and the low prices being received for agricultural products compared with
price levels for other commodities have naturally affected to a considerable
extent the earnings of Indian cultivators. The unsettled labor situation
is not expected to improve materially in the near future, as the growing
demand of labor for higher wages to improve living conditions will no doubt
continue to make for protracted strikes. Approximately 140 strikes reported
in India last year involved more than 500,000 workers, who lost a total of
over 13,000,000 working days.
JAPAN.
Enforcement of production curtailment in various industries is causing an
oversupply of electric power. Notes to the value of 128,000,000 yen have
been converted into gold since the removal of the gold embargo, while
shipments of gold have reached 10?,000,000 yen. The Department of
Finance has authorized Osaka City to float a loan of 6,660,000 yen for
the purpose of financing the construction of a rapid transit system.
MEXICO.
The business tone remained fairly optimistic, although sales of staples
continue rather quiet. The credit situation is reported normal with collections somewhat slow and comparatively few failures. The winter vegetable crop on the West Coast is short this season,only 2,034 cars having been
exported up to the end of January. Metal production continues to hold up
well in spite of low silver prices. Statistics of total production for 1929
show a slight increase in silver over the previous year and a substantial
increase in lead, copper and zinc, while gold and mercury show slight decreases. Electric power generation is gaining steadily. Sales of electric
equipment, radios and household appliances are also increasing. Mexico
City, Monterrey and the border cities have been full to capacity with
tourists, while several other cities have benefited to a minor extent from
tourist traffic.
NETHERLAND EAST INDIES.
Import marketsin January were featured by slightly increased demand on
account of Asiatic holidays, but trade was under its normal level. All bazaar
lines reflect scarcity of money among native buyers and the number of dealer
failures is increasing. Continued how prices of export commodities, combined with the absence of foreign buyers, are causing uneasiness among
local traders. Inquiry in the textile market improved slightly but offerings
were so large that prices declined. Demand for Japanese goods was good.
Sales of automobiles were slow and stocks were heavy. Canadian flour
was introduced on the market at cost price, according to reports. Large
shipments of canned sardines, bought at high prices, are expected to arrive
on an overstocked market. Import trade of the islands in 1929, including
parcel post and gold and silver, was valued at 1,162.000 florins and exports
amounted to 1,481,024,000 florins. (Florin equals $0.402). Compared
imports increased 14% in value and exports declined 6%.
with 1928,.
SOUTH AFRICA.
With the exception that business at the Cape has held up fairly well as
the result of the legislative and tourist season, commercial turnover in the
Union in February was featured by a continuation of the quiet tone evident
in the preceding month. For the present,the economic position is dominated
by the credit outlook which is hardening perceptibly in response to the continued depression in the wool and maize markets. Although a bumper
maize crop is anticipated from the coming harvest, the increase in volume
will not compensate farmers for the price decline represented by the present
market level. Wool prices are the lowest in years, with the growers' position evident from the official statistics of exports, which show marked
declines in the valuation notwithstanding the heavier shipments. It is
apparent, therefore, that in both these staples of agricultural production,
Income prospects are on the unfavorable side. Land Bank advances during
1930 are expected to etpand appreciably,in consequence, and under the
circumstances, the commercial banks are inclined to watch accounts closely.
buying is notably cautious. IIowever, mining continues active and commercial and industrial circles are disposed to confidence with respect to
the long time outlook.
SWITZERLAND.
The highly favorable conditions of the past months were less noticeable
In February, but business on the whole is sound with money rates easy, and
savings good. A tendency to exaggerate the less favorable situation arises
from the following factors: the emphasis at the League Tariff Conference
on the need for better European economic policies, the reduced buying
power since the stock market break, the January export figure being the
lowest in three years, and the continuation of the sharp decline in wholesale
prices. The hotel, textile, and building industries are showing less employment but this is either seasonal, long standing or due to over expansion.
The drop in wholesale prices for all commodities from 143 to 135.6 is causing
Swiss agents to expect concessions or else a condition of hand to mouth
buying.
VENEZUELA.
General business in the wholesale and retail trade in Venezuela during
February was less than in the previous month, indications point to further
recessions. Collections are slow, especially in the agricultural section.
The Government has authorized larger expenditures on roads and public
works for the balance of the year. Petroleum production for the month
of January reached 11,700,000 barrels, a decrease of 364,000 barrels from
the previous month. Exports of petroleum amounted to 11,263,000 barrels.
Petroleum in storage at the end of January was 16,853,000 barrels.

[Vol,. 130.

Manila stocks are no longer considered burdensome except in a few
lines.
Owing to improved prices and freer movement of the rice crop,
credits and
collections in rice districts have improved somewhat but remain poor
elsewhere. Shortage of cash is general throughout the islands
because of low
crop prices. The textile market continues to show adverse
effects of the
general economic conditions. Abaca trade is still unsatisfactory with
United
States buyers holding off and London purchasers acquiring only
small lots.
There were light local sales last week but sellers are now
holding for better
prices. The market is sensative. Receipts of abaca during the
week ended
Feb. 24 amounted to 26,616 bales and exports amounted
to 36,120 bales,
of which 9,379 went to the United States. Stocks of
abaca at Philippine
ports on the same date totaled 180,481 bales.
PORTO RICO.
With business conditions showing little improvement during
February,
the Porto Rico economic situation remains unchanged.
Collections improved slightly during the month, but money is still unusually
tight. Sales
of staple manufactured articles continue to be very slow. The
crop reports
are favorable and in view of the present agricultural activity
throughout
the Island, an improvement in business is expected within
the next two
months. It is estimated that there are about 300,000 boxes of grapefruit
Yet to be gathered from this season's crop. Tobacco prospects are fair,
with a possibility that this year's production may exceed that of last
year,
while the oubeapple harvest is expected to begin about the middle of
March.
The sugar centrals continue to grind, and in spite of former
predictions,
are obtaining a fair yield per ton. San Juan bank clearings from
Feb 1
through the 20th were $15,142,749 as compared to the January clearings
of $2.1,936,353.

Silver at New Low in New York and London.

A decline in London silver since our item of a week ago
(page 1367) was reported on Mar. 1, 3 and 4, the Central
News cablegram from London on the last named date to the
New York News Bureau stating:
Bar silver quotations to-day were: spot 18%d., a loss of 5-16d., and forward 1834d., down 3-16d. These are new low record prices.

Since Mar. 4 the price has moved up, the London cablegram from the Central News Bureau indicating yesterday's
price (Mar. 7) as follows:
Bar silver quotations to-day were: pot 19 1-16d., a gain of 5-16d., and
forward 18 13-16d., up Xd.

The low price of bar silver in New York as reported as
follows in the "Wall Street News" of Mar. 4 :
Handy & Harman quoted commercial bar silver per .999 fine ounce at
299'fc., off y
tc., and Mexican dollars at 29c., a decline of Kac. These
are new low records.

The same paper had the following to say regarding yesterday's (Mar. 7) quotation:
Handy & Harman quoted commercial bar silver per .999 fine ounce at
41 Xc. up %c., and Mexican dollars at 303(c., an advance of %c.
,

Departure of Gates W. McGarrah and Leon Fraser for
Europe to Assume Posts With Bank for International
Settlements.
Gates W. McGarrah and Leon Fraser, who, as we indicated a week ago, page 1373, have been named American
directors of the Bank for International Settlements, sailed
on March 1 on the Aquitania to take up their new duties
with the Bank at Basle, Switzerland. Mrs. McGarrah
and Mrs. Fraser accompanied them. In its account of the
departure of Messrs. McGarrah and Fraser the New York
"Times" of March 2 said:
Mr. McGarrah, when asked for comment on the world bank, said he
would be more qualified to talk when he and Mr. Fraser returned.
On the question of his possible election to head the Bank, Mr. McGarrah had nothing to say.
Mr. Fraser said that both appointments were for three year terms
and he did not know how long they would be in Switzerland on this
trip. Both expect to make frequent trips across the Atlantic, he added.
In regard to criticisms of Dr. Schacht in recent Paris newspapers
which charged him with delaying the bank organization, Mr. Fraser
suggested that Dr. Schacht might be waiting for the outcome of the
Reichstag's voting on the reparations plans before naming the German
directors.

Representative of J. P. Morgan & Co. Signs Basic Act for
Bank for International Settlements—Rome Formality
Pledges 3 U. S. Concerns to Share in Guaranteeing
Capital—First National Banks in New York and ChiThe Department's summary also includes the following
cago Are Associater.--Federal Reserve Control Inregarding the Island possessions of the United States:
direct.
PHILIPPINE ISLANDS.
From the New York "Herald-Tribune" of March 5 we
Generally low prices for all Philippine products and a cautious business
attitude prevailed in January. Credits were very strict and collections take the following (copyright) from its correspondent at
continued unsatisfactory. To tile business wa.s far below that of January Rome
(Ralph W. Barnes) March 4:
delivery and willingness to

last year. Due largely to lower price;, quick
American participation in the Bank for International Settlements
supply small quantities in one pattern, Japanese textile manufacturers
retained a favorable position in the market. Automotive business in new became a fact here this morning when Giovanni Fummi, Rome repremodels were fairly good but improvement in the market is not expected sentative of J. P. Morgan & Co., signed the constitutive document of
under present conditions. Demand for flour decreased to approximately the new institution in the name of J. P. Morgan & Co., the First
70% of normal and stocks accumulated. There was less rejection of canned National Bank of New York and the First National Bank of Chicago.
These three private American banks were formed into a group to
sardines, due to better packing. Weather conditions were satisfactory
for both the current and new sugar crops. Official action was taken to assist participate for the United States in the Basle institution after it bein eradicating the coconut pest. Copra production was light and local came clear that the Federal Reserve Bank of New York would be
prices were above foreign market equivalents. Abaco, price steadily declined unable to exercise the participative functions permitted to it by the
and demand was unsatisfactory. An association was recently formed in statutes of the settlements bank.
Through the action taken this morning the one Chicago and two
Manila to promote the sale of higher grade cigars in the United States.
Trade returns for 1929 show imports valued at 291.320,000 pesos and exports New York banks agreed to join with the central banks of England.
France, Germany, Italy, Belgium and Japan in guaranteeing in equal
amounting to 328,890.000 pesos. (Pe 30 equels $).50.)
parts the subscription of the total authorized capital of the new instiA slightly better business tone is evident due to the working off of overstocks. Stocks of merchandise are about normal in the provinces and tution. This total authorized capital is $100,000,000, divided into




MAR. S 1930.]

FINANCIAL CHRONICLE

200,000 shares. It is expected that the American banks involved will
arrange for the sale of at least a part of their portion of shares in the
United States.
Signs at Bank of Italy.
This morning's brief ceremony took place at the Bank of Italy in
the presence of G. C. Bonaldo Stringher, its governor, and Signor
Azzolini, its director-general. The following laconic communication
was issued this afternoon:
"Today at the Banca d'Italia in the presence of Signors Stringher
and Azzolini, Signor Fummi, of the Morgan company, affixed his signature to the constitutive act of the Bank for International Settlements
in the name of J. P. Morgan & Co., the First National Bank of New
York and the First National Bank of Chicago. This document was
signed on February 27 by the President of the Reichsbank and the
Governors of the national banks of Belgium, the banks of France, England and Italy, and the authorized representative of the Bank of Japan."
The constitutive document, or Articles of Association, consists of
the statutes drawn up at Baden-Baden and several additional clauses not
yet published. From its inception the Basle institution was planned as
a bank of the participating banks of issue, and under the provisions
of its statutes complete control of the institution resides in the central
banks.
Reserve Has Indirect Voice.
Following the procedure laid down in the statutes, the Morgan company was invited to head a group of participating American private
banks only after it had been ascertained that the Federal Reserve Bank
of New York had no objection to this arrangement. The Federal Reserve Bank of New York will be able to exercise control over operations in the United States of the Basle institution through the provisions
of Article 20 of the statutes, which begins, "The operations of the
bank shall be in conformity with the monetary policy of the central
banks of the countries concerned," and adds:
"Before any financial operation is carried out by or on behalf of the
bank on a given market or in a given currency, the board shall afford
to the central bank or central banks directly concerned an opportunity
to dissent.In the event of disapproval being expressed within such
reasonable time as the board shall specify, the proposed operation shall
not take place."
It was while the Young conference was still in session at Paris that
Henry L. Stimson, Secretary of State, made it clear that the State
Department would disapprove of participation by the Federal Reserve
system in the settlements bank.

1565

way. The German Cabinet cannot permit this. It must sweep Dr.
Schacht aside."
Le Petit Parisien says:
"Dr. Schacht's attempts to sabotage the Young plan have already
lasted long enough It is time for the Reich Government to keep its
promise made at The Hague."
The fact that the Mueller Cabinet is now in a precarious situation,
however, is thought to make Dr. Schacht's position more secure. The
President of the Reichsbank protests that his stand at Rome was sincere and cannot be called obstruction, since the bank cannot be instituted in any event until the Young plan has been ratified by Germany
and four other great powers.

Czechoslovak National Bank Increases Capital to Qualify
For Participation In Bank for International Settlements.
Associated Press accounts from Prague, Feb. 28, said:
The Czechoslovak National Bank today voted to raise the bank's capital to 505,000,000 Czech kronen (about $14,645,000), in order to qualify
for participation in the Bank for International Settlements.

Pierre Quesnay Supervising Installations at Bank for International Settlements at Basle.
Under date of March 3 Geneva advices to the New
York "Times" from Rome said:
Pierre Quesnay, director of the Bank for International Settlements,
arrived at Basle from Rome yesterday to supervise the installations in
the Savoy Hotel, the future headquarters of the Bank, which will be
ready early in April.
The next meeting of the directors will be held at Basle soon after
the arrival in Europe of the American directors, Gates W. McGarrah
and Leon Fraser.
So far Germany has not communicated the names of its delegates.

Bill Opposing Tax on $2,000 Incomes in Germany Opposed
By People's Party.
Associated Press accounts from Berlin March 1 said:

Minor Banks May Aid.
German political observers tonight feared that a Cabinet crisis would
Foreseeing such an eventuality, the Young committee provided for
participation by private banks of countries the central banks of which develop on Monday when the Ministers gather to vote on the financial
failed to exercise their functions, and this provision was made explicit program. The coalition government is in difficulties because of the
in the Bank's statutes. In accordance with an agreement of the heads refusal of the People's party to sanction a bill proposing a tax on
of the five principal central banks of Europe and of the Bank of Japan, incomes of 8,400 marks (about $2,016) or more annually.
and with the informal sanction of the Federal Reserve Bank of New
The People's party may carry its disapproval so far as to withdraw
York, the Morgan company was invited to participate, and it in turn from the coalition. It became obvious today that it was unwilling to
invited the First National of New York and the First National of change its attitude toward the bill. After a conference between the
party leader, Ernst Scholz, and President von Hindenburg, the party's
Chicago to join in a consortium for the purpose.
America is to be represented on the International Bank's Board by Reichstag committee decided to stand firm on its objection, despite the
Gates W. McGarrah, who sailed Sunday with Leon Fraser, his co- President's advocacy of the tax.
director, en route for Basle.
The advices from Berlin on March 3 (Associated Press)
It should be noted that the fact that the three American banks guarantee, with the central banks named, the subscription of the total capi- said :
The Reich Cabinet today failed to take a decisive stand on President
tal does not mean that these American banks will in fact be under
von Hindenburg's single income tax levy measure and postponed for
the necessity of disposing of one-seventh of the total capital of
the
Basle bank. Under the provisions of the statutes, the central banks a short while action which may precipitate a Cabinet crisis.
of minor countries will be invited to participate in the share
The Cabinet, after an all-morning session, adjourned to give its vari-ownership
and direction of the Bank.
ous members an opportunity to make contact with their Reichstag parties in the hope of finding a way out of the impasse.

Berlin advices March 4 (Associated Press) said:
Paris Press Urges Removal of President Schacht of German Reichsbank—lt Sees Refusal to Name Reich
Representatives as Plan to Obstruct Bank for International Settlements.
The refusal of Dr. Hjalmar Schacht, President of the
Reichsbank, to name the German representatives on
the
board of the Bank for International Settlements during
the meeting at Rome of the Governors of the Central
Banks has been received in much the same way at Paris
as was his action at The Hague conference, when he
declined to subscribe capital to the world bank, says a
cablegram Feb. 28 from Paris to the New York "Times,"
from which the following is also taken:

Definite progress to get the Young plan voted on and out of the
way before the present controversy over proposed financial reforms
further threatens the Cabinet were in progress today.
Finance Minister Moldenhauer was told emphatically by leading industrialists and bankers with whom he conferred to find a way and
of the present Cabinet difficulties, that German industry, business and
banking want the Young plan voted upon as soon as possible. Disposal of the Young plan question, they argued, was the first psychological and material prerequisite to the country's regaining confidence.
Following this advice, the People's party members and Socialists
within the Cabinet will now join hands in an effort to persuade the
Centrists, who will hold a meeting tomorrow, not to insist on the simultaneous passage of the Young plan and the financial reforms. It is
hoped by this to hold the coalition government together at least until
the Young plan legislation is out of the way.
The present Cabinet conflict is on a measure for a special tax levy,
which the People's party opposes.

The Paris newspapers attack Dr. Schacht, declaring lie is continuOn March 5 the New York "Times" in its cablegram
ing a deliberate policy of obstruction with the intention of wrecking from Berlin said in part:
the Young plan. Regardless of his motives, it is held to be evident
After having been buffeted about for more than a week in the troubled
front his manoeuvre at Rome, after his apparent discomfiture at The
Hague, when governmental leaders inflicted upon him a direct reproof waters of interparty politics, Chancellor Hermann Mueller's five-party
for exceeding his powers, that Dr. Schacht has regained the upper coalition Cabinet tonight is once more running on an even keel.
A prolonged session of the Cabinet today terminated in a truce which
hand and is in a position to cause serious delay in the commencement
of the Bank's functioning. At The Hague he was not able to combat takes full cognizance of the various partisan demands on which the
government parties appeared hopelessly deadlocked, but which affords
the opposition of the highest representatives of the governments, but
at Rome, when he was on an equal footing with the other bankers, it a solution enabling the government to proceed with its program of finanis held he indicated that his experience at The Hague had not caused cial reforms. It also clears the way for an early ratification of the
him to change his attitude, which is that the Young plan is unworkable Young plan, the second reading of which will engage the Reichstag
unless the burden placed on the Reich comes within his own estimates tomorrow. This will consume three days, so that the third reading
and final vote cannot be undertaken before next Monday.
of Germany's financial capacity.
There now remain no parliamentary impediments in the way of givDr. Schacht's opposition to the selection of Pierre Quesnay as General Manager of the bank is also seriously resented in France, and ing complete sanction to Germany's new reparations accord or the
such newspapers as the Petit Parisien and the Journal des Debats do Reichstag's approval to the budget for the fiscal year beginning on
April 1, although a season of acrimonious debates still awaits the
not hesitate to demand that the Reich Government should force Dr.
govSchacht's withdrawal as President of the Reichsbank. This cannot ernment in connection with its program of financial reforms as agreed
upon by the Cabinet today.
be done, it will be remembered, until the German law is amended—
as Dr. Curtius promised at The Hague—to enable the government to
The Compromise Plan.
suspend the Reichsbank President's term of office.
Dr. Moldenhauer has now come forward with a
plan whereby the
"Dr. Schacht has again accomplished the adjournment of the ar- further drain from unemployment
doles will be met out of special
rangements of the Young plan," says Auguste Gauvain, writing in the funds recruited from the reserves
of the Bank for Industrial ObligaJournal des Debats.
tions, which will cease operations with the coming
into effect of the
"All the other countries named directors, and Gates W. McGarrah, new reparations plan. This fund is
to be augmented by an increase
President of the Bank, is on his way to Europe. The Swiss Govern- of one-fourth per cent in the
cost of insurance fees, to be
divided
ment went to the extent of calling a special sitting of the Assembly to equally between employer and insured.
hasten the ratification of the accords, but because Germany alone
This solution eliminates on the one hand the
element of direct taxachooses to temporize the opening of the Bank's offices at Basle may be tion to which the People's party
objected while at the same time accomdelayed. All would otherwise be ready if Dr. Schacht did not bar the modating the Socialists' demands
in that the bulk of the fund will be




FINANCIAL CHRONICLE

1566

derived from revenues extracted from German industry during the
operations of the Dawes plan.
Young Plan Not at Stake.
While the Cabinet appeared hopelessly deadlocked over one or two
budgetary items, the fate of the Young plan was never at stake throughout the apparent impasse, and there was complete understanding among
the five coalition parties to the effect that ratification of the Reich's
new reparations laws would in an emergency take precedence over the
other issues in the dispute, even if the latter threatened the Cabinet's
further tenure of office.
Now that Dr. Moldenhauer's program of future financial procedure
and his budget for 1930 have received final formulation, it may be
said that the present Cabinet has been reunited on a basis which pledges
it to a closer working union than heretofore, and to this extent the
recent period of indecision and lack of initiative which marked its
progress may be said to have found a beneficial termination.
Dr. Moldenhauer's budget for the new fiscal year looks promising on
paper. It envisages new revenues to the tune of $110,000,000 from
the increased taxes and duties on beer, coffee, tea, mineral waters,
gasoline and benzol. The 75-per-cent-increased tax on beer should net
$60,000,000, while that on gasoline and benzol is estimated to bring in
$15,000,000.
Keeps Levy on Industry.
The Cabinet also voted to retain in its new budget the levy on industry which became effective with the Dawes plan and which is expected to contribute about $70,000,000 to the Reich's exchequer during
the next fiscal year.
Among the other reform measures approved by the Cabinet is the
proviso that the official expenditures for 1931 are to be less than those
of the coming fiscal year and the Reichstag is to be requested to
approve a measure demanding retrenchment in the administrative expenditures of the Reich's federated States and communes. A systematic
reduction in the income and industrial taxes is to be inaugurated in
1931, by which time the Minister of Finance hopes to have liquidated
the greater part of the Reich's floating debt, an undertaking which
cannot be tackled earlier, he declares, because it would involve excessive pressure on existing taxation sources.
Some of the reforms to be initiated immediately will enable the Reich
to bring about an early improvement in its cash position, thereby making it independent of the bankers to whom it is now indebted for large
issues of short-time credits.
The official draft of the new budget will be submitted immediately
to the Reichsrat (the Federal Council), after which it will be debated
by the Reichstag after the latter has disposed of the reparations laws.
The budget must be approved before the end of the month, as the
Reich's fiscal year begins on April 1.

McFadden Resolutions Seeking Information as to Extent Federal Reserve System is Involved in Bank
for International Settlements Approved by House
Committee.
The McFadden resolutions, calling upon the House to
demand information from the State and Treasury Departments as to what extent the Federal Reserve system is involved in the Bank of International Settlements, received
the unanimous approval of the House Committee on Banking and Currency on March 6, according to the New York
"Journal of Commerce" which likewise said:

[Vol,. 130.

ourselves in the position of arbiter, called upon to settle and decide a con:
troversial and difficult European question, in which we have no interest.'
Mills said.
"To stay out under these circumstances may seem timidity to some: to
me it is just common sen.se, leaving out of consideration the obvious attempt to link reparations and international debts, any relations between
which we have consistently refused to recognize.
"Irrespective of whether funds paid into the International Bank are
transferred to the United States by our debtors in payment of their obligations to us, debts and reparations are not only unrelated as a matter of
origin and principle but in fact. Can anyone doubt that the countries
which are indebted to us will live up to their obligations if they are able to,
irrespective of whether they receive reparations payments or not. Furthermore. I see no reason why they should not be able to do so."
Mills said that debt discussions have laid too much emphasis on present
difficulties and have givne too little consideration to future possibilities.
He asserted that obligations to the United States aggregating over $12,000,000,000 were scaled down to a present value of approximately $5,888.000,000 on 5% basis. The Undersecretary remarked: "It is difficult to
see how we could have gone much further without injustice to thecAmerican
taxpayers."
Denies Tariff Wall.
Mills denied that the tariff had placed a Chinese wall around the United
States or that it had seriously impeded the normal flow of international
trade. Sixty-five per cent of all imports come in free of duty. During
the last fiscal year imports amounted to $4,292,000,000 and under the
Fordney-McCumber Act imports from Europe have increased by a half
billion dollars, according to Mills.
"During the war and the reconstruction period the services rendered to
our own country by the Federal Reserve system cannot be over-estimated,
but these services were nof limited to United States," Mills said. "Not
only through specific operations, designed to deal with gold movements,
but in the granting of credits to a number of European banks of issue our
Federal Reserve system aided materially in financial reconstruction abroad
and in the return to the gold standard."
Mills said that no mention of this particular phase of American financial
history should be made without the payment of a tribute of respect and
admiration to the late Benjamin Strong, Governor of the Federal Reserve
Bank of New York,"whose wisdom, vision and leadership were of inestimable benefit to our Federal Reserve system during its period of growth and
to other nations during the period of financial reconstruction."

Representative McFadden Questions Legality of German Reparation Rail Bonds to be IssueeThrough
Bank for International Settlements.
Chairman McFadden (Rep. of Pennsylvania) of the House
Committee on Banking and Currency in a recent speech before the House questioned the legality of the reparation bonds
"proposed to be issued and sold in par to the American people
through J. P. Morgan & Co. and the Bank for International
Settlements. The "Wall Street Journal" of March 4, from
whose Washington advices we quote, further states:
Accredited authorities estimate that the United States is to absorb
within the next five or six years between $5,000,000,000 and $6,000.000,000 worth of these German reparation bonds," Rep. McFadden said.

"I respectfully invite the attention of our State Department to this announced plan and ask them whether or not they are going to give their
approval publicly or by silence to an exploitation of the American people
In this manner."
Precedent for Passing on Issue.
These measures, which were approved without debate during the ComSiThe State Department therefore has assumed to pass upon or disapmittee's hearing in connection with the branch, chain and group banking
prove issues of securities by foreign countries to be sold in the American
inquiry, probably will be formally reported to the House to-morrow.
pointed out, "which precedent should establish
Representative Louis T. McFadden (Rep.) Pennsylvania, Chairman of the market," Mr. McFadden
a definite responsibility in this particular instance."
Committee and author of the resolutions, offered the proposals in the
"The Representative fears that the German people will repudiate these
House incident to his attack upon the International Bank set up at the
time it was disclosed that Gates W. McGarrah, former Chairman of the bonds as illegal after they have been floated in the United States and other
board of the New York Federal Reserve Bank, was preparing to sail for countries, thus leaving the United States to bear and absorb the reparaEurope to become Chairman of the Institution. McFadden repeatedly tions which Germany undertakes to pay to the European allies." In suphas made attacks on the floor of the House against participation of the port of this contention Chairman McFadden pointed to a stipulation in
Government "directly or indirectly" in the new institution for liquidating the convention of April 1 1920, articles 5 and 8, which has to do with the
the German reparations under the Young plan. He told the Committee pledge of the property and income of the Federal States in Germany under
the resolutions are privileged and indicated that he would press for House the Dawes plan as continued under the Young plan.
"This act provided," the Chairman said, "and has been so interpreted
action immediately.
by the councillor of the Reichsgexicht, that the government must have
"They merely seek information," observed Representative E. Hart Fenn
(Rep.), Connecticut, in making the only comment as the Chairman laid the consent beforehand of the interested state. And the Reichstag in
August 1924, was advised by the representatives of several of the states
the measures before the Committee.
when they voted against the railway law, then under consideration, that
The text of the resolutions was given in our issue of March they were compelled to abstain because they were not authorized to consent
to the pleding of the states' property for the funding of government debts
1, page 1374.
contracted before April 1 1920, which, of course, means the war debts,
the payment for which these reparation bonds are to be issued."
Under Secretary of Treasury Ogden L. Mills Defends
Matter of Far-Reaching Import.
U. S. on Non-Participation in Bank for InterFrom the German legal point of view, this matter is of far-reaching
national Settlements—Tells Economic Club Our Importance and cannot be brushed aside by any well-meaning or plausible
arguments which do not alter the basic fact of legality. It is important
Position Would Have been that of Arbiter.
for us to understand in this connection that the Reichsgericht is the SuGovernment to partici- preme Court of Justice, the Reichstag is the parliament, the Reichsrath is
Disinclination of the United States
Empire Connell, and the Landtag is the State's Legislature.
pate in the organization and management of the new Bank the Let us bear in mind that the Young plan, of which the Bank for Interof International Settlements was "just common sense," national Settlements is a part, was submitted for ratification to the German
Under-Secretary of the Treasury Ogden L. Mills declared Reichsrath, the Empire Council, and not a pariamentary institution. The
members of this council are not elected; they are direct delegates of the
in an address before thz? Economic Club of New York at various governments of the Federal States. They are consequently State
reporting Mr. Mills in officials and absolutely independent of the German Government,
the Hotel Astor on March 6. Thus
The German Government concluded a convention with the German
its issue of March 7 the New York "Journal of Commerce"
States, dated April 1 1920, wherein the German Government was declared
continues with the further account of his remarks:
to be a trustee for the railways. Therefore, this convention was in fact a
Some doubtless consider disinclination on our part to become parties to chartei fixing and limiting body of the German Government to manage
the Young plan and to participate officially in the organization and manage- the railways. The railway company is under the direction and exclusive
ment of the International Bank as due to a timid and parochial view." control of the German Government and the power granted by the latter
Mills said.
to it is limited by the convention of April 1 1920.
In defending the Government's position he pointed out that this country
By article 8 of that convention the German Government cannot pledge
has never had a claim for reaparations in the sense that the other Allies had, the revenues of the railways except with the express consent of the various
and that American claims against Germany for Army cost and mixed states. This consent, I understand, the German Government has never
claims are comparatively insignifcant. Mills supposed a condition under received, either under the Dawes plan or the Young plan, although the
which Germany would be unable to continue payments.
Reichstag, the parliament, has ratified the Dawes plan.
Views Position as Arbiter.

if we were:officially represented on the Bank board, or upon the.socalled advisory:committee, we, as the sole disinterested party, would find




Ratification Does Not Bind Legislatures.
This ratification, however, does not bind the independent legislatures
of the Federal States who alone can decide such matters; consequently

MAR. S 1930.]

FINANCIAL CHRONICLE

the German Government has pledged the revenues of the railways to the
foreign countries. It would appear that it expects, by this method, to
confiscate the properties belonging to the Federal States.
This decision is most important, as article 5 of the convention of April
1920, expressly stipulates that the revenues of the railways cannot be appled for war debt payments. Therefore, I insist that the Reichsgericht,
the supreme court of Germany, can cancel such confiscation authority.
which if done, will release the German Government of any guaranty to her
former allies on account of war debts, as a fundamental illegal act cannot
have a legal responsibility.
If contrary views are held by the creditors of Germany in regard to this
matter, they cannot alter the facts. If they are accepting, as they apparently are, the decision of the Reichstag, they must also accept the higher
German authority of the Reichsgericht. Because of these facts, the bonds,
when issued, will be subject to repudiation.
I consider this matter of the highest importance and point to the fact
that the colossal war debt in Europe is not considered to be a commercial
debt, and in authoritative German quarters it is no secret that they propose
to take ad antage of this irregularity.
Stresemann on Payments.
Also I would point to the fact that the late Minister Stresemann disclosed categorically that Germany means to pay only for a period of 10
years, while the Young plan contemplates payment over a period of 58
years. So just suppose that we are to believe the statement of that most
distinguished statesman in regard to this matter: that in 10 years there will
billions of dollars' worth of German reparation bonds in the United States,
owned by our citizens, purchased through the Bank of International Settlements and the house of J. P. Morgan & Co., indirectly assisted by the Federal Reserve system. What will the situation be in this country if repudiation takes place?"
Chairman McFadden has introduced a resolution in the House calling
on the Secretary of State and the Secretary of the Treasury to furnish
Congress with full detailed information as to the United States' connections
with the Bank of International Settlements, if any, through the Federal
Reserve System. The Chairman expressed the belief that it is being used
as a means of slipping us into the League of Nations by the back door."

Dr.. Schacht Resigns as President of German Reichsbank—Dissatisfaction Over Young Reparations
Plan,
Associated Press cablegrams from Berlin yesterday
(March 7) said:
Dr. Hjalmar Schacht,stormy petrel of Germany's political and economic
life for the past few months, to-day presented his resignation as President
of the Reichsbank at a meeting of the directorate.
His action came as a startling surprise to his supporters and opponents
alike and the stock market reacted quickly, some shares falling off from
15 to 17 points.
His resignation, it was understood, was due to his dissatisfaction with
the final protocol of the Young Plan, which he has declared represented
such a change from the original Young Plan which he helped draw up
that its success was endangered.
On two other occasions, Dr. Schacht had expressed his dissatisfaction
with the final arrangements on reparatioss. On Dec. 5 he issued a broadside called "back to the Young Plan" which started a hot political controversy, the German Government objecting to such an expression. On
Jan. 13, Dr. Schacht produced another surprise by announcing that the
Reichsbank would not subscribe to the capital of the Bank for International
Settlements. The doctor, however, was forced to yield on this point
eventually.
While Dr. Schacht's opposition to the Young Plan as finally agreed
upon at the second Hague Conference was well known,it had been assumed
in political and business circles that he would continue at his post after
the legislation became law. The Reichstag is expected to approve the
Young Plan in its final form and members of his staff to-day represented
Dr. Schacht as feeling in honor bound to make room for some one willing
to assume responsibility for fulfillment of the Reichsbank's obligations
under the legislation.
Bulls and bears will give way to pigs in the life of Dr. Hjalmar Schacht
for some months to come.
The retiring Reichsbank president so informed an Associated Press
reporter to-day:
"My decision to retire from the Reichsbank is final and irrevocable,"
he said. "I am going home to raise pigs. If you have time,.come and
see me out on my estate at Guelow.some 40 miles north of here."
When asked why he had resigned at this time, Dr. Schacht replied:
"Are you surprised? How could I do otherwise? I told you last
December 'back to the Young Plan.' Instead, what happened at the
second Hague Conference_ The Young plan was annihilated entirely.
"Its sound principles were waved aside. Nothing remained of mutual
co-operation. Nothing of confidence in Germany, nothing helping Germany to carry out the difficult task prescribed in the Young Plan, not
even the moral discriminations which the Young Plan attempted to do
away, with have ceased.
"Sanctions have been introduced again," he continued. "Thus Germany won't be a free agent after all, although Young wanted this. It
is impossible for any honest man to assume responsibilities for actions
which he cannot control."

1567

of cash and bills abroad through exchange fluctuations. Gross profits,
exclusive of income from Bank's own investments and carry-overs, have
more than trebled in the past three years, rising to 1,707,000,000 francs
in 1929, from 932,000,000 in 1928 and 530,000,000 in 1927.
State's Big Share in Profits.
The State has a large share in the Bank's earnings, for in addition to
taxes and royalties it is entitled to a sum equal to excess of net dividends
over 240 francs. Thus in 1927 it received a total of 108,000,000 francs,
in 1928, 283,000,000, and in 1929, 580,000,000.
Distribution of net profits has been as follows, in millions of francs:
1927.
1928.
1929.
60
64
95
Dividends (shareholders)
16
20
51
(State)
Dividends
37
10
157
Reserves, &c
28
62
103
Carry-over
On the 1929 account 137,000,000 francs were set aside out of net
profits as provision "against current risks" and "bills in suspense."
Bank of France's capital has remained unchanged at 182,500,000 francs
in 1,000-franc fully paid-up shares since 1857. To-day, of the 31,000
odd shareholders, almost 12,000 hold only one share each and 7,000 two
shares each. Together these holdings represent 61% of the capital. The
1929 net profits are more than twice the capital, but that is because of
the devalorization of the franc. In 1913 the shareholder received 200
francs net dividend, equivalent to 1,000 modern francs. In buying power
his present dividend ranks below the pre-war dividend. Nevertheless, the
share currently is quoted around 25,000 francs, giving a yield of 2%.
New Fortress for the Gold.
The report is silent on the progress made in the extension of the Bank's
headquarters. South of the present premises is a great block of vacant
land, but underneath it have now been completed the most spacious and
modern vaults in the world. The visitor descends by elevator and passes
through revolving steel turrets to find himself in an immense hall, the
roof of which is supported by rows of pillars. On the left lie the private
safe deposits; on the right the cages containing the Bank's own gold,
besides an electrically-equipped kitchen and heating and lighting machinery,
Should an enemy capture Paris or revolution break out, this fortress of
steel, rock and concrete can be held at least until the garrison tires of
living underground on canned food. It remains to erect the surface buildings and the work will require use of some of the reserves which the
bank has piled up in recent years.
Report is there is little room left for more gold. The $1,750,000,000
which constitute the present reserve is all stored in this fortress.

Billion Marks of Two German Mortgage Credit Brought
Together in Merger of Kruger & Toll Co. Banks.
Amalgamation of two of Germany's leading mortgage
banking institutions, the Preussiche Pfandbriefbank and the
Central Boden 'Credit A. G., into a new •bank with one
billion reichsmarks ($238,000,000) mortgage bonds outstanding was announced in Berlin on Feb. 24. The resulting
institution will be known as the Preussiche Central Boden
Kredit und Pfandbriefbank. The Preussiche Pfandbriefbank, in which Kreuger & Toll Co. is the leading shareholder, has a capital of 25,000,000 reichsmarks ($5,950,000),
and the Central Boden Kredit A. G. has a capital of
18,000,000 reichsmarks ($4,284,000). The new institution,
It is stated, will be capitalized at 36,000,000 reichsmarks
($8,568,000) and will have open reserves of 27,000,000 reichsmarks ($6,426,000). The merger has been effected by the
Deutsche Union Bank of Berlin, also controlled by Kreuger
& Toll Co., and follows the announcement, in June 1929,
of the taking over by Preussiche Pfandbriefbank of the
Preussiche Hypotheken Aktien Bank. The former was organized in 1862 and paid 12% in dividends in 1928. The
latter, organized in 1864, paid 10% in 1928.

Discount & Exchange Bank Presents
Report on 100th Anniversary.
Gustavus Kadar, Chief Counsellor to the Hungarian
Treasury and Managing Director of the Hungarian Discount
& Exchange Bank of Budapest, is in New York, and this
week made public the preliminary report of the bank for
the year 1929. Three years ago an issue of American shares
of this institution was marketed here by Bauer, Pond &
Vivian, and Ames, Emerich & Co., Inc. The institution 10
one of the largest banks in Hungary and recently celebrated
Bank of France Profits Expand—Striking Increases its one hundredth anniversary. Mr. Kadar reports, as a
In Dividends, Profits and Reserve Accounts During director of the bank, a net profit of 2,555,693 pengoes, or
$448,544, for the institution in 1929, as compared with a
Year.
From Paris the "Wall Street Journal" of Feb. 19 reported net profit of 2,508,144 pengoes, or $440,020 in 1928. The
bank has declared a dividend of 7 pengoes, or 14%, per share
the following:
for 1929, which is equal to $2.43 on each American share.
Gross and net profits as well as dividends of the Bank of France in
1929 show big increases over those for 1928, while larger sums than ever Total deposits of the bank on Dec. 31 1929 amounted to
are placed to reserves. The comparison, in millions of francs, is as 119,649,938 pengoes ($21,000,000), as compared with 105,follows:
000,000 pengoes ($18,343,762), showing an increase of
1928.
1929.
1927.
1,015
1.822
a Gross profits
582
14,500,000 pengoes, or $2,300,000 for the year. The bank's
156
406
b Net
141
52%
Dividends (net)
35%
33% resources are said to have increased from 187,000,000 pena Inclusive of carry-over from preceding year. b After deduction of
in 1928 to 204,000,000 pengoes at the end of 1929, or
running expenses, taxes and royalties to state and allotments to pension goes
funds.
from $32,800,000 to $37,543,000.
Net profits for last year really were considerably above the figures given
The Hungarian Discount & Exchange Bank of Budapest
because administrative expenses are set down at 865,000,000 francs, as
with it 20 banking institutions in various
against 672,000,000 for 1928. The difference is explained by setting up has affiliated
of a new fund to insure against risks of depreciation of the Bank's holdings parts of Hungary and other countries. The leadership of




Hungarian

1568

FINANCIAL CHRONICLE

the bank in the last 60 years has been in the hands of the
late Baron Maximillian Madarassy Beck, and his son, Baron
Marcell Madarassy Beck, at present the President of the
bank.
'American Adviser' at Bank of England—Prof. Sprague's
Appointment Continues Policy Two Years Old.
From London, Feb. 28, a cablegram to the New York
"Times" said:

[Vol,. 130.

Fourth Internal Loan of Russia Defended—Official Paper
Says Fear of Non-Materialization Is Due to 'Class
Hatred'—Denies Money 'Abolition'.
From the New York "Evening Post" we take the following
from Moscow Feb. 26 (Associated Press):

lzvestia, organ of the Communist Party, today attempted to allay the
fears aroused by the Government's decision to issue another huge internal loan which will absorb the existing first, second and third industrialization loans and the so-called peasant loan.
The existing loans total nearly 2,000,000 rubles (about $1,000,000).
There appears to have been some curiously excited comment on the The new plan gave rise to fears that the Government intended to abolish
appointment of the American economist, Dr. 0. M. W. Sprague, as money altogether and caused depositors to withdraw accounts from banks.
These fears, lzvestia says, are deliberately engendered by the blind
economic adviser to the Bank of England. The action, however, was
not at all new; it followed naturally on the retirement of W. W. hatred of class enemies who wish to see the Government's five-year industrial plan fail. The editorial continues:
Stewart from the same position.
"The 6,000,000 rubles projected by the five-year-plan must be realized
Mr. Stewart's appointment, which was made two years ago, was
admittedly designed to strengthen the ties between the Bank of Eng- in four years in accordance with the quickened development of our national economy. This•means that our yearly State credit plan must not
land and the Federal Reserve System—not in the sense of effecting
any close liaison but of facilitating normal co-operation between the only be fulfilled but exceeded."
The paper adds that all banks will immediately give depositors their
bank and American banking authorities. In banking circles it is held
that events of the past few years have closely demonstrated the money upon demand, but it urges the people not to withdraw their acvalue of such co-operation, and have shown that its continuance is counts and not to sell their securities, because "it will be realized later
fully justified by the leading part which America and England must that this is one of the most profitable ways of investing their money."
Izvestia fails, however, to offer any encouragement to those who wish
continue to play in international finance.
to cash their present holdings of outstanding industrialization loans
Reference to Mr. Sprague's appointment was made in before 1933.

our issue of Feb. 1, page 720.
Turkish Government Withdraws Accounts From Banks "To
Prevent Speculation."
Canada Stiffens Its Gold Reserve—Increases Backing of
Currency by Metal Rather Than by Approved SecuriThe New York "Times" reports the following from Conties—Requirements Covered.
stantinople Feb. 15:
"For the purpose of preventing speculation," the government is withThe New York "Evening Post" publishes the following
drawing all official and semi-official accounts from the banks, the action
from Toronto March 1:
probably being intended to force foreign banks to convert more foreign

According to the note circulation and specie report of the Dominion
Department of Finance at the end of January, the gold then held by
the Minister of Finance against note circulation and savings bank
deposits amounted to $65,223,753, as compared with $61,646,225 at the
end of June last.
This amount, the Government declares, is more than up to the
legal requirements of the gold reserve, since there is still in force the
enactment made during the war allowing the issuing of an extra $26,000,000 of note circulation after the preliminary conditions had been
met. Of this $26,000,000 of notes $16,000,000 must, however, be
secured by certain specified railway securities guaranteed by the Dominion Government. This emergency measure of 1914 became in 1923
a permanent feature of the statutes, making provision in the case of
war or panic for the issuing of Dominion notes against approved
securities.
But the important feature of the latest report is the fact that the
Dominion is more and more backing up its currency by gold rather
than by approved securities. At the end of January the amount of
notes issued against the gold reserve amounted to a little more than
$107,000,000. This, it is true, is approximately only $2,000,000 more
than the circulation similarly secured at the end of June. But, on the
other hand, the notes issueu against approved securities have declined
in the last seven months from $82,700,000 to $49,700,000.
While the reserves have been strengthening Canada has been exporting more gold ore and dust to United States than ever before. For,
while in 1928 these exports from the gold camps of Yukon territory
and of Porcupine and Kirkland Lake had a value of $10,435,000, in
1929 they had climbed up to a total of $29,992,000.

$156,000,000 Hoarded Gold Received by Bank of France.
Under date of Feb. 21 the New York "Times" reports the
following from Paris:
Although the Bank of France imported no gold during the period
covered by the weekly statement of Thursday, and although its holdings of foreign credits were shown to be unchanged, the bank's gold
reserve nevertheless increased 16,000,000 francs for the week. This
was again ascribed to the belated turning in of pre-war gold coin
hoarded by the French people and demonetized since the stabilization
act, but redeemable in the present bank currency at the same gold
valuation as before the war.
It is estimated that, since the virtual stabilization of the franc in
1926, the Bank of France has received in this way more than 4,000,000,000 francs' worth of such gold coin, that estimate being in terms
of the present stabilized franc and equivalent to $156,000,000. It is
-also estimated that, after deducting coin minted down for sale as
bullion or exported clandestinely, the country still holds about 7,000,000,000 francs of such gold valued at the new par, which would amount
to between $200,000,000 and $240,000,000 in American values.

exchange into Turkish pounds, thereby improving the rate
version.
The Minister of Finance is preparing a decree designed to
exporters selling goods abroad against the payment of Turkish
banks from opening current accounts in foreign money and
money deposited in banks being converted in any fashion into
coin.

of conprohibit
pounds,
Turkish
foreign

India's Proposed Import Duty on Silver—Increase in Cotton
Tariff.
The effect on silver prices of the proposed import duty
on silver was referred to in our issue of March 1, page
1367. From Delhi, India, Feb. 28, advices to the New York
"Times" said:
The reimposition of the former Indian import duty on silver of 8
cents per ounce is among the new measures in the annual budget announced by Sir George Schuster, Finance member of the Legislative
Assembly, today.
Speaking on behalf of the Government of India—which is an important holder and producer of silver—Sir George added that if the other
interests concerned would consider the possibility of joint action toward
regulating sales in order to meet the world demand, India would willingly co-operate. He put the issue squarely up to the other producers,
saying it depended on them to say whether they would respond.
Sir George also announced an increase of the import tariff on cotton
piece goods from 11 to 15%, declaring an additional protective duty of
5% would be levied upon non-British plain gray cotton piece goods
for three years. The higher cotton, duty is intended not only for revenue but as protection for the Bombay cotton mills against Japanese
competition.
On the Lancashire cotton industry, however, the higher duty will fall
like a bombshell, and Sir George admitted today he had declined to
yield to an appeal from the British Cabinet against any new duties
which would harm the Lancashire industry.
"His Majesty's Government," Sir George explained, "asked us to
take into account both the reactions to our proposals in India and their
serious effects in England—effects which, it felt sure, neither we nor
the Legislature desired to create. To this we replied that, though we
were deeply impressed by a message of this nature, we nevertheless felt
bound to adhere to our main proposals. We recognized and deplored
the possibility of serious effects in England, but stated we felt clearly
bound to put India's interests first."
The appeal from the British Cabinet, Sir George added, was striking
evidence that England recognized the validity of India's tariff autonomy.
Other new tariff proposals were for an increase of the excise duty on
kerosene by two cents a gallon to three cents, with a reduction of the
import duty from five to four and a half cents; an increase of the import duty on sugar by forty-eight cents per hundredweight, and a small
increase in the income tax on incomes above $4,800. The new taxation
is expected to leave a surplus of $2,625,000.

Ascribed to French Loans in
A cablegram from London, Feb. 28, to the "Times" hail
Germany.
the following to say regarding the duty on silver:
The following London account Feb. 28 appeared in the
The price of silver fell heavily in London today as the result of the
reimposition of the import duty in the Indian budget. Considerable
New York "Times" of Feb. 28:
China, while here
Berlin's

Gold

Imports

Germany's ability to continue drawing gold heavily from London,
and now even to take gold from Paris, is regarded in many quarters
as something of an anomoly. Bankers, however, find it easy of explanation. Germany still requires considerable outside financial assistance. and is able to offer high rates for credit and capital. London
has loaned large amounts in this way during present years, but of
late has been less active in that direction.
The French money market, however, is now evidently willing and
anxious to adopt the role of international lender and has commenced
to give financial assistance liberally to Germany. For that purpose,
however, France is drawing mostly upon her foreign credits, particularly those in London. It is the transfer of these balances to Germany
which has depressed the rate of exchange between London and Berlin
to such a point that it has become much more profitable to remit to
Berlin in the form of gold than through ordinary exchange drafts.




selling occurred in India and
the cash price declined
9-16d to 19%d and the forward quotation dropped TA d to 19 1-16d.
Sir George Schuster's announcements at Delhi are felt here to be
solely responsible for today's sudden slump. The silver market has
been depressed for so long that the Chinese and Indian selling was to be
expected. It is open to serious doubt, however, whether today's fall
was really justified or is likely to become permanent.
In the first place, the Indian duty is said to have been reimposed for
revenue and not for protective purposes, and the newly established refinery at Bombay is a thoroughly efficient plant and needs no protection. Secondly, it is questionable whether the duty will diminish the
imports of the metal, as India must continue to absorb big quantities of
silver for social purposes.
It is possible the reimposition of the duty today may renew confidence in silver, since the value of India's vast silver hoards will be
increased in proportion to the duty.

MAR.8 1930.]

FINANCIAL CHRONICLE

Rise Dismays Lancashire.
In any case, it is believed here that when the market begins to realize
that India will need no less silver in the future than in the past, a
recovery in price may be expected.
Aside from the silver slump, the chief repercussion of the Indian budget was in Manchester, where the rise in cotton import duties was
received with something akin to consternation.
"The increase from 11 to 15% is nothing less than a calamity for
Lancashire," said Herbert W. Lee, president of the Manchester Chamber of Commerce.
The steadily increasing competition from the Bombay and Osaka mills
has been adding to the troubles of England's depressed textile industry,
but India is still Lancashire's biggest market and the 15% duty is
bound to have serious results. Conferences will be held over the weekend by the leaders in all sections of the cotton trade, with the intention of appealing to the Imperial and Indian governments.

1569

Count of Gamazo Named Governor of Bank of Spain.
From a wireless message, Feb. 21, to the New York
"Times" it is learned that the Count of Gamazo has been
named Governor of the Bank of Spain. The advices likewise said:

Rearrangement of the financial policy put into effect by the dictatorship is increasingly apparent as the most important task the new
government of Spain faces. Because labor and business problems are
so entwined with political affairs, since labor is affected by any reduction in work, rearrangement is a formidable task.
Undoubtedly Premier Damasco Berenguer is discussing finance in the
long daily conferences with political leaders. That he is also discussing
possible political line-ups and trying to make sure of a monarchist
victory in the coming election cannot be denied. While all politicians
are eager to enter the political arena again, there seems to be some
indication that none want to face economic re-organization and the ConSilver Drop Aids Chancellor Snowden of Great Britain— servatives will co-operate with Premier Berenguer to let the government
Cost of Metal in the Shilling Now Down to Four Cents. work out the problem instead of leaving it to Parliament.
The Liberals, through the press, are demanding free speech and
A wireless message March 4 from London to the New an end of censorship of the press and free speech before acceeding to
this program, but if granted, say they will do likewise.
York "Times" said:
Financial statements of the dictatorship are now being questioned.
The silver in the English shilling (24 cents) today is actually worth
only 2 pence (4 cents) with the present slump of the silver market. In November former Finance Minister Jose Calvo Sotelo said the
budget would balance and that debts the dictatorship had contracted
One of the few who stands to profit by the depreciated value of the
metal is the Chancellor of the Exchequer, because the Treasury De- would be paid by 1938. However, Senor Sotelo listed money lent to
partment, which is responsible for silver coinage, works according to a the railroads as an asset, whereas it is now held that it virtually amounted
to a subsidy and that there is no possibility of the government getting
fixed coinage arrangement.
In 1919, when silver rose to more than 6 shillings an ounce, the treas- it back.
Accepting the dictatorship's figures, the following is a fair statement
ury for a time was working at a loss.
for 1929: The regular budget showed 238,000,000 pesetas (the
peseta is worth 19.3 cents at par, but recent quotations have been
around
144 unpaid bills were not listed; the extraMonopoly in Diamond Market Charged by Independent ordinary12.40 cents), but 450,000,000 pesetas which were not covered
budget totaled
Competitor in London Against Syndicate—Prices Said by revenue, and the railroad loans amounted to 450,000,000 more,
making for the year an adverse balance of 806,000,000 pestas.
To Be Kept Up.
One hundred and thirty millions for water power development are
The following cablegram from London March 3 appeared listed as an asset, and the government may receive an income from
in the New York "Times":
this.
The total debt increased more than 20% during the dictatorship.
Secrets of how the world's diamond prices are controlled were reThe government has concluded that it could not possibly continue
vealed today in King's Bench division of the High Court, where a
powerful diamond syndicate was charged with throttling an indepen- General Primo de Rivera's plan of electrifying 5,000 miles of railroad
dent competitor by fraud. The accusation was made by the United in ten years, so it is canceling the building program on all except
Diamond Fields of British Guiana, Ltd., against the great combine works under way.
Whether Finance Minister Manuel Arguelles will act to improve the
headed by Solomon Barnato Joel and including many outstanding figvalue of the peseta by allowing foreign interests to invest and allowing
ures in the diamond industry.
"The diamond syndicate is an organization of unbelievable wealth the natural rate of the peseta to materialize, then put on a gold standard
and power," said Sir Patrick Hastings in opening the case for the with an ample gold supply, or will allow it to continue to fluctuate is
Guiana Company. "Millions seem to be matters of comparatively a point of controversy today.
trifling moment to it. This syndicate controls practically the whole
diamond output of the world. Its members seem also to be largely
Possibility of Foreign Loan for Polish Railroad Construcinterested in diamond producing companies in Africa and elsewhere.
"The procedure they follow is that they enter into an agreement with
tion—Charles S. Dewey, Financial Adviser, Finds Roads
producers of diamonds who undertake to sell to nobody else except the
Operating at Capacity and Must Be Extended.
syndicate. The syndicate in turn sells them to the rest of the world.
An indication that Poland may soon seek a foreign loan
It rests entirely with the syndicate how many diamonds the world gets.
The syndicate holds the diamonds up to maintain prices, or sells them to finance railroad construction is contained in the latest rewhen prices are good. The syndicate, therefore, stands to be very
Charles S. Dewey, Financial Adviser
seriously hit if a totally unexpected output of diamonds from some port issued Mar. 2 of
to the polish Government, regarding current economic conunknown source is suddenly thrown on the market."
Sir Patrick explained that at the time the Guiana diamond company ditions in that country. It is stated that the largest indiwas formed vast deposits of alluvial diamonds had been discovered at
Government's program of expenLichtenberg, South Africa. The diamond syndicate, he said, had ab- vidual item in the Polish
sorbed of these a million pounds worth for holding, but its resources diture for improvement of State property involves an outwere severely strained in the operation. Thus, when the Guiana source lay of 230,000,000 zlotys (approximately $25,000,000), for
suddenly arose, Sir Patrick asserted, it was vital for the syndicate to
railway extension and improvement. Mr. Dewey says:
prevent the new supply of diamonds from going on the market.
"Railroad traffic has attained a volume very close to the carrying
"By deliberate fraud," Sir Patrick declared, "the syndicate so revised the method of assortment of diamonds as to reduce the amount it capacity of the existing lines and extension is therefore essential if
had to pay the Guiana company. A policy of restricted output was further development of business is to proceed without a certain stifling
adopted and the Guiana Company's output was reduced from thousands due to inability to get the goods moved. Granted, however, that
extension is necessary, it is equally certain that the financing of railof carats to 300."
The alleged throttling was carried out, according to Sir Patrick, by road construction out of current revenue lays a heavy burden on the
Otto Oppenheimer, brother of Sir Ernest Oppenheimer of the diamond budget, and it is hoped that appropriate arrangements may be made
syndicate, who is charged with keeping secret from the Guiana company in the not distant future whereby capital construction on the railroads
may be financed with the aid of foreign loans.
how the assortment was being made.
"Expenditure for railroad construction will be made entirely on proThe hearing was adjourned before Sir Patrick finished his charge.
jects already under way. Of the total amount more than 86% is to be
Meanwhile, the syndicate has denied the charge of conspiracy.
devoted to further work on the new lines which will directly connect
the upper Silesian coal and industrial region with the Polish port
at Gdynia."

Gold Standard for Persia—Will Change From Silver BeReviewing Poland's foreign trade, Mr. Dewey reported
cause of Market Fluctuations.
that the trade balance underwent a marked change in
The following cablegram has been received from Persia 1929. Monthly deficits which had persisted since April
by 1111rza Davoud Khan Meftah, Persian Minister at Wash- 1927
diminished and gave place to a trade surplus for the
ington, according to the New York "Times" of March 2:
month of July which continued throughout the remainder
"Owing to the fluctuations of silver in the world market, the Imperial Persian Government has decided to change its monetary system of the year. The 1929 exports amounted to 90% of imfrom the silver standard to the gold standard. In the meantime, until ports, leaving a deficit for the year of only 299,200,000
the change to the gold standard has been accomplished, the Persian zlotys compared with a deficit of 854.200,000 zlotys for
Parliament has passed a law giving the Persian Government authority
to supervise the buying and selling of all foreign currency in Persia." 1928.
Discussing the trade recession which set in in the final
One of the most hopeful aspects of the economic outlook in the Pacific
Coast states is the probability of a decided upturn in building construc- quarter of the year, Mr. Dewey said that the reasons for
tion some time before the close of 1930. The growth of this territory
it and its probable duration could only be explained in
as a whole in population, industry, and trade is more rapid than any
other section of comparable size in the country. The general trend of terms of the international situation by which Poland is
building on the other hand has been downward for five or six years. becoming more and more affected and by extremely low
With increasingly favorable credit conditions and allowing the necessary time for adjustments, a more insistent demand for residential, fac- domestic 'grain prices. The world-wide depression in grain
tory, and store space should presently begin to manifest itself. In the prices, he added, was exaggerated in Poland by such
immediate future a high degree of activity in engineering and heavy factors as shortage of credit, high interest rates and inadeutility construction and some road work is definitely assured, and should
quate marketing organization. On the other hand, hebe a sustaining influence to certain specialized industries.
Our Teleotneter of general business on the Pacific Coast (indicating pointed out that the abolishment by the government of.
future direction) does not show as yet any tendency to recover, but restrictions on the export of grain had greatly stimulated
points to a level in the early autumn from which sharp recovery is
practically certain to develop. Meanwhile we believe that the sugges- shipments abroad during 1929, a movement which was:
tions for current business policy which we presented a month ago may largely accountable for the fact that Poland had a monthly
still be followed to advantage.
favorable balance of trade since July.




1570

FINANCIAL CHRONICLE

[Vol.. 130.

The swiftly changing conditions of the last week placing him in the
Danish Bank Shares Fall—Drop in Price of Soya Beans Presidency will prevent his becoming a candidate for any office in the
coming election. This election, the President said, he hoped will hot
Causes Six-Point Decline.
delayed beyond May 16, the fixed date.
The following from Copenhagen March 1 appeared in the be Former President Horacio Vasquez accompanied by former ViceNew York "Times":
President Alfonseca took passage on the steamer Coamo leaving today
The morning papers published rumors today that the Sibirisk Kom- for San Juan, Porto Rico, for a long stay.
pagni and the Almindeligt Handelskompagni were in difficulties owing
to a drop recently in the price of soya beans from 111 to 19 (about
$55 to $45) a ton. The rumors led to a fall of six points in the National Bank of Labor in Mexico to Make Loans to
Handelsbank's shares, with a depreciation in value from 144,000 kroner
Laborers On "Moral Security."
to 130,250 (a krone is worth 26.8 cents at par). In order to quiet
Special advices from Mexico City published in the "Wall
the public the bank issued an official declaration that its losses in conStreet Journal" of Feb. 25 state:
nection with those companies totaled only 6,000,000 kroner.
In the afternoon the Sibirisk Kompagni decided to liquidate. Its
National Bank of Labor, created by decree of ex-President Portes Gil,
capital was 6,300,000 kroner and the Handelskompagni's 10,000,000. intended to alleviate the prevailing unemployment conditions by estabBoth companies have been trading in Manchurian soya beans at several lishing co-operative producing centers, is to begin functioning early in
branches of subsidiary companies abroad.
March. An unusual feature of the bank will be that it is to make loans
to laborers in need of funds on nothing but "moral security."
Authorized capital of bank is to be 5,000,000 pesos, half of which
Japanese Refunding—Second 4% Sterling Loan Due Janu- has been subscribed by the federal government and various state governments. The other half is to be subscribed in shares of 10 pesos each
ary 1, 1931—New Issue Likely Before June.
Tokio advices are from the "Wall Street by laborers.

The following
Journal" of March 4:

Tenders Asked for Argentine Bonds.
J. P. Morgan & Co. announce that they are prepared to
receive tenders for the amortization on or before March
31, 1930, of $553,800 Argentine gold pesos, £110,760 nominal
capital, of Argentine Government 5% internal gold loan
1909. Tenders for the sale of bonds with coupons due
September 1, 1930 and subsequently must be submitted at
a flat price below par, expressed in dollars per bond, and
lodged not later than 3 p. in. March 5th, 1930, at the office
of J. P. Morgan & Co., 23 Wall Street. Tenders also will
be received in London by Baring Brothers & Co., Limited,
and in Buenos Aires by the Credito Publico Nacional.
Brazil Fines Branch of National City Bank—Inspector
Levies $3,000,000 for Alleged Fraudulent Transactions
—Denial Issued in New York.
Bonds of Department of Cauca Valley (Colombia) Drawn
In printing a Sao Paulo cablegram regarding a fine of
For Redemption.
$3,000,000 imposed on the National City Bank of New York
J. & W. Seligman & Co., as fiscal agents, are notifying
for alleged fraudulent exchange transactions the New York holders of Department of Cauca Valley, Republic of
"Times" of Feb. 26 said:
2
1
/
Colombia, twenty-year 7 % secured sinking fund gold
The National City Bank, when informed by The Associated Press of bonds that $57,000 of these bonds have been drawn by lot
the action of the Brazilian Inspector-General, issued the following statefor redemption at 103% of their principal amount and
ment last night:
"Regarding the fine said to be levied against the branch of the Na- accrued interest on April 1, 1930.
On January 1, 1931, the second Japanese 4% Sterling Loan, issued
in 1905, must be redeemed. Originally issued in England, the United
States, Germany and France for a face value of 125,000,000 about
123,610,000 remains outstanding.
Juichi Tsushima, Financial Commissioner of the Imperial Government in New York and London, is abroad, holding conversations with
financiers regarding refunding operations. Because the International
Bank created to enforce the Young Plan will place a huge issue on
the world market in October, there is every probability that Japan will
not await the months immediately preceding maturity of the second
4% issue, but will endeavor to fill its financial needs before the Young
Plan has influenced the market. For this reason, observers here predict that a refunding issue will be marketed before June.

tional City Bank of New York, at Sao Paulo, Brazil, by the Brazilian
Inspector-General of Banks, for exchange operations not in accordance
with government regulations, officials of the bank here stated that the
charges had been made and fully denied some time ago. The charges
had also been the subject of some excited comments in the Brazilian
press during the political campaign now in progress.
"The bank confidently expects that in due course a hearing and review
of the matter will be accorded the bank by the Brazilian Government,
with which the bank's relations have always been excellent."

The Sao Paulo cablegram of Feb. 26 as published in the
"Times" follows:
Charging the Sao Paulo branch of the National City Bank of New
York with gambling in foreign exchange to the detriment of Brazilian
stabilization operations, the Federal bank inspector, as a result of recent investigations, recommended today that the American institution
be fined about $3,000,000, according to reports received here from Rio
de Janeiro.
An official investigation was requested by the bank, It is understood
here, when the manager of the Sao Paulo branch discovered last month
that his exchange manager had been clandestinely operating in foreign
exchange without the manager's knowledge. Federal inspectors made
an extended inquiry, and in a voluminous report officially published yesterday in Rio de Janeiro indicated that the bank had willfully given
them false and misleading information, and that the speculations, which
were in violation of Brazilian banking laws, not only affected stabilization but indirectly had adverse influence on the national economic
structure.
While the exchange manager had been dismissed by the bank, the inspectors charged, in view of the fact that he had not left Sao Paulo,
there existed an understanding between him and the bank.
The reported fine has no parallel in Brazilian history, and it came
simultaneously with the opening today of the bank's new large quarters here. Bank officials have maintained absolute silence on the affair.
Other bankers skeptically point out, however, that such fines are divided
two-thirds to the Federal Treasury and the balance to the personnel of
-the inspector's office.
While inspectors' findings contain grave charges, apparently they are
-taken with reservations, as shown in reports from Rio de Janeiro last
week, when President Washington Luiz and the Finance Minister renewed the bank's charter, which had lapsed.

New San Domingo President Says First Concern is Foreign
Debt.
Associated Press accounts from Santo Domingo, March
4, said:
President Rafael Estrella Urena said today his first concern would
be Santo Domingo's foreign debt. He went to the Presidential mansion to work for the first time as the actual Constitutional President of
the republic.
While the country's financial condition is grave, the new President
said he was certain the country's credit would not suffer from the neglect of debt obligations.
Within less than a week President Estrella Urena passed from the
role of leader of the civic revolution against President Horacio Vasquez
to political leader and cabinet officer by appointment of former President
Vasquez and then finally became Vasquez's successor.




Mortgage Bank of Colombia Shows 18% Increase in Net
Earnings for 1929.
The annual report of the Mortgage Bank of Colombia,
made public March 3 by Baker, Kellogg & Co., Inc., and
Ames, Emerich & Co., Inc., shows large gains in gross and
net income for the year ended December 31, 1929. Net
profits after all expenses, taxes and other charges amounted
are reported as $870,992, equivalent to $4.35 per share on
the 200,000 shares of stock outstanding at the end of the
year. This compares -with earnings of $4.18 per share in
1928 on the same number of shares. The gain in net profits
for 1929 amounted to 18% since the organization of the
bank in 1910, it is stated it has never failed to show an
Increase in earnings each year over the preceding year.
Total gross income for 1929 is given as $3,397,936, against
$2,783,991 in 1928. Resources of the Bank increased from
$36,783,632 as of December 31, 1928, to $37,906,546 on
December 31, 1929, while net worth of the bank, represented
by capital, legal reserve, contingent reserve and profit and
loss, increased from $6,135,991 in 1928 to $6,245,342 in 1929.
On this basis it is pointed out the •book value of the
200,000 shares of capital stock outstanding is $31.23 per
share, as compared with $30.68 per share at the end of
1928. The statement shows total mortgages owned of
$28,332,249 as against properties valued at $72,963,545. The
bank maintains its dividend at the annual rate of four
Pesos per share, which, making allowance for conversion
into United States dollars and trustee charges, amounted to
$3.82 per American share listed on the New York Curb
Exchange. In addition to the American shares listed on
the New York Curb Exchange, there are three issues of
External Bonds of the Mortgage Bank of Colombia listed
on the New York Stock Exchange, namely: the 7's of 1946,
's
1
/
62 of 1947 and 7's of 1947. The Colombian Pesos at par
of exchange is $.9733 and is therefore nearly equal to the
American dollar.
Secretary of War Hurley Modifies Restriction of Purchases
From Firms In Which Panama R.R. or Panama Canal
Then Held Stock.
The New York "Times" announces the following cablegram from Balboa March 1:

WAR. S 1930.]

1571

FINANCIAL CHRONICLE

After the law passed the House, it was sent immediately to the Senate,
The order of the late Secretary of War James W. Good prohibiting
the purchase of goods by the Panama Canal and the Panama Railroad whose members were awaiting it, and approved it a few minutes after its
or the railroad held arrival without debate.
from local firms in which employes of the canal
stock has been revoked by Secretary of War Hurley and modified
The offering of $40,000,000 Republic of Cuba bonds
restrictions have been substituted, according to instructions received
(part of an authorized issue of $80,000,000) was referred to
here by Colonel Harry Burgess, Governor of the Canal Zone.
Secretary Hurley's order prohibits purchases from local business con- in these columns Feb. 15, page 1055.
cerns in which an employe of the Panama Railroad is an officer, director or partner, or in which an employe of the railroad, acting as agent
in connection with purchases by the railroad, is a shareholder or has an
Offering by New York Banking Group of $5,000,000
interest.
Commenting on the new order, Colonel Burgess said:
534% Bonds of City of Sydney, Australia.
"It is understood the Secretary of War wants all the purchases made
The first financing in this market for the City of Sydney,
by the canal to be made as heretofore, in accordance with the law, and
that all purchases by the railroad shall be made in conformity with the capital of the State of New South Wales, Australia, was
Revised Statutes as nearly as is practicable, with some slight additional
carried out this week by a banking group headed by Bancrestrictions."
Secretary Hurley investigated this question when he was here some america-Blair Corporation. Sydney has hitherto been
months ago as Assistant Secretary of War. At that time Mr. Good's
offering took
order had caused consternation in local business circles, which protested financed in London or in Australia itself. The
to Washington through the Panaman Minister.
the form of an issue of $5,000,000 twenty-five-year 5%

New York Chamber of Commerce Opposed to Legislation
Granting Independence to Philippines—Says Action
Would Stop Investments of American Capital There.
Declaring that the freedom of the Philippines under
present conditions would stop new investments of American
capital and cause withdrawal of capital now employed
there, the Committee on Foreign Commerce and Revenue
Laws submitted a report to the Chamber of Commerce
of the State of New York at its meeting on March 6
opposing legislation at this time to grant independence to
the islands. The report also cites the danger of the spread
of bolshevism and revolution, if the United States were
to relinquish its sovereignty now.
The report of the committee, of which John D. Dunlop
Is chairman, says in part:
"While the Philippine Islands have now been under the sovereignty
.of the United States a little over thirty years, it is obvious that a far
longer time will be necessary before self-government should be undertaken. Among the conditions precedent to such a step would be the
ability of the Filipinos to finance their government without American
assistance; to maintain adequate defense of the Archipelago against
possible aggressions; to maintain a rule which would guarantee the protection of all classes; and the ability to cope with communist propaganda or other revolutionary forces likely to excite the population of
the Islands to overthrow the Government.
"It would hardly be a kindness to the Filipinos to grant them freedom now. The people are not living under an American tyranny; or
being exploited economically or politically.
"The investment of American capital in countries with an unstable
government is never large. The freedom of the Philippines under present conditions would mean not only a practical stoppage of new investments there, but also a withdrawal of capital now e.mployed there.
"The political balance in the Far East must be considered; also the
reaction and ultimate consequences in India and other countries. Bolshevism and revolution, with all their far-reaching and disastrous consequence, can readily make headway where illiteracy predominates and
instability of government exists. At the same time, the withdrawal of
American sovereignty from the Philippine Islands would greatly weaken
the prestige of the United States in the Far East.
"Furthermore, the attempt to reduce or at least prevent an increase
in the naval armament is seriously involved in any discussion of our
withdrawal from the Philippines, with its possible serious consequences."

Chase National Bank of New York Credits $20,000,000
to Cuba—Officials in Havana Conclude Last
Transaction in $80,000,000 Loan to Finance Public
, Works.
The New York "Times" reported the following cablegram
from Havana yesterday (March 6):
A credit of $20,000,000 was automatically placed at the disposal of the
Cuban Government by the Chase National Bank of New York through its
Havana branch to-day. Officials of the Government and the bank met at
the Treasury Department,closing the final transaction in the new $80,000,000 loan to Cuba.
The legal documents were signed for $40,000,000 worth of public works
gold bonds at 53i% interest which the bank purchased from the Government,the bonds already having been turned over to the bank in New York
by the Cuban Consul General, who represented the Secretary of the Treasury. The Government, on the other hand, purchased from the bank
$30,000,C00 worth of public works certificates bearing the same interest rate,
which, having matured, the bank has canceled in New York, delivering
them to Cuban officers in that city.
The Government closed the transaction by which it receives $10,000,000
worth of deferred public works bonds, already canceled by the Chase
National Bank in New York. The total indebtedness canceled to-day by
the Government, therefore, is $10,000,000.
The Public Works Department will begin to draw against the new fund
to pay for works of a general nature which have been constructed in various
parts of the Island, principally the central highway.

Previous advices (March 4) from Havana to the "Times"
said:
With 96 members of the House of Representatives voting for and six
against it, the measure making possible the 8•80,000,000 loan recently
negotiated between the Government of Cuba and the Chase National Bank
of New York was passed by the House to-night.
The measure was the work of President Machado, who, according to the
Constitution, has the right to submit to Congress any laws which in his
opinion might benefit the country. ,
The six representatives opposing declared they were opposed to the
I resent "political status" of the country and were against the' co-operative
policy" between the Government party and the Opposition.




sinking fund gold bonds, placed on the market on Mar. 6
at 90 and accrued interest to yield about 6.30%. The
closing of the books at 10.30 a.m. the day of the public
offering (Mar.6), is announced. Associated in the financing
with the Bancamerica-Blair Corporation are E. H. Rollins
& Sons and Halsey, Stuart & Co., Inc. The bonds offered
are part of an authorized issue of $10,000,000. The $5,000,000 bonds are dated Feb. 1 1930 and become due Feb. 1
of 1% per annum
1955. A cumulative sinking fund of
is provided, operating semi-annually through purchases in
the market at or below 100 and accrued interest or by drawings by lot at 100 and interest. Details of the issue, as set
out in the offering circular state:
Coupon bonds in denominations of $1.000. Definitive bonds registerable
as to principal only. Principal and semi-annual interest, Feb. 1 and Aug. 1.
payable in New York City at the principal office of the Bank of America.
N. A. in U. S. gold coin of or equal to the present stadnard of weight and
fineness, without deduction (as to holders not domiciled in Australia) for
any taxes of the Municipal Council of Sydney, the State of New South
Wales or the Commonwealth of Australia, or of any taxing authority thereof
or therein; or with provision for repayment of such taxes as provided in
the fiscal agency agreement. Redeemable other than for sinking fund
on any interest date beiginning Feb. 1 1945 as a whole only at 100 and
accrued interest upon 30 days' notice.

It is stated that the proceeds of the present issue of
Bonds will be used by the Municipal Council principally
for the extension of its Electricity Undertaking. Other
nformation. credited to official sources is supplied as follows:
Direct Obligation.
These bonds will constitute the direct and unconditional obligation of
the Municipal Council of Sydney and will be a general charge, with other
obligations, upon its corporate rates and revenues none of which are subject to any charge prior to the general charge securing these bonds. The
Council covenants that if, while any of these bonds remain outstanding,
it shall issue any loan, bonds or other obligations secured by any superior
charge on or pledge of any of its rates, revenues or assets, these bonds will
be secured equally and ratably with such loan, bonds or other obligations.
Finances:

On Dec. 31 1929 the net funded debt of the Municipal Council of Sydney

was $96,500,000. The electricity undertaking and other revenue producing
properties owned by the Council are valued at about $104.500.000. The
Council dlso owns municipal buildings and other properties valued at
$5,000,000.
The Municipal Council has power to levy taxes up to the equivalent of
9% of the fair average annual rental, plus 1M % of the unimproved capital
value of land, or alternatively up to 2.5% of the unimproved value of such
property. The present rate is 1.46% on such value.
For the year ended Dec. 31 1929, preliminary figures indicate that the
gross revenues of the Council amounted to $20,473,000 and expenditures
to $19,223,000 over one-half of which were received or disbursed in connection with the electricity undertaking.
The City of Sydney. founded in 1788, is the capital of the State of New
South Wales and chief commercial and vfinancial center of the Commonwealth of Australia. The government of the city is the Municipal Council
of Sydney. . • •
In the city proper, which includes the principal financial and commercial
institutions and which has a resident population of over 100.000, the unimproved capital value of land subject to taxation,as valued by the Municipal Council is $351,000,000, while the improved value is about $944,000,000.
This compares with an unimproved value of $580,468,000 and an improved
value of $1,589,584,000 for the rest of the Metropolitan area.
In addition to the council's revenues from taxation it derives revenues
from properties which it owns, notably from its electricity undertaking,
which supplies current to the city and to 43 other municipalities comprising
771 square miles of the area and 977,000 of the population in the Metropolitan area. This undertaking has, for each of the past five years, yielded
net earnings available for interest which have more than covered interest
on indebtedness incurred for its benefit. Other revenue producing properties are also owned by the city.

Australian Conversion Loan Announced as Success.
The following is from the "Wall Street Journal" of Mar.6:
Herbert Brookes, Commissioner-General for Australia, has received a
cablegram from Canberra announcing the complete success of the present
conversion loan. No further cash subscriptions will be accepted after
March 7.
Applications for conversion securities, maturing March 15 and Dec. 15
1930. are being accepted for the present, but conversion offer for the March
securities may be withdrawn on short notice at any time.
Allowing for available sinking fund moneys, the amount required to
cover the March conversion totals £9,500,000, of which £8,200.000 has
been received already in cash subscriptions and conversions.
Approximately £14,000,000 of the December securities has been converted into the new loan.

1572

FINANCIAL CHRONICLE

Offering of $20,000,000 4
Debentures of Federal
Intermediate Credit Banks.

An offering at 100 and interest of $20,000,000 4% debentures of the Federal Intermediate Credit Bank was announced
Mar. 5 by Charles R. Dunn, Fiscal Agent of the Federal
Intermediate Credit Banks at 31 Nassau Street this city.
It was stated yesterday (Mar. 7) that the issue had been
completely subscribed. The debentures will be dated
Mar. 15 1930, and will mature in 4, 6, 9 and 12 months.
Interest will be payable at maturity. The debentures are
exempt from all Federal, State, Municipal and local taxes.
The notice of the offering has the following to say regarding
the debentures:
Secured by loans and discounts representing advances made for production and marketing of crops and livestock under the Act of Congress approved Mar. 4 1923.
The twelve Federal Intermediate Credit Banks have an authorized
capital of $5,000,000 each, a total of $60,000.000 subscribed by the Secretary of the Treasury, of which $30,000,000 has been paid. The remaining
530.000,000 being subject to call, on 30 days' notice by the banks, with the
approval of the Federal Farm Loan Board.
The total assets of the banks on Jan. 31 1930 were approximately
$116,000,000. The total amount of debentures outstanding, including
this issue will be approximately $52,000,000.
All the twelve Federal Intermediate Credit Banks are liable under conditions stated in the act, for the principal of and interest on the debentures
of each bank.

Stockholders of Kansas City Joint Stock Land Bank
Present to Federal Farm Board Plans for Reorganizing
the Bank—Plans of Bondholders.
Proposals for ending the receivership of the Kansas City
Joint Stock Land Bank and reorganizing the institution
were presented to the Federal Farm Board at Washington
on Feb. 26 by D. W. Sowers, Chairman of the Stockholders'
Protective Committee of the Bank. The New York "Journal of Commerce" in a Washington dispatch Feb. 26
regarding the plan of the stockholders said:

[VOL. 130.

On Feb. 12 (just four days later) the Chairman of our Committee,
accompanied by Mr. Bass, our Counsel, presented to Mr. McLucas,
Chairman of the bondholders protective committee, in Kansas City, a
proposition calling for an option to our Chairman to purchase a minimum of $20,000,000 of bonds of the Kansas City Joint Stock Land
Bank for $10,000,000, together with an agreement to buy all or any
part of an additional $10,000,000 of the bonds at the same rate in the
event the option was accepted, thereby making the total commitment
of the stockholders committee $15,000,000.
A copy of this formal offer, dated Feb. 12, 1930, is attached to this
communication.
Lack of Details Regarding Intentions Criticised.
At the time of the presentation of this letter to Mr. "McLucas and
his counsel, Mr. Holmes, criticisms were made by them that the intentions of our committee as to just what it would do with the bank in
the event of the purchase of these bonds was not agreed upon.
Mr. McLucas was obliged to leave for New York on the night of
Feb. 12; and he proposed that Mr. Holmes would communicate the
stockholders' proposition to the bondholders' committee and that thereafter Mr. Holmes would communicate with Mr. McLucas in New York
City, where he expected to be during the early part of the week beginning Feb. 17; and he expected that some time during that week
he would advise us of the attitude of the bondholders committee towards
our proposition as well as his committee's position in regard to our
request made of Mr. McLucas and Mr. Holmes that the hearing on
the proposed new plan of the bondholders committee set for a hearing
before your Board for Feb. 26, be adjourned pending the submission
to the bondholders of the stockholders' proposition.
Mr. McLucas informs us, it became impracticable for him to notify
our committee in regard to its suggestions before a meeting of the
committee of the bondholders which was held here in Washington yesterday. At that time Mr. Sowers, Chairman of our committee, and
Mr. Bass, our Counsel, met Mr. McLucas and various members of the
bondholders committee.
Mr. McLucas advised that his committee did not feel that it had
a right to grant an option to our committee for the purchase of the
$20,000,000 of bonds because of the limitations in the bondholders'
deposit agreement dated Nov. 8, 1927, and was unwilling to submit
our proposed plan to the individual bondholders and, further, would
not grant our request that the hearing before the Farm Loan Board
set for today be adjourned pending the submission by us of our proposition to all the bondholders.
Prior to this meeting on Feb. 24, the Chairman of the stockholders
committee presented to Mr. McLucas a formal proposition supplementing
the one made in Feb. 12 and making more specific the agreement of
the stockholders regarding the manner in which the bank was to be
reorganized in the event that the option was exercised.
This agreement shows that the stockholders committee proposes to
cancel the $20,000,000 or more of bonds which would be bought pursuant to the option, so that the bonds not purchased pursuant to the
option will have equal prior rights in the assets of a going solvent
land bank which the committee proposes to substitute for the present
receivership. A copy of this supplemental agreement dated Feb. 24
is attached to this letter.
It is not the desire of the stockholders committee at this time to
present to the Farm Loan Board its legal or other objections to the
latest plan submitted by the bondholders committee. We desire specifically to reserve our rights in this regard.
It is our desire to submit our proposition to all the bondholders of
the Kansas City Joint Stock Land Bank, together with our comments
pointing out the peculiar advantages that will accrue to the bondholders
by its acceptance.
We specifically request:
(a) That, as an incident to such submission, the Board adjourn this
hearing for 60 days and extend for such time the right of the stockholders and others to be heard in opposition to the bondholders' plan
dated Jan. 2, 1930, if such action should become necessary.
(b) That the receiver be instructed to immediately furnish us with
the names and addresses of all known bondholders, which information
we understand he has available in his records.

A request that the stockholders' protective committee be allowed to
take complete charge of reorganizing the Kansas City Joint Stock
Land Bank, which failed three years ago because of adverse agricultural
conditions, was made to the Federal Farm Loan Board today by D. \V.
Sowers, Chairman of the committee.
This request was made as a counter proposal of the bondholders'
committee, which sought to take charge of the reorganization of the
bank through the acquisition of outstanding bonds and the formation
of two new corporate organizations, one a new Joint Stock Land Bank,
and the other a liquidation corporation.
Mr. Sowers, in submitting his request, declared that one of the
most important sources of credit for the farmers of this country has
been their ability to secure necessary loans upon their farms from
the Joint Stock Land Banks. There are forty-nine of these banks in
existence, he pointed out.
The Kansas City Bank, with $44,000,000 of outstanding bonds, was,
prior to the receivership, the second largest Joint Stock Land Bank in
the country, he said, and "if this bank is reorganized in accordance
with the plan which has been submitted by its stockholders, it will
be the first real break in the clouds that have been keeping this whole
system in darkness, which has caused public distrust in the soundness
of the securities issued by these banks, which under the law have been
termed instrumentalities of the United States Government. The particular importance of the Kansas City Joint Stock Land Bank reorganization is shown by the fact that it has nearly 7,000 bondholders
and stockholders spread over practically every State in the Union,"
he added.
Ending of Receivership By Plan Stressed.
The main purpose in the appearance of the stockholders' committee
before the board today was to file a request that the board adjourn its
We assume that it will be clear to the bondholders as well as to your
hearing for sixty days and take no action on the plan of the bond- honorable body that the plan which we present when operative will:
holders' committee until the plan of the former committee might first
(1) .Dissolve the receivership and place the bank again in the conbe submitted to the bondholders of the Kansas City Bank for their trol of its stockholders;
consideration.
(2) The bonds purchased under the option will be cancelled and.
as a result, the other bondholders will share equally and ratably and
From the United States Daily of Feb. 28 we take the have a
first lien upon the assets of the bank pledged for their security.
following letter containing the views of the stockholders' This security will thus be gilt-edge and should be equal to or better
protective committee, signed by Mr. Sowers and addressed than the bonds of any operating Joint Stock Land Bank;
(3) It offers all bondholders selling pursuant to plan (with a
to Paul Bestor, Chairman of the Federal Farm Loan
minimum of $20,000,000 and a maximum of $30,000,000) 50% of
Board:
the par value of their holdings and agrees that their remaining bonds
Dear Sir: The Stockholders • Protective Committee is glad to be shall be secured by pledged assets of a reorganized solvent bank,
able to advise you that it is now in a position to offer to the Federal properly capitalized, and with first mortgages pledged with the registrar,
Farm Loan Board and the bondholders of the Kansas City Joint Stock all in conformity with law and with the approval of the Farm Loan
Land Bank a constructive plan which, if made operative, will raise Board and in conformity with its rules and regulations;
the present receivership operated under the direction of your Board
(4) It offers all bondholders the privilege of disposing of all of
and substitute a going, solvent land bank and tend to lift the stigma their bonds now, up to approximately 70% of the entire outstanding
under which the whole Joint Stock Land Bank system is now placed, bonds at 50% of par. This proposition would seem meritorious, when
partially due to having its third largest bank in the hands of a re- a bondholder realizes that the market value of these bonds was yesterday
ceiver.
quoted in the press at from 45 to 47, and, in fact, the market on the
bonds has been less than 50 for a considerable time past. The stockDelay Was Experienced In Getting Information.
As the Farm Loan Board knows, our Committee has for a long holders as a basis of making their plan operative will have theretofore
time been unsuccessful in the attempt to secure information from it arranged for a compromise settlement or adjustment with the unsecured
creditors and stockholders.
with a view to formulating a plan. Your receiver, Mr. Langworth
Such a solution, we are sure, not alone will meet with the approval
(as we understand, acting under your direction), recently furnished
of the Farm Loan Board but also of the Congress, the farmers, and the
various of the information requested of him in letter of our Chairman
Joint Stock Land Banks who are endeavoring to operate successfully
dated Jan. 15, 1930.
A large part of this information accompanied the letter of the re- and thereby provide a means for agriculture to finance its operations.
This letter would have been handed to you sooner but for the delay
ceiver (hated Jan. 27 and, which was received by use in Buffalo on
on the part of the bondholders in giving us their answer.
Jan. 31. The information so furnished was incomplete.
In closing we again request your honorable body to grant us the
Upon our request Mr. Langworthy sent additional information on
Feb. 7, 1930, which was received by us on Feb. 8. This date is import- extension and direct the receiver to furnish us the information as set
forth in paragraph (a) and (b) above.
ant because for the first time our committee was put in possession of
sufficient information to enable it to formulate a constructive plan for
Regarding the plans of the Bondholders Protective Comthe solution of this unfortunate bank failure.
mittee for the reorganization of the Kansas City Joint




MAIL 8 1930.]

FINANCIAL CHRONICLE

Stock Land Bank we quote the following Kansas City,
Mo., advices Jan. 27, published in the Chicago "Journal of
Commerce":

1573

Chairman Legge previously had said recent heavy receipts of wheat
might make it necessary to alter methods of stabilization, as required
to facilitate country storage.

The New York "Times" advices from Chicago March 1

A new plan to reorganize the Kansas City Joint Stock Land Bank,
of the Federal Government's
closed since May 4, 1927, has been advanced by members of the bond- stating that modification
activities in bolstering grain prices through the two agriholders' protective committee, it has been announced here.
The reorganization program calls for the re-establishment of a Land cultural agencies it controls was ordered at the Chicago
Bank here and the creation of a liquidation corporation, the securities
Mr. Legge as stating, in addition to
of both organizations to be distributed among the participants in the conference, reported
the formal announcement above, that the stabilization corplan.
Stockholders in the defunct bank are to be permitted to participate poration would continue to buy grain at prevailing market
in the reorganization to a limited extent, and then only after fulfilling
that demanded
certain rigid requirements. These include payment to the liquidation prices, and if a situation should arise
company of an amount equal to the par value of the stock held in the taking grain off the market to relieve demoralization, this
closed bank.
would be done. The Chicago dispatch March 1 to the
In return, the stockholders are to be permitted to name one of the
into the new institution, or "Times" went on to say:
five voting trustees, if $1,000,000 is paid
two trustees, if $2,000,000 is advanced. The trustees representing the
Loan Values Now "Out of Line."
old stockholders then would be permitted to select one or two of the
Loan values which were established in all principal grain exchanges
seven directors of the reorganized institution and liquidation corporation.
"out of line," Mr. Legge said, by reason
To carry out the reorganization plan, pledged assets of the defunct last Fall have since become
terminal conditions of the country.
Bank are to be offered for sale and the bondholders' protective com- of changes in
last Fall's price schedule seems necessary,"
"Some adjustment from
mittee would be authorized to bid.
Should the committee be the successful bidder and acquire the pledged he said.
Mr. Legge said that much time had been taken up at the meeting
assets, it would reorganize the Joint Stock Land Bank, to which it
technicalities of admitting farmers' co-operatives into
would turn over sufficient of the pledged assets to provide working capi- with the legal
organization.
and to create collateral to guarantee an issue of new` 5% bonds in the Farm Board's national
tal,
With Secretary Hyde, Mr. Legge voiced the belief that the Stabilizasuch face amounts as the committee shall determine, with the approval
tion Corporation's purchases of large blocks of both cash wheat and
of the Farm Loan Board.
stayed an impending panic.
All capital stock and all bonds in the new Bank would be held by the future delivery contracts had
"What has been done during the past week was to check what might
bondholders' committee, now the dominating group in all attempts to
have been a real panic," Mr. Hyde stated. "It might be compared
reorganize the Bank.
October in the stock market.
W. S. McLucas is Chairman of the committee, which submitted the with what happened last
"At that time bankers and big business stepped in with millions to
proposal, and Jo Zach Miller III is Secretary.
when farm commodities started on the
The plans of the Bondholders' Protective Committee rescue the situation. Butone in the country, except the government
toboggan shortly after, no
were likewise set before the Federal Farm Board on Feb. through its Farm Board, was on hand to help the farmer.
26; the United States Daily in reporting this said in part:
"When Farm Board loans failed to stem the tide of selling, and
stocks of grain were piling up in this country, more drastic measures
Liquidating Corporation.
became necessary. That is why the Farm Board created the stabilizaRoughly, the bondholders, headed by W. S. McLucas, of Kansas City, tion corporation, to be able to go the limit if necessary to save the
Mo., as Chairman, proposed the formation of an asset liquidating cor- situation."
poration which would take over the present bank. It then would form
Both Silent on Criticism.
a new joint stock land bank through which it would accomplish a reNow that the emergency is largely past the time has come to confinancing by the issuance of new bonds to the holders of the old bonds
pull ahead," the Secretary
and would, at the same time, proffer to the bondholders participation sider a policy that will hold "for the long
express an opinion on the
certificates so that they would share in the proceeds of liquidation be- said. Neither he nor Mr. Legge would
criticisms being voiced by grain exchanges and chambers of commerce
yond the acceptable assets after new appraisals.
by the Farm Board.
The bondholders expressed to the Board the belief that they can suc- on the so-called "speculation" and "discrimination"
With Secretary Hyde and Mr. Legge at the conference were S. R.
ceed in restoring the corporation to satisfactory status with a minimum
and C. B. Denman of the
of loss and laid down their concrete plan with the assertion that they McKelvie, Carl Williams, James C. Stone
president of the Stabilization
expect a very large percentage of the bond owners to join with them. Farm Board, and William G. Kellogg,
Farmers National Grain CorCorporation and general manager of the
poration.
Others attending were Ward M. Buckles, C. E. Huff, William H.
Federal Farm Board Discontinues Wheat Buying on Loan Settle, Bert Lang, John Manley and E. H. Hodson, directors of the
Basis Fixed in October—Farmers National Grain Cor- Stabilization Corporation, and the following from the Farmers National
poration to Continue Loans to Co-operatives—State- GrainJ.Corporation:
Knight, George E. Duis, W. G. Kenney, L. E. Webb, S. J.
J.
ments by Alexander Legge and Secretary Hyde.
Cottington, M. W. Thatcher, E. R. Downie, E. G. McCollum and Frank
Announcement that the Federal Farm Board had dis- Sloan.
A three-cent drop in wheat today was checked by heavy buying,
continued purchases of wheat on an arbitrary loan basis reportedly by the Stabilization Corporation, and the market closed
was made at Chicago on March 1 by Alexander Legge, stronger.
H. W. Thatcher of Fargo, member of the Farm Board's wheat adChairman of the Board, the statement coming after what
visory committee, stated tonight that the recent rush of farmers in the
is said to have been a secret conference in Chicago be- Northwest to join co-operatives to insure the value of their present
tween Secretary of Agriculture Hyde, members of the grain indicates that practically the entire control of the Northwest's
Board's national sales
Farm Board and officers of the Grain Stabilization Cor- wheat crop next year will rest in the Farm
co-operative.

poration and the Farmers National Grain Corporation.
A further account from Chicago March 2 to the "Times"
The announcement which was issued by Alexander Legge,
said in part:
Chairman of the Board, said:

The price figure thus dropped by the Farm Board was set in October
in an effort to check a steady decline in the market. The Board, conforming to its policy of paying an arbitrary price, had been paying
this price for some five months, regardless of the price of cash grain,
and in doing so had sometimes paid as much as 15 cents over the
market.
Marketing Disorders Develop.
The action follows the demoralized conditions in the
What brought disorder into the grain industry under the plan was
wheat market, to which reference was made in these the widespread practice by traders of buying at the cash grain price
columns March 1, page 1368. The conditions in both the in the cities, and shipping the grain back into the country, there to be
Board, often at profits of 8 to 10 cents a bushel.
wheat and cotton markets were discussed with President sold back to the Farm
Mr. Legge said today he believed that the move on the part of the
Hoover on Feb. 28 by Secretary Hyde, Chairman Legge Farm Board would prove at least "helpful."
"The suspension of the arbitrary loan price basis established last
and S. It. McKelvie, the Board's Member representing
panicky feeling and stabilize the entire grain induswheat interests, before the departure for Chicago that Fall will relieve thesaid. "As we have already stated, however, the
try," Mr. Legge
night of Messrs. Hyde, Legge and McKelvie. Associated Farmers' National Grain Corporation will continue to make loans to
Press accounts from Washington Feb. 28, in the "World," co-operatives on the present crop until July 1."
While the new policy was welcomed at many points in the grain
referring to the conference with President Hoover said in
belt, according to dispatches, it was received with enthusiasm in the
part:
Grain Exchange and Farmers' Union headquarters at Omaha, Neb.
Mr. Hoover was represented to be optimistic for general improve- Hugh A. Butler, President of the Omaha Grain Exchange, hailed the
ment as a result of the upturn in the market.
move as "the only ultimate solution of the wheat marketing situation."
While he did not confirm a report that lie would carry a personal
"The Farm Board needs the co-operation of the grain men," Mr.
message from the President to the Wheat Advisory Committee, the Butler declared . "The grain men own the elevators whose storage
Secretary said Mr. Hoover was "keenly interested" in its deliberations. space must be used if the stabilization program is to be effective. The
It was on recommendation of the committee that the Farm Board regular grain exchanges do not fear Federal competition in grain marauthorized the stabilization operations which, financed by Federal funds, keting if such competition is on a business basis."
were generally credited here with halting the rapid market deflections
Says Farmers Are Relieved.
that had made "dollar wheat" a reality in Chicago.
Secretary IIyde said he did not believe the Stabilization Corporation
As spokesman for the farmers, L. S. Herron, editor of the Nebraska
bought any wheat today, either in the cash or future market. The Union Farmer, said the Farm Board's move will relieve the feelings
had
inactivity, however, he said, did not necessarily imply that it would not of hundreds of Nebraska farmers who believed they were being forced
resume purchases when and in whatever manner necessary to improve into affiliation with the grain corporation.
the market.
John A. Bunnell, President of the Chicago Board of Trade, said he
He said the meeting with the committee had been arranged for some did not feel inclined to express either commendation or criticism of the
to discuss general grain trade problems, and that there was no move.
•time
presentindication that it would result in any drastic modification of
."The Chicago Board of Trade will go along with the new policy—
-stabilization operations.
that's all I can say," he declared.

"On account of impending congestion of grain on many terminal
markets and the at least measurable passing of the emergency in grain
prices, we will discontinue buying grain on the arbitrary loan price
basis which was established last October. The Farmers' National Grain
,Corporation will continue to make loans to co-operatives on the present
crop, however, until July 1."




1574

FINANCIAL CHRONICLE

C. B. Steward of Lincoln, Neb., President of the Farmers' WestCentral Grain Co-operative, Inc., said he thought the discontinuance of
buying of grain on a loan basis would stop the congestion at the terminals and help protect co-operatives.
Meantime, the members of the Farm Board were said to be worried
about the congestion of the terminals. It is admitted that this is a
serious situation and one which is starting to worry many persons in
the industry.
The terminal markets are practically filled up and, with another
crop in prospect for July 1, almost all available storage space has been
taken. The reason for this situation is said to be the refusal of British
and European buyers to take America grain, particularly wheat. Thus,
it is pointed out, with no export outlet, the country faces the prospect
of glutted wheat markets.

The corporation ceased operation April 5, 1929.

[VOL. 130.
Eugene Meyer

was chairman of the Liquidation Committee until he resigned from the

Federal Farm Loan Board in May, 1929. He was succeeded by G. R.
Cooksey, a member of the Farm Loan Board.
The Corporation was formed by Congress in 1918 and in 1921 was
revived to continue its work in the post-war deflation period.

FederaLiFarm"Board Acts to Buy up Wheat—Warning
to Speculators That They Must Deliver Seen in
Move—$1.18 Loan Price Is Aim—Chairman Legge
Denies Planning Corner—Readiness to Take up
150,000,000 Bushels Reported.

Advices to the effect that President Hoover supported
The Federal Farm Board announced on March 6, that it is
the policies of the Farm Board were contained in Assoprepared to continue buying wheat at the market in its
ciated Press dispatches from Washington March 4 which
efforts to push the price back to a point near the $1.18 loan
said:
The Farm Board's wheat stabilization program continued to command interest today in Washington, with Alexander Legge, the Chairman, declaring that President Hoover was "squarely behind the board
at every turn in the road without reservation whatsoever."
Scheduled to go before the Senate Agriculture Committee on Friday
to outline the Board's policies, the Chairman said he had not acquainted
himself with the text of the resolution by Senator Gerald P. Nye,
Republican, North Dakota, proposing a Congressional investigation of
the administration of the Farm Relief Act. The Committee postponed
consideration of the Nye resolution today until the week end.
Informed that the Committee wanted the views of himself and Secretary Hyde before proceeding with the resolution, Chairman Legge
indicated he would not actively oppose an investigation, but said the
Board was extremely busy and that every day of investigation would
mean delay in the progress of its work.
The order halting the purchase of co-operative wheat at prices
equivalent to the loan schedule to co-operatives resulted, Legge said,
from a tremendous rush of wheat to the terminal markets.
The purpose of the order was to prevent an embargo which threatened to develop on five terminal markets, he said, rather than to placate
independent grain dealers who protested against prices to co-operatives
that were from ten to twelve cents above the cash market.
The Chairman said the order had taken into consideration the protest
of country millers, friends of the Farm Board, who were placed in an
"unhappy situation" by the competition of flour from millers in terminal
markets where the cheap wheat was sold. Their protest, he said, was
"sound and reasonable."
Senator Nye said today, after a meeting of the agriculture committee,
that he was convinced that the grain operators were seeking "to discredit the Farm Board and the Farm Relief Act." "Now is the time
to go into this," he added.

A statement by Secretary Hyde regarding the Farm
Board's modified program is taken as follows from the
United States Daily of March 5:
The Federal Farm Board adopted its modified wheat program in pursuance of its policy of making attempts to assist the farmer by acting
as a stabilizing influence in shaky markets and in conformity with the
laws of supply and demand, according to an oral statement on March 4
by the Secretary of Agriculture, Arthur M. Hyde.
Previous authorization of the Board for the Grain Stabilization Corporation to enter the market and purchase wheat at the Board's loan
basis prices announced in October was made because at that time the
market was exhibiting panic symptoms, Mr. Hyde said.
Market Settling.
This policy was dropped and the Board took the modified policy of
authorizing the Stabilization Corporation to discontinue buying wheat
at loan basis prices and continue making purchases at market prices,
the Secretary of Agriculture explained, because the market is now
settling.
Buying at market prices also was authorized, Mr. Hyde explained,
because paying the loan basis prices was attracting wheat to the terminals in undesirable quantities.
He said the Board is attempting to assist farmers and at the same
time to act in conformity with the law of supply and demand. The
Board, he said, is keeping to the law of supply and demand as closely
as possible, although it is only to be expected that the estimates may
possibly be off a cent or two in one direction or the other.
If the few farmers who still possess their own grain want to get the
Board's loan basis prices, that is a matter to be taken up with the
Farmers National Grain Corporation, the national co-operative set up
under the guidance of the Board, Mr. Hyde said.
The Farm Board, the Secretary of Agriculture explained, is going
to continue making loans to the Farmers National Grain Corporation
on the loan basis for wheat announced in October.

Under date of March (; press advices from Washington
said:
The Grain Stabilization Corporation will continue buying wheat at
the market and remove from the market whatever additional quantity
may be necessary to relieve the pressure and prevent any considerable
decline in wheat prices, the Federal Farm Board announced this
afternoon.
The Farm Board is prepared to advance to this farmers' organization whatever funds are necessary for that purpose. The Stabilization
Corporation is being accused of speculating in the grain market, the
announcement said, continuing:
"There is no foundation in fact for such a statement. The Stabilization Corporation is prepared to, and expects to, take delivery of all
grain purchased on futures contracts and merchandise it as the market
conditions permit."

price. A dispatch from Washington to the New York
"Times" March 6 reporting this added:

Chairman Legge denied that the future operations of the Board would
have the aspects of an attempt to corner the market, but it is understood that the Board is prepared to take control of up to 150,000,000
bushels of wheat in its campaign to stabilize the market. The visible
supply is estimated to be 162,000,000 bushels. The Board now controls
in excess of 25,000,000 bushels through the Grain Stabilization Corporation,
the agency through which its market operations have been conducted.
In making its formal announcement, the Board denied that its recent
activities took on the aspect of speculation. It said:
"The Grain Stabilization Corporation will continue buying wheat in
the market and remove from the market whatever additional quantity
may be necessary to relieve the pressure and prevent any considerable
decline in wheat prices. The Farm Board is prepared to advance to this
farmers' organization whatever funds are necessary for that purpose.
Denies Corporation Is Speculating.
"The Stabilization Corporation is being accused of speculating in the
grain market. There is no foundation in fact for such statement. The
Stabilization Corporation is prepared and expects to take delivery ()fall grain purchased on future contracts and merchandise it as the market
conditions will permit."
It was further reported that the Stabilization Corporation is prepared
to hold millions of bushels of wheat off the market, even after the new crop is marketed next Summer, to permit the corporation to avoid losses
and possibly realize a profit from its operations.
The Board's announcement was interpreted as notice to the speculators
that they will be required to deliver under their futures contracts.
Despite the determination which has been reached by the Board to
take out of the market, if necessary, virtually the entire visible supply
remaining from the 1929 crop, it is not anticipated that this drastic step

will be necessary.
The financing of the buying of 150,000,600 bushels, the limit set by
the Board, would require about $165,000,000. The Boar already has
loaned or obligated slightly less than $75.000,000 oi the $150,009,000 so
far appropriated for it by Congress. The Board, however, has assurances
from Congressional leaders that ample additionai funds will be forthcoming.
if required.

Chairman Legge of Federal Farm Board Predicts Rise
in Farm Prices—Believes Bottom Has Been Reached
McNary Asks Hyde's Views—Senator Hears of
World Effort to Discredit Farm Board.

Chairman Legge of the Federal Farm Board expressed the
opinion before the Senate Committe on Agriculture at
Washington yesterday (March 7) that the bottom had been
reached in the price declines of agriculture commodities and
that improvement was in sight. An Associated Press dispatch from Washington published in "The Sun" of last night
reported this and added:
Mr. Legge with Secretary Hyde of the Department of Agriculture
discussed the farm question at an executive session.
Afterward Chairman McNary called another meeting of the Senate
-morrow to consider the Nye resolution asking for the
Committee for to
investigation of the administration of the act under which the Farm Board
was created.
Mr. Legge told the Senate Committee that the full attention of the
Board was now directed toward bringing about the stabhization of agricultural commodities prices. Wheat and cotton prices have broken considerably in recent weeks.
Senator McNary requested Mr. Legge and Senator Hyde to appear
to-morrow, and asked them to submit an opinion on reports that a worldwide attempt was being made to depress prices in an effort to demoralize
the new American farm relief program.
The Committee Chairman said that he had received reports asserting
that there was evidence of a worldwide arrangement against the Farm
Board, centered in operations on the Liverpool Exchange. He did not.
disclose the source of his information nor the evidence submitted.
Senator Nye, Republican, of North Dakota, who has charged that a
determined campaign was being conducted by the grain trade of this
country to discredit the Farm Board, indicated after the session that hewould press his resolution.
However, it was indicated that Mr. Legge and Secretary Hyde were
disinclined to favor the proposed investigation at this time, fearing misinterpretation of its purposes.

Federal Farm Board Makes Advances to Two Cooperatives.

Approval of the applications of two co-operative asso-

War Finance Body Completing Liquidation Secretary— ciations for loans was announced on March 6 by the Federal
Reports It Has Profit of $64,352,768 for Government.
Farm Board, as follows:
Under date of Feb. 18 an Associated Press dispatch to
The Maryland Tobacco Growers Association, Baltimore, Mo., has been
granted a supplemental commodity loan not exceeding $500,000. This
the New York "Times" from Washington, said:
loan will
association to make advances on additional member-

Secretary Mellon submitted to Congress today a report in which he
said the War Finance Corporation had reached the final stage of
liquidation and was approaching the end of its career with a profit
of $64,352,768 for the government and all but $10,000 of its original
$500,000,000 paid to the treasury.




enable the
produced tobacco that are not practicable under its present credit facilities.
The Shelby County Milk Producers Association, Memphis, Tenn.,
had been granted a physical facilities loan of $100,000. The Board's
action was taken after G. H. Moorer, a director of the association, had
presented the application.1The association is a milk distributing organiza-

MAR.8 1930.]

FINANCIAL CHRONICLE

tion. Mr. Moorer said the loan from the Farm Board would enable the
association to provide facilities for the modern and efficient handling ofthe
products of its members.

1575

In a telegram to the President, Mr. Gano said he owned fifty elevators
and that all would be forced to close as the Federal Farm Board's
"stabliized price is 12 to 15 cents above the open market in which I am
forced to sell my grain."
"This is the most vicious order ever issued by an agency of the United
States Government and should be rescinded at once," said his telegram.
"I am only too glad to assist in stabilizing the wheat price. All I ask
is fair play and an even break. This not only applies to me, but to every
other independent grain dealer in this section. Wish you would confer
with Mr. Legge (Alexander Legge, Chairman of the Federal Farm Board)
and explain matters."

C. W. Lonsdale of U. S. Chamber of Commerce Criticizes "Price Fixing Methods" of Federal Farm
Board.
Charles W. Lonsdale, Vice-President of the Chamber of
Commerce of the United States, charged in a statement at
Kansas City, Mo., February 28 that the Federal Farm Board
St. Louis Dealers Protest to President Hoover Against
has used "heavy-handed" methods and price-fixing in its
"Fixed Price" Methods of Farmers' National Grain
force of law and
"efforts to maintain wheat prices by
Corporation.
money." Associated Press accounts from Kansas City reAssociated Press dispatches, Mar. 1, from St. Louis stated:
porting this added:
Mr. Lansdale, a Kansas City grain dealer, who rejected an offer to become general manager of the Farmers' National Grain Corporation last
December, declared the "heavy-handed" efforts had been made by the board
"in the face of known conditions of an enormous North American wheat
surplus, for which there is no immediate demand."
"Congress through its administrative agency," he said, "set out to
establish the wheat price at a predetermined figure. It sought to do this
first by establishing a fixed price basis for loans to co-operatives. Next
It resorted to the more dangerous expedient of announcing a price at
which it would buy "country-run" wheat, limited as to grade and origin.
"Having failed through measures of expediency to defeat the influence of
supply and demand upon the price of wheat, Chairman Legge appeals
to the grain trade for co-operation.
"The grain trade can no more influence the course of grain prices
than it can control the tides of the ocean. When a surplus exists prices
descend. When demand exceeds supply prices must advance."
Mr. Lansdale denied charges that the grain trade had opposed the Farm
Board "other than by expression of its views based on actual marketing
experience."

Two St. Louis grain films today wired protests to President Hoover and
Secretary Hyde against the recent action of the Grain Corporation 'and
Stabilizing Corporation in the purchase of wheat from co-operatives at a
price in excess of the market price.
The protests characterized the government's purchase of wheat as "Communistic" and "Socialistic."
The protesting firms were the Nanson Commission Company and the
Marshall Hall Grain Company.
The Ponca City (Okla.) Milling Company also sent a protest to President Hoover, it was announced here by James E. Bennett & Co.

Minneapolis Civic and Commerce Association Protests
Against Federal Farm Board's Injustice Toward
Farmers.
The following Associated Press dispatch from Minneapolis March 1 is from the New York "Evening Post":
The Minneapolis Civic and Commerce Association, in a telegram today
to Chairman Legge of the Federal Farm Board, criticized the Board for
"refusing to take any farmer's wheat on a basis with any other farmers,
grade for grade."
Declaring that all business in the Northwest was dependent on agriculture, the telegram said "that the majority of Northwest farmers are not
members of the wheat co-operatives, and in many districts cannot market
at a co-operative house."

Boston Grain and Flour Exchange Protests to Secretary
of Agriculture Hyde Against National Crain Corporation's Discrimination Against Shipment by
Elevators.
The Boston Grain and Flour Exchange has protested to
Minneapolis advices (February 26, Associated Press)
Secretary of Agriculture Hyde concerning the method of
the National Grain Corporation in discriminating against stated:
Representatives of private grain traders today issued a memorandum
shipments from elevators and in favor of the co-operatives
summing up their views of the present grain marketing situation and
only. A Boston dispatch to the New York "Journal of Com- criticizing the Farmers' National Grain Corporation for its new ruling
regarding purchasing of wheat from co-operatives only.
merce" March 4, from which this is learned, says:
The telegram, signed by President Henry P. Smith and Secretary L. W.
Depass, was as follows:
"The Boston Grain and Flour Exchange, through its Board of Directors,
and, feeling that they are speaking for the entire grain trade of New
England, deeply regret the reported activity of the National Grain Corporation and Stabilization Corporation in discriminating against the purchase of wheat shipped by elevator, and taking only shipments of cooperatives.
"Without criticism of officials who are endeavoring to the best of their
ability to carry out the provisions of the act, we feel justified in stating
that its operation is resulting in the utter demoralization of the distribution and conversion of wheat and its products and sympathetically all
other grains and thereby causing many other lines of business to view with
alarm the final result of the entrance of the Government into the business
affairs of the country. The artificial stimulation of prices by Government
loans does not increase consumption by a single mouthful."

Chicago Protests Against Federal Farm Board's
Stabilization Program.
Referring to the protests of independent grain dealers
throughout the wheat belt against the Federal Farm Board's
policy of buying only from co-operatives at the high loan
level set for the National Farmers' Grain Corporation a dispatch February 26 to the New York "Times" stated:
The protests against the Farm Board's wheat stabilization program came
from trade commissioners and elevator men, who described as confiscatory
the Board's edict, which prohibits nonco-operative wheat men from selling
to the National Grain Corporation at the enhanced price fixed by the
Board for cash grain.
One Kansas elevator operator asserted that the policy threatened to
close his fifty country elevators, and the Omaha Grain Exchange, in an
appeal telegraphed to the Nebraska Senators at Washington, said that
shippers were stocked with wheat handled for farmers' accounts which
they could not dispose of because of the Board's orders.
The Farm Board, through the Grain Corporation, is paying the cooperatives affiliated with it about 12 cents a bushel snore than the price
for which the Board's Stabilization Corporation is getting wheat futures
In the open market.

Private Grain Dealers in St. PaullClaim They:Arc'Being
Driven Out by Federal Farm Board.
ri
The "Times" reported the following from St. Paul February 28:
Members of the private grain trade, at a conference with the press,
declared today that the policy of the Federal Farm Board in restricting
the purchase of wheat at the government's price would drive the private
trade out of the market, at least temporarily.
The Farmers Union Terminal Associaion of St. Paul, one of three cooperatives recognized by the Farm Board in this territory, reports that
it has applications from 200 farmers' elevators for membership, more
than doubling the number of affiliated units.

Nebraska Millers' Association Protests Against Federal
Farm Board's Pegging of Wheat Price.
Members of the Nebraska Millers' Association have added
their protests to the list of complaints registered against the
Federal Farm Board's pegging the price of hard winter
wheat says an Associated Press dispatch March 1, which
went on to say:
In a letter forwarded to Samuel Roy McKelvie, grain member of the
Farm Board, F. M. Ross, president of the Nebraska Millers' Association,
declared:
"Interior flour mills have, during the past few months, lost great
sums of money and stand to lose a great deal more under the present conditions which have been brought about by the pegged price.
"If there ever was discrimination, this is the greatest of all. When a
flour mill located at a terminal point is able to buy its wheat of good
milling quality at 15 to 20 cents below the price that the interior mills
must pay, it means disaster and ruin for the interior mills, which have,
in the past, done more than any other agency to hold up the price of
the farmers' wheat."
Mr. Ross stated here last night that McKelvie has assured him that the
Board and its agencies already realize the difficult positions of the millers
and is seeking a solution for it.

George Gano, Grain Elevator Operator, of Kansas,
Omaha Market at Standstill.
Objects to Farmers' National Grain Corporation
Under date of February 28 a dispatch from Omaha to the
Order that Wheat Be Purchased Only from CoNew York "Times" stated:
operatives—Other Protests.
The wheat situation on the Omaha grain market is at a standstill, except
Associated Press dispatches from Hutchinson, Kan., on shipments made prior to the Farm Board's purchasing order. Corn has
February 26 are taken as follows from the New York "Eve- not been affected.
F. P. Manchester, Secretary of the Omaha Grain Exchange, said today:
ning Post":
"We don't know what to expect, beginning tomorrow-. Unless prices
George Gano, the largest independent grain elevator operator in Kansas,
today protested to President Hoover against what he termed the "confiscation" of his business as a result of an order of the Farmers' National
Grain Corporation that wheat would be purchased only from co-operative
elevators.




advance above the government price, we expect a heavy curtailment of
shipments, except from co-operatives affiliated with the Farm Board."
The Farmers' West Central Grain Co-operative, affiliated with the Farm
Board, has just received its charter and will at once take membership in
the Stabilization Corporation, after which its members can sell wheat

1576

FINANCIAL CHRONICLE

[VOL. 130.

to the corporation. No wheat from these farmers is being shipped to
Letters have been sent to members of the Mohair Producers' Co-Operative
market.
Marketing Corp. by Roy J. Davenport. President, announcing that orThe Nebraska Farmers' Union, the largest farm organization in Nebraska, ganization has been completed in accordance with plans of the Federal
announced two weeks ago that it would not affiliate with the Farm Board, Farm Board. A credit of $1,000,000 in advances of 50 cents per head on
but the union today is taking a referendum of its members, and its officers sheep and goats which have a six-month growth of wool and mohair and $1
believe the vote will authorize the union to take membership in the per head for animals with twelve-month growths has been arranged.
Stabilization Corporation. Practically no grain is being shipped by members of the Farmers' Union.

Mississippi Senate Passes Bill Calling for Reduction in
Cotton Acreage—Law Effective Only if Sufficient
Number of States Enact Similar Measures.
Protest of Omaha Grain Exchange Against Guaranteed
Wheat Price by Federal Farm Board to Co-operFrom the New Orleans "Picayune" we take the following
atives.
Jackson (Miss.) advises, Feb.27:
The Mississippi Senate launched out upon an enforced cotton acreage
From Omaha (February 26) Associated Press accounts
reduction program to-day in an effort to stem the downward trend in the
stated:
Price of cotton, passing the Roberts Soil

The Omaha Grain Exchange today telegraphed a protest to Senators
Norris and Howell of Nebraska, against the ruling of the Federal Farm
Board withdrawing the Government Agencies' guaranteed price for wheat
from all except member co-operatives.

Speculators Bear Most Wheat Loss—Total Decline
Estimated at $32,000,000, of Which Farmers Share
$15,000,000—Farm Board Rocks Trade.
The following from Chicago March 1 appeared in the New
York "Evening Post":
A wheat situation that baffles the ingenuity and resources of the
sharpest and best of men in the trade, presenting new angles almost daily,
creates the most unsettled feeling that has ever been experienced. It is
worse than at any time during the war, even when the foreign governments
were in the market taking millions of bushels daily. Government operations
are infinitestimal as compared with buying by various foreign governments during the war, yet the purchase of moderate quantities has its influence at times.
The main question is how large the Federal Farm Board, operating
through brokers, is to expand its operations in the futures market and
how long they will continue to pay prices around 15 cents or more above
the May delivery in an effort to help the farmer unload his cash wheat.
By far the most important action by the Farm Board, from a market
standpoint, was the buying of March and May wheat in the Chicago market
on Tuesday. It was on early, around $1.09 for May, possibly following
the market down through different brokers to $1.02%, and became most
conspicuous when two brokers at least, and possibly more, took all the
wheat offered from $1.04 up to $1.08% in the last thirty minutes of
trading on Tuesday. It caught the pit in a sold-out condition and
atampeded shorts into buying, raising the price so rapidly that it was
difficult to follow for a few minutes.
So far as known, Farm Board officials acting through the National Grain
Growers Co-operative Association have sold none of the cash wheat they
bought. Mills have been forced to go to public or private elevators for
supplies, the decline in wheat prices having brought in fair buying of
flour at big discounts under the May.
A feature of the present break in wheat is that the speculator has suffered the bulk of the lose. Maintenance of $1.15 for winter wheat and
$1.25 for spring wheat by the government has given farmers an opportunity to secure good prices. The decline of 21 cents on May in the last
two weeks based on the total visible supplies would represent around
$32,000,000. This has been lost by the speculator, while the farmer's
low is not estimated at over $15,000,000 because of the government prices.
From the high point of last July, May wheat in Chicago fell off 61% cents.
The wheat market in Chicago has been honeycombed with stop loss
orders from $1.20 for May down, which have been well eliminated.
Argentina has steadily undersold Canada and the United States, so that
until Argentine exporters get through selling, a large demand for Northern
Hemisphere wheat is not to be expected.

C. S. Wilson of Federal Farm Board Promises Board's
Aid to New York State Grange—Help Not Limited
to One Crop Farmer.

New York State farmers may share in the benefits of the
$500,000,000 Federal farm loan Act without being one-crop
specialists, Charles S. Wilson, New York member of the
Federal Farm Board, told delegates to the State Grange
at the session at Syracuse on Feb. 7. A dispatch to the New
York "Times" indicating this, also said:

Conservation Measure authorizing
the use of the police power of the State to force a 40% acreage reduction
In cotton planting whenever a similar law is enacted in cotton growing States
producing in the aggregate 10,000.000 bales of cotton in 1929. The measure
now goes to the House, unless it is reconsidered by the Senate.
The Senate then plunged into its reconsideration of the Woolfolk-WatsonRussell Bank Guaranty Suspension Act, an afternoon session extending
into the early hours of night into the drive toward a final vote of the measure. Opponents of the outright suspension feature of the bill succeed in
Inserting an amendment creating a "special depositors'" fund, financed
bY a 3% levy on the otherwise tax-exempted surpluses provided for in
the measure. Previously the Senate adopted another amendment, requiring
one-half of net profits to be placed in surplus until surplus equalled capital.
Then the revamped Woolfolk-Watson-Russell bill was passed, 32 to 10.
The Roberts cotton acreage reduction measure, which passed the Senate
by a vote of 24 to 18, declares in its preamble that "it is imperative for the
protection of the happiness and prosperity of future generations that the
natural resources of the State, and particularly the fertility of the soil be
preserved," provides that:
It shall be unlawful to plant upon the same land in any one year "any
crop of cotton or other soil-exhausting plant" the acreage of which exceeds
60% of the acreage planted in all crops upon any such land during the
current year. The planting of any food crop "either for man or domestic
animals" is expressly eAempted from the provision of the Act.
The Act shall not be "in futl force" until States producing in the aggregate "by the report of the Federal Census Bureau a total of not less than
10,000,000 bake, by the census of 1929, have adopted a similar law."
It shall be the duty of the Governor of Mississippi "to investigate the
laws of other States" and when, in his opinion, States producing more than
10,000,000 bales in 1929, have adopted similar laws "he shall by proclamation, put this Act into effect, and thereafter this Act shall be in full force
and effect."
"All constables and the sheriff and his deputies and other conservators
of the peace" are "authorized and directed" to enforce the provisions of the
Act, and any person violating the Act "by plating cotton or other soilexhausting plant" or refusing to allow an inspection of his crop "by any
conservator of the peace" would be guilty of a misdemeanor and subject to
the maximum punishment of three months in jail and a fine of $1000. The
minimum penalty would be a $5 fine.

Memphis (Tenn.) advices March 2 to the New York
"Herald-Tribune" referring to the proposed law said:
The Mississippi State Senate has passed a bill prohibiting planting of
cotton acreage this year larger than 60% of the 1929 planted area. This is
the first State officially to recognize the movement to cut acreage drastically
this year in conformity with the Farm Board's recommendations. The
joker attached was the provision that the law, if passed by the House and
signed by Governor Bilboa, would not become effective until a sufficient
number of States had adopted similar measures to assure production of not
more than 10,000,000 bales.
The author of the measure, State Senator Roberts of Rosedale, a large
delta planter and a prime mover in all recent acreage-reduction movements,
announced that he was voluntarily reducing his acreage 40% and that most
of his neighbors wore also cutting drastically and determined to produce a
much larger volume of feed-stuffs.
A dispatch from Miliport, Lamar County, Alabama, says dealers there
report the amount of fertilizer will be decreased on the farms, with the movement slow, as farmers are anticipating a decrease in price. Fertilizer is
costing about $2 a ton more than last year, they complain. Acreage there
may be cut as much as 25%, the dispatch states, with more attention directed to livestock, dairying and poultry. Farmers there are busy preparing
their soil.
The factors' unsold stock increased about 4,000 bales last week, a rather
unusual thing at this season of the year when decreases are marked. A
weak spot market is blamed. Total sales.for the week were 12,000 bales, including 10,355 of f.o.b. cotton. Total stock on hand is 395,000 bales, compared with.251,000 last year and 236,000 the year before.

-Acre Cut in Cotton Crop Favored By Jackson
Opinion has prevailed, Mr. Wilson said, that co-operatives, to obtain 65000,000
credit from the Federal Board, must handle only one commodity. The
(Miss.) Conferees to Aid Prices—Carl Williams of
Farm Board has no intention of enforcing such a rule, he said, especially
Federal Farm Board Says Farmer Must Do Part to
in the Eastern States, where general or diversified farming is practiced.
Obtain Aid From Federal Board.
The Board has set aside $30,000 for a study of conditions in the Northeastern States, he announced, with the idea of working out a plan whereby
Unanimous indorsement of the Federal Farm Board's
co-operative organizations may be formed in this area to aid farmers who
plan to reduce the South's cotton acreage to at least 40,raise diversified crons.
This study will be carried on by the Commissioner of Agriculture and 000,000 acres in 1930 and thus avert a disaster to agriculture
Land Grant College in each State. In New York, Berne A. Pyrke, Comand business was given on Feb. 4 at a mass meeting in
missioner of Agriculture and Markets, and the State College of Agriculture
Jackson, Miss. It is proposed to cut 6,000,000 acres off
at Cornell University will have charge of it.
Louis J. Taber, National Grange master, presided over the sessions of the acreage planted in 1929 says the "Dallas News" in rethe State Grange. Resolutions asking larger State appropriations for road
Jackson dispatch, which likewise
Improvement, removal of snow and repairs of bridges on State highways porting the foregoing in a
said in part:
entirely by the State were approved.
The Grange also passed resolutions disapproving the use of flint rock in
Carl Williams, cotton member of the Federal Farm Board, stirred the
surfacing roads, favoring increased State aid to town roads in sections audience with an appeal in which he stressed the danger confronting not
of low valuation and savoring raising the bond of commission merchants only agriculture, but business throughout the South. Dr. Tait Butler.
from $3,000 to $5,000.
Chairman of the Cotton Acreage Reduction Committee of the American
Cotton Co-operative Association, although he had recently resigned, Was
Induced to call the meeting to order by unanimous vote of the assembly.
Mohair Producers' Co-Operative Marketing Corporation
Organized in Texas in Accordance With Plans of
Federal Farm Board.

Associated Press Accounts from Uvalde, Tex., Feb. 11
stated:




Would Mean 10c. Cotton.
A crop of 18,000,000 bales as in 1926 would mean 10c. cotton, it was
agreed by the conference.
The meeting was attended largely by Southern agricultural workers.
Federal and State extension directors and specialists attending the 31st
annual sessions of the Association of Southern Agricultural Workers. Dr.

MAR. S I 9301

FINANCIAL CHRONICLE

0. C. Stein of the United States Department of Agriculture graphically
presented the possibility of a price-breaking crop should favorable conditions
accompany an acreage equal to that of last year, which was above 46,000,000
acres.
Moser on Committee.
The resolution adopted was prepared by a committee headed by C. A.
Cobb, of Atlanta, and on which served C. 0. Moser, Executive Secretary
of the American Cotton Co-operative Association and J. A. Evans, ViceDirector of the extension service of the United States Department of Agriculture.
Dr. Butler added the following members to the original Acreage Reduction Committee: J. A. Evans, Washington; Robert B. Maltby, in charge
of vocational agriculture training in the United States; H. Lane Young,
Georgia, Chairman of the Agricultural Committee of the American Bankers'
Association; C. A. Cobb. Atlanta; Harry D. Wilson, Commissioner of
Agriculture for Louisiana, representing the Association of Southern Commissioners of Agriculture.
This committee will work out means and ways Thursday which
are to
be put into operation.
Among the principal speakers asking acreage reduction were Dr. Bradford
Knapp, President of the Alabama Polytechnic Institute; Dr. Butler,
Dr.
S. E. Ezekiel, economist of the Federal Farm Board.
Carl Williams frankly declared that farmers need not look for any
farm
relief if they did not do their part in raising a living on the farms
in 1930
and unless they kept the cotton acreage within safe limits. He
emphasized
that the Federal Farm Board had no authority to guarantee
the cotton
farmers' price and that the law of supply and demand must
be reckoned
with.
Mr. Williams not only deplored the increasing acreage
from year to year
but the decline of American staple and character of cotton until
in recent
years European spinners were looking to Asiatic countries
and to Egypt
for the kind of cotton they used to obtain in Texas and
the South and getting
it at a saving of 2c. to 3c. a pound over American cotton.
Mr. Moser suggested that an effort be made by the
committee to get
President Hoover to address the farmers and business
men of the South
by radio and urge acreage reduction. Every chamber
of commerce, business
association, luncheon club and as many other agencies
as possible are to
be used by the acreage reduction committee to impress
the seriousness of
the situation upon landlords and those who control
credits and cotton
acreage.

Textile Labor Study Planned by International Labor
Office, League of Nations—Drafting Questionnaire
To Be Sent to 21 Countries on Wages and Hours.
A questionnaire designed to develop the state of condition
s
in the textile industries of the manufacturing countries
of the
world, including the United States, is reported to be in
preparation by the International Labor Office, League of
Nations.
The Washington correspondent of the New York
"Journal
of Commerce" announced this on Feb. 7, and
further said:
Advices

reaching here from Geneva are to the effect
that the governing
body is this week giving consideration to the
character of this questionnaire
which is to fall into two parts. The first will refer
to statistics of wages
and hours of work (principal questions): the
second
tions), will refer to methods of regulating hours (supplementary quesand of paying wages,
family allowances, social Insurance contributio
ns the number of workers
and the size of the undertakings.
To Corer 21 Countries.
It is Proposed that in order to obtain statistics of
the wage and hours
of the chief categories of workers forms will be drawn
up containing the
representative occupations in the cotton and wool
industries, classified tinder the following main heads: (1) Preparation:
(2) spinning: (3) weaving;
(4) bleaching, dyeing, printing and finishing; (5) other
operations.
The countries in which the inquiry will be carried
out in Europe are Austria, Belgium, Czechoslovakia, Estonia, France, Great
Britain, Germany,
Hungary, Italy. Netherlands, Poland, Rumania,
Spain. Switzerland and
Jugoslavia non-European countries, United States,
Brazil, Canada, India,
Japan and Mexico.
The Government named will be asked to give
separate information for
men and women workers, particularly with regard to
wages and hours. This
distinction, it was said, seemed necessary in view
of the large number of
women employed in the textile industries and in view
of the importance
which the International Labor Conference. In its resolution
of June. 1928.
attached to the conditions of work of women. As
this resolution also
stressed the conditions of work of children in the textile
industry, a classification by age also will be asked for workers under 14
years of age. from
14 to 18 years. from 18 to 21 years and 21 years and over. A
final distinction will be made between time workers and piece workers.
The office study will deal in the first place with the cotton
and wool industries and later with the artificial silk industry. It will
be limited to
undertakings working with mechanical means.
In Washington the results of this survey will be awaited
with a great
deal of interest. It is, expected, if made, to be productive
of a great deal
of valuable information that will be seized upon in all
probability as a
tariff argument favorable to domestic industries in view of
the contentions
that have been raised during the consideration of the
pending HawleySmoot tariff bill both in the House and Senate as to the
differences in the
cost of production, particularly of the goods, here and abroad.

1577

late fertilizer consumption, which so far is about 25% behind last
season in east Texas.
Credit restrictions in south Texas, where cotton is being planted,
are stricter than in former years. Banks have cut their loans to a
minimum and require that only the most productive land be planted.
It is believed the cut in cotton acreage in the Corpus Christi section,
extending into Kleberg, San Patricio and Refugio counties, will be
about 15% under last year.
In Williamson County, the largest cotton county in Texas, credit
has been cut severely. Williamson County is encouraging dairy farming, and already has three cheese plants and some powdered milk
factories.
Northwest Texas, which annually has expanded its cotton acreage,
may not plant the same acreage it did last year. Change of mind has
conic with the recent campaign conducted by the Federal Farm Board.
A plan is being worked out whereby an average Texas farm of 160
acres will plant only 35 to 38 acres of cotton. The remainder will be
planted in feed crops or remain in pasture to supply home needs.
This plan was adopted by Oklahoma.

Law Enacted in Texas for Stabilizing Corporation Coincident With Co-operative Cotton Marketing Association.
From the "Wall Street Journal" of March 4 we take the
following Austin advices:
Under provisions of a law enacted by the legislature, a stabilizing
corporation may be organized in Texas coincident with the American
Co-operative Cotton Marketing Association. Measure incorporates four
important features not contained in the existing co-operative marketing
statute, as follows:
"Association shall not deal in the products of non-members to an
amount greater in value than such as are rehandled by it for members;
giving co-operative associations power to act as stabilization corporations when recognized as such under the provisions of the Agricultural Marketing Act, and when so acting to have power to deal in
products of non-members; any co-operative association may become a
member or stockholder of any other association organized under the
act; co-operative marketing associations organized under the laws
of other states shall not be required to have a paid-up capital or any
portion of the capital paid up in order to be entitled to such a permit."

All Previous Trading Records on New York Curb
Exchange Surpassed in 1929—Annual Report of
President Muller.
Declaring that last year was a period of "outstanding
accomplishment successfully concluded, in which new
records were established both in the volume of trading and
number of stocks and bonds dealt in on the Exchange,"
President William S. Muller, of the New York Curb Exchange, in his annual report for 1929, made public March 1,
expresses his belief that 1930 would witness a continuance
of progress tending to further solidify the status of that
market as the second largest in the country.
Stating that the Board of Governors had given their
vote of confidence in the future welfare of the institution by
adopting plans for the immediate erection of a fourteen-story
addition to the present Exchange building, Mr. Muller said
that this action was due to a "growth of business so rapid as
to have been totally unforeseen when the Exchange first
occupied its present quarters in 1921."
Pointing out that the basis for the greatly expanded
volume of security trading during 1929 was the result of a
continuance of prosperity throughout the country and the
largo amount and variety of new stock issues successfully
floated, Mr. Muller continued:
Last year. the marked trend toward grouping of industrial companies.
especially in superpower systems, gave rise to the formation of numerous
large holding corporations with vast capitalization, by means of which
many companies covering extensive territory were combined under single
management. This development resulted in a rapid expansion in the size
and number of the stock issues listed on the New York Curb Exchange.
The popularity of these issues was an important factor in bringing to the
Exchange a vast volume of trading. Indeed, all previous trading records
were far surpassed and the magnitude of dealings during the year aggregating 475,000.000 shares, becomes very impressive when compared with
the volume for the f:rst year the Exchange was housed in 1921, when the
total was 15,500.000 shares.
At the end of the calendar year 1929, there were about 2,500 stocks and
bonds admitted to trading privileges. The total comprised over 2,000
domestic and foreign stocks, about 350 domestic bonds and a little more
than 100 foreign bonds. The aggregate par value of all stocks and bonds
traded in increased $1,348,631,091 during 1929 from $17,991,171.433 on
Jan. 1 1929 to $19,339,802,524 on Jan. 1 1930. In addition, there are
about 700.000,000 shares without par value. This large increase was due
partly to substantial increases in the number of shares of companies already
admitted to trading and to the admission of trading of new issues of enormous shares capitalization. Of twenty-three corporations having a capitalization of 10,000,000 shares or more, eight are traded in on the New York
Curb Exchange. Five of these on our market each have more than 20,000,000 shares outstanding.

Texas Banks, Merchants Aim to Reduce Cotton
Acreage
by Decreasing Loans on Crop.
According to the "Wall Street Journal" of
March 3 a
movement is gaining momentum ill Texas on the
part of
banks and credit merchants to make severe reduction
s in
cotton crop production loans this season. Large
Speaking of the international scope of the market, Mr.
credit
organizations of east and north Texas already have
taken Muller said:
such action. Texas intends to cut cotton acreage
As a natural
and occupies as theconcomitant of the strategic position which the United States
financial center of the world, international activities of
credit will be reduced to assure smaller crops.
These New York Curb Exchange are steadily growing. It already occupiesthe
an
advices from Dallas go on to shy:
Important place in the financing of foreign enterprises of merit and further

At Tyler, banks and credit merchants have announced a
flat reduction of 40% of last season's credit to cotton growers.
Certain of the
Tyler banks are requiring that farmers give assurance
that they will
use commercial fertilizer to assure a profitable cotton
crop. Banks
and merchants usually are eager to extend credit for
the required
fertilizer. Fertilizer companies are arranging credit
facilities to stimu-




expansion in this field is logical as American capital reaches out for new
opportunities. The number of foreign issues has grown steadily
and
through the medium of certificates of deposit, issued by New York banks
and trust companies against the definitive shares of foreign corporations,
trading is now carried on in nearly 100 foreign companies having a
total
capitalization of more than 600,000,000 shares with an aggregate
par
Cue exceeding $7.000,000,000.

1578

FINANCIAL CHRONICLE

Considerable progress has been made in extending the
scope of the ticker service throughout the nation during
the past year, Mr. Muller said. At the close of 1929 approximately 3,000 tickers were in active operation. Over 100
important cities are covered in the network which is nationwide in scope and plans are being made for a modern instrument which will keep the ticker abreast of the market during
active sessions and the new service will be installed, it is
anticipated, by August of this year.
The report showed that during the calendar year 1929,
the Board of Governors passed upon 233 applications for
formal listing, which was the largest total in the history of
the Exchange. This compares with 105 applications in
1928. At the close of last year the grand total:of all securities
formally listed aggregated 483 issues and there were 1,683
stocks admitted to unlisted trading privileges. The total
number of shares without par value admitted increased
373,784,568 shares during 1929 to 684,406,124 shares as
against 310,621,556 shares as of Dec. 31 1928. The aggregate par value of stocks and bonds increased $1,348,631,091
during the same period from $17,991,171,433 to 819,339,802,524.

[VoL. 130.

National Cotton Exchange in New York Permanently
Enjoined From Operating.
The New York State Bureau of Securities announced on
March 4 that Justice Riegelmann in the Supreme Court
in Brooklyn on March 3 issued a permanent injunction
prohibiting operations by a concern known as the National
Cotton Exchange, Inc., at 10 Hanover Street, its officers
and six firms or individuals interested in it. The foregoing is from the New York "Times" of March 5 which
said:
The concern had no connection with the New York Cotton Exchange
at 60 Beaver Street.
The injunction was granted on the motion of Deputy Attorney General Mathew A. Tiffany. He charged that the defendants were not
actually buying and selling cotton and cotton futures, as represented,
but were dealing only in quotations from a ticker. Their transactions,
he alleged, were merely exchanges of "buy and sell" slips between
members who had orders from the trading public and the broker on the
floor, who was named as Louis Arab.
Other defendants named in the restraining injunction were James B.
Jordan, President; Lester R. Walls, Vice-President, and Eugene Williams, Secretary Treasurer of the Exchange; Jordan & Co., Arthur
Dargue and Robin Daughtry, co-partners in Dargue & Co., and the
cotton brokerage house bearing the name of Louis Arab.

The temporary injunction issued Jan. 10 was referred
to in these columns Jan. 18, page 394.

Outstanding Brokers' Loans on New York Stock
Exchange on Feb. 28, $4,167,588,352—Increase of Change in Massachusetts Law Regarding Trust Company Reserve Requirements.
$182,820,287 in month.
The following is the official text of the Ac6 passed relative
An increase in brokers' loans on the New York Stock
Exchange is revealed in the Feb. 28 figures made public to the reserves of trust companies:
Be it enacted, &c., as follows:
by the Exchange on Monday, March 3. The latest total at
Chapter 172 of the General Laws is
$4,167,588,352 exceeds by $182,820,287, the Jan. 31 figures. section 74 and inserting in place thereofhereby amended by striking out
the following: Section 74.—Not
A downward trend in loans had been evidenced in the past less than one-fifth of the required reserve shall consist of lawful money of
few months and the Feb. 28 total is the highest recorded the United States, gold certificates, silver certificates, or notes and bills
National
association or Federal
since the Oct. 31 showing when the loans reached $6,108,- issued by any lawfully organized any, shallbanking of balances payable on
consist
Reserve bank. The remainder, if
824,868. Of the March 28 total $3,710,563,352 represent demand due from any trust company authorized to act as reserve agent as
demand loans and $457,025,000 time loans. The following provided in the following section, or from any member of the Federal
reserve city in the
Reserve System located in this commonwealth,
is the statement issued this week by the Stock Exchange. second, third or fourth Federal Reserve District orin a central reserve city,
in a
Total net loans by New York Stock Exchange members on collateral,
contracted for and craned in New York as of the close of business Feb. 28
1930, aggregated $4,167,588,352.
The detailed tabulation follows:

Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
$3,162,216,637 $366,721,000
York banks or trust companies_.
(2) Net borrowings on collateral from private
bankers, brokers,foreign bank agencies or
548,346,715
90,304,000
others in the city of New York

as designated by or under authority of act of Congress, and (or) bonds,
notes, bills and certificates of indebtedness of the United States, or of this
commonwealth, computed at their fair market value, which are the absolute property and under the control of such corporation; provided, that not
more than two-fifths of the minimum reserve required shah consist of such
bonds, notes, bills and certificates of indebtedness. Approved Feb. 7 1930.

House Passes McFadden Bill Amending Provision in
Federal Reserve Act Affecting Amount Which
Member Banks of Reserve System May Loan to
$3,710,563,352 $457,025,000
Individuals.
$4,167,588,352
Combined total of time and demand loans
The McFadden bill amending the Federal Reserve Act
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
so as to increase the amount of paper of an individual borThe compilations of the Stock Exchange since the issuance rower which a member bank may rediscount with a Federal
of the monthly figures by it, beginning in January 1926, Reserve Bank was passed by the House on March 5. In
explaining the purpose of the bill before the House on March
follow:
5 Representative McFadden said "it simply extends to
Demand Loans.
Time Loans.
Total Loans.
1926—
$966,213,555
$2,516,960,599
$3,513,174,154 State
Jan. 30
member banks of the Federal Reserve System the same
1,040,744,057
2,494,846,264
3,536.590,321
Feb. 27
966,612,407
2,033,483,760
3,000,096,167 right that is now enjoyed by the National banks in regard
Mar. 31
865,848,657
1,969,869,852
2,835,718,509
Apr. 30
780,084,111
1,987,316,403
2,767,400,514 to the rediscount of individual or single borrowers' notes,
May 28
700,844,512
2,225,453,833
2,926.298,345
June 30
714,782,807
2,282,976,720
2,996,759,527 giving them the same rights as are extended under section
July 31
778,286,686
2,363,861,382
3,142,148,068 5,200 of the National Bank Act to National banks." The
Aug. 31
799,730,286
2,419,206,724
3,218,937.010
Sept. 30
821,746,475
2,289,430,450
3,111,176,925 resolution as passed by the House reads as follows:
31
Oct.799,625,125
2,329,536,550
Nov.30
Dec. 31

1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31

1930—
Jan. 31
Feb. 28




2,541,682,885

751,178,370

3,129,161,675
3,292,860,253

2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,756,968,593
2,764,511,040
2,745,570,788
3,107,674,325
3.023,238.874
3,134,027.003
3,480,779,821

810,446.000
780,961,250
785,093,500
799,903,950
783,875,950
811,998.250
877,184.260
928.320,545
896,953,245
922,898,500
957,809,300
952,127,500

3,138,788,338
3,266,459,379'
3,289.781,174
3,341,209,847
3,457.869,029
3,568,966,843
3,641,695.290
3,673,891,333
3,914,627,570
3,946.137,374
4,091,838,303
4,432,007,321

3.392,873,281
3,294,378,654
3,580,425,172
3,738,937,599
4,070,359,031
3,741,632,505
3,767,694,495
4,093,839,293
4,689,551,974
5,115,727.534
5,614,388,360
5,722.258,724

1,027,470,260
1,028,200.260
1,059,749,000
1,168,845,000
1,203,687.250
1,156,718,982
1,069,653,084
957,548,112
824,087,711
763,993,528
777,255,004
717,481.787

4,420,352,541
4,322,578,914
4,640,174,172
4,907.782,599
5,274,046,281
4,898,351.487
4,837,347,579
5,051.437,405
5,513,639,685
5,879,721,062
6,391,644,264
6,439,740,511

5,982,672,411
5,943.149,410
6,209,998,520
6,203,712,115
6,099,920,475
6,444,459,079
6,870,142.664
7,161,977,972
7.831,991,369
5,238,028,979
3.297,293,032
3,376,420,785

752,491,831
730,398,507
594,458,888
571,218,280
565,217,450
626,762,195
603,651,630
719.641,454
717,392,710
870,795,889
719,305,737
613,089,488

6,735,164.241
6,678.545,917
6,804,457,108
6,774,930,395
6,665,137,925
7,071,221,275
7,173.794,294
7,881,619,428
8,549,383,979
6,108,824,868
4,016,598,769
3,989,510,273

3,528.246,115
3,710,563,352

456,521,950
457,025,000

4.167,588.352

3.984.768.065

Be It Enacted, &c. That the fourth paragraph of section 13 of the Federal
Reserve Act, as amended (United States Code, title 12, section 345), be
further amended to read as follows:
"The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker,acceptor,indorser,
drawer, or guarantor, rediscounted for any member bank, shall at no time
exceed the amount for which such person, co-partnership, association, or
corporation may lawfully become liable to a National banking association
under the terms of section 5,200 of the Revised Statutes, as amended;
Provided, however, that nothing in this paragraph shall be construed to
change the character or class of paper now eligible for rediscount by Federal
Reserve Banks."

Brand Bill to Punish Individuals Maliciously Circulating Statements Derogatory to Member Banks in
Federal Reserve System—Bill Ordered Recommitted to Committee By House.
A bill for which Representative Brand is sponsor, proposing Federal regulation to punish individuals maliciously
circulating statements derogatory to National and State
banks, members of the Federal Reserve System, was before
the House for passage on March 5, but was finally ordered
recommitted to the Committee on Banking and Currency.
Indicating that this action was taken by reason of an amendment offered as a joke and adopted by the House, special
advices March 5 to the New York "Times" said:
Members had argued the bill for three hours, and it seemed destined to
Pass when Representative Howard of Nebraska proposed an amendment
to make it equally offensive for an officer of a National bank to circulate
rumors regarding a citizens' solvency.

MAR.8 1930.]

FINANCIAL CHRONICLE

4, The Nebraskan, who was once secretary to William Jennings Bryan,
offered his amendment as a jest but his colleagues were so taken with it,
that they inserted the now section into the bill.
The mix-up occurred while debate on the bill was at its height. Representative Percy Quin of Mississippi came walking down the aisle, his pipe
In his hand.
"Does this law mean that I can't tell my friends to get their money out
of a bank that may be headed for the rocks?" he asked. "If that's the
case, I'm against it. It's not slander that wrecks banks, it's the boll weevil inside the banks themselves."
Mr. Quin, accompanied by Mr. Howard, then retired. After a short
conference, Mr. Howard returned with his amendment.
"Whoa, Mr. Speaker," he broke in. "I have an amendment, and its
a good one."
The clerk read the amendment. Representative McFadden tried to
make a point of order but the House roared "too late," and in a moment
the vote was taken,
Representative Brand of Georgia, author of the bill, finally made a motion to refer it back to the committee.
"Is the gentleman opposed to the bill?" the Speaker inquired.
"I am opposed to the monstrosity in which it has been made," replied
Mr. Brand. "I want it sent back to the committee."
The House gave way to loud mirth, but made no objection.
Under the bill whoever should circulate false reports concerning any
national bank or member of the Federal Reserve System which might
tend to cause a withdrawal of deposits, would be deemed guilty of a misdemeanor.
By committee amendments the maximum fine and imprisonment were
reduced from $5,000 to $1,000 and from five years to one.

1579

rates. Close followers of the bill market were of the opinion that Iower
rates would be delayed for the present.
Up to the close of business yesterday the buying rate on bills of the
Federal Reserve Banks was level with the rate at which dealers offered
bills. This rate was 334%. With rates in this position the Federal
Reserve Banks last week increased their open market purchases by
more than $18,000,000, suggesting that outside demand was not sufficiently extensive to make Federal Reserve Bank support unnecessary.
However, reports are that some portion of the rise may have include
sterling bills.
It was believed yesterday that the cut in bill rates was made largely
because dealers felt assured that the reduction would be followed by
a lower rate by the Federal Reserve Banks. Although it is the policy
of these banks to "take a passive attitude" to the bill market and to
allow dealers the initiative in the lowering or raising of rates, it is
understood that the bill market remains an important medium for the
expression of Federal Reserve policy. Because dealers felt that the
present policy of the Bank favors easy credit, it was possible for them
to reduce their rates with the assurance that the Federal Reserve Bank
would follow suit. Since the sale of bills to the bank would involve
personal contact between seller and buyer, such assurance would not
necessarily be based upon unfounded guesses.

Aid to London.
Until quite recently, it was generally believed, Reserve authorities
were in accord upon a policy of maintaining stable interest rates. However, during the past few weeks the continued weakness of foreign
exchange, particularly of sterling, introduced new considerations into
the determination of the Federal Reserve policy. It is understood that
the movement of gold from London to New York is not considered
Ascribe Support of Pound Sterling to Federal Reserve desirable at present. Conditions, nevertheless, are generally considere4.
to point to continued weakness in British exchange.
Banks' Bill Buying—Foreign Exchange Dealers Discern
The two methods by which the Federal Reserve Banks would be able
Special Purchases in London—Reserve Banks Can Buy to help to prevent or to lessen the extent of a gold movement from
London would be to purchase British exchange or acceptances and to
Foreign Bills.
ease credit, and especially bill notes here. In view of the reductioa
The Federal Reserve banks are taking steps to prevent in bill rates yesterday it is now thought that both methods will be
an inflow of gold from Europe into this country through employed.
Lower bill rates would ordinarily lead to an increase in holdings
their buying operations in the London bill market, accordby the Federal Reserve Banks. The purchases of bills by the Bank,
ing to information gained in foreign exchange circles here, by increasing member bank reserves, would permit banks to further
said the New York "Journal of Commerce" of March 1, reduce their rediscounts or to expand credit. If market rates should
prove unattractive the former course would be selected and as
which went on to say:
rediscounts reached lower figures a reduction in the rediscount rate
It is the belief of several well informed foreign exchange dealers would suggest itself.
that such intervention has already taken place, explaining the relative
It is pointed out that if the Federal Reserve Bank does not reduce
firmness of sterling during the past week following a period of steady its rediscount rate
a curtailment of foreign buying would be likely
decline, which has brought the cable rate within lc of the gold ship- to result, which in time
might necessitate the reversal of yesterday's
ping point from London.
action. Interest rates on foreign deposits are generally around 4%.
Banking circles here have been looking for the inauguration of a On the basis of present bill
rates foreign capital would be deposited an&
major gold inflow for some time, in view of the lack of foreign financing not placed
in the bill market. It is considered possible that this would
in this market and the generally favorable balance of international pay- lead to
an oversupply.
ments of the United States. For that reason, the sudden departure of
With a reduction in the rediscount rate, however, rates for foreign
Gov. George L. Harrison of the Federal Reserve Bank of New York deposits
would also be reduced so that the bill market would not
for Europe last Saturday (Feb. 22) indicated that the Federal Reserve suffer
from this competition. In view of the evidence that sonz
authorities would take steps to control the situation, and the action of resistance within
the Reserve System would be offered to another
the foreign exchanges has indicated that powerful support is being
reduction in the rediscount rate, it is thought that there will be sore
given the pound sterling. The fact that buying orders for the pound
reduction in foreign buying for the time.
have appeared chiefly in London was taken as an indication that support operations were being carried on there directly.

Law Gives Power.
The Federal Reserve banks have bought sterling bills in the past, Allan Sproul Becomes Assistant Deputy Governor of the
although the impression here is that there has been relatively little acFederal Reserve Bank of New York.
tivity of this sort during the past year. Section 14 of the Federal
Allan Sproul has resigned as Assistant Federal Reserve
Reserve Act, which covers open market operations, clearly accords to
Agent and Secretary of the San Francisco Federal Reserve
Reserve banks the right to buy foreign bills. It states:
"Any Federal Reserve bank may, under rules and regulations pre- Bank, effective March 1, to become Assistant Deputy Govscribed by the Federal Reserve Board, purchase and sell in the open
market, at home or abroad, either from or to domestic or foreign banks, ernor and Secretary of New York Federal Reserve Bank.
firms, corporations, or individuals, cable transfers and bankers' accept- It is stated that Mr. Sproul will assist J. E. Crane,
Deputy
ances and bills of exchange of the kinds and maturities by this act made
Governor and Acting Secretary of the New York institutiow
eligible for rediscount."
Purchases of foreign bills were listed separately in the Federal Re- in charge of the foreign department.
serve statement in the earlier period of operation of the system, according to those acquainted with the matter. In more recent years, there
has been no separation of holdings of bills drawn in foreign currency.
This is ascribed to a regulation made by the Federal Reserve Board J. M. Tarrant Elected Director of Memphis Branch of St.
about four years ago, in which the foreign and dollar bills were to be
Louis Federal Reserve Bank.
merged into one account. Bill holdings of the Federal Reserve system
At a meeting on Feb. 19, the directors of the Federal
rose $18,249,000 last week, but the currency of the bills purchased is
Reserve Bank of St. Louis elected J. M. Tarrant as a direcnot known.
Governor Harrison arrived in London yesterday and cabled reports tor of the Memphis Branch for the
term ending Dec. 31,
received here indicated that the belief prevailed there that he would
make arrangements which would lead to support for the pound sterling. 1932. Mr. Tarrant is President of the First-Citizens NaUnder the Federal Reserve Act, the buying of sterling bills is the tional Bank, Dyersburg, Tenn. The full board of directors
most effective method provided for this purpose.
of the Memphis Branch is as follows: E. L. Anderson,

Federal Reserve Bank Policy Seen Behind Dealers Cut in
Bill Rates—Reduce Acceptance Rates 14 to 1% on All
Maturities—Shift of Acceptance Financing to New
York to Prevent Gold Imports From London.
Indications that the downward trend in interest rates in
the local market is to continue were found on March 4 in
the reduction of bid and asked rates on bankers acceptances
by one-eighth of 1%. In noting this the New York "Journal
of Commerce" of March 5 said:
It was generally believed that the reduction would rapidly be followed
by the lowering of the rate at which the Federal Reserve banks buy
bills, and that the latter desire lower bill rates as a method of relieving
pressure on the London money market, thus tending to
strengthen
the quotation of the pound sterling.
The cut in rates, as announced by the American Acceptance Council,
brought the rate on bills of 120 days maturity or less to 394%
bid,
334/0 asked. Bills of higher maturity were 378% bid, 334% asked.
/
The reduction brought bill rates to their lowest level since the spring
of 1928.
Not Foreseen by Dealers.
During the past week, according to reports of dealers, bills
were in
moderately good supply and the outlook appeared to favor
stability of




Chairman, J. W. Alderson, W. II. Glasgow, Wm. Orgill,
S. F. Ragland, R. Brinkley Snowden and J. M. Tarrant.
Federal Reserve Board Denies Application For Wichita
Branch of Kansas City Federal Recerve Bank.
The Topeka "Capital" reports the following Associate
Press advices from Wichita, Kans., Feb. 25:
George Hamilton, Wichita banker and chairman of a committee seeking a federal reserve branch bank here, was notified today that tin
application for a branch at Wichita had been disapproved by the Federal
Reserve Board. The notice was received from the board of directm-c
of the Federal Reserve Bank at Kansas City.

M. P. Sturdivant Elected Class B Director of St. Lcuit
Federal Reserve Bank.
C. M. Stewart, Assistant Federal Reserve Agent of the
St. Louis Federal Reserve Bank, issued the following
announcement March 1:
At the special election which ended yesterday, Micajah P. Stnrdivant.
planter, Glendora, Miss., was elected by member banks in Group 3 as a

1580

FINANCIAL CHRONICLE

[Vol,. 130.

Class B director of the Federal Reserve Bank of St. Louis for the unexpired term ending December 31, 1932, of LeRoy Percy, deceased.
The Board of Directors of the Federal Reserve Bank consists of nine
members, divided into groups of three each, designated as Classes A, B
and C. Class A directors represent the banking interests of the district, or the lenders of money, and are usually officers of banks. Class
B directors represent the industrial, commercial and agricultural interests, or the borrowers of money, and cannot be officers, directors or
employees of banks. Class C directors represent the Government or general public, and cannot be directors, officers, employees or stockholders
of banks.

Senate Action on Tariff Bill—Duties on Sugar Increased—Tariff on Oil Rejected—Independent Oil
Interests Accused of Seeking to Trade Senatorial
Votes—Duty Levied on Long-Staple Cotton.
On Saturday Feb. 28 the Senate at its night session rejected by a vote of 39 to 27 an amendment to the tariff bill
(proposed by Senator Thomas of Oklahoma) which would
have imposed a duty of $1 a barrel on crude oil and 50%
ad valorem on oil derivatives. The New York "Times" in
Treasury Department's March Financing—Offering of its Washington dispatcn Feb. 28 noting the extended debate
$450,000,000 Nine Months 33.4% Treasury Certifi- inciient to the proposed amendment, said in part:
The discussion took on a particularly lively phase when Senator Blaine
cates.
of Wisconsin in a long and vigorous speech this evening accused the lobby
The Treasury Department's March financing takes the of the independent oil men of trying to "trade" Senators in their efforts
orrn of an issue of $450,000,000 or thereabouts of Treasury to obtain some duty on their product.
His
certificates, running for nine months and bearing interest at ties utterances were largely based on revelations of the lobby activiof the oil men presented during the day before the Senate Lobby
33.4%. The December issue of Treasury certificates ($325,- Committee.
000,000) also maturing in nine months, was put out at 334%. This was the most exciting night session held on the tariff. The galboth
until the vote
In announcing the new issue Secretary of the Treasury Mel- leries were filled and tonight decides was takenof the sides were claiming
the fate
victory. The action
sugar duty, in the
lon stated on March 6 that about $404,000,000 of Treasury opinion of those who have been opposing the trading indulged in by the
certificates and nearly $47,000m0 in interest payments on lumber, oil and sugar interests.
attempts of these interests to
The first of
failed
the public debt become due March 15, and $100,000,000 of Yesterday when the Senate refused to place a duty ongain advantagesecond
lumber. The
the
Treasury bills become due March 17. The $450,000,000 of defeat came tonight. Defeat tonight presages that the three interests will
Treasury certificates in this week's offering (Series TD-1930) fail in their final attempt to increase the duty on sugar, 'when this item
will be dated and bear interest from March 15 1930 and will Is considered next week.
Blaine's Attack Drives Franklin Out.
mature Dec. 15 1930. They will be bearer certificates in
Senator Blaine, when he took the floor at 7.15 o'clock, began a vicious
$10,000 and $100,000. attack on the oil lobby. He severely arraigned Wirt Franklin, chief of
denominations of $500,$1,000,$5,000,
Treasury certificates of indebtedness Series TM-1930 will the oil lobbyists, who sat in the Senate gallery.
He arraigned him so unmercifully that Franklin left his reserved seat.
be accepted at par in payment for any certificates of the
Senator Blaine declared that the lobby was willing to go the limit in
series now offered. The new Treasury certificates will have trading Senators for oil and sugar, and that the Attorney General and
two interest coupons attached, payable June 15 1930 and Associate Justice of the Supreme Court of Colorado were brought into
-day lobby."
Dec. 15 1930. Secretary Mellon's announcement of March this "vicious last
"This lobby proposes to carry to the President a rumor that was preva6 follows:
lent in the continental oil region; that he was a large stockholder in petroThe Treasury is to-day offering for subscription, at par and accrued
Inter st, through the Federal Reserve Banks, an issue of nine months
3;i% Treasury certificates of indebtedness of Series TD-1930 dated and
bearing interest from Mar. 15 1930, and maturing Dec. 15 1930. The
amount of the offering is $450.000,000 or thereabouts. Applications
will be received at the Federa; Reserve Banks. The Treasury will accept
In payment for the new certificates at par, Treasury certificates of Indebtedness of Series TM-1930, maturing Mar. 15, 1930. Subscriptions
for which payment is to be tendered in certificates of indebtedness maturing
Mar 15 1930, will 1-e given preferred allotment up to $150.000,000.
Bearer certificates will be issue 1 in denom.of $500,$1,000,$5.000,$10001)
and $101,001. The certificates will have two interest coupons attached
payable June 15 1930 and Dec. 15 1930.
About $404,000.0'0 of Treasury certificates of indebtedness and nearly
$47,000,000 In interest payments on the public debt become doe and payable
on Mar. 15 1930 and $103,000,000 of Treasury bills become due and payable
on Mar. 17 1930.

leum producing companies in South America, to extract from him a denial,
and then use that denial to advance their cause," Senator Blaine said.
"This lobby organization would trade Senators, they would trade the
President, they would trade anybody if it would advance their cause,"
Senator Blaine added.

On the same date the New York "Herald Tribune" in
its Washington dispatch said in part:
Wirt Franklin, President of the Independent 011 Association of America'.
told the Senate lobby-investigating committee to-day that his Independent
producers were here 300 strong to get a tariff on oil, and had no apologies
to make for protecting their interests.
Called suddenly before the committee to tesitfy in connection with the
trading of Senatorial votes which very nearly upset the coalition of Democrats and insurgent Republicans in last night's balloting on the lumber
schedule, Mr. Franklin said:
"I have understood that is the way tariff bills are always made."

The "Times" in its dispatch from Washington Feb. 27
The Treasury Department's circular giving details of the
referred to further above, had the following to say regarding
offering is given herewith:
the Thomas amendment:
UNITED STATES OF AMERICA 33% TREASURY CERTIFICATES
OF INDEBTEDNESS, SERIES TD-1930.
Dated and bearing interest from Mar. 15 1930 Due Dec. 15 1930.
The Secretary of the Treasury, under the authority of the Act approved
,
Sept. 24 1927, as ame de . offers for subscription, at par and accrued
Interact, through tl-e Federal Reserve Banks, Treasury certificates of
in ebtedness of Series TD-1930, dated and bearing interest from Mar. lb
,
1
1930, payable Dec. 15 1930. with interest at the rate of 33 % per annum,
payable on a semi-annual basis.
Applications will ha received at the Federal Reserve Banks.
Bearer certifi 'ates will be Issued in denom. of $500, $1,000, $5.000,
$10.000 and $100,000. The certificates will have two interest coupons
attached, payable June 15 1930 and Dec. 15 1930.
The certificates of said series shill be exempt, both as to principal and
Interest, from :11 taxation (except estate and inheritance taxes) now or
hereafter imposed by the United States, any State, cr any of the posaessions
of the United States, or by any local taxing authority.
The certificates of this series wit' be acceptel at par during such time
and under such rules and regulations as shell be rrescribel or approved
by the Secretary of the Treasury, In payment of income and p-ofts taxes
payable at the maturity of the certificates. The certificates of this series
will be acceatable to secure deposits of public moneys, but will not bear
the circulati n privilege.
The right is reserv d to reject any subscription and to allot less than the
amount of certificates applied for, and to close the subscriptions at any time
without notice. The Secretary ef the Treasury also reserves the right to
make allotment in full upon applications for smaller amounts, to make
reduced allotments upon, or to reject, applications for larger amounts,
and to make classified alidtments and allotments upon a graduated scale;
and his action in these respects will be final. Allotment notices will be
sent out promptly upon allotment, and the basis of the allotment will be
publicly announed.
Payment at par and accrued interest for certificates allotted must be
made on or before Mar. 15 1930, or on later allotment. After allotment
and upon payment, Federal Reserve Banks may issue interim receipts
pending delivery of the definitive certificates. Any qualified depositary will
be permitted to make payment by credit for certificates allotted to it for
Itself and its customers up to any amount for which It shall be qualified
In excess of existing deposits, when so notified by the Federal Resreve
Bank of its district. Treasury certificates of indebtedness of Series TM1930, maturing Mar. 15 1930, will be accepted at par, in payment for any
certificates of the series now offered which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the certificates of the series so paid for.
As fiscal agents of the United States, Federal Reserve Banks are authorize I and req :ested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
ti the Federal Reserve Banks of the respective districts.
A. W. MELLON,
Secretary of the Treasury.




Mr. Thomas asserted that Standard. Dutch Shell and the Mellon groups
controlled oil prices to their own advantage. He contended that In the
West oil was regarded as a farm product and that it was entitled to some
consideration on that account.
Call Over-Importation Evil.
He said that the independents were suffering not from over-production
in this country, but over-Importation from abroad.
Senator Borah of Idaho wanted to know how a tariff on oil would benefit the independents, Inasmuch as the whole industry was dominated
by the major companies.
"The whole issue here." Mr. Thomas replied, "is between a handful of powerful companies on the one hand and the Independents on the
other." He expressed confidence that a tariff as proposed would help
the Independents.
Supporting the oil tariff amendment, Senator Goff of West Virginia
said that the oil prices had dropped to such low levels that the product
was more and more oming into competition with bituminous coal. Senator
Sheppard of Texas. Democrat, supported the Thomas amendment.
Senator Pine of Oklahoma. Republican, supported the oil tariff, contending that it would not increase costs to users and that it would operate
as a farm relief measure. He was followed by Senator TydIngs, Maryland
Democrat, who said he was "sick and tired" of hearing about farm relief.

Vote on Duty on Oil.
The vote on the Thomas amendment for a duty on oil was: For the
Amendment— 27; Republicans, 20; Democrats, 7. Against the Amendment
-39: Republicans, 17; Democrats, 22.
Two amendments offered by Senator Pittman, that the duties suggested
In the Thomas amendment should become void by Jan. 1 1934, or if at
any time crude oil reached a price in excess of $1.75 a barrel in the Texas
and Oklahoma fields, and the tariff on gasoline should cease if at any
time the price of the product exceeded 18 cents a gallon in the New York
market were defeated in the late voting.

On March 4 (to quote from the New York "Journal of
Commerce" Washington account) the Hawley-Smoot tariff
bill advanced from tho technical stage of being in the Committee of the Whole to tnat stage where it was considered as
before the Senate at 4:30 p. m., but from then until after
6 p. m. the Senate was convulsed by parliamentary wrangle
during which efforts were made to secure a recess until
March 5 with the fixing of a time certain for a vote on the
Smoot amendment for increased sugar duties. The paper
quoted also said in its March 4 advices:
A final showndown to determine whether the Senate, in advance of its
disposition at this time of the Hawley-Smoot tariff bill, favors an increase

MAR. S 19301

FINANCIAL CHRONICLE

In the present rate of duty upon imported sugars will be had at 3 p. m.
tomorrow. Under an agreement to vote upon an amendment by Senator
Smoot for increased duties amounting to 2c per pound upon Cuban 96
degree caws the Senate recessed shortly after 7 p. m. tonight to afford the
contending forces an oppor tunity to strengthen their respective linos.
The proposed world rate on sugar is 2.5 ($2.50 per 100 pounds); present
law world rate is 2.2 ($2.20 per 100 pounds).
An hour earlier the Senate found itself in the throes of an incipient
filibuster designed to postpone the vote on the Smoot proposal. With
the poll taken by the opponents said to show the probable adoption of
the amendment by four votes if the issues should come to a head tonight,
Senator Pat Harrison (Dom.), Mississippi, sought to delay action until
tomorrow when some of the absentees would put in an appearance. On
their part the proponents of the amendment were fearful at first of entering
into any agreement for the taking of a vote at a specified time, not being
too sure of success. . . .
There was said to be no real significance to be taken from the vote of 42
to 31 by which a proposal by Senator Smith (Dem.), South Carolina, for a
recess was defeated, nor from the vote of 49 to 24 by which a proposal by
Senator Swanson (Dem.), Virginia, for postponement of consideration of
sugar until 11 a. m. to-morrow was rejected. Senator Watson (Rep.),
Indiana, floor loader, sought to bring peace into the Senate with a suggestion that the matter be allowed to go over until to-morrow, a vote to be
taken at 3 p. m., with the intervening time evenly controlled by Senators
Smoot and Harrison, but was "snubbed," and Senator Shortridge (Rep.),
California, literally was howled down when he undertook to smooth things
over.
It was suggested, and later appeared as a fact, that little would be gained
from pushing consideration of the sugar tariff to-night, for after it was
definitely settled by the second roll call vote that the Senate would not
recess, Senator Walsh (Dem,), Montana, undertook to give his views on
the general subject of the tariff. It was indicated that the Senators opposing a recess did so because of the existence of a unanimous consent agreement providing that the sugar duty be the first to be taken up among the
articles that are now to be reconsidered. . . .
Upon the conclusion of the Walsh speech the absence of a quorum was
suggested and, while the roll was being called to bring in the absentees
from the cloak rooms and the dining room, leaders got together with the
result that Senator Watson restated his proposal to recess until 11 a. m.,
the vote to be taken at 3 p. m., the intervening period equally to be divided
between the postponements and the opponents. Tired of the controversy
that raged all day, the Senate acquiesced.

As to amendments adopted -March 4, the "Times" in its
report from Washington stated:
Among minor amendments adopted were one offered by Senator Vandenberg, Republican, of Michigan, providing a duty of 50% ad valorem on
birch and alder plywood, and another by Senator Frazier, Republican, of
North Dakota,levying a duty of one-half a cent a pound on wheat and flaxseed screenings instead of the 10% ad valorem rate in the bill.

The Smoot amendment increasing the duties on sugar
was adopted by tao Senate on March 5 by a vote of 47 to 39,
the Senate thus reversing its action of Jan. 16, when by a
vote of 48 to 38 (as was noted in our issue of Jan. 18, page
401), it accepted the amendment of Senator Harrison providing for the retention of the rates in the existing law. The
adoption of the sugar duties on March 5 was indicated as
follows in the "Times" Washington dispatch: •
The action came at the ond of a lively debate, punctuated by charges
by the Democratic opposition that support for the Smoot proposal had
boon won as a result of a series of "trades," "bargains" and "deals" involving other schedules of the bill.
The Smoot amendment, which provides that the rate on Cuban sugar
shall be 2 cents a pound and the rate on world sugar 2.50 cents, in lieu of
duties of 1.76 and 2.20 cents, respectively, was put through as a result of
9 Senators vacating their position in opposition to the higher tariff as
recorded on the roll-call of Jan. 16,
The Senators who voted against the increase in the sugar rates before
and who voted for the increase now are Jones, Metcalf, Pine and Schall,
Republicans; Ashurts, Dill, Hayden, Thomas of Oklahoma, and Trammell.
Democrats. Senator Goff, Republican, who voted against the increase
before, was paired for the Smoot amendment.
Senator Harrison, Democrat, of Mississippi, raised the foreboding for
the low tariff forces that adoption of the Smoot amendment might lead
to the reversal of the Senate votes by which lumber and oil were retained
on the free list.
Senator Walsh, Democrat, of Montana, referred to the statement made
yesterday by Secretary Davis that unemployment conditions were due in
part to the delay of Congress in passing the tariff bill. Mr. Walsh said
that, if any further delay occurred, the responsibility was upon "this new
combination which wants higher duties on sugar and aluminum and which
may seek later to put duties on lumber and oil which are now admitted free."
Senator Harrison told the Senate that the stock of the Groat Western
Sugar Co. had advanced $2 a share on the Stock Exchange to-day in consequence of a "mere rumor" that 8 Senators were about to switch their
votes on the sugar tariff.
"Lot's have a guessing contest," interrupted Senator Glass, Democrat,
of Virginia. "if the stock went up $2 on a mere rumor about what these
8 Senators were going to do, what will happen when the Senate actually
votes the raise,_"
Thirty-eight Republican.s and nine Democrats voted to raise the rates
on sugar as proposed by Chairman Smoot of the finance committee, and
thirteen Republicans and twenty-six Democrats made up the opposition.
Prior to the adoption of the Smoot amendment, the Senate by a vote of
66 to 22 rejected a proposal by Senator Howell, Republican. of Nebraska,
providin t for the payment of bounties to sugar raisers and refiners and
also for Federal aid to the industry by the Farm Board in times of depression.
The Senate also defeated by a viva voce vote an amendment offered by
Senator Broussard. Democrat, of LouLsiaria, to limit imports of Philippine
duty-free sugar to 600,000 tons a year.
Menace to BM Appears.
The vote on sugar left the Senate in an ugly frame of mind. If the
combination that jammed through the Smoot amendment should follow
up by trans'erring lumber and oil from the free to the dutiable list, a situation would be presented that might menace the passage of the bill in the
Senate, in the belief of spokesmen of the Democratic-insurgent Republican
coalition.
In his speech, Senator Harrison called the previous veto on sugar and
the roll-calls keeping lumber and oil on the free list victories for the consumer in the face of demands of "organized greed." If lumber and oil
were now to be made dutiable, it was said by some Senators, enough coati-




1581

tion members might turn against the bill on the final vote to assure Ito
defeat. The votes on lumber and oil were close, 39 to 34 and 39 to 27.
respectively.
Senator Smoot spoke briefly in support of his amendment, asserting
that the higher rates proposed were essential to the prosperity of the beet
sugar industry. Like speeches were made by Senators Vandenberg,
Phipps, Howell and Broussard.
The opposition was led by Senators Caraway, Harrison and Walsh, of
Montana. Senator Harrison said that the vote of Jan. 16. retaining
present rates on sugar had been applauded by the press and the public,
and that those who voted for higher duties in this instance would be called
to account by angry constituents.
The House put a duty of 2.40 cents a pound on Cubar sugar and 3 cents
on that from other foreign countries. A compromise with the Senate rate
is likely when and if the bill goes to conference.
Roll Call on Sugar Tariff.
The vote on the Smoot amendment was: For the amendment, 47—
Republicans, 38; Democrats, 9. Against the amendment, 39—Republicans, 13; Democrats 26
Action at Night Session.
Senator Copeland, Democrat, of New York, made a fight at the night
session in behalf of an amendment proposing a duty of 8 cents a pound
on casein, In lieu of the rate of 53- cents provided by the bill and 2% cents
collected under the present law. He delivered a two-hour speech in support of the amendment, and at one stage was accused by Senator Glenn.
Republican, of Illinois, of conducting a "one-man filibuster."
-cent duty was desired
Mr. Copeland denied this, contending that the 8
by the dairy industry of New York and that the demand was a fair one.
The Senate rejected the Copeland amendment without a record vote,
but later, at the suggestion of Senator Howell, agreement was reached
to reconsider and take a roll call on the casein duty at noon to-morrow.
By a vote of 29 to 25, the Senate also defeated an amendment offered
by Senator La Follette of Wisconsin, providing for a reduction in the rate
on calcium carbide from 1 cent to % cent a pound. The former rate,
carried by the bill, stands.
On motion of Senator Iia.rrison an amendment was adopted fixing a duty
cf 5 cents a pound on synthetic camphor, with a stipulation that if the
end of three years the consumptive production did not reach 25% of the
consumptive needs the rate should be 1-cent a pound.
On motion of Senator Johnson of California a rate of 9% cents a pound
on olive oil, as reported by the Finance Committee, was approved.
The Senate recessed at 10.05 p.m.

On Monday March 3 the Senate by a vote of 49 to 33
levied a duty of 7 cents a pound on long-staple cotton,
which has been on the free list except for a short period in
1921. This victory, the "Times" noted, was won by the
breaking up of the coalition forces and, it is declared, will
win a number of votes for the tariff bill on final passage.
On the same day (March 3) the Senate defeated by a vote
of 35 to 34 an amendment to place a countervailing duty on
lumber. The motion says, the "Times", offered by Senator Hayden, Democrat, of Arizona, and supported by
Senators representing States whose dominant industries are
lumber, oil and sugar, was defeated by a vote of 35 to 34.
The "Times" also said:
Turpentine Rate at 10%•
A duty of 10% ad valorem was placed on turpentine and resin, upon
motion of Senator Simmons, Democrat of North Carolina. A motion by
Mr. Simmons to place rice cigarette paper on the free list was lost.
Senator Wagner, Democrat, of New York, won adoption of a motion
placing spices on the free list, but Senator McKellar, Democrat, of Tennessee, lost on a proposal to make vanilla beans duty-free.
An amendment by Senator Walsh, Democrat, of Massachusetts, for a
duty of 10% on liquid wood pulp, was defeated.
At the night session several changes were made in the administrative
sections of the bill, including one sponsored by Senator George, Democrat.
of Georgia providing that the President should alternate annually between
a Democrat and a Republican as Chairman of the Tariff Commission,
Senator Copeland of New York occupied attention for nearly an hour
with a resolution to end the practice of making business interests pay the
cost of the searching by prohibition officials of freight cars entering the
United States from Canada, where suspicion exists that they contain liquor.
The amendment, which was adopted, will compel the Government to pay
the costs of search, which averages about $27 a car.
The efforts of business men to bring about abrogation of the parcel
post agreement which limits imports of cigars from Cuba to packages of
3,000 met another failure when, upon motion of Senator Fletcher, Democrat, of Florida. the Senate adopted an amendment annulling an elimination
clause to this effect.
Cuba some years ago abrogated a parcel post arrangement which gave
American producers advantages in sending goods to that country on
condition that the old treaty, limiting exportation of cigars to this country
to packages of 3.000. should be repealed and that cigars in lots of 100 could
be sent here free of duty.
Senator Hawes, Democrat, of Missouri, offered an amendment making
customs officials at New York responsible for the transfer of goods arriving
by steamers. Senator Hawes asserted that a system of graft had been built
up in New York by which brokers there received fees for handling import
consignments to inland cities. This, he declared, was graft pure and simple
and the work should be part of the duty of customs officials.
Senator Norris stirred the Senate to lively debate a few minutes before
adjournment by offering an amendment to permit the Customs Court to
decide when a tariff rate creates a monopoly and breaks down domestic
competition. The Court, after a hearing, would report to the President,
who would be directed to suspend the duties in question until the monopoly
ceased to exist.
Senator Norris said that the object of his amendment was to increase
competition and restrain monopolies which resulted from high tariff walls.
lie said it had been found impossible under existing laws to prevent monopolies and that his proposal was another way to reach the goal of free activity
in American business, lie thought that if the Customs Court acted promptly
on complaints the plan would be effective.
Senator Copeland, Democrat, of New York won approval of an amendment requiring that the government bear the expense of inspecting freight
cars from Canada suspected of containing illicit liquor.
The expense, amounting to about $27 a car, Mr. Copeland said, was
paid by the eovernment until April 1928, when the shippers were required
to pay it. The amendment provides that the government shall pay the
expense when no evidence of liquor or other customs violation was found.

1582

FINANCIAL CHRONICLE

According to the "Herald Tribune" the tariff struggle
opened in the Senate on March 6 with a renewal of the
fight over the duty on casein. Senator Royal S. Copeland,
Democrat, of New York, had an amendment to increaQe
the duty from 53/b cents a pound in the bill to 8 cents a
pound. The paper referred to also stated:
This was defeated last night, but reconsidered at the instance of Senator
R. B. Howell, Insurgent Republican of Nebraska. To-day, the question
Was debated up until noon and the proposed increase was defeated by
41 to 34.
, After disposing of casein, the Senate occupied much of the afternoon with
amendments to the chemical schedule. It restored the Senate Finance Committee rate on litharge of 2% cents a pound. In Committee of the Whole,it
had been reduced to 2%.
Also the Finance Committee rate of 2 cents a pound on red lead was
nistored. In Committee of the Whole, it had been cut to 2% cents, which
was the House rate.
No change was made in the Committee of the whole, it had been cut
to 23 cents, which was the House rate.
No change was made in the Committee of the Whole rates on ultramarine
blues of 4 cents a pound if valued at more than 10 cents a pound and 3 cents
Sof less value.

[Vol,. 130.

ITEMS ABOUT BANCS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the sale
of two New York Curb Exchange memberships, one for
$175,000 (an increase of $15,000 over the last preceding sale)
and the other for $185,000.
Two New York Coffee & Sugar Exchange memberships
were sold this week; that of Percy Bradley to George H.
McFadden & Bros. for $14,000, unchanged from the last
preceding sale, and that of Stephen V. Hopkins to Arthur
E. Orvis, of Orvis Bros. & Co. for $14,500.
A Silk Exchange Seatjwas sold this week for$2,050, a
decline of $250.
Arrangements were made th- is week for the sale-of a membership on the Chicago Stock Exchange to K. S. Beall, of
Chicago for $32,000.

A Chicago Board of Trade membership was reported sold
From the "Herald Tribune" we likewise take the follow- this week for $17,500, an advance of
$1,500 over the last
ing Washington advices March 6:
preceding sale.

' Following on the action of the Senate in adopting the Smoot amendment to increase rates on sugar, Senators in the original Democratic and
insurgent coalition were fearful to-day lest their organization collapse.
Open apprehension was expressed that the new high tariff, combination
would be able to force through duties on soft wood lumber and other prod'Meta on the basis of which the combination has been effected.
Some of the Democratic leaders,faced with a situation which may result in
undoing the efforts of the Insurgent-Democratic coalition, were disposed to
abandon further attempts to hold down rates and to allow the advocates
of high duties to have their way, rewrite the bill and take the responsibility before the country. Others in the Democratic leadership opposed
this.
Lumber Tariff Forecast.

Reports in circulation yesterday of negotiations looking
toward a merger of the Chase National Bank of New York
and the Equitable Trust Company were referred to in last
night's "Sun" March 7 as follows.

"No comment to make," remarked Albert H Wiggin, Chairman of the
Chase National Bank, to-day apropos of reports that he was engineering a
combination with the Equitable Trust Co. which wo id make the consolidated bank the largest in t•-e world, with resources approximately
83,000,000,000. It was indicated, however, that he might have a statement to make by the first of the week, and possibly earlier. Winthron W.
Aldrich, President of the Equitable, similarly had no comment to make.
To-day's developments did not make clear whether the Republican InSuch a merger, which might take the form of an affiliated bank and trust
surgent-Democratic coalition is to be defeated in a series of important company, after the fashion of the National City Bank and City Dank
amendments. However, it was admitted the new alliance is likely to win Farmers Trust Co. affiliation, would create an institution wi.h capital
on lumber; that it may win on oil; that the reduction on aluminum rates is funds of nearly $500,000,000, and with deposits of over $2,000,000,000.
likely to be overcome, and that the supporters of a substantial duty on
Prices of both Chase and Equitable shares, which have been strong for
leather and shoes as well as hides may win. Furthermore, some supporters several days, moved up to
-day a few points more on rumors as to the
of the two-cent sugar rate to-day declared this might be increased in con- probable basis of exchange of stock in the event of a merger. Chase to-day
ference.
rose about 6 points to 175, while Equitable was about 5 points up at 133.
It was expected the Senate would have a night session to-night on the
Tariff Bill, but Senator Hiram Bingham, of Connecticut, brought about the
Hamilton Candee, Vice President of the Guaranty Company
adoption of a resolution late to-day under which recess was taken in honor
of the late Representative James P. Glynn, of Connecticut, for fourteen of New York, died on March 5, of pneumonia in the Presbyyears a member of the House. This action made it certain that the tariff
Hospital. Mr. Candee was born in Brooklyn. He
Bill could not be disposed of this week. It was the opinion of Senator James terian
Z. Watson and other Republican leaders that the bill would not be finally began his business career in 1903 in the office of John H.
passed until the middle of next week at the earliest.
Davis & Co. He subsequently became associated with the
In the consideration of amendments to-day on the chemical schedule,
Insurance Co. and later with Rhoades & Co.
the prevailing disposition was to "boost" the rates. This was looked on Lawyers' Title
In most quarters as indicating that the new combination was in control. In 1907 Mr. Candee entered the employ of Kissel, Kinnicutt

& Co., where he remained for 10 years. He joined the
Guaranty Trust Co. in 1917, and in the following year became New York City Sales Manager. During the Fourth.
Death in Japan of Dr. Arthur T. Hadley of Yale.
and Fifth Liberty Loan campaigns, Mr. Candee was in gen*
News of tne death of Dr. Arthur T. Hadley, of Yale Uni- oral charge of bond and note sale for the Guaranty. He
versity was carried in Kobe, Japan, Associated Press cable- was appointed Assistant Manager of the Bond Department,
grams, March 6, which said:
in 1919, and Vice-Prsident of the Guaranty Co. of New York
Dr. Arthur T. Fladley, 73, President Emeritus of Yale University, died
in 1920. Mr. Can dee was prominent in
here to-day aboard the round-the-world tourist ship Empress of Australia. upon its formation
The Empress of Australia, which Dr. Hadley boarded in New York last the organization of the Bond Club of New York in 1917, and
Dec. 3 for a world cruise, docked yesterday from China.
was elected its first President.

Pneumonia was given as the cause of death. Mrs. Hadley was accompanying the educator on the tour.
Dr. Hadley died at 1 o'clock this morning, Japanese time (11 a. m.
Wednesday, Eastern standard time).

George C. Cutler was appointed a Vice-President of the
Guaranty Trust Company of New York on February 27.
New Haven Associated Press dispatches, Marcn 6, pub- He will be attached to the Trust Department. Mr. Cutler
who was born at Brookline, Massachusetts, in 1891, gradulished in the New York "Evening Post" said:
1913, and from Harvard Law School
Death has overtaken Dr. Arthur Twining Hadley, President Emeritus of ated from Harvard in
Yale University, in Kobe, Japan, during a world cruise. He was 73 years In 191(3. He served two years as an officer in the United
ski and was President of the university from 1899 to 1921.
States Navy during the war. Mr. Cutler practiced law
Stricken with pneumonia, the noted educator, writer, lecturer and econ-day illness. Word of his death was received at Boston from 1920 to 1924 as a partner in the law firm
omist died yesterday after a 2
here last night. He sailed with Mrs. Hadley from New York on Dec. 3 of Herrick, Smith, Donald and Farley. In 1925, he became
bri the Empress of Australia.
a member of the firm of E. B. Smith and Company, investHeads were bowed in grief at the university to-day in mute recognition
that death had taken one of its most beloved sons and former officers. The ment bankers. He remained a partner in that firm until
message which brought word of Dr. Hadley's death came in time for the December 31, 1929. Mr. Cutler is now a lecturer at the
"Yale News," undergraduate daily, to pay its tribute and to give its estimHarvard Law School.
ate as seen through the eyes of a later generation of students of the worth of
kis administration.
News Shocks Son.
Hamilton Hadley, New York lawyer, a son, said that news of his father's
death came as a great shock. A cablegram from his parents a few days ago
reported both in good health, he said.
Besides his widow and Hamilton Hadley, he is survived by another son,
Morris, also a lawyer in New York, and a daughter, Mrs. Nicholas Moseley
of this city, whose husband is provost of Albertus Magnus College.
Dr. Hadley's body will be sent here for burial after it is brought from
Japan to San Francisco by the Empress of Australia, which is expected to
arrive in that city March 31. Services will be held in Battell Chapel at
Yale and interment will be in Grove Street Cemetery.

The "Post" also stated:
In addition to degrees received from Yale, Dr. Hadley held degrees from
Harvard, Wesleyan, Columbia, Western Reserve, Johns Hopkins, Williams,
Dartmouth, University of California, and the University of Berlin. He
was President of the American Economic Association, a trustee of the
Carnegie Foundation for 25 years, served as Roosevelt professor at the
!Adversity of Berlin from 1907 to 1908, and was Chairman of the Railroad
Securities Commission appointed under the act of Congress in 1910.




Chatham Phenix National Bank and Trust Company of
New York announces the appointment of Jess M. Dunagin
as special representative of the bank in Texas, to fill the
vacancy caused by the resignation of L. R. Buchanan, who
has become the manager and director of the Federal Intermediate Credit Bank of Houston.
IIenry J. Schuler has been elected Vice President and
Cashier of The Bank of America, N. A., of New York, succeeding Charles E. Curtis, resigned.
The election of new interests to the board of directors
of the Chelsea Bank & Trust Company of New York is
announced. One of the new directors is John W. Kiser,
President of the Phoenix Manufacturing Company. The
other is Ruben Federman, Treasurer of the Interstate

MAR.8 1930.1

FINANCIAL CHRONICLE

1583

Department Stores, of which his father is President. Mr. President of West Side Trust Co., South Side National
Federman is also a director of the Schiff Company. It is Bank & Trust Co. and the Peoples National Bank.
stated that a third new name will appear on the direcThe First National Bank of Roebling, N. J., effective
torate shortly, thus increasing the board to eighteen.
Mar. 1, became the First National Bank & Trust Co. of
The Federal Grand Jury on Mar. 4 handed to Judge Roebling.
Grover M. Moscowitz, in Brooklyn, an indictment charging
John J. Spanler, President of the New Jersey National
Albert H. Hansen, former President of the Elmhurst Na- Bank & Trust Co. of Newark, N. J., announced on Feb. 22
tional Bank, Elmhurst, Borough of Queens, N. Y., with that the Broad & Market Securities Co., controlled by the
embezzlement of more than $50,000 of the bank's funds, bank, had purchased a controlling interest in the Chanaccording to the New York "Times" of March. 5. The cellor Trust Co. of Irvington, N. J., according to the New
Indictment contains 15 counts. The alleged thefts cover York "Times" of Feb. 23. Mr. Spanler said the acquired
a period of from March 1, 1927 to Dec. 31, 1929. The bank would be operated in association with the New
Grand Jury also indicted Hansen and William Douglas Jersey National. The Chancellor Trust Co. has capital of
Miller of Englewood, N. J., jointly with conspiracy to $100,000 and deposits of about $500,000.
defraud the bank of about $50,000 by means of worthless
The proposed consolidation of the Market Street Title
promissory notes. We quote further from the "Times" as
& Trust Co. of Philadelphia with the Integrity Trust Co.
follows:
This indictment charges that it was part of the general plan for of that city, referred to in our issue of Feb. 1, page 743,
Miller to present to Hansen certain notes for discount. These notes was consummated on Mar. 1. The enlarged Integrity Trust
the indictment alleges were supposedly secured by seats on the New
Co. has combined capital, surplus and undivided profits of
York Stock Exchange when as a matter of fact they were without
over $18,000,000 and seven offices as follows: Main office,
security of any kind.
Hansen, who lives in Elmhurst, was arrested on Jan. 24. He pleaded 16th and Walnut Sts.; Chestnut St. office, 717 Chestnut
not guilty at a preliminary hearing. Miller was seized on Feb. 5.
Green Sts.; West Philadelphia
The shortage in the bank's funds was discovered after an examination St.; Green St. office, 4th and
by Federal bank examiners. Hansen and Miller will appear in a few Title & Trust office, Lancaster Ave. and 40th St.; Thirtydays in the United States District Court to plead to the indictments. sixth St. office, 36th and Walnut Sts.; Columbia-Tenth
The grand jury lauded J. R. Espinosa, an accountant in the Bureau
Market St. Title
of Investigation of the Department of Justice, for his examination of office, Broad St. and Columbia Ave., and
& Trust office, 52nd and Market Sts. The principal officers
the affairs of the bank.
of the enlarged bank are: John Stokes Adams, Chairman
We learn that the stock d- ividend, declared Jan. 14, to of the Board; Augustus I. Wood, Chairman of the execustockholders of the Richmond National Bank of Richmond tive committee; Walter K. Hardt, President and Harrison
Hill, Borough of Queens, New York, will be payable April N. Diesel, Vice-Chairman of the Board. Mr. Diesel was
1 to stockholders of record March 25, in the event that the formerly President of the Market Street Title & Trust Co.
increase in the capital of the bank is approved by the
The Hatfield National Bank, Hatfield, Pa., has become
Comptroller of the Currency. The payment of a stock
the Hatfield National Bank & Trust Co., the new title bedividend of 33 1-3% to the stockholders, increasing the
effective Feb. 18.
capital from $300,000 to $400,000, was referred to in our coming
Issues of Jan. 18, page 415 and March 1, page 1379.
A charter was issued by the Comptroller of the Currency
on Feb. 28 for the First National Bank of Ligonier,
The respective directors of t-he People's Bank & Trust Co., Ligonier, Pa. The new bank is capitalized at $125,000.
the Hobart Trust Co., and the City Trust Co., all of Passaic, G. C. Frank is President and R. S. Keffer, Cashier.
N. J., on Mar. 6 unanimously approved a union of the institutions under the title of the People's Bank & City Trust
Walter J. Aring, who for six years has been in charge of
Co., according to an announcement in Passaic on that day, development maintenance of all property owned and conreported in Passaic advices to the New York "Times." If trolled by the Union Trust Co. of Cleveland, has resigned
the merger is approved by the stockholders of the three banks his position with the bank to head a new division of the
and the State Banking Department, it was stated, the new H. K. Ferguson Co., international engineers and builders,
bank will begin with resources in excess of $24,000,000. which will handle the design and construction of office
The State Banking Department has informally signified its buildings, banks and other commercial structures. The
approval of the consolidation. The new bank the dispatch announcement in the matter by the H. K. Ferguson Co.
said, will raze the present Hobart Trust building, erecting said:
on its site a 10-story building, which will be the largest in ' Mr. Aring's wide experience in construction and in economic study
Passaic, it was announced. No announcement was made of real estate development has earned for him wide recognition as a
investment
He has
in the layout
about [the choice of officers for the new bank. Former consultant commissions and design of Owners and property. AssociaManagers
of the Building
served on
representative Dow H. Drukker is now President of the tion and has been called into consultation by many banking and business
Hobart Trust Co.; Representative George N. Seger, Presi- connections of the Union Trust Company during the consideration of
dent of the City Trust Co.,and William H.Stevens, President important building plans.
Harold R. Ferguson, president of the H. K. Ferguson Company, in
of the People's Bank & Trust Co. We quote further from commenting on his firm's decision to enter the commercial building
field, stated, "We already have the architectural, engineering and
the advices as follows:
The Hobart Trust Co. is the institution which was temporarily closed by
the State Banking Department last July, a month after the
mysterious
kidnapping of Willard H. Elliott, then a Vice-Prasident of the bank. Its
sale to a group of Passaic citizens at $14 a share was subsequently
authorized
by the Chancery Court and the bank was reopened.
Elliott, who returned home after a week's absence told a story of being
held a prisoner by a gang of Chicago gunmen and intimated that his refusal
to approve certain loans had provided the motive. Fifteen men were subsequently indicted for his kidnapping, among them Harry Kuller, a securitiesibroker and friend of Harry H. Weinberger, former President of the
Hobart Trust Co., and Frank C. Campbell, one of its former officers.
Weinberger was indicted last August for alleged irregularities in connection with the operation of the Now Jersey Bankers Securities Co.,which he
had founded as a holding company for the Hobart Trust Co.

building organization necessary for this type of work. We have felt
a demand among investors and building organizations for the same
type of service which the larger industrial units of the country have
accepted as the economical way to handle their construction work."
--.
6

That the defunct Central Bank Co. of Youngstown, Ohio,
will pay a dividend of 50% on Mar. 10, calling for amounting to $200,000, was reported in a dispatch from that city
on Mar. 4 to the New York "Journal of Commerce." The
failure of the Central Bank Co. on Nov. 9, 1929, was noted
in the "Chronicle" of Nov. 23, page 3277. The same advices
also stated that the Union Savings Bank (the failure of
which on April of last year was referred to in our issues
Yesterday, Mar. 7, the banking, steamship ticket and of Apr. 20 and May 4, pages 2576 and 2937, respectively),
foreign business of the Padula State Bank of Newark, would also make a payment on Mar. 10 of 12 %, amount/
1
2
N. J., was merged with the Peoples National Bank of ing to $80,000.
Newark. The former officers of the Padula State Bank
South Bend, Ind., advices on Feb. 27, appearing in the
are now connected with the management of the Peoples
Chicago "Journal of Commerce" of the next day, reported
National Bank. The latter institution is affiliated with the
West Side Trust Co., which owns two-thirds of its capital that three banks in St. Joseph Co., Indiana, had closed
stock. The West Side Trust Co. and its affiliated banks within twenty-four hours, while a receivership for a fourth
now operate seven banking offices in Newark, two of was sought by the State Banking Department. We quote
which are its own branches, one branch being formerly from the dispatch as follows:
The State Bank of Tyner, with a capitalization of $25,000, was
the office of the Hawthorne Avenue Trust Company, which
closed on Wednesday afternoon, Feb. 26, after a "run" had started.
was merged with West Side Trust Company in May, 1929, The closing was said to have been ordered to protect depositors.
The Farmers State Bank of Walkerton was forced to close today,
and it also controls the South Side National Bank and
result
27, as
Trust Company through a two-thirds stock ownership, Feb.business. a It was of a "run" which started soon after it opened
reported that news of the closing of the Tyner
for
which bank also has two branches. Ray E. Mayham is bank had much to do with the run at Walkerton.




1584

FINANCIAL CHRONICLE

[VOL. 130.

This afternoon the directors closed the Farmers State Bank of Press
from Bevier on that day, printed in the St. Louis
Lapaz. Uneasiness among depositors and unsatisfactory business con"Globe-Democrat" of Feb. 26. The closing was said to be
ditions were given as the causes of the closing.
In the St. Joseph County circuit court here, the state banking com- due to "frozen assets" and slow collections.
The dispatch
missioner filed application for a receiver for the Lakeville State Bank, furthermore
said in part:
which was closed earlier in the week because of "frozen" assets.
J. G. Hughes, vice-president of the Commerce Trust Co. of Kansas
City, Mo.,
former
Springfield, Ill., advices on Feb. 27, printed in the Chi- several daysatrying to Commissioner of Finance, had been here for
adjust the affairs of the bank. He
cago "Journal of Commerce" of the following day, reported a personal interest in the bank since he started working in it had ataken
as boy,
eventually becoming its President.
that the State Auditor was notified on Feb. 27 of the
There was ncr run on the bank and the closing caused no excitement.
closing of the Hillview State Bank, Hillview, Ill. The J. F. Richards of Bevier was
President and W. A.
bank had a capital of $25,000 and deposits of $60,000 at Cashier. The last financial statement showed deposits Rowland was
of $208,000
and loans of $167,000.
the time of its last report. The directors requested that

A subsequent dispatch from Jefferson City, Mo., Feb. 27,
appearing in the paper mentioned of Feb. 28, reported that
As the result of a "run" stated by rumors, the People's State Finance Commissioner S. L.
Cantley on Feb. 27
Trust & Savings Bank of Streator, Ill., was closed by its appointed L. I. Vaughn of Kirksville to
liquidate the
directors on Feb. 27, who asked for an examination of the Institution.
Institution, according to advices from Streator on that
A merger of the Trader's National Bank of Kansas, Mo.,
date, printed in the Chicago "Journal of Commerce" of
the next day. The dispatch went on to say: The institu- and the Gate City National Bank of the same place, both
tion is twenty years old. Bank officers said there was no capitalized at $200,000, became effective on Feb. 21. The
basis for the rumors but $70,000 was withdrawn in two resulting institution, the Traders' Gate City National Bank
days by worried depositors. Another $30,000 was with- of Kansas City, is capitalized at $400,000.
drawn this morning.
A dispatch from Birmingham, Ala., on Feb. 26 to the
The Commercial National Bank of Chatsworth, Ill., was New York "Times" reported that announcement was made
closed on Feb. 27, according to a press dispatch from on that day that the Bank of Greenville, Greenville, Ala.,
Bloomington, Ill., printed in the Chicago "Journal of Com- is to be absorbed by the First National Bank of Greenville.
merce." A notice was posted stating that the bank had
Announcement was made on Feb. 26 that the Huntsville
been closed pending examination by a State Auditor, the
Bank & Trust Co. of Huntsville, Ala., and the Henderson
dispatch said.
National Bank of the same place, would be consolidated,
On Feb. 26, the First National Bank at Flint, Mich., according to Birmingham, Ala., advices on Feb. 26 to the
changed its name to the First National Bank & Trust Co. New York "Times."
at Flint.
Effective 3:00 P. M. Feb. 21, the Farmers' National Bank
3:00
of Tazewell, Va., with capital of $100,000, was placed in
Effective Jan. 30 the First National Bank of Sioux
Rapids, Iowa, (capital $50,000) went into voluntary voluntary liquidation. The institution was absorbed by
liquidation and was succeeded by the First National Bank the Farmers' Bank of Clinch Valley, Tazewell.
in Sioux Rapids.
A union was effected on Feb. 25 of the First National
• The Security National Bank of Sioux Falls, S. D., on Bank of Fort Gaines, Ga., with capital of $50,000, and the
Feb. 21 changed its name to the Security National Bank Union Savings Bank of Fort Gaines, capital $27,150. The
new bank is known as the First National Bank of Fort
& Trust Co. of Sioux Falls.
Gaines and is capitalized at $50,000.
A charter was issued on Feb. 20 by the Comptroller of
Consolidation of the American National Bank of Terrell,
the Currency for the First National Bank of Philip, S. D.,
with capital of $50,000. The new bank represents a con- Texas, and the First National Bank of Terrell, was to be
version of the Bank of Philip. J. C. Nelson is President effected on Feb. 25, according to advices from that place
on Feb. 24 to the Dallas "News." The business of both
and E. F. Walden, Cashier.
banks, the dispatch said, would be conducted under the
A consolidation of the First National Bank of Durant, name of the American National Bank.
The first National
Okla., and the Commercial National Bank of the same Bank was founded in 1888 and had
been in continuous
place, both capitalized at $100,000, was consummated on operation under that name since then,
while the American
Feb. 21, under the name of the First National Bank of National Bank celebrated its fiftieth
anniversary about
Durant with capital of $100,000.
five years ago. The combined resources of these two
A consolidation of the Oklahoma National Bank of pioneer banks, it was said, makes the consolidated instituChickasha, Okla., and the Chickasha National Bank, both tion one of the strongest in East Texas. The combined
capitalized at $100,000, was consummated on Feb. 24. The capital, surplus and profits of the institutions aggregate
new organization, which is known as the Oklahoma Na- $466,192 and their deposits $2,741,999.
tional Bank of Chickasha, is capitalized at $200,000.
According to a dispatch from Henderson, Texas, on Feb.
25 to the Houston "Post," the Farmers' & Merchants'
The taking over of the Caruthers State Bank of Somer- National
Bank of Henderson failed to open its doors on
ton, Ariz., by the State Banking Department on Mar. 1, Feb. 24.
The bank's statement as of December 31, 1929,
was reported in the following Associated Press advices listed resources of over $1,000,000,
.
with deposits of almost
from Somerton on Mar. 1 printed in the New York "Times" $700,000. The dispatch continuing said:
of the next day:
Inability of a number of large debtors to meet their obligations
the bank be examined, it was stated.

The E. G. Caruthers Bank of Somerton was in the hands of the
State Banking Department today. Officials said the bank was closed
after a "run" had started.
The controlling stock is owned by C. H. Bencini of San Diego, Cal.
Leroy A. Wright, also of San Diego, is President.
James B. Button, State Superintendent of Banks, who assumed
charge of the institution, said it had deposits of $230,000.

is
said to have led to the bank's difficulties. Directors and leading stockholders held an all-night session Saturday in an effort to reorganize the
bank, but plans have not yet been perfected.

Associated Press advices from Rising Star, Texas, on
Feb. 27, reported that the First National Bank of Rising
Star had failed to open for business on that day. A
notice stated the directors had found it advisable to ask
the National Banking Department to take charge. C. F.
Falls is president of the institution, which was capitalized
at $25,000 and had deposits of $162,000.

W. P. Sharpe, resident Vice-President of the MercantileCommerce Co. of St. Louis, has assumed charge of the
company's New York office, located at 14 Wall St. Mr.
Sharpe has been connected with the "Mercantile-Commerce,"
or its predecessors, for the last 10 years. The MercantileA charter was issued by the Comptroller of the CurCommerce Co. is the investment division of the Mercantilerency on Feb. 17 for the Red River National Bank of
Commerce Bank & Trust Co., which resulted from a merger
last May of the Mercantile Trust Co. and the National Bank Clarksville, Texas. C. E. Williams is President of the new
of Commerce in St. Louis. The New York office has a bank, which is capitalized at $100,000.
private wire to St. Lous.
The National Bank of Hermosa Beach, Calif., with
capital of $50,000, was placed in voluntary liquidation on
The State Bank of Bevier, a small Missouri institution
Jan. 3. The institution was recently absorbed by the Bank
with deposits of $208,000, was closed on Feb. 25 by order
of America of California of Los Angeles.
of its directors, according to advices by the Associated




MAR.8 1930.]

FINANCIAL CHRONICLE

1585

The Bank of America of California, Los Angeles, recently
took over the Florence National Bank, Florence, Cal., and
the Graham National Bank, Graham, Cal. The institutions,
both of which were capitalized at $75,000, were placed in
voluntary liquidation on Nov. 14, 1929.

The other three indicted were formerly employes of the Post and
Fillmore branch of the Bank of Italy and already have been under
indictment for a year. They are Joseph C. Bray, former manager of
the branch bank; Robert G. Haddow, his assistant, and Daniel P.
Burke, a teller.

George Noel Seyston, President of the San Francisco
Stock Exchange, together with eight others, was indicted
on Tuesday of this week, Mar. 4, by the Federal Grand
Jury in San Francisco, for an alleged conspiracy in which
approximately $550,000 is said to have been embezzled
from the Post and Fillmore branch of the Bank of Italy
National Trust & Savings Association a year ago, according to San Francisco advices to the New York "Times" on
that day, which furthermore said:

3 Two Yakima, Wash., banks were consolidated on 1,Feb. 2
namely the First National Bank and the Yakima National
Bank. The resulting institution is known as the Yakima
First National Bank and is capitalized at $500,000.

At the meeting of the Board of Directors of the Banca
Commerciale Italiana—Head Office, in Milan (Italy) it
has been decided to propose, at the General Meeting of
the shareholders, to be held on March 29th, 1930, a diviWith Keyston, member of the brokerage firm of Lieb-Keyston & Co., dend for the year 1929 of Lire 65.—per share, equal to
were indicted two other members of the firm, Douglas C. Alexander 13%, to allocate to the Reserve Fund Lire 20,000,000.—
and Ray S. Rossitter, and three employes, Charles H. Clay, Elmer J. and to carry over as undivided Profits for the year 1930,
Griffin and Claud Galmarino.
the amount of Lire 28,000,000 approximately.

SAN FRANCISCO
Western Industrial Growth Based on Sound magnificent new home on the corner of Pine and
Sansome Streets. The new building was dedicated
Financing.
[By SIDNEY L. SCHWARTZ, President of the San Francisco Stock Exchange.]

Underlying the prosperity which the West has
been steadily upbuilding for the past half century
are to be found the unemotional efforts of San Francisco's security market, the San Francisco Stock
Exchange.
In steactily increasing amount the funds of investors are flowing through this medium, into the
promotion of industrial enterprises, both in the West
and to lesser extent in the Middle West and East.
It has also been to this great reservoir of liquid
capital that Western industry has turned since 1882
for the funds that have made development possible
on the scale demanded by the growth and size of the
Western States.
Last year 19,188,822 shares, representing principally Western industry, with a market value of
$889,697,434, were bought and sold through the Exchange. While some of this was reinvestment and
refunding of old obligations, in the main it represents new financing for the expansion or improvement of corporate enterprises.
Of the shares sold during 1929, those of the industrial group proved the favorites. Public utility
securities were second in demand, and the shares of
investment corporations the next to be sought.
While the oils, long California favorites, did not
give a spectacular account of themselves in the share
volume traded in during the year, yet when the market broke they withstood the shock in a manner that
was gratifying to their holders and prophetic of their
future.
The wave of security speculation which swept over
the country did not affect to so great an extent
securities listed on the San Francisco Stock Exchange and the San Francisco Curb as it did those
in other sections for the reason that these stocks,
in most cases, were selling on practically an investment basis. Prime stocks of corporations engaged
in basic industries and possessing excellent future
possibilities traded in on the San Francisco Stock
Exchange are in many cases yielding from 5 to 7%
and are showing an increased earning power.
That its machinery and equipment might be equal
to the task of financing the huge territory dependent
upon it, the San Francisco Stock Exchange has during the past year erected and is now occupying a




Jan. 4 1930, and was used for trading the first time
on Monday, Jan. 6 1930.
In the construction of the new $2,700,000 building
the members took into consideration the fact that
San Francisco is a city of experienced investors,
long used to the successful handling of money, and
with a wide knowledge of Stock Exchange requirements. They realized that it had been the funds of
these investors or those of their fathers which have
been used to further all of the great developments
of the West, be it mining, industrial, transportation,
oil, or public utility endeavors. Of course there are
times when the Pacific Coast has not had sufficient
resources to meet all the needs of growth and has
turned to the older and deeper wells of finance in
the East. But, in the main, it has been to the
investors of San Francisco that Western industry
has turned for its financing. And the Stock Exchange has supplied the machinery through which it
has been obtained.
In their plans and building the members of the
Exchange did not overlook the fact that San Francisco is the industrial center of the Pacific Coast
as well as the gate-way to the Orient, which facts
alone indicate a continuous large-scale development
for this section with increasingly proportionate demands to be made on the San Francisco Stock Exchange and its mechanical equipment.
To meet the present requirements and those that
are to come from both investor and industry, the
new building is the most modern and thoroughly
mechanized Stock Exchange in the world. From
long years of careful study of the needs of Stock Exchanges, every device to facilitate trading under even
the most severe strain has been incorporated in the
construction. The trading floor has been equipped
with a series of pneumatic tubes for the transportation of orders and messages between brokers' booths
and the trading posts. The tubes also serve as an
intercommunicating system between the brokers'
booths and the comparison room. This relieves the
floor of messengers and clerks and permits the brokers to move freely from one post to another even
when trading is at the maximum.
The new building has been equipped with all the
modern machinery known to science to-day for the
execution and expeditious handling of the Exchange's business.

[vol.. 130.

FINANCIAL CHRONICLE

1586

RECORD OF PRICES ON SAN FRANCISCO STOCK EXCHANGE.
We give below a complete record of the range of prices of all stocks dealt in on the San Francisco Stock Exchange
(formerly the San Francisco Stock & Bond Exchange) for each month of the calendar years 1928 and 1929. The compilation is of course based on actual sales, and covers these and nothing else.
The following is a comparative table of transactions on the Stock Exchange for the last three years, with percentage of increase:
BONDS.
1927
1928
1929
Increase over 1928_ _ _ _

STOCKS (SHARES SOLD).
$4,952,000 1927
15,545,225
2,857,000 1928
31,530,016
3,384,600 1929
19,188,822
Decrease under 1928_ _ _
18.4%
39.2%

STOCKS (MARKET VALUE).
1927
$571,251,807
1928
2,066,781,634
1929
889,697,434
Decrease under 1928W
57.0%

MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1929.
STOCKS-1929
Alaska Packers Association___
American Co
Amer Motors Trans pref A
Anglo-California Trust _.
Anglo-London-Paris Nat Bank
Armour & Co "A" v t c
Bv t c _______________
Assoc Ins Fund Inc
Associated Oil Co
Atlas Imp Diesel Eng Co A
"A" rights
Aviation Corp of Callfornia

April
March
May
January February
June
August September
October
July
Norember December
Low High Low Iligh Low High Low High Low high Low High Low High Low High Low High Low High Low Hig?z Low High
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
169 180 176 176 168 18612 18012 185
175 200 175 185
---8
2
13912 1461 140 1E61- 140 1517 14018142 135 14018 12912150
I- 1424 132 13812
- - 3---5212 55
Loo- 505 500 E16
495 510
500 510 500 500 505 510 475- 48 - 472 475
-6
2521,266 255 26912 253 264 251 256 253 255 250 2533 25038251 250 251 24712 25014 24412 24712 220 240 220 235
4
1014
45
60
4.00

12
10
105
8
11
4514 46 46
0-8 59
97
6512 5412 65 -5
4.80
_
295 300

290 303
_

8 812 10
4
93 103
4512 4512 45 45
52 573 44 58
4
4
-251 27
300 340

25

31

-814 10
45 45
47 52

--9i4 10
4434 45
51 61

2458 28'8 24

____
914 10
45 45
5414 59

2812 23

310 332 320 380 350 387
1812 20
1878 201s 1712 19

10

1114

51

57

33

50, 25
8

37

2412 17

23

15

16

10

63 1 8 --818
4 - 0

4

6)2

6

7

2632 3112
-612

712

Bank of California N A
Bond 8: Share Co. Ld
Booth Co (F E) prof
Borden Co (The)
Byron Jackson Co
Calamba Sugar corn
7% preferred
Calaveras Cement Co COM
Preferred_ _
Calif Copper Corp
Calif Cotton Mills Co
Calif Ink Co Inc A
Calif-Oregon Power 7% pref._
Calif Packing Corp
Calif Petroleum Corp
Caterpillar Tractor Co
Rights
Clorox Chemical Co A
Coast Counties G & E 6% pref_
Consol Chem Ind Inc A
Crocker First Nat Bank
Crown-Zellerbach Corp v t c_ _
Preferred A
Preferred B

290 300

Dairy-Dale Co A

2314 25
24 27
27 3012 281s 3112 303 307
8
--8
1712 2112 19 25
2078 2612 2218 2514 22 243 2212 2311
4
2714 2714 24
34
2 .64 - - -1- -164 17 -18- - - 307 3834 35 443 3558 40 -82 -2g-- -5L- 401 2612 201- -2
8
2 2 .
6
4
-1612
112
30 3112 2434 29
26
24 2718 25 2614
8
2612 253 26
2514 273 267 30
8
4
2712 28, 2712 3712 2812 3518 2818 2918 247 2814 2512 2612 251, 27
27
8
26
8
578 2312 26
19 24
1712 20
26 27
578 7
6
318 412 3
43
4 512 4.25 4.90 4.15 4.75 4.00 4.50 334 47
8 41,
37
8 2
53 6 2 5
8
,
314
4 712 73
712 73
4 73
7,
2 77
: 612 758 63
4 684 7,
8 712 8
8 71
4 73
4 73
s
4 75
8 71, 71, 7,2 734 73
4 77
127 143 138 151 1095811418 1063 112 107 113 10578 10812 10678 111 10712 11512 111 114
8
96 113 9014 10514 100 102
2912 31
2912 3012
140- 140 - 140 1427 140 148 140 140 139 14
8
0
---- -- 140 146 140 140 140 140 140 140
4658 50 8 45% 493 4612 4812 4734 54, 50 557 491 511:3 4934 5138 4912 57
4
513 58
4
8
4114 51
,
8
3712 43
3712 -- .46
10012 10012 100 100 100 100
_ 100 100
178 212
1312 11- -12 -1034 1112 -1012 - - 4 87
12
11
1212 11
12
12
1014 113 1038 12
83 1012 8
4
4
.912 -73
8
7

Douglas Aircraft Inc corn
El Dorado Oil Works
Emporium-Capwell Corp IL _
Fageol Motors Co corn
7% preferred
Fireman's Fund Ins Co
Rights
First Security Corp of Ogden A
Food Machinery Corp com__. _
Preferred
Common rights
Foster 8c Kleiser

_

365 390 368 425 300 435
1812 14
18
1814 1912 18

_-

.- 3214 39
3412 4312 35 3814 353 18.4 - 23 16 2 32 - - -803 31- 19
8
3
6
4
12712 2612 27
26
27 4 27 2712 2518 25, 2212 25
,
22 24
23 25
8
8
1814 1712 175 167 173 1718 18
8
4
1714 171z 1714 18
1712 175 17 18
8
195 1912 2011
8
19
4 66
-883 - - 89 8912 8712 89
107
8 758 - a 7
91s 512 7
7's 914 7 105
,
5
512 514 63
4 412 6 4 434 6
68 80 63 70
75 86
87 94
6312 7014 53 65
55 6012 50 53
55 55
50 53
52 52
5112 58
4514 495 42 45
8
4018 4218 43 45
42 42
11212 11512 112 114 1131,11312 1085
8112
104 108 108 109 105 10712 108 109
7412 8114 73 7812 737 7812 73 7912 7384 76
8
733 77
8
75 8418 78 8212
7514 83
763 8612 70
4
27
27 27
18
19
19

7312
2.30
455
8
98

803
4
3.05
5012
99

-.312
7
2.85
4012
98

805 71
8
3.10
463 38
4
9814 98

7814 72

85

7512 873 76
8

3812 4112 3612 4112
98 98
98 98
265 2814 2838 305
8
8
385 400 380 380
387 400 400 400
2238 2518 22 2414 1934 237 195 2114 18 2114
8
8
92 96
95 96
9212 9314 9012 9212
9312 95
9212
9412 95
9212 93 91
46
98

Galland Merc Laundry Co corn 5112 55
5112 5414 5118 55
General Paint Corp A
3134 3258 3134 3212 30 313
4
2512 273 27 2812 2312 28
4
Golden State Miller Prod Co_ _ 56 5912 5212 59
5238 58
Grt West Power Co of Calif 6% 1003 102 10112 10212 100 10218
4
7%
1051210718 10512 107 105 107
Hallu Pineapple Co Ltd corn_ _ 12
10
10
1112 12
13
7% preferred
2112 233 22 2212 21
2112
4
Hale Bros Stores Inc
24 2418
21 12 2412 2314 24
Hawaiian Comm'l & Sugar Co 5038 513 5112 53
52
51
4
Hawaiian Pineapple Co Ltd
61
62 2 60 6134 59 61 18
,
Home Fire-Marine Ins of Calif. 4112 4612 41
443 3912 4112
4
Honolulu Consolidated Oil Co 37 3812 3514 3814 37 3912
Honolulu Plantation Co
603 6038 65 65
8
65 65
Hunt Bros Packing Co A.... 227 2358 2214 2312 22 2212
8
Hutchinson Sugar Plant'n Co 111a 1118 1118 1212 11
4
113

5014 5112
2934 30 2
,
8
23 253
52,2 56
10014 101 12
106 10712
9
10
21
22
22 22
8
5114 553
59 6512
40 41
3812 407
8
65 66
22 23
1212
11

Illinois Pacific Glass Corp A.. 40 4618 403 47
37 4214 35
4
Investors Association(The3corn
Common rights
Jantzen Knitting Mills corn... 44 485 44 4712 45 483 44
s
8
Kolster Radio Corp corn
6412 7912 56
8
7014 4812 667 32
Preferred
Common rights

793 8418 78
8

823 -56i8
4

.40 41
5312 23

36

8318 51

-Lo- - -6
1512 267 1458 1912
8
15 227 16
8
20
15
1612
13 14
1212 1212
80 8514 803 8212
4
334 2
2
314
30 4114 3212 3512
35 40
30 35
108 108 105 108
6412 7318 6612 6912

773 45
4

67

551 - --.
-2 6118

29 3618 25 3
4
38 4012 40 443 34 42
012
- - -1- -3 . 42
42 2 .812
4
98 9812 98 9912 98 983 9812 9914 98 9912 98 9812
98 98
4012 4538 33 433 2712 36
26 2712
4
3418 50
2718 2978 2818 35
424 450 450 450 450 460 425 450 400 400 410 412
1914 1718 18%
237 16
8
6- 1812 2014 1912 2212 201,2 2414 16
-1§1 - 8 2
80 8114
8
89 8918 867 8914 80 87
8
00 9012 89 8912 883 90
89 89, 85 85
783 807
8
3s
89 90 89 89
8
90 90
89 89

3014 33

- 1 4 42 14
4 1-3-12
437 2678 3332
8
-------

32 3418
29
31 14
16
18
1014
9
32 36
102, 104
8
2018 2318
1212 123
4

8478 867
8
20 3312
21
2212
16
1712
18 2014
85 8712
5
3
40 5112
42 43
105 108
64 79,
8

300 320
11
13

3712

50 5112 4918 5012 4812 54
2912 30
28 29
2978 30
2014 25
2234 2412 22 227
8
533 60 2 543 5712 5318 567
s
8
,
8
10014 10118 100 10012 10012 10112
1051:3107 10438 106 10514 106
111, 13
10
10
2(112 22, 2012 2112 2038 21
2
2212 2212 19 22
19 20
525 5438 53 54
8
5312 54
62 65
64 66
6412 6814
393 41
s
4018 4414 41
42
3934 4412 4014 4378 3914 4012
6434 66
64 64
2214 23 2 2312 2312 2212 2314
,
1212 137
8
111s 133
8
-

4012 30

4
3112 3012 3514 30 333
Langendorf United Bakeries A 30 343 28
4
25 29
2814 32,2 2812 3178
25 28
17
16
1612 1812 1712 1812 163 17
4
10
9
97
2 8
1017 8
7 10
3412 39
3312 41
4314 4718 38 45
Leslie Calif Salt Co
Los Angeles Gas & El 6% pref. 107 10812 106 10712 10414 10614 104 10434
8
22 223
Lyons Magnus Co A
1212 1212
Leighton Industries I nc(The)A

300 325
11
16

30 3138
2812 31
16
16
83 10
4
31
33
103 104
1812 19
12
12

31

5014 5312 50 51
4
2612 2812 283 3014
20 22, 2112 2512
8
5334 645 5512 60
8
100 1013 100 101
4
105 10612 10412 10612
11 14 1212
10 13
211, 21 12
22 23
1814 19
1812 20
5012 5314 52 53
72
67 7012
64
41
41 12
4218 41
38 4114 37 39
22
12

237 22
8
13
13

44 49
39 433 39 39
4
25 2938 22 24
20 24
19 25
16
19
14
167
8
367 5612 3112 463 2634 37
8
4
100 10014 98 100
9814 100
10314 106 10034 10414 10134 105
1212 8
12
8
6
7
20 2138 1812 19
1812 19
18
19
187 16
I334 151s
8
4614 4912 4734 51
50 53
60 71 133 5712 643)3 60 65
37 4012 3438 3612 35 41
30 3712 2634 3514 32 3412
64 65 60 60
2214 2014 223 20 2112 - (C4
)
4
13
123 13
4
1212 13
12
1212

4
31, 273 30, 1812 2914 20
4
8
5814 62
48 6318 40
14 13
8
497 5214 -4f334 - - 43 4934 40
- - 6138
3
2738 353 25 4 3212 712 2514 6
4
10
lie .74c .01c .17c
32

28

318 39,,

3012 3334 34
3038 39 4018 27 39
30 333 333 38
3
3712 3912 27 3738
8
15
16
1412 15
14
1412 123 15
4
8
8
712
8
8
6
72
,
2814 33
25 3012 2334 3112 20 283
4
10234 105 10214 103 101 103 10018 102
16
16
17
1918 1512 17
1712 16
10
10
1112 10
8
07
8

25
25
9

18
26
50, 40
8

2212
4012

42
43 -io- - - -1212 312 8
9 10
10
_
3018 2538 3212
25 30
29
13 15
10

21
1873 2214
26
97 10012 10012 103
1212 1212 12
13
8
8
512 512

8 312 13
438 23
8 958 53
4 812 3.55 612 3.90 4.45 4.05 512 418 43
4 2
8 75
812 1318 7 10 4 738 103
4 23
Magnavox Co (The)
3
4
33
3212 3318 3312 36
3318 3412 25 3318 22 2712 21
,
33 35 8 32 3612 31
34 353 34 35
Magnin & Co (I)
24
35 39
4
2112 3134 1978 2412 171, 2312
2712 31
Marchant Cale Mach Co.....
34 118
Rights
---Market Street Ry Co corn.....
------____
_ ____ ---- ____
_
6% preferred
_-6% 2d preferred...........
.
27 17
- 2614 2834
-17- 0
6% prior preferred
4 3 4
1/36
36 -553. - - -396
9658 90 9612 96
961- 95- - - 14 95 95
8
4 9
Mere Amer Realty 6% Pref
981- 106- 984 984 9814 9814 97 99
6
9912100
100 10014 9912100
2412 28
23 2318 23 25
25 27
22 2514 23 23
2212 24
23 24
_ 2514 30
Natomas Co corn..............
122 123 123 12314 123 12812 128 133 12912 145 123 142 117 123 1111:311712
North Amer Invest Corp COM- _ Hi- 1 16
-- -- -- 114 123 121 122 .121 123
Common rights (1)
_
---2.50 2.65
---43
4 6
Common rights (2)..........
9112 91
94
94 95
if 94 94
53-% Preferred
0
-. 4- -94 ---- ---- 95 - -g- -91 - '101 101 101 10112 101 94 -91- 91 -oi - 100 98 91 91 91 -ol 9114
9
- -101 100100 100
6% preferred
10014 98 10018 99 99
101 10118 101 101
10012 10134 ioo- fol
Preferred rights.
.50c .60c .55c .65c
. 4
North Amer Oil Cons corn
-34
6
-1612 - -- -1434 1914
24 267 -2i- 2538 -243. 13 -51- - - - 27 3312 2414 28 -18- 2
22
8
20 27
2412 34
3112 38
2412 2412 2334 2514
8
2612 27
Occidental Insurance Co
263 2712 2678 27
4
27 29
29 3014 2812 2912 2612 2718 2512 263 2512 2512 2438 27
Oliver United Filters Inc A__. 38 45
313 353 25 3812 2614 3114 25
4
4
3114 35
8
38
2812
18 397 3012 3912 3214 3634 34 35
38 42
4012 46
3214 2912 3212 2914 32
8
30 3514 2412 38
25 3012 24
36 3814 28 383 28
36 4434 38 45
34 40
281s
712 712
Paahau Sugar Plantation Co.. 712 9
8
9
---9
8
8
9
7
9
Pac Finance Corp com(*25 par)
1..1 C4 129 144 144 iiif2 148 - 14713 14712
1)
---- ----Common (810 par)
____
-----1-411- 11 4
4
Common & preferred rights_
Pacific Gas & Lice Co corn.._ 54- - - - 5714 6512 55 58
707
:
9714 53 8334 43i8 6012 -491 - -34
55 563 -5612 60 - -Li- - 8 6612 7312 69 9318 8114 673;
4 67 4
6% 1st preferred
2714 255 27
253 2612 257 2658 2578 263 2558 2614 25 26
4
8
8
27 28
8
8
27 273 2611 277 265
2438 2512 2514 2614
8
8
Common rights par No 4__
2.75 3.85 3.15 3.55 3.00 3.25
------Common rights par No 5_ _ _ _
53
8 63
8 312 578
------Common rights special A_
212 3 4
12 278
,




MAR.81930.]'

FINANCIAL CHRONICLE

1587

MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1929 (Concluded).
STOCKS-1929

July
August September
October
May
June
November December
March
April
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hick

Pacific Lighting Corp com____
$6 dividend preferred
Pacific Oil Co of Delaware_ _ _ _
Pacific Public Service Co A_
Pacific Tel & Tel Co (The) corn
6% preferred
Paraffine Co's Inc (The)
Phillips Petroleum Co
Piggly Wiggly West States Co_
Pig'n Whistle Corp pref

$ per share $ per share $ per share $ per share $ Per share $ per share $ per share $ per share per share 3 per share $ per share per share
9278 11014 114 13212 123 14512 71 136
60 85
69 82
7812 7414 843 7312 787 79 84
4
4
803 91
70 8078 72
8
96 100
99 10112
1013 103 102 104 103 104 10112 103 101 1023g 9914 103 101 102 101 103 100 10314 98 102
4
7
8
7, 1
3
1
1
11212 11210
1
1.25 1
1
1.15 1.05 1.20 1
1.25 1
1
1.25 1.25 11212 125
2414 2912 27 3312
3778 30 34
4
2312 237g 2318 2412 2338 2312 2318 2614 2558 233 261 2814 26
4
2034 211s 2114 24
8
4
160 182 171 1743 17212 196 180 190 184 185 176 1897 188 218 199 21512 200 207 185 205 140 175 14814 164
121 126 12618 12718 12712 130 127 12714 12612 128 125 127 12512 13018 127 134 133 135 12712 13918 11434 129 115 120
81
8
71
8072
4
80 84
8
80 87
7918 8412 80 4 9012 8418 9212 867 917 65 8712 66
3
8312 8812 813 865 793 85
4
8
3712 40
35
3558
_
4112 433
4
28
293 2718 29
8
1312 1514 12
14
-2 14'- -1212 -111- -151- 1i- 15- 14 -12E4 -- -1-. -15- - 1- 1,2
2
121213
13
11 2 64 15
13 2
123 137 -121 4
8
14

Rainier Pulp & Paper Co
Richfield Oil Co corn
7% preferred
Roos Bros Inc corn
Preferred
San Joaquin Lt & Pow 7% prof
6% preferred
Schlesinger & Sons Inc(BF) A
corn 7%
Shell Union Corp corn
Sherman-Clay Co prior prof_ _ _
Sierra Pacific Elec Co 6% pref_
Signal Oil & Gas Co A
Southern Pacific Co corn
Sou Pac Golden States A

425 - - 78 48 8
2414 25
32 34
9838 1003
4
114 117
10114 10214
20
2118
8812 90
27
29
92 95
93 965s
_

Sperry Flour Co corn
7% B preferred
Spring Valley Water Co
Standard Oil Co (Calif)
Standard Oil Co of N Y

90 983
4
10118 103
8912 92
6518 7214

Telephone Investment Corp
Thomas Alice Co
Tidewater Assoc Oil 6% pref_ _
Tidewater Oil Co corn
Transamerica Corp (old)
Rights
______
New
New rights
Transcontinental Air Tran Inc
Voting trust certificates_ _ _ _
Traung Label & Litho Co A_

4
4
-393 453
2414 25
3212 3358
99 100
11514 118
10114 102
19 21
88 90
26
277
8
8812 90
937 95
8
-------

59

59

92 9614
10212 10312
8912 901s
641s 693
s
59

863 897 87
8
;
1818 2178 18
12912 13412 125
_

9312 85
90
103 103
89
87
86
6658 8014 7514
44

- - -- -2222

88

84

80
873 84
8512 88 -WI- -- .- 82
4
8612 82 87 82 90
8412 88
57
8
803 725 8114 713 777 70 753 70 785s 73 7814 55 77
8
8
14
4
8
41 463 32 3412 33
4414 3914 44
4
393 393 39 46
8
8

5812 5912 5912 5912
5912 59 60
20
2012
7
86 89
8812 8i1-2 8812 -i3;- - 89
1812 2112 1914 213 1912 223
4
4
19
4
1333 13018 14212 13338 1373 133 143
4
_

2.C2 2912 -2:512 - -6
2512 24
22

32 3414 26
26
30
31
303 36
4
3212 3534 3314 35
30
2712
32
2013 297g
41
4378 393 427g 39 4418 3858 4214 2312 401s 26
4
21
23/8 2114 2258
24
4
2412 2418 2458 2414 2458 2314 243 2134 24
26 28
27 2752
29 32
31
3114 3118 33 4 3212 3314 32 34
,
91
85 85 85
97
85
97 98
8
9718 9718 967 987 97 98
5
11012 113 11284 1147 11114 11412 112 11312 11112 11414 108 113 111 11312
8
9812 100
977 101
8
98 101
997 1013 10014 10134 101 10118 9912 101
8
4
1212 91 12
15
1(318 147 1618 13
8
1514 10
17
1514 17
18
74
68 70
61 70
82 85
7712 82
6814 7812 65
8212 88
2678 29
22 2714 20 4 2512 2258 241z
3
2610 28
2614 27
2512 29
6914 81
78 81
78 78
SO 85
75
79 623 7014 63 70
8
893 89 4
4
2
92 92
9012 9112
92 92
91
9312 92 93
_
_
---- 135 146 14214 14414 149 150
2014 -i'&f2 19 -1Eg -- - 2 -1618 1713
1711912 2112 18
---13 1614
19 2018 1612 193 1513 171s 1518 16
s
8418 75 8212 81
86
_

32
35
31
32
2914 31
40 4612 4112 4678 4112 4758
2458 2478 2478 2512 2312 2518
313 3212 3212 3314 32
3318
4
9818 100
9814 987 98 9878
s
11312 117 112 116 11312 116
9812 101 100 1015 101 10118
8
1778 2034 1614 177 1758 21
8
8612 8812 87 90
8614 90
2612 3014 29 3112 27 301s
81 100
85 8912
8812 103
92 94
9312
90 94
91
4312 49
126 126

30

25

22
23 - 2112 - - -- 21
4778 521s 49

593 5934
4
17 -- -7 1712 18
173 183
4
8
19;
8,18 8914 865 89
8
8512 88
1918 211s 18 22
1812 20
136 140 136 1551 153 16514
4
114 15
8 114 112
_ 6212 6312 6214 673
8
---.50c .75c
- - 2 -28- - -5 -2§- - 1- -24- - i- 2312 25
2i116 2314
01 ;
30 2
3
1912 1912
21 -22- -. 2- -21E8 -2
-2
2
i- -21E8 - -15 21 /11- 20 20
2 -8
5314 47

5912 60
1912 20
85 8912
1934 23
135 14114

59
1814
88
1884

5812
1812
79
10

593
4
1812 18
1814
8312 81
8312
4
143 113 14
4

7
3018 6514 3 3- 527 -55 8 47
8
8
.15c .65c .15e. 30e .05e .25e
712 712
20

20

20

20

20

507 463 4914 4614 4814 4412 537 4914 5514 4212 5612 4112 487 43
8
8
8
4

Union Oil Associates
Rights
Union 011 of California
Rights
Union Sugar corn
7% preferred

48
5114 4458 51
1.30 1.70 1.05 1.3712
3
4834 517 4614 50 4
8
1.325121.70 1.15 1.55
22
2712 2212 2614
30
31
30 3114

Weill & Co (Raphael) 8% pref_
Wells Fargo Bank-Union Trust
West Amer Finance Co 8% _
West Coast Bancorporation A
Western Dairy Products Co A
Western Pipe & Steel Co of Cal
Yellow & Checker Cab(Cons)A

109 109
105 105
303 310 310 310 300 311- 310 318 301- i16- aio- 320
4
4.50 514 4 4.871
514
518 612 51, 614 4.50 5
2214 2612 23 25
2612 2912 2578 2718 2312 26
2918 30
48 48
55 57 ---- -501g 53

59
16
8312
1238

854 83 -881;
8
683 593 6612
4
3812 3512 351z

20
4612

48

8
5212 4914 537 4'73 5114 471s 4914 463 4812 45
8
8

54/ 5018 5618 4213 5558 4212 4912 438 47z
4

21
28

2858 -22- 2713 - 1912 25
3012 311; 27 29
32

21
28

8
-5013 5012 497 5012 51

221-19- - - - 2 15- 16- 162712 2712 253

1214 -411T2 5012 43
-

-1012 19
2412 25

612 8
--612 10
20 2112 21
21

--if4
2012 21

110 110 110 loo 110 110 110 110 110 110
310 340 320 330 31112 33518 320 340 313 330 318 310
-3
178 212
378 27
3.55 4.60 334 43
8 314
4 314 4
23 2514 19 25
1814 2010 16
2214 2612 23 26
20

-3014 ill; -55r;8 38
4512 401g 4212 3712 39
321, 40

-2234 3484 -21- - - -1- -25E4 - - -1
28
2;
5
3214 36
3212 35
3212 34

MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1928.
STOCKS-1928.

Alaska Packers Association_
American Company
Rights
Amer Motors Transport
American Trust Co
Anglo Calif Trust Co
Anglo & London Paris Bank
Armour & Co A
B
Associated Oil
Atlas Imp Diesel
Rights
Bancitaly Corp
Bank of California

May
April
March
November December
August September
October
June
July
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Higli
$ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
170 170
---- -- 160 160
8
133 1497 1447 219 150 220 152t 180 155- 1E2 8 145 165 145 15438 145 1123;
-7.8
---- ----____
------515 557
-- ---- ---- -- - ---Pr
475 510
iio- 45014
--400 425 435 465 455 460 460 470 45513 466 - :66- 46i-235 225 230 22618 295 230 295 ii6- 255 250 255 245 266 245 2ii 245 27312 25212 275
- -236 256 227 240 225
__
1812 181, 1914 22
14
_
2014 2312 18
18
20
1212 14 ____ ___ 14
183
4
113s 1138 812 812
-56- - 3
6- 39 - -- 47 1-- -4i- 48
48 4912 47 47
39
39
1
7
39
76
31
71
5512 637 4518 7712 6412 7912 74 873 753 87
34
4
8
55 --- 5, -E2
3814 -1T2 8 3 i5
7912 -71518 787 -5812 7338
4
2.90 538
1377 1. 912 14634 1817 18334 19818 187 22014 210 22014 100 215 10938 12318 110 142 122 1487g 120 12812 118 12712 12512 127
8 4
8
28018 295 26912 283 27212 350 335 450 30014 452 300 400 282 303 275 295 285 330 27712 300 290 350 286 300
$ per share $ per share $ per share
160 160
_-- -----130 14114 131 143 13112 143
-3.50 5.00 3.25 3.90 - ----

Bank of Italy N T & S ,
1
260 26612 2635 288 285 2973 283 296 287 31112
4
8
Bean (John) mfg common,_____ ____ ____ ____ ____ ___ ____ ____ ____
-99__ _ _
_ __ _ _ _ ---- -Preferred ___ _ __ _ _________
Booth (F E) preferred
98 ii 65
Byron Jackson Pump
__
_ __
_
315 37
8
363 637
8
8
Rights
Calamba Sugar com. ($20 par)
Common
6i fOo
. i 101 5i 1-25 . .6 ii 1I712 1- - 12
6
0
_
_ _
_ _ _ _
Calumba Sugar pref (820 par). _
Preferred
68
6i2 9312 sVi 5iC4 166 -97- - .6- 2 I.
18
69
2.50 3.00 2.50 2.80 2.00 3.25 314 813 613
California Copper
California Cotton Mill
75 142 11018 139 124 14312 126 14113 11t) 132
30 36
California Ink A
34 4012 3612 43
41
52
50
5612

21712 19012 22053 19018 21258 20212 222 219 22172
5434 44 52
50
100 100
98
4
987 9212 10712 933 1033 8232 1041 7018 88
4 1614 1 31
8
;
914 1222
- -- -5ois 33 -2i- - - 2 27 2812 27 28
51
301151
- - 19
193 181 19
4
-8
;
18 - -1 16- 19
18;
-97- 166- -55- 96 -6i- 9884
9
5
73
8 553 63
4 512 6
512 812
818 714 912 7
90 10312 90 6512 964 12 86 98
5612 9 34 50 6
1512
99 112 103 119
91 128
587 691
8
2
58
40 5712 48 555s 49 567 51
s

125 2977 175 2043 171
8
4
_
_
98
5014 6512 5614 817 79
8
_
-56150 170 ILO- 1E1 150

California-Oregon Power 7%.. 10812 11112 110 11112 11114 11218 11012 11113 11017111 11012 11112 10934 112 109 110 11014 1103 110 11112 11012 11012 11112 118
4
California Packing Corp
7414 78
12
7218 763 71
7318 77
8
763 737 7913 7414 7834 6918 7514 697 7212 7012 7512 73 8112 7412 7912 74 79
8
8
8
California Petroleum common_ 2412 273 235 26
8
8
25 261a 26
31
3018 313
4
-Caterpillar Tractor
53 5814 5412 597 553 707 6832 7418 7018 7812 55 757 611 733 6812 8353 7815 845 77 84
75 $338
8
4
8
77 82
8
Rights
2.80 3.10
Clorox Chemical _-_ -_____ - --..
45 48-14 4314 48
3012 3712 3318 423 3914 4338 4018 4438 4012 49
4
Coast Co Gas & E1 1st pref.__ 98 102 10012 10112 100 10114 9912 101 100 101 100 102 100 101 100 101
99 10012 10014 10012 100 100'2 98 10014
Crocker First Nut Bank
40212 425 365 370 37(1 450 400 420 400 425 340 405 350 350 350 350 352 360 360 360 375 400
Crown Zellerbach pref
__...- -_-- __-- -- - - - - --- --- -- - 7712 82
76 7912 76 8214 85 98
Voting trust ctfs
227 25s
s
8
8
2514 2934 23 2612 223 26
Dairy Dale Co A
24 2612
23
2414 2312 25
277g 2512 27
2434 29
26
28
26
3.
3
2613 - 14 -25 124 28 10 4 -264 2812 2614 29
01
B
1834 2212
:
1712 183 1818 2012 2014 2978 2312 271 23 3114 2114 3012 253 2912 2434 2712 24 267 2278 263 2212 24
2
8
8
8
East Bay Water A pref
9512 98
96 98
96 98
9612 98
963 99
4
91 95
8
93 9814 95 9712 95 98
9712 983 95 985 847g 95
4
B preferred
106 107 10734 1101s 10112 11012 105 110 106 106 100 106
90 106 100 101 101 110
8
95s 977
Emporium Corp
.
3212 3412 32
3312 3212 34
31
27 2814 2718 281 2
33
31
27 29
31 -284 - - 7- 28 30
28
30 32
30
3 8
0
Fegeol Motors common
2
2
51, 71, 412 63
2
3 2.75 6.50 4
6
4
Preferred
5
63
8 512 63
8 6
8
612 734
71, 8
7
8
Federal Brandes
2638 2914 28
3112 2812 3312 31
447
Fireman's Fund Insurance
120 127 110 12012 117 1247 119 1231 12084 123 110 123
:
8
Foster 8, Klelser
14
19
15
1834 1512 173 143 17
4
4
1412 1612 12
153
8
Galland Mere Laundry
____ ___ ____ ____ ____ ____ ____ __ _
General Paint Corp A _________-__
B
____ ____ ____ ____ ____ ____ ___
Golden State Milk Prod
_38
3838 -56i45014 -55- ifRights
West Power ser A 6% pref. 9812 10034 100 1013 101 10218 10112 10314 102 10234 99_ 10212
Grt
8
7% preferred
10312 10512 105 10618 10412 10678 10434 10614 1051g 106 10314 1053
8
Haiku Fruit & Pack corn
123 1212 1612 163 17
4
4
912 1212 12
Preferred
23 2412 2412 25
25 28
27
27
Haiku Fruit & Pack Pool
Haiku Pineapple Co Ltd corn
Preferred
Hale Bros Stores, Inc
Hawaiian Comni'l & Sugar Ltd
Hawaiian Pineapple
Home Fire & Marine Ins
Honolulu Cons Oil
Humboldt Bank
Hunt Bros Pack A common




1034 15
____ ____ ____
28 if 27
515 5312 52
8
41
4378 42
4412 4914 42
3614 3834 35
475 475 430
24 2
9310

.
____ ____ __

:
1638 221
27 28
- - 12 28 1914 281z 31
20
5312 5214 56
513 53
4
:
4338 42 4612 4534 521
447g 4378 48
43 46
3612 3512 40
3718 41
450 500 525 520 520
9.1

93

9414

921.

951,

171
26
27
5112
4938
39
39

- - - 152
6
2514
27
29
25
53
46
45
61
4312 3712
43
3512

24

26

17
273
4
2712
53
50
42
4112

412
7

512
7

5
63
4

63
8
712

412
7

5
712

4.10 55
8
67
8 7

4.50 53
8
678 8

518
718

714
77
s

117

-- 1i
- -2
114 116 11413 119 11212116 113 1231- 120 12tC
1112 1212
1234 1312 13
1312 1138 13
145 1212 13
8
50 52
4
5858 6414 563 6212 5314 5712 5114 58
---30 3212
____
24 28
8
4
8
8
-41- 4612 42 163 443 623 5718 647 5812 645 5212 6114
8
2.10 2.90 2.55
61s 512
i6o- 102 101 102 10112 10212 100 10212 10012 102 10012 1624
10412 1053 10514 1057 1033 106 10434 10512 105 10618 10458 1071e
4
8
-------

11513

_

-ia25

1612
2738
25 26
4978 52
4912 5414
39 40
391
38

-22- -- -3 23
24 4

24

16
26
25
4
503
52
3712
3712

18
2614
26
53
58
39
40

15
247
8
4
243
503
8
5418
375
8
3812

16
2614
2514
53
61
3938
403
8

14
24
2412
50
55
3612
38

15
2412
2512
52
5812
3814
40

2112
2378
50
5612
38
38

233
4
25
517
8
6714
40
44

-22- - 2 2212 2334 -22E4 - 2 -2213 2314
211231-

10
24
20
50
6012
3612
37

13
24
23
51
67
4212
4134

FINANCIAL CHRONICLE

1588

[VOL. 130.

MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGES FOR YEAR 1928 (Concluded).
STOCKS-I928.

Hutchinson Sugar Plant
Illinois Pacific Glass A
Is: Rights
Jantzen Knit Mills common

April
May
September
July
November December
February
June
A trots(
January
March
October
Low High Low Iltgh Low Mph Low high Low High Low Mph Low High Low high Low High Low Illoh Low Iltoh Low IRA
$ Per share $ per share $ per
14
14
13
14
13
4512 485 4612 5312 457a
8
1.55

share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share $per share $ per share
1112 13
12
12
12
14
12
1112 12
12
13
12
12
II
1118 1112
153 13
4
II
53 5912 42 62
50 553 5014 5214 49
56
50
51 12 4612 58
56
4
4218 48
4612 52
2.50 1.50 2.55
43?g
44

Key System Transit rior ref_
8
8
3912 52(4 42(
Roister Radio Corp...........
3.00 4.25 2.75
, Rights
1‘
14
1214 1612 1312 16
1412 167s 1412 16
Langendorf flaking A
United BanA
B
Leighton Ind A
B voting tr ctfs
Leslie Calif Salt Co
---- -- - --Rights
-124 1
Los Angeles Gas & Elec pref
10514 10918 107 10912 108 111 12 11012 1 1- -1534
.30 .50 .30 .85 .60 1.4712 1.15 2.40 2.15
Magnavox Company
25
22 2518 23 2434 2212 2512 2412 28
Magnin (I) common
Market St Ry prior pref
Mere American Realty pref
North Amer Inv common
6% preferred
53% preferred
Corp Rights
North American 011
Occidental Ins Co
Oliver Filters A common
B common
Onomea Sugar
Paauhau Sugar Plant
Pacific Gas & Elec common
1st preferred
Rights
Pacific Lightin common
5% preferred
6% preferred
Rights

105 106
09 100

106 108
8
997 102

4
363 383 37
4

401

10714 109 108
100 10212 101
3812 42

63 -5O6.00
183 17
4

13- -501
4
1912
39
25
243
4
14

373 407 36
4
8

11012 108
10212 100
4034 38

_

32 -364
25
22
2012 22
1312 15

110
101

107
100

4012 39
4
263
39
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---- 43
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_
151 154 150 154 148 151 148 15434 154 159 148 15818 145 149 147 151 152 153 150 154 1:55 10812
11312 120 11812 124 11712 125 12012 125 11834 125 120 121 11812 12112 118 120 120 12114 120 124 120 123
8
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4112 4312 357 4034 3912 3912 4014 4212 4112 4112 4112 4112
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9814 102 1013 10312 10118 103 9878 102 9712 101 99 9914
9914 98 100
98'2

S J Light & Power prior pref
6%
A 7% pref
Schlesinger(B F) A common
Rights
Preferred
Rights
Shell Union Oil common
Rights
Sherman & Clay prior pref
Sierra Pacific Elec pref

11314 116 11512 118 116 11634 11658 11818
100 1013 10112 105 10312 1043 104 106
4
8
110 110
2412 2612 -iL- 274 -237 202112 25
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4
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95
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12118 12312
67 85
10112 1023
4
106 110,8
567 6278
8

33
31

33
31

feTil4

1.25 1.25
160 16812
120 123
82 8712
25
13
4312
2412

317
s
15
5114

243
4
3018 3312
98 1)9

11734

100 102 ioi- 101
: 6i10612 103 10612 1021.4 1041- 101 102 IOU, 14
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,
115 11712 11512 116 114 115 8 11312 1
2212 2414 21
2212 20 2112
22 8 2212 27
,
23 - -E- -20- 24 4 20
2
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94
91
9612 93 95
94
94
92 88
(2 9113
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07 984 -Oi- 99
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87
98
9812 9714 99
3
9512 9512 9612 9512 9612 95 4 97

120 1233 11814 12038 11878 12112
8
Southern Pacific
62 65
6212 6834 6012 67
Sperry Flour Co common
0934 10114 10112 10218 10014 1(1412
Preferred
105 1073 106 107 105 10712
Spring Valley Water
4
5412 563 53 547 537 567
Standard Oil of Calif
4
8
8
8
Standard Oil of New York
293 293
4
4
-307 31
8
Telephone by Corp
.35 .40
Texas Con Oil
------Tidewater Assoc Oil common
------Preferred
Transamerica Corp ___________

-7
-10j4 75

1- -1- 102
62 2

Pacific Oil
Pacific Tel & Tel common
Preferred
Paraffine Co., Inc, common
Phillips Petroleum
Piggly Wiggly Western Ste A
PIg'n Whistle preferred
Richfield Oil
/- Preferred ex-warrants
Roos Bros common
Preferred

118
105

02 4
7

i2 lit- 32 2b2
27
30
20
29
18
19
13
18
14
14
10
14
4714 5614 43 50
3 85 53
4
63 2
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4
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4
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4
12
24
28
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26
2314 25
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2212 25
44 4712
-66- 9912 IOC 161-

109 109 11012 106
10212 10212 103 100

3812 43

5714 4112

20
18
---- 36
---- ---- 18
22
13
____

97

9718 95

95 4 96
3

9612 9414 9612 97

124 12812 11914 12614 119 11912 120 12412 12212 127
7212
6514 80
7412 70
fi5
7612 68
70
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4
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577 62
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90
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97

95

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8
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657 7541
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8812 91
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22 22
Transcont'l Air Trans Inc
22
26
24
2512 2512 2812 25 27
2
,
24 2 1- 25 - -9
Traung Label & Litho Co
2 -- 2434 - -61; -2:1- 26 24 2512 2358 25 22 22 23 25 22 8 223. 25 25 247g 27 25 25
/2
4214 44
,
Union Oil Associates
,
4112 45 43 8 5134 4834 573/4 50 5678 45 55 501,8 5478 4912 53 4912 52 49 541 5134 5614 49 5334
Rights
1.65 1.7$
4914 5714 487 55
8
iir; -401 537 491 523. -,- 5i4 62 4918 5512
4338 45
Union Oil of California
1
4212 45 8 4434 51
41's 5538
,
ii1:2 49
4
Rights
1 50 1.80
- -1112 15
012 11 --6T811 -i2- 25
Union Sugar common
918 1112 73
11
13
I0I 14 - I0
11i4
2134 2712
10
4 912 8'2 16
Preferred
2412 27
23 2312 23 2312 2312 25 2312 23'2 22 22 23 24
2118 2118
2312 24
2612 31
31
29
Waialua Agric Co Ltd
47 47
-1
Weill & Co. Inc (Raphael)
.lOS 105 41, 166
Wells Fargo Bank & Un Trust_ 300 317 295 310 300 340 305 350 345 375'; 300 345 .- 305 3)0 aoliz 315 300 305 280 297 5OO- 305 300- 302
West America Finance pref.__
641 612 6
Westcosast Bancorp
Western Power pref
102 102
Yellow & Checker Cab Co.. _
812 1114 97
"Old"
8
Zellerhach Corp pref6% 1926_ 117 140 130
120 140 130
Pre( 6% 1927
Zelierbach Corp
43 527 48
8
Deposit certificates
_
_
Common certificates

8

512

612

6

612

6

77
8

612

7

614

614

612 634

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512 61
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28
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3514 2834 34
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48

4
- /1;4 -511-3 12
5

____ ----

November. 512 in December and 639 in January of last winter For the
first time since 1915. it has been necessary to provide for the overflow
outside the House. An old barge in the East River used by the City as a
freight boat during the day has been pressed into service as an emergency
shelter.
Unemployment and destitution among the class of men which frequent
the Municipal Lodging House has undoubtedly reached serious proportions.
While most of the city's lodgers are unskilled and casual laborers, a different
type is now prominent,including many of the white collar class. There is no
let-up as yet apparent, except when temporary employment has been
provided by a snowstorm.
In comparison with previous years. the extent of the problem to be
coped with by agencies caring for homeless men is much greater than It has
been since the depression of 1914-15. But in comparing the seriousness of
the present depression in employment with other periods, consideration
should be given to the long-time upward trend of the past 11 years, which
The average number of lodgings provided at the Municipal Lodging is apparent from the figures. It is impossible to say whether this gradual
louse is a good index of employment conditions among men on the lower upward tendency is due to gradually increasing technological unemployeconomic levels of society. As such it has the advantage of being both ment, or to other factors quite unrelated to employment conditions. When
sensitive and more promptly available than any of the generally used adjustment is made for this trend it is doubtful whether the employment
employment indexes. It can be obtained the first day of the month or situation
as indicated by this index has yet become relatively as serious as
immediately at the end of any desired period.
it was In the winter of 1921-22.
Each of the past four years has shown a marked advance in the number
Statistics of lodgings of homeless men are being studied by the Welfare
of lodgings over the preceding year, but this winter the figures have shot Council of
New York City along with statistics of various other fields of
up far above those for any previous month since 1915, and indications are welfare
activity, such as family case work, care of dependent children, and
that February records will go even higher.
altnshouse population with a view to their use as indexes of social conditions
The peak in the number of lodgings for each year always comes in the to measure
the direction of change and the degree of fluctuations of various
winter months. For the last three years it has been in February. The forms of dependency. Such indexes are expected to servo a purpose in
average daily number of lodgings increased this winter from 612 in Novem- Planning
social welfare activities similar to that served in business by the
ber to 785 in December, and 979 in January, as compared with 396 in various indexes of business conditions, wholesale prices, and so on.

Welfare Council of New York Finds February Unemployment Conditions Worse Than January
White Collar Class Making Use of Municipal
Lodging House.
Statistics being collected from the various social agencies
in the city by the Welfare Council throw some light on the
present unemployment situation. They indicate that improvement is not yet under way; in fact, February appears
to have been worse than January. Advices to this effect,
issued Feb. 25 by William Hodson, Executive Director of
the Welfare Council go on to state:




MAR.8 1930.]

FINANCIAL CHRONICLE

1589 II',

LOS ANGELES
The Los Angeles Stock Exchange.
[By JOHN EARLE JARDINE, President Los Angeles Stock Exchange.]

known industrial and utility issues which were vigorously sponsored by certain groups, of which issues
only a few are listed on our Exchange, and to the
enormous volume of securities of the newly formed
investment trusts. Our trading volume would have
been much larger had the last upswings of the bull
market been communicated to issues strictly confined to Western markets. These issues not having
been greatly overinflated at the time of the market
break, the Los Angeles market is in a better position
for the future.
The following compilation shows the index of 30
common stocks as of each Wednesday during the
year:

The year 1929 was, in general, a very prosperous
one for American business. Manufacturing production passed all previous records, the public bought
the finished products steadily, employment and wage
conditions were satisfactory, and business profits
at high levels.
Industrial and commercial progress was especially
marked during the year. An active demand for
manufactured commodities both at home and for
export, coupled with the ease of stock financing
which prevailed throughout most of the year, led
to capacity operation. Improvements in equipment
and technique were pushed and economies in operaDAILY STOCK PRICE INDEXES FOR 1929.
Jan.
96.7 Apr. 10
99.0 July 17
tion made possible the reduction of prices in many Jan. 2
96.8 Oct 23
90.5
9
96.6 Apr. 17
95.1 Oct. 30
100.6 July 24
83.9
Jan. 16
96.2 Apr. 24
100.1 July 31
95.7 Nov. 6
lines. The general price structure declined very Jan. 23
81.7
99.0 May 1
100.9 Aug. 7
97.2 Nov.13
76.1
Jan. 30
99.5 May 8
102.0 Aug. 14
97.5 Nov.20
79.8
slightly.
Feb. 6
98.1 May 15
101.5 Aug. 21
98.6 Nov.27
77.4
Feb. 13
96.7 May 22
99.8 Dec. 4
99.3 Aug. 28
78.5
Agriculture was the subject of much discussion, Feb. 20
96.5 May 29
100.4 Dec. 11
96.4 Sept. 4
79.2
97.9 June 5
98.0 f3ept.11
100.2 Dec. 18
76.6
and a Federal commission is now at work on a plan Feb. 27
Mar. 8
97.9 June 12
96.2 Sept.18
101.9 Dec. 28
*73.6
99.3 June 19
13
97.1 Sept.25
99.7
to improve the status of this great industry through Mar.20
Mar.
102.1 June 26
97.3 Oct. 2
100.0
Mar.
99.7 July 3
98.7
97.5 Oct. 9
special financing. Regardless of the success of the Apr. 27
3
100.0 July 10
96.7 Oct. 16
97.5
*Thursday.
present plans, as time passes agriculture seems to be High for the year 103.5. May 11; low for the year. 73.3. Dec. 23.
That the latter part of as prosperous a year as 1929
working out of its long continued slump. No small
amount of the seemingly boundless purchasing power should show the radical downward adjustment in
of the American consumer may be laid to the im- securities prices which the country has just undergone is not an altogether surprising fact. During
proved status of the American farmer.
Southern California shared in the general pros- the last five years a new public has begun to buy
perity of the country to a satisfactory extent during corporate shares, concurrently with a rise in stock
the last year. Our industrial plants broke all prior values due to the increasing profits of industry.
records in volume and profits, and increased their Enthusiasm for stock investments ran high, and
capacities to new heights. Our agricultural and live during the latter part of 1928 and the first nine
stock industries had a normal year, while commerce months of 1929 became recklessly speculative and
and trade showed favorable volume. With the de- it became evident by midsummer of 1929 that securivelopment of several new fields, the production of ties prices were due for a downward readjustment
oil was large. The oil producers are at present meet- sooner or later. That readjustment has come, drasing a serious overproduction situation with co-op- tically, and the market has yet to resume its normal
erative agreements which raise hopes for a new and composure.
It is perhaps well to point out at this time that
wiser era in that industry.
The Federal Reserve System and the entire Amer- the traditional necessity for giving the stock buyer
ican banking structure proved their worth in the his money's worth still exists. Earlier in the year
year just passed. Although the combined demands some opinions were expressed relative to a new basis for
of the securities markets and general business for the evaluation of cominon stocks. Utilities were appraised
at
credit were large, the banks maintained their re- 15 30 times earnings, leading industrials and banks at from
to 25 times earnings, and stock yields ranging from 2%
serves at high levels, and at no time was there a were accepted as adequate in some quarters.
shortage of credit. Interest rates were high, but
In the face of this suggested new basis, at the close of
high rates resulted substantially from measures of the year we found many sound stocks selling at 6 to 12
times earnings, a ratio lower than the standard accepted
control rather than a real credit stringency.
for many years prior to the recent bull market.
Brokers' loans during the year reached figures
The stock exchanges of the country have been the center
hitherto almost unbelievable, but have since declined of attention for thousands of
new investors, who are likely
to normal levels. The temporary swelling of the loan to continue their interest. The growth of investment trusts
market was due partly to speculative pyramiding has introduced a new factor into the market which probably
and partly to the large amount of new stock financ- will lead to a greater potential source of stock market
ing which was under way during most of the year. operations than has prevailed in the past. Consequently,
the ability of the exchanges to serve the industries of the
It has been said at times that the stock market was
country steadily and efficiently has been vastly increased,
competing with industry and commerce for neces- and, incidentally, the normal
volume of trading has been
sary business funds, but the fact that the banks considerably expanded.
Considering the outlook for the new year, it is possible
were always able to accommodate deserving enterprises, and that the securities markets absorbed new that the general business outlook will be somewhat adversely
affected by the slump in securities prices. Many people
offerings freely, disproves the contention.
who were anticipating
The year 1929 witnessed the climax of and the to allow for losses, stock market profits, or who failed
will find their purchasing power currecession from an unprecedented bull market in com- tailed. Many concerns having
extended lines of credit may
mon stocks. During the early part of the year the experience slow collections.
At least partially offsetting these unfavorable elements
Los Angeles Exchange shared in the business genare certain favorable factors with which the recent general
erated by rising prices. However, the speculative
public interest
public attention soon was attracted to the nationally of financing in stocks must be credited. First, the ease
with common stocks has resulted in reducing




both floating and funded debt of many corporations. This
has probably created the soundest set of capital structures
hi history. Second, expansion and improvement of plant
facilities have resulted in increased capacity, greater
efficiency and lowered costs. Third, many new industries
and products in the development stages have been financed
through common stocks, so that progress in this field has
been advanced beyond normal growth by several years, all
within the space of a short time. It is true that many
initial investments in radio, aviation, television and other
enterprises will prove unprofitable; but these new industries
are a great gain to the country, and some investments in
them will probably prove profitable.
Some curtailment of output and consumption is looked for
during the first half of 1930, but the facts that the commodity price structure is sound, that no great inventories
of commodities lie unused on dealers' shelves, and that the
principal industries of the country are going ahead with
improvements, appear to justify moderate optimism. It also
would appear that the present price of securities are sufficiently low to permit of some recovery when the business
outlook becomes better defined. Any recovery in securities
prices should hasten the improvement in general business.
Some attention is already turning to the possibilities in
the bond market, and it is to be expected that both bonds
and preferred stocks will enjoy more favor during 1930.
Common stocks which are on a substantial earnings and
yield basis are also expected to invite public favor, as
opposed to some of the more speculative favorites which
have not as yet justified their appraisals during 1929.
The Los Angeles Stock Exchange has much to gain from
the assumption of an investment attitude by buyers of
securities. Our list contains many sound and prosperous
companies whose issues of stock are of insufficient size to
attract widespread speculative trading. It is possible to
maintain a stable investment market in such stocks selling
at prices offering a very substantial income. The development of an investment type of business should therefore
improve the market for these issues, aid materially in the
financing and upbuilding of Southern California, and add
a satisfactory increment to the established business on our
Exchange.
Turning from the purely economic aspects of the last year,
the progress made by the Los Angeles Stock Exchange, as
an organization, in 1929 is of unusual significance. Although
this institution recorded its second greatest year in history
from a value standpoint, recognition is given the fact that
the most far-reaching effects of our 1929 operations are to
be found in the development of advanced Stock Exchange
practices, diversification of listings and volume, and improvement of the services of the Exchange to the public and
members. Consideration will first be given to volume of
business:
p Year—
1920
1921
2922
1923
1924
1925
1926
1927
1928_a
1929_b

[Vox,. M.

FINANCIAL CHRONICLE

1590

ANNUAL TOTALS OF SALES.
*Bonds.
Value.
Shares.
$11,695,680
$20,417.141
18.916,976
12,758,080
14.327.650
10,714,060
8.458.994
30,067.819
36.70.700
17.838,465
33,694.644
26,915,577
26,513.400
38,585.899
24.131,544
33.243,300
89.055.536
26.230,111
18,392.900
184.727,445
44.967,288
10,707,000
231,565,278
27.082.349
11,351.500
829,033,306
49.403,086
779.500
458,514,236
15.406,993

Total Value.
232,112,821
27.083.730
38.526,813
51.033.109
65.099,299
122,298,836
203.120.345
242.272,278
840,384,806
459,293,736

*Prior to 1924 bonds are shown in market value. a All mining and unlisted
stocks moved to Curb Exchange (June 4 1928). b All stocks with par value below
310.moved to Curb Exchange (Oct. 11929).

Any discussion of transactions on the Los Angeles Stock
Exchange for 1929 as compared to 1928 would be misleading
without the explanation that only one security market
existed in Los Angeles for the first five months of 1928.
Transactions in mining and unlisted issues and the stocks
of junior corporations now handled by the Los Angeles Curb
Exchange, and representing a huge total in themselves, were
not transferred to the junior market until its creation on
June 4 1928. It is therefore reasonable to 'refer to the combined volume of both Exchanges in 1929 and 1928 for a comparison of Los Angeles as a potential securities market for
the two years.
Total securities market trading in Los Angeles for 1929
as shown by transactions on the two Exchanges reveal an
aggregate of 53,182,799 shares with a valuation of $651,086,943, as compared to 67,869,697 shares and a valuation
of $943,016,457 in 1928. This represents a decrease of 21%
in share turnover and 30% in valuation, a commendable
showing in view of the fact that the speculation of the
nation was concentrated in the New York markets. A third




factor of importance also figured in the decrease, namely,
a condition of unsettlement in the oil industry due to uncertainty in efforts at curtailment of production. Whereas a
total of 9,777,867 oil shares crossed the board of the Stock
Exchange in 1929, an aggregate of 33,601,362 shares were
traded in this division in the preceding record-breaking year.
A segregation of figures for the two Exchanges shows that
the Stock Exchange registered a volume of 15,406,993 shares
and a valuation of $458,514,236. In contrast with this extraordinary decrease in turnover of oil shares is the 439.4%
increase in activity among industrial shares. The Exchange
recorded a volume of 903,122 industrial shares in 1929 as
compared to 167,409 shares in the preceding year. The
item is outstanding for the reason that it indicates the
strides being made by the institution toward diversification
of activity among all divisions of stocks.
ANALYSIS OF TRANSACTIONS.
Group—
Industrials
Public utilities
Banks
Oils
Miscellaneous
Rights
Mining
Unlisted
Total
Industrials
Public utilities
Banks
Oils
Miscellaneous
Rights
Mining
Unlisted
Total
Bonds
Grand total

1929.
903,122
1,195,662
362,370
9,777.867
1,970,558
1,197.414

Volume of Shares
1928.
167,409
1,234,697
1,355,471
33,601,362
2,301,518
10,201,078
541,551

15,406,993
$37,398,287
62,298,514
55,311,253
200,707,193
99.455,552
2,843,437

49,403,086
Value of Shares
$9,050,325
35,098,275
193,943,157
425,139,159
143,259,019

1927.
83,352
854,673
609,233
6,297,822
1,458,249
17,677,691
101,329
27,082,349
$1,555,932
24,106,867
54,557,292
70,174,371
70,625,824

1,634,443
20,909,028

2,321.468
8,223,524

2458,514,236
779.500

2829,033,306
11,351,500

$231,565,278
10,707,000

$459,293,736

$840,384,806

2242,272,278

In connection with an effort at greater diversification
of activity, first efforts In this movement were to attract
a wider selection of the stocks of sound industrial, miscellaneous, bank and public utility corporations. The success
of the effort not only reflects itself in a substantial increase
In industrial share turnover, but also in new listings for
the year.
While the petroleum list was not by any means neglected
in seeking new listings, only the issues of five oil companies
were added in 1929. The 18 issues of 16 industrial corporations were added to the list; and the 24 stocks of 17 miscellaneous companies, and the issues of five banks and five
public utility corporations were added. New listings, besides being the life of any securities market, also are of
greatest value to the community and to members when they
represent a diversity of enterprise. This institution serves
general business as well as investors, and the Exchange
has devoted itself in the last year to giving a free and open
market to a wide list of leading corporations instead of
basing its service primarily on the oil industry, even though
that unit is one of the most active industries in Southern
California.
As of Dec. 31 1929 there were 98 corporations represented
In 126 issues on the Stock Exchange, aggregating more than
130,000,000 shares. This compares with 87 companies, 113
issues and 113,117,353 shares LIS of the same date in 1928.
This total is shown for 1929 despite the fact that the
removals of stocks for various reasons were only slightly
less in number than the additions.
The subject of removal of issues brings this article to
the point made earlier regarding the inauguration by this
institution of advanced Stock Exchange practices during
the year.
Retiring of certain stocks by their corporations, reduction
of outstanding stock resulting from the raising of par
values by some companies and the outright removal of some
stocks because their corporations did not find it advisable
to comply with the new Stock Exchange requirements as
to par value—these factors accounted for the removal of
39 issues of 34 companies and a total of 38,750,129 shares
from the list during 1929. Of this number of removals, 19
companies and 25,659,000 shares were erased from the board
for non-compliance of those concerns with a new ruling of
the Exchange that a listed corporation must maintain for
its stock a par value of $10 or more or no par value. Companies without this higher standard were given six months
in which the adjust their capital structures, and many met
the higher requirements.
The demands for higher par value of stocks assures the
Exchange of dealing in high-grade securities and leaves
no doubt that the stringest listing requirements of the Ex-

MAR.8 1930.]

FINANCIAL CHRONICLE

1591

change give better assurance of "good company" for corpo- ing public and provide conservative analyses of stocks and
rations providing a public market on this Exchange. All market conditions. Reports of the research department are
so-called "penny stocks" have been eliminated at the close gradually being made available to banks, investment trusts,
investment bankers, and many other non-members, in an
of the year.
Another forward-looking move was that embodied in the endeavor to distribute reliable information as to the true
requirement that all companies must provide full-steel en- value of securities.
A department of public relations, having its inception
graved certificates for its issues. The ruling of the Board
of Governors requires that each certificate must comply in late 1928, was developed under the supervision of a
with the detailed regulations covering the character and director of public relations. While one of the functions of
form of certificates as well as text and reading matter. this division is that of issuing dignified and constructive
Engraving of these certificates may be done only by bank news, the major operations of the department may properly
be said to include an active advisory position in any Exnote companies approved by the Stock Exchange.
This advanced practice provides for the protection of change activity or action which directly affects the public.
the investor and members against counterfeiting. Listed In few civic or semi-civic institutions and in few types of
companies are given until Sept. 15 1930 to meet the require- corporations is a well-organized department of public relaments, except a few Which must comply by April 15. This tions as vital as to a major Stock Exchange.
Newspaper stories of the $1,500,000 height-limit building
move assumes additional importance when it is remembered
that this Exchange was second only to the New York Stock under way for the Los Angeles Stock Exchange, as well as
Exchange in setting this high standard for listed companies. other vital information concerning this institution, appeared
The services of a full-time traveling auditor were em- in the principal cities of every State in the Union during
ployed by the Exchange in September 1929. Having access 1929. This department suggested and was charged with
to members' books at any time, this auditor makes investiga- the responsibility for the ground-breaking ceremonies for
the new building on Oct. 21 1929, an event attended by 500
tions of every member's business from time to time.
On the occasion of the November market recession the civic leaders, heads of corporations and prominent citizens.
Exchange auditor, assisted by a corps of 15 accountants, The department keeps active contact with more than 400
was placed Immediately to work examining the financial newspapers and periodicals throughout the country, whose
condition of members. The Exchange recognizes a duty to liberal allotmen t of space to this Exchange has been
endeavor at such times to protect the investing public against appreciated.
The statistical department of the Exchange, having forpossible losses through the failure of a broker, and a duty
to protect members against insidious rumors of insolvency merly also complied data for the newly-created Los Angeles
which may follow a major recession. This institution is Curb Exchange, was relieved from Curb Exchange service
credited with having been the first Stock Exchange in the during the year. This department, under the supervision of
nation to launch actively into the examination of members' a chief statistician, developed new indices of the Los Angeles
accounts following the November break. The corps of audi- market and produced material for a number of interesting
comparisons and reviews. For the first time in history the
tors aggregated in number 25% of the member firms.
While this work was important from the angles cited, statistical department issued a semi-annual statement of
the greatest benefits of systematic auditing accrue through business for the Exchange.
Necessity of providing additional floor trading space for
enabling the Exchange to recommend not only better accounting, but more efficient organization methods within the Curb Exchange in April 1029, expansion of executive
member firms. A standard margin agreement has been offices of the Stock Exchange, and increasing pressure on
prepared by the Exchange for the use of members, leading the Clearing House combined to cause the removal of the
executive offices of the Exchange from the mezzanine floor
to snore uniformity and insuring better protection.
One measure of the scope of service of an Exchange is of the Stock Exchange Building to tenth floor quarters in
the territory over which its quotations of transactions are the same structure. The Clearing House, at that time situdistributed. Important in this respect was the extension ated in close proximity to the Curb Exchange trading floor,
of Los Angeles Stock Exchange ticker service to San Fran- was removed to the larger quarters on the mezzanine floor,
cisco and San Diego during the year. These extensions thus permitting necessary enlargement of the junior's marare in addition to facilities maintained in Los Angeles and ket's facilities. Additional equipment and personnel has
served to make the Clearing House capable of meeting any
surrounding cities.
To insure rapid anti uninterrupted dissemination of quota- emergency that might be created by heavy volume. The
tions, the Stock Exchange ticker system was augmented flexibility of this important division was demonstrated
by the installation of equipment capable of handling a several times during 1929.
Although seemingly a minor regulation, the Clearing
3,000,000-share day. This equipment included improved tickers and transmission apparatus. It is cited that in the House required during the year that all messengers from
handling of the record day of the Exchange during No- member firms engaging in the delivery of securities or
vember quotations were never more than 12 minutes late, money to the Clearing House must bear an identification
and then only once. Speed in quotation service becomes card containing the photograph of the messenger. This is
vital to investors in a widely fluctuating market.
an advanced practice among clearing houses which insures
Quotations were further disseminated through the in- reducing to a minimum any opportunities for obtaining
creased publication of Los Angeles Stock Exchange trans- fraudulently any delivery of funds or securities.
actions by leading financial newspapers and journals
One of the new services developed by the Clearing House
was the weekly compilation of brokers' loans among 66
throughout the country.
In order to strengthen the regulations under which non- members of the Los Angeles Stock Exchange. This data,
members obtain ticker service or may maintain private wires while admittedly not a perfect indicator of the exact extent
with members of the Exchange, certain revisions were made of margin borrowing for speculation on the Los Angeles
in the agreements covering this subject. The more stringent Stock Exchanges, has provided a satisfactory table on which
regulations involved the applicant's signing an agreement to predicate the statement that the Los Angeles Stock Exwhich will minimize the opportunity for a non-member to change represents an investment market as opposed to the
utilize such facilities for bucketing operations.
more speculative type of exchange. At no time were the
A number of new developments in organization, conceived borrowings of the 66 members of this Exchange more than
In the preceding year, were consummated in 1929. The .78 of 1% of the market value of listings, according to the
department of research was created as of Feb. 1, with its following table:
operations in charge of a capable and recognized economist.
MONTHLY AVERAGE OF LOANS.
Functions of this department include compilation of more
% Loans to Total
thorough listing reports than were heretofore possible, dealTotal Mkt. Value Market Value of
Monthly Aver, of all Listings
ing with corporations at the time of listing; the Issuance
all Listings.
of analyses of companies already listed, disclosing the corpo- January
$40,250,263 $5,142.447.220
.78%
41,459.105 5.298.687,342
February
.78
ration's current position, properties, management and pros- March
39.738,025 5,582,983.480
.71
40,080,771 5.742,832,281
.69
pects; the compilation of daily Los Angeles Stock Exchange April
40,665.089 5,758,924,348
May
.70
40,615,694 5,834,431,084
price Indexes which show clearly the fluctuation of various June
.69
38.291,420 5,630.314,139
July
.68
classes of stocks as well as 30 common stocks and a range August
35.591,955 5,925.069,872
.60
September
40,195,936 6,351.605.005
.63
for comparative periods. All of these services, while appar- October
42.505,226 6,303,540.272
.67
November
32,984,532 6,474,494.631
ently designed for members only, ultimately reach the invest- December
.50
29,379.296 6.123.435 Rea
A.7




1592

FINANCIAL CHRONICLE

[VOL. 130.

RECORD OF PRICES ON LOS ANGELES STOCK EXCHANGE.
We give below a complete record of the range of prices of all stocks dealt in on the Los Angeles Stock Exchange for
each month of the calendar years 1928 and 1929. The compilation is of course based on actual sales, and covers
these
and nothing else.
The following is a comparative table of transactions on the Stock Exchange for the last three years, with percentage
of increase:
BONDS.
VOLUME OF SHARES.
VALUE OF SHARES.
1927
10,707,000 1927
27,082,349 1927
$242,272,278
1928
11,351,500 1928
49,403,086 1928
840,384,806
1929
779,500 1929
15,406,993 1929
458,514,236
Percentage of decrease___
93.2% Percentage of decrease___
68.8% Percentage of decrease
45.4%
MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1929.
January February
March
April
May
June
September
August
July
October
November December
High Low High Low High Low High Low High Low High Lou High Low High Low High Low High Low High
Low High Low
per share $ per share $ per share $ per share 3 per share $ per share $ per share $ per share $ per share $ per share
3 Per share $ per share
Aero Corp of Calif Inc
10
9
1212 812 9
3
3
5
3.50 2.00
Alexander Industries
162 16 ---- -. American Motor Transport_ * 5312 5214
---Associated Gas & Elec A
e5-157 - 2 -Li- 53
55 5318 633 531- 6314 6112 7014 69
2
4
Rights
--- .30 .10
---Aviation Corp of California__*
---____
227 --__
8
Bank of America of Calif____25
_
174 148 148 14212 136 131 138 130 130 130
Barker Bros com
30 16Barnsdall Oil A
25 46
40 4 4514 381, 4618 38 -46 8 --,
-1- 4212 4812 4113 43 4014 423g 3713 40
3212
-32- - - 2 la
6
22 -27- -- -1
2 4
3
Bolsa Chica Oil A
1 4.30 2.60 3.10 2.65 2.70 1.80 2.30 1.70 3 1.8712 2.70 2.10 2.55 1.85 2.10 1.60 2.20 1.85 1.9712 2 195
1.95 1.10 1.75 1.20
Broadway Dept Store pref 100
94
94
90
90
89 89
75 75
Preferred ex-warrants_ ..100 95 94
93 9212 9212 9212 96
94
94
94
zBuckeye Union Oil pref
1 1.85 .36 .70 .34 .50 .39 .50 .32 .41 .25 --:61 .32 .82 .37 .50 .35 .38 .35
--Byron Jackson Co
80
86 4 78
,
373 3514 39
38
8
4312 35
33
38
347 3812 3512 3612 3314 355 3212 3314 20
8
8
2614 18
19(4 15
California Bank
25 13614 125 135 12818 133 12918 14134 131 142 136 1351213014 13712 13112 140 135 145 13612 147 130
13614 120 125 1133
4
California Packing Corp
6812 68 2
,
xCentral & Pacific Improvem't1 1.50 1.50 1.50 1.50
Central Investment Corp_ _100 103 102 10214 10112 jai:1161 i6if2101- 102 10 -- 101
- -- -1
9914 10012 9814 99
99 4 101
,
9712 99
97 - 96i- - -g - 90
4 6
94
Citizens National Bank____100 520 510 520 506 2 505 505 535 515 600 585 585 575 575
,
575
Citizens National Bank
20
__-- 115 115 136 115 132 125 132 115 11514 110 114(2 112
Commercial Discount com_ _ _25
_ 30 30
35 35
____
6514 45
72
70
60 60
60 60
De Forest Radio Co
2112 2112
4.90 4.90
Douglas Aircraft Inc
30
26
283 253 3418 2414 3812 297 45 3431 401. 353 3812 337 -4012 3414 34
4
4
4
8
8
2334 27
16
193 -153- 1612 121s
4 - 4
Emsco Derrick Re Equip Co_100 318 310
Emsco Derrick & Equip Co.
..5 44
8
37 39 4 447 - - -14 -447 39
413g
,
42(4 - -- -55- - - - 2 -5334 - 34
3213
0
2512 -. 6" 13
2972 -3413 - - -- 31
281; -35- -- 23
18
Farmers & Merch Nat Bank 100 475 460 475 460
-- - -- 485 475 490 485 495 495 48034 475 480 475 485 480 495 450 445 440
450 410
Food Machinery Corp
54
49
5434 5012 51 14 497
8
55 4 52 2
,
,
_Foster & Kleiser COM
10 12
1114 1114
12
1112 1112 12
11, 12
2
10
113 - 1114 I1 110
.
8
958 918
-4
712 7
Gilmore Oil Co
153 13
8
1312 12
121,2 12
1313 10
1312 12
15
1112 1378 1314 15 - : 137 1314 12
8
12
111
12
11
13
11
Globe Grain & Milling corn. 25 33 3112 34
3314 3414 33
33
32,2 31, 30
4
30
30
28,2 31
29
27
2812 29
27
30
29
25
2612 25
1st preferred
23 2518 25,8 25 25
25
25
25
25
25
2434 2514 25
25 25
25
25
Golden State Milk Products_25
597 58
8
5512 55,2 5512 5512
- 4214
57
,
311
- -Goodyear Textile pref
100 - 66- 98 ia- 11
61
65i; 10112 1- - 101 100 100,8 100 100 98 100 98,8 64 4 5712 100 57 46 96 95 9278 95 -36
96,2 96
99
9734
9212
Goodyear Tire & Rubb pref 100 101 100 101 100 101; 100 10014 9914 100, 98 100
4
9712 10012 98
92
99
95,4 96
95 85
993 98
4
95 9212
Hal Roach 8% pref
25 17
15
17
17
18
18
18
15
20
15
1512 1312 1033 10
1512
16
18
8
9
211olly Development Oil Co _1 1.10 1.00 1.05 1.00 1.15 1.00 1.1712 1.00 1.00 1.00 .85 .85 18
.
.80 .80 .85 .80 - 1715 -- 65
xlIolly Oil Co
5
512 512
_
Holly Sugar Co com
39
39
-36- 16 46" 39
41 - 41 13 41
37
-35- 35
Home Service Co corn
2317 23 23
25 25
231. 24
2212 21
21
21
20 16 - 21
2512 24
26
24
24
2214 2214 22
27
21
Preferred
25 2614 25,8 255 2514 253 25,8 2514 25
8
4
25
25
253 243 2512 25 " 25
4
2434 24
24
24
25
2314 22
4
24
2312
Honolulu Consol Oil Co
10
38 38
28, 28,
4
4
- - - - -Hydraulic Brake Co
25 57
5814 51
40
4
543 5212 56
6012 55
5234 5613 55
52
51
65
42
5534 54
45 40
55 55
45
39
Hydraulic Brake Associates_25
44
- - - ---- ---- 44
Illinois Pacific Glass A
4
• 463 44
4612 4012 38
38
343 3431 32 9 32,1
4
,
293 2913
25
28
Internat Re-Insurance corp_10 60
5512 6012 53
5104 55,2 53 - 58 48
5912 563 65
4
6212 4613 -La- - 6 46
-34 5714 5412 6312 575 6518 60
8
4- 3
;
40
9
712 7,2 6
Rights
5
'2 3'4
--- -- Jantzen Knitting Mills
4834 45
473 44
4
4834 45
4612 447 45
8
42
44
4212 50 47
51
48
48
50
52
48
Jenkins Television Corp
•
11 12 1214 10,2 12,
17
2 97 10
914 9,2 8
8
1012 1012
83
4 83
4
21-aguna Land & Water Co__ A
---- 2.50 2.50
2.50 2.50
Langendorf United Baker A.." ---- ---_ 323 3234
4
_-_--_29 29
30
30
---_-__
---- --_Leighton Industries Inc A...* ---- -- - - ---15 ---- 15
03
4 9
•
- 16 - 10
8
8
5
5
Lincoln Mortgage corn
• 1.47,2 .60 1.00 .90 I 10 80 - =69 .85 1.00 .80
785 -- 65 .70 .70
.
60 .
- -- 66 --:65
.60 .45 :45 .35
Preferred
• 9
83
4 83
8,2 9
83
4 83
4 8,2 9
4 83
4 83
4
4 83
814 8
812 8,2 812 8,2 8'4 8
712 712 734 7
Los Angeles Athletic Club_ All
10
10
---Los Angeles Blitmore pref. 100 99 06 -97- - - -97- r66
97" -oi- - 6" 96
9
96
96- - - -9
6
9i
- - -9
---- -95- 95 -9(1 - 6
Los Ang 1st Nat Bank
---- ---23 150 1208 141 ,13512 13612128
1
,
---„... ---Rights
60 3 25 3 60 2.2))
3
LOS Ang Gas & Elec pref_ ..100 108
106 8 10714 106 106 181051 1 65121,
. 0-41; "161 102 104 16i1; 104 IOl3i 11)3 162 10212101 11(213 100 - 100 - - - 10234 101
-9
6
Los Ang Investment Co.
1 2 55 2.15 2.40 2.25 2.40 2.30 2 45 2.30 2 45 2.15 2.20 2.00 2.15 2.05 2 30 2.1)5
Los Ang Investment Co
- • - -10
20f4 -1- -- 1812 17
20
2212 2012 21
7
---- -1718 16
Los Ang Invest Sec Co
23
31
28,2 28
-2712 26
2512
Macmillan Petroleum Corp_ _25 4018 37
3412 4012 3412 4212 371- 43
39
3812 4314 38
3314 27
34
40
38
3412 3612 33
2712 27
27
23
Maddox Air Lines Co.
•
813 8,3
1112 1112 11 12 1014
4
Depository receipt..........
103
4 8'3 712 412 412 212 212 212
1112, 10
12
12
Magnin & Co (I) corn
-357s 3514 357k - -1- 37 - 4
35 8
313:Mascot Oil Co
1 3.10 2 25 2 90 2 00 2 50 1 95 1 9712 I 70 I 75 1 50 275 1.66 1 75 1 50
---Merchants Nat Tr & Say Bk_25 25314 245 245 210 235 205 215 21/5 250 215 231 216
66
216
- ---zMerchants Petroleum Co.....1 .80 .55 .55 .50 .6() .50 .55 .55 .55 .50 .55 .42 .45207 20333 2 .41
.45 .50
:Midway Northern Oil Co_
I .35 .20 .25 .23 .30 .23 .26 .23
--Monolith Portl Cement corn. *
1412 14
- -1412 1312 14 14 4 I43 12
1412 123 - 14- - 2 2 12
4
1- -112 - 1
310
-Preferred
in
9
9
9
9
9,8 9
8
8
4 814
Moreland Motors Co corn... _
3 00 3 00 3.00 2 00 2 05 1 85 3.45 3 00 3 15 3 00 4.I() 3)))) 2.50 2 50 220 2.i0 3 00 2 50 3 50 3.00 2 80 2 80 83
2 50 2.50
10 4.25 351) 5
Preferred
35 4 35 6
465
6
5
5
6 6
(Ili 51 1
7
58 6
,
5,2 538 512 5
5
512 512
Mortgage Guarantee Co ___100 1901 2 19012 191 190 194 190 199 190 200 196 208 200 208 200 208 202 193 192 19014186 185 175 173
171
1 3.00 1.50 1.75 1.10 1.40 1.10 1.10 .80 .85 .80 .75 .60
zMt Diablo oil Al & I)Co
STOCKS-1929

25 48 45
Nat Bank of Commerce
No Amer Invest Corp corn..100
100
-- - - - 6% preferred
zOcc dental Petroleum Co...
53 2.10
8
zOceanic Oil Co
1 20 1.02,,
201inda Lund Co
.13 .13

4612 4512 47
49
45
115 115
101 101
4.50 2 50 3 70 2 30 3 65
1.05 1.00 1 IU 1 00 1.20
.22 .1512 .25




46

45

40

38

40
137

40
137
---2 75 -360 - -35 4.15 2.95 3.20 1i5 3.00 2 75 3.50 2.40 ---- ---3
1.05 1.10 1.0(1 1.10 1 05
---.22

Pacific American Fire Insur_10
Pacific Clay Products
• 3612 31 -35- 14'33
35 - - -Pacific Finance Corp corn.. _25 111 14 673 10212 94 112
99 8 12014 112
,
8
10
Common
Preferred A
25 -2012 - 1- -2812 17 2 2733 2713
-121 2
23
Preferred C
23 25,4 24,4 25 25
23,2 23'4 23
25
Preferred I)
23 25,2 25
2514 25
25
2514 25
Preferred l)
10 __-- -- -Rights
Pacific Gas & Electric com__25 6534 5478 6312 63
5813 5533
1st preferred
2714 2678 2613 26,3 2714 - 25 27,2 27
21f72
No 4 rights
3.25 3.25 3.50 3.50 3.10 3.00
No 5 rights.................
---- -- ---A rights .
Pacific Lighting corn
738
84 - - -1- 70
• 803 70
7814 73
7 2
6
4
6% preferred
• 103 102
Pacific Mutual Life Insur__100
---- 1000 1000
Pacific Mutual Life Insur__ _10 ____
Pacific National Bank
-49
25 50
50
50
49 18 -if3- 48
Pacific National Co
3812 38
25 40
4014 35
3714 3912 35
Pacific Public Service A
Pacific Western 011 Corp
• 23 20
4
22- 1812 23
31912 213 -11;3.
1
Paraffine Companies Inc
•
8
8
83, 8214 807 807
4
Pickwick Corp corn
10
---Piggly Wiggly Inc West States* 30
28 - 29
27(3 ---- -Republic Petroleum Co
.1 .73 .67
Republic Petroleum Co. __ ..l0 878 514
933 7
918 57

-5a-

4714 45

46

33
117

33
109

32
113

275 - 7 2 28
- 2 -18 .
23
22
24

-27- - - -12 2653
2
6
-

____

84

7812 -oi____

48
38

48
35
26
185 16, 17
8
8
48
36

42

42

39

7412 6212 7518 72
- -- 32
31
3012 3714 33
110 1353
4
41093 1473 130
8

72
75
33
33
15912141 12
_
2912 27
25
28
28
26

117 1.11-

5712 57
04
2912 2912 29
125 III
45
391, -43T4
28
2814 28,4
28
28 -2812
23
24
23
2312 2514 22
24
4
25
243 24,2
--- 25
---9
2.
2
-310 - - 40 3 50 - -io
-- -1
6 -- 731 - - -- -92- - - 9312 93,2 7718 6212 5434 4634
i6
68
25(2 2614 26
8
26
253 2614 2614 25,18 253 2518 25
4
2558
-----Lis - 76
3 .5
_
3700 2.75 .65
3760 - - - 1l018 - - -14 13112 115 145 12414 135 8212 85 64
8
6
63
8112
410214 10012 9812
4
---- 100 100 101341013 102,
10012
---87
---48 -45- - - .0
-35 - - -- 3
39
34
18
17
0
33 4 223 25
,
12
4
204 22
10
10
2338 28 8 25 8 28.4 263 3818 26,8 34
25
,
,
27
26
4
3314
1614 167 1514 163 15
16,2 2314 1312 17
26
8
8
13
1434

1234 12
634

42
----

- - -3- 9 4 IV,'VI;

5 -51-2 4.00 -4- - -56
i5 3

958

4760 --56 -5760
3

814

7514 503
4
35
32
156 100
02 60
2814 2814
23
2214
253 243
4
4

012

3.40 -4.80

73
4

8

714

-5760 161
)
--

82
,

54
28
- - -1
3 2
6

9
25;
-5

- -1/6 4
993
4
WI;
5
28 4
,
12

7

MAR.8 1930.]

FINANCIAL CHRONICLE

1593

MONTHLY RANGE OF PRICES ON LOS ANGELES STOCK EXCHANGE FOR YEAR 1929 (Concluded)
.
April
March
February
January
May
August
June
September
October 1 November December
July
High Low High Low High Low High Low High Low High Lou High Low High Low High Low High Low High Lou' High Low

STOCKS-1929

$ per share $ per share $ per share 5 Per share $per share $ per share $ per share 4 per share
Republic Supply Co"old". 61
62 6012 6112 60
70 70
69 62
611 60
60
60
62
-----------------------------3514 34
*
"New"
3614 1514
25 4834 4212 4514 40
Richfield 011 Co corn
47
4018 467 417 4712 4114 4312 41
44
423 40
39
4
Preferred
2434 2512 2412 25
2434 25
25 25
2412 25
245,3 2414
2334 2438 2334 2412 24
Warrants
13
11
8
_ ____ ____
712
Rio Grande Oil Co
* 4218 3212 4012 333 418 343 413 363 373 3012 323 27% 3213 2612 32
4
4
4
8
27
3
4

S per share 4 per share $ per share $ per share
3612
4214
2412
____
2953

353
4
383
4
237
8
____
273
4

36
40
2414
____
297
8

33
24
213
4
-___
18

35
3153
23
____
2318

3212 3312 30
1
2633 295 203
22
2212 2112
____
1838 22
183
8

San Joao L&P 7% pr pref_ _100 116 11514 11612 116 115 113 116 1121°116 113 113 111 115 112 114 112 113 11112 114 110 11034 107 11212 11114
9812 98 9614 10014 100
6% prior pref
100 11 101 102 101 101 100 10112 10012 101 1008 10112 100 1011210012 101 101 10114 101 100
_
Scab Dairy Credit Corp cont.* ----------------------------------------2912 2912
- ---- ---- ---- ---- ---- ---Preferred
100
99
99
99 99 100
9812 97
95
9612 9612 9512 95
97
85
99 10014 97
90
85
85
Seaboard National Bank____25 -------- 48
45
42
45
4612 4612 4634 4312 45 45
46
45
44
46
4912 4618 537 5118 5112 47
5418 5013
Seaboard National Sec Corp_25 --------50 50
44
4
4814 45
46
4612 45
473 42
4612 44
43 42
4612 40
5312 4612 51
48
5414 5012
Secur 1st Nat Bank of L A_ _25 -------- 130 130 130 125 14212 126 137 12934 130 12514 129 125 139 12514 140 135 138 120 125 11114 11473110
___
Security Trust & Say Bank 100
11 530
42 62212 615 600
Warrants
---- -- - 2518251830 23
Shell Union Oil Co
293 3114 3114 297 2978____ ___ - ____ 2712 2712 25
* 28
30
4
2414 2414 2373 237,3
24
2778 27
27
8
Signal 011 & Gas Co A
25 42
45
4873 38
4012 40
3912 37
39
41
33
37
30
3414 35
36
36
3212 31
29
30
3678 3712 36
B
25
4714 4014 4334 433 40
39
4
40
34 --------33
38
34
30
33
3612 3612 36
3512 35 35
30
Sou Calif Edison Co com
57
25 6712 5418 6412 60
5812 5412 668 6712 7214 6312 8712 708 9112 80
62 57
55
5412 6214 4714 61
5234
89
Original preferred
25 63 62
61
70 65
65 62
60
60
8612 7914 8512 5312 5814 50
85 68
56
56
60
6612 583 71
64
4
7% preferred
4
25 293 2913 2914 29
283 29
29
4
283 2914 2834 2834 2812 29
2812 283 281.3 2853 2814 2812 28
4
4
2814 28
27 8
5
28
6% preferred
25 2634 2612 2612 2618 2613 2534 253 253 26
2412 25
25
2412 25
4
4
2512 2513 2512 2512 247 2514 25
2534 26
2412
5% preferred
25 247g 24% 25
2478 247s 2412 2412 2412 2412 2412 2412 2414 2414 237 2373 2334 24
2358 233 2312 2312 2212 23 2212
4
Rights
3.55 3.45 3.55 3.10 3.25 2.95 3.25 2.80
-_-_
---- ---- ---- ---- ---- ---- ---- ---- ---- ---Sou Calif Gas 6% pref
25 2618 25
2612 2534 26
2558 26
24
25
25 25
2412 25
25
25
2414 24
2334 25
25
2512 25
6% preferred A
25 2534 25
2538 26
25
2512 25
2513 26
26
2412 2312 25
25 ----------------25
25 25
24
25
25
Sou Counties Gas Co 6% Pt 100 101 100 2 101 100 10112101 101
99 10014 100
9 14 99
98
99
,
99
,
9812 96
98
993 973 98
9734 9612 96
4
4
zSouthern Glass Co
1
.62 .50 ----- -------------------------------------46
Standard Oil of Calif
* 7214 6514 6833 6433 8053 6634 8014 7513 8158 73
7818 512 i6i4 16 61-4 -57i2 66 IA
8
-12
3
78
3
717 753 707 7/33 -iozSun Realty Co
1
514 5
3
312 4
434 5
312 33
4 33
4 312 312 3.50 3.50 3.50 3.50 3.00 3.00 ----------------------Taylor Stilling Corp
Transamerica Corp old
New
Scrip old __
Scrip new
Rights old
Rights new

.
-36 36
38
36
25 134 1293 134 125 142 131
1333 143 13312 14158135 13912 1355 1553 1353
-- 3
4
25 --------------------------------------------------------6312 62
---- 1 •35 1 •35 1 •421.1 •35 1•40 1 •40 1•35 1 •35 1.5212 1.35
-

iiai4

_ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____

Union Oil Associates
5334 4918 5034 4712 49
25 5113 48
5214 48
5114 45
47
533 45
46
4
48
Rights
1.6712.3212 1.40 1.0212 ---___ __
Union Oil of California
54
25 5212 483 51
4978 5114 4712 4912 4714 4833 4658 5438 4512
4633 5212 48
4
Rights
1.70 1.3712 1.55 1.15
Union Bank & Trust Co_100 265 265 270 255 285 270 298 28712 295 295 29() 285 305 295 335 325
Union Sugar corn
25
zU S Oil & Royalties
25 .1712
Van de Kamp's Holland Dutch
Bakers Inc
*
xVictor Oil Co
1.75.75.26.26
Weber Showcase 8c Flit pref.* 25
2 2412 2434 - - 4 25 - - .
241* 25
243
2434 241- - - 2412 24
24 --------201 2 - . 2
6
Western Air Express.__ ____ ___ _
_
__
Western Continental Util Inc • --------------------------2412
2378
3- - 512 - - 3
Western Pipe & Steel Co.„ _10 -------------------------------- --- -------------- -------- 4 303
313
--__ ____
4
-sWhite Star Oil Co
.oi.
1 -----------------05 .6 :65 .04 :4
____

36
2712 26
28
3614 36
30
243
4
165 153
6718 6212 653 4 36 52 1512 473 I9
3
-519
1.8712.4715 1.6212 1.55 1.10 1.10 1.021* .98

•65

.0..o
.60 ------------------------iO.25

.

5514 4934 5612 4173 4712 4134 46
43
49%____ ____ ____
____
_ ____
_ ____
4
4273 4712 43
561.3 5018 553 43
--------375 330

2
-4
5812
2414
3512

-- 4
233
54
24
3013

24
48
24
34

350 2.10

325 325

24
23
22
22
22
2912 3018 25
30
25
22
23,2 2714 - 4 ---- ---•
233

____ ____ __-- ____ _-__ ____ ____ ___.

BONDS
Goodyear Tire & R
s..l93l 10012 100'i
Great Western Power 53_ _1946 . __
------------102 1- 01
LA Gas 8c Electric 5 Yis_ _ _1949 in5- 10434 ---- -- 7- 3
5s
1961 101 101 10012 - - -12 100
97 4
99
1947
1031, 1031*
555s
63
10519 10519
1"42 108 4 10858
,
L A Ry Co 1st M 5s
4
1938 971 9734
1st It 5s
Miller & Lux 6s
1945 10214 10131
Pacific Electric Ry 1st 53_1942 953 953
4
4
Pacific Gas & Electric 5s. 1942 10212 10212
.430
1937 973 9734
4
58
1955
1952
R 131 11 63
1941 112
12
Pacific Light & Power 5s_ _1951---- ---Richfield 0,1 Co 6s
1941 112 110
6s
1944

1021310212 -_92
9212 - - -12
95
95
--------99
99
4
---- -___ 963 9634
_ 101 14 10114

------------------------------------------------931.
. 98
-- - -12
_
---_ _.._
____ ____ __ _
9912 99
9914 9914 --------9733 973 --------0612 9613 9612 9617
8
____ ____ ____ ___
- ---- ---- ---- ---- ---- ---- - ---- ---- ---- ---- ---- ---- ---- --

---_-----------

---_-___- _
-------

---- ------ ------ ------ ---

---- ---- ---_
__ ____ ____ ___ ____ 101 101
------------ -------------9214 --1 12 ---___ ____
__
- ---- ---- ---- ---- ---- --9
1 0 1
--- ---- ---- ---- ---- --- - - -- -- --- ---- ---- ---- - ------------------------941, 9412 -------------------------------------__
----------------------------- ------------------------- ....

_ ____ ____ :::: :::: ---- ---___ __-_ ____
------------------------102 102
_
10712 10712 --------------------------------

____ ___

____ ____

Sierra & San Fran 1st 5s_ _1949 10014 10014
---- ____ ____ ____ ____ ___ ___ ____ ____ ___ ____ ____ ____ ____ ____ ____ ___ ____ ____ ____
2d 5s
1949
931 931
Sou Calif Edison Co 53--- -1951 162 101 101i4 1FT2 66 1111 11i .
.
. 1 661, 9958 161; -oois - -9
61-14 101 101 10- 1. ____ ____ i(iii 1-66 ____ __
9 -18 _
34
5s
1952 111134 10134 ___- --101 12 10034 910., 991., _ „
_
9934 99-, iOO 1-66 --------101 101
SOU Calif Gas 5s
1957 10014 100 ____ ____ __-___ 9814 98
9812 9814 97 97
9712 971----------------- 05
95 ---- ---533s
1952
6s
1958
104 104
Sou Calif Telephone 5s_ _ _1947 ___
_ 102 102
-- _-- ---- ----- ---- ---- ---- ---- ---Sou Counties Gas Co 430_196892 - % 92
019012 -9014 19 --------90 16" -t35- ii- -..A 88 4 -- -- - - -- -- - __ ____ __--1Sperry Flour (is
1942
_ 1051.1(1512 _
---- ____ ---- --- ---_ __
__
Union Oil Co 5s
96
6
____ ____ ____ ____ ____ ___
- 9714 971 1 --__
19(5 993 - - -34 991.; 9914 4 99
5s
1981 1(12 102
1011
9958 995s 11)
63
.1942 - -- - -- -------- - - --- ----108 107 _
I()i 101- 10.5i4 1- -5 196 1- 66
0 -18
* Ni, par value.
Stocks removed from trading during the year. Companies dld not comply w1th ruling of Exchange that all stocks must be of $10 or more par val, or of

____ ___

too 166
---- ------ --____

___

no par val.

COURSE OF BOND AND STOCK PRICES IN 1928-LOS ANGELES STOCK EXCHANGE.
BONDS

"Sr
April
March
February
January
May
October
November December
&Member
August
July
June
mte Low 1112P, Low High Low High Low High Low High Low 11108 Low High Low High Low High Low High Low High I,ow High

Amalgamated Sugar 7s
937
Associated Oil 6s
935
Calif Hawaiian Sugar 7
9.47
Calif Petroleum Ss
939
5 0,8
918
Calif-Oregon Power 6s._
942
East Bay Water 6s
944
6$
955
Feather Riser 6s
'29-'63
General Pet volt
-um 5s.._
940
Goodyear 'rite & It 50,s
931

10434 1043 10434 105
4
1023 103 1023 103
4
4
104 104
100 100
10114 10114 102 102

105 105 105
10318
_
_
1(1034 . 4
16034 6213 1023 10313
4
1613 11063 10014
4
_
105
103

1043 165 4
.
104 1(14 i6i;3
1 - 4 63 3
10113 10214 10134 102% - 1)23 1- -1- 10313 114
10214 10212 10212 10212
6
4 61
10012 101 100%1003 050;8 1- 1- )603 1- .4

---- itiii,

430
949
'852
9.37
934
961
943
'817
949
942
950
931
943

Los Ang Railway Ss____
5s
Market Street Ry 73
Miller & Luz 63
73
Nevada-Calif Electric 5s
Pacific Elec Ry 5s
Pacific Gas & Elec 40,s.
53
5$
5)is
B 63

940 S312 8312 84 85
8513 86
86 3
,
938 9413 95
9753 9712 88%
9434 9614 9618 9718 97 "
9734
940
9914 9914
---945 9914 0915 10034 10114 ioi." 1- -61
ioi- f61935 9814 9814 101 1013 101 lot 101" 101 101 101
4
956 9613 9612 96% 97
9678 9718
-942 9573 9612 9614 97 4 9858 98% 9818 9814 -158 2 9558
,
957 9834 99
99 10114 9914 101 3 9954 too
9812 09
,
942
104 104
10314 10314
---4
643
955 10< 3 164 4 10433 1043 1043. 1- - .- . - -38
14
952 105 10513
10514 10514
ioi" 105
941 11412 1143 11514 flits 11534 1153
4
4




1001k 101

1001 10012 iOni8 1!
664

100 2 16113
.

1033 103N
8
108

0- )
1- -2 1(-1.4 102-14

10578 106

10014

(0034 10934

Great Western Pow 536s
63
6s
Holly Sugar 7s
Los Ang Gas & Eke 5s
5s
5301
51,s
,
5 1 is
.
6s
Log Ang Pacific Ry 43_
Ss
5s

ioa- 10018 106
1-61i
10012

98

6 8
10231 1- 2-310173 102%

10412 1- 6
4 . 104 10.- 34 10313
. 8
&
2

100

10112

. 2
1662 1 60110434 105 1(1.5 105 10434 1- 3 10434 1- 4-34.
4
6 4
11014 110% 11012 11034 11034 11034 11014 11014
8912 8912
9814 9314 9812 99 -95
99 -99- - 9
6 ."
92 92
---__._ ----

103341-63
-34

85

85

too- 10058
61 164
--

8714 8712 86
8712
9614 9612 9714 9714 963 9718
4

ini" 10114
1661- ioo" 100 too 10014
8
-9614 9812 -9614
-97 97 -9534 9612
4
9614 9614 oi1- 973 973, 9st,
98 98
4
10214 10214
10,- 4 164 4
t3 - -3104'4 10413
_
11014 11014
111 11134
10113 1611;
8
1005 100% 150"

-

10414 10414
-------

8813 8812
07
973
4
- -3
16534 1011100 100
_-__--- ---____
96
98
10414 1-6f3d

1594

[VOL. 130.

FINANCIAL CHRONICLE

COURSE OF BOND AND STOCK PRICES IN 1928-LOS ANGELES STOCK EXCHANGE (Continued).
May
April
June
February
March
July
August 1September
Afatur January
October
November December
Date Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Pacific Light & Power 5s 1951
Pacific Tel & Tel 5s
1952
Richfield Oil 65
1941 -OiSan Diego Gas & Elec 5s
6s
6s
San Joaquin L & P 13 6s
Sierra 8c San Fran 1st 5s
2d 5s
So Calif Edison 5s
5s
5s
5s
536s
,
So Calif Gas 5s
5s
5Yis
6s
6s

1947
1939
1947
1952
1949
1V42
1939
1944
1951
1952
1944
1937
1957
1952
1950
1958

So Calif Telephone 55
So Counties Gas 43.is
5 s
6s
Southern Pacific Co 4s_
Sperry Flour 6s
Union 011 5s
5s
6s
Western Power 5Ms
Western States G & E 6s
6s

1947
1968
1936
1945
1955
1942
1931
1935
1942
1957
1937
1947

Par
STOCKS
Value
American Motor Trans_
25
Associated Oil
25
Bancitaly Corp
25
Bank of Italy NT &SA
100
Barker Bros pref
25
Barnsdall Corp A
1
Bolsa Chica Oil A
Broadway Dept St pref 100
100
Preferred ex-warr
1
Buckeye Union corn
1
Preferred
California Bank
California Bank
California Packing
Calif Petroleum corn
Certificates of deposit
Citizens Nat Bank
Central Investment
Central & Pacific Imp
Commercial Disc't corn_
Emsco Derrick & Equip
Rights
Farmers & Merch Nat B
Foster & Kleiser com

25
100
25
100
100
1
25
100
100
10

Gilmore Oil
Globe Grain & Mill 1st ph
1st preferred
Common
Common
Goodyear Tire & R pref
Goodyear Textile
Hal Roach 8% pref
Holly Development
Holly 011
Holly Sugar pref
Home Service corn
Common
1st preferred
Hydraulic Brake Co

8
100
25
100
25
100
100
25
1
5
•
100
25
25
25

Illinois Pacific Glass_
Laguna Land & Water_
Leighton Ind A

•
1
•
•
•
•
10
100
25

Lincoln Mortgage com_ _
Preferred
Los Ang Athletic Club
Los Ang 1311tmore pref_ _
Los Ang First Nat Bank
Rights
Los Aug Investment Co_
1
Los Aug Gas & Elec pref 100

Mascot Olt
1
Merch Nat T & S Bank_ 100
do
25
Merchants Petroleum_ _
1
Midway Northern
1
Moreland Motors com_
10
Preferred
10
Mortgage Guarantee Co 100
Mount Diablo 011
Nat Bank of Commerce. 25
25
Nat City Bank
1
Occidental Petrol tr ctf
1
Common
1
Oceanic 011 Co
1
Olinda Land Co
25
Pacific Finance corn
100
Preferred A
100
Preferred B
25
Preferred A
25
Preferred C
25
Preferred D
Rights
Warrants
Pacific Clay Products__
Pacific Gas 8c Elec corn_
Preferred
Rights
Pacific Lighting corn...
6% preferred
Rights
Pacific Mutual Life Ins_
Pacific National Bank
do
Rights

•

- --7-6g- 98 8 -6834 168 10512 13114 127

via

150

10434 10434
126 149 12012 f261- 135
- 2

116- 129

10212 10212
---____

145

10314 10312
i653 104
4
10014 166
- - 14
_ 105 105 105 lO51 10334 1633;
-11614 1 1614 11414 1153
4
114 1 1S 11514 11514 11514 1153
-- 18
4
10212 10212
9634 -993 10014
8
9
64
job 160
- - 1
lolls 1645 10414 164 4 -_-- 8
10418 10418
10358 103 8
5
- - 710213 163 10213 1033 jai's 164 10314 10412 10212 16i 8 10114 10214
10212 1023 1023 10314 10314 1033 10334 10412 10318 10378 10114 10178
4
4
4
10514 10514
10518 10514 10514 10514
9514 9514
-2
-4
611100 10012 Rio Fs 1663 iooT8 102 1011 1921- 161- 1- 2 99 2 100ls
- 8
10414 10414 1031210312
10414 10414 10438 1047 10458 1047
8
8
105 105
105 105, 105 10514 105 105
8
-105 10518 10518 10518
-_-

-.-2 19252 10212 10213
1
105 105 105 10518 105
10234 192 4
-310134 /0218
9958 100
109 11012
9914 9914
10214 10212
10714 1073
4

-- - - -- - 100
-0634 9634

105

10214 16238
10178 102 10018 10218
9978 10014 100 10012
11012 1103 11058 1103
4
4
---10212 162
- -12
10712 10712 _-_-

____-1(
.6- 1765 - __-- ____
7
_-__ _1012 10212
-- 115214 10212 10214 10214 102 10212
10018 10012 10018 10012 9934 10014
11012 1103 11014 111 109 10912
4
___--____ --- ____

100
--

102- 162
ioi- 101
- -10014 10214 10014 101 10012 101 10634 1- - - 62- 1621- 1011 10238
61 1 - -4
1003 10218 10014 101 10012 100. 10034 10212 102 10212 10214 10212
4
78
10212 10212
)
-1 914 1664 -9914 993 -9912 993 663 1661- ioo- 1664 ioo- 16671 . 4 - 8
- 3- 110212 1047 103 103
8
10412 1043 - - -- - - 4
- -- - - -

4
10334 1033 10312 1033 10312 10312
4
9114 9214 91
9413

10278 10278
8
102 1025
9112 -011- - 3- 9112 0114 9134 924 9112 9214
4 614
---- - - ---

- 2
641-

10178 10214 102
98
9912 too
10914 1093
4
----------

102 102
985 98
8
---- 110
-------

102
99
110

102 192
-102 10214
102 4
- -19838 99
9878 - - 9914 997
99
4
s
10934 110 110 110
-------------------------

per share 5 Per share $ per share $ per share $ per share $ per share $ per share $ per share
5212
52
5138 - E13
8
-4
---1138 149 147 fif 1797 108 4 18534 22 - 210 22 2 100 21478 10014 1231; 1101 1113 121l 149l 11812 1283
-61-6
4
12j4 iit- 135
1s
259'z 26612 26234 288 28412 298 283 296 2874 31212 186 297 176 2097 171 218 19612 221 189 212 202 222
_
96
96
9614 98
4513 18- 364 - ;
7
41
-Tio -7E5 --:48
19 -774 -767
-747
-7ii .
-769 -782 --768 -7go
3756 2 05 4.25 2.65 3.60
105 1097 105 10710 10714 108 10612 108 107 107 105 108 102 104 104 104 101 102
97 102
8
97
9712 9813 9812
97
---97
97 97
--- --66 ---- ---69 •
•
.815
:52 :it .60 2.2. -1:60 - 765
____
--:i5 .25 --:io .52 --:42 -765
- 5
2
$ per share

per share $ per share $ per share

126 150 13212 140 13312 170
500 500
7814 7814 7418 74Ig
26 -2518 26
2418 2718 24

148

169

12514 135

163

120

130

72

155 17912 123

7638 79
2714 31

125

129

72

121

125

--31 11
-- --6
490- 5
66- 405 621- 535 i4 - 535 54 - &3 - 550 - 525 540 5i5- 535 530 532 515 530 512 63 6
6
99 104 102 103
9812 103 102 102 10112 102 10112 1021 10014 102
---- ____
1.10 1.10
- 1.30 1.30 ---- ---1.35 1.90 1.50 1.50 1.10 1.10 1.00 1.00
2
2
---- ---- -241- 211_
'125 115 145 175 Fro- 166125 14912
---_
.0 450
455 460 460 46712 465 490 480 490 490 500 - 43512 495 465 465 445 446
1234 1234
1234 13
16
14
1612 16
187 1612 18
8
1612 15
15
4
4
101.14 101
81

3.50 3.50 4
100 102 101

5;5-1 8412 854
;

100 10012
9712 99
2312 24
1.25 1.40
----

100 1023
4
99 101
2338 243
4
1.2212-3712

-82---- ---- 90
---- ------- ---- ----------

5,
2 6
7
101 10014 10134

612 612
6
914 63
4 7
10212 1021 10212 10212
1-- 2512 964
-8612 911 -0012 12 - 113 C36 115 125 116 125 121 125
-6
- .30
323
4
99
99
10112 104 100 101 10014 102 100 101
99 101
102 104 100 101
100 10212 9978 101 10012 10014 100 101
23
2212 23
231s 23
23
233 23 23
4
223 223 22
4
4
1.25 1.324 1.1712 1.25 1.15 1.20 1.00 1.1712 1.00 1.10 1.05 1.1212
---- -4.50 4.50
714 12

7
25

1334

9

96- 25

32
3234
9734 101
9714 100
21
21
1.1212 1.25
4.00 4.00

- - -82
00
88
90 90
88
90
90
4
------- 24
2512 -2512 141 2414 2414 -25i2 24'---2614 27
8
26 267 2614 27
27
------- ------- 26
-------

12

12212 136 12514 13312
- ---------- ---- ____
---51014 g164 514 ili
- 110014 103 um 10234
ilia-

- 225 320
7
7
2-4650
450 465
111 4111- 1134 113
1 4
6
4

10

1118

1012 1412

- -- -2512 - 1- -i5F4 26
25
21 2

-3.
1i, - -32
99 101
99
99
20
22
1.20 1.2712

3114 32
9918 9934
99 100
20
20
1.20 1.25
4.80
4

28 11
-2614 2714 26
37

3113 3211
101
98 100
18
1912
1.05 1.10

100

-2-s-i;
5127
2612

2‘, 2814
253 2658
4
423 35 48
4

5114 51
53 5314 51
5412 50 50
---2
3- - 1814 1.814
___- ---- -251-2 264 -io- 161- 1814
15
14
14
16
1414 1512 1334 1344
:60 .60 --760
--:e0 -76 --:60 -76 .65 .66 .67 .67 .65 .65 .65 .65 .60 60
9I8 9
9 14 84 94 9
818 812 814 8 4 83
3
9
9
9
8 83
4 814 812 9
878 87 ---8
8
8
7
7
9712
ino- 166- 100 194
91 2
66- -68- 95
6i- 9513 - 1- 94
12712 141 13612 17212 113 154 11614 122 112 120 11414 12112 112 116 iiii- 14 - 118 130
3.25 4.10
2756
- 710 2.810
2.60 2.80 2.55 2.80 -2.05 2.60 -215 2.25 :25 62.15
2.50
2.35 2.05 11012 1123 111 11212 10712 11114 10712 10812 10514 107 10534 10612 106 10612 10514 108 107 108
4
----

2.80 2.85 2.85
:g13 -

----

----

----

--:65 -76i
8
814

---Cod1:2 104 12314 11513 145
3.00 4.65
2.65 2.80 2.60 2 -0 2.55 2.65
10412 10914 108 10914 108 11012
1.15 1.20
513 565
140 14212
.30 .32
.30 .35
1.00 1.00
3.50 3.50
150 16012
50

-5- " -86"
6

.70 .70
.21 .21
110

1.25 1.25 1.25 1.3712 1.50 1.75 1.30 1.70 1.50 3.25 2.25 4.25 2.75 3.60 2.75 3.20

Jai-

231- 255 3o6
143 116- 1;12- 172
-3
5 .46 .45 .50 .48 .50
.34 .36
.35 .35
.22 .22 .22 .34
1.00 1.00 :60 1766 1.00 1.00 1.00 1.00
2.50 2.50 2.25 2.25
2.25 2.25
162 162 175 200 188- 19 - 188 195
-6
.50 .50 .40 .55 .60 .65
_
58

16- 55

:1;0 -7i6

.75 .75

48

55

45

51

.70 .70

.81
.20 .20

27
2814
2734 27
4414 4912
4712 48
2612 273 2714 28
4
1.8712 2.25

34
33 4 32
3
483 46
4
4.838
283 2812 283
4
4
2.25
-8212 873
104 16-112 10412 105
28
4414
2714
1.80

85

961

-66- 810 800 1000
6
850 850 - 815 i3 - 810 815 8
1471314712 149 210
13712 13712 13712 13712

4
13014 13014 13014 1303 131

115
-

------- -------

24

1177 1177 118
s

13114 131

) .85 .88
.81 --7881 Tit
---- .13 .13
----

14312 133 190

.88 1.00
------- ---114 ---- -------- ------- ----------

___

_
28
47
27

93

534 8
812
Vs 812 4
1.00 1.45 1.00 1.35
85

68

28
2414
243
4
1.00
14

28;
-5
25
2412 25
2434 25 25
1.10
1512 ---- --

60

6912
----

28
2912 2812 30
2912 2714 28
2714 3734
527
8
An 49
5212 5334 5312 5312
2 2612 2678 2612 27
265 27Is 27
2738
8

2715 3 2
733 7934
4
-4g- -1- -i512 77
4
8212 843
10112 1017
8
10014 10014 103 103
2
2.50 2.85 -Tic) - 766 2.30 2.95
666- 6E6- 60- 617 950 950
5- - -155 185 155 155
.
-5
3818 4012 411 43 -434 17; 475 50
-ie - .- 2
8
6- 177 20

-7712

115 165
35
3512 39
37
35
-2i- 85
25
37
---1.25 1.2712
-----8
3
;
1 18 1253 123 --------- ----

.12
.50
25
-- - - ' - - 1- -2. T4 28
2
7 0 3 4 5
4 6
09
08 08
08 .08

114

---161 2
- 1---- ---- ---____
---- ---____

104

3112 33
31
3114 28
27
49
50 8 5058 4734 49
,
47
2812 29
26
2714 2634 28

25

155

6i- ioo- /16- 26- i66 - 2311 2771 24711 i7
6
175 278 195 2114 185 2
.40 .40 .40 .58 .50 .55 .50 .50 .50 .60 .55 .92 .60 .80
28 50
25 48 .25 .30
.32 .38 .38 .83 .40 .58 .42 .50
1.00 1.25 1.17121.50 2.00 2.05 1.50 2.75
1.00 1.50
2.50 2.50 2.50 2.50 -i:i5 Yob 3.50 3.50 3.50 4.110 4.00 4.05 3.50 4.00
190 200 186 190
---- 190 190 188 19512 200 200 186 190
___
.80 .80
---- 2.35 3.50 2.35 2.40 2.80 3.75
43 46
43 4314
---- ---34 -561-2 35 ---34
-53- 48

- -1- .
1
-16- 11022 11012 1101 110 2 11012 11012 113 113
10412 105 105 105 105 105 10412 10412
---____
---------- ------____

10012 163;ioi- 108
- -5

Pacific National Co.... 100
do
25
Rights
Pacific Oil stubs
•
Pacific Tel & Tel corn.. 100
Preferred
100
Pacific Western Corp
•
Palmer Union corn
1
Preferred
1
Pigmy Wiggly corn
•
Premier 011 Co
1




09

7414
---_-__

49

7713 7134 74
10318 10318

---_-_-

5114 -E0 4 53
1

_394 3713 4212 -ia- 113 3912 43 -5/ 10ii
-4
-

2418
24 - 1- 20
214
.16
.30 .30
.
-- 22 .26 .37
:25 .44
.50
____ _- .40 .40
2712 -251: 35
2012 2512 29 -Z5- 28
30
21- 24
3814 30
24 -.
354 25 30
.17 .15 .17
_15 25 .20 26 .20 .21 .26 .26 .23 .26

15951:

FINANCIAL CHRONICLE

MAR.8 1930.]

.
COURSE OF BOND AND STOCK PRICES IN 1928-LOS ANGELES STOCK EXCHANGE (Concluded)
November Decembi
August Septemberl October
July
June
May
April
March
January February
Par
High Low High Low High Low High
Value Low High Low High Low High Low High Low High Low High Low High Low High Low
$ per share $ per she re
per
$ per share $ per share $ per share $ per share $ per share S per share 5 per share $ per share 5 per share $52 share 54 6014 59 6 78
56
Republic Supply Co____
95
.73 .92 .75 .94 .87 1.4712 .91 1.3212 .69 .
.04 .0412 .03 .04 .05 .45 .35 .56 .54 .75 .35 .94 .53 .85
Republic Petroleum__
4'718 5512 4314 5 11
51
8
4
4
383 513 427 4812 4512 4838 4612 5158 4'7
355s 4512 44 52
8
4
2578 273 233 2618 2434 36
Richfield Oil corn
2912 3712
2434 2518 2378 2412 2418 30
Preferred with warr
2412 2514 2414 2458 2414 2;
2378 2414 24 25
3 2438 2312 25
241
25
Preferred ex-warrants
15
1;
2012 1'712 1912 2112 23
4
1814 153 1814 19
15
23
___ ____ __
------------------------ ---- -- ---- - -11
____ ____ ____ ____ ____ ____ __
Warrants
3412 3712 3138 3; 14
____ ,
Rio Grande Oil corn new
- 4
95 18078 1933 165 18612 150 161
;
1
;
41
-3 39;
1
27
if
22- -2- - -- - 2534 - - -H1 -- -1 -3218 - 7 -398 71 -a- 0 1'7i-2 - 2
221-1•7i2 --- 2 -1612 -- - -Common
115 114 116 115 116 11414 111 18
4
4
114 11538 116 1183 11612 11712 11714 11813 11738 120 114 118 115 11614 115 1153 114
San Joaqn L &P 7% pr pf
112 112
11
109 111 111 11312 110 112 11058 11114
7% preferred
8
--10112 1023 i6678 101
-- 4
102 10212 10412 1033 10412 10434 10434 ---- ---104 104 103 10312 115112 103 10212 10212 100 100 520 550 528 55;
101
6% prior preferred
520 525
48712496 497 500 500 556 508 545 540 551 506 550 515 515 510 516 51512525
Security Tr & Say Bank
3112 313 383 27
3137
8
4
4
2858 28
2'7
2618 27
27
4
4
8
4
2518 263 2414 2514 2518 2678 2612 293 2712 2912 253 273 2'7
Shell Union Oil com
658658
Rights
Signal Oil & Gas A
413
8
_ 4234 4978 4634 533 4712 4712 46
B
5.
5534 50
4
5
.
I
is
iii62 8
4
463
66 04 lg - -45is - ci 8 49 503 48 4912 48
;
.
4.
, g
- - 3i 473g Ws ---- -:i - - -- -,- ii, - 2 -4814 - - -1- -ii- - 5 -.2So Calif Edison com
58
51
55 5812 5712 5712 55 5712 5512 56
55 58
5012 51
54 55
54
4812 4734 4812 48
47
49
46
Original preferred
4 2914 2912 2914 2912 2918 2912 2918 21
8
s
8
4
283 2914 29 2912 2914 2912 29 2912 293 29% 293 295 2914 293
2834 29
7% preferred
27 2714 2614 2'
27 27
8
8
8
4
s
8
2658 2614 267 2612 263 2634 2718 27 2714 267 273 267 2718 267s 2714 267 27
26
preferred
6%
s
247s 2478 247 2;
2478 25
2434 25
247g 2513 247 253 2478 2512 2478 2518 25 25
8
4
2
53,(% preferred
2414 2414 2414 2412 2438 25
1.82122.00 1.90 2.10 1.92122.10 2.20 2.60
Rights
2
25 8
2514 - 3 2514 26
25 4
26 2514 -- 3- 2518 26 4
8
28- 2; 2'718 27ss iLi4 - -3- 2512 2718 277 2634 28
28
2512 2612 2614
So Calif Gas 6% pref.__
6% preferred A
STOCKS-(Concluded).

M..... I .1/1
0
* ....i * kit 0 0 0 • I .
oNNINNNNN INN
ric000
N NNI 1
....

in
*
0 0
0 ..
NN
00 0
•.I
1.1 1.1

10'7 1053 10814 10914 10918 11012
8
So Counties Gas 7% pf
9913 ith 100 10
014 16112 10114 102 100 10i1
11 1031
-- -12 104 103 10212 .-11T 102
6% preferred
.55 .60 .60 .60 .60 .63 .63
-- _--- ---- ---- ---- - - ----------------------------------.50 .50 .30 .4C1 ------ --.55 .55 .55
SouthernGlass Co
- - 0212 1021210212 __
- -- _ - 101 1
- -- ____
_
9912 100
Sperry Flour pref
914
ei
g 5918
g ii- -&ii - - &i Wii, 66 Egli -&li 5714
8
54 8
Standard Oil of Calif
5412 5614 338 - -5- 5418 - - 567 6212 58 6212 51 .
514 5
3
5 12 512 5 4 5
5
5
s 512 512 512 512 512 512 512 5
3
3
8 514 5 4 5 8 512 53
512 55
Sun Realty corn
7
7
Superior Oil
corn
138
Transamerica Corp
250 250 251 250 27
250 260 255 255 255 260 250 26212 255 269 250 250 --------250 250 250 250 250
Union Bank & Trust Co
3
8
575 493 5518
4918 5512 52
4
49 563 483 55
4
4
8
4
4512 5312 4914 537 493 5212 50 52
3
4312 4518 4234 45 8 443 51
Union Oil of Calif
1
1.6085
Rights
4
E;6 8
- .i - -5- 503 5 18
ii8 Ei i5 - 7 5
712
E2
g1-12 :IA .6- - :lois - i -ii.1 .
ii 4
EE
LO - 3 i5j8 - -78 Lo .1112 iii2 - .
18
UT?, 1i .iii4 Union Oil Associates
65 .
_--_ ____ ____ ____ ___- __-_ ____ __ ---- 1. 1 7712
Rights
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____ __-- ____
2614 2614 22 273g
914 914 ---- ---- ---- ---- --__
_
Union Sugar corn
.
1i - 26 .16 .2412 .1512 19
-1.15 .
. - 12:17 2
.iii
.
.0812- 11 .10 .12 .1012 .12 .11 .18 .14 .2012 --11 - -1- --:13 -- -113 - --1*E12718 3 --16
US Oil & Royalties
75
Victor Oil Co
241., 241. 241. 9415
941. 9.6
941. 95
9C
J61. 9R
9
T,R "-6 ;'), "
25 25
2
9 25 25
2634 25 -26
261, 28
Weber Sh'case & Fix of
• No par value.

ai

. ,i
17-9- 6-,, i,

•
i.
. sir, U.•
0 .
ON IN IN.
<V
.

individual stocks carried prices in some cases to new highs
for the year, but the market on the whole has made little or
no change worthy of special note. The weekly statement
of the Federal Reserve Bank, published after the close of
business on Thursday, showed an increase of $94,000,000 in
broker's loans. Call money renewed at 4% on Monday,
continued at that rate until Thursday afternoon when it
dropped to 33/2% for the first time since Jan. 25 1928, was
renewed at 4% on Friday and again dropped to 33%.
Another outstanding event was the reduction from 4M%
to 4% in the rate of the Bank of England.
Despite the fact that the market displayed more or less
evidence of profit taking during the short session on Saturday, most of the market leaders continued to extend their
gains and numerous substantial advances were in evidence
as the session closed. The public utilities moved vigorously
forward under the leadership of American Power & Light
which ran up 23. points to 101,followed by Standard Gas
& Electric, Electric Power & Light, Laclede Gas and Amer.
Tel & Tel., all of which closed with substantial gains.
Copper shares were stronger than they had been for some
ganized speculation," it claims to be the pioneer.
time and moved aggressively forward under the guidance of
With the creation of the new market a Chicago dispatch
Kennecott which scored a gain of 2 or more points. Anato the New York "Times" stated:
point and sold above 76, American
stock marketing in America, conda gained more than a
For the first time in the history of live/
delivery of hogs was opened here Smelting was up 15i points at 75 and Miami Copper was up
an exchange for trading in future
today attended by ceremonies in which leading agencies of future trad- about a point at 303/g. Both the chemical shares and tobacco
ing, bankers, packers, commission men and Western swine growers issues were prominent in the trading, American Tobacco
took part.
244,while
"The Chicago Livestock Exchange, which has been operating forty- "B" surging forward 83 points to a new high at
points to 274.
five years, handling 770,000,000 head of livestock worth $18,500,000,000 Allied Chemical & Dye forged ahead
in that time, is taking a progressive step in creating this futures marOn Monday the market was somewhat irregular. new
ket," Charles Wilson, Vice-President of the Exchange, said. "It came
problems and is a serious favorites moving to the front while the recent leader. lagged
about through an intensive study of market
effort to aid and strengthen market operations. It aims to replace behind. United States Steel, common, for instance slipped
uncertainty with certainty, to place safety where there is no risk and back to 180 with a loss of four points on the day. American
to remove much of the hazard that has been considered inseparable
Can in the last hour broke below 140 with a loss of about
from ownership of livestock or its many products."
"Weathering the storms of political criticism through nearly three- four points, and Amer. Tel. & Tel. receded with a loss of
quarters of a century trading in futures has continued without a about three points on the day. On the other hand such
break," according to President Hunnell of the Chicago Board of Trade,
whose address was read by Fred H. Clutton, secretary. "Economists stocks as the tobacco issues displayed considerable firmness
the world over are agreed upon the desirability of maintaining such a and surged forward to new high levels. The strong stocks
market," his address asserted.
Lorillard, R. J. Reynolds "B",
Lloyd S. Tenney, manager of the Chicago Mercantile Exchange, for- were Liggett & Myers,
ricultural Economics in Washington, American Tobacco "B" and General Cigar. In the mermerly chief of the Bureau of Ag
said:
chandising group Montgomery Ward was the feature as it
"Many seem to bold the view that the farmer should take all of the
49 with a gain of over
risks attending the marketing of his products. Others, notably in Great moved sharply forward and crossed
-Roebuck which registered a
organized to assume these risks. four points, followed by Sears
Britain, hold that consumers should be
But we here are convinced that neither will succeed in this country. gain of 1M points to 91 8. Oil stocks were represented on
There is a place for the services of the so-called middleman or specuPetroleum which showed
lator that no other class of people seems willing to assume. That the side of the advance by Phillips
future trading is a sound and efficient medium for regulating supply an overnight gain of more than three points and closed at
and demand is best shown in its increasing acceptance by both pro- 351 with a net gain of nearly two points. Houston Oil
4
ducers and consumers. The public has confidence in a well regarded
flashed upward about seven points to close at 743 and the
commodity exchange."
Standard Oil issues were all stronger. Other active stocks
YORK STOCK EXCHANGE, noteworthy for their sizable gains were Columbia Carbon
THE WEEK ON THE NEW
to
The New York stock market pursued a somewhat erratic four points to 199. Diamond Match three points
General Gas & Elec. 43'2 points to 1193/2, and Warren
course the present week, advances and recessions alternating 168,
each day as the week progressed. Good buying in a few Bros. 33i points to 165.

Hog Future Market Inaugurated by Chicago Live Stock
Exchange.
On March 1 the Chicago Live Stock Exchange inaugurated trading in hog futures. Under date of Feb. 22 Associated Press advices had the following to say regarding
the proposed trading:
Actual trading in the first organized market for contracts for the
future delivery of live stock will begin in the Stock Yards Exchange.
Organized as a merchandising rather than a speculative venture, the
new futures market, goal of several previous starts in the same direction at other live stock centres, purposes to offer stockman and processor
the chance to absorb the risks of price fluctuations by "hedging."
The Live Stock Exchange acts merely as host to the futures market.
Farmers, buyers, packers and commissioners will be the traders.
Charles A. Wilson, of the Exchange, said today he expected trading
in bog futures to wipe out much of the heavy losses necessitated by
short-sighted buying and selling for cash in the yards.
"Under the plan adopted," he said, "every month and every business day will be delivery day at the option of the seller, and by making
this practical it is hoped to adapt the futures trading system to function successfully on perishable commodities like hogs."
Buying and selling cattle, sheep and hogs for acceptance at some
future date has been tried in California, Virginia and Texas, but in so
far as the Exchange here organizes, supervises and places on a business
basis the scattered efforts which hitherto have been described as "unor-




1596

FINANCIAL CHRONICLE

[Vol,. 130.

Good buying all along the line stimulated the stock market
a In addition, sales of rights were: Tuesday. 2,450. Sales
of warrants were:
on Tuesday, the steady demand bringing moderate gains in Saturday, 1,175: Monday. 1,300 Tuesday, 200. Wednesday, 1,400; Thursday 300.
S In addition, sales of rights were: Saturday, 123; Monday,
1,739; Tuesday, 771:
many of the active speculative issues. Rubber stocks and Wednesday, 596; Thursday, 439; Friday, 2,544. Sales of warrants were: Wednescopper issues shared the leadership, Goodyear moving up- day. 51; Thursday, 17.
* In addition, sales of rights were: Monday. 1,664; Tuesday,
3,310; Thursday;
ward about 5 points to 863 followed by United States 1,127.
Rubber Which shot upward to 283. Copper shares were
represented on the upside by Anaconda which gained 2
THE CURB EXCHANGE.
points and sold up to 763/i and American Smelting which
Curb Exchange trading this week was without definite
reached 77 with a gain of 23 points. Consolidated Gas led
the advances in the public utilities group and scored a gain trend although the advance in prices of many issues gave
of 3 points to 123. Westinghouse soared to a new high for the market a strong appearance. Utilities continue to
the year at 192. General Electric was active and closed receive the most attention though industrials and miscelwith a gain of nearly 2 points as it crossed 77. The market aneous issues show good gains. Cities Service com. was
was more or less confused on Wednesday, operations for the heavily traded in up from 33 to 39% and at 383/i finally.
rise going on in some parts of the list while considerable Elec. Bond & Share com. advanced from 99% to 1043',
selling was in evidence in others. In the early transactions reacted to 1003/ and closed to-day at 1003. Sierra Pacific
United States Steel, common moved forward to within a Elec. com. sold up from 673/ to 76. Standard Power &
fraction of 183 but slipped back as the day advanced and Light dropped from 77% to 70, United Light & Power corn. A
closed at 1793' with a net loss of 23 points on the day. declined from 423/i to 38% and sold finally at 393'. InBethlehem Steel was off about a point. On the other hand vestment Trust showed considerable improvement. Hydro
Youngstown Sheet & Tube, Republic Iron & Steel and Gulf Elec. Securities corn. from 423 reached 46% and finished
.
States Steel closed with substantial gains. Among the to-day at 46 8 Lehman Corp. after fluctuating between
83 and 845 during the week to-day jumped to 893j and
%
favorite speculative issues showing net losses were American
Can, General Electric, New York Central and American closed at 88. Goldman Sachs Trading Corp. sold between
393 and 40% during the week and to-day improved to
Tel. & Tel.
The market continued its forward movement on Thurs- 433, closing at 42%. Elec. Power Associates corn. fell
day, most of the popular speculative issues showing sub- from 36% to 313's, the final figure to-day being 31 8. Among
stantial gains at the close. The tobacco stocks were the miscellaneous issues Glen Alden Coal was conspicuous for a
outstanding strong features of the session and sharp gains drop from 114 to 102 with a final recovery to 105. American
493/i to 543.(. Among oil shares
were made by Liggett & Myers "B", R. J. Reynolds and Chain corn. sold up from
Humble Oil & Ref. sold up from 83 to 933 and closed to-day
Lorillard. One of the most prominent issues in the days'
at 923. Gulf Oil gained almost nine points to 1403, the
trading was Packard Motor which ran up nearly two points
close to-day being at 1383/2. A good business was done in
to a new high for the year above 20. The turnover in this
bonds.
issue was exceedingly heavy, several 5,000 share blocks
A complete record of Curb Exchange transactions for
changing hands during the session. Auburn Auto advanced
the week will be found on page 1630.
153 points to 232% and Hudson, Hupp and Nash closed at
higher levels. United States Steel common sold up to
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
182% and closed with a gain of 33 points on the day.
4
Bonds (Par Value).
Other noteworthy gains were American Can three points
Stocks
Week Ended
Foreign
to 1413/2, Consolidated Gas one point to 122, and Amer.
Shares).
Rights.
(No.
Domestic. (Jovernment.
March 7.
Tel. & Tel. two points to 240%. On Friday the trend
591,200
8.400
$1,231.000
$173,000
of prices was generally upward, many pivotal shares and Saturday
892.000
53,700
Monday
2.051,000
327,000
1.087.300
Tuesday
46.700
2.989.000
311,000
specialties moving briskly forward on the heavier turnover. Wednesday
21.100
1,258,500
2,820.000
440,000
785.400
16,3041
Interest was directed to a large extent to the amusement Thursday
4.632.100
220,000
866,1100
18.700
3,907,000
328,000
shares and new tops were recorded by Warner Bros., Loews, Friday
5,480.900
164,900 317.630.000 $1,799,000
Total
Paramount and Radio-Keith-Orpheurn. Auburn Auto ex
tended its gains by four points, but most of the other members of the motor group were lower. The principal gains
were scored by American Power & Light which improved
3% points to 1073/8, Bethlehem Steel three points to 103%
and Du Pont two points to 1283'. Public utilities were
Bank clearings this week will again show a decrease as
lower and little or no progress was made by the specialties compared with a year ago. Preliminary figures compiled
and coppers. Railroad stocks also were down from one to by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
three or more points.
(Saturday, Mar. 8) bank exchanges for all the cities of the
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
United States from which it is possible to obtain weekly
DAILY. WEEKLY AND YEARLY.
returns will fall 18.6% below those for the corresponding week
•
last year. Our preliminary total stands at $11,345,769,644,
Stocks.
Railroad,
United
Stale.
Week Ended March 7.
Number of
against $13,950,813,213 for the same week in 1929. At
Municipal &
States
&c..
Shares.
Bonds.
Foreign Bonds.
Bonds•
this centre there is a loss for the five days ended Friday
Saturday
1.806,700
$3.421.000
$1,287.000
$88.000 of 23.4%. Our comparativ summary
e
for the week follows:
Monday
3.634.260
6.129,000
1,885.000
139.000

Course of Bank Clearings

Tuesday
Wednesday
Thursday
Friday

3,455.076
3.715.090
3.349,640
3,634.764

If Tntn1

in AMA

Sales al
New York Stock
Exchange.

2.19 91.0

Week Ended March 7.
1930.

Stocks
-No. of shares.
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad .St misc. bonds
Total

(In

528,000
998,000
Clearings-Returns by Telegraph.
571.000
W rek Ending March 8.
789,000
Knn tin 00t1 no
$3,113,000 New York
Chicago
Philadelphia
Boston
Jan. 1 to March 7.
Kansas City
St. Louis
1929.
1930.
San Francisco
Los Angela(
218.322.220 Pittsburgh
149.758,520
Detroit
825.727.600 Cleveland
$19,558.100
124,096,550 Baltimore
115.613,000
325.531.500 New Orleans
328,010.500

5.990.500
7.036.0180
10.519.000
9.139.000

1929.

19,596,130

23,526,240

83.113.000
19.900,500
42,234.500

$2,251.500
13.458.500
34,748,000

356,248,000 $50,458,000

1,576,000
1.867.5(8)
2.383.000
1.902,000

3461.181,600

$475,355,650

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.

1930.

1929.

Per
rent.

$6.025.000.000
503.1)85.599
520.000,000
398.000.000
114.649.487
1(10.000.000
221.983,300
154.818.000
147.442.247
142,862.242
110,962,196
87.066.624
51.587,002

$7,866,00 1.000
642.192.960
492.000.000
418.00(1.000
117.601,310
120,190.000
192,8)3.000
200,898,000
152.884.817
170,628,932
110,638,510
87.677.607
59,932,844

-23.4
-21.5
+5.7
-7.0
-2.6
-23.7
+16.2
-22.9
-3.5
-16.3
-4.9
-0.7
-13.9

Thirteen cities, 5 days
Other cities,5 days

88.584.356.697 310,637,387.980
954.874,840
1,108,476.005

-19.3
-13.9

Total all cities,5 days
All cities, 1 day

39,539.231,537 311.745,863,985
1.806,538.107
2,204,981,258

-18.8
-18.1

311,345.769.644 813,950.845,243

-18.6

Total all cities for week
Week Ended
March 7 11/30.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised

Boston.

Philadelphia.

Baltimore.

Shares. '
Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
37.8901 $39.000 a45,284
$16,200
b1.882
$7,000
*57.100
37,700
16.000 a78,464
55,062
18,500
*50.263
24,000
53.502
3,000 a112,390
17.000
52.484
27,000 a114,664
38.200
54.422
14.000
*51,642
20.500
26,000 a83.793
55,720
20.000
50,379
12,000
22,000
52,176
28,970
5,000
299,758

$123.000

363,565

881.500

22,764

4158,600

203.210

385.000

396.267

s18.000

13.826

$107,500




Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete

MAR.8 1930.]

FINANCIAL CHRONICLE

1597

We append another table showing the clearings by Federal
results for the week previous-the week ended Mar. 1. For
that week there is a decrease of 20.3%, the aggregate of Reserve districts for the two months back to 1927.
clearings for the whole country being $12,049,183,225 against
2 Months 2 Months Inc.or 2 Months 2 Months
1027.
1924.
Dee.
1930.
1929.
$15,115,612,206 in the same week of 1929. Outside of this
5
city the decrease is 12.5%, while the bank clearings at this Federal Reserve Discs.
$
$
$
%
4,523,104,206 4,849,511.559 -6.7 4,932,451,687 4,597,257,372
1st Boston __ _14
centre record a loss of 24.1%. We group the cities now 2nd New York._14 cities 59,458.980.871 81,376,205,972 -38.9 59.200,816,917 49,904,321,556
"
,
5,526,422,316 -3.5 4,995.363,879 4, 49,364,972
2nd
14
according to the Federal Reserve districts in which they are 9th PhIladelpla_15 " 5,334,403,262 3,904,647,602 -10.7 3,607,054.5.34 3,544,004,019
3,488,657,376
Clevela nu_
located, and from this it appears that in the New York 5th Richmond _10
1,500,950.911 1,567.597,374 -4.3 1,570.542.5,6 1,5,47,795,742
1,551,116,532 1.783,221,368 -13 0 1.789,494.075 1.543.626.918
Atlanta_
Reserve District, including this city, the totals show a loss 6th Chicago _ _ _17
7,634,667,203 9,756038,787 -21.8 8.651,685.267 8,119,287,028
___20
7th
1,779,995.583 2.036,218,433 -12.6 1,962,693.957 1,898,320.563
0.1% and in 8th St. Louls__10
of 23.9%, in the Boston Reserve District of
928,121,963
964,177,782 1,051,423,328 -9.3 1,017.507.586
9th M inneapolls13
2,027,353.413 2,165.392,165 -6.4 2,342,659.943 2.348,729,436
the Philadelphia Reserve District of 7.6%. In the Cleveland 10th Ka nsa.sCIty 15
983,133,496 1.149,270.467 -14.4 1,040,55.0.186 1,117,303.339
11th Dallas
12
Reserve District the totals reveal a shrinkage of 10.5% in 12th San Fran 27
4,670,935,091 5,456.105,211 -25.4 5,026,729.158 4,697,462,044
the Richmond Reserve District of 5.1% and in the Atlanta
190 cities 93,917,475.726 120,511,472,229 -22.1 96,137,813,815 85,595,294.942
Total
35,898,522,269 40,708,018,029 -11.8 38.270,207,720 36,974,164,149
Reserve District of 21.1%. In the Chicago Reserve District Outside N. Y. City
„
32 cities
„
the decrease is 26.1%, in the St. Louis Reserve District 5.3% Canada
and in the Minneapolis Reserve District 7.3%. In the
Our usual monthly detailed statement of transactions on
Kansas City Reserve District the totals register a falling the New York Stock Exchange is appended. The results for
off of 2.0%, in the Dallas Reserve District of 6.1% and in Feb. and the two months of 1930 and 1929 are given below:
the San Francisco Reserve District of 14.1%.
Two Months.
Month of February.
In the following we furnish a summary by Federal Reserve
Description.
1929.
1930.
1929.
1930.
districts:
SUMMARY OF BANK CLEARINGS.

Week. End. Mar. 1 1930.
Federal Reserve Dists.
1st Boston _ __ _12 cities
2nd New York_ _11 "
3rd PhIladelpla 10 "
4th Cleveland__ 8 "
5th Richmond - 6 "
6th Atlanta__-_13 "
7th Chicago _ __20 "
8th St. Louis_ _ _ 8 "
9th Minneapolis 7 "
10th KansasCity 11 "
5 "
11th Dallas
12th San Fran 17 "

1930.

1929.

Inc.or
Dec.

1928.

77,968,730 130,142,390 188.774,680
67,834,100
Stock-Number of shares_ _ _
Railroad and miscell. bonds_ $143,543,500 $120,281,500 $283,776,0005284,033,500
47,222,500 103.812.500 109,203,050
47,095,500
State, foreign, &c., bonds_ _ _
16,444,500 23,189,100
9,298,600
8,128,500
U. S. Government bonds.._ _

1927.

$198,767,500 $176,802,600 404,033,0005416,425,650

Total bonds
0.1
588,776,351
589,026,097 7,834 234,096 10,299,606,304 -23.9
7.6
655,427,597
708,959,918 445,530,020
497,573,960 -10.5
192,628,497 -5.1
182,891,625
185,376,392
207.317,321 -21.1
958,742,402 1,297,201,849 -26.1
241.655,374 -5.3
228,902,664
7.3
131,373,547 121,812,056
216,315,030 -2.0
211,963,986
72,997,574 -6.1
68,563,141
660,956,735 -14.1
667,962.895

553,913,679
7,564,197,334
603,883,787
429,618,290
172.091,383
195,655,255
1,021,685,886
227,150,041
130,684,468
237,731,811
66,948,370
631,457,678

565,742,513
6,823,954,242
630,174,072
434,661,258
211,111,636
191,238,376
1,101,466,041
238,433,428
124,468,791
255.687,168
81,334,932
600,495,409

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:

__ 31 cities

341,832.459

390,476,869 -12.4

34,275,410
35,725,989

The following compilation covers the clearings by months
since Jan. 1 in 1930 and 1929:
MONTHLY CLEARINGS.

Clearings Outside New York.

Clearings, Total All.

349,026,460

397.234,306

1927.

56,919,395
44,162,496

62,308,290 110,805,940
67,834,100 77,968,730

Total
128 cities 12,049,183,225 15,115,612,206 -20.3 11,834,017.982 11,261,787,876
Outside N. Y. City
4,345,567,866 4,966,974,813 -12.5 4,395,337,438 4,567,370,594
Canada

1928.

1929.

1930.

No. Shares. No Shares. No. Shares. No. Shares.
Month of January
February

Month.
1929.

1930.

1929.

1930.

We also furnish to-day a summary by Federal Reserve
$
districts of the clearings for the month of February. For Jan_ 51,499.101,142 65,989,378.189 -22.0 19,467,796.592 22,085,712,319 -11.6
that month there is a decrease for the entire body of clearing Feb_ __ 42,418,374,58454,552,094,040 -22.3 16,430,725,677 18,622,335,710 -11.7
The course of bank clearings at leading cities of the country
houses of 22.3%, the 1930 aggregate of the clearings being
$42,418,374,584 and the 1929 aggregate $54,552,094,040. In for the month of February and since Jan. 1 in each of the
years is shown in the subjoined statement:
the New York Reserve District, the totals show a falling last four
BANK CLEARINGS AT LEADING CITIES.
District of 5.3% and
off of 27.3%, in the Boston Reserve
February
Jan. 1 to Feb. 2
1930. 1929. 1928. 1927.
1929.
(000,000s
1930.
1923.
1927.
in the Philadelphia Reserve District of 7.9%. In the
$
omitted.)
5
s
$
$
$
$
s
Cleveland Reserve District the totals are smaller by 11.8% New York
25,987 35,929 26,824 23,059 58,018 79.833 57.868 48,621
2,331 3,051 2,732 2,634
5,920
ChIca,go
5,983
6,574
5.525
in the Richmond Reserve District by 3.5% and in the Boston
1,830 1,903 1,925 1,894
4,034
4,265
4,391
4,111
2,245 2,355 2,086 2,156
5,153
4.633
5.033
4,593
Atlanta Reserve District by 19.9%. The Chicago Reserve Philadelphia
484
548
1.076
1.254
1,247
St. Louis
558
569
1.213
1,615
1,481
1,564
683
768
721
792
1.438
District shows a decrease of 21.8%, the St. Louis Reserve Pittsburgh
1,762
818
899
751
1,634
1,822
1,575
San Francisco
762
District of 11.5% and the Minneapolis Reserve District Baltimore
374
405
405
806
835
870
894
373
249
276
569
652
300
318
671
614
of 4.0%. In the Kansas City Reserve District the loss is Cincinnati
1,059
521
546
1,116
493
514
1.100
1,178
Kansas City
1,135
468
1,207
560
497
1,052
515
995
14.0% in the Dallas Reserve District 13.7% and in the Cleveland
297
294
255
634
648
614
307
554
Minneapolis
San Francisco Reserve District 13.9%.
238
238
294
265
114
508
129
504
Newark
1,487
606
1,882
667
1,445
676
869
1,314
Detroit
We now add our detailed statement, showing last week's Louisville
162
145
330
366
302
167
344
152
175
149
366
167
358
552
517
173
Omaha
figures for each city separately, for the four years:
125
53
144
115
64
62
134
53
January

January

Inc.or

January

January

193 r.

1929.

Dec.

1924.

1927.

Federal Reserve DIsts.

$
$
$
$
%
1st Boston _ _ __13 cities 2.044,801,197 2,158,728,836 -5.3 2,167,310.536 2.114,218,614
2nd New York __14 " 26,615,430,529 36.602,829,526 -27.3 27,425,000,281 23,638.572,163
2,364.536,341 2,531,726,548 -7.9 2,259.156,436 2.326896.010
3rd Plilladelpla 14
1,605,536838 1,819,331,303 -11.8 1,727,071,297 1,709.500.691
4th Cleveland __15
734,950.827
685,351,807
709,802,849 -3.5
753,534,634
5th MO111101111 .10
845,519,979
714,613,327
781,521,051 -19.9
868.213.011
6th A tla nta___ _17
3,510,298,894 4.524,586.333 -21.8 4,605.663,021 3,841.722,143
7th Chicago _20
906,053.358
999,442,016 -11.5
805.619.186
877,051,373
8th St. Louis__ .10
485.430,622
481,563,611 -4 0
462_589,231
427.926.131
9th Minneapolls13
9$7,736,953
996.162,255 -14.9 1,116,750.286 1,068,635,873
10th KansasCIty 15
498,25:1,757
525,210,504
523.832,633 -13.7
12
452.397.481
11th Dallas
2,160,349,798 2,509.064,053 -13.9 2,432,023,689 2,229,493,2.00
12th San Fran_27
Total
190 cities 42,118,374,581 51,552,094,050 -22.2 44,603.174,152 40,397,006,347
Outside N. Y. City
16,430,725,677 18,622,335,710 -11.7 17,779,018,086 17,337,789,024
Canada

32 cities

1.508

157 R54

1_791_728.369 -15.9

1.721.216.956

1.303.666.62,
,

Providence
Milwaukee
Los Angeles
Buffalo
'1 Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt I.ake City _ __ _
Hartford

122

140

166

176

715
192
90

919
218

790
194

759
194

261
1,541
422

296
1.997
508

132

114
141

119
132

109
117

190
276

249
308

85

95

94

93

166

171

170

183

84
154
65
56

89

89

88

190
369
184

209
373
197

189

176

166

365

417

65
71

67
67

60
56

154
128

151
176

39,303
3.115

Total
Other cities

364
1,582
422
234
253
199

355
1,621
431
252

280
197
357

401
181

187
375
151
150

398

140
124

51.020 41,160 36,976 87.101 112.810 87.349 78,190
3.684

3,443

3,421

42.418 54.701 44.603 40,397
Total all
Outside N. Y. City 16.431 18,772 17,779 17,338

7,731

8,788

7.405

93.917 120.541
35,899 40.708

96.137
38.275

85.595
36,874

6,816

We now add our detailed statement showing the figures
for each city separately for February and for the week ending
March 1 for four years:

CLEARINGS FOR FEBRUARY,SINCE JAN UARY 1, AND FOR WEEK ENDING MAR.1.
Month Ended February.

Week Ended March 1.

Two Months.

Clearings at
1930.

1929.

First Federal Rese rve 1)istrict- Boston
Maine
-Bangor _
2,439,933
2,302,229
15,175,849
Portland
14,122,503
Mass. Boston
1,830,744,095 1,903,737,902
5,441,916
Fall River
4,568,223
Holyoke
2,410.279
2,180.854
Lowell
5,344,563
3,577,438
4,775.464
New Bedford
4.179.322
Springfield
22,496.394
17,657,098
Worcester
14,422,751
14,080,130
Conn.-IIartford___
71,591,452
56.889,063
33.418.185
New Haven
30,008,957
Waterbury
10.165,300
7,815,200
-Providence. _
64,541,100
R. 1,
53,75:3,400
-Manchester.....
2,767.698
N. II.
2,922,685
Total (14 cities)____

2,044,801,197




2,158,728,836

Inc. or
Dec.

-6.6
--7.8

1929.

-1.8
-7.0

1930.

1929.

Inc. or
Dec.

1928.

$

1930.

Inc. or
Dec.

$

%

$

664,493 -23.4
4,030,376 -20.5
519,000,000
+1.9
1,475,228 -27.2

--16.0
-17.8
-22.5
--12.5
--21.5
-2.4
--20.6
--10.2
-12.1
--16.7
1-5.6

5,043,941
30,293,745
4,034,692,388
10,620,571
5,016,540
8,786,716
9.530,339
40,398,555
31,314,289
128,334,391
68,625,746
18,769,280
125,211,600
6,466,185

5.136.655
32,588,446
4,265,031,009
12.178,602
5.454,939

11,144.233
10,534,889
50,323,221
31,822,738
176,252,867
76.756,573
21,592,400
144,772,100
5,922,887

-21.2

858,209

-9.5
-19.7
-1.6
-27.2
-10.6
-13.1
-13.5
+9.2

1,004,474
4,528,670
4,038,221
18,659,145
9.151,770

1,407,576
5,383.031
3,883,761
22,655,163
11,345,855

-38.6
-4.9
+21.1
-17.7
-19.3

15,580.000
692,887

17,248,500
708,198

-5.3

4,523,104,206

4,849,511,559

-6.7

588,776.351

589,026,077

-12.7

582,183
3,606.070
529,000.000
1,074,722

1927.
$

717.852
3,895,592
494.000,000
1,876,336

1,015,965
3,696,490
507,000,000
1,927,772

1,241,065

1,112,201
5,596,109
3,713,450
17,319,014
8,745,711

1,238,284
1,343,774
5,303,899
3,746,427
16,443,939
9,399,765

-9.6
-2.3

14,968,500
727,849

13,635,506
720,698

-0.1

553,913,679

565,742,513

1,223,896 -29.9

1598

FINANCIAL CHRONICLE

[VOL. 130.

CLEARINGS
-(Continued.)
Month of February.

Two Months.

Clearings at1930.

Inc. or
Dec.

1929.

$
$
econd Federal e serve District -New York
N. Y.
-Albany
25,003,637
24,696,595
Binghamton
6,462,997
5,057.955
Buffalo
218,427.361
192,593,587
Elmira
3,786,628
4,865,815
Jamestown
4,981,274
5,738.848
New York
25,987,648,907 35,929,758,330
Niagara Falls
5,678,304
.4,500.000
Rochester
81,688.220
51,913,709
Syracuse
26,618.499
20,858,759
Conn,
-Stamford _ 16,108,497
16.035,849
N. J.
-Montclair _ -- 3,083,801
3,876,268
_
Newark
114,975,398
129,924,186
Northern N. J..--163,654,748
176,889,285
6,407,489
Oranges
7,045,109

%

1930.
$

1929.
$

Week Ended March 1.
Inc. or
Dec.

1930.

1929.

Inc. or
Dee.

1928.

1927.

%

$

$

%

$

$

49,700,232
+1.3
54,194,021 -8.3
8,595,878
6,192,581
-21.7
11,938.343
13,934,888 -14.3
1,123,248
1,340,240
-11.9
422,826,535
508,678,803 -16.9
54,251,779
61,640.889
-22.2
8,979,142
10,164,947 -11.7
886.918
1,389.444
11,178,518
-13.5
12,265,335 -8.9
1,258.581
1,314,171
-26.6 58,018,953,457 79,833,424,200 -27.3 7,703.615,359 10148637.393
-21.7
10,151,375
12,493,517 -18.9
-17.9
115,561,235
143,246,642 -19.3
10.042,198
16,245,207
46,234,249
-21.6
61,816,079 -25.2
5,875,113
7,895.506
36.287,872
-0.4
38,712,674 -6.3
4,308,467
3,447,789
8,370,634
-20.5
8,201,018 -22.2
848,270
1,584.012
-13.0
294,751.748
265,272,952 +11.1
-7.5
412,185,832
397,599,434 +3.7
45,430,309
50,119,092
-9.1
13,883,699
16,201,462 -14.3

+6.5
6,038.774
7,002.0941
-16.2
1,105,127
1.290,2001
-13.0
60,433,3431
49.928,708
-36.2
1,088.656
1,187,5021
-4.6
1,185,998
1.543,0801
-24.1 7,438,680.544 6,894,417,2821
f
-38.2
13,982,824
15,799,387
-23.7
8,552,903
7,385,347
+25.0
3,728.161
3,388.970
-46.5
948,967
864,500
-9.3

40,978,614

40.642.577

Total(14 cities)---- 26,815,430,529 36,602,829,526 -27.3 59,458,980,871 81,376, 05.972 -26.9 7,834,234,096 10299 608,304 -23.9
2
7,564,197,334 8,823,954,242
Third Federal R s erve District- -Philadelphi aPa.
5,343,772
-Altoona
6,078,708 -12.1
11.379,661
12,586,137 -9.6
1,418,503
1,802,588 -21.3
1,424.772
1,530.803
Bethlehem
18,016,605
18.792.503 -4.2
39,385,851
51,886,071 -24.1
6,022,960
6,652,743 +6.5
4,708,054
5,539.240
4,161,181
Chester
4,473,482 -7.0
9,508,181
10,000,873 -5.0
1,097,181
1,254,948 -12.6
1,357,022
1,412,278
18,774,440
Harrisburg
18,665,638 -10.1
38,415,369
40,767,852 -10.7
7.398,917
9,079,699 -18.6
Lancaster
15,184,026
17,321,548 -12.4
2,270,892 -5.4
2,147,570
2,436,639
2,115,032
Lebanon
2,423,307
2,193,210 +10.5
5,317.903
4,769,684 +11.5
2,937,417
Norristown
3,346,840 -12.2
6,112,744
7,656,455 -20.2
2,245.000,000 2,355,000,000 -4.6 5,033,000,000 8,153,000,000 -2.3 626,000,000 674,000,000 -7.1 570,000,000
Philadelphia
595,000,000
13,194,865
15,944,965 -17.3
Reading
30,512,398
37,447,592 -18.5
3.517,367
4,210.298 -16.5
3,785,847
4,393,896
19.118,965
26,894,953 -28.9
Scranton
40,739,405
57,069.709 -18.6
5.270,163
7,222,314 -27.0
8,299,936
7,554.185
14,262,252
16,240,229 -12.2
Wilkes-Barre
29,549,520
36,826,361 -29.9
3,690,039
4.371,407 -15.6
4,323.609
4,007,453
7,998,122
8,754,822 -8.6
York
16,656,756
17,913,452 -7.0
2,035,814
2,350,145 -13.4
1,742,731
1,877,739
8,794,498
N.J.
-Camden
9,594,670 -8.3
19,863,448
19,994,261 -1.7
19,112,000
36,687,025 -49.0
Trenton
40,778,000
59,182,321 -31.1
5,824,605 -27.4
4,228,000
5,825,377
6,743,488
Total(14 cities) --- 2,384,536,341 2,531,726,544 5.8 5,334,403,262 5,526,422,316 -3.5 655,427,597 708,959,918 -7.6 603,883,787 830,174,072
Fourth Federal Ite serve District -Cleveland
Ohio-Akron
28,838,000
18.375,000
16.822,847
Canton
17,837,370
Cincinnati
249,477,828
300,040,058
Cleveland
515,221.141
580, .
294 480
62,125,000
Columbus
66,857,100
Hamilton
4,371,131
4,337,735
Lorain
1,483,738
1,391,523
Mansfield
6,703,589
7.887.047
Youngstown
23,181,878
18,841,577
Pa.
-Beaver Co- - -1,622,511
2,112,490
Franklin
789,532
813,061
Greensburg
2,537,540
5,116,419
Pittsburgh
768,587,292
683,780,958
ICy.-Lexington-- 8,888.131
13,917,394
W. Va.-Wheeling 13,646,927
18,015,845

-38.2
-5.7
-16.9
-80
.
-18.2
-0.8
-4.9
-15.0
-18.7
-23.2
-6.5
-50.4
-11.0
-36.2
-24.3

40,489.000
35,999,509
569,042.064
1,135,040,887
134.126.300
8,852,891
3,166,638
15,435,591
42,163,704
3,786,209
1,589,305
5,998.416
1.438,258,882
23,685,127
31,043,153

59,864,000
38,588.872
652,273,425
1,207.932,011
150,711,800
9,500,292
3,392,689
17,180,986
54,641,535
5.599.835
1,654,038
11,683.202
1,815,849,499
34,939,963
40,835,475

Total(15 cities)--- - 1,604,539,838 1,819,331.303 -12.8

3,488,657,376

3,904,647,602 -10.7

-32.4
-18.8
-12.8
-16.0
-11.0
-6.8
-6.7
-10.2
-22.8
-32.4
-5.2
-48.7
-11.0
-31.1
-24.0

4,714,000
4,182,560
68,403,067
145,470,199
16,733,900

6,857,000 -31.3
4,173,188 +0.2
78,332,852 -12.7
165,699,310 -12.2
17,733,900 -5.7

6,451,000
4,393,566
77,976,787
121,970,244
21,102,600

6,191,000
4,714,482
74,290,289
122,072,033
19,237,900

1,303,170
5,208.261

1,706,551 -23.6
6,241,962 -17.7

1,946,457
5,931,094

1,150,649
6,629,598

-8.0

189,848,582

200.375,327

497,573,980 -10.5

429,618,290

434.681,258

1,135,765
5,048,687
35,503,683

1,518,497
5,616,787
49.094,000

199,514,883

.
445,630,020

Fifth Federal Res C rve District- RichmondW. Va.-Huntington 4,400,523
4,381,621
Va.-Norfolk
17,446,228
18,015,587
Richmond
171,883,962
166,130,000
-Raleigh
N. C.
7,873,731
9,068.462
-Charleston S. C.
7,821,000
8,402,571
7,974,613
Columbia
8,930,918
374,881,850
373,072,161
Md.-Baltimore_
Frederick
.
1,671,158
1,641,352
.
Hagerstown
2,417,180
2,989,808
D. C.
-Washington.109,649,040
96,545,213

-0.9
-3.2
-3.4
-15.3
-6.9
-10.7
-0.8
-1.8
-18.6
-12.0

9,515,782
37,009,284
369,207,000
17,752,674
17,540,818
19,549,786
806,827,668
3.650,330
5.133,096
214,784,475

9,737.335
41,302,420
373,016.936
20,252.863
19,298,984
19.825,125
835.541,512
3,858,473
5.878,394
239,089,331

-2.3
-10.4
-12.1
12.4
-9.1
-0.9
-3.4
-0.2
-12.7
-10.2

709.802,849

-3.8

1.800,950,911

1.567,597,374

-4.3

182.891,625

Sixth Federal Res rye District- AtlantaTenn.
-Knoxville._ _ 13,045,649
13,232,000
Nashville
93,484,680
85,120.698
Georgia-Atlanta. .
214,299,380
181,575,395
Augusta
7,186,694
8,500,195
Columbus
3.904,223
5,104,982
.
Macon
5,485,481
7,015,062
Fla.-Jacksonville_ _ .
70,402,370
64,892,029
Miami
16.577,000
14,098,000
Tampa
.
13,792,502
8,271,380
-Birmingham_ _ .
Ala.
88,248,408
92,820.159
Mobile
7,028,391
7,855,852
Montgomery
.
5,355,332
6,457,743
Miss.- Hattiesburg _ .
6,492,000
7,571.000
Jackson
10.094,658
9,205,800
Meridian
3,274,502
3,828,987
Vicksburg
944,362
1,809,346
La.
-New Orleans- _ •
215,873,734
208,319,664

-1.5
-8.9
-16.3
-15.5
-23.5
-21.8
-7.8
+17.8
-40.0
-4.9
+11.8
-17.1
-25.4
+9.7
-14.5
-48.8
-4.4

28,938,984
182,822,375
399,798.818
16.029,849
8,493,387
12,321.340
134,499,371
31,590,000
18,214,380
205,014.493
17,813,878
13.500,094
13,627,000
19,474,658
6.781,949
2,116,244
440,087,942

29,320,700
208,120,329
461,672,891
18,444.912
10,322,120
15,432,812
144,902,938
26.206,000
30.544,444
206.583,858
15,591,554
14,398,166
15.177.000
20,880.982
7.960,191
4,055.709
481.208,409

-1.3
-12.3
-13.4
-13.1
-17.7
-20.3
-8.4
+20.6
-40.4
-10.8
+14.2
6.4
-10.2
-5.9
14.8
-47.8
-8.6

784,524,051

-8.9

1,551,116.532

1,710,839,015

Seventh Federal : eserve Distric t
-Chicago---Adrian
Mich.
880,263
1,085.903
•
Ann Arbor
3,252,643
4,098,948
878.126,059
889,341,888
Detroit
•
12.917,195
Flint
15,846,401
33,013,192
19.317.631
Grand Rapids
7.145,043
8,654,209
Jackson
•
13,677.396
16,841,945
Lansing
14,084.309
-Ft. Wayne--13,816,317
Ind.
20,174,503
21,690,998
Gary
95,788,000
85,139,000
Indianapolis
12,059,050
13,364,787
South Bend
21.917.936
23,185,488
Terre Haute
12,127.485
13.891,058
Wis.-Madison
140,735,436
122,944.670
Milwaukee
3,425,459
3,971,000
Oshkosh
12,045,468
13,375,023
Iowa-Cedar Rapids41,892,251
42,881,635
Davenport
37,798,683
38,089,080
Des Moines
1,732.902
1,839.889
Iowa City
28,413,616
27,428,062
Sioux City
5,682,475
5,769,150
Waterloo
4,310,002
5,669,454
Illinois
-Aurora
1,247,347
Bloomington
8,387.189
Chicago
2,331.267,509 3,051,527,473
5,462,706
Decatur
4,798,442
23,658,279
Peoria
19,712,611
15,074,908
Rockford
12,929,945
11,241,977
Springfield
10,239,148

-18.9
-20.6
-22.2
-18.5
-41.5
-17.4
-18.8
+2.0
-7.0
-11.1
-9.8
-5.8
-12.8
-12.7
-13.7
-10.0
-2.2
-0.8
-5.8
-3.7
-1.5
-24.0
-11.9
-23.6
-12.2
-16.7
-14.2
-8.8

2,044,703
7,324,867
1,487,773.814
27.997,547
45.508.201
15,969,904
32.718,926
30,286.606
44.901,777
190,437,000
23,480,822
47,461,116
24,453.040
261,252,343
8,982.088
25,550,641
100,445,099
79,896,919
3,688.483
55,009,273
12.468,698
9,000,539
13,520,828
4,983,300,929
9,703,395
44,517,098
27,531,383
21,444,347

2,404,763
9,223,941
1,882.293,903
33,239,610
75.996,972
21.319,812
33,321,870
29,055.687
44,275.044
209,505,000
28,943,552
48,935,571
28,554,781
298,501,031
8,630,383
26,849,570
95,545,742
77.959,450
3,993,857
59,426.679
12,576,365
11,749,674
15,515,919
6,574.571,575
11,821,581
50,838,989
31,051,985
23.937,561

Total(28 cities) ___ _ 3,540,398,893 4,524,586,333 -21.8

7,634.867,203

9.748.038,787 -21.7

-16.3
-15.0
-13.2
-9.4
+24.7
-8.8
-5.4
-10.8
-48.2
-4.0

38,553.088
1,393,603
1,078,935,834
330,886,708
6,033,484
19,216,561
184,392,816
109,688.937
2,097,724
10,797,048

48,800,755
1,608,978
1, 54.992,781
2
366,254,454
4,895,153
25,972,820
197,857,528
121.186.135
3.093,794
11,558,035

909,942,016 -11.5

1,779,995,583

2,036,218,433 -12.6

Total(10 cities)

Total(17 cities)

-

-•

685,351,807

714.843,327

Eighth Federal Re serve District -St. Louis
_
20,302,665
16,997,270
New Albany
623,844
734,080
Mo.-St. Louis
558,288,099
484.772,726
Ky.-Louisville
167,810,279
152,178.555
Ownesboro
2,628,568
2,108,090
Paducah
8,689,027
9.323.389
-Memphis_ _ _
Tenn.
84,938,831
89,801,656
Ark.
-Little Rock_ _ _
48,777,698
54,681,555
n.-Jacksonville _ _ _ _
772.517
1,434,491
Quincy
5,459.719
5.240.150
Total(10 cities)----

805,619,186




216,829,197

1,196,910
4,425,783
45,866,000
2,118,702
104,092,684
25,193.548

1,184,188
"5,750,488
44,288,000

+1.0
-6.8
+3.6

2,541,950 -16.7
109,984.303

-5.4

29,901,568 -15.8

2,180,139

3,213,930

100,650,590

121,630,228

27,594.539

30,038,244

-5.1

172,091,383

211,111,638

2,554.982
23,054,400
47,582,713
1,782,755

3,500.000 -27.0
24,034.037 -4.1
58,415.960 -18.6
2,250,183 -20.8

3,479,000
23,493,218
50,063.804
1,962,579

3,500,000
25,481,754
52,225,969
2,564,296

1,439.635
17,954.256
4,488,000

1,980,704 -27.1
17,851.053 +0.6
3,953,000 +13.5

2,187,168
18,065,885
3,511,000

2,096,541
23.099,018
6,994.874

24.260,742
2,008,429

25.091.570 -13.3
2,388,315 -15.9

27,781,482
1,806,463

23,282,122
2,037,794

2,558,000

1,897,000 +34.7

1,890,000

1,500,000

212.042
56,492,458

391.248 -45.8
85.584.242 -13.9

418,327
81.218,349

471.095
47,979,918

-8.3

184,376,392

207.317,321 -21.1

195.855,255

191,238,378

-15.0
-20.6
-21.0
15.8
-40.1
25.1
-1.8
+4.2
+1.4
-9.1
-14.4
-3.0
14.4
-11.9
19.1
-4.8
5.1
-2.5
-7.6
-8.4
-0.9
-23.4
-13.9
-24.2
-28.8
-12.4
-22.3
-10.4

258,059
1,141.959
219,028,859

291,361 -12.1
286.941
1,171.953 -13.5 •
554,804
268.205,482 -18.8 172,530,315

217,953
1,006,882
167,920,450

-21.0
-13.3
-14.2
-9.7
+23.2
-28.0
-6.8
-9.5
-32.2
-16.7

192,628,497

5,859,922

9,100.134 -35.8

8,153,084

8.316.742

3,892.400
3,770,605

4,425,716 -12.0
3,688.715 +2.3

2,357.618
3,688,889

2,840,000
3,206,801

24,892,000
2,767,128
6,477,489

28,421.000 -12.4
3,581.092 -22.7
7,516,985 -13.9

27,004.000
2,747,000
8,857,712

28.591,000
2.938,088
8,610,377

31,445,877

38,769.700 -18.9

42,188,978

48,923,707

3,325,888

3,448,429

10,920,540

11,255,928

7,090,933
1,237,000
1,719,477
825,073,710
1,421,409
4,973,092
3,476,717
2,711,040

-3.6
---2.9

3,985,638

4,118,447

11,922,878

13,430,074

7,644,301 -- -:-7.i
1,594,942 -22.4

7,453,893
1,340,728

7,754,797
1,815,601

2,511,650
711,127,468
1,627,102
6,815,448
3,872,302
2,979.542

2,473,218
787,480,409
1,594,344
6,988,501
3,788,043
2,772,647

2,375,066
892,671,550
1,559,596
8,329,336
4,086.971
3,085,812

- -27.8
-30.0
-8.9
-21.4
-14.9
-11.6

988,742,402 1,297,201,849 -26.11.021,685,886 1,101,486,041
5,597,401 -24.3
157,100,000 -6.5
38,872,530 -11.9
451,828 +67.7

4,423,510

5.685,204

148,500,000
38,524,981
712,300

147,600,000
37,933,740
374,492

151,800,000
30,554,140
508,338

22,742,598
12,747,461
161,885
1,278,427

24,130,344 -6.7
13,492,484 -5.6
466,711 -65.3
1,544,076 -17.2

21,057,963
13,341,711
462,437
1,958,188

23,713,978
14,563,657
550,728
2,059,393

227,150,041

238,433,488

4,235,012

228,902,664

241,655,374

-5.3

1599

FINANCIAL CHRONICLE

las.8 1930.]

CLEAR!NGS-(Concluded.)

1930.

1929.

Week Ended March 1.

Tito Months.

Month Ended February.
Clearings at
Inc. or
Dec.

1930.

1929.

Inc. 07
Dec.

1930.

1929.

Inc. or
Dec.

1928.

1927.

%
Ninth Federal Res erve District -Minneapolis
-Duluth
18,863,711
23,635,517 -- 20.2
Minn.
307,087,530
297,947.237 +3.1
b. Minneapolis
2,198,704
2,100,929 +4.7
Rochester
90,327,321
14.215,320 -20.9
St.Paul
7.240,892
7.395,507 -2.1
N.Dak.-Fargo
5,292,000 +8.0
5,716.000
Grand Forks
1,511,002
1,535,247 -1.6
Minot
3,911.935
3,992,552 -2.0
S. Dak.-Aberdeen- _
8,352.599
6,845,924 +22.0
Sioux Falls
-Billings
2,350,874
2,368,341 -0.8
Mont.
4,083,759
4,234,383 -3.6
Great Falls
Helena
10,719,023
11,606,197 -7.8
47.8
Lewistown
205,884
394,485

38,529,227
634.192,172
4,753,366
190,006,459
15.851,011
12,423,000
3,075,533
8,695,288
17,654.340
5,101.155
8,338.943
23,957,404
1,599,884

49,885.238
648,410,676
4,804,463
249,930,066
16.495,673
10,977,000
3,316,591
9,012,044
15,168,535
5,563,664
10,073,826
26,805,543
990,009

-33.9
-11.2
-1.1
-24.0
-3.9
+13.2
-7.4
-4.5
+14.4
-8.3
-17.3
-21.6
+51.5

4,289,077
86,754.191

5,497,475 -22.0
84,501.058 +2.7

8,922,235
81,116.791

7.736,109
74.926,485

24,361,086
1,847,130

34.713,985 -29.8
14.1
2,151,487 -

35,576,082
2.180,574

34.907.467
2,086,167

957,793

1,073,776 -10.8

1,200,092

1,186.188

640,009

602,768

-6.2

613.694

717.395

2,962,770

2,833,000

-4.6

3,075,000

2,909.000

131,373,547

-7.3

130,684,468

124,468,791

481,563,641

-3.9

964,177,782

1,051,423,328

-9.3

121.812,056

Tenth Federal Res erve District--Kansas City
Neb.-Fremont
1,383,415
1,468,179
Hastings
1,967,702
2.269,160
Lincoln
13,763,098
17,105,761
Omaha
173,430,621
167,538,655
-Kan.City_
8,475,821
Kan.
8,414,763
Topeka
13,188,531
13,326,587
Wichita
28,667,759
31,233,923
-Joplin _
Missouri
4,214,443
5,533,830
Kansas City
493,251,490
514,962,010
24,972,011
St. Joseph
27,789,593
-Tulsa
Okla.
41,387,764
53,639,042
-Col. Springs_ _
4,691,245
Colo.
5,268,405
Denver
132,206.124
141,497,995
Pueblo
6,136,929
6,114,352

-15.7
13.3
19.5
-13.5
+0.7
-1.0
-8.2
-23.8
-34.1
-32.1
-22.8
-11.0
-6.4
-0.4

2,874,371
4,220,684
30,842,691
366,022,192
19,538,862
29,641,027
62.027,184
8,845,582
1,059,882,598
55,600,011
88,417,446
9,744,284
276,386,170
13,310,311

3,293.936
5.221,937
37,359.908
358,995,192
18,468,911
31,361,198
70,694,039
11,642,598
1.116.064,010
60,166.869
115,978,175
13,912,234
308,692,733
13,540,425

-23.7
-19.2
17.4
+2.0
+5.8
-5.5
12.3
-24.1
-5.1
-2.9
-23.7
-30.0
10.5
-1.8

440,098
558,031
3,680,629
49,734,522

362,328 +21.4
30.2
798,145 33.3
5,501,457 48,779,881 -0.9

630,835
767,125
6,993,560
48,590.048

556.471
502,013
7,877.569
50,302,411

2,877,674
7,482,113

3,313,864 -13.2
8,280,144 -9.6

4,009,436
10,152,650

3,460,282
8,819,749

-1.1
-7.0

134,478,747
7,958,437

151,349,417
8,524,202

4.7

2,027,353,413

2,165,392,165

-8.4

-32.3
-1.8
-19.6
+9.5
-13.6
-29.6
-9.3

17,111,231
19,500,000
486,043,087
53,456,695
119,146,480
49,746,000
319.595,616
5,957,442
5,194.632
24,208,246
49,311,038

-23.8
-3.1
26.0
+6.1
-15.0
-27.8
-9.6

+2.9
16.6
-1.3

13,048,516
18,916,000
385,279,804
56,773,833
101,211,565
36,349,000
288,942,251
6,479,623
4,836,408
19,981,000
51,315,496

523,832,633 -23.8

983,133,496

Twelfth Federal R eserve Distric t
-San Franc ISCO--Bellingham _
Wash.
3,040,000 +16.8
3,552,000
19.9
Seattle
189.838,466 154,206,506
Spokane
45,386,000 +1.4
46,022,000
Yakima
5,470,916 -9.2
4,967,756
Idaho-Boise
4,538,839 +3.4
4,690.669
Ore.
-Eugene
10.1
1,864,000
1,675.000
Portland
139,513,523 -7.9
128,532,006
Utah-Ogden
6,081,470
5,883,072 +3.4
Salt Lake City
65,429,613
65,397,797 +0.1
Ariz.-Phoenix
22.2
17,100,000
21,996,000
Calif.-Bakersfield__ _
5,985,611
5,637,427 +6.2
Berkeley
20,500,734 -9.2
18,619,070
Fresno
12,608,826
14,346,305 -12.1
Long Beach
28,814,892
35,487,801 -18.8
Los Angeles
715,314,000
919,564,000 -22.2
Modesto
3,389,126 +17.3
3.976,846
Oakland
23.8
58,251,314
76,453,908
Pasadena
33,719,349 -25.6
25,074,130
Riverside
25.2
3.792,407
5,068,504 Sacramento
30,863,285
28,005,759 +10.2
San Diego
23,319,478
25,953,755 -10.2
San Francisco
6.8
762,613,254
818,266,513 San Jose
11,455,634 +13.9
13.043,527
Santa Barbara
8,384,174 -8.7
7,652.067
Santa Monica
8,772,826 -14.4
7,511,950
Santa Rosa
2,002.341
1,939,025 +3.2
Stockton
8,649,800
9,192,600 -5.9

7,614,000
329,444,283
96,373,000
11,206,092
10,831,029
3,425,000
277,654,766
13,958,180
154,141,097
39,020,000
13.651.305
41,184,157
29,424,094
64,170,225
1,541,009,000
8,640,125
130,373,381
54,105,078
8,733,884
64,723,120
50,600,834
1,634,210,798
28,632,720
17.170,290
16,865,850
4,123,885
19,648,900

6,392,000
417.224,614
104,968,000
11,536,195
10,059,013
4.043,000
301,573,702
13,573,744
151,140.524
43,038,000
12,302,458
44,656.755
30,482,857
79,185,226
1,997,788,000
7.639,120
166.008,293
72.733.105
11,408,629
62,220,640
56,994,656
1,762.301,305
26,840,596
17,224,581
19,763,071
4,169,127
20,838,000

4,670,935,091

5,456,105,211 -25.4

Total(13 cities)--- -

Total(14 cities).- _ _

462,569,234

947,738,953

996,182,255

Eleventh Federal Reserve Distr ict.-Dallas.-Austin
Texas
6,775,618
7,724,890
Beaumont
9,227,000
9,400,000
Dallas
177.426,932
220,677,361
El Paso
27,668,457
25,275,519
Forth Worth
45,870.274
53,000,862
Galveston
15,801,000
22,442,000
Houston
146,517,281
132,911,806
Port Arthur
3,012,021
3,098,650
Texarkana
2,367,024
2,300,933
Wichita Falls
8,864,000
90,628,246
La.
-Shreveport
22,766,891
22,473,349
Total(11 cities)-

452,397,481

138,537,951
6,100,512

140,003,337
6,556,736

995,949

1,014,454

-1.9

700,255

1,110,821

1,556,507

1,704,684

-8.7

1,444,278

1,422,972

211,963,986

216,315,030

-2.0

237,731,811

255,687,168

1,753,857

1,572,187

+1.4

1,533,190

1,770,651

46,666,435

49,570,350

-5.9

43,930,023

52,210.590

10.596,957
4,182,000

11,453,000
4,477,000

-7.4
-6.6

11,810,290
4,504,600

11,376,424
13,311,600

-6.9
28.4
+1.3

5,363,892

5,925,037

-9.5

5,170,267

5,665,667

14.4
1,149,270.467 -

68.563,141

72,997,574

-6.1

66,948,370

84,334,932

39,000,000
10,358,000
992,262

52,395,209 -25.6
12,428,000 -16.7
1,642,081 -45.5

45,459.265
12,359,000
1,522,856

47,571,520
12,219.000
1,571,884

36,443,793

39,425,304 -18.7

36,016,230

36.312.527

17,992,537

17,775,282

+1.2

17,944,183

17,326,590

1,743,007
7.894.872
190,916.000

2,769,831 -47.1
9,983,149 -20.9
243,032,000 -41.4

3,528,884
7,684,960
209,374.000

6.529,885
7,467,651
213.971,000

14,373.000
6,219,116

21,327,311 32.6
8,985,815 -30.8

20,492,067
7,909,490

20,484,279
7.626,434

7,101,915
8,037.887
220,093,334
3,104.683
1,831.362
2,070,627

6.885,705 +6.2
6,732.547 -13.3
228,121,110 -3.5
3,209.553 -3.3
2,067.784 -21.5
2,176,954 -4.9

10,481.229
5,277.459
244.517,766
2,766.209
1,713.527
2,215,396

10,365,154
7,819,216
201,196,000
3,521,480
1,409,727
2,198,262

+28.5
+21.1
8.2
3.9
+7.7
15.3
-7.9
+2.8
+2.0
9.3
+11.0
7.8
3.5
20.0
-22.8
+13.1
21.5
26.7
-23.4
+4.0
11.1
-7.3
+6.7
-0.3
14.7
1.1
6.7

13.9
2,160,349,798 2,509,064,053 -

1,790,500

18.5
2,195,100 -

2,195.160

3,004,800

567,982,895

Total(27 cities) _

14.1
660,956.735 -

631,457,678

600,495.409

Grand total (187
cities)
22.1 12049,183225 15115,812206 -20.3 11834,017982 11261,787878
42,418,374,584 54,552,094,040 -22.3 93.917.475,726 120,541,472,229 12.5
Outside New York... 16,430,725,677 18,622,335,710 -11.8 35,898,522,269 40,708,048,029 11.8 4345.567,866 4,966,974.813 -

395,337,438 4.567.370.594

CANADIAN CLEARINGS FOR FEBRUARY,SINCE JANUARY 1, AND FOR WEEK ENDING FEB. 27.
Two Months.

Month of February.

Week Ended February 27.

Clearings at
1930.

1929.

Inc. or
Dec.

1930.

1929.

Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster._
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Total(31 cities) _ _

%
-22.5
-25.3
-0.2
-14.9
-22.2
-12.8
-7.9
-15.9
-10.7
-15.1
-17.2
-9.1
-4.4
-13.5
-3.8
-17.9
-7.8
-12.8
-18.2
-0.8
-20.0
-18.9
-19.0
-8.0
-8.7
-12.9
-0.5
-11.1
-18.4
-16.7
-4.3

i
1,085,662,263
1,033,655,356
379.519.487
171,228.732
59.380.442
50,165.410
27.180,106
52,871,236
86,049,131
19.039.303
19,846,821
25.377,768
48,838,994
35.402.779
4,063,159
4,608.388
17,784.178
8,889,416
9,423,192
6,565.966
6,927,235
2,780,102
6,806.368
7,353.078
10,272,068
38,081,000
3,535,155
7.724,617
6,338,669
5,889,695
5,848,545

$
1.328.074.073
1,380.641,796
411.112.724
198,347,354
77.277.898
56,078,712
31,454.065
55,169,543
105,555,671
23.454,836
23.213,478
28,016,265
53,706,658
43,997,270
4,713,873
5.656,135
19,339.193
10,664,045
12,105,773
7,323,775
8,051,556
3.861,517
8,545,524
7,926.409
10,908,340
47,530.376
3.654,681
8,187,402
7,087,467
6.791,613
6,070.049

1,506.157.654 1.791.728.369 -15.9

3.247.106.659

$
501,699,565
475,085,018
183.548,078
78,834,263
28.505.350
22,673,168
12,840,154
22,913,206
38,994,343
8,938,035
9,080,257
11,458,242
22,632,139
16,441,049
1,893.729
2,190,780
7,848.254
4,168.353
4,303,040
3,124.981
3,108.377
1.310,651
3.248,412
3,562,133
4,810,377
19,409,625
1,675,686
3.406,606
2,944,426
2,708,485
2,800,774

•Estimated,




$
872,449,809
636,056,647
183,598,369
92,808,997
38,612,036
26,002,509
13,947,006
27,242.150
43,668,722
10,514,213
10,975,215
12.595,669
23,663,089
19,010,912
2,061,547
2,668,800
8,509,465
4.726.671
5,995,696
3,150,153
3,830,073
1,616,838
4,008,176
3.871,392
5,213,191
22,270,068
1,683,552
3,944,623
3,176,176
3,252,817
2,893,988

Inc. or
Dec.

1930.

1929.

Inc. or
Dec.

1928.

1927.

%
-7.8
-23.5
+4.9
-24.3
-13.4
-0.7
-16.1
-9.3
-32.3
-8.4
-13.0
-9.5
-21.2
-35.5
-31.3
-8.3
-26.1
-13.4
-35.0
-14.1
+20.3
+10.3
-19.9
+4.2
+6.7
-14.2
-3.9
-16.5
-11.7
-23.3
-7.8

$
128,134,112
134,243,224
44,236,981
21,433,287
6,622.096
7,296,097
2.807.852
6,314,720
10,778,753
2,614.884
2,557,670
2,841,211
6,374,950
3,637,856
425,019
661,022
1,862,504
970.410
1,205,907
768,584
812,173
373,258
715,260
809,168
1,167,026
4,446,755
434,314
783,269
602,357
754,256
549,601

$
106,816,735
118,737,170
46,041,478
17,776,194
6,201,725
5,837,166
2,901,388
5.294302
7,555,411
2.377,967
2,206,791
2,950,880
5,017.964
3,497,886
451.888
445,607
1,711.558
1,084.877
1,206,141
833,705
806.156
306.968
796,233
866,749
1,202,587
3,820.972
407,458
945,774
717,030
761,615
632,959

390.476.869 -12.4

397.234.308

349.026.460

%
-18.2
-25.1
-7.7
-13.7
-23.2
-10.5
-13.6
-4.2
-18.4
-7.9
-14.5
-9.4
-9.1
-19.5
-13.8
-18.5
-8.0
-16.7
-22.1
-10.4
-14.0
-38.0
-20.3
-7.2
-5.8
-19.9
-3.3
-16.8
-10.6
-13.3
-3.7

$
109.464,032
104,250,314
46,971,813
17,067,828
6,098,711
5,216,470
2,413,104
5.461,108
8,373,387
2.177,628
2,110,972
2,542,248
4.522,332
3,363,830
381,684
476,080
2,029,839
978,757
968,532
709.742
741,766
334,546
806,402
808,655
1,252,040
5375,804
359,166
890,165
644,368
547,066
584,237

8
118,640.571
134.324,371
44.786.866
22,534.232
7,063,861
5,254,216
2,874,407
6,020,203
10,741,219
2,377,967
2,423,293
2,810,718
5,731,027
5,210.064
477,967
518,841
2,160,126
1.116,958
1,488,799
739,836
738,178
303,367
893,524
776,195
1,174,476
6,029,114
373,718
764,307
720,930
713.520
633.998

3.994.407.071 -187

341.832.459

1600

FINANCIAL CHRONICLE

[Vol.. 130.

Condition of National Banks Dec. 31 1929.
-The statement of condition of the National banks under the Comptroller's call of Dec. 31 1929 has been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Dec. 31 1928 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC. 31
1928 AND MAR. 27, JUNE 29,
OCT. 4 AND DEC. 31 1929.
Dec. 3 1928
7.635 Banks.
ResourcesLoans and discounts (including rediscounts)_a
Dverdrafts
gnited States Government securities owned
)ther bonds, stocks, securities, &c., owned
.
Dustomers' liability account of acceptances
Banking house, furniture and fixtures
)ther real estate owned
Reserve with Federal Reserve banks
Dash in vault
Due from banks
)utside checks and other cash items
Redemption fund and due from United States Treasurer
kcceptances of other banks and bills of exchange or drafts sold with endorsement
iecurities borrowed
)ther resources
Total

Mar. 27 1929 June 29 1929
7,575 Banks. 7,536 Banks.

cc:. 4 1929
7.473 Banks.

Dec. 31 1929
7.408 Banks.

$
$
$
$
$
15.279.631.000 14.849.926.000 14.801.130.000 14,961,877.000 15,150.046,006
11.638.000
12.257.000
10.193,000
15.533000
10.181.006
3.008.723.000 3.096.760.000 2.803.860.000 2.704.874.000 2.612,087,000
4,118.595.000 3.97.1,995,000 3,852.675.000 3,741.014.000 3,845,756.000
531.305.000
472,486,000
397,333,000
617.515.000
484.728.000
730.182.000
726.267,000
747,684,000
746.419.000
766.193,000
123.050.000
126.903.000
118.839.000
123.613,000
121.684.000
1.496.316.000 1,404.528.000 1,344,951,000 1.320.427,000 1.348.046.000
388,129.000
363.491,000
298,003.000
393.330.000
347.362.000
4.184,693.000 3,385.661.000 2,569,098.000 2,970.190,000 3,413.047,000
116.187,000
72.290.000
70.095,000
93,034.000
69,921.000
33.426.000
32,786,000
32,740,000
32,928,000
32,854,000
329.764.000
247.867,000
164,866,000
230.961,000
188,925.000
20.472.000
35.425.000
20,186,000
26,985,000
21,929.000
217,045,000
221,270,000
208,575.000
196,573,000
218,761,000
30.589,156,000 29,021.912,000 27,440,228,00027,924,310,000 28,882,483,000

LiabilitiesDapital stock paid in
1,616.476.000 1,633,271,000 1,627.375.000 1,671,274,000 1,704.473,000
lumina fund
1,490,146.000 1,528,326,000 1,479,052,000 1,515,241.000 1,548,376,000
Individed profits
-net
491,681.000
538,744.000
487,504,000
497,043.000
555,873,000
Reserves for dividends, contingencies, &c
85,360.000
67,271.000
80,832,000
91.911,000
61,759,000
Reserves for interest, taxes, and other expenses accrued and unpaid
66,609,000
73,968,000
80.700,000
71,931,000
86,475,000
cational bank notes outstanding
650,405,000
647.848.000
649,452,000
646,420,000
641,104,000
Due to banks
4,073,551,000 3.498.397.000 2,548,482,000 2,829,960.000 3,146.301,000
Demand deposits
11,780,721,000 10,934,994,000 10,504,268,000 10,568,012,000 11,089,4.32.000
rime deposits (including postal savings)
8,306,938,000 8,166,596,000 8,317,095,000 8,301,751.000 8,434,442,000
hilted States deposits
186.170,000
272,893,000
228,243,000
103.318,000
202.274,000
Total deposits
kgreements to repurchase United States Government or other securities sold 24,347,380,000 22,872,880,000 21,598,088,000 21,901,997,000 22,773,493,000
75,165,000
53,451.000
49,660,000
41,690,000
31.981,000
3ills payable and rediscounts
785,309,000
703.812.000
714,507,000
545,587,000
657,572.000
kcceptances of other banks and bills of exchange or drafts sold with indorsement
329,764,000
247.867,000
230,961,000
164,866,000
188,925,000
kcceptances executed for customers
524,725,000
473.509.000
392,623,000
626,497.000
479,931,000
kcceptances executed by other banks for account of reporting banks
23,248,000
20,918.000
12,538,000
18,648.000
20,618.000
lectuities borrowed
20,472,000
35,425,000
26,985,000
20,186,000
21.929.000
)ther liabilities
117,890,000
82,416,000
74,287,000
83,467.000
79,922.000
Total
30,589,156,000 29,021,912,000 27,440,228,000 27.924,310,000 28,882,483.000
Details of Cash in Vault
Gold coin
16.105.000
15,237,000
11,691,000
15,572,000
15,273,000
Gold certificates
39,159,000
35,669,000
25,502,000
32,612,000
37,847.000
All other cash in vault
308,227,000
207,097,000
215,919,000
299,178,000
340,210,000
Details of Demand Deposits
Individual subject to check
10,505,598,000 9,615,080.000 9,071,077,000 9.382,903.000 9,839,311,000
Certificates of deposit
153,454,000
149,107,000
175,363.000
140,268.000
147.229,000
State, county and municipal deposits
948,302.000 1,015,157,000 1,104,247,000
882,509,000
963,389,000
Other demand deposits
151,303,000
179,837,000
151,458,000
162,332,000
139,503,000
Details of Time Deposits
State, county and municipal deposits
287,971,000
344,493,000
292,958,000
325,965,000
458,441,000
Certificates of deposit
1,395,698.000 1,334,715,000 1,290,947,000 1,297,944.000 1,308,242,000
Deposits evidenced by savings pass book
5,977,743.000 5,922,568.000 6,089.637.000 5,978,300.000 6,024.199.000
Time deposits, open accounts, Christmas saving accounts, &c
478,189,000
422,003.000
482.357.000
496,996.000
416.676.000
Postal savings
91,087,000
88,569,000
94,336.000
96,767,000
Deposits of other banks and trust companies located in United States ( 91,170.000
52,066,000 1 54,789,000
67,012,000
78,200,000
76,381.000
Foreign countries
f 26,657,000
30,010,000
53.736.000
'ercentages of Reserve
Central Reserve cities
11.43%
11.36%
11.33%
11.05%
11.23%
Other Reserve cities
7.377
7.207
7.40%
7.247
0
7.19%
All Reserve cities
8.86
8.60
8.97%
8.62%
8.52%
Country ban
banks
4.88
4.86 o
4.93%
4.93%
4.93%
Total United State.
7.06%
6.92g
6.77%
6.72%
6.85
a Includes customers' liability under letters of credit.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 19 1930:
GOLD.
The Bank of England gold reserve against notes amounted to E150.936,551
on the 12th instant (as compared with £150.783,865 on the previous Wednesday), and represents a decrease of £2.969,764 since April 29 1925, when
an effective gold standard was resumed.
£883,000 of gold from South Africa was offered in the open market
terday and was disposed of at 84s. 10%d. per fine ounce. Germany yeswas
again a keen buyer and secured £841,000, the small balance being acquired
for the home and Continental trade (£32.000) and India (£10,000).
To-day, in addition to about £40,000 African gold, about £500.000 of
bar gold from Spain was available, out of the E2,000,000 shipped from
there on the 15th inst. Germany was the only buyer and the whole amount
was secured for that quarter at 84s. 10%d. per fine ounce.
Movements of gold as announced by the Bank of England show a
influx of £12,681 during the week under review. Receipts amountednet
to
£25,008. which consisted of sovereigns from Australia.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 10th inst. to mid-day on the 17th inst.:
Imports.
Exports.
British South Africa
£990.800 Germany
£1,124,340
Australia
25.219 Switzerland
15.400
Irish Free State
12.800 Austria
10.250
Other countries
8,767 British India
30,722
Other countries
16.723
£1,037,586
£1,197,435
United Kingdom imports and exports'of gold for the month of January
last are detailed below:
Imports.
Exports.
Germany
£1,040
£715,250
Netherlands
38.468
France
72,210
2,193.847
Switzerland
83,639
West Africa
75,973
1,000
Austria
57.442
Argentina, Uruguay and Paraguay
2,500,171
10.000
Other countries in South America
45,150
Union of South Africa (incl. South West African
Territory)
3,775,263
Rhodesia
74,117
British India
181,957
Australia
2,020,000
463
Other countries
5,205
26,603

Although American operators were substantial sellers at the higher
prices touched at the beginning of the week, they have been less active
and more inclined to buy on the declining rates. The Continent has continued to sell moderately, while the Indian Bazaars have both bought
for early delivery and sold forward.
The difference between the cash and two months' quotations narrowed
yesterday to 1-16d., but a difference of Hci. was re-established to-day.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 10th inst. to mid-day on the 17th inst.:
Imports.
Exports.
117,351 Hong Kong
Germany
£39,585
40,716 British India
France
205,626
22,793 Other countries
U. S. A
3,163
29,694
British India
3,554
Other countries
£114,108
£248,374
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Feb. 15.
Feb. 7. Jan. 31.
Notes in circulation
18014
18021
17994
Silver coin and bullion in India
10662
10621
10605
Silver coin and bullion out of India
Gold coin and bullion in India
3227
5§§i
5§§i
Gold coin and bullion out of India
(Indian Government
3872
5§AT
5i8
iiSecurts
Securities (British Government)
247
277
294
The stock in Shanghai on the 15th inst. consisted of about 89.900,000
ounces in sycee, 127,000.000 dollars, 20.950 silver bars and 5.000,000
Saigon dollars. as compared with 89.800,000 ounces in sycee, 128,000,000
dollars, 22,120 silver bars and 5,000,000 Saigon dollars on the 8th inst.
Quotations during the week:
-Bar Silver per Or. Std.Bar Gold
Cash.
2 Mos.
per Or. Std.
20%d.
Feb. 13
20%d.
84s. 1131d.
203-16d.
Feb. 14
20 1-16d.
84s. 11)'d.
Feb. 15
200.
1974d.
84s. 114cl.
Feb. 17
200.
19d.
84s. 113d.
Feb. 18
20 1-16d.
20d.
84s. 10%d.
Feb. 19
19 15-16d.
19 13-16d.
84s. 10%cl.
20.094d.
Average
19.979d.
84s. 11.16d
The silver quotations to-day for cash and two months' delivery are each
5-16d. below those fixed a week ago.

ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Toes.,
Mon.,
sag.,
Wed.,
Frt.,
Thurs.,

Mar. 1. Mar. 3. Mar. 4. Mar. 5. Mar. 6. Mar. 7.
Silver, p. oz_d_ 19
18.15.16 18%
18 15-16 185
19 1-16
Gold, p. liners.. 848.1134d. 848.11%0. 84s.11%d. 84.1.11%d: 84s.104d. 845.105d.
Consols,2%%. ---53%
53%
54
53%
53h
SILVER.
102
10134
102
102%
102%
China has been the chief factor in the market this week and inquiry British, 5%_-- ---9534
96
96
96)(
9614
from this quarter carried quotations to 20%d. for cash and 20%d. for two British, 43.4%. ---months' delivery on the 13th inst. At this level, however, the market French Rentes
(In Parts)Jr_
Holiday 87.55
87.45
86.95
89.95
proved rather overstrained and, following substantial resales by China, French
War L'n
there were two successive falls of 3-16d., prices reaching 20d. and 19%d.
(in Paris).tr.. ___
Ho iday 101.50
101.47
101.55
101.65
for the respective deliveries on the 15th inst. The market has since ruled
rather quiet, but reacted slightly on renewed demand from China, which.
The price of silver in New York on the same days has been:
however, was only temporary, prices receding to-day to 19 15-16d. and Silver
in N. Y., per oz.(eta.:
19 13-16d. owing to lack of support.
Foreign
40)4
40%
39%
3934
4134
4034




03,509,129

£3,308,669

MAR.8 1930.1

FINANCIAL CHRONICLE

mumercialand`Miscellaneousgnus
Breadstuffs figures brought from page 1691.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-

Flour.

Wheat.

Oats.

Corn.

Barley.

Rye.

bbls.106'bs.bush. 60 lbs.bush. 56 lbs. bush. 32 lbs. bus. 48 lbs. bus. 56 lbs.
Chicago
226,0001
278,000
82.000
216.000 1.395.000
6.000
Minneapolis_ _
250.000
466.000
1,873,000
227,000
107.000
Duluth
37.000
4.000
918,000
7,000
4,000
Milwaukee.
29,000
59,000
17,000
251,000
590,0001
1,000
Toledo
42.000
144.00
33,000
1,000
Detroit
14.000
2.000
13,000(
26,000f
Indianapolis_
244.000
725.000
47.0001
St. Louis_ _
133,000
317,000
13.000
365.000
976,000i
1,000
Peoria
55,000
56,00
78.000
01
6.000
338,0
Kansas City_
1,403,000 1,107,0
178,000
Omaha
200.00
885,000
758,000
St. Joseph
32.000
50.000
506.000
Wichita
269,000
10,00
175,000
Sioux City_
2.000
48,00
141,000
19,0001

1

Total wk. '30
Same wk. '29
Same wk. '28

443.000
541,000
505,000

6.238,000
8.413,000 6,991.00017,312,0
5,879,000 14,462,000

876,00
1,787,000
2,499.000 1,018,0
2,526,000 1,250,00

120.000
292.000
114,000

Since Aug.11929-13.369,000285,398,000 169,086,000 94,688,00053,030.000 20,414.000
1928_ - ____ 15.178,000 378.830,0001198,583,000100,281.000,78,
0
607,00 21.357,000
1927-14.868,000351,354.000198.296,000100,513,00056,842,00030.076.000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, March 11930 follow:
Receipts at-

Flour.

Oats.

Corn.

Wheal.

Barley.

Total wk. '301 538,001 1,906.000
Since Jan.1'301 4,032,001 10,471,000
Week 1929_ _ _
677,000
Since Jan.1'29 4.854 non

113,000
758,000

92,000
796,001

61,000
167.00L

766,000
2,090.000
2Q sun non 11 492 000

The exports from the several seaboard ports for the week
ending Saturday, March. 1 1930, are shown in the annexed
statement:
Wheat.

Corn.

Oats.

Flour.

Rye.

Barley.

Barrels. Bushels. Bushels. Bushels.
30,000
502,002
22,200
19,000
1,000
1,000
3,000
9,000
1,000
16.000
5,000
49,000
39,000

Bushels. _Bushels.
810.000
64.000
32.000
85,000

New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Bt. John, N B

255,000
723,000

Total week 1930.. 1,969,000
week 1929 _ _ :4:440 onn

Same

5,000

591,002

1 279 Ocal

962 162

39,000
59.000

1,000
102.000

61.200
6:11.000

The destination of these exports for the week and since
July 1 1929 is as below:

7,829,000
Total Mar. 1 1930._ 74,412,000
7,815,000
Total Feb. 22 1930- 74,709.000
7,534.000
_ Total Mar._ 2 1929- 84,712,000
Summary
155,550,000 22,668,000 21.673,000
American
7,829,000
Canadian
74,412,000

Week
Mar. 1
1930

Since
July 1
192!)

Wheal.
Week
Mar. 1
1930

Since
July 1
1929

Barley,
bush.
13.000
24.000
185,000

Rye,
bush.
4.000

6,171.000 16,147,000
6,173.000 16.234,000
2,403,000 8,147,000
14,161.000 8,512,000
6,171,000 16,147,000

Total Mar. 1 1930__229.c62,000 22,668,000 29,502,000 20.332.000 24,659,000
Total Feb. 22 1930_232,153,000 21,067,000 30.476,000 20,366,000 24.903,000
Total Mar. 2 1929-.208,144,000 33,301,000 22,432,000 8,818,000 17,319,000

The world's shipments of wheat and corn, as furnished by
for the week
Broomhall to the New York Produce Ex,
ending Friday, Feb. 28, and since July 1 1929 and 1928,
are shown in the following:
Corn.

Wheal.
Week
Feb. 28. ,
1930.

Exports-

Total

Since
July 1
1929.

:
1

Since
July 1
1928.

Week
Feb. 28
1930.

Since
July 1
1928.

Since
July 1
1929.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
56.000 2,649,000 28,619.000
4,299,000216,268,000 403,632,000
2,024,000
59,000 15,249,000 1,827,000
1 19,131.000
3,011,000 124,275,000 113,589,0001 2,660,000 136,205,000 176,773.000
2,256,000, 41.613,000 67,840,0001
320,000 1,064,000
1
23,336,000 22,403,000
111,
1,144,000 30.196,000 34,396,000

North Amer_
Black Sea
Argentina__
Australia
India
I
0th. countr's

10,710,000431,803,000 622.545,000 2,886,000 177,439,000 229.622,000
'

New York City Banks and Trust Companies.
(All prices dollars per share).
Banks.
Bid.
New York.
130
America
Amer Unions_ 112
Bryant Parks 49
Central
Chase
Chath Phenix
Nat Bk &Tr
Chemical _ - _
Commercial.Continental'.
Corn Exch.-

Ask.
132
121
53

Brooklyn
Globe Exch.. 220
450
129 Peoples
84
585
40
Trust Cos.
222

127
83
575
38
218

Fifth Avenue.3300 p500
5550 6700
First
600
Grace

New York.
anca Comle
ltailana Tr_
ank of N Y
& Trust Co.
ankers Trust
ronx Co Tr_
nt Hanover
Chelsea Bank
& Trust Co_
County.
Empire
Equitable Tr_

Trust Cos.
Ask. N. Y.(Con.). Bid.
120 Fidelity Trust 78
590
85
ton
220
utuanty. _
769
200
45
42
59

International_
245 Interstate__
625 Irving Trust..

Ask.
79
630
774
50
44
5934

wyers Trust ---Manufacturers 157
Mutual(Westchester)---- 380

159
425

N Y Trust _ _ _ 273 276
Imes Square_ 65
74
ltle Gu & Tr 150 152
785
155
80 United States_ 3250 3400
364 Westches'r Tr 1000
1
139
Brooklyn.
61
58
245
232 239 Brooklyn.... goo 815
83
82 Kings County 2900 3050
80
55
135 Midwood_ - - 196 206
134
143
New stock. z Ex-dividend. o Ex-stock div. y Ex-rights.

Harriman..._4400 1500
171
Lefeourt --- 151
125 150
Liberty Manhattan'.. 138
NationalCity 243
, Exch... 76
1 31an
Port Morris.. 48
Public
139

Banks.
N. Y.(Con.). Bid.
114
Seward
U S par $25._ 83
____
Yorkville _
Yorktown'...

180
177

172
175

'State banks. t
Flour.
Ilsports for Week
and Since
July 1_10
-

Oats,
bush,
751.000
406.000
305.000

Total Mar. 1 1930_155.550,000 22.668.000 21.673,000 14,161.000 8.512.000
Total Feb. 22 1930_157,444.000 21.067,000 22.661.000 14,193.000 8,669.000
Total Mar. 2 1929_123,432,000 33,301.000 14,598,000 6.418.000 9,172.000
Note.
-Bonded grain not included above: Oats, New York. 349.000 bushels;
Philadelphia, 1.000: Battimore, 4,000; Butfalo. 250,000: Duluth, 10.000; total,
614.000 bushels, against 800,000 bushels In 1929. Barley. New York. 592.000
bushels: Buffalo, 1,168,000; Buffalo afloat, 1,071,000: Duluth, 96.000; total,
2,927,000 bushels, against 2,191.000 bushels in 1929. N\ beat, New York, 4,855.000
bushels: Boston, 1,588.000; Philadelphia, 3,160,000; Baltimore, 3,885,000; Buffalo,
7,961,000; Buffalo afloat, 7,559,000; Duluth, 173,000: total, 29,211,000 bushels,
against 27,415,000 bushels in 1929.
Canadian
1,090.000
392.000
793.000
Montreal
6.779.000
3,560,000 4,426.000 14.349,000
Ft. William & Pt. Arthur 51,877.000
2c. 9.000
,
194,000
" afloat
3,179.000 1.353.000
706.000
15,562,000
Other Canadian

10,000
49,000

271.000
248,000
84,000
2.988.000 5.438,000 1.705.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

Exports from-

Wheal,
Corn,
bush,
bush.
226,000
33,000
833,000 1,557.000
7,520.000 3.009,000

Peoria
Indianapolis
Omaha

Rye.

bbls.1961bs. bush. 60 lbs.bush. 56 lbs.bush. 32 lbs.bush.481bs. ush.561bs.
New York...
335.001
12,000
42,000
941,000
11,000
6,000
Philadelphia_
48,00*
12,000
61,000
5,000
Baltimore_ _ _ _
boo
10,000
16,000
17,000
92,000
3,000
Newport News
3,000
New Orleans.
31,000'
42,001
59,000
24,000
Galveston....
35,000
St. John, N.B
39,000
49,000
723,000
Boston
12,000
42,001
1,000
30,000

1601

339

740
153
70
359

a 711.
Week
Mar. 1
1930

New York City Realty and Surety Companies.

Since
July 1
1929

Barrels. Barrels.
Bushels. Bushels.
Bushels.
Bushels.
United Kingdom. 61,416 2.471.559
473.000 40,002,000
30.000
Continent
67.661 2.651.554 1,459,000 57,859.000
2.000
So. & Cent. Amer. 211.000
562,000
583,000
48,000
West Indies
162,000
35.000
5.000
628,800
238,000
Brit.No.A m.CoIs
19.0011
33,400
Other countries... 69,925
741,000
37,000
442,216
Total 1930
591.002 68.135.529 1,969.000 99,239.000
5.000
318,000
262062 7 711 079 2 210 non 9211 534.418 1.272.000 24,024.322
Total 1929

(All prices dollars per share.)
Bid.
Alliance R'Ity

90

Ask.
100 Lawyers Mtge

Bid.
5012

Bond & Mtg G
($2O par)__

94

116 Lawyers Title
di. Guarantee 281
Lawyers West-1
chest MSc T 200
96

nnma Tina ins

60

65 Mtge Bond__ 193

Am Surety__ 113

Ask.

Bid.

Ask.

95

100

52 U S Casualty_

N Y InvTra
288
1st pref.... 98
2(1 pref __ _ - 97
255
Westchester
203
Title & Tr__ 130

--155

The visible supply of grain, comprising the stocks in Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
granary at principal points of accumulation at lake and
int.
int.
Maturity.
Rate.
Bid. Asked
Bid. Asked.
seaboard ports Saturday, March 1 were as follows:
Rate.
Maturity.
United States
New 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
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo

GRAIN STOCKS.
Rye,
Oats,
Wheal,
Corn,
Barley,
bush.
bush.
bush.
bush.
bush.
38,000
45.000
1,153.000
12,000
94.000
7.000
2,000
186.000
194.000
15,000
514,000
24,000
5,000
61,000
3,476.000
27,000
43,000
158.000
726,000
79.000
8,000
949.000
118,000
413.000
1,541.000
258.000
261.000
9.000
3,374,000
304,000
168.000
311.000
7,312,000 1,894,000 1,713,000
231.000
233.000
4.424.000
566,000
135.000
2,679,000
18,000
7,000
706,000
37,000
.15,000
15,000
168,000
4,000
21,022.000 4,717.000 3,013,000 5,660.000
394,000
1,229.000
401,000
4,303.000
651,000 1,021,000 3,193.000
15.000
247,000
581.000
26,975,000
547,000 2,381,000 2,892,000 1,084,000
250.000
357.000
30,838,000 1,282.000 7,176,000
771,000 4,390.000
147,000
708.000
806,000
11,000
3.497,000 2,013.000
233,000
13,000
63,000
22.520,000 2,192,000
2,000
32,000
152,000
5,268.000
326,000
2,000
2,322.000
132,000
5,222,000 1,415,000
26,000
51,000




1003. Sept 15 1930-32 35- %
i
lki:r. 15 1930.- 54% 100
/
June 16 1930- 41 i% 1001). 1001bn Mar. 15 1930-32 34%
Dec. 151930-32 34%
2
Sept.15 19'0_ 34% 992,n 100

9f 2l n
992
.n
992
'n

9931
99.
992
*

-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:

TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
Capital.
27-The Rifle National Bank, Rifle, Colo
Correspondent, Sadie H. Korn, Glenwood Springs, $30,000
Colorado.
CHARTERS ISSUED.
-The Cattle National Bank of Seward, Neb
Feb. 27
$35,000
Conversion of the State Bank of Nebraska, Seward,
APPLICATION

Feb.

Neb. President, Walter Cattle; Cashier, Robert '1`,
.
Cattle.

28-Ligonier National Ban, Ligonier, Pa
President, G. C. Frank; Cashier, R. S. Hoffer.
CIIANGES OF TITLES.
-First National Bank at Flint, Mich., to
Feb. 26
Bank

Feb.

"First
& Trust Co. at Flint."
National
Mar. 1-The First National Bank of Roebling, N. J. to
"The First National Bank & Trust Co. of Roebling."

125,000

1602

CONSOLIDATIONS.
Feb. 25
-The First National Bank of Fort Gaines, Ga
50,000
The Union Savings Bank, Fort Gaines, Ga
27,150
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and
corporate title of "the First National Bank of Fort
Gaines," No.6002, with capital stock of $50,000.
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
Feb. 27
-Citizens National Trust & Savings Bank of Los
Angeles, Calif. Location of Branch: 3129 Leimert
Place, Los Angeles, Calif.

Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per sh.
244 2-3 units Bank of U. S. and of
Bankus Corp
$84 per unit_
1,000 Continental Postage Meters
Corp. (Del.); promissory note of
R. A. Mason to order of John W.
Sappington, dated Oct. 7 1929,
due one year after date, for $12,000 and int., secured by certain
collateral
$100 lot

Per oh.
Shares. Stocks.
250 Amer. Neon Light Corp. com50c.
mon interim rcts., no par
9
100 Standard Nat. Corp. corn
800 Kirkland Gold Mines, Ltd.,
$1 lot
Par $1
$1 lot
50 Locomobile Co. 7% pref
60 Inspiration Gold Mining Co. of
Alaska. par $5; 2,000 Pitts.-Dick
Creek Min. Co.of Alaska, par $111 lot

By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per Sh.
60 Public Reserve Financial, Inc.,
200 Pan Amer. Share Corp., par $10 26
$2.50 lot
class B.no par
100 Boston dr Montana Development Co., Boston ctf, par $5_ _ _12 lot 1,000 Bidgood Consol. Mines, par$1 50.
100 Premier Gold Mines, par U._ _ 1

By Weilepp, Bruton & Co. Baltimore:
'
Shares. Stocks.
$ per Sh. Shares. Stocks.
20 C
-Y Chocolate Yeast Co
100 Asphalt Grave Vault Co. pref.;
100 common
$25 lot 100 Efficiency Publicity corn

$ per Sh.
3
103i

By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
15 Philadelphia Life Ins. Co. par$10 23
2 Market Street National Bank--526
498 Commercial National Bank &
hiTrust Co., par $10
25
100 Plaza Trust Co., par $10
8
30 Plaza Trust Co., par $10
7%
734
50 Plaza Trust Co., par $10
585 Plaza Trust Co., par $10
7
20 Pa. Co. for Ins. on Lives, &c.,
116
par $10
27 Pa. Co. for Ins. on Lives, are__ _11534
352
10 No. Phila. Tr. Co., par $50
200 Bankers Trust Co., par $50703(
30 Bankers Trust Co., par $50
70
25 Real Estate Mtge. Guarantee
11
INCo., par $10
8 Colonial Trust Co.. par $50
225
52 Aldine Trust Co., par $10
12H
58 Aldine Trust Co., par $10
12H
5 Security Title & Tr. Co., par $10- 334
10 Broadway Merchants Trust Co..
PINCamden, N. J., par $20
60
364 Logan Iron & Steel Co
10
8 Philadelphia Rifle Club
19
10 John J. Felln dr Co., Inc., pref...100

Shares. Stocks.
$ per Sh.
10 John J. Fenn dc Co., Inc., com -100
5
50 Octavio Hill Association
2
5 Whittier Center Housing Co
5 William Penn Fire Ins. Co.,
127
par $50
100 Bankers Bond & Mtge. Guaranty Co. of America, no par-- 15
100 Bankers Securities Corp.,
63
common v. t. c
10 Metropolitan Trust Co
50
38
6 Continental Equitable Trust
126
5 Wm. Penn Fire Ins. Co
40 First Camden National Bank....110
5 First Nat. Bank of Philadelphia_435
BondsPer Cent.
$3,500 bond and mortgage, Mary E.
Sheridan to 69th St. Term. Title
& Tr. Co., dated Oct. 9 1924;
assigned to Laura R. Cook;
assigned to 69th St. Term. Title
dr Tr. Co.; on 214 Lincoln Ave.,
Collingdale, Delaware Co., Pa.
$1,100 Benevolent & Protective Order of Elks, 2d mtge. 6s, 1931_15 lot
$200 Temple University Os
98

By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per Sh.
1 Boston Nat.Bank
125
4 Second Nat. Bank, par $25
136A
10 Federal Nat. Bank, par $20_...A06
106
8 Federal Nat. Bank, par $20
101%
100 U. S. Trust Co., par $25
100 U. S. Trust Co., par $25
1003i
3Ludlow Mfg. Associates
148H
2 Naumkeag Steam Cotton Co
904
10 Pittsfield dr North Adams RR
83
1 Boston Insurance Co
770
2 American Glue Co.. pref
116H
1 Boston Athenaeum, par $300......-750
5 Essex Co. par $50
160
8 No. Boston Ltg. Properties, pref.
undeposited, par $50
5234
2 Greenfield Tap & Die Corp- 8%
preferred
100 dr div.
1 American Glue Co., pref
120
85 United Elastic Corp
38(
25 Beacon Participations, Inc., pf.A 13%
47 United Elastic Corp
37H-38
3U.S.Envelope Co. pref
112H
1 Boston Ins Co
770
2 units First Peoples Trust
2034
50 Grt. North. Paper Co., par $25_ _4934
2 Mass.Bonding dr Ins. Co., par $25136
Bonds-

Per Cent.

$3,000 Southern Advance Bag dr
Paper Co. 1st 6s, June 1947.75 & int.
$2,000 City of Munich. Germany
93 & int.
7s, Aug. 1 1938
$1,000 Kinney Mfg. Co. 7s, Aug.
1942: $1,000 Pelham Hall Apts.,
Brookline 6358, Sept. 1935-$1,000 lot
$2,500 Southern Advance Bag &
Paper Co. 6s, June 1947_ --75 & int.
$500 Rheben Theatres Inc., Portchester, N. Y., 6s, July 1932:
$1,500 R. M. Hollingshead Co.
1st 7s, 1938; $1,000 Am. Solvent
& Chemical Corp. 630. Mar 15
$1,500 lot
1936
$2,000 West Va, Southern Coal Co.
78. Jan. 1947:$100 Rheben Theatres. Portchester, N. Y. 6)45,
1935: $100 Miles Bldg. Detroit
let 6348. 1938; $1,000 Kinney
'
Mfg. Co. 7s, Aug. 1942: $500 R.
M.Hollingshead Co. 1st 7s, 1938;
$100 Alden Park Manor, Brookline 1st 8348, 1936; $500 Myles
Standish Apts., Boston 1st 6)4s,
June 1935: $200 Ebbitt Hotel,
Washington, D. C. 1st 6345,
Apr. 15 1938: $100 Newbury St.
Service Garage, Boston, 1st 634s.
1937; 5100 Delancey Clinton
Coml. Bldg. & Theatre, N. Y.,
6s, 1935: $100 Park Central Apt.
Hotel, N. Y., 1st 630, Dec.
1930
$1,500 lot
$500 Mayflower Hotel Co. 1st 6s,
Apr. 1948; $1,000 St. Louis,
Springfield & Peoria RR, 1st 5s,
Dec. 1939:$1,000 Chicago, North
Shore & Milwaukee RR. 1st 58.
July 1936; 51.000 Kinney Mfg.
Co. 1st 7s, 1942; $1,000 Wheeling
Traction Co. 1st 5s. Jan '31.53,500 lot
•




[VOL. 130.

FINANCIAL CHRONICLE

Per Cent.
Bonds10 Maine Gas Co. 6% Pref.; $1,000
Delancey Clinton Coml Bldgs. &
Theatres 634s Nov. 15 1940__$1,200 lot
$3,000 Southern Advance Bag dr
Paper Co. 1st 63, June 1947...75 & int.
$200 Roebling Bldgs., N. Y. 1st
$50 lot
6345. Oct. 10 1935
$1,000 Eastern Mass. St. Ry., pref.
4534
4348, 1948
$500 The Roosevelt, St. L. 1st 6)45,
$100 lot
Apr. 1936
$1,000 Delancey Clinton Coml.
Bldgs. dr Theatres, fijis, 1935;
$1,000 Park Central Apt. Hotel,
$750 lot
N Y 6345, Dec. 1935
$500 Hudson Towers, N. Y. 1st
$100 lot
634s, June 1935
$1,000 The Roosevelt, St. L. 1st
$200 lot
634s, Apr. 1936
$700 Kenilworth Alden Park,
Phila., 1st ()Hs, Jan. 15 1939.5500 lot
$1,000 Kinney Mfg. Co. 1st 78,
9434 dr int.
1942
$200 Delancey Clinton Coml. Bldgs.
& Theatres. N. Y. 6345. 1940;
$500 250 Beacon St., Boston, 1st
5100 lot
6145, Jan. 15 1936
$500 Leverich Towers, Brookline
$150 lot
6145, Nov. 10 1935
$1,000 Southern Advance Bag &
Paper Co. 1st 6s, 1947: $1,000
Public Service Co. of No. 111,
$1,500 lot
1st 58, Oct. 1956
$500 Southern Advance Bag dr
Paper Co. 1st 68, June 1947-1350 lot
$1,000 Southern Advance Bag &
Paper Co. 1st 63, June 1947_1700 lot
$2,000 Kinney Mfg. Co. 1st 7s,
9434 dr int.
Aug. 1942
$500 R. M. Hollingshead Co. 1st 7s,
Feb. 1938; $1,000 Kinney Mfg.
$1,200 lot
Co. 1st 7s, Aug. 1942
$2.000 Kinney Mfg. Co. 1st 78.
95 & int.
Aug. 1942
$2,000 Kinney Mfg. Co. 1st 7s,
95 & int.
Aug. 1942
$1,000 Alden Park Manor, Brookline 1st 6345, 1936; $1,000 Delancey Clinton Coml. Bldgs. &
$500 lot
Theatres 6345, 1940
$100 Delancey Clinton Coml. Bldgs.
Theatres 6345, 1940; $100
&
Newbury St. Service Garage,
Boston 1st 630, Mar. 30 1937;
WO Sherman Sq. Apts.. N. Y.
$25 lot
1st 636s, Aug. 193
0
$1,000 Roebling Bldgs., N. Y. 1st
634s, 1935; $1,000 Leverich
Towers, Brookline 1st 634s,
$900 lot
1935
$500 The Roosevelt St. L. 1st 6345,
Pelham Hall, Brook1936; $500
line 1st 6365, 1935; $1,000 St.
Louis, Springfield & Peoria RR.
6100 lot
1st 5s, 1939
$3,000 Kinney Mfg. Co. 1st 78,
95 & int.
1942
Aug.
Mortgage note of Rebecca Boyer for
$3,000 dated Oct. 1 1928 payable
to order John R. Casso or order,
due Oct. 1 1929, int. at 6% --$100 lot

By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh.
120 Beacon Trust Co., par $20__-_ 4634
Associated Textile Cos. as follows:
10 at 35, 10 at 35. 10 at 35, 10 at
35, 10 at 35. 15 at 3634.
25 Hamilton Woolen Co
43
212,00 Berkshire Fine Spinning Associates, Inc., com_ _.
2534
4 Newmarket Mfg. Co
34
8 Naumkeag Steam Cotton Co_ _ _ _ 90
20 Pepperell Mfg. Co
100%
5 York Mfg. Co
7
25 Dartmouth Mfg. Co., corn
62
100 Nashua Mfg. Co., corn
3534
50 Wm. Whitman Co.. Inc., pref._ 80
33 Nashua Mfg. Co., pref
79
20 King Philip Mills
10534
12 American Mfg. Co., com
6934
6,300 United Mineral Lands Corp.,
(assess. No. 7 paid), par $1.....$50 lot

Shares. Stocks,
$ per M.
100 Gen. Chem.& Solvents Corp__ 14
100 Gen. Chem.& Solvents Corp- 1434
10 New England Public Service
Co., prior lien pref
101 ex-div.
22 New England Public Service
Co. $6 cons'. pref
108
100 Gen. Chem. & Solvents Corp.._ 1434
10 American Glue Co.. corn
55
3 units Thompson's Spa, Inc
8034
55 New England Public Service
Co., corn
84
7 units First Peoples Trust
20-20%
17 special units First Peoples Trust3-334
10 Groton & Knight Co., co"
11
10 Groton & Knight Co., Ix ef
88
BondsPer Cent.
$15,000 Central States Edison Co.
Os, due April 1949
52c. int.

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam)
Beech Creek (guar.)
Dayton & Michigan
Erie & Pittsburgh (quar.)
Lehigh Valley, corn.(quar.)
Preferred (quar.)
Manhattan Ry., guar. (quar.)
Maryland & Pennsylvania (No. 1)
Missouri Pacific, pref. (quar.)
N.Y. Lackawanna & Western (quar.)
Old Colony (quar.)
Southern Ry., M.& 0.stock tr. ctfs_
Texas & Pacific, corn. dr pref. (quar.)

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

*50c. Apr. 1 *Holders of rec. Mar. 14
58734c Apr. 1 *Holders of rec. Mar. 15
*8734c Mar. 10 *Holders of rec. Feb. 28
58734c Apr. 1 *Holders of rec. Mar. 15
*51.25 Apr. 1 *Holders of rec. Mar. 15
*134 Apr. 1 *Holders of rec. Mar. 20
Apr, 10 *Holders of rec. Mar. 31
*4
01
Apr. 1 *Holders of rec. Mar. 14
*134 Apr. 1 *Holders of rec. Mar. 14
*154 Apr. 1 *Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
*2
_ *134 Mar. 31 *Holders of rec. Mar. 15

Public Utilities.
Amer.& Foreign Power,$7 pref. (quar.)_ *$1.75 Apr. 1 *Holders of rec. Mar. 15
$1.50 Apr. 1 *Holders of rec. Mar. 15
$6 Preferred (guar.)
*1x Apr. 1 *Holders of rec. Mar. 15
Amer. Public Service, pref. (quar.)
Amer.Public Utilities, prior pref.(qu.)
134 Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
Participating preferred (quar.)
Amer. Superpower Corp., 1st pf. (qu.). _ $1.50 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
$6 preference (quar.)
Associated Telephone & Telegraph
Apr. 1 *Holders of rec. Mar. 17
Class A & D (quar.)
Apr. 1 *Holders of rec. Mar. 17
7% first preferred (quar.)
Apr. 1 *Holders of rec. Mar. 17
$6 first preferred (guar.)
Apr. 1 *IIolders of rec. Feb. 28
Binghampton L., H.& Pow.,$6 pf.(qu.)
Apr. 15 Holders of rec. Mar. 31
British Columbia Power,class A (qu.)
Mar. 1 *Holders of rec. Feb. 20 •
Central Indiana Power, pref. (qu.)
Apr. 1 *Holders of rec. Mar. 15
Chic., North Shore & Maw.,pr. Ilen(qu.)
6% Preferred-dividend not declared.
Continental Gas & Elec., corn. (quar.)_ $1.10 Apr. 1 Holders of rec. Mar. 12a
134 Apr. 1 Holders of rec. Mar. 12a
Prior preference(quar.)
75e. Apr. 1 Holders of rec. Mar. 15a
Denver Tramway Corp., pref.(quar.)._ _
134 Apr. 15 Holders of rec. Mar. 15
Duquesne Light, 1st pref. (quar.)
11% Apr. 15 Holders of rec. May 11
Electric Bond & Share, com.(quar.)
Elec. Pow.& Lt., Allot.ctts. full pd.(qu.) $1.75 Apr. 1 Holders of rec. Mar. 8a
$1.05 Apr. 1 Holders of rec. May 8a
Allotment ctfs., 6% paid (quar.)
134 Apr. 1 Holders of rec. Mar. 14
Eastern Mass,St. Ry.,adj.stk.(qu.)..
*500. Apr. 1 *Holders of rec. Mar. 15
Empire Gas & Fuel,6% pref.(mthly.)
54 1-6c Apr. 1 *Holders of rec. Mar. 15
634% preferred (guar.)
58 1-3c Apr. 1 *Holders of rec. Mar. 15
7% preferred (quar.)
66 2-3c Apr. 1 *Holders of rec. Mar. 158
8% preferred (quar.)
*$1.75 Apr. 1 Holders of rec. Mar. 12
Florida Pow.& Lt., pref.(quar.)
Great Western Pow., 7% pref. (quar.)_ _ *I x Apr. 1 *Holders of rec. Mar. 5
*1
Apr. 1 *Holders of rec. Mar. 5
6% preferred (quar.)
*51.50 May 1 *Holders of rec. Apr. 10
Illinois Power & Light,$6 pref.(quar.)
Apr. 1 *Holders of rec. Mar. 10
6% Preferred (quar.)
Indianapolis Power & Light, pref.(guar.) 1% Apr. 1 Holders of rec. Mar. 5
*423ic Apr. 1 *Holders of rec. Mar. 14
,
mlind Utilities, class A (quar.)
*25c. Apr. 1 *Holders of rec. Mar. 18
International Superpower (guar.)
Jersey Central Pow. dr Lt., 7% pf. (qu.) 134 Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
6% Preferred (quar.)
Long Island Ltg., 7% pf., ser. A (quar.) 134 Apr. 1 Holders of rec. Mar. 17
134 Apr. 1 Holders of rec. Mar. 17
6% preferred, series B (quar,)
Mackay Companies, common (guar.).
134 Apr. 1 Holders of rec. Mar. 14
Apr. 1 Holders of rec. Mar. 14
Preferred (quar.)
*2
Mar. 31 *Holders of rec. Mar. 6
Michigan Bell Telephone (quar.)
Middle Western Telep., com. A ((Lu.) - 54331c Mar. 15 *Holders of rec. Mar. 5
*4334c June 15 *Holders of rec. June 5
Common A (quar.)
*4334c Sept. 15 *Holders of rec. Sept. 5
Common A (quar.)
*4334c Dec. 15 *Holders of rec. Dec. 5
Common A (guar.)
Minneapolis Gas Light Co.,7% 1 (
3f• 11u•) 134 Mar. 1 Holders of rec. Feb. 20
134 Mar, 1 Holders of rec. Feb. 20
6% Preferred (quar.)
Nassau & Suffolk Lighting, pref. (guar.) 134 Apr. 1 Holders of rec. Mar. 17
National Electric Power, corn. B (quar.) 450. Mar. 31 Holders of rec. Mar. 20
134 Apr. 1 Holders of rec. Mar. 15
7% Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
6% preferred (quar.)
1
National Elec, Power.,6% pref.(qu.).. • M Apr. 1 *Holders of roe. Mar. 15
*134
Apr. 1 'Holders of rec. Mar. 15
7% preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 17
Nat. Public Serv. 7% pref. A (quar.)
New Engl. Gas & El. Assn., pf. (qu.).. * 51.375 Apr. 1 *Holders of rec. Feb. 28
$1.50 Apr. 1 Holders of rec. Mar. 10
New England Power Co., pref. (quar.)_
New England Public Serv., com.(qu.).. 25e. Mar. 31 Holders of rec. Mar. 15
f134 Mar. 31 Holders of rec. Mar. 15
Common (payable in com.stock)
$1.75 Apr. 15 Holders of rec. Mar. 31
$7 preferred (quar.)
$1.75 A . 15 Holders of rec. Mar. 31
Adjustment preferred (quar.)
$1.50 Apr. 15 Holders of rec. Mar. 31
$6 preferred (quar.)
$1.50 Apr. 15 holders of rec. Mar. 31
$6 convertible preferred quar
Niagara & Hudson Power, com.(qu.).-- *10c. Mar. 31 *Holders of rec. Mar. 6
Northport Water Works pref. (guar.).- - 134 Apr. 1 Holders of rec. Mar. 17
Northwestern Utilities, pr. lien pf. (qu.) *1 3i Apr. 1 *Holders of rec. Mar. 15
Mar. 31 *Holders of rec. Mar. 20
Pacific Teleg. & Teleg., corn. (quar.) - *1
Apr. 15 *Holders of rec. Mar. 31
Preferred (guar.)
Penn Central Light & Pow. pref.(M1.)-- *$1.25 Apr. 1 *Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 14
Postal Telegraph Cable pref. (quar.)-- Power Corp. of Canada,6% pref. (U11.)- 134 Apr. 15 Holders of rec. Mar. 31
75c. Apr. 15 Holders of rec. Mar. 31
Participating preferred (quar.)
Apr. 1 Mar. 21 to API% • 1
Public Service of Oklahoma, corn. (qu.).. 2
7% Prior lien stock (quar.)
134 Apr. 1 Mar. 21 to Apr, 1
136 Apr. 1 Mar. 21 to Apr. 1
6% Prior lien stock (quar.)
San Joaquin L. dr Pow. Corp., pf. A(qu) *134 Mar. 15 *Holders of rec. Feb. 28
*1H Mar. 15 *Holders of rec. Feb. 28
Preferred B (quar.)
*37 H e Apr. 1 *Holders of rec. Mar. 15
Shasta Water Co. pref. (quar.)
50c. Apr. 15 Holders of rec. Mar. 20
Southern Calif. Edison, orig. pf. (quar.)
34%c. Apr. 15 Holders of rec. Mar. 20
Series C
% pref. (quar.)
pref. (guar.).- 134 Apr. 15 Holders of rec. Mar. 20
Southern Canada Power,
Springfield Gas & Elec., pf. A (quar.)-- 1% Apr. 1 Holders of rec. Mar. 15
United Gas dr Electric Corp., pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 16
United Lt. & Pow., corn. A & B,old (qu) $1.25 May 1 Holders of rec. Apr. 15a
25c. May 1 Holders of rec. Apr. 160
Common A & B new (quar.)
$1.50 May 1 Holders of rec. Apr. 150
$6 cony, first pref. (quar.)
4
11.50 Apr. 1 *Holders of rec. Mar. 15
United Public Utilities, pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 5
Utah Power dr Light, $7 pref. (quar.)..
$1.50 Apr. 1 Holders of rec. Mar. 5
$8 pref. (quar.)
West Penn Elec. Co., class A (guar.).
- $1.75 Mar. 31 Holders of rec. Mar. 17

MAR.8 1930.]
Name of Company.

When
Per
Cent. Payable.

Public Utilities (Cont(nued).
1% May
West Penn Power Co., 7% pref. (qu.)_
18% May
6% preferred (quar.)
Western Power, Lt. & Telep., pf. A (qu.) .$1.75 Apr.

Books Closed,
Days Inclusive.

1 Holders of rec. Apr. 5
1 Holders of rec. Apr. 5
1 *Holders of rec. Mar. 15

Banks.
Bank of America
Bancamerica-Blair Co
*$1.25 Apr. 1 *Holders of rec.
Apr. 1 Holders of rec.
$1
Chase National (quar.)
Chase Securities Corp.(Mar.)
Apr. 1 Holders of rec.
$1
National City 13ank (quar.)
City Bank Farmers Trust (guar.)
Apr. 1 *Holders of rec.
Chatham Phenix Nat. Bk. & Tr.(qu.).._ *$1
Trust Companies.
Banca Commerciale Italians Tr.Co.(qu.)32.50 Apr. 1 Holders of rec.
Mar. 31 Holders of rec.
Guaranty (quar.)
5
Manufacturers (quar.)
*$1.50 Apr. 1 *Holders of rec.
Apr. 1 *Holders of rec.
U. S. Trust (quar.)
*15
Fire Insurance.
Brooklyn (guar.)
Rossia (guar.)

*30c. Apr.
*55c. Apr.

Mar. 15
Mar. 12a
Mar. 8
Mar. 14
Mar. 15
Mar. 14
Mar. 15
Mar. 21

1 *Holders of rec. Mar. 20
1 *Holders of rec. Mar. 14

Miscellaneous.
Adams Express, corn. (guar.)
*40c. Mar. 31 *Holders of rec. Mar. 15
Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
*1
Alemco Associates (quar.)
*40c. Apr. 1 *Holders of rec. Mar. 22
Alles & Fisher (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 12
*151
Allied Motor Industries pref. (guar.)
Apr. 1 *Holders of rec. Mar. 15
American Art Works, corn. & pf. (quar.) 18% Apr. 15 Holders of rec. Mar. 31
Amer. Brown Boveri Elec., pref. (qu.)
'13.1 Apr. 1 *Holders of rec. Mar. 20
Amer. Car & Fdy., corn. (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 17
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 17
American Cigar, pref.(guar.)
18% Apr. 1 Holders of rec. Mar. 15
Amer. Cyanamid, corn. A & B (quar.)
40c Apr. 1 Holders of rec. Mar. 15
American Express (quar.)
*31.50 Apr. 1 *Holders of rec. Mar. 14
American Fork & Hoe, corn. (quar.)
Mar. 15 Holders of rec. Mar. 5
2
American Snuff, corn. (guar.)
Apr. 1 Holders of rec. Mar. 13a
3
Preferred (guar.)
Apr. I Holders of rec. Mar. 13a
18%
Amer. Steel Foundries, coin. (guar.)
*75c. Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
*1% Mar. 31 *Holders of rec. Mar. 15
American Yvette Co., pref. (quar.)
*50c Apr. 1 *Holders of rec. Mar. 21
Anchor Cap Corp., corn. (quar.)
60c Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
31.825 Apr. 1 Holders of rec. Mar. 20
Ansbacher-Slegle Corp., pref. (quar.) _
*60c Apr. 1 'Holders of rec. Mar. 20
Apponang Co., corn. (guar.)
*50c Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
*14 Apr. 1 *Holders of rec. Mar. 15
Associated Oil (quar.)
*50c Mar. 31 *Holders of rec. Mar. 14
Auburn Automobile (guar.)
Apr. I *Holders of rec. Mar. 21
*$1
Stock dividend
Apr. 1 *Holders of rec. Mar. 21
*c2
Automatic Washer pref. (guar.)
*50c Apr. 1 *Holders of rec. Mar. 15
Beech-Nut Packing (guar.)
*75c. Apr. 10 *Holders of rec. Mar. 25
Bishop 011
6c. Mar. 31 Holders of rec. Mar. 15
Blumenthal(Sidney) & Co., pref.(qu.)
13.1 Apr. 1 Holders of rec. Mar. 17
411
Borg Warner Corp., corn. (guar.)
Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
*$1.75 Apr. I *Holders of rec. Mar. 15
Bridgeport Mach., corn. (qu.)(No. 1)
25c. May 1 Holders of rec. Apr. 20
Preferred (guar.)
Ayr. 1 Holders of rec. Mar. 20
1
Briggs & Stratton Corp. (quar.)
50c. Mar. 31 Holders of rec. Mar. 20
Brunswick-Balke-Collender, pref. (qu.)_ *1% Apr. 1 Holders of rec. Mar. 20
Brunswick Site Co
25c. Apr. 1 Holders of rec. Mar. 21
BUrco, Inc., Prof. (guar.)
*75c. Apr. 1 *Holders of rec. Mar. 15
Butte dr Superior Mining-Div. passed
Canada Foundries dr Forg., el. A (qu.)
37Ac. Apr. 15 Holders of rec. Mar. 31
4
,1u Mar. 31 *Holders of rec. Mar. 20
Canfield 011 common & pref. (quar.)
Case (J. I.) Co., com. (guar.)
18% Apr. 1 Holders of rec. Mar. 12
Preferred (quar.)
Apr, 1 Holders of rec. Mar. 12
Cavanagh-Dobbs, Inc., pref. (quar.) _ _ _
14 Apr. 1 Holders of rec. Mar. 20
Celotex Co., corn. (quar.)
*75c. Apr, 1 *Holders of rec. Mar. 15
Preferred (guar.)
*1% Apr. 1 Holders of rec. Mar. 15
CeCo Mfg.(quar.)(payable in stock)_
Ann 1 *Holders of rec. Mar. 20
*e2
Central Aguirre Associates (guar.)
378% c Apr. 1 Holders of rec. Mar. 20
Central Alloy Steel, Prof. (quar.)
*1% Apr. 1 *Holders of rec. Mar. 13
Chicago Pneumatic Tool, pref. (guar.)._ *87Ac Apr. 1 *Holders of rec. Mar. 20
t$1
Cleveland-Cliffs Corp., corn,(quar.)
Mar. 20 *Holders of rec. Mar. 10
Preferred (guar.)
131 Mar. 15 Holders of rec. Mar. 5
Cluett, Peabody & Co. pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 21
Coleman Lamp & Stove corn. (guar.) _ '151
Apr. 1 *Holders of rec. Mar. 18
Columbia River Packers Assn. (quar.) _ _ *37lic Mar. 20 *Holders of rec. Mar. 5
Commercial Credit, Cl. A corn. (quar.) _
75c. Mar. 31 Holders of rec. Mar. ha
Commonwealth Securities, pref. (quar.) _ *$1.50 Apr. 1 *Holders of rec. Mar. 14
Conde Nast Pub., Inc., corn.(quar.) _ _ _ *50c. Apr. 1 *Holders of rec. Mar. 17
Consolidated Steel Corp., pref.(quar.). _ *434c Apr. 1 *Holders of rec. Mar. 15
Continental Baking pref. (quar.)
Apr. 1 *Holders of rec. Mar. 17
*$2
Continental Diamond Fibre (quar.)
*75c. Mar. 31 *Holders of rec. Mar. 20
Cooper-Bessemer Corp. corn. & pf. (q11.) .75c. Apr. 1 *Holders of rec. Mar. 10
Copper Range Co. corn. (guar.)
*50c. Apr. 25 *Holders of rec. Mar. 15
Corroon & Reynolds, pref. A (guar.) _ _ _ .$1.50 Apr. 1 *Holders of rec. Mar. 20
Cresson Consol. Gold Mining (quar.)_
2c. Apr. 10 Holders of rec. Mar. 31
Davis Coal & Coke
Mon 15 *Holders of rec. Feb. 28
*$3
Derk Mfg. (guar.)
Mar. 15 *Holders of rec. Feb. 28
*2
Diamond Electrical Mfg., coin.(quar.)
*50c. Mar. 31 *Holders of rec. Mar. 20
Preferred (quar.)
*1% Mar. 31 *Holders of rec. Mar. 20
Dominion Stores, Ltd. (guar.)
30c. Apr. 1 Holders of rec. Mar. 15a
Donohoes. Inc., class A (quar.)
525c. Mar. 31 *Holders of rec. Mar. 20
Douglas(W. L.) Shoe, pref.((mar.)
1% Apr. 1 Holders of rec. Mar. 15
Dunham (James II.) & Co.,corn.(qu.) _ _ 4
,1A Apr. 1 *Holders of rec. Mar. 18
First preferred (quar.)
Apr. 1 *Holders of rec. Mar. 18
Second preferred (guar.)
'131 Apr. 1 *Holders of rec. Mar. 18
Duplan Silk Corp., pref. (guar.)
Apr. 1 Holders of rec. Mar. 15
2
Durant Motors of Canada
20c. Apr. 1 Holders of rec. Mar. 10
Eastern Manufacturing, pref. (guar.)
•87Ac Apr. 1 *Holders of rec. Mar. 10
Eastern Roiling Mill, corn.(quar.)
374c Apr. 1 *Holders of rec. Mar. 20a
Eastern SS. Lines, corn.(qu.)(No. I)..... *50c. Apr. 1 'holders of rec. Mar. 14
•1% Apr. 1 *Holders of rec. Mar. 14
First preferred (quar.)
No par preferred (quar.)
.873ic Apr. 1 *Holders of rec. Mar. 14
Ecuadorian Corp. ordinary (guar.)
6c. Apr. 1 Holders of rec. Mar. 5
Eitingon Schild & Co., 1st pref.(quar.) _
14 Mar. 15 Holders of rec. Mar. 11
*378% c Mar. 15 *Holders of rec. Feb. 28
El Dorado 011 Works
Electric Auto Lite, corn. (guar.)
•$1.50 Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
•1.31 Apr. 1 *Holders of rec. Mar. 15
Emerson Brom° Seltzer Co.
Common A & B (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Endicott Johnson Corp., corn. (quar.)- - $1.25 Apr. 1 Holders of rec. Mar. 18
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 18
Equitable Investing Corp., corn A
18% Mar. 15 Holders of rec. Feb. 28
Evans Auto Loading, corn. (quar.)
'828%c Apr. 1 *Holders of rec. Mar. 20
Fear (Fred) & Co., new stk.(qu.)(No.1)
50c. Mar. 15 Holders of rec. Mar. 1
Fiat, Amer. deposit receipts
•/0124 Mar. 19 'Holders of rec. Mar. 10
Fifth Ave. Bus Securities (quar.)
16c. Mar. 29 Holders of rec. Mar. 13
FlIntkote Co. class A & B (quar.)
*373in Apr. 15 *Holders of rec. Apr. 10
411
Florence Stove Co. (quar.)
Mar. 1 *Holders of rec. Feb. 19
Food Machinery Corp., pref. (uglily.)
*50c. Mar. 15 *Holders of rec. Mar. 10
Ford Motor Co., Ltd
American deposit rcts. for ord. shares *373ic Mar. 17 'holders of rec. Mar. 17
Franklin Railway Supply (quar.)
Mar. 15 *Holders of rec. Mar. 5
3*1
French Line. American shares
*47.4c Mar. 17 *Holders of rec. Mar. 10
General Amer. Tank Car, corn. (guar.) _ *S1
Apr. 1 *Holders of rec. Mar. 13
Corn. (payable in corn. stock)
Apr. 1 *Holders of rec. Mar. 13
* 1
f
General Elec. Co.(Germany)
American deposit receipt
*$1.92 Mar. 3 *Holders of rec. Feb. 28
General Mills, Inc., pref. (guar.)
18% Apr. 1 Holders of rec. Mar. 14a
General Printing Ink, corn. (guar.)
*6234c Apr. 1 *Holders of rec. Mar. 17
Preferred (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 17
Gen. Railway Signal, corn. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
18% Apr. 1 Holders of rec. Mar. 10
General Steel Castings pref. (quar.) _ _ *$1.50 Apr. 1 *Holders of rec. Mar. 18
General Tire & Rubber. pref. (altar.) _
1 A Mar. 31 'Holders of rec. Mar. 20
Glen Alden Coal (altar.)
Mar. 20 *Holders of rec. Mar. 8
*$2
Godchaux Sugars, Inc., cl. A (quzr.) _ _
50c. Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 20




1603

FINANCIAL CHRONICLE
Name of Company.

Per
WAess
CesS. Payable

Books Closes
Days Inclusive.

Miscellaneous (Continued).
*378%c Apr. 1 *Holders of rec. Mar. 10
Goldblatt Bros. common (guar.)
Common (payable in common stock) 'fl 8% Apr. 1 *Holders of rec. Mar. 10
18% Mar. 31 Holders of rec. Mar. 17a
Gold Dust Corp., pref.(guar.)
*18% Apr. 1 *Holders of rec. Mar. 14
Goldman Sachs Trading (guar.)
Mar. 31 *Holders of rec. Mar. 17
*31
Granite City Steel (guar.)
Apr. 1 *Holders of rec. Mar. 15
Great Northern Bond & Share corn.(qu.) *SI
*S1.75 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
*70c. Apr. 2 *Holders of rec. Mar. 15
Great Western Sugar, corn. (guar.)
Preferred (guar.)
*18% Apr. 2 *Holders of rec. Mar. 15
18% July 1 Holders of rec. June 14
Greenfield Tap & Die,6% pref. (qu.)
July 1 Holders of rec. June 14
2
8% preferred (guar.)
Greif Bros. Cooperage. corn. A (gust.).. _ *80c. Apr. 1 *Holders of rec. Mar. 15
Guy Motors, Ltd.
*w15 Mar. 11 *Holders of rec. Feb. 27
Amer. dep. rights for ord. reg. shs
Hammermill Paper pref. (quar.)
'18% Apr. 1 *Holders of rec. Mar. 20
Heath (D. C.) & Co. pref. (guar.)
*18% Mar. 31 *Holders of rec. Mar. 29
628%c. Apr. 1 Holders of rec. Mar. 15a
Holland Furnace, corn.(guar.)
*234c. Apr. 15 *Holders of rec. Mar. 31
Holly Development Co.(guar.)
*878%c Mar. 1 *Holders of rec. Feb. 25
Horn (A. C.) Co., 1st pref.(quar.)
75c Apr. 15 Holders of rec. Apr. la
Household Fin. Corp. partic. pf. (qu.)._
12 Ac. Apr. 15 Holders of rec. Apr. la
Participating preferred (extra)
25c. Apr. 1 Holders of rec. Mar. 10
Hygrade Lamp, corn. (guar.)
$1.625 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 6
International Text book
Apr. 1 *Holders of rec. Mar. 14
*2
Intertype Corp., 1st pref.(guar.)
*15c. Mar. 15 *Holders of rec. Mar. 10
Investment Fund of N. J. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
KaYnee Co., corn.(guar.)
'128%c Apr. 1 *Holders of rec. Mar. 20
Common (extra)
*1% Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 14
Kennecott Copper Corp.(guar.)
King Phillip Mills (quar.)
'18% Apr. 1 *Holders of rec. Mar. 20
Kirby Lumber(guar.)
*13.1 Sept. 10 *Holders of rec. Aug. 30
*1% Dec. 10 *Holders of rec. Nov. 29
Quarterly
*37Ac Apr. 1 *Holders of rec. Mar. 10
Kraft-Phenix Cheese, corn. (guar.)
*14 Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 17
*$2
Lambert Co., corn. (quar.)
Leath & Co., pref. (guar.)
'878%e Apr. 1 *Holders of rec. Mar. 15
Mar. 15 *Holders of rec. Mar. 1
*56
Leslie Calif. Salt (guar.)
*1% Apr. 1 *Holders of rec. Mar. 15
Lorillard (P.) & Co., pref. (quar.)
*65c. May 1 *Holders of rec. Apr. 18
Loose-Wiles Biscuit, corn. (guar.)
*10c. May I *Holders of rec. Apr. 18
Common (extra)
*18% Apr. 1 *Holders of rec. Mar. 18
First preferred (quar.)
*14 May 15 *Holders of rec. May 1
Louisiana Oil Refg. pref. (guar.)
Mya 1 *Holders of rec. Apr. 19
Liquid Carbonic Co., corn. (guar.)
*81
*50c. Apr. 1 *Holders of rec. Mar. 20
Ludlum Steel common (guar.)
*Holde
31.625 Apr. 1 'Holders of rec. Mar. 20
Preferred (guar.)
*
$1.50 Mar. 31 Holders of rec. Mar. 15
Mack Trucks, Inc., corn. (guar.)
Magor Car Corp. pref. (guar.)
*18% Mar. 31 *Holders of rec. Mar. 24
*13.1 Apr. 1 *Holders of rec. Mar. 17
Manhattan Shirt pref. (guar.)
50c. Apr. 10 Holders of rec. Mar. 18
Margay 011 Corp. (guar.)
+lc. Mar. 25 *Holders of rec. Mar. 15
Mascot 011 (monthly)
50c. Apr. 1 Holders of rec. Mar. 14
Math ferondAlkali Works, corn.(quar.)
eiesre
14 Apr. 1 Holders of rec. Mar. 14
Preferred
*378%c Apr. 1 *Holders of rec. Mar. 15
Maytag Co. common (guar.)
Apr. 1 Holders of rec. Mar. 15
$1
McKeesport Tin Plate (guar.)
Mead Johnson & Co., corn. (guar.) _ __ _ *75c. Apr. 1 *Holders of rec. Mar. 15
*25c. Apr. 1 *Holders of rec. Mar. 15
Common (extra)
Mercantile Discount Corp., Pref. A (qu.) *50c. Apr. 1 *Holders of rec. Mar. 15
Merchants & Mfrs. Secur. corn. A (qu.) *373.lc Apr. 1 *Holders of rec. Mar. 15
*$1.75 Apr. 15 *Holders of rec. Apr. 1
Prior preferred (guar.)
Merchants & Miners Transp. (quar.)_ *62 A c Mar. 31 *Holders of rec. Mar. 8
Apr. 1 *Holders of rec. Mar. 17
Merck Corporation pref. (guar.)
$2
Apr. 21 *Holders of rec. Mar. 31
'$3
Mexican Petroleum, corn. (guar.)
Apr. 21 *Holders of rec. Mar. 31
*$20
Common (extra)
Apr. 21 *Holders of rec. Mar. 31
*2
Preferred (guar.)
*25c. Apr. 1 *Holders of rec. Mar. 15
/Minor, Inc. (guar.)
*75c. Apr. 1 *Holders of rec. Mar. 14
Minneapolis Consol. Mfg.(guar.)
25c. Apr. 1 Holders of rec. Mar. 14a
Moore Corp., Ltd., common (guar.) _
18% Apr. 1 Holders of rec. Mar. 14a
Preferred A & B (guar.)
ar. 15a
40e. Apr. 1 Holders of rec. M.
Mountain Producers (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 17
Nachman-Springfield Corp. (quar.)
*55c. Apr. 1 *Holders of rec. Mar. 17
National Battery pref. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 12
National Candy, corn. (guar.)
*18% Apr. 1 *Holders of rec. Mar. 12
First and second pref. (guar.)
*191 Apr. 1 *Holders of rec. Mar. 3
Nat'l Dairy Products, pref. A (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
National Erie Co. class A (gust.)
*75c. Apr. 1 *Holders of rec. Mar. 20
National Standard Co., corn. (quar.)
National Sugar pref. (quar.)-Dividend omitte d.
50c. Apr. 1 Holders of rec. Mar. 14
corn. (quar.)
National Tea,
50c. Apr. 1 Holders of rec. Mar. 20
National Steel Car (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
Nelson (Herman) Corp.(quar.)
75c. Mar. 31 Holders of rec. Mar. 14
Nevada Consol. Copper Co. (quar.)
*378%c Mar. 31 *Holders of rec. Mar. 15
New Britain Machine,corn.(guar.)
Elec. Supply
Newcastle-Upon-Tyne
'w38% Apr. 1 *Holders of rec. Mar. 14
Amer dep. rights ord. reg. shs
*50c. Mar. 31 *Holders of rec. Mar. 21
Niles-Bement-Pond common (quar.)
*25c. Mar. 31 *Holders of rec. Mar. 21
Common (extra)
*50c. June 30 *Holders of rec. June 20
Common (guar.)
*50c. Sept. 30 *Holders of rec. Sept. 20
Common (guar.)
*50c. Dec. 31 *Holders of rec. Dec. 20
Common (guar.)
*45c. Apr. 1 'Holders of rec. Mar. 20
Northwest Bancorporation (guar.)
*e2
Oleo Mfg. (stock dividend)
*6236c Apr. 1 *Holders of rec. Mar. 19
Otis Steel common (guar.)
*14 Apr. 1 *Holders of rec. Mar. 19
Preferred (guar.)
Parmelee Transportation corn. (mthly.)_ *12 Ac Apr. 10 *Holders of rec. Slat. 26
*31.50 Apr. 1 *Holders of rec. Mar. 31
Preferred (guar.)
May 15 Holders of rec. May 5
$1
Penmans, Ltd., corn. (guar.)
18% May 1 Holders of rec. Apr. 22
Preferred (guar.)
75c. Mar. 31 Holders of rec. Mar. 20
Penney (J. C.) Co., corn.(guar.)
1 A Mar. 31 Holders of rec. Mar. 20
Preferred (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
Perfect Circle, corn. (guar.)
Phila. Dairy Prod. prior pfd. (quar.)--* $1 .625 Apr. 1 *Holders of rec. Mar. 20
•50c. Apr. 1 *Holders of rec. Mar. 15
Pittsburgh Plate Glass (quar.)
•18% Apr. 1 *Holders of rec. Mar. 20
Pittsburgh Steel Foundry (quar.)
•
Regal Shoe. pref. (guar.)
18% Apr. 1 *Holders of rec. Mar. 20
Reynolds (R. J.) Tobacco
*75c. Apr. 1 *Holders of rec. Mar. 18
common B (guar.)
Common and
*43%c May 1 *Holders of rec. Apr. 5
Richfield Oil. pref. Mar.)
*75c. Apr. 1 *Holders of rec. Mar. 20
Ross Gear & Tool, corn. Mar.)
*25c. Apr. 1 *Holders of rec. Mar. 10
Royal. Baking powder. corn. (inlar.)
Preferred (quar.)
'18% Apr. 1 *Holders of rec. Mar. 10
50c. Mar. 31 Holders of rec. Mar. 15a
St L. Rocky Mt. & Pac.Co. com.(qu.)
Preferred (guar.)
18% Mar. 31 Holders of rec. Mar. 15a
*10c. Apr. 1 *Holders of rec. Mar. 15
Salt Creek Consol 011 (goar.)
Apr. 1 *Holders of rec. Mar. 12
s
. *2
SocolTilitiee Mfg.RetailfSoar ) pref. (gust.)-- --- '2
gtorns,
.
1 'Holders1Holders ofroe. Mar. 17
tee.Mar. 14a
Selected Industries, Inc., prior stk. (qu. S1.375 Apr.
.
*$1
Second National Investors pref. (guar.) .$1.25 Apr. 1 *Holders of rec. Mar. 10
Mar. 16
Mar. 15 Mar. 1 to
3
Seventeen Park Ave., Inc., pref
*25c. Apr. 10 *Holders of rec. Mar. 20
Shattuck (Frank G.) Co.(qu.)
50c. Apr, 1 Holders of rec. Mar. 8
Sheffield Steel, corn. Mar.)
Apr. 1 Holders of rec. Mar. 8
Common (extra)
$1
H ld
11.1 . Mar.Ap. 21 IIol riers o roe. Mar. 21
6
0
Preferred (guar.)
offroe. Mar. 15
Sherwin-Wms. Co. of Canada, com.(c111.)
Common (extra)
Sc. Msr. 21 Holders of rec. Mar. 15
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 25
*4
Silent Automatic Corp., pref
621 6e. Mar. 15 Holders of rec. Mar. 5
,
Smallwood Stone (guar.)
*75c. Mar. 15 *Holders of rec. Mar. 10
Southern Acid & Sulphur (quar.)
*75e. June 15 *Holders of rec. June 10
Quarterly
*25c. Mar. 31 *Holders of rec. Mar. 14
Sparks, Withington & Co.. corn.(qu.)
18% Mar. 15 Holders of rec. Mar. 8
(quar.)
Preferred
*55c. Mar. 31 *Holders of rec. Mar. 20
Square D Co. class A (goar.)
Standard Commercial Tab., corn., divide nd omi tted
-c. Mar. 15 Holders of rec. Feb. 28
Stand Royalties Netumka, pf. (frailly.) _
lc. Mar. 15 Holders of rec. Feb. 28
Stand. Royalties, Newoka pf. (rattily.)- _
he. Mar. 15 Holders of rec. Feb. 28
Stand. Royalties, Wichita, pf. (mthly.) _
5628%c Apr. 1 *Holders of rec. Mar. 15
Stanley Works(guar.)
*14 Apr. 1 *Holders of rec. Mar. 15
Stein (A.) & Co., pref. (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
Sterling Motor Truck, pref.(guar.)
July 1 *Holders of rec. June 16
Stone (H.0.)& Co. corn. (in corn. stk.)_*.(5
•

1604
Nome of Company.

FINANCIAL CHRONICLE
Per
When
Cent. Payable

Books Closed,
Days Inclustre.

Miscellaneous (Con(inued).
Sunset McKee Salesbook. el AA (qu.)_ - - •374c Mar. 15 *Holders of rec. Mar. 4
Class B (guar.)
'25e. Mar. 15 *Holders of rec. Mar. 4
South West Pa. Pipe Lines(quar.)
Apr. 1 lIo!ders of rec. Mar. 15
$1
Southwestern Dairy Prod. pref. (quar.) _ *13( Apr. 1 *Holders of rec. Mar. 10
Sullivan Machinery (guar.)
Apr. 1 *Holders of rec. Mar. 31
s$1
Taylor Milling Corp., corn.(quar.)
621c. Apr. 1 Holders of rec. Mar. 10
Thatcher Mfg. common (guar.)
*40e. Apr. 1 *Holders of rec. Mar. 20
Timken-Detroit Axle, corn. (quar.)
20e. Apr. 1 Holders of rec. Mar. 20a
Tide Water Assoc 011, prref.(quar.) _ Apr. 1 *Holders of tee. Mar. 14
Tide Water Oil, corn. (quar.)
*20e. Mar. 31 *Holders of rec. Mar. 14
Torrington Co. (quar.)
*75c. Apr. 1 *Holders of rec. Mar. 14
Tri-Continental Corp., pref. (quar.)__ _ _ *151.50 Apr. 1 'Holders of roe. Mar. 14
United Founders Corp. common
(s) Apr. 1 Holders of rec. Mar. 12
U. S. Leather prior pref. v. t. c
Apr. 1 Holders of rec. Mar. 10
U. S. Playing Card (quar.)
Apr. 1 'Holders of rec. Mar. 21
*31
U. S. Radiator common (quar.)
*50c. Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
*in Apr. 15 *Holders of rec. Apr. 1
United Steel Wks. Corp.(Germany)___ - 6
Mar. 1 Holders of coup. No. 4.
U. S. Elec. L. & Pow. Shares, Inc. ctf A •138e. Mar. 1
U.S. Petroleum (quar.)
*lc. Mar. 10 *Holders of rec. Mar. 5
U. S. Tobacco, corn. (quar.)
Apr. 1 Holders of rec. Mar. 17
451
Preferred (guar.)
Apr. I Holders of rec. Mar. 17
Universal Leaf Tobacco corn. (quar.)___ *75c. May 1 *Holders of ree. Apr. 21
Preferred (quar.)
*32
Apr. 1 *Holders of rec. Mar. 17
Utah Copper Co.(quar.)
$4
Mar. 31 Holders of rec. Mar. 14
Van SleklenCores. crass A (quar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Vortex Cup Co. common (quar.)
*50e. Apr. 1 *Holders of rec. Mar. 20
Class A (quar.)
*624c Apr. 1 *Holders of rec. Mar. 20
Ward Baking Corp., pref. (quar.)
Apr. 1 Holders of rec. Mar. 17
Warner-Quinlan Co., corn.(guar.)
25e. Apr. 3 Holders of rec. Mar. 14
Warren Bros. common (quar.)
Apr. 1 "Holders of rec. Mar. 17
*S2
First preferred (quar.)
575e. Apr. 1 *Holders of rec. Mar. 17
Second preferred (quar,)
*874c Apr. 1 *Holders of rec. Mar. 17
Washington 011
575e. Mar. 20 *Holders of rec. Mar. 3
Waukesha Motor common (quar.)
575c. Apr. 1 *Holders of rec. Mar. 15
West Coast Oil(quar.)
Apr. 5 *Holders of rec. Mar. 17
Western Canada Flour Mills, pf. (au.)-. *154 Mar. 15 *Holders of rec. Feb. 28
Western Grocers. Ltd., pref. (quar.)____ *31.75 Apr. 15 *Holders of rec. Mar. 20
Westvaco Chlorine Prod., pref. (qu.)_- - *1% Apr. 1 *Holders of rec. Mar. 15
White Star Refining, corn.(quar.)
*(32)4c Apr. I *Holders of rec. Mar. 15
Williams(R.C.)& Co.(quar.)
535e. May 1 *Holders of rec. Apr. 15
Westmoreland, Inc. (guar.)
*30e. Apr. 1 *Holders of rec. Mar. 15
.1% Apr. 1 *Holders of ree. Mar. 12
Wood (Alan) Steel pref. (guar.)
Yarns Co. of America-dividend omitted

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.

When
Per
Cent. Payable

Books Closed.
Days Inclustee.

Railroads (Stearn).
Alabama & Vicksburg
3
Apr. I Holders of rec. Mar. 10a
Atlantic Coast Line Co.(quar.)
*$2.50 Mar. 10'Holders of rec. Feb. 28
Bangor de Aroostook, corn. (quar.)
88e. Apr. 1 Holders of rec. Mar. in
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. la
Boston & Albany (guar.)
2
Mar. 31 Holders of rec. Feb. 28
Boston & Maine, corn. (quar.)'
1
Apr. 1 Holders of rec. Mar. 8a
Prior preferred (guar.)
•131 Apr. 1 *Holders of rec. Mar. 8
4,1% Apr. 1 *Holders
First preferred, class A (quar.)
of rec. Mar. 8
First preferred, class B ((war.)
'2
Apr. 1 •HoldeN of rec. Mar. 8
.1% Apr. 1 "Holders of rec. Mar. 8
First preferred, class C (quar.)
First preferred, class D (quar.)
*24 Apr. 1 *Ifolders of rec. Mar. 8
First preferred, class E (quar.)
*14 Apr. 1 *Holders of rec. Mar. 8
6% preferred (quar.)
'114 Apr. 1 'Holders of rec. Mar. 8
Canadian Pacific common (quar.)
214 Apr. I Holders of rec. Feb. 28a
Pre tere nce
2
Apr. 1 Holders of rec. Feb. 28
Chesapeake Corporation (quar.)
75c Apr. 1 Holders of rec. Mar. 86
Chesapeake & Ohio, corn. (guar.)
Apr. 1 Holders of rec. Mar. fla
23
Preferred
3% July 1 Holders of rec. June 76
Chicago & North Western corn.(quar.)
1% Mar. 31 Holders of rec. Mar. 4a
Preferred (guar.)
1% Mar. 31 Holders of rec. Mar. 4a
Chicago Rock Island & Pacific com.(qu.) 1% Mar. 31 Holders of rec. Mar. 7a
Consolidated RR.s. of Cuba, pref. (qu.)_
14 Apr. 1 Holders of rec. Mar. 10a
Cuba RR., common
$1.20 Mar. 28 Holders of rec. Mar. 28a
Delaware (Sr Hudson Co. (guar-)
2% Mar. 20 Holders of rec. Feb. 26a
Georgia RR.& Banking (quar.)
*3
Apr. 15
Gulf Mobile & Nor, pf (quar.)
14 Apr. 1 Holders of rec. Mar. Ito
Hocking Valley fly., tom.(quar.)
24 afar. 31 Holders of rec. Mar. 8a
Maine Central, corn.(quar.)
1% Apr. 1 Holders of rec. Mar. 15
M issou rI- Kansas=Texaa, pref. (q uar.) _ _
1% Mar. 31 Holders of rec. Mar. 15a
N.Y. Chicago & St. Louis corn. de pf.(qu) 1)4 Apr. 1 Holders of rec. Feb. 15a
N.Y. New Haven & Hartford corn.(qu.) 134 Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 7n
Norfolk & Western common (quar.).
234 Mar. 19 Holders of rec. Feb 28n
Pere Marquette, corn. (guar.)
14 Apr. 1 Holders of rec. Mar. 8a
Common (extra)
2
Apr. 1 Holders of rec. Mar. 8n
Prior pref. and pref. (quar.)
1%, May 1 Holders of rec. Apr. 5a
Pitts. Bessemer de Lake Erie common__ •750. Apr. 1 •Ifolders of rec. Mar. 15
Preferred
•31.50 June 1 'holders of rec. May 15
Pittsb. Ft. Wayne & Chic., corn. (qtr.)
1% Apr. I Holders of rec. Mar. 10a
Preferred (quar.)
1% Apr. 8 Holders of rec. Mar. 10a
Re.arrar company first pref. ((tiara ___ 50e. Mar. 13 Holders of rec. Feb 2r4a
2d preferred ((war.)
50c. A pr. 10 Holders of rec. Mar. 20a
Si. Louis-San Francisco corn. (ri uar.) - 2
Apr. I Holders of rec. Mar. In
Preferred (utiar.).
14 May I Holders of rec. Ayr. 12.i
Preferred (quar.)
14 Aug. I Holders of rec July la
Preferred (emu.)
it
Nov
I Holders of ree Oct. It
,
St. Loeb Sotithweatern pref (guar
14 Mar. 31 Holders of recs. Mar. 12a
Southern Pacific Co. common (quar.)___
13.4 Apr. 1 Holders of rec. Feb. 24n
Union Pacific common (quar.)
23.4 Apr. 1 Holders of rec. Mar. In
Preferred
Apr. 1 Holders of rec. Mar. In
2
Vicksburg Shreveport & Pacific, corn
- 234 Apr. 1 Holders of ree. Mar. 10a
Preferred (quar.)
234 Apr. 1 Holders of rec. Mar. 10a
Public Utilities.
Amer. Power & Light. $5 pref. A (qu.) _ $1.25 Apr. 1 Holders of rec. Mar. 8n
$e preferred ((mar )
$1.50 Apr. 1 Holder., of ree. Mar. Ra
2% Apr. 15 Holders of rec. Mar. 14a
Amer. Telco. & Teleg. ((liar.)
$1.50 Apr. 1 Holders of rec. Mar. 12n
Amer. Wats r Wks. & El VI pref.
$1.25 Mar. 15 Holders of rec. Feb. 15
Aasociated Gas dr Elec.$5 prof.((ivar.)
Associated Telep. Utilities, pr. pf. Blu.) •$1.75 Mar. 15 *Holders of rec. Feb. 28
$6 preferred ((puar.)
•$1.50 Mar. 15 'Holders of rec. Felt. 28
2
Bell Telephone of Canada (guar.)
Apr. 15 Holders of rec. Mar. 22
Bell Telep. of Pa. 64% Pf. (quar.)
•194 Apr. 15 *Holders of rec. Mar. 20
$1.75 Apr. 1 Holders of rec. Mar. 15
Birmingham Elec., $7 pref. (quar.)
Si 50 Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
Boston Elevated, corn.(quar.)
13.4 Apr. 1 Holders of rec. Mar. 10
Second preferred
34 Apr. 1 Holders of rec. Mar. 10
Apr. Ir. Hold, r- of rise A pr
Bklyn
tom Ic prer ser A ((tiara
SI
In
Brooklyn Union Gas(quar.)
$1.25 Apr. 1 Holders of rec. Mar. 3a
Cables & Wireless, Ltd.
American dep. rcts. for preferred -Apr. 5 *Holders of rec. Feb. 28
Canada Northern Power, corn. (quar.)- 150. Apr. 25 Holders of rec. Mar. 31
Preferred (guar.)
134 Apr. 15 'folders of rec. Mar. 31
Central III. Pub. Service. Pt (qu.)
•14 Apr. 15 *Holders of rec. Mar. 31
Central Public Service, class A (quar.)_o •43%c Mar. 15 'Holders of rec. Feb. 24
$7 preferred (guar.)
•$1.75 Apr. 1 •Ifolders of rec. Star 17
Central States Elec. Corp., corn.(qu.)_.
10c. Apr. 1 Holders of rec. Star. 5
Common (payable in corn,stock)
f2 34 Apr. 1 Holders of rec. Mar. 5
6% preferred (quar.)
14 Apr. 1 Holders of rec. Star. 5
7% preferred (quar.)
134 Apr. 1 Holders of rec. Star. 5
Prof.series of 1928 (3-32(1 corn or _ _ _ _ 31.50 Apr. 1 Holders of ree. Star. 5
Preferred series of 1929(3
-64th corn or $1.50 Apr. 1 Holders of rec. Star. 5
Central States Power dt Light, pf. (q11.) $1.75 Apr. 1 Holders of rec. Star. 5
Central States Utilities Corp.. p1.(qu.) _ "$1.75 Apr. 1 *Holders of rec. Star. 5
Cities Service Pr. dt Lt., 36 pref.(mthly.) *50e. Mar. 15 *Holders of rec. Mar. 1
$7 preferred (monthly)
• 58 1-3c Mar. 15 *Holders of rec. Mar. 1




Name of Company.

[VOL. 130.
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Public Utilities (Cont(nued).
Chic. Rapid Transit. pr. pref. A (qu.)_ '65c. Apr. 1 *Holders of rec. Mar. 18
Prior preferred A (quar.)
.(15c. Slay I "Holders of rec. Apr. 15
Prior preferred A Mar.)
*65c June 1 *Holders of rec. Slay 20
Prior preferred B (guar.)
•00e. Apr. 1 *Holders of rec. Mar. 18
Prior preferred B (guar.)
*60c. Slay 1 *Holders of rec. Apr. 15
Prior preferred B (guar.)
*60c. June 1 *Holders of rec. Slay 20
Cleveland Ry., corn. (quar.)
*13.4 Apr. 1 *Holders of rec. Mar. 28
Coast Counties Gas er Elec.,
First and second preferred (quar.)
'13.4 Mar. 15 'Holders of rec. Feb. 25
Collin)lila Gas at Electric, corn
Com mon (Payable In corn. stock)
Mar. 31 Holders of rec. Feb o28a
/25
Connecticut Elec. Service. corn. (quar.)75e. Apr. 1 Holders of roe. Mar. 14
Consol. Gas. El. L. dr P.,11alt.,comauu.)
90e. Apr. 1 Holders of rec. Star. 15
134 Apr. 1 Holders of rec. Mar. 15
5% Preferred series A (guar.)
6% preferred series D (ouar.)
14 Apr. 1 Holders of rec. Mar. 15
534% preferred series E (guar.)
1% Apr. 1 Holders of roe. Mar. 15
Consolidated Gas of N. Y., corn.(quar.)_ $1
Mar. 15 Holders of rec. Feb. 7a
Preferred ;quar.)
$1.25 May 1 Holders of rec. Star. 29a
Consolidated Gas 1.101., el. A (quar.)
55c. Mar. 1 Holders of rec. Feb. 15
Consumers Power. $5 pref. (guar.)
$1.25 Apr. i Holders of rec. Mar. 15
6% Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 15
6 6% preferred (quar.)
$1.65 Apr. 1 Holders of rec. Star. 15
7% preferred (quar.)
134 Apr. 1 Holders of rec. Star. 15
50e. Apr. I Holders of roe. Mar. 15
5% Preferred (monthly)
55e Apr. 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
Dakota Central Telep., coin. (quar.)
•S2 Apr. 1
% preferred (quar.)
'134 Apr. 1
Detroit Edison Co. (quar.)
2
Apr. 15 Holders of roe. Star. 200
Diamond State Telep.. prof. (quar.)--- *14 Apr. 15 *Holders of rec. Mar. 20
Eastern Gas & Fuel Associates
Prior preferred (quar.)
*31.25 Apr. 1 *Holders of rec. Star. 15
*14 Apr. 1 *Holders of rec. Mar. 15
6% preferred (guar.)
East Kootenay Power pref. (quar.)
134 Mar. 15 Holders of rec. Feb. 28
Electric Power & Light, pref. (quar.)__- $1.75 Apr. 1 Holders of rec. Mar. 8a
El Paso Electric Co., pref. A (guar.)- - -- "134 Apr. 15 *Holders of rec. Apr. 1
25c. Apr. 1 Holders of rec. Feb. 28a
Engineers Public Service common (qu.)fl
Corn (2-100ths share com.stock
Apr. 1 Holders of rec. Feb. 28a
55 preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28a
$5.50 preferred (quar.)
1.374 Apr. I Holders of reo. Feb. 28a
_ 374c Apr. 1 Holders of rec. Mar. 134
Federal Light & Trac. common ((Oar
Common (payable In common stock)- - 11
Apr. 1 Holders of roe. Mar. 13a
Federal Water Service, $6 pref. (quar.)_ 51.50 Apr. 1 Holders of rec. Star. 140
31.625 Apr. 1 Holders of rec. Mar. 146
$6.50 preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 14a
$7 preferred (guar.)
Gas & Elec. Securities, corn. (mthly.)_
*50e. Mar. 15'Holders of rec. Feb. 3
General Gas & El. common A & B (qu.)_ m3712e Apr. 1 Holders of rec. Feb. 28a
$1.75 Apr. 1 Holders of rec. Feb. 28a
$7 Preferred (quar.)
$8 preferred (quar.)
Apr. 1 Holders of rec. Feb. 28a
$2
$1.50 Mar. 15 Holders of rec. Feb. 15
$6 cony. pref. (quar.)
$1.50 Star. 15 Holders of ere. Feb. 15
$6 prof. series B (quar.)
4334c Mar. 31 Holders of lee. Mar. 14a
Hackensack Water, pref. A (quar.)
"2
Mar. 31 'Holders of reo. Mar. 29
Illinois Bell Telephone (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Illinois Power,6% pref. (quar.)
134 Apr. 1 Holders of reo. Mar. 15
7% Preferred (quar.)
Indiana Hydro-Elec. Power. Pf. (guar.). 134 Mar. 15 Holders of rec. Feb. 28
Indianapolis Water Co., pref. A (quar.). 134 Apr. 1 Holders of rec. Mar. 12a
$1.50 Apr. 1 Holders of rec. Mar. 5
Interstate Power, $6 pre/. (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 5
$7 preferred (guar.)
K. C. Power & Light. prof. B (quar.)- -- 31.50 Apr, 1 Holders of rec. Star. 14a
K. C. Public Service, pref. A (guar.).
Apr. 1 Holders of rec. Mar. 15
- 31
13.1 Apr. 1 Holders of rec. Mar. 18
Kentucky Securities, corn. (quar.)
134 Apr. 15 Holders of rec. Mar. IS
Preferred (quar.)
24 Mar. 15 Holders of rec. Star. in
Laclede Gas Light, corn.(quar.)
14 Mar. 15 Holders of rec. Mar. 4
Lexington Utilities, pref. (ouar.)
Louisville Gas dr El. corn. A & B (qu.)_ 4334e Mar. 25 Holders of rec. Feb. 28a
'Memphis Power & Light, $7 pref. (cal.)- $1.75 Apr. 1 Holders of rec. Star. 15
$6 preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Apr. I *Holders of rec. Feb. 28
*32
Metropolitan Edison, corn. ((mat.)
.$1.75 Apr. 1 *Holders of rec. Feb. 28
37 preferred (quar.)
•$1.50 Apr. 1 *Holders of rec. Feb. 28
$6 preferred (quar.)
"31.25 Apr. 1 *Holders of rec. Feb. 28
35 preferred (quar.)
Mohawk & Hud.Pow. 2d pref.(quar.)-- .$1.75 Apr. 1 *Holders of rec. Star. 20
Stonongahela West Penn P.S.. pf.(qu.) 43340 Apr. 1 Holders of roe. Mar. 15
Nat. Power & Light. $7 Pref.( Mar.)--- $1 75 Apr. 1 'folders of rec Mar. 10
(
Nat. Pub. Serv. Corp. corn. A (quar.)--40e. Mar. 15 Holders of rec. Feb. 27
Newark Telephone (guar.)
Star. 10 *Holders of rec. Feb. 28.
*$1.
*31
June 10 *Holders of rec. May 31
Quarterly
Quarterly
*$1
Sept. 10 *Holders of rec. Aug. 30
Quarterly
Dec. 10 *Holders of rec. Nov. 29
*$1
New Eng. Pub. Serv. Pr. lien Pr. (qu.)- - $1.75 Star. 15 *Holders of rec. Feb. 28
New England Tel. & Tel.(quar.)
2
Star. 31 Holders of ree. Star. 10
N. Y. & Queens E.I..&P.. corn. (guar.) *31.50 Mar. 14 *Holder s of rec. Feb. 28
New York Steam Co.. $7 pref. (qu.)- - - Si 75 Apr. I Holders of rec. Star. I5a
$6 preferred (guar.)
51 50 Apr. 1 Holders of rec. Star. 1501
N. Y. Telephone, 63.4% pref. (quar.)
1% Apr. 15 Holders of rec. Mar. 20
N. Y. Water Service. pref. (quar.)
$1.50 Mar. 15 Holders of tee.. Mar. 5
North American Co., corn. (guar.)
f24 Apr. 1 Holders of reo. Mar. Sit
Preferred (iitiar.)
75e. Apr. I Holders of reo. Mar. Sc
Northern Ontario Power, corn. (quar.)__
50e. Apr. 25 Holders of rec. Mar. 31
Preferred (quar.)
14 Apr. 25 'folders of rec. Mar. 31
Ohio Bell Telephone, pref. (quar.)
1% Apr. I Holders of rec. Star. 20
Ohio River Edison, pref. ((mar.)
134 Apr. 1 Holders of rec. Mar. 15
Oklahoma Gas & El. pref. (quar.)
134 Mar. 15 'folders of rec. Feb. 28
Pennsylvania Gas & El., 7% prof. (q11.) '134 Apr.
*Holden of rec. Mar. 20
$7 preferred Mar.)
*Holders of rec. Mar.'20
*$1.75 Apr.
PentivIvarda-Ohlo Power & Lght Co.
$6 preferred (quar.)
$1.50 May
Holders of roe. Apr. 21
7% Preferred (roar.)
Ifoldera of rec. Apr. 21
134 May
7.2% preferred (monthly)
Holders of rec. Mar. 20
60e. Apr.
7.2% preferred (monthly)
Holders of rec. Apr. 21
60c. May
Holders of rec. Mar. 20
55e. Apr.
&a% Preferred (monthly)
6.6% preferred (monthly)
Holders of rec. Apr. 21
55e. May
!folders of roe. Mar. 14
Pennsylvania Water A Power (quar.)_ _ _
750. Apr.
Peoples Gas Light & Coke (quar.)
Apr. 17 *Holders of rec. Apr. 3
"2
['Near. Let. & Pwr. Corp., corn. A (qtr.) 3.560e. Apr. 1 Holders of rec. Mar. 8
•50o. Apr. 1 *Holders of rec. Mar. 11
Plilladelphia Electric, pref. (quar.)
rtilia.leirada Suburban Water. ill.(quar.) 134 'lay 31 Holders of rec. May 12a
Public Service Corp. of N. J., corn.(qu.)
85e. Mar. 31 Holders of rec. Star. la
Mar. 31 Holders of ree. Mar. in
2
8% Preferred (quar.)
7% preferred (quar.)
134 Mar. 31 Holders of rec. Mar. la
$1.25 Mar. 31 Holders of rec. Mar. la
$5 preferred (quar.)
50c. Mar. 31 Holders of rec. Mar. la
6% Preferred (monthly)
Public Service Klee
1% Mar. 31 Holders of rec. Mar. la
Gas.,8% Pf.(QUO
134 Mar. 31 Holders of rec. Mar. 1
7% preferred (guar.)
Quebec Power Co (quar.)
6234c. Apr. 15 Holders of rec. Mar. 27
Shawinigan Water & Power (guar)
624c Apr. 10 Holders of rec. Mar. 15
lioutliero Callf Eilkoo pref. A ((II )-- - 433.4c Mar. 15 Holders of rec. Feb. 20
37 tic Mar. 15 lioldera (if rec. Feb. 20
Preferred series B War.)
Southern Colorado Pacer pref.( quar.)134 Mar. 15 Holders of rec. Feb. 28
Southern N. E. Telephone (quar.)
Apr. 15 *Holders of roe. Star. 31
*2
Southwestern Gas & Elec., pref. (quar.) _ •134 Apr. 1 'Holders of rec. Mar. 15
Star. 15 Holders of rec. Feb. '2841
Standar° Gas & Elec.. pref. War.)
$1
Twin City Rapid Transit, pref.
134 Apr. 1 'folders of rec. Mar. 1201
Underground Elec. flys of London
Mar. 13 *Ifolders'of reo. Feb. 17
Amer. dep. refs. for ord. reg. shares_ - *tr5
Union Natural Gas (guar.)
•35c. Mar. 10 *Holders of rec. Feb. 28
•5o. Mar. 10 *Holders of rec. Feb. 28
Extra
The. Apr.
United Corporation pref. (qum.)
Holders of roe. Mar. 6a
United Gas improvement, corn. ((lII.) 30- Mar. 3 Holders of rec. Feb. 280
$1.25 Mar. 3 Holders of ree. Feb. 28a
I% preferred ((plata_
Utilities Power & Light, corn. (guar.)- - - (cc) Apr.
Holders of rec. Star. 10a
(CC)
Class A (guar.)
Apr.
Holders of rec. Mar. 106
(cc) Apr.
Class B (quar.)
Holders of rec. Star. 10a
$1.75 Apr.
Preferred (quar.)
Holden; of rec. Star. 10
Vlrginia Elec. A Power,7% pref.(quar.) 154 Star. 20 Holders of rec. Feb. 280t
6% preferred (guar.)
134 Star. 20 Holders of rec. Feb. 28a
Western Power Corp., pref. (quar.)- -134 Apr. 15 Holders of reo. Mar. 31
1% Apr. 1 Holders of rec. Star. 6
Winnipeg Electric Co., pref. (quar.)WIsconsin Public Serv. 7% Pf (quar.).. 134 Mar. 20 Holders of reo. Feb. 28
14 Star. 20 Holders of rec. Feb. 28
8)4% Preferred quar.)
14 Mar. 20 Holders of reo. Feb. 28
5% Preferred (quar.)

MAR.8 1930.]
Name of Company.

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed,
Days Inclusive.

Banks.
624e. Apr. 1 Holders of rec.
Chelsea Bank &Trust Co.(guar.)
Continental Bank & Trust Co.(guar.)
300. Mar. 15 Holders of rec.
Apr. 1 'Holders of rec.
Public National Bank & Trust (guar.) •51
ral.101.11dOud National (stock dividend).• e33 1-3 Apr. 1 "Holders of rec.
Trust Companies.
40c. Apr. 1 Holders of rec.
Irving (qUar.)
Fire Insurance.
North River Insurance Co. (quar.)
50c. Mar. 15 Holders of reo.
United States Fire (quar.)
•60c. May 1 'Holders of rec.

Mar. 14a
Mar. 5
Mar. 20
Mar. 25
Mar. 4
Mar. 5
Apr. 22

Miscellaneous.
AbbottjLaboratories, corn. (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 21
Abitibi Power & Paper,7% pref. (qu.)_ _
I% Apr. 1 Holders of rec. Mar. 20
AcmelGlove Works, 1st pref. (guar.) _
81c. Mar. 15 *Holdres of rec. Feb. 28
Second preferred (guar.)
•75c. Mar. 15 "Holders of rec. Feb. 28
Acme Steel (guar.)
Apr. 1 Holders of rec. Mar. 20
$1
Addressograph International (qu.)
5374c Apr. 10 *Holders of rec. Mar. 21
Ainsworth Mfg. (stock div.) (guar.)
June 2 *Holders of rec. May 20
'el
Allegheny Steel, corn. (monthly)
15e Mar. 18 Holders of rec. Feb. 28
,
L Preferred (guar.)
•13.( June 2 "Holders of roe. May 15
Preferred (guar.)
•13.( Sept. 1 *Holders of ree Aug. lb
Preferred (guar.)
'1(4 Dec. 1 'Holders of rec. Nov. 15
Alliance Investment Corp., corn. (guar.)
20e. Apr. 1 Holders of rec. Mar. 14
Common (payable in common stock)-- fl
Apr. 1 Holders of rec. Mar. 14
Preferred
Apr. 1 Holders of rec. Mar. 14
3
Alliance Realty, pref. (guar.)
14 June 1 Holders of rec. May 20
Preferred (guar.)
13.4 Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
13.4 Dec. 1 Holders of rec. Nov. 20
Allied Chemical & Dye Corp., pref.(qu.)
154 Apr. I Holders of rec. Mar. 8a
Allied Products, corn
•50c. Apr. 1 'Holders of rec. Mar. 10
Class A (guar.)
*87)ic Apr. 1 *Holders of rec. Mar. 10
Alpha Portland Cement, Pf. (qu.)
*134 Mar. 15 'Holders of rec. Mar. 1
Aluminum Co.of Amer., pref.(quar.)
•14 Apr. 1 'Holders of rec. Mar. 15
Aluminum Industries (guar.)
"374c Mar. 17 "Holders of rec. Feb. 28
Ai ireinum Mfrs., pref. (quar.)
June 30 *Holders of roe. June lo
0
Preferred (quar.)
*154 Sept. 30 "Holders of roe. Sops. le
Preferred (quar.)
•144 Dec.81 *Holders of me. Dec. 11
American Bank Note, corn.(guar.)
500. Apr. 1 Holders of rec. Mar. 7a
Preferred (guar.)
750. Apr. 1 Holders of rec. Mar. 7a
American Can, pref. (guar.)
154 Apr. 1 Holders of rec. Mar. 14n
American Chain common (guar.)
750. Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
194 Apr. 1 Holders of roe. Mar. 21a
American Chicle, corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. 12a
Common (extra)
25e. Apr. 1 Holders of rec. Mar. 12a
Amer. Colortype, corn. (guar.)
60c. Mar. 31 Holders of roc. Mar. 12
Preferred (guar.)
154 June 1 Holders of rec. Mar. 14
Amer. Encaustic Tiling, cone. (quar.)_....
500. Mar. 31 Holders of rec. Mar. 14a
Amer. Horne Products (monthly)
35e. Apr. 1 Holders of rec. Mar. 140
American International Corp corn
Apr. 1 Holders of rec. Mar. 12a
$1
Coin.(payable In corn.stock)
Apr. 1 Holders of roe. Mar. 12a
f2
Corn. (p.ryttb.e in corn Auk.)
Oct. 1
f2
Amer. Laundry Machinery (guar.)
June 1 "Holders of rec. alay.20
•$1
American Locomotive, corn. (guar.)
Mar. 31 Holders of rec. Mar. 13a
$2
Preferred (guar.)
1% Mar. 31 Holders of roe. Mar. 13a
Amer. Maize Products, corn.(guar.) _ _ •500. Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
•154 alien 31 "Holders of rec. Mar. 15
American Manufacturing, corn. (guar.)Mar. 30
Mar. 31 Mar. 16 to
1
Common (guar.)
July 1 June 16 to June 30
1
Common (guar.)
Oct. 1 Sept. 16 to Sept. 30
1
Common (guar.)
Dec. 31 Des. 16 to Dee. 30
1
Mar. 30
Preferred (guar.)
134 Mar. 31 Mar. 16 to
Preferred (outer.)
14 July 1 June 16 to June 30
Preferred (guar.)
Oct. 1 Sept. 16 to Sept. 30
134
Preferred (guar.)
13.4 Dec. 31 Dec. 16 to Dec. 30
Amer. Radiator & Stand Sanitary Corp.
Common (guar.)
37340 Mar. 31 Holders of rec. Mar. lie
American Rolling Mill, corn.(guar.) _ _ _ 50c Apr. 15 Holders of rec. Mar. 31a
Amer. Safety Razor (guar.)
51.25 Mar. 31 Holders of ree. Mar. 10a
Amer. & Scottish Invest. (guar.)
*30e June 1 'Holders of rec. May 15
American Seating, corn. (guar.)
•50c Apr. 1 'Holders of rec. Mar. 20
American Stores common (quar.)
50e Apr. 1 Holders of rec. Mar. 15a
American sugar Kong., cone. (guar
Holders ot rec. alter. oa
___
1% Apr.
Pretert ed (guar.)
1% Apr. 2 Holders of tee. Mar. 5a
American Surety (guar.)
$1.50 Mar. 31 Holders of rec. Mar. 15a
American Tobacco, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. be
Amer. Writing Paper, preferred
Mar. 31 Ho.ders of rec. Mar. 20
$1
Auroskeag Mfg., corn.(guar.)
•50c. Apr. 2'Holders of rec. Mar. 15
Coalmen (guar.)
•25e. July 2 *Holders of rec. June 14
Common (guar.)
•25e. Oct. 2 'Holders of rec. Sept. 13
Armour & Co.(Illinois) pref.(guar.)Apr. 1 Holders of rec. Mar. lUa
154
Armour & Co. of Delaware, pref. (guar.) 194 Apr. 1 Holders of rec. Mar. lua
Armstrong Cork (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 14
Asses fated Nppareo Industries. corn urn $1
5 pr. 1 Bowers of rec. mar. 200
Associated Breweries (Carl.) corn. (qu.)_
50c. Mar. 31 Holders of rec. Mar. 15
Preferred (inter.)
1% Apr. 1 Holders of rec. Mar. 15
Atlantic Gulf & W. I. S. S. Una.' pf.((iu.) '13.4 Mar. 31 *Holders of rue. Mar. 12
Preferred
•ly, June 30 "Holders of rec. June 11
Preferred ((buar.)
'13.4 Sept. 30 *Holders of rec. Sept. 10
Preferred (guar.)
*14 Dee. 31 'Holders of rec. Dec. 11
Atlantic Refining common (guar.)
25e. Mar. 15 Holders of rec. Feb. 2Ia
Common (extra)
25e. Mar. 15 Holders of rec. Feb. 21a
Atl. Terra Cotta, prior pref. (guar.)
14 Mar. 15 Holders of rec. Mar. 5
Preferred (quar.)
Mar. 25 Holders of rec. Mar. 5
1
Atlas Powder, corn. (guar.)
Mar. 10 Holders of rec. Feb. 28a
$1
Autocar Co., pref. (guar.)
Mar. 15 Holders of rec. Mar. 5
2
Auto Strop Safety Razor class A (qu.).._
750. Apr. 1 Holders of rec. Slur. ion
Cl1188 B (No. 1)
400. May 1 Holders of rec. Apr. 10
Babcock & ‘Vileox Co.(guar.)
1% km'. 1 Homers of rec. Mar. 20
13ackstay Welt Co. common (quar.)
"50c. Apr. 1 'Holders of rec. Mar. 20
Common (payatile in common stock)
Apr. 1 *Holders of rec. Mar. 20
•1
Baker (J. T.) Chemical Co. common_
*300. Apr. 1 'Holders of rec. Mar. 15
Baker (Nelson)& Co.(guar.)
•15e. Mar. 15 *Holders of rec. Mar. 10
Extra
•50c. Mar. 15 'Holders of rec. Mar. 10
Balaban & Katz, com.(guar.)
'75c. Mar. 29 *Holders of rec. Mar. 15
Preferred (guar.)
•154 Mar. 29 "Holders of rec. Mar. 15
Bancroft (Joseph) & Sons Co., corn.(qu.) 624c Mar. 31 Holders of rec. Mar. 15
Barker Bros Corp. common (guar.)._ _ _
50c. Apr. 1 Holders of rec. Mar. 14a
6.4% preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 14a
Baum Candy Co., corn.(guar.)
•10c. May 15 *Holders of rec. May 1
Common(extra)
•10c. May 15 *Holders of rec. May 1
Preferred (guar.)
Apr. 1 "Holders of roe. Mar. 15
•2
Beatrice Creamery, corn.(guar.)
Apr. 1 Holders of rec. Mar. 15
51
Preferred (guar.)
19-4 Apr. 1 Holders of rec. Mar. 15
Belgo-Canadian Paper pref. (quar.)_ _
13.4 Apr. 1 Holders of roe. Mar. 4
Bendix Aviation Corp (guar.)
•50c. Apr. 1 *Holders of rec. Mar. 10
Best & Co. common (guar.)
50e. Mar. 15 Holders of rec. Feb. 25a
Bethlehem Steel common (guar.)
51 50 may 15 Holders of rec. Apr. iha
7% preferred (quar.)
Apr. 1 Holders of rec. Mar la
19-4
Bloch Bros., corn. (guar.)
.37 eie may 15 *Holders of rec. May 10
Common (guar.) _
•374c Aug. 15 "Holders of rec. Aug. 9
Common (guar.) _
'374c Nov. 15 *Holders of rec. Nov. 10
Preferred (guar.)
*I% Mar. 31 *Holders of rec. Mar. 26
Preferred (guar.)
'134 June 30'Holders of rec. June 25
Preferred (guar.)
'134 Sept. 30 "Holders of rec. Sept. 25
Preferred (guar.)
•1
Dec. 31 *Holders of ree. Dee. 26
Bobbs-Merrill Co.(guar.)
'5834c June 1 *Holders of roe. May 20
Bohn Aluminum & Brass common (qu.)_
750. Apr. 1 Holders of rec. Mar. 14a
Boise Chicle Oil, class A (guar.)
"2e. Apr. 15 'Holders of rec. Mar. 31
Borne Scrymser Co
Apr. 15 Mar. 22 to
$1
Apr. 14
Boston Woven Hose & Rub., corn. (qu.) $1.50 Mar. 15 Holders of rec. Mar.
1
Itrandram-Henderson, Ltd., pref. (qu.)_
19-4 Apr. 1 Holders of rec. Mar. 1
Brill Corp., clam A (guar.)
Mar. 15 Holders of rec. Mar. 1
650
Brillo Mfg. class A (quar.)
500. Apr. 1 Holders of rec. Mar. 17a
British American 011 old stock
.400. Apr. 1
British-Amer. Tobacco, ord. (Interim)__ (q) Mar. 31 Holders of coup.
No. 134
British American Tobacco preference_ __
24 Mar. 31 Holders of coup. No. 53
British South Africa Co., Am. dep. !Tie.
shilling, 3 pence plus bonus of 9 pence
1
Mar. 13 Holders of rec. Feb. 14
British Type Investors (bi-monthly),.._
8e. Apr. I Holders of rec. Mar. 1
Bush Terminal, corn. (guar.)
'623.4c May 1 "Holders of rec. Apr. 4
DebePture stock (guar.)*154 Apr. 15 *Holders of rec. Mar. 28




154

Name of Company.

1605
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Cont(nued).
$1
Mar. 15 Holders of rec. Feb. 21
Buckeye Pipe Line (quar.)
Bucyrus-Erie Co. common (guar.)
25e. Apr. 1 Holders of rec. Feb. 24a
Preferred (guar.)
19-4 Apr. 1 Holders of rec. Feb. 24a
Convertible preference (guar.)
6234c Apr. 1 Holders of rec. Feb. 24a
Budd Wheel common (guar.)
25c. Mar. 31 Holders of rec. Mar. 10a
194 Mar. 31 Holders of rec. Mar. 10a
First preferred (guar.)
75e. Mar. 31 Holders of rec. Mar. 10a
First preferred (extra)
'2
Burger Bros., pref. (guar.)
Apr. 1 'Holders on rec. Mar. 15
.2
Preferred (guar.)
Tuly 1 *Holders of rec. June 16
•2
Oct. 1 'Holders of rec. Sept 15
Preferred (gmer.)Burns Bros., pref. (guar.)
lit Apr. 1 Holders of rec. Mar. 13a
Bush Terminal Bldgs., pref. (qu.)
•19-4 Apr. 1 'Holders of rec. Mar. 14
Byers (A. NI.) Co., pref. (guar.)
154 May 1 Holders of rec. Apr. 150
California Ink, class A &- B (guar.)
*50c. Apr. 1 Holders of rec. Mar. 17
51
California Packing corn. (quar.)
Mar. 15 Holders of rec. Feb. 28a
$1.50 Mar. 24 Holders of rec. afar. 76
Calumet & Arizona Mining
$1
Mar. 31 Holders of rec. Feb. 28a
Calumet dr IIecla Consol. Copper Co
Campo Corp. common (quar.)
'500. Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
•144 May 1 *Holders of rec. Apr. 15
Canada Cement, pref. (guar.)
154 Mar. 31 Holders of rec. Feb. 28
r3
May 10 Holders of rec. Apr. 30
Canada Iron Foundries, common
r6
May 10 Holders of rec. Apr. 30
Preference
374c. Mar. 15 Mar. 1
Canada Malting reg. stock (guar.)
to
Mar. 14
374e. Mar, 15 Holder of Coup. No. 9
Coupon stock (guar.)
Canada Steamship Lines pref. (quar.)._
14 Apr. 1 Holders of rec. Mar. 15
Canada Wire dr Cable, class A (guar.)-- .$1
Mar. 15 *Holders of rec. Feb. 28
44e. Apr. 10 Holders of rec. Mar. 26
Canadian Car & Fdy. pref. (guar.)
874e. Apr. I Holders of rec. Mar. 15
Canadian General Electric, pref. (qu.)
•arnation Co. Prof. (guar.)
•114 AmI •Hoiders oi rem'. Mar. 20
Caterpillar Tractor (guar.)
75c. Mar. 15 Holders of rec. Feb. 15a
25e. Mar. 15 Holders of roe. Feb. 15a
Extra
Central Cold Storage, corn.(guar.)
.400. Mar. 31 'Holders of rec. Mar. 25
*40c. June 30 'Holders of rec. June 25
Common (guar.)
15e. May 15 Holders of rec. May 5
Centrifugal Pipe Corp. (guar.)
15c. Aug. 15 Holders of rec. Aug. 5
Quarterly
15e. Nov. 15 Holders of rec. Nov. 5
Quarterly
Checker Cab Mfg.(monthly)
"35e. Apr. 1 'Holders of rec. Mar. 15
Chelsea Exchange Corp.
25C. May 15 Holders of rec. May 1
Class A & B (guar.) _ _
El
Mar. 31 Holders of rec. Mar. 10
Chesebrough Mfg. Consd. (guar.)
50e. Mar. 31 Holders of rec. Mar.10
Extra
•30e. Apr. I 'holders of rec. Mar. 20
Chicago Flexible Shaft, corn. (guar.) - .311e. 1 ,11y 1 'Holders of rec. June 20
e'ourrnon (quar.,.
*30e It
Common «roar.,
I •IinIders of rec. Sept. 20
Chicago Railway Equip., corn. (qu.)_- '25e. Mar. 31 'Holders of roe. Mar. 20
"4334e Mar. 31 'Holders of me. Mar. 20
Preferred (quar.)
25c. Apr, 1 Holders of rec. Mar. 2042
Chictgo Yellow Cab (inonth13')
25e. May 1 Holders of rec. Apr. 210
Monthly
25e, June 2 Holders of rec. May 20a
Monthly
Chi kasha Cotton 011 (guar.)
75e. Apr. 1 Holders of rec. Mar. 100
60c. Mar. 10 Holders of roe. Feb. 21a
Childs Company, corn. (guar.)
Preferred (guar.)
19-4 Mar. 10 Holders of rec. Feb. 210
Chile Copper Co. (guar.)
875ic Mar, 31 Holders of rec. Mar. 5a
.750. Mar. 31 *Holders of rec. Mar. 3
Chrysler Corporation (guar.)
Cities Service, common (monthly)
23.40. Apr. 1 Holders of rec. Mar. 13
fA Apr. 1 Holders of rec. Star. 13
Common (payable in common stock)_
50e. Apr, 1 Holders of rec. Mar. 13
Preference and pref. BB (monthly)._ _
5e. Apr. 1 Holders of me. Mar. 13
Preference B (monthly)
City lee & Fuel, stock dividend
'eh 34 Sept. 1 *Holder-8 of roe. Aug. 15
Clark Equipment common (guar.)
75e. Mar. 15 Holders of rec. Feb. 28a
*3
July
Claude Neon Elec. Prod , stock (11v_
1 •Iluiue.rs of roe. Jan. 20
"500. Apr. 1 *Holders of ree. Mar. 15
Cleveland Builders Supply (quar.)
Coats (J. P.) Ltd.
*el% Apr. 5 'Holders of rec. Feb. 21
American deposit rcts. for preferred
.25e. Apr. 15
Coca Cola Bottling Sec.(guar.)
•250 July 15
Quarterly
•25 Oct. 15
,
QuarteMy
Coca-Cola Co. common (Ouar.)
51.50 Apr. 1 Holders of rec. Mar. 12a
Cockshutt Plow (ouar.)
3734e May 1 Holders of roe. Apr. 15
"62 lie Apr. 15 "Holders of roe. Star. 20
Colgate-Palmolive-Peet, corn.(quar.)
Preferred (guar.)
•134 Apr. 1 'Holders of rec. Mar. 10
50e. Mar. 31 Holders of rec. Mar. 110
Commercial Credit, corn.(guar.)
50c. Mar. 31 Ilolders of rec. Mar. lie
Preferred B (guar.)
43540 Mar. 31 Holders of rec. Mar. ha
7% preferred (guar.)
64% preferred (guar.)
19-4 Mar. 31 Holders of rec. Mar. 116
40e. Apr. 1 holders of rec. Mar. ba
Commere'l Investment Trust. corn.(qu.)
Common (payable In common stock). f134 Apr. 1 Holders of rec. Niter. 56
19-4 Apr. 1 Holders of rec. Mar. 5a
7% first preferred (guar.)
I% Apr. 1 Holders of rec. Mar. 56
834% first preferred (quar.)
Cony. pref. opt. series of 1929 (quar.)_ (an) Apr. 1 Holders of rec. Slur. 5a
250. Mar. 31 Holders of rec. Mar. 100
Commercial Solvents. corn. (guar.)
Mar. 31 Holders of rec. Slur, 10a
Common (payable in common stock)- f2
"$1.25 Mar. 31 'Holders of rec. ;Mar. 14
Congress Cigar (guar.)
. 2.5e. Mar. 31 *Holders of tee. Mar. 14
1.
Extra
Consumers Co.. prior preferred (,]mu-tr.). '134 Apr. 1 "Holders of tel. Mar. 15
30c. Apr. 1 Holders of rec. Mar. 110
Container Corporation, corn. A (guar.) _
*19-1 Apr. 1 *Holders of rec. Mar. 11
Preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 140
Continental Shares, Inc., corn.(guar.) _ _
Pref.. set. B. pref. & cone. pref. ((pl.) •$1.50 Mar. 15 "Holders of rec. Mar. 3
Mar. 15 Holders of rec. Fe(). 28
Cooksville Co., Ltd.. preference (guar.) 1
Coon (W. B.) Co.. corn. (guar.)
•70c. Nlay 1 'Holders of rec. Apr. 15
•19-4 Stay 1 'Holders of rec. Apr. 15
7% preferred (guar.)
50c. afar. 31 holder's of rec. Mar 140
Coty. Inc. (guar.)
e3
Stoek dividend
June 30 Holders of rec. June 160
Courtaulds. Ltd.*tr6
Mar. 17 *Holders of rec. Feb. 19
Arn. dep. rcts. for ord. shares
439-4e at ar. 15 Hoidens of rec. Mar. 1
Crane Company, corn. (quar.)
134 Mar. 15 Holders of rec. Mar. I
Preferred (quar.)
Cream of Wheat Co., corn. (guar.)
50C Apr. 1 Holders of rec. Mar. 20a
..
-we Slat. 31 - men( rs mt rec Mar ill
crewley. Milner & Co.. ern (guar )_ _
25e. Apr. 1 Holders of rec. Mar. 104
Crown Cork Internat. Corp.. el. A (qu.)
.67e. klar. 15 'Holders of rec. Feb. 28
Crown Cork At Seal, pref. (guar.)
Crown Willamette Paper, 1st pref. (q1.1.) 51.75 Apr. 1 Holders of rec. friar. 13a
51.50 Apr, 1 Holders of rec. Mar. 13
Second preferred (guar.)
25e. Apr, 15 Holders of rec. Mar. 31
Crown Zellerbach Corp.. corn. (quar.)
Crucible Steel Co. of Amer., pref. (qtr.)-19-4 Nlar. 31 Holders of rec. Mar. 15a
Crum & Forster pref (guar
olrlrr,. et roe. Mar. 20
tar 3i
$1
Cumberland Pipe Line (guar.)
Mar. 15 Holders of rec. Feb. 28
Curie. Press, wet (guar ,
•13.4 Myr. •
Mar.
...met,
r4-4
Curtis Manufacturing, corn. (quar.)_.... '6234c Apr. 1 *Holders of rec. Mar. 15
$1.75 Apr. 1 Holders of rec. Mar. 20a
Prefer red (guar.)
50c. Apr. 2 Holders of me. Mar. 20a
Curtis Publishing, corn.(monthly)
Common (extra)
50c. Apr. 2 Holders of rec. Mar. 20a
87e. Mar. 15 Holders of rec. afar. 5a
Cutler-hammer, Inc. (guar.)
Decker (Alfred) & Cohn, cone. (guar.)
.50c. Mar. 15 "Holders of rec. Mar. 15
Preferred (guar.)
"19-4 June 2 'Holders of rec. Slay 20
Preferred (guar.)
'19-4 Sept. 2 *Holders of rec. Aug. 20
14 Apr. 1 Holders of rec. Mar. 15
Deere & Co.. common (guar.)
fl )4 Apr. 15 Holders of rec. Sian 15
Common (payable in common stockl
De Forest Crossley Radio (qu.)(No. 1)_ "20e. May 1 *Holders of rec. Apr. 25
Delaware Lack. & West. Coal (guar.)._ "$2.50 Mar. 15 'Holders of rec. Mar. 1
2
Slay 1 Holders of rec. Apr. 19
Dennison Mfg. deb stock (guar.)
154 May 1 Holders of roe. Apr. 19
Preferred (guar.)
200. Apr. 1 Holders of rec. Mar. 15
Detroit & Cleveland Navigation (guar.)
"25e. Apr. 1 *Holders of rec. Mar. 20
Detroit Steel Products (guar.)
Diamond Match (guar.)
2
Mar. 15 Holders of rec. Feb 250
Dome Mines, Ltd. (Outer)
25c. Apr. 21 Holders of rec. Mar. 31a
Dominion Glass, corn. and pref. (guar.) 19-4 Apr. 1 Holders of rec. Mar. 15
Dom.Textile, Ltd.,corn.(guar.)
$1.25 Apr. 1 Holders of roe. Mar. 15
Preferred (guar.)
19-4 Apr. 15 Holders of rec. Mar. 31
Douglas Aircraft (NO. 1)
"75e. Mar. 19 'Holders of rec. Feb. 7
II
Draper Corporation (guar.)
Apr. 1 Holders of rec. Mar. 1
Dunhill Internat. corranen. (Outer.)_._ _ $1
Apr. 15 Holders of reo. Apr. la
el
Common (payable In corn. stock)
Apr. 15 Holders of rec. Apr. la
Du Pont(E. I.) de Nem.& Co.,com.(q1.1) $1
Mar. 15 Holders of me. Feb. 27e
Debenture stock (guar.)
134 Apr. 25 Holders of rec. Apr. 10a
Early & Daniels, corn. (guar.)
*50c. Mar. 31 'Holders of rec. Mar.
•154 Mar. 31 'Holders of rec. Star. 20
Preferred (quar.)
Eastman Kodak,corn. (guar.)
$1.25 Apr. 1 Holders of rec. Feb. 20
28a
Common(extra)
750. Apr, 1 Holders of rec. Feb. 28a
Preferred (guar.)
134 Apr, 1 Holders of rec. Feb. 28a

1606
Name of Company.

Per
When
Cent. Payable.

Books Glossa
Days Inclusive.

Miscellaneous (Continued).
Eastern Utilities Investment
$5 prior preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28
18i Mar. 15 Holders of rec. Feb. 28
Edison Bros. Stores, pref. (guar.)
14 June 14 Holders of rec. May 31
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 20
Electric Controller dc Mfg., corn.(qu.)
Common (extra)
$3 Apr. 1 Holders of rec. Mar. 20
abr. to e tihllr eeetleg Ap 116
Elec. Stor. Bat , coin. & pf. (In corn stk.) loo
$1.25 Apr. 1 Holders of rec. Mar. 83
Elec. Storage Battery,corn.& pf.(qu.)
Employers Group Associates (qu.)(No.1) .25c. Mar. 15 'Holders of rec. Mar. 1
50c. Mar. 24 Holders of rec. Mar. la
Emporium Capwell Corp. (guar.)
6234e. Apr. 1 Holders of rec. Mar. 15a
Equitable Office Bdg.,corn.(qu.)
19 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
"75c. Apr. 1 *Holders of rec Mar. 15
Equity Inv. Corp., pref. (guar.)
*600. May 15 *Holders of rec. May 5
Ewa Plantation (guar.)
60e. May 1 Holders of rec. Apr. 21a
Fair(The)common(guar.)
1% May I Holders of rec Apr. 210
Preferred (guar.)
75e. Mar. 31 Holders of ree. Mar. 12a
Fairbanks. Morse & Co.. corn.(guar.)
25e. Mar. 30 Holders of rec. Mar.
Fairfax Airports common(No. 1)
623e. Apr. 1 Holderc of rec. Mar. 14
Faultless Rubber (guar.)
'62%c May 1 *Holders of rec. Apr. 15
Federal Knitting Mills, corn.(guar.)
"1236c May 1 *Holders of rec. Apr. 15
Common (extra)
Federal Mining & Smelting.pref.(qu.)- - 1% Mar. 15 Holders of reo. Feb. 17a
20e. Apr. 1 Holders of rec. Mar. 17a
Federal Motor Truck (guar.)
75e. Apr. 1 Holders of rec. Mar. 15
Federal Screw Works, corn. (guar.)_
Feltman & Curme Shoe Stores, pf. (qu.) 14 Apr. 1 Holders of rec. Mar. 1
50c. Apr. 1 Holders of rec. Mar. 15
Ferry Cap & Screw, corn.(guar.)
16c. Mar. 29 Holders of rec. Mar. 130
Fifth Ave. Bus Securities, corn. (quar.)Sons Co., pref.(qu.)- - 1% Apr. 1 Holders of rec. Mar. 17a
Fllene(William)
1% Apr. 1 Holders of rec. Mar. 150
Florsheim Shoe. pref. (guar.)
Apr. 1 Holders of rec. Feb. 10
5
Flynn Electric Co., common A & B
750. Mar. 15 Holders of rec. Feb. 28a
Follansbee Bros. Co., corn.(guar.)
•1% Mar. 15 *Holders of rec. Feb. 28
Preferred (guar.)
*el
Apr. 15 *Holders of roe Mar. 31
Food Machinery stock dividend
65c. Mar. 15 Holders of rec. Mar. 5
Foote-Burt Co. (guar.)
"50c. Apr. 1 *Holders of rec. Mar. 15
Formica Insulation (guar.)
*50c. July 1 'Holders of rec. June 15
Quarterly
*50c. Oct. 1 *Holders of rec. Sept. 15
Quarterly
"50c. Jan1'31 *Holders of rec. Dec. 15
Quarterly
'134 Apr. 1 *Holders of rec. Mar. 27
Foster dc Kleiser, preferred (guar.)
50e. Apr. 1 Holders of rec. Mar. 12a
Foster-Wheeler Corp., corn.(quar.)$1.75 Apr. 1 Holders of rec. Mar. 12a
Preferred (guar.)
*1
Apr. 1 *Holders of rec. Mar.
Frank (A. B.) Co.. pref. (guar.)
.14 July 1 'Holders of rec. June It
Preferred (guar.)
•14 Oct. 1 "Holders of roc. Sept ir
Preferred (guar.)
Fuller (George A.) Co., part. pref. (qu.) $1.50 Apr. 1 Holders of rec. Mar. 100
Participating pref. (partic. dividend)_ $1.95 Apr. 1 Holders of roc. Mar. 10a
$1.50 Apr. 1 Holders of rec. Mar. 100
Second Preferred (guar.)
11.40 Apr. 1 Holders of rec. Mar. 10a
Second pref. (partic. dividend)
$1.25 Mar. 15 Holders of rec. Mar. 5a
Gamewell Co. (guar.)
30c. Apr. 1 Holders of rec. Mar. 14
Garlock Packing, corn. (guar.)
13.j Apr. 1 Holders of rec. Mar. 20a
General Amer. Investors, pref. (qu.) $1 Mar. 15 Holders of rec. Feb. 28a
General Asphalt, common (guar.)
40e. Apr. 25 Holders of rec. Mar. 7a
(No. 1)_ _
General Electric new corn(qu.)
15e. Apr. 25 Holders of rec. Mar. 7a
Special stock (guar.)
General Fire Extinguisher, corn.(quar.). "50c. Mar. 10 *Holders of rec. Feb. 24
*50e. Mar. 10 *Holders of rec. Feb. 24
Common (extra)
*75c. Mar. 12'Holders of rec. Feb. 15a
General Motors Corp., corn. (quar.)_
*134 May 1 'Holders of rec. Apr. 7a
7% Preferred (quar.)
*134 May 1 *Holders of rec. Apr. 7a
6% preferred (quar)
'13 May 1 *Holders of rec. Apr. 7a
8% debenture stock (guar.)
31.25 Apr. 1 Holders of rec. Mar. 10
General Railway Signal, corn. (guar.)
13 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
*30c. Apr. 1 *Holders of rec. Mar. 20
Gerlach-Barkiow Co.,corn.(guar.)
•50e Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
*25e. Mar. 31 *Holders of rec. Mar. 10
Gilbert (A. C.) Co., corn. (qu.)
"25c. June 30 *Holders of rec June 18
Common (quar.)
50e. Apr. 1 Holders of rec. Mar. 18
Gleaner Combine Harvester (quar.)
500 Apr. 1 Holders of rec. Mar. 12a
Glidden Co.,corn.(guar.
11 Apr. 1 Holders of rec. Mar. 12a
Common (payable in corn.stock)
1% Apr. 1 Holders of rec. Mar. 12a
Prior preferred (guar.)
Globe Grain & Milling Co., corn.(guar.) *50c. Apr. 1 *Holders of rec. Mar. 20
•433te Apr. 1 'Holders of rec. Mar. 20
First preferred (guar.)
25c. Mar. 15 Holders of rec. Mar. 1
Goldberg(S. M.)Stores,corn.(quar.)
25e. June 16 Holders of rec. June 2
Common(quar.)
$1.75 June 16 Holders of rec. June 2
Preferred (guar.)
Goldberg (S. M.) Stores $7 pref.(guar.)_ *31.75 Mar. 15 *Holders of ree. Mar. 1
.400. Mar. 10 *Holders of reo. Feb. 28
Golden Cycle Corp. (guar.)
Goodrich (B. F) Co., preferred (quar.)_. i3 Apr. 1 Holders of rec. Mar. 15a
1% July 1 Holders of rec. June 14a
Preferred (guar.)
Goodyear Tire & Rubber,corn.(guar.)-- $1.25 May 1 Holders of rec. Apr. la
1% Apr. 1 Holders of rec. Mar. la
First preferred(guar.)
6234c Apr. 1 Holders of rec. Mar. 12a
Gotham Silk Hosiery,corn.(guar.
"25c. Apr. 1 *Holders of rec. Mar. 20
Grand Rapids Varnish (guar.)
40e. Mar. 21 Holders of rec. Mar. 6
Granger Trading Corp.(guar.)
2% Apr. 1 Holders of rec. Feb. 28
Great Britain & Canada Invest. pref
Apr. 7 Holders of rec. Mar. 13a
Greene Cananea Copper (guar.)
32
Greenfield Tap & Die Corp.6% Pf. (Q11.) 1% Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
2
8% preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
*1
Gulf States Steel, corn.(quer.)
'1% Apr. 1 *Holders of rec. Mar. 15
First preferred (guar.)
"14 July I *Holders of rec. June 16
First preferred (guar.)
"13 Oct. 1 'Holders of rec. Sept. 15
First preferred (guar.)
4
*1% Jan2'3I *Holders of rec. Dec. 15
First preferred (guar.)
.50e. Apr. 1 *Holders of rec. Mar. 15
Gurd (Chas.) & Co., corn.(qua.)
"1% Apr. 1 'Holders of me Mar. 15
Preferred (guar.).
"373.e Mar. 15 'Holders of rec. Mar. 1
Hall(C. M.) Lamp (guar.)
"50c. May 1 "Holders of rec. Apr. 15
Hamilton Bridge, corn.(guar.)
'1% May 1 'Holders of rec. Apr. 15
Preferred (guar.)
Hanes (P. II.) Knitting Co., pref.(qu.)_
14 Apr. 1 Holders of rec. Mar. 20
Hanna(M.A)& Co.old & new pf.(qu.). 1% Mar. 20 Holders of rec. Mar. 5a
Harbison Walk Refracs., pref. (quar.).. 134 Apr. 19 Holders of rec. Apr. 9a
*450. Apr. 1 "Holders of rec. Mar. 15
Harnischfeger Corp., corn. (guar.)
"31.75 Apr. 1 'Holders of rec. Mar. 15
Preferred (guar.)
Harrods Ltd.
51e15 Mar. 22 *Holders of rec. Feb. 14
Amer. dep. rights for ord. reg.slur*8131C Apr. 1 *Holders of rec. Mar. 20
Hayes-Jackson Corp., pref. (guar.)
525c. Mar. 15 "Holders of rec. Feb. 15
Hecht Mining (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
Helme (G. W.) Co., corn. (guar.)
Apr. 1 Holders of rec. Mar. 10a
Preferred (guar.)
75c. Mar. 25 Holders of rec. Mar. 14a
Hercules Powder, corn. (guar.)
35e. Mar. 28 Holders of rec. Mar. 21
Hibbard, Spencer. Bartlett & Co.(mthly)
*13j Aug. 1 *Holders of rec. July 20
Higbee Co., first pref. (guar.)
Nov. 1 *Holders of rec. Oct. 19
First preferred (quar.)
June 1 *Holders of rec. May 20
*2
Second preferred (guar.)
*2
Sept. I *Holders of rec. Aug. 20
preferred (guar.)
Second
*2
Dec. 1 *Holders of rec. Nov. 21
Second preferred (guar.)
.50c. Apr. 1 *Holders of rec. Mar. 15
Holophane Co., common
*31.05 Apr. 1 *Holders of rec. Mar. 15
Preferred
550e. Mar. 15 *Holders of rec. Mar. 5
Honolulu Consol. 011 (guar.)
Houdaille Hershey Corp. class A ((3U.) *624c Apr. 1 *Holders of rec. Mar. 20
50c. Apr. 1 Holders of rec. Mar. 20a
Class 13 (guar.)
$1.25 Apr. 1 Holders of rec. Mar. ha
Hudson Motor Car (guar.)
50e. Apr. 1 Holders of rec. Mar. 1
Humble Oil & Refining (guar.)
Holders of rec. Mar. 6
$2.43
Hungarian Disc.& Exch.Bk., Am.sbs
Hydro-Electric Securities, corn. (qu.)
50e. Mar. 14 Holders of rec. Mar. 3
Illinois Brick (guar.)
*60e. Apr. 15 *Holders of rec. Apr. 3
Quarterly
*60c. July 15 *Holders of rec. July 3
Quarterly
•60e. Oct. 15 *Holders of roe. Oct. 3
Illinois Pipe Line
"34.50 Mar. 25 "Holders of rec. Mar. 15
Imperial Tobacco of Can., ord.(interim) 1X Mar. 28 Holders of rec. Mar. 6
Preferred
Mar. 31 'Holders of rec. Mar. 6
'2
Inspiration Cons. Copper Co.(guar.)_
Apr. 7 Holders of rec. Mar. 20a
$1
Insull Utility Invest.. corn. (In stock) __. *fl
Apr. 15 'Holders of ree. Apr. I
Common (payable in common stock).
July 15 'Holders of rec. July 1
Common (payable In common stock). *fl
Oct. 15 *Holders of rec. Oct. 1
$5.50'prior pref. (guar.)
'31.37 Apr. 15 *Holders of rec. Mar. 15
Insuranshares Certificates, Inc.(No. 1)- .150. Mar. 15 'Holders of re.c Feb. 28
Interlake Iron Corp., corn.(qu.)(No. 1)
250. Mar. 25 Holders of rec. Mar. 10a
Interlake Steamship. corn.(quar)
Apr. 1 *Holders of ree. Mar. 20
Internat. Business Machines (guar.)
$1.50 Apr. 10 Holders of rec. Mar. 22a
el
International Cement, corn. (quar.)...
Mar. 28 Holders of reo. Mar. Ila




Forh 130.

FINANCIAL CHRONICLE
Name of Company.

Per
When
Cent. Payable,

Books Closed,
Daps Inclusive.

Miscellaneous (Continued).
Internat. Educational Publishing pref__ $1
May 1 Holders of rec. Mar. 1
Internat. Harvester, coin. (guar.)
62i4c Apr. 15 Holders of rec. Mar. 20a
Inter. Nickelot Canada,corn.(qu.)
25e. Mar. 31 Holders of rec. Mar. be
25e. Mar. 15 Mar. 2 to Mar. 15
International Petroleum, reg. Ws
25e. Mar. 15 Holder of coup. No. 24
Bearer shares
1% Apr. 1 Holders of rec. Mar. 15a
International Salt (guar.)
50c. Apr, 1 Holders of rec. Mar. 15
International Shoe, pref. (monthly)
*50c. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
*50c. June 1 *Holders of rec. May 15
Preferred (monthly)
1% Apr. 1 Holders of rec. Mar. 12a
International Silver, pref. (quar.)
50c. Apr. 1 Holders of rec. Mar. 17e
Investors Equity Co., Inc.,corn.(qu.)-*50e. Mar. 31 *Holders of rec. Feb. 28
Isle Royale Copper Co. (guar.)
"75c. Apr. 1 'Holders of rec. Mar. 15
Jefferson Electric (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Extra
75c. Apr, 15 Holders of rec. Apr. 2
Jewel Tea common (guar.)
750. Apr. 15 Holders of rec. Mar. 254
Johns-Manville Corp., corn. (quar.)
1% Apr. 1 Holders of rec. Mar. lie
Preferred (quar.)
1% Apr, 1 Holders of rec. Mar. 13a
Jones & Laughlin Steel, pref. (guar.).
31.125 Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Stove, corn.(guar.)
Corn. (payable in common stock)---- *fl % Apr. 1 'Holders of rec. Mar. 20
*500. Mar. 15 *Holders of rec. Feb. 28
Katz Drug, com. Mari
*1 1.62% Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Kaufmann Dept.Stores. pref.(quar.)_ _- 1% Apr. 1 Holders of rec. Mar. 10
50c. Apr. 1 Holders of rec. Mar. 210
Kelsey Hayes Wheel, corn. (guar.)
*56%c Aug. 1 "Holders of rec. July 17
Kidder Participations, Inc., common_
*375c Apr. 1
Preferred (extra)
Kidder Participations No.2, pref.(extra) "25o. Apr. 1
"25c. Oat. 1
Preferred (extra)
Kimberly-Clark Corp., corn.(guar.)---- 62%a Apr. 1 Holders of ree. Mar. lia
I% Apr. 1 Holders of reo. Mar. 12
Preferred (guar.)
25e. Apr. I Holders of rec. Mar. 17a
Kinney (G. R.) Co., common (guar.)_
*134 Mar. 10 *Holders of reo. Feb. 28
Kirby Lumber (guar.)
"181 June 10 'Holders of rec. May 31
Quarterly
"25e. July 1 *Holders of rec. June 15
Klein (D. Emil) Co.(guar.)(No. 1)
*31.50 Mar. 15 "Holders of rec. Feb. 15
Knox Hat,class A (guar.)
*31.50 Mar. 15 "Holders of rec. Feb. 15
Common(guar.)
*I% Apr. 1 "Holders of rec. Mar. 11
Kopper Gas & Coke, pref. (quar.)
40c. Mar. 31 Holders of rec. Mar. 10a
Kresge (S. S.) Co., corn.(quar.)
181 Mar. 31 Holders of rec. Mar. 10a
Preferred (guar.)
Juno 2 Holders of rec. May 100
Kroger Grocery & Baking,stk. dividend_ el
-Aept. 1 Holders of re,. Aug lie
el
Stock dividend
*75c. Apr. 1 "Holders of rec. Mar. 20
Labaratory Products (quar.)
Apr. 15 "Holders of rec. Mar. 20
*e3
Stock dividend
30c. Mar, 15 Holders of rec. Mar. 1
Lake Shore Mines, Ltd. (guar.)
50c. Mar. 15 Holders of rec. Mar. 5
Lamson & Sessions (guar.)
•75e. May 15 *Holders of rec. May 5
Landis Machine, corn. (guar.)
*75e. Aug. 15 *Holders of roe. Aug. 5
Common (guar.)
"750. Nov. 15 'Holders of rec. Nov. 5
Common (guar.)
50c. Apr. 1 Holders of rec. Mar.d17
corn. (guar.)
Lane Bryant, Inc.,
"25c. Mar. 30 'Holders of rec. Mar. 20
Leath & Co., common (guar.)
*25c. June 30 *Holders of rec. June 20
Common (quar.)
"25c. Sept.30 *Holders of rec. Sept. 20
Common (guar.)
14 Apr. 1 Holders of rec. Mar. 14a
Lehigh Portland Cement, pref.(guar.)
90e. Mar. 31 Mar. 14 to Mar. 31
Sales (guar.)
Lehigh Valley Coal
75c. Apr. 1 Holders of rec. Mar. 13a
Lehigh Valley Coal Corp., pref. (guar.)_
50c. Mar. 16 Holders of reo. Mar. 6
Lerner Stores Corp., corn.(guar.)
*56e. Mar. 15 "Holders of rec. Mar. 1
Leslie California Salt, corn.(quar.)
25c. Mar. 31 Holders of rec. Mar. 11
Lassing's. Inc. (guar.)
Sc. Mar. 31 Holders of rec. Mar. 11
Extra
Dec. 31
•el
Liberty Shares Corp.stock dividendMar.31
•el
-itock dividend
- -1% Apr. 1 Holders of rec. Mar. 10a
(quar.)._
Liggett & Myers Tob., pref.
37%c Mar. 15 Holders of rec. Mar. 8
Lily Tulip Cup Corp., corn. (quar.)_.
$1.75 Mar. 31 Holders of rec. Mar. 8
Preferred (guar.)
"I% Mar. 31 'Holders of rec. Mar. 15
Lindsay Light, pref. (guar.)
75e. Mar. 31 Holders of rec. Mar. 140
Loew's Inc., corn. (guar.)
"75e. Apr. 1 *Holders of rec. Mar. 14
Loudon Packing, corn. (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 21
Ludlow Ty pograph, corn. (guar.)
"25c. Apr. 1 *Holders of rec. Mar. 21
Common (extra)
*1% Apr. 1 'Holders of rec. Mar. 21
Preferred (guar.)
"3781c Mar. 15 *Holders of rec. Mar. 5
Lunkenheimer Co.. corn.(quar.)
"1% Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
Apr. 15 'Holders of rec. Mar. 15
"$1
Macfadden Publications, corn
*1% May 15 *Holders of rec. May 5
Magnin (I.) & Co., pref. (guar.)
*1% Aug. 15 *Holders of rec. Aug. 5
Preferred (quar.)
•134 Nov. 15 *Holders of rec. Nov. 5
Preferred (guar.)
%Lerisenewitz (11.) CoJune 1 *Holders of rec. May 20
01
r'.(pay. In corn. stock)(quar.)..-. fl
"14 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
*I4 fully 1 'Holders of rec. Mar. 20
Preferred (guar.)
•30c. Mar. 31 *Holders of rec. Mar. 1
Marine Midland (guar.)
May Department Stores
Common (payable in common stock)_ fl% June 2 Holders of rec. May 150
Common (payable in common stock)_ fl% Sept. 2 Holders of rec. Aug. 153
Common (payable in common stock)_ fl it Dec. 1 Holders of rec. Nov. 150
Mayflower Associates (guar.)(No. 1)_ _ _ *50c. Mar. 15 *Holders of rec. Mar. 3
Mar. 15 *Holders of rec. Mar. 3
*el
Stock dividend
625c May 1 Holders of roc. Apr. 19a
McCall Corp.(guar.)
.15e. Mar. 15 'Holders of rec. Feb. 15
McColl Frontenac Oil (guar.)
McKesson & Robbins. Inc., pref.(gu.) 873c. Mar. 15 Holders of reo. Feb. 28a
50e. Mar. 15 Holders of reo. Mar. 1
Melchers Distilleries (Can.) cl. A (qu.)..
$1.50 Mar. 31 Holders of rec. Mar. 50
Mergenthaler Linotype (guar.)
25c. Mar. 31 Holders of rec. Mar. 5a
Extra
400. Apr. 1 Holders of rec. Mar. 15
)
Mesta Machine, corn. (quar.)(NO. 1
100. Apr. 1 Holders of rec. Mar. 15
Common (extra)
4751c Mar. 15 Holders of rec. Feb. 28a
Metro-Goldwyn Pictures Pref.(quar.)_
Metropolitan Paving Brick, pref. (quar.) I% Apr. 1 Holders of ree. Mar. 14
ar.
14
•1%0c. Mar. 25 *Holders of rec. M. 3
Midland Royalty Corp., cony. pfd.(qu.) 1
Holders of rec. Mar. 1
Mar.
Midland UnitedCorp.com.(in corn.stk.)_
Apr. 1 Holders of rec. Mar. 15
Si
Midvale Co.(guar.)
'8755c Apr. 1 'Holders of rec. Mar. 15
Miller & Hart, Inc., pref. (gUar.)
50c. Apr. 1 Holders of rec. Mar. 15
Miller (I.) & Sons. corn (guar.)
75e. Mar. 31 Holders of rec. Mar. 100
corn. (guar.)_ _
Mohawk Carpet Mills,
28
Monarch Royalty Corp., pref. A (guar.) 1234o. Mar. 10 Holders of rec. Feb. 28
1140. Mar. 10 Holders of rec. Feb.
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 7
'3755a
Monroe Chemical, corn.(quan)
*8734c Apr. 1 *Holders of rec. Mar. 7
Preferred
3134c. Apr. 1 IIolders of rec. Mar. 100
Monsanto Chemical Co.(guar.)
el% Apr. 1 Holders of rec. Mar. 10a
Stock dividend
155 Mar. 15 Holders of rec. Feb. 28
Montreal Cottons, corn. (guar.)
h'4 Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
Moreland Motor Truck, pref.(guar.).- - •1755c Mar. 31
$1.10 Mar. 15 Holders of roe. Feb. 210
Morrell(John) & Co.. Inc.(guar.)
% Apr. 1 Holders of rec. Mar. 20
Motor Products Corp. (guar.)
75e. Mar. 10 Holders of ree. Feb. 20e
Motor Wheel Corp., corn.(guar.)
$2 Apr. 2 Holders of rec. Mar. 22
Murphy (G. C.) Co., Pref. (qu.)
50e. Mar. 31 Holders of rec. Mar. 15a
Myers(F. E.) Sr Bro. Co., corn. (quar.)1% Mar. 31 holders of rec. Mar. 15
Preferred (guar.)
70c. Apr. 15 Holders of reo. Mar. 200
National Biscuit. corn.($10 par) (guar.)
National Biscuit, corn.($25 par)(guar ) $1.75 Apr. 15 Holders of roe. Mar. 200
40e. Apr. 1 Holders of rec. Mar. 15
(No. 1).
Nat. Breweries, new corn.(qu.)
440. Apr. 1 holders of rec. Mar. 15
New Preferred (guar.)
13.5 Mar. 15 Holders of rec. Feb. 28
National Brick, pref. (quar.)
50c. Apr. 1 Holders of roe. Mar. 3a
Nat. Dairy Products Corp.. corn. (qu.)
Apr. 1 trolders of rec. Mar. 33
11
Corn.(payable In corn. stock (guar.)July 1 Holders of reo. June 3a
fl
Corn.(payable in corn. stock) (guar.)
Oct. 1 Holders of ree. Sept. 30
Corn.(payable in coin. stock) War) ft
150
Nat. Depart. Stores, corn.(guar.)(No. 1
) 50e. Apr. 1 Holders of reo. Mar. 280
50e. Mar. 31 Holders of men. Feb.
Nat. Enameling & Slog. (guar.)
134 Mar. 31 Holders of rec. Mar. 14a
National Lend, corn. (quar.)
1
. 31
3Mar5 holders of rec. Mar. 140
Common (extra)
Mar.
134 May1 Holders of rec. Feb. 280
Preferred A (guar.)
Holders of rec. Apr. 18a
(guar.)
Preferred B
50c. Mar. 10 Holders of rec. Mar. 3
National Steel (guar.)(No. I)
50c. Apr. 1 Holders of reo. Mar. 3
Nat. Sugar Refining (guar.)
134 Mar. 31 Holders of rec. Mar. 21a
National Supply, pref. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 18a
National Surety (guar.)
.25e. Mar. 15 *Holders of rec. Feb. 28
National Transit (guar.)
400. Apr. 1 Holders of rec. Mar. 15a
Neisner Bros. (quar.)(No. 1)
50c. Mar. 15 Holders of rec. Mar. 1
Neptune Meter, COM A at 13 (quar.)...
(goat.).... 2755a. Apr. 1 Holders of rec. Mar. 17
Newberry (J. J.) Co.. corn.

MAR.81930.]
Name of Company.

FINANCIAL CHRONICLE
Whets
Per
Cent. Payable.

Books Closea
Days Inclusive.

Miscellaneous (Continued).
Newberry (J. J.) Realty, pref. A (qu.)_ - *1% May 1 *Holders of ree. Apr. 16
Preferred B (quar.)
"13 May 1 *Holders of rec. Apr. 16
New Haven Clock, corn. (quar.)
'373.c Apr. 1 'Holders of rec. Mar. 21
40e. Apr. 15 Holders of rec. Mar. 21
New York Transit (quar.)
10c Apr. 15 Holders of me. Mar. 21
Extra
•50c Mar 28 'Holders of me. Mar. 13
N. Y. Transportation, (quar.)
50e. Apr. 1 Holders of rec. Mar. 15
Niagara Wire Weaving, com
Preferred (quar.)
75e. Apr. 1 Holders of rec. Mar. 15
•60e. Mar.31 *Holders of rec. Mar. 1
Nickel Holding Corp., corn.(quar.)_
Noblitt-Sparks Industries tin stock)- - "el A Apr. 1 *Holders of rec. Mar. 20
Stock dividend
'e1)t July 1 *Holders of rec. June 20
Stock dividend
'ei3. Oct. 1 'Holders of rec. Sept.20
Noma Elec. Corp. (quar.)
40c May 1 Holders of rec. Apr. 15
Noranda Mines(guar.)
75c Apr. 1 Holders of rec. Mar. 15
North American Creameries, el. A (qu.). "35e Apr. 1 *Holders of me. Mar. 17
North Amer. Utility Security 1st pf(qu.) 41 50 Mar. 15 *Holders of rec. Feb. 28
No. Central Texas 011, pref.(quar.)___* $1.625 Apr. 1 *Holders of rec. Mar. 10
Northern Disc., pref. A (mttilY)
66 2-3c Apr. 1 *Holders of rec. Mar. 15
Preferred A (monthly)
66 2-3c May 1 'Holders of rec. Apr. 15
Preferred A (monthly)
66 2-3c June 1 *Holders of rec. May 15
Prefened A (monthly)
662-3c July 1 *Holders of rec. June 15
Preferred A (monthly)
662-3c Aug. 1 *Holders of rec. July 15
Preferred A (monthly)
662-3c Sept. 1 *Holders of re. Aug. 15
Preferred A (monthly)
662-3c Oct. 1 'Holders of rec. Sept. 15
Preferred A (monthly)
662-3c Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
662-3c Dec.1 *Holders of rec. Nov. 15
Ocean Spray Press, A
*50e. Apr. 15 *Holders of rec. Apr. 1
Preferred
4
`3A Apr. 15 *Herders of rec. Apr. 1
Oggiesby Paper pref.(quar.)
*$1.50 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
•$1.51 Aug 1 *Holders of me. July 20
Preferred (quar.)
•$1.50 Nov. 1 "Holders of rec. Oct. 20
Ohio Oil (guar.)
*50e Mar. 15 *Holders of rec. Feb. 14
Extra
*50c Mar. 15 *Holders of roe. Feb. 14
Oliver Farm Equipment, prior pfd.A(qu) $1.50 Apr. 1 Holders of rec. Mar. 10a
Cony. panic. stock (guar.)
75e Apr. 1 Holders of rec. Mar. 10a
Oliver United Filters, class B (quar.)..
"50e Apr. 1 *Holders of rec. Mar. 20
Omnibus Corp., pref. (guar.)
2
Ali,
1 Holders of me. Mar. 14a
Oneida Commutity, com. & pref. (qu.)_ "433se Mar. 15 "Holders of rec. Feb. 28
Ontario Mfg., corn. (quar.)
"75c. Apr. 1 *Holders of rec. Mar. 20
Preferred Mar.'
*lfi Apr. 1 *Holders of rec. Mar. 20
Otis Steel, corn.(guar.)
"625ic Apr. 1 *Holders of rec. Mar. 19
Preferred (quar.)
*1% Apr. 1 *Holders of rec. Mar. 19
Owens Illinois Glass. pref.(quar I
13-t Apr. 1 fielders of rec. Mar. 16
Pacific Indemnity, new $10 par stk.(qu.) *350. Apr. 1 *Holders of rec. Mar. 15
Pac.Southwest Disc., cl. A (qu.)
(No. 1)_ •10c. Mar. 15 *Holders of rec. Mar. 1
Class 13 (quar.)
*40e. Mar. 15 *Holders of rec. Mar. 1
Packard Motor Car (quar.)
25c Mar. 12 Holders of roe. Feb. 15a
Page-Hershey Tubes, corn (qu.)
$1 25 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 20
Paraffine Companies, Inc. (quar.)
Mar. 27 Holders of roe. Mar. 17
$1
Paragon Refining, class A (quar.)
750. Apr. 1 Mar. 22 to Apr. 1
Paramount Famous Lasky Corp
Common(guar.)
*1
Mar. 29 Holders of rec. Mar. 70
Park & Tilford, Inc. (quar.)
75c. Apr. 14 Holders of rec. Mar. 29r.
Stock dividend
Apr. la Holders of rec. Mar. 29,
1
Parmelee Transportation, corn. (mthly.) 12 Ac Mar. 10 Holders of rec. Feb. 28a
Pender (D.) Grocery Co., class B (qu.)
250 Apr. 1 Holders of rec. Mar. 15
Class B (extra)
25e Apr. 1 Holders of rec. Mar. 15
Penick & Ford, oom. (quar.)
250 Mar. 17 Holders of ree. Mar. 5a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 14a
Peoples Drug Stores, coin. (quar.)
*25c Apr. 1 "Holders of rec. Mar. 8
Preferred (guar.)
4,1% Mar. 15'Holders of rec. Mar. 1
Perfection Stove(monthly)
4,373ic Mar. 31 *Holders of rec. Mar. 20
Pet Milk, corn. (Qum.)
373c. Apr. 1 Holders of rec. Mar. 110
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 11
Phelps Dodge Corp. (quar.)
750. Apr. 1 Holders of me. Mar. 6a
Phillips Petroleum (quar.)
500. Apr, 1 Holders of rec. Mar. 140
Pickwick Corp.. 8% preferred (quar.)- - •20c Mar. 25 *Holders of rec. Mar 1.5
Pie Bakeries of Amer., class A (quar.)..
50c. Apr. 1 Holders of ree. Mar. 15
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
«si
Pittsburgh Steel, corn. (quar.)
Apr. 1 *Holders of reo. Mar. 25
Plymouth Oil
50c. Mar. 15 Holders of red. Mar. 5
Port Alfred Pulp & Paper, pref.(quar.)
134 Mar. 15 Holders of rec. Mar. 4
Porto Rican Amer. Tobae.cl. A (qu.)_ _ _
134 Apr. 10 Holders of roe. Mar. 200
Class A (acccount accum.divs.)
Apr. 10 Holders of rec. Mar. 20a
Powdrell & Alexander Co. pref. (guar.). '154 Apr. 1 *Holders of rec Mar. lb
Prairie Oil& Gas(quar.)
50e. Mar. 31 Holders of me. Feb. 28a
Prairie Pipe Line (guar.)
75e. Mar. 31 Holders of rec. Feb. 28a
Extra
50e. Mar. 31 Holders of rec. Feb. 28a
Pratt dr Lambert, Inc. (guar.
$1
Apr. 1 Holders of rec. Mar. 15
Pressed Steel Car, pref. (quar.)
Mar. 31 Holders of rec. Mar. la
Procter & Gamble Co.,5% pref.(quar.)- 134 Mar. 15 Holders of reo. Feb. 25e
Public Investing Co. (quar.)
250. Mar. 15 Holders of rec Feb. 15
Extra
.100 Mar. 15 Holders of rec. Feb 15
Pure Oil, 53. % Pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10
8% preferred (quar.)
Apr. 1 Holders of rec. Mar. 10a
2
Quaker Oats, corn. (quar.)
Apr. 15 *Holders of rec. Apr. 1
*$1
Common (extra)
Apr. 1' *Holders of rec. Apr. 1
4
14
Common (payable in common stock)_ 120
*Holders of reo. Apr. 1
Preferred (guar.)
"134 May 31 'Holders of rec. May 1
Radio Corp. of Amer., pref. A (quar.)
8734o. Apr. 1 Holders of rec. Mar. la
Preferred B (quar.)
$1.25 Apr. 1 Holders of rec. Mar. la
Railroad Shares Corp.(No. 1)
*1214c Mar.k15 *Holders of roe. Feb. 17
Rapid Electrotype (quar.)
'3734c Mar. 15 "Holders of rec. Mar. 1
Stock dividend
July 15 'Holders of rec. July 1
*e5
Rath Packing,corn.(guar.)
*50e. Apr. 1 *Holders of rec. Mar. 20
Raybestos-Manhattan Co., com.(qu.)
65e. Mar. 15 Holders of rec. Feb. 28a
Real Silk Hosiery Mills, com.(quar.)_ _ _ $1.25 Apr. 1 Holders of rec. Mar. 13a
Preferred (quar.)
Apr. 1 Holders of me. Mar. 13a
Reliance Mfg. of Ills., corn.(quar.)
37340 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Reliance Mfg. (Ohio), com. (quer.)
_ $1
Apr. 1 Holders of reo. Mar. 14
Remington-Rand, inc., corn
400. Apr. 1 Holders of reo. Mar. 8a
First preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 8a
Second preferred (quar.)
Apr. 1 Holders of rec. Mar. 8a
2
Remington Typewriter, corn. (guar.)
Apr. 1 *Holders of rec. Mar. 8a
First preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 8a
Second preferred (quar.)
Apr. 1 Holders of rec. Mar. 8a
2
Reo Motor Car (quar.)
20c Apr. 1 Holders of rec. Mar.d10a
Republic Investing, pref.(qu.)
+350 Apr. 1 'Holders of rec. Mar 15
Republic Iron & Steel, pref. (quar.)... 134 Apr. 1 Holders of rec. Mar. 12a
Republic Supply (quar.)
*75e. Apr. 15 "Holders of rec. Apr.
Quarterly
•750 July 15 "Holders of rec. July 1
Quarterly
•75e Oct. 15 *Holders of rec. Oct. 1
Research Investment Corp., pref. (qu.)_ •750. Apr. 1 *Holders of rec. Mar. 15
Revere Copper & Brass,class A (quar.)_- al Apr, 1 Holders of rec. Mar. 10a
$1. May 1 Holders of rec. Apr.
75
Preferred (quar.)
10a
Ruberoid Co.(quar.)
Mar. 15 'Holders of rec. Mar. 1
*31
Safeway Stores, corn. (quar.)
J$1.25 Apr. 1 Holders of rec. Mar. 12a
6% preferred (quar.)
Apr, 1 Holders of rec. Mar. 12a
134
7% preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 12a
Bt. Joseph Lead Co.((mar.)
50c. Mar. 20 Mar. 8 to
Mar. 20
Extra
25e. Mar. 20 Mar. 8 to Mar. 20
Quarterly
50e June 20 June 10 to June 20
Extra
25e. June 20 June 10 to June 20
Quarterly
we. Sept. 20 Sept. 10 to Sept.21
Extra
250. Sept.20 Sept. 10 to Sept.21
Quarterly
50e. Dec. 20 Dee. 10 to Dec. 21
Extra
25e. Dec. 20 Dec. 10 to Dec. 31
St Maurice Valley Corp., pref. (quar.)_
Apr. 1 Holders of rec. Mar. 14
Sangamo Electric Co.. corn. (quar.) . 50e. Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
154 Apr, 1 Holders of rec. Mar. 10
Santa Bridge, class A (quar.)
*500. Apr. 1 *Holders of rec. Mar. 15
Class B (interim)
"25e. Apr. 1 "Holders of rec. Mar. 15
Savage Arms, pref. (guar.)
May 15 *Holders of rec. May 1
Schiff Company, common ((mar.)
500. Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
154 Mar. 15 Holders of reo. Feb. 28
Schlage Lock, com. (guar.)
•15c. Mar. 31 'Holders of rec. Mar. 15
Sehletter dr Zander. Prof. (guar.)
*87 Ac May 15 *Holders of rec. Apr. 30
Scott Paper, coin. (quar,)
350 Mar. 31 Holders of ree Mar. 17a




154

6154

154

154

'134

134

Name of Company:

1607
Whets
Per
Cent. Payable

Books Closed,
Days Inclusive.

Miscellaneous (Continued).
Seaboard Utilities Shares Corp..Del.(qu.) 1234c Apr. 1 Holders of rec. Mar. 10
Sears, Roebuck & Co..stock div.(qu.)
May 1 Holders of rec. Apr. 14a
el
Second National Investors, pref. (guar.) $1.25 Apr. 1 Holders of rec. Mar. 100
Segal Lock & Hardware, corn. (quar.)-- •1234c Mar. 15 *Holders of rec. Feb. 28
411
Shaeffer (W. A.) Pen, common
Mar. 15 *Holders of rec. Feb. 25
Common (extra)
*50o. Mar. 15 'Holders of me. Feb. 25
e$1
Common (guar.)
Sept.15 *Holders of rec. Aug. 25
35c. Mar. 31 Holders of rec. Mar. 6a
Shell Union Oil Corp., corn. (guar.)
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 10a
Signal Oil& Gas,class A & B (guar.)*4354c Apr. 10 *Holders of rec. Feb. 28
Signal Royalties, class A & B (quar.) -- *500. Mar. 15 *Holders of rec. Feb. 28
Simms Petroleum (guar.)
400. Mar. 15 Holders of reo. Feb. 28a
500. Apr. 15 Holders of rec. Mar. 15a
Sinclair Consol. Oil., com. (quar.)
•41relly Oil kquar.)
50c. Mar. 15 Holders of rec. Feb. 140
Smith (L. C.) & Corona Typewriter
"75e. Apr. 1 *Holders of rec. Mar.22
Common (quar.)
Preferred (guar.)
"134 Apr. 1 *Holders of rec. Mar.22
South Penn 011 (guar.)
*50e. Mar. 31 *Holders of rec. Mar. 15
*1234e Mar. 31 *Holders of rec. Mar. 15
Extra
50e. Apr. 1 Holders of rec. Mar.d10a
South Porto Rico Sugar, com.(quar.)..
2
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 10a
50e. Apr. 15 Holders of rec. Apr. la
Spalding (A. G.) & Bros.com.(qu.)...
Spring, Chalfant & Co., pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
*55c. Mar. 31 *Holders of rec. Mar. 20
Square D Co., class A (quar.)
3734e Apr. 1 Holders of rec. Mar. 10a
Standard Brands, corn. (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 10a
Preferred (quar.)
6234e Mar. 15 Holders of rec. Feb. 15a
Standard Oil (Calif.) (quar.)
Standard Oil (Indiana) (quar.)
'6234c Mar. 15 'Holders of rec. Feb. 5
*50c. Mard31 'Holders of rec. Feb. 28
Standard 011 (Kansas)((mar.)
*400. Mar. 15 "Mar. 16 to Mar.30
Standard Oil (Kentucky) (quar.)
Standard 011 (Nebraska) (quar.)
62340 Mar. 20 Feb. 26 to Mar. 20
25e. Mar. 20 Feb. 26 to Mar. 20
Extra
1
Mar. 15 Holders of rec. Feb. 154
Standard Oil of N.J. $100 Par (guar.)
1
Mar. 15 Holders of rec. Feb. 15a
$100 par stock (extra)
250 Mar. 15 Holders of rec. Feb. 15a
$25 par stock (quar.)
250. Mar. 15 Holders of rec. Feb. 15a
$25 par stock (extra)
Standard 011 of N. Y.(quar.)
40c. Mar. 15 Holders of rec. Mar. la
Standard Oil(Ohio), com.(guar.)
6234c Apr. 1 Holders of rec. Mar. 14
Stearns(Fred'k) dr Co.,com.(monthly)* 162-3c Mar. 31 'Holders of rec. Mar.20
"3734c June 1 *Holders of rec. May 15
StLx, Baer & Fuller, corn. (quar.)
Common (quar.)
+3734c Sept. 1 'Holders of rec. Aug. 15
"3734e Dec. 1 "Holders of roe. Nov. 15
Common (quar.)
Apr. 15 Holders of rec. Mar. 140
Stone & Webster, Inc.(quar.)
$1
Strawbridge & Clothier, pref. (Quar.)
"154 Apr. 1 *Holders of rec. Mar. 15
25e. Mar. 15 Holders of roe. Feb. 254
Sun 011 Co.common (guar.)
•el
May 1 "Holders of rec. Apr. 21
Super-Maid Corp.(stock dividend)
Swift & Co., old $100 par stock (quar.)_ _
2
Apr. 1 Holders of rec. Mar. 10
50e. Apr. 1 Holders of rec. Mar. 10
New $25 par stock (quar.)
"20e. Apr. 1 *Holders of rec. Mar.20
Telephone Corporation (monthly)
"20e. May 1 *Holders of rec. Apr. 20
Monthly
"20e. June 1 *Holders of rec. May 20
Monthly
*200. July 1 *Holders of rec. June 20
Monthly
*20e Aug. 1 'Holders of rec. July 20
Monthly
"20e Sept. 1 *Holders of rec. Aug. 20
Monthly
.200. Oct. 1 *Holders of rec. Sept.2()
Monthly
"20e. Nov. 1 *Holders of rec. Oct. 20
Monthly
"20e. Dec. 1 *Holders of rec. Nov. 20
Monthly
25e. Mar. 15 Holders of rec. Feb. 280
Tennessee Copper & Chem. Corp.(Qu.).
75e. Apr. 1 Holders of rec. Mar. 70
Texas Corporation (quar.)
$1
Texas Gulf Sulphur (quar.)
Mar. 15 Holders of rec. Mar. 30
Thompson Products,new no par oom.(qu) *600. Apr. 1 *Holders of rec. Mar. 20
Thompson-Starrett Co., Inc., pref. (qu.) 8734c Apr. 1 Holders of rec. Mar. lla
Tide Water Associated Oil, semi-annual _
30v Aug 15 Holders of rec. July 310
Mar. 20 *Holders of reo. Mar. 5
Todd Shipyards (quar.)
41
•30e. May 1 'Holders of rec. Apr. 15
Transcontinental Oil (new)
Traung Label & Lithograph, cl. A (qu.) *3734e Mar. 15 *Holders of rec. Mar. 1
Class A (guar.)
'3734c June 15 'Holders of rec. June 1
Class A (guar.)
'3754c Sept. 15 Holders of rec. Sept. 1
Class A (guar.)
'3734e Dec. 15 Holders of rec. Dec. 1
*1834c Mar. 15 *Holders of rec. Mar. 1
Class B (quar.)
Trice Products (quar.)
6234c Apr. 1 Holders of rec. Mar.d18a
Tri-UtilitJes Corp.. corn.(qu.)(No. 1).. •30c. Apr. 1 *Holders of reo. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
Common(payable in common stock). *fl
300. Apr. 15 Holders of rec. Mar. 260
Truscon Steel, corn. (guar.)
Underwood Elliott Fisher Co.,corn.(qu.) $1.25 Mar. 31 Holders of rec. Mar. 120
154 Mar. 31 Holders of rec. Mar. 120
Preferred (quar.)
650. Apr. 1 Holders of rec. Feb. 28a
Union Carbide & Carbon (quar.)
50c. Apr. 1 Holders of rec. Mar. 20
Union Metal Mfg.(quar.)
25c. Apr. 1 Holders of rec. Mar. 20
Extra
.6234. May 15 *Holders of rec. May 1
Union Storage Co.(quar.)
.6234e Aug. 15 *Holders of rec. Aug. 1
Quarterly
*6234
,Nov. 15 *Holders of rec. Nov. 1
Quarterly
75c. Apr. 1 Holders of rec. Mar.d13a
United Aircraft dr Transport, pref. (qu.)
50c. Apr. 1 Holders of rec. Mar. 15
United Carbon, corn. (quar.)
*334 July 1 *Holders of rec. June 13
Preferred
134 Apr. 1 Holders of rec. Mar. 130
United Dyewood Corp., pref. (quar.)_ _ _
$1
Apr. 1 Holders of rec. Mar. 30
United Fruit (guar.)
50c \lay 1 Holders W rec. Apr. 15e
United Piece Dye Works, com.(guar.)_
50c Aug. 1 Holders of rec. July 154
Common (guar.)
50e
1 Holders of roe. Oct. 150
Common (guar.)
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 200
Preferred (guar.)
134 July 1 Holders of rec. June 200
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
134 Jan 2'31 Holders of rec. Deo. 200
United Securities Ltd.. prof. (quar.)_..134 Apr. 2 Holders of rec. Mar. 19
75c Niar. 10 Holders of rec. Feb. 100
U. S. Freight common (guar.)
*40c Mar. 31 *Holders of rec. Mar. 15
CI 8.Gypsum,com.(guar.)
.
Mar. 31 *Holders of rec. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 100
U. S. Leather, pref. (guar.)
U. S. Pipe & Foundry, coin.(guar.)...
24 Apr. 20 Holders of reo. Mar. 31a
Common (guar.)
234 July 20 Holders of rec. June 30a
Common (guar.)
234 Oct. 20 Holders of rec. Sept. 20a
234 Ja 20'31 Holders of rec. Dec. 310
Common (guar.)
30c Apr. 20 Holders of rec. Mar. 310
First preferred (guar.)
30c July 20 Holders of rec. June 300
First preferred (guar.)
First preferred (guar.)
30c Oct. 20 Holders of rec. Sept. 300
First preferred (guar.)
30e Ja 2031 Holders of rec. Dec. 310
Second preferred (guar.)
l30c Apr. 20 Holders of rec. Mar. 310
Second preferred (guar.)
130c. July 20 Holders of rec. June 300
Second preferred (guar.)
130c. Oct. 20 Holders of rec. Sept. 30a
Second preferred (guar.)
Ja 2031 Holders of rec. Dee. 31a
U. S. Realty & lrnpt. (quar.)
$1.25 Mar. if Holders of rec Feb. 14e
United States Steel Corp. corn.(quar.)__
134 Mar. 29 Holders of rec. Feb. 270
Utilities & Hydro Rails Shares(No. 1)_ _ *14c. Apr. 1 *Holders of rec. Mar. 15
Vacuum 011 (quar.)
Mar. 20 Holders of rec. Feb. 28
$1
Valvoline Oil, com.(quar.)
134 Mar. 17 Holders of rec. Mar. 14
4,15i Mar. 10 *Holders of rec. Mar. 1
Vapor Car Heating, pref.(quar.)
Preferred (quar.)
June 10 *Holders of rec. June 1
Preferred (guar.)
'154 Sept. 10 *Holders of rec. Sept. 1
Preferred (guar.)
*134 Dec. 10 *Holders of rec. Dec. 1
Viking Pump, pref. (quar.)
*600. Mar. 15 *IIolders of rec. Mar. 1
Vogt Mfg. (quar./
.500 Apr. , *Holders of rec Mar. 15
Vulcan Detinning corn. & corn. A
1
Apr. 19 Holders of rec. Apr. 10a
Preferred and pref. A (guar.)
131 Apr. 19 Holders of rec. Apr. 104
Waldorf System, Inc.. com. (anal%)---- 37340 Apr. 1 Holders of rec. Mar. 20a
Preferred (quar.)
20e. Apr. 1 Holders of rec. Mar. 20
Walgreen Co., pref. (quar.)
'154 Apr. 1 *Holders of rec. Mar. 20
Walker (Hiram)-Gooderham & Worts,
Ltd.(quar.)
250. Mar. 15 Holders of rec. Feb. 21
Waltham Watch, pref. (guar.)
'134 Apr. 1 *Holders of rec. Mar. 22
Walworth Company,corn.(quar.)
50c. Mar. 15 Holders of rec. Mar. 5a
Preferred (quar.)
.750. Mar. 31 *Holders of rec. Mar. 20
Webster-Eiseniehr Co., pref. (mi.) _ _ _ _
134 Apr. 1 Holders of rec. Mar. 200
Wellman-Seaver-Morgan, pref. (qu.) _
*134 Apr. 1 *Holders of rec. Mar. 21
Wesson 011 & Snowdrift, corn. (quar.)
50o. Apr. 1 Holders of rec. Mar. 154
Western Reserve invest., pr. pref.(qu.).
134 Apr. 1 Holders of rec. Mar. 11
Western Tablet & Stationery, corn.(qu.) *500. May 1 *Holders of rec. Apr. 21
3.‘ Apr. 1 *Holders of rec. Mar. 210
Preferred (quar.)
Westinghouse Air Brake (quar.)
50c. Apr. 30 Holders of rec. Mar. 34
Westinghouse Elec.& Mfg.
Common and preferred (qum.)
$1.25 Apr. 30 Holders of rec. Mar. 11

1608
When
Per
Cent. Payable

Name of Company.
Miscellaneous (Con-luded).
West Michigan Steel Fdy (quar.)
Westmoreland, Inc
Weston Electric Instrument (quAr.)___ _
Class A (guar.)
Wheatsworth, Inc., corn. (guar.)
Wheeler Metal Products, corn.(quar.)...
Whitaker Paper, common (quar.)
Preferred (guar.)
White Motor Co., corn. (guar.)
White Motor Securities, pref.(quar.)
Whitman (Wm.) Co., pref. (quar.)
Will & Baumer Candle, corn. (quar.) _
Common (extra)
Preferred( guar.)
Willys-Overland Co., pref.(quar.)
Wilson & Co. pref (acct. accum.
Wilson (Percy) & Co (No. 1)
WInsted Hosiery (guar.)
Extra
Quarterly
Extra
Quarterly
Extra
Wood Chemical Products, class A (qu.).
Class B (guar.)
Woods Manufacturing, pref. (quar.) - _
Worthington Pump & Mach., pf. A (qu)
Preferred A (accrued accum. divs.)_- Preferred B (guar.)
Preferred B (accrued accum. diva.)- - Wrigley ( m.) Jr.. Co. (inonthlY) - -- Monthly
Yale & Towne Mfg. (guar.)
Yellow Taxi Corp.(New York)
Yosemite Holding Corp., pref. (guar.)- Young (L. A.) Spring & Wire, corn.(qu.)
Youngstown Sheet & Tube, corn. (qu.)_
Preferred (guar.)

Books Closed
Days Inclusive.

"25c. Mar. 15 'Holders of rec. Mar. la
30c. Apr. 1 Holders of rec. Mar. 15
.2.5e. Apr. 1 'Holders of rec. Mar. 21
*50c. Apr. 1 'Holders of rec. Mar. 21
.25e. Apr. 1 'Holders of rec. Mar. 20
500. Mar. 15 Holders of rec. Mar. 5
*31.50 Apr. 1 'Holders of rec. Mar. 20
*1 3/,' Apr. 1 "Holders of rec. Mar. 20
50c. Mar. 31 Holders of rec. Mar. 12a
Mar. 31 Holders of rec. Mar. 12
Apr. 1 Holders of rec. Mar. 21
100. May 15 Holders of rec. May 1
10c. May 15 Holders of rec. May 1
2
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 18a
h1% Apr. 1 Holders of rec. Mar. 10
*50c. Apr. I
May 1 'Holders of rec. Apr. 15
*2
*50c. May 1 'Holders of rec. Apr. 15
*2 Yi Aug. 1 'Holders of rec. July 15
*50c. Aug. 1 'Holders of rec. July 15
'254 Nov. 1 *Holders of rec. Oct. 15
*50c. Nov. 1 'Holders of rec. Oct. 15
50c. Apr. 1 Holders of rec. Mar. 18
25c. Apr. 1 Holders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 15
1/4 Apr. 1 Holders of rec. Mar .10a
Apr. 1 Holders of rec. Mar. 10a
154 Apr. 1 Holders of rec. Mar. 10a
51 54 Apr. 1 Holders of rec. Mar. 10a
25c Apr. I Holders of rec. Mar. 20a
Holders of rec. Apr. 19a
25c May
Apr. 1 Holders of rec. Mar. 10a
Si
*75e. Mar. 15 *Holders of rec. Mar. 5
87)ic Apr. 1 Holders of rec. Mar. 15
75c. Apr. 1 Holders of rec. Mar. 13a
$1.25 Apr. 1 Holders of rec. Mar. 14a
114 Apr. 1 Holders of rec. Mar. 14

'From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curls Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Payable In cash or one-fortieth share class A stock.
d Correction. e Payable In stock.
f Payable In common stock. g Payable In scrip.
dividends. .1 Payable in preferred stock.

h On account of accumulated

t Equitable Investing Corp. dividend is payable in common A stock.
m General Gas & Electric common A dv B dividend will be applied to the purchase
Of common A stock at rate of $25 per share unless written notice of their desire to
take cash is given by stockholders prior to March 22.
n Richmond National Bank dividend ratified by stockholders at meeting on
Feb. 25.
o New York Stock Exchange rules Columbia Gas & Elec. common stock be not
quoted ex the stock dividend until April 1.
q British American Tobacco dividend Is 10 pence. All transfers received In London
on or before March 3 will be In time for payment of dividend to transferee.
r Canada Iron Foundries preferred and common dividend subject to confirmation
by general meeting on April 17.
s United Founders Corp. dividend Ls one-seventieth share common stock.

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the Now York Clearing House. The following are the figures for the week ending Feb. 28:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, FEB. 28 1930.
NATIONAL AND STATE BANKS-Average Figures

Loans.

w Less deduction for expenses of depositary.
aa Commercial Investment Trust cony. pref. dividend payable in com, stock
at rate of 1 52ral share common unless company is notified on or before March 17
of shareholders' desire to take ca.sh-$1.50 per share.
bb Unless advised on or before close of business March 18 by stockholder of his
desire to take cash Peoples Light & Power dividend will be paid in class A corn.
stock at rate of 1 -50th share for each share held.
cc Utilities Power dr Light corn, and class A dividends will be paid 1-40th share
corn. stock unless stockholders request cash-25e. a share. Class A dividend will
be paid 1-40th share class A stock unless stockholders request cash-50c. a share.
ff Safeway Stores corn, dividend payable in cash or 154% in common stock at
stockholders' option. Dividend will be paid In cash unless notice of election to
take stock is received prior to close of business' March 22.

Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 1 1930

'Capital.

'Surplus and Net Demand
Deposits
Undivided
Average.
Profits.

Time
Deposits
Average.

Bank of N.Y.& Tr. Co_ _
Bk. of Manhattan Tr. Co_
Bank of Amer. Nat. Ass'n
National City Bank
Chem. Bk. & Trust Co_
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr.Co
Cent. Han. Bk.& Tr. Co_
Corn Each. Bk. Trust Co_
First National Bank
Irving Trust Co
Continental Bk.& Tr. Co.
Chase National Bank_ _
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co__ _
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Com'l Nat. Bk.& Tr. Co_
Harriman Nat. Bk. & Tr _

6.000.000
22.250.000
35.775,300
110.000.000
15.000.000
90.000.000
16,200,000
21.000.000
12,100.000
10.000,000
50,000.000
6,000.000
105,000,000
500,000
50.000,000
25,000.000
10.000.000
6,000,000
3,000,000
12,500,000
7 ,000,000
f2,000,000

14,297.300
43.209.600
38.853.000
129.850.200
22.017,700
202.636.000
19.466,100
84.117.700
22.604,000
103,359,800
83,741,000
11,280.300
138,365.100
3,627,700
63,611,000
82,631,400
24,321,600
5.659,200
4,615,100
34,276,600
8,790,500
f2,509,700

62.297.000
179.884,000
161.614.000
a978.215.000
200.841.000
b794.876.000
147.639,000
340.608,000
172,800,000
234.756,000
354,579,000
9.851,000
c709,780,000
23,913,000
d448,422.000
e396,469.000
33,060,000
40,369,000
21,750,000
154,015,000
47,875,000
33,111,000

9,997,000
40,297.000
55,677,000
227.212.000
20,515.000
88,507,000
35.875.000
42,688.000
33.655,000
13.203.000
15,226,000
786,000
85,168,000
1,279.000
61,242,000
49,789,000
1,368,000
5,168,000
1,982,000
22,998,000
6,488,000
6,330,000

Clearing Non-Members
City Bk. Farmers Tr. Co_
Mech. Tr. Co., Bayonne_

10,000,000
500,000

12,187,700
888,300

3,702.000
2,792,000

1,708,000
5,444,000

625,825,300 1,154,496,600 5,553,218,000

868,602,000

Totals

*As per official reports: National, Dec. 31 1929: State, Dec. 31,1929; trust
Companies, Dec. 31 1929. f;As of Jan. 20 1930.
Includes deposits in foreign branches: a 5294,488,000; b $148,400,000; c $13,186,000; d 5115,156,000; e $63,421,000.




OtherCash Res., Dep., Dep. Other
Including N. Y. and Banks and
Bk.Notes. Elsewhere. Trust Cos.

Gold.

Manhattan5
Bank of U. S____ 213,742,000
Bryant Park Bk.. 2,828,900
Grace National__ 21,655,554
Port Morris
3,410,900
Public National _ 140,296,000
Brooklyn
Brooklyn Nat'l
8,487,600
Peoples Nat'l_ _ _
7.200.000

Gro4
Depos

S
$
S
S
$
21,000 4.084,000 29,876,000 2,158,000 207,469 ,000
____ 169,800
315.400
2,081 ,400
6,000
72,233 1,869,463 2,029,704 19,117,617
25,500
80,000
176,400
2,85C ,500
35,000 1,872,000 8,724,000 25,537,000 146,552 ,000
17,700
5.000

56,900
115.000

505,100
.012(100

480,200
01 nnn

5.400.500
7 lnr ,
000
,

TRUST COMPANIES-Average Figures

Loans.

Cash.

Res've Dep., Depos.Other
N. Y. and Banks and
Elsewhere. Trust Co.,.

Gros
Deposits
_

Manhattan
49.298,100 10,375,200
American
775,100
Bank of Europe & Tr. 15.649,667
808,425
112,888
25,345.714
Bronx County
683,522 1,654,082
22,596,000 1,297,000 1,121.000
Chelsea
83.466.600 *5,146,800 5,888,100
Empire
102,5:15 1,365,557
17.719.757
Federation
19.570,500 *2,215,100
Fulton
256,200
358,641,000 2,973,000 47.374,000
Manufacturers
70,696,315 3,533,334 7,120,424
United States
Brooklyn
117.155,000 2,062,000 21,166,000
Brooklyn
27,644,763 1,886,707 2,302,917
Kings County
Bayonne, N. J.
8,703,024
260,940
690,602
Mechanics _

22,500 48,986,000
15,111,266
25.079,210
19,328,000
3,496,100 82.680,600
125,281 17.529,941
16.731,600
2,012.000 333.119,000
53,677,878
117,165,000
25,226.766
301,956

8,820,838

* Includes amount with Federal Reserve Bank as follows: Empire, $3,492,700*
Fulton, $2,119,100.

Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS

t Payments on 2d pref. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
In the event of the redemption of that stock before all dividends are paid.
• Central Public Service dividend 4314c. cash or 1-40th share of class A stock

Clearing Howe
Members.

[voL. 130.

FINANCIAL CHRONICLE

Changesfrom
PrevioUJ Week,

Mar. 5.
1930.
96,975.000
Capital
106.487.000
Surplus and profits
Loans, disets & invest'ts_ 1.087.634,000
667.755.000
Individual deposits
135.719,000
Due to banks
267,672.000
Time deposits
961,000
United States deposits.,,
33,342.000
Exchanges for Cl'g House
79,435.000
Due from other banks...
81,114,000
Res've in legal deposit's
7,284,000
Cash in bank
770,000
REseve excess in F. R.Ilk.

Feb. 26
1930.

Feb. 19
1930.

Unchanged
96,975,000
06.975.000
Unchanged
106,457,000 104,487.000
-4.288.090 1.091.922.000 1,099,465.600
+2,550.000 665.2 '5,0901 672.233,000
-1,358.00d, 137.077.000 138.637,000
--3.782.000, 271,454.000 270.609,000
-54,0001
1.01 5,0001
1,009.000
+1.664,000i
31,678.0001
27.772.000
+3.041,0001
76.304,0001
76,843,000
-522,000i 81.836.000, 82.014,000
+154.0001
7.132.0001
7.335,0(10
-232,000'
1,002.000
43,000

-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Mar. 1, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Mar. 11930.
Two Ciphers (00)
omitted.

Trust
Members of
F.R. System Companies.

62,408,0
Capital
Surplus and profits.... 216,845,0
Loans, discts. & invest. 1,058,356,0
44,952,0
Each, for Clear. House
99.465.0
Due for banks
142,275.0
Bank deposits
Individual deposits- - - 609,544,0
233,209,0
Time deposits
985,027,0
Total deposits
71,091,0
Rea. with legal depos
Ites. with F. R. Bank
10,172,0
Cash in vault*
81,263.0
Total res. & cash held_
Reserve required
Excess reserve and cash
vault
I

Feb. 22
1930.

Feb. 15
1930.

Total.

$
$
7,500.0
69,908,0
68,908,0
68,098,0
16,869.0 233,714,0 231,125,0 231,125,0
64,980.0 1,123.336.0 1,120,811,0 1,126,940,0
311.0
45,263,0
46,283,0
45,148,0
13,0
09,478,0
08,653,0
94,211,0
1,744,0 144,018,0 144,047,0 147,284,0
30,947,0 64(1,491,0 633,051,0 638,080,0
14,787,0 247,090,0 249,580,0 249,014,0
47,478,0 1,032,505,0 1,026,678,0 1,034,978.0
71,091,0
70,414,0
69,782,0
6,812,0
5,033,0
8,812,0
4.756,0
1,608,0
11,095,0
11,780.0
11,600,0
87,492,0
8,420,0
89,683,0
86,138,0

• Cash in vault not counted as reserve for Federal Reserve members.

MA:R.8 1930.]

FINANCIAL CHRONICLE

1609

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.6, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding waek last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1562, 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. 5 1930
Mar.5 1930. Feb. 26 1930. Feb. 19 1930. Feb. 12 1930. Feb. 5 1930. Jan. 29 1930. Jan. 22 1930. Jan. 15 1930. Mar,6 1929.
RESOURCES.
1,615,230,000 1,629,630,000 1465,332,000 1,646,634,000 1,646,264.000 1,654,164,000 1,680,014.000 1.690,879,000 1,183,910,000
Geld with Federal Reserve agents
61,627,000
62,119,000
59,758,000
53,770,000
Gold redemption fund with U. S. Treas.
55.409.1101)
58,258,000
58,258,000
884109.000
57,558,000
Gold held exclusively agst. F. R. notes 1,669,000,000 1,685,039,000 1,718,441,000 1,704,192,000 1,704,522.000 1,712,422.000 1,739,772,000 1,752,506,000 1,246,029,000
648,856,000 634,655,000 627,763,000 664,423,000 661,780,000 645,447,000 608,940,000 558,243,000 788,107,000
Gold settlement fund with F. R.Board
Gold and gold certificates held by banks_ 677,667,000 669,937.000 631,314,000 606,363,000 610,261.000 627,343,000 626,503,000 650,303,000 648,701,000
2,995,523,000 2,989,631,000 2,977,518,000 2,974,978,000 2.976.563.000 2,985.212,000 2,975.215,000 2,961,052,000 2,682,837,000
188,436,000 196,954,000 199,412,600 198,479,000 199,872.000 203,144,000 196,303,000 193,465,000 152,755,000

Total gold reserves
Reserves other than gold

Total reserves
3,183,959,000 3,186,585,000 3,176.930.000 3,173,457,000 3,176.435,000 3,188.356,000 3,171,518.000 3.154,517,000 2,835,592,000
75,231,000
Non-reserve cash
84.466,000
67,857,000
70,001,000
76,354,000
69,602.000
69,144,000
74,988,000
68,031,000
Bills discounted:
Secured by U. S. Govt. obligations___ 148,890,000 184,163,000 204,930.000 212,650,000 197,928,000 220.312,000 239,394,000 235,064,000 606,053,000
Other bills discounted
159,726,000 158,618,000 172,013.000 169,264,000 183,494,000 186,629,000 193,829,000 207,272,000 383,119,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

308,616,000
271,202,000

342,781.000
299,306,000

376,943,000
281,057,000

381,914,000
276,084,000

381,422,000
295,791,000

406,941,000
258,472,000

433,223,000
298,389,000

442,336,000
323,347,000

989,172,000
304,644,000

69,660,000
209,665,000
206,820,000

79,167.000
221,030,000
182,558,000

69,770,000
200,532.000
210,313,000

69,592,000
186,182.000
222,786,000

69,679,000
171,226,000
236,939,000

69,570,000
170.252,000
236.714,000

89,610,000
170,213,000
236,839,000

69,629,000
176,223.000
233,208,000

51,594,000
90,671,000
20.699,000

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

486,145,000
12,230,000

482,755.000
13,680,000

480,615,000
14,280,000

478,560,000
11,280,000

477,844,000
12,180,000

476.536,000
12,430,000

476.662,000
14,530,000

479,060,000
14,880,000

162,964,000
10,250,000

Total bills and securities (see note) _ _ _ _ 1,078,193,000 1,138.522,000 1,152,895.000 1,147,838,000 1,167.237,000 1,154,379,000 1,222,804,000 1,259,623,000 1,467,030,000
Gold held abroad
Due from foreign banks (see note)
725,000
721,000
725,000
722,000
725,000
722,000
722,000
721,000
721,000
Uncollected items
631,687,000 678,198,000 651,924,000 650,812,000 594,478,000 573,020,000 660,316,000 744.923,000 678,483,000
Bank premises
58,149,000
58,660,000
58,419,000
58,213.000
58,419,000
58,388,000
58,267.000
58,260,000
58,311,000
All other resources
8,062,000
14,857,000
12,263,000
12,231,000
14,785,000
13.826.000
13,479,000
12,810,000
13,802.000
Total resources
LIA AMITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits

2,315,190,000 2,345,858,000 2,315.411,000 2.307,658,000 2,338,845,000 2,307,948,000 2,359,8
01,000 2,357.650.000 2,350,497,000
36,840,000
21,577,000
16,573,000
6,732,000
2e.071,000
48,987,000
35,075,000
25,552.000
11,743,000
6,389,000
7,710,000
7,011,000
9,766,000
6,958,000
8,226,000
5,669,000
5,718,000
6,305,000
18,893,000
19,476,000
22,645,000
20,704,000
22,148,000
18,297,000
20,272.000
19,226,000
63,165,000

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

2,349,108.000 2,407,980,000 2,390,921,000 2,388.871,000 2,389,301.000 2,369,013,000 2,414.978,000 2,103.879,000 2,402,544,000
578,440,000 635,683,000 611,818,000 576.719,000 542,446,000 527,238,000 584,189.000 665,037,000 628,729,000
172,064,000 171,813,000 171,591,000 171,434.000 171,547,000 171,416,000 171,253.000 171,107,000 132,118.000
276,936.000 276,936.000 276,936,000 276,936.000 276.936,000 276,936,000 276,936,000 276.936.000 254,398,000
17,797,000
15,336,000
19,427,000
17,648,000
15,564,000
16,860,000
16,051.000
16,030,000
16,568,000

5,035,622,000 5,147,303.000 5,124,287,000 5,112,972,000 5,079,762,000 5,062,534,000 5,202,161,000 5,314,666,000 5,123,783,000
1,641,426,000 1,637,094,000 1,656,161,000 1,682,444,000 1,683,481,000 1,701,901,000 1,739,241,000 1,782,371,000 1,666,567,000

Total liabilities
5,035,622,030 5,147,303,000 5,124.287,000 5,112,972,000 5,079,762,000 5,062,534,000 5.202.161.000 5.314,666,000 5,123,783,000
Ratio of gold reserves to deposits and
73.9%
65.9%
70.7%
71.6%
F. It. note liabilities combined
75.9%
73.5%
73.3%
73.0%
73.7%
Ratio of total reserves to deposits and
78.8%
69.7%
F. R. note liabilities combined
75.4%
79.8%
78.5%
78.3%
76.3%
78.0%
77.9%
Contingent liability on bills purchased
for foreign correspondents
505,179,000 513,346,000 518,664,000 523,891,000 526.924,000 535,229,000 530,600,000 527,435,000 303,397,000
Distribution by Matur4ties1-15 day bills bought in open market-.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
18-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness....
Over 90 days municipal warrants

125,896,000
222,086,000
54,032,000

158,895,000
253,437,000
150,000

150,444,000
284,604,000

146.001,000
281,658.000
630,000

146,963.000
275,383.000
130,000

119,202,000
304,177,000

154,156,000
326,283,000

190,321.000
328,701.000
190,000

145,352,000
818,385,000
1,705,000

63,532,000
24,488,000

70,628,000
23,760,000
34,037,000

62,413,000
24,845,000
61,102,000

68,485,000
27,426,000

69,096.000
28,299,000

48,576,000
26,116,000

41,457,000
28,139,000

34,104,000
30.395,000

81,997,000
43,094,000

52,697,000
34,230,000

50,007,000
36,142,000

59,899,000
36,363,000

60,674.000
42,472,000
76.531,000

67,917,000
41,030,000
76,517,000

70,537,000
42,550,000
79.979,000

65,473,000
43,374,000
26.864,000

61,864,000
70,834,000

30,000
28,375,000
18,927,000
20,000

49,840,000
39,968.000
61,516,000

19,583,000
20,012,000

8,123,000
22,191,000

11,551,000
24,070.000

18,651,000
25,415,000

22,088,000
25,263,000

31,355,000
25,169.000

32,273,000
28,358.000
61,450,000

11,504,000
47,483,000

30,000
193,000
9,430,000
148,371,000

30,000
178,000
8.940,000
149,211.000

30,000
207,000
8,792,000
160,640,000

30,000
407,000
9,353,000
160,278,000

689,000
10,355,000
160,197,000
30,000

884,000
11,082,000
156,860,000
30,000

1,177,000
11,504,000
144.704,000
30.000

3,927,000
9,376.000
18,994,000

702,000
8,885,000
152,768,000

F.11. notes received from Comptroller_ _ _ 3,332,638,000 3,391,218.000 3,449,193,000 3,459,900.000 3.459,114,000 3,442,565,000 3,450,558,000 3,515,476.000 2,890,834,000
F.It. notes held by F. R.Agent
1,318,110,000 1,363,869,000 1,382,813,000 1,411,803.000 1,403,314,000 1,345,486,000 1,281,274,000 1,250,703,000 823,632,000
Issued to Federal Reserve Banks

2,014,528,000 2,027,349,000 2,066,380,000 2,048,097.000 2,055,800,000 2,097,079,000 2,169,284,000 2,264,773,000 2,067,202,000

How Secured—
,33y gold and gold certificates
,Gold redemption fund
Gold fund—Federal Reserve Board.
'By eligible paver

397,210,000 404,910,000 413,112,000 421,114,000 421,744,000 425,744,000 420,894,000 413.959,000 362,645,000
87,479,000
1,218,020,000 1,224,720,000 1,245,220,000 1.225,520,000 1,224,520,000 1,228,420,000 1.259,120.000 1,276,920,000 733,786,000
562,422,000 597,048,000 621,869,000 625,288,000 654,526,000 648,725,000 712,598,000 734,927,000 1,256,975,000

2,177,652,000 2,226,678.000 2,285.201,000 2,271,922,000 2,300.790.000 2,302,889.000 2,302,612,000 2,425.808.000 2.440,885,000
Total
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added in order to show separate y the amount of balances held abroad and amounts due
.10 foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities.- The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 5 1930.
Two ciphers (00) omitted.
Federal Reserve Bank of—

Boston. New York. Phtla. Cleveland. Richmond Atlanta. Chicago. St. Louis. ilfinneap. Kan.C1V. Dallas. San Fran,
Total.
—
-$
RESOURCES.
$
$
S
$
$
s
$
$
$
$
s
• Gold with Federal Reserve Agents 1,615,230,0 179,917,0 238,594.0 126,000,0 145,550,0 67,211,0 117.470,0 309,564,0 69,845,0 60,845,0 80,000,0 30,471,0 189,763,0
15,675,0 3,234,0 4,103,0 1,677.0 2,369,0 11,013,0 2,008,0 1,954,0 1,714,0 1,950,0 6,400,0
Gold red'n fund with U. S. Treas.
53,770,0 1,673,0
Gold held excl.agst.F.R. notes 1,669,000,0 181,590,0
Gold settle't fund with F.R.Board 648,856,0 36,337,0
Gold and gold ctfs.held by banks_ 677,667,0 27,495,0

254,269,0 129,234,0 149,653,0 68,888,0 119,839,0 320,577.0 71,853,0 62,799,0 81,714,0 32,421,0 196,163,0
185,097,0 46,742,0 92,110,0 22,314,0 13,458,0 106,657,0 27,549,0 17,224,0 34,942,0 19,616,0 46,810,0
416.731,0 29,142,0 43,566,0 9.878,0 5,841,0 86,681,0 8,583,0 5,855,0 8,517,0 9,923,0 25,455,0

Total gold reserves
Reserve other than gold

2,995,523,0 245,422,0
188,436,0 20,845,0

856,097,0 205,118,0 285,329,0 101,080,0 139,138,0 513,915,0 107,985,0 85,878,0 125,173,0 61,960,0 268,428,0
59,059,0 16.925,0 12,487,0 8,354,0 14,288,0 17,599,0 10,811,0 3,869,0 7,825,0 5,413,0 10,961,0

Total reserves
3,183,959,0 266,267,0
Non-reserve cash
67,857,0 8,721,0
Bills discounted:
Sec. by U. S. Govt. obligations 148,890,0 11,360,0
Other bills discounted
159,726,0 11,296,0

915,156,0 222,043,0 297,816,0 109,434,0 153,426,0 531,514,0 118,796,0 89,747,0 132,998,0 67,373,0 279,389,0
14,404,0 4,333.0 4,872,0 4,692,0 3,655,0 8,378,0 5,387,0 1,612,0 2,101,0 4,076,0 5,626,0

Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
,Certifirates of indebtedne.ss
- Total U. S .Gov't securities




308,616,0 22,656,0
271,202,0 11,883,0
69,660,0 3,953,0
209,665,0 9,211,0
206,320,0 14,278,0
405 14; n

27 4420

22,356,0 18.189,0 24,975,0 4,106,0 2,633,0 30,341,0
17,323,0 20,394,0 15,144,0 14,151,0 23,630,0 19,415,0

7,581,0
6,993,0

729,0 8,941,0
1,854,0 11,802,0

1,806,0 15,873,0
9,299,0 8,425,0

39,679,0 38,583,0 40,119,0 18,257,0 26,263,0 49,756,0 14,574,0 2,583,0 20,743,0 11,105,0
65,090,0 11,324,0 29,387,0 13,360,0 18,943,0 28,092,0 17,192,0 10,383,0 9,709,0 14,067,0 24,298,0
41,772,0
12,366,0 4,067,0 2,676,0 2,245,0
842,0 26,217,0 1,802,0 5.730,0
374,0 9,116,0
272,0
105,326,0 17,206,0 17,071.0 3,078,0 4,672,0 17,714,0 11,791,0 6,289,0 1,058,C
5,843,0 10,406,0
101,693,0 22,212,0 10,943,0 4,763,0 3,338,0 27,108,0 5,673,0 4,997,0 1,63,t
5,701.0 1,183,0
—
222 actc n 4'5 AC1 n
. ,
,
8, 5 ,
7,016,0 3,063,0 20,660,0 11.861,0

1610

FINANCIAL CHRONICLE

RESOUIICES (Concluded)-Two Ciphers (00) omitted

Total

Other securities
Foreign loans on gold

10,200,0

1,000,0

12,230,0

Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources

New York.

Boston.

Phila.

Cleveland. Richmond Atlanta.

[Vor,. 130.

Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
30,0

1,000,0

$

337,354,0 94,392,0 100,196,0 41,703,0 54,058,0 149,187,0 51,062,0 29,982,0 33,515,0 45,832,0 77.931,0
70,0
238,0
72,0
30,0
26,0
16,0
26,0
22,0
97,0
22,0
50,0
167,565,0 54,342,0 56,020,0 42,745,0 20,692,0 84.725,0 28,585,0 12,149,0 41,151,0 31,194,0 30,807,0
1,762,0 7,058,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,971,0 1,876,0 4,521,0
15,664,0
266,0 1,081,0
5,118,0
857,0 4,035,0
406.0
752,0
536,0
200,0 1,051,0
417,0

1,078,193,0 62.981,0
722,0
53,0
631,687,0 61,712,0
58,419,0 3,580.0
66,0
14,785,0

Total resources
5,035,622,0 403,380,0 1,455,499,0 377,208,0 467,115,0 202,665,0 238,550,0 782,948,0 208,073,0 136,060,0 213,959,0 151,424,0 398,741,0
Slit BILITKES.
F. R.. notes lu actual circulation_ 1,641,426,0 163,635,0 211,032,0 144,806,0 178,907,0 77,645,0 133,597,0 305,700,0 83,372,0 60,825,0 80,383,0 39,623,0 161,901,0
Deposits:
Member bank-reserve acc't 2,315,190,0 144,421,0 932,446,0 138,808,0 187,080,0 65,180,0 64,830,0 335,593,0 76,542,0 53,624,0 83,677,0 66,988,0 166,001,0
427,0
4,594,0
Government
215,0
237,0
6,732,0
192,0
16,0
92,0
112,0
217,0
122,0
228,0
280,0
644,0
3,256.0
Foreign bank
664,0
491,0
7,710,0
239,0
279,0
889,0
153,0
239,0
199,0
458,0
199,0
24,0 1,028,0
9,020,0
Other deposits
77,0
19,478,0
241,0
107,0
779,0
199,0
82,0
93,0
27,0 7,799,0.
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities

2,349,108,0
578,440,0
172,064,0
276.936,0
17,648,0

949,316,0 139,903,0
142,394,0 48.316,0
67,663,0 16,623,0
80,001,0 26,965,0
595,0
5,093,0

145,204,0
60,960,0
11,606,0
21,751,0
224,0

189,009,0 65,582,0 65,263,0 337,353,0 77,214,0 54,193,0 84,091,0 67.442,0 174.538,0
52,731,0 39,871,0 21,323,0 76,810,0 29,795,0 9,934.0 35,542.0 30,159,0 30.605,0
15,827,0 6,064,0 5,451,0 20,237,0 5,322,0 3,089,0 4,330,0 4,432,0 11,420,0
29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935.0 19,514,0
1,500,0 1,007,0 2,059,0 2,754,0
1,493,0
876,0
451,0
763,0
833,0

5,035,622,0 403,380,0 1,455,499,0 377,208,0 467,115,0 202,665,0 238,550,0 782,948,0 208,073,0 136,060,0 213,959,0 151,424,0 398,741,0
Total liabilities
Memoranda.
P-44
78.0
78.9
86.2
79.8
Reserve ratio (per cent)
80.9
74.0
76.4
82.7
78.0
77.2
80.9
82.9 , ;83.0
-41
Contingent liability on bills purchased for foreign correspond'ts 505.179,0 37,220,0 167.687,0 48,788,0 50,297,0 20,121,0 18,107,0 67,398,0 18,107,0 11,568,0 15,089,0 15,089,0 34,705.0
F. R. notes on hand (notes reed
from F. R. Agent less notes In
86,279.0 27,060,0 32,198,0 16,854,0 27,710,0 45,077,0 16,975,0 4,802,0 9,884,0 13,712,0 52,841,0.
373,102,0 39,710,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 5 1930.
New York.

Boston.

Total.

Federal Reserve Agent at

Two Ciphers (00) omittedF.R. notes rec'd from Comptroller 3,332,633,0 327,995.0
P.R. notes held by F. R.. Agent_ _ 1,318,110,0 124,650,0

Cleveland Richmond Atlanta.

Chicago. St. Lewis. Minneap. Kan.eity. Dallas. San Fran.

778,475.0 206,966,0 293,095,0 130,494,0 265.731,0 535,077,0 121,387,0 106,577,0 132,587.0 96,922,0 317,342,0
481,164,0 35,100,0 81,980.0 35,995,0 104,424,0204,300,0 21,040,0 40,950,0 42,320,0 43,587,0 102,600,0
297,311,0 171,866,0 211,105,0 94,499,0 161,307,0350,777,0 100,347,0 65,627,0 90,267,0 53,335,0 214,742,0

F. R.. notes Issued to F. R. Bank 2,014,528,0 203,345,0
Collateral held as security for
F. R. notes Issued by F. R.. Bk.
Gold and gold certificates---- 297,210,0 35,300,0
Gold redemption fund
1,218,020,0 144,617,0
Gold fund-F.R.. Board
562,422,0 34,461,0
Eligible paper

„viol

229,968,0 39.900,0 15,550.0

211,0

7.745,0 11,845,0

5,220,0

16,471,0 35,000,0

8,626,0 86,100,0 130.000,0 67,030,0 112,250,0 309,564,0 62,100,0 49,000.0 80,000.0 14.000,0 154,763,0
96,570,0 46,995,0 67,869,0 31.301,0 44,292.0 77.649.0 31.130,0 12,564,0 30,019,0 24,750,0 64.822,0

2,177,652,0 214,378,0

Total collateral

Phila.

335,164.0 172,995,0 213,419,0 98.512,0 161,762,0 387,213,0 100,975.0 73,409.0 110,019,0 55,221,0 254,585,0

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources,
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1562„i 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, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of report In
banks Is now omitted, In Its place the number of cities included has been substituted. The figures have also been revised to exclude a bank to the San
Francisco district with loans and investments of $135.000.000 on Jan.2 which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING NIF,M11F.R BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEB. 26 1930 (In millions of dollars).
Federal Reserve District
-

Total.

New York

Boston.

Phila.

Cleveland. Richmond Atlanta. Chicago.

St. LOWS.

Afirmeap Kan. City

$

San Fran

$

Loans and Investments-total--

22,003

1,485

8,694

1,196

2,128

642

618

3,158

662

369

655

459

1,938

Loans
-total

16,428

1,161

6,422

909

1,518

487

494

2,510

512

253

443

352

1,368

7,641
8,786

498
663

3,343
3,079

477
432

723
795

188
299

163
331

1,244
1,266

233
280

86
167

138
304

106
246

444
924

5,575

324

2,272

287

611

155

124

648

149

116

213

106

571

2,801
2,774

162
162

1,256
1,016

81
206

294
316

70
85

61
63

293
355

36
113

64
52

95
117

66
41

322
248

1,731
221

97
15

845
61

75
14

124
26

39
11

39
9

246
35

44
6

25
5

55
11

33

9

109
19

12,944
6,874
5

879
479

5,816
1,796
1

036
297

998
950

346
239

330
241

1,795
1,183
1

372
229

216
134

482
175

284
143
1

740
1,009
1

1,083
2,790

48
108

111
965

57
165

94
210

48
98

70
111

211
436

54
124

49
75

119
205

62
95

159
198

152

8

25

16

30

12

24

5

10

6

8

On securities
All other
nvestments-total
(J. S. Government securities Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank

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. 5 1930.
In comparison with the previous week and the corresponding date last year:
Mar.5 1930. Feb. 26 1930. Mar. 6 1929.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_

238,594,000
15,675,000

238,594,000
16,148,000

241,891,000
11,197,000

Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates hold by bank-

254,269,000
185,097,000
416,731,000

254,742,000
239,294,000
408,656,000

253,088,000
262,886,000
407,880,000

Total gold reserves
Reserves other than gold

856,097,000
59,059,000

902,692,000
61,224,000

923,854,000
40,335,000

Total reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations-Other bills discounted

915,156,000
14,404,000

963,916,000
15,213,000

964,189,000
30,112,000

22,356,000
17,323,000

42,512,000
15.892,000

184,087,000
86,523,000

39,679,000
65,090,000

58,404 000
76,837,000

270,610,000
65,685,000

12,366,000
105,326,000
104,693,000

21,466,000
113,156,000
83,635,000

1,384,000
9,087,000
3,167,000

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

222,385,000
10,200,000

218,257,000
11,650,000

13,638,000

Total bills and securities (See Note) _ _ _

337,354,000

365,148,000

349,933,000

Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury motes
Certificates and bills

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

Mar.5 1930. Feb. 26 1930. Mar. 6 1929.
$
238,000
167,565,000
15,664,000
5,118,000

237,000
179,481,000
15 664,000
5,385,000

220,000
174,838,000
16,087.000
676,000

1,455,499,000 1,545,044,000 1,536,075,000

LiatdiftlesFedi Reserve notes In actua circulation_
Depoelts-Member bank, reserve sect
Government
Foreign bank (See .Vote)
Other deposits

211,032,000

221,318,000

308,107,000

932,446,000
4,594,000
3,256,0(10
9,020,000

985,268,000
16,329,000
2,130,000
8.078,000

922,237,000
4,512,000
5,689,000
7,352,000

Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities

949,316,000 1,011,805,000
142,391,000 159,447,000
67,663,000
67,513,000
80,001,000
80,001,000
5,093,000
4,960.000

939,790,000
157,829,000
54,160,000
71,232,000
4,907,000

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

1,455,499,000 1,545,044,000 1,536,075,000
78.9%

78.2%

77.3%

167,687,000

168,845,000

91,161.000

NOTE.-Beginuing with the statement of Oct. 7 1925, two new Items were added in order to show separateiytne arnotiut of balances held abroad irld amounts due to
foreign correspondents. In addition, the caption "All other earning assets.- Previously made up of Federal Intermediate Credit bank debentures, was changed to
!"other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which.i t was stated.are the only Items Included therein.




MAR.8 1930.]

FINANCIAL CHRONICLE
STOCKS.
Week Ended Mar. 7.

Vaulters' iazette.
TVall Street, Friday Night, Mar. 7 1930.
Railroad and Miscellaneous Stocks.
-See page 1595.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended Mar. 7.

Sales
for
Week.

Range for Week.
Lowest.

RailroadsPar. Shares. $ per
Baltimore & Ohio rights 186,100
%
Beech Creek RR_ _ _ _50
480 37%
Bklyn-Queens Trans__. 2,400 11%
Preferred
300 60
*
Buffalo & Suso afs____
200 80
Canada southern.. _ _100
40 56
Caro Clinch & Ohio 100
10 86%
Central RR ot N J_ _100
100 280
C C C & St L pref _ _100
20 102
Chia Itock Isl & Pac rts 13,100
%
Cuba RR prof
100
270 64
Ill Cent leased line_ _100
140 74
Manhat Elev Guar_100
100 63%
N Y State Rys pfd_100
100 2%
Northern Central_ _ _50
60 8.5%
Pacific Coast
100
400 935
Pitts Ft W & Chic pf100
160 151
Rensellaer Saratoga 100
60 136
Indus. & Miscall.
Alpha Portl Cement_ _*
Amal Leather pref _ _100
Amer Rolling Mill rights
Amer Solvents &
Preferred
Arch Daniels Mid pf 100
Art Metal Construc_10
Asso Dry Gds 1st p1100
2d preferred
100
Aviation Corp
Beatrice Cream pf_ _100
Common
50
Briggs & Stratton_ _ _ _*
Brit Emp Steel 1st pf_*
Budd (E G) Mfg
Budd Wheel
Buiova Watch
Campbell Wyant &
Cannon
-- *
Capital Admin class A*
FoundrYCaterpillar Tractor_ _ _*
Cent Alloy Steel °Hs_ _ _
Preferred ctfs
Checker Cab
_ _*
Clark Improvement__*
Mfg..Col Gas & El pf B_ _100
Columbian Carb rights_
Comm'l Cred class A.10
Com'ith & So pref___*
Consol Cigar pf ex-war_
Consol Film Ind
a
Conti Diam'd Fibre_ _*
Continental Oil
Continental Shares_ _ _*
Cream of Wheat
Cuba Cane Products_ ..•
Cuba Cane Sugar ctfs _ _
Preferred ctfs
Cushman's Sons pf 8%*
Preferred 7% _ _ _ _100
Duplan Silk pref___100
Durham Hos M p1_100
Eastern Rolling N1111_ _*
Elk Horn Coal pret_ _50
Emporium Capwell__ _*
Eng Pub Serv pf(5%)-*
Certificates
Fairbanks Co
Preferred
25
Fed Water Serv A_ _ _ _*
Federated Dept Stores *
Firestore Tire & Rub _10
1st preferred
100
Fisk Rub 1st pf conv100
Foster Wheeler

fi Range Since Jan. 1.
11
Lowest.

Highest.

share. 1 $ per share. Is per share.$ per share.
Mar 6,
NI& 71
A Mar 1% Feb
Mar 3; 38% Mar 3' 35
Feb 38% Mar
Mar 4 12
Mar 3! 10
Jan 13% Jan
Mar 6! 62% Mar 4' 54
Jan 62% Mar
Mar 71 80
Mar 7 77
Mar
Feb 80
Mar 5: 56
Mar 59
Mar 51 56
Feb
Mar 11 86% Mar 1; 86% Mar 86% Mar
Mar 6 280
Jan 315
Mar 6279
Feb
Mar 6 103
Mar 71 98
Jan1105
Feb
Mar 7 1% Mar 71
% Mar 1% Mar
Mar 1 66
Jan 66
Mar 6 61
Mar
Mar 1 77
Mar 71 71% Jan 77
Mar
Mar 4 65
Feb
Mar 3; 51% Jan 65
Mar 3 2% Mar 31 2% Jan 3% Feb
Mar 7 85% Mar 7; 85% Jan 86
Feb
Mar 5 10% Mar 71 7
Jan 14
Feb
Jan 153% Mar
Mar 3153% Mar 711151
Mar 142
Mar 6 142
Mar 7 136
Mar
Mar 7 31%
Mar 3 24%
Mar 5
Mar 4 22%
Mar 1 33%
Mar 6 104
Mar 7 28
Mar 4 88%
Mar 6 89%
Mar 5 7%
Mar 1 104
Mar 7 77
Mar 4 27%
Mar 5 28
Mar 1 1351
Mar 1 13%
Mar 3 3353

Mar 7 28%
Mar 3 20
Mar 1
%
Mar V 15
Mar 5r 25%
Mar 61 104
Mar 11 24%
Mar 11, 85
85
Mar
Mar 11 4%
Mar 611102%
Mar 71 67%
Mar 31 21%
Mar 3! 22%
Mar 5; 9%
Mar 6; 8%
Mar 41 26%

Mar 32%
Jan 26%
Jan 2
Mar 22%
Feb 33%
Mar 105
Jan 28%
Feb 90%
Jan 89%
Jan
Feb 104%
Jan 79
Jan 29%
Jan 28
Jan 1351
Jan 14%
Jan 34%

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

200 21% Mar 5 22%
1,400 23% Mar 5 26
25,000 67% Mar 7 69%
2,100 32% Mar 6 33%
9 109
Mar 7 109
37,400 46% Mar 5 49
300 37 M ar 6 37%
200 95
Mar 7 95%
77,000 1
Mar 7 2
3,100 4051 Mar 4 42%
7,900 99
Mar 1 99%
Mar 770
30 70
3,900 20% Mar 1 211 s
/
19,000 29% Mar 4 31%
24,700 20
Mar 322
11,700 34% Mar 537
2,00 29% Mar 1 29%
1,10
4% Mar 6 7
3,700
A Mar 4
%
2,500 1% Mar 1 1%
101110
Mar 4110
110
70 115
Mar 4,115
1 99
Mar 5 99
70 57
Mar 4 57%
600 22% Mar 4 23%
40 9
Mar 6 9%
110 18% Mar
20%
900 95
Mar 3 98%
400 55
Mar 4 55%
400 5% Mar 3 6
1,030 17
Mar 1 19%
7,000 36
Mar 3 36%
100 33
Mar 1 33
2,400 27
Mar 3 28%
2,800 81
Mar 1 81%
220 15
Mar 1 16%
41,100 63% Mar 3 74%

Mar 3. 19
Mar 3, 18%
51
Mar
Mar 7, 31%
Mar 71 109
Mar 1 36
Mar 1 33
Mar 7 91
Mar 3 1
Mar 7 31%
Mar 7 99
Mar 7 60%
Mar 7 15%
Mar 5 28
Mar 5 19%
Marl 27%
Mar 7 25%
Mar3 4%
Mar 6
51
Mar 4 •
51
Mar 4105
Mar 4 111
Mar 51 97
Mar 7 44%
Mar 7 20%
Mar 3 9
Mar 3 17%
Mar 7 94%
Mar 4 55
Marl
Mar 6 15%
Mar 1 32%
Mar 1 29
Mar 5 26
Mar 5 79%
Mar 5 12%
Mar 7 60%

Jan 27
Jan 27%
Jan 69%
Feb 34%
Mar1109
Jan 50
Jail 383%
Jan 95%
Febl 3%
Jan 43%
Feb 100
Feb 70
Jan 23
Jan 343%
Feb 23%
Jan 38%
Jan 30
Mar 7
Jan
%
Jan 1%
Jan 110
Jan 115
Feb 110%
Feb 57%
Jan 25%
Mar 14
Jan 20%
Jan 102
Mar 553%
Jan 9%
Feb 393%
Jan 37%
Jan 36%
Feb 33%
Feb 86%
Jan 19%
Jan 74%

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

Mar 4 69%
Mar 1 12
Mar 6 90
Mar 3 105
Mar 3 112%
Mar 5 46%
Mar 1 41%
Mar 6 16
Mar 71 32%
Mar 6 10051
Mar 5 39%
Mar 7 100
Mar 7 32%
Mar 1 86
Mar 4 104
Mar 1 123%
Mar 3 24%
Mar 3 85
Mar 4 20%
Mar 3 22
Mar 5 49
Mar 3 30
Mar 5 13%
Mar 7 24
Mar 1 31%
Mar 7 59%
Mar 5 71%
Mar 3 19
Mar 1 105
Mar 5 12
Mar 3 29
Mar 4 32%
Mar 1 200
Mar 6 1951
Mar 6 13%
Mar 7 85%
Mar 3 84
Mar 7 785
Mar 6 14%
Mar 1 83
Mar 1 90
Mar 4 103
Mar 1 12%
Mar 1 72
Mat 5 49
Mar 4 35%
Mar 7 71
Mar 3 43
Mar 3 9
Mar 3 53
203%
Mar
Mar 7 62%
3
Mar 4 93

Jan 76%
Jan 16%
Jan 97
Mar 125
Ja 117
Jan 553%
Mar 443%
Mar 16
Jan 493%
Jan 110
Jan 48%
Jan 106%
Jan 463%
Jan 90%
Feb 107%
Jan 22%
Mar 29%
Jan 90%
Jan 23
Jan 27%
Mar 51%
Jan 87%
Jan 17%
Feb28%
Jan 453%
Feb 62
Feb 753%
Jan 29
Jan 105
Jan 13%
Jan 55
Mar 32%
Jan 237
Jan 27%
Feb 16%
Jan 101%
Jan 88%
Mar 785
Feb 20%
Jan 92%
Feb110
Jan 110
Jan 22%
Jan 87
Jan 60
Jan 42%
Jan 88%
Jan 50
Jan 10
Jan 69
Mar 21%
Jan 80
Jan 95

Feb
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Feb
Mar
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
mar
Jan
Feb
Feb
Mar
Jan
Jan

4,700 28%
100 24%
24,600 1%
28,200; 15
10,500 25%
30 104
200; 27%
400 85%
200! 89%
48,200 7%
300 103
600 75
600 26%
50 25
88,500 10%
9,500 1251
12,900 31

Gamewell Co
*
600 73
Gen Amer Investors_ _* 3,800 14
Preferred
100
100 96
Gen Baking Co prof_ _-*
210 105
General Cigar pref_ _100
100115%
General Foods
* 37,800 50%
Gen Italian Edison..-- 4,400 41%
Gen Outdoor Advtg-*
200 16
General Public Serv_ -* 21,200 43%
Gen Sty Signal pref_l I
180107%
Gen Theatres Equip- -* 147,300 43%
Gold Dust prat
800 104
Grand Silver Stores- - -* 3,300 43
Grand Stores pref__100
100 90%
Gen Motors deb(6)_100
100107%
Grigsby-Grunow
* 59,500 15
Hall Printing
I 1,200 24%
Hanna pref new
250 87%
Hartman Corp cl A-5
900 21%
Hercules Motors
200 25%
Househ Fin part pref_50
700 49
Ind Moto cycle pref.100 2.280 53
Insuranshares Corp_ _ -* 12,600 15%
Interlake Iron
* 4,600 25
Inter Hydro-El Sys A-5 53,300 43%
International Shoe_ _ -*
100 60
I-S Dept St pf x-war 100
10 74%
Investors Equity
• 6,900 25
Island Creek Coal pfd..1
10 105
Karstadt Rudolph
700 12%
Kell-Spring T6% pf 100
40 40%
Kuppenheimer & Co_ _5
30 32%
Laclede Gas
100
200 230
Libby-Owens Glass_ _ _* 2,700 23
Liggett & Myers rts_ __ 41,300 15%
Loew's Inc pref
* 2,500 99
Preferred x-warr_ _ -*
300 87
Mahoning Corp
3 785
McLellan Stores
* 1,10 15%
Mangel Co,Prof.
._100
40 91%
Midi Steel Prods p1_100 1,300 104
Milw El fly & Lt p1100
30 107
Minn hlol Pow Impl * 78,500 19%
Preferred
*
20 82
Monsanto Chem Wks.*
500 54%
Myers F & E Bros__ _ -* 4,500 40
Nat Biscuit, new.__._10 80,900 83%
Meaner Bros
* 1,00 43
Norwalk T & R pfd _100
200 9
Outlet Co
20 60
*
Pacific Tel & Tel rts- _
25 20%
Penney (J C)
a 2,900
51
Preferred
100 1.200 95




Highest.

Mar 5 74
Mar 6 15%
Mar 6 96
Mar 4 112
Mar 3 11551
Mar 3 52%
Mar 6 44
Mar 6 16
Mar 5 46%
Mar 3 110
Mar 7 46%
Mar 1105%
Mar 4 46%
Mar 7 90%
Mar 4 107%
Mar 5 1751
Mar 6 26
Mar 7 90
Mar 3 22%
Mar 5 25%
Mar 5 wi
Mar 5 87%
Mar 1 17%
Mar 1 25%
Mar 7 45
Mar 7 60
Mar 5 74%
Mar 5 26%
Mar 1 105
Mar 1 12%
Mar 3 4051
Mar 4 32%
Mar 6237
Mar 4 24%
Mar 1 16%
Mar 3 101%
Mar 6 88%
Mar 7 785
Mar 1 16%
Mar 4 92%
Mar 3109%
Mar 4 108
Mar 7 22%
Mar r 84%
Mar 5 55%
Mar 3 42%
Mar 1 8851
Mar 6 45
Mar 3 9
Mar 3 60
Mar 7 21%
Mar 7 7151
Mar 4 95

1611
Range for Week.

Sales
for
Week.

Lowest.

Highest.

Range Since Jan. 1.
Lowest.

Highest.

Par. Shares. S Per share.
Per share. S per share.$ per share
Indus.& Misc.(Conc.)
Pitts Screw & Bolt__*
600 21
Mar 5 21% Mar 4 17% Jan 22% Feb
Pitts Steel pref
Mar 5 100
230100% Mar 1 101
Jan 103
Jan
Pittston Co w i
* 37,200 20% Mar 1 22% Mar 1 20% Feb 22% Mar
Procter & Gamble.. * 3.000 65% Mar 5 67% Mar 1 52% Jan 70% Feb
Pub Ser of NJ pf (5)--*
100 93
Mar 4 93
Mar 4 92% Jan 93
Jan
Radio Corp pref cl B *
910 73
Mar 1 74
Mar
68
Jan 74
Feb
Rand Mines
Mar 4 36
10 38
Mar 4 33% Feb 37% Jan
Itaybestos Manhattan * 2,000 36% Mar 6 39% Mar 1 33
Jan 43% Feb
Rep Iron & Steel ctfs
2.100 73
Mar 6 7751 Mar 6 73
M
79
Feb
Reynolds Tob class A 10
250 73
Mar 3 75
Mar 1 72% Jan 80
Jan
Second Nat Investors_* 3,700 19% Mar 7 22% Mar 1 9% Jan 23
Feb
Preferred
*
100 70% Mar 6 70% Mar 6 58% Jan 73
Feb
Servel Inc
* 40.600 8% Mar 1
Mar 5 8
Feb 10% Feb
Sharp & Dohme
* 2,700 17% Mar 3 19
Mar 5 17
Jan 19
Mar
Preferred
600 573% Mar 5 59% Mar
*
54
Jan 59% Mar
Shell Trans & Trad__E2
230 43
Mar 7 43% Mar 7 42% Feb 47
Jan
Shell Union Oil pf
600 100
*
Mar 7 101% Mar 5 100
Mar 104% Jan
Solvay Am Inv Tr p1100 1,100 103
Mar 3103% Mar 3 95% Jan 104% Feb
Sou Calif Edison rights_ 20,900 3% Mar 6 35 Mar 1 351 Mar 3% Feb
'
So Porto Rico Sug pf100
10117% Mar 3117% Mar 11
Jan 122
Jan
Standard Brands
*124.000 25% Mar 3, 27
Mar 5 25% Mar 29% Feb
Stand 011 Export pt..* 7,800 99% Mar 5.101
Mar 6 89
Feb 101
Mar
Stanley Co of Am_ _ _ _*
226 45
Mar 4 45% Mar 4 25
Jan 45% Mar
Sterling Securs A._ _ _* 7,300 15% Mar 4 16% Mar 1 10% Jan 17% Feb
Preferred
20 1.200 13
Mar 4 13% Mar 7 12
Jan 14% Feb
Cony pref
50 2.680 41% Mar 4 42% Mar 7 36% Jan 4251 Feb
Thompson-Starrett_ _ _* 4,200 11
Mar 7 13
Mar 3 11
Mar 15
Jan
Preferred
Mar 4 40
600 41% Mar 6 42
*
Jan 42% Feb
Thompson Products. 5 5,700; 34% Mar 6 37
.
Mar 1 33% Feb 38
Feb
United Carbon
* 76,400, 493% Mar 3 5851 Mar 5 44% Jan 58% Mar
United IS)) ewood__ _100
Mar 5 10
Mar 3 5% Jan 11
250 8
Feb
Preferred
100
Mar 4 50
Mar 4 50
60 50
Mar 57
Feb
United Gas & Impt_ _ _* 142,100 38
Mar 6 39% Mar 3 31% Jan 40
Feb
Preferred
Mar 5 97
Mar 4 98%
300 08
Jan 100
*
Jan
United Piece Dye Wks * 11,700 26% Mar 4 32% Mar 7 25
Jan 32% Mar
Preferred
Mar 7 102
100
Mar 7 97
200 99
Jan 102
Mar
United Stores A
Mar 5 9% Mar 4 4% Jan 12
* 2,000! 8
Jan
Preferred
Mar 4 29
Mar 5 15% Jan 36% Jan
600 28
*
U S Freight
* 5,200 89% Mar 4 91% Mar 1 8554 Feb 101% Jan
U S & Foreign Securs_* 19,000 26% Mar 4 29% Mar 7 18% Jan 29% Mar
Preferred
Mar 5 85% Jan 91
300 90% Mar 3 91
*
Mar
UnivLeaf Tobacco pf100
Mar 6 113
Mar 7 103% Jan 114
30 112
Jan
Va El & Pow pf (6).100
Mar 4 101
Mar 4 100% Jan 102
100 101
Feb
Wextark Radio Stores_*
800 20
Mar 5 20% Mar 5 10
Jan 21
Jan
Zenith Radio Corp_ _ _* 2.100 9% Mar 6 9% Mar 3 5% Jan 11% Feb
No par value.

100

New York City Realty and Surety Companies.
-p. 1601.
New York City Banks and Trust Companies.
-p. 1601.
Quotations for U.S.Treas.Ctfs. of Indebtedness.
-p.1601.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Mar. 1. Mar. 3. Mar. 4. Mar. 5.
(High
First Liberty Loan
534% bonds of 1923-47_ _ LowClose
(First 33%)
Total sales in $1,000 units_ __
Converted 4% bonds of(High
{Low1932-47 (First 4s)
(Close
Total sales in $1,000 units__ _
Converted 451 % bonds High
of 1932-47 (First 4%8) LowClose
Total sales in $1.000 units_._
Second converted 434 % f High
bonds 01 1932-47 (First( LowSecond 434 s)lelase
Total sales in $1,000 units _
High
Fourth Liberty Loan
Low434% bonds of 1933-38
Close
(Fourth 434s)
Total sales in $1,000 units __ _
IHigh
Treasury
SLoW_
4348, 1047-52
Close
Total sales in $1,000 units ___
(High
{Low_
48, 1944-1954
(Close
Total sales in $1.000 units _ _ _
(High
{Low_
351s, 1946-1956
(Close
Total sales in $1,000 units ___
{High
Low_
3545, 1943-1947
Close
Total sales in $1,000 units ___
(high
I
Low_
3518, 1940-1943
Close
Total sales in $1,000 units __

gals.
99.933
992232
35
____

9912.2
992031
092232
45

gan„
9913n
992433
89

ar. 6. Mar. 7.
.

9923,, 100
99"n 991731
993e 991135
68
37
_

99.33
992,31
991533
192

_

101
- --- 10113; 101.n 101'32 101-117 -.
-- _----- -101
100s.3 100"33 101'n 101.32 101533
101
1000.1 101
101.532 101.32 10141
12
2
7
70
8
17
____
__101.
533
101.
133
101533
22
111.2a
111.233
111.232
5
107 13
,
107732
107 82
,
5
____
____

101."13:
1015:1
101153:
27
111.33
111.22
111.23
54
107.31
107.12
107833

1

01, 3. -- 1
101sn
101113:
205
111.3:
111.2u
1111:33
14
107.43
107"*s
107013
18
104"3
104153
10_77
189

101.33
-- 101.
233
1011.32
275
112233
1112212
112
137
108233
1072.32
108n
145
10511n
104"32
100:n
05 1 n
260

99-2;3
:
992
.32
100
902412
---100122
10
75
99'
133 9925s,9-9iin9915st
3
992 3: 9928,
.
992332 992333
, 99"33
992 33 992,12 99:38
.
5
30
1

1012.22
101.234
101"33
147
112"33
112.233
1122.32
104
1082232
108..32
1082.32
58
10532
10.5.732
105.732
26
10011
.100.533
100.
50 100223
100.32
58
68
100 33 100.532
,
100 33 100333
,
100 rs 100.533
,
6
62

101 1.32
1012
.0
174
112"u
112
11213:1
27
108432
108.22
108.32
24

-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
2 1st 4%8
1002 33 to 100"n
21 4th 4544
10113: to 101.5n
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 5-8@4.85
13-16 for checks and 4.86 1-16@4.863-16for(cables. Commercial on banks,
sight, 4.85%@4.S5%; sixty days, 4.82 9-16; ninety days, 4.81%, and
documents for payment, 4.82 9-16. Cotton for payment, 4.84 15-16, and
grain for payment 4.84 15-16.
To-day's (riday's) actual rates for Paris bankers' francs were 3.910
3.91 3-16 for short. Amsterdam bankers' guilders were 40.0634 ©40.09
for short.
Exchange for Paris on London, 124.23; week's range, 124.26 franc
high and 124.21 franc low.
Sterling, Adual-Checks.
Cables.
High for the week
4.86%
4.853-4
Low for the week
4.853-4
4.85%
Paris Bankers FrancsHigh for the week
3.91 7-16
3.91 9-32
Low for the week
3.91 1-16
3.90 13-16
Amsterdam Bankers' Guilders
High for the week
40.1olg
40.10
Low for the week
40.05
40.0731
Germany Bankers' Marks
High for the week
23.86
23.87
Low for the week
23.823
23.85
,

The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 1596.
A complete record of Curs Exchange transactions for the
week will be found on page 1630.

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
page.
For sales during the Nseek of stocks not recorded here, see preceding

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Mar. 1.

Monday.
Mar. 3.

Tuesday.
Mar. 4.

Wednesday. Thursday.
Mar. 6.
Mar. 5.

Friday.
Mar. 7.

per share
$ Per share $ per share $ p er share $ per share $ per share $
8
4
4
23258 23634 232 23418 232 2363 2323 2367 235 23714
230 233
8
4
4
4
10312 10312 10312 10312 10312 1031t 10334 1033 1033 1033 .1037 10412
4
17014 17014 17012 172 *17112 1723
•169 172 .170 172 .170 172
8
11714 1183
116 117
11618 117
8
4
1163 11714 1153 1167
11534 116
8014 8014 8014 8012 *8014 8078
*8018 8112 .8712 100
83
.80
3
74
743
4
743 75
75
75
75
7518 75
.7434 7518 75
8
11014 11014 *11014 112 .11038 112 .1103 112
112 112
*11012 112
10612 10612
107 107 *105 110 .107 110
.102 110 .102 108
4 7412 7514 7414 7514
8 737 753
7138 743
4
8 713 723
I, 7012 717
9012
8918 9014 90
90
*89
90 .8912 90
90 .89
.89
4
173 1812 1814 1814
1838 *1712 18
18
18
i 175 1734 18
82
80
80
80 .60
.60
80
82 .60
82 .60
.72
_
.7912
*7812 ____ *7912
*7912
•7912 84 .7912 84
--- 8
- -32034 204 4 203 2053
4
/
2011 203I. 20114 204
204 20412 20238 20438
-- .9514
*9514
*9514 ___
96
96
- *9514
*9514
0
-23
-12
--1
- 4
.229 232 23112 2324 230 23034 2281 2303 22912 2353 z229
1
518
*5
518
5
,
512 512 *514 5 2 . 4 5 2
1. *514 53
614
4 638618 614 *6
6,
612 612 .614 612
.612 634
.____ 28 .__ 20 *____ 20 .____ 20 *____ 20
*____ 20
39
3814 3814 39
40
40 .38
.38
41
.38
41
.38
1312
1238 1312 *13
4
138 123 1314
1338 1334 1314 1312 13
3812 *3512 36
.3412 3512 3412 3412 35
.3514 37 .3512 36
2312
8 2314 2338 23
4 2312 237
8 2312 233
23A 2318 238 237
8
8 40% 417
417
405 4214 41
4138 42
4138 4214 4138 42
4
4 85'8 8514 84 4 8512 8514 863
8612 8714 28514 853
86
86
139 139
4
*13818 13912 .13818 13812 .1383 13814 138 13912 139 139 z118 118
11914 120
8
11912 11912 11912 11912 118 11812 1187 119
4 10938
4
10914 10914 109 10912 .108 110 .1083 1093 *103 1098
•108 111
10414
4
•10212 10312 *10212 103 .10212 10312..1023 10312 103 103 .88
92
92
02 .88
92 .88
92 .88
.88
92
.88
8
75 .735 95
7712 .
7338
7412 75 .7338
*7312 75
.7318 75
6912
*66
69
6512 66 .66
66
6912 66
*6512 6912 .66
59
59
59
6118 59
60
60
60
60 60
60
60
4
4
1733 1733 17334 17334 .173 174
172 1737 173 173
•17112 172
14312 14412 144 144
4
14712 14812 1443 14712 14312 14618 145 146
7212 7212
72
4 72
733
7214 7214 725 7238 *72
72
72
4 212
4 212 .13
*13
4 2
*134 212 .134 212 .13
.134 2
*212 3
*212 3
*212 3
*212 3
*212 3
3
*212
6018
583 6014 59
5812 60
4
6018 583 591
5918 59
59
4
653
65
65
4 65
6512 653
66
*6418 66 .65
66
68
6012 6012 .6118 8213 .6118 6212 .6118 6212
.6113 6212 .6118 6212
8
8 97% 977
9858 9712 9712 9714 9734 9712 975
9812 9812 98
9314 94
95
9512 9512 9514 9514 94
96
96
96
96
4218 43
4 417 437
433
4158 4314 42
4112 437
.4113 43
9812
96
96
96
96
*94
4
4
*943 98 .943 96
.9434 96
8
.5
8
.4
8
*73
8 8
8 814 .73
.78 814 .73
____ *61 -___
___ .61
.6514 ---.66 ____ .64
399
.485
----•491 508 491 491 .490 507 .485 499 8 *485 495
48
48
48
48
4812 477 487
4834 .4814 4812 .48
47
78
.74
78
78 .74
78 .74
78 .74
78 .74
*74
4 12812 12812
8
8
•129 12912 12914 12914 1287 1287 12838 12812 12818 1283 *126 140
140 .126 140 .126 140
.126 140 *126 140 *126
74
.72
74
7212 7212 .72
74
8
723 7238 7212 7212 .72
4 2918 2912
8 2912 3038 2918 303
2614 2838 2714 2814 274 303
283 28%
2914 2914 .2834 29
5
8
2938 2938 295 29 8 2953 2938
26 .____ 27
28
•____ 29 .____ 29 *__ 29 .__ 29
6912 6912
.6912 7258 .6912 725
71
70
7012 7012 71
*69
7812 7718 7712
4 78
773
.7712 7812 7712 7712 7712 797a 77
8
6812 8814 6814 6812 6812 6814 6814 .683 6812
4
1
/ 6834 .67
.67
4
4
*747 7512 743 743
76
75
7478 75
*7313 7412 .7413 75
132 132 .132 13212
132 132
132 132
132 132
134 134
3638 3412 3412 .3412 3512
35
36
3412 3312
3512 .33
33
2512
2512 *25
*25
25
25
25
25
29
*25
28
.25
8
112 112 *112 15
8
112 112 *112 15
4 *112 I%
*112 13
30
30 .28
.28
30
30 .28
3012 .28
30 .28
•28
56
.45
56
.45
56
57 .45
60 .49
*50
60
.59
4
*553 58
4
*553 58
4
*553 58
4
*553 58
4
*553 58
4
*553 58
4
8 533 5514 WS 5538
4 5314 5538 5414 553
4 5312 543
5313 533
8
4
105 10538 1053 1063
10512 10512 10512 10538 105 10514 105 105
97
4
/
951 9812 96
95
9212 93
9218 92
91
91
91
14112 142 14512 14412 145
14012 14118 140 10412 140
139 139
4 8312
4
4
4
8
4
83 .813 835 .813 8358 813 813 *813
83
83
83
129 12918 129 129
129 130
130 130 .12514 129
.130 131
118
118 .1
118 .1
118
1
1
1
1
4
/
11
.1
18412 187
18412 187
18312 187
4
18312 18412 18312 1863 185 186
4
4
1383 1383 139 139
138 1397 13812 13914 13812 13812
137 137
4
4
4
10912 10912 .1083 10914 109% 10938 1093 1093
.108 110 .108 100
293 300
296 304
291 313
270 299
270 270
270 270
4
8
1227 12414 21213 123
8
8
122 1227 1223 1233 12112 12212 12212 12414 129 129 z129 129
12812 12812.12714 12812 12812 12812 129 130
1414
4
/
141 14
4
133 1414 14
.1414 1412 1412 1412 1338 14
212 *214 212
8 *214 212 *214
.214 27
.214 3
3
.25
31
.26
31
3038 3038 .26
3214 3038 31
31
32
31
4
25012 2503
253 25312 248 248
255 255
285 256
*256 260
85
4 85
8812 8553 853
4
.8538 88 .854 8812 .853 8812 .854 93
*9112 92
*9212 93
8 9212
927
4 92
9314 9314 9278 933
.9114 92
91
9038 9134 9014 9118 9012 9212 91
9034 91
8
8214 8234 8218 834 8212 8312 8212 833
8212 8214 823
82
20
*17
20
*17
20
22 .17
*17
24
20 .17
•17
160 160 .155 164 z15912 18012
•154 164 .154 164
'152 165
984 9814
98
8
977 9812 98
98
8 98
9738 975
.9758 98
4
4
2
96, 9812 .953 ---- *953 ---_ *953 _--_
.9534 ____ *9534
*9812 115
*9812 115
.9812 115
110 11734 .9812 115
0100 118
13012 130 13034 .12514 12912 127 12712
8
125 13014 1303 1307 .123
4
/
451 453
49
4938 .47
*47
49
.47
497 .47
49
*47
50
50
52
52 .50
*50
52
52
52
52
53
.52
70
6812 .66
6734 .86
66
71
.61
71
.61
71
.61
11112 11112
8
4
109 1093 1093 110
109 10914 109 109
109
109
4
9512 9512 953
9534 95
95
95
9518 9518 9513 9518 95
65
*63
63
63
65
85 .63
6412 65
*63
66
*63
4
933
.89
93
8
893 90 .89
90
.89
8912
89
8913 .
*89
1012 1012 1012
*1012 1034 1038 1012 1038 1012 104 1014 1014 277 *235 28
8
8
8
28 .235 2814 *235s
28 .24
*24
28
.24
4
8
1213 1213
8
123 1247 12114 123
123 1233
12312 12312 123 123
8
12618 1277 12518 12514 124% 12514
128 12914 128 129
'128 129
99
99
99
99
*9812 9912 *9812 99
9914 *9812 99
9914
129 129
129 129
130 130
130 131
4
1
/
112 11212 11412 120
.118 129
'118 129 .118 129 .118 129 .118 129 .118 129 .11
12
12
12 .11
12
12
12 .11
4
/
1112 111 .11
4
*2412 2512 243 244
25
25
4
243 25
25
2512 25
.25
75
7512 75
75
*7514 7512 *7512 77 .7512 77 .7512 77
4
2253 2254
22512 226
225 227
223 226
4
4
'225 2283 2253 227
8
827 83
83
4
/
*82
83
821 82% 823 83
8338 *82
.82

Sales
for
the
Week.

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

Highest.

PER SHARE
Range for Previous
Year 1929.
Lowest.

Highest.

$ per share $ per share $ per share $ per share
21938 Jan 8 2404 Feb 8 19518 Mar 29858 Aug
99 May 10478 Dec
1025g Jan 3 104 Feb 13
166 Jan 11 172 Feb 21 161 Nov 20912 July
115 Jan 2 1193 Jan 14 10514 Nov 14518 Sept
75 June 81 Dec
781.: Fob 10 81 Jan 28
55
Oct 9038 Sept
63 Jan 3 774 Feu 18
109 Feb 28 112 Jan 9 y10314 Oct 115 Sept
85 Apr 145 July
99 Jan 14 112 Feb 8
40 Oct 8178 Feb
63 Jan 2 7534 Mar 5
7612 Nov 9258 Feb
4
/
841 Jan 6 9012 Mar 7
412 Oct 4418 Jan
8
1412 Feb 17 237 Jan 16
543 Jan 85 Mar
4
71 Jan 2 82 Mar 7
5118 July 8112 Aug
75 Jan 2 84 Feb 27
4
8
18758 Jan 3 2263 Feb 10 185 Dec 2697 Feb
9012 Sept 10112 Mar
8
96 Jan 30 973 Jan 21
203 Jan 7 23712 Feb 10 160 Nov 27934 Sept
4 Nov
1934 Feb
8
63 Jan 22
414 Jan 8
873 Jan 21
312 Nov 253 Feb
4
534 Jan 20
15 Dec 43 Feb
1414 Jan 7 22 Jan 25
3634 Dec 66% Feb
36 Jan 2 47 Jan 24
7 Nov 237 Feb
8
8
1238 Mar 6 157 Jan 8
1712 Nov 635 Jan
8
34 Feb 25 404 Jan 14
16 Nov 44% Aug
8
23 Feb 25 263 Feb 7
2812 Nov 6838 Aug
1 405s Mar 5 4614 Feb 10
7,500 Preferred new
75 Nov 10812 Sept
5,000 Chicago & North Western_100i 84 Jan 3 897 Feb 8
1001 138 Mar 5 140 Jan 18 134 Apr 145 Feb
500 Preferred
3,600 Chicago Rock Isl & Pacific_100 114 Jan 6 12518 Feb 14 101 Nov 14312 Sept
Oct
100 107 Jan 2 10958 Mar 2 100 Nov 109
500 7% Preferred
947 Nov 10314 Nov
4
100 993 Jan 6 108 Feb 7
200 6% Preferred
8614 Dec 135 July
100 83 Jan 15 95 Feb 13
Colorado & Southern
6512 Oct 80 Jan
100 6834 Jan 3 75 Feb 19
40 First preferred
64 Apr 7212 Mar
100 65 Jan 23 6812 Feb 20
160 Second preferred
45 Nov 7038 Jan
Jan 2 61 18 Mar 5
100 49
2,300 Consol RR of Cuba pref
100 16112 Jan 3 181 Feb 8 14112 Oct 226 July
1,100 Delaware Sr Hudson
4
Western_100 136 Jan 28 1537 Feb 8 12014 June 1693 Sept
5,100 Delaware Lack &
49 Oct 7734 Feb
700 Deny. & Rio Gr West pref_100 60 Jan 2 75 Feb 10
478 Feb
3 Jan 15
138 Dec
4
13 Jan 2
Duluth So Shore & At1__100
2 Nov
712 Feb
3 Feb 15
212 Feb 6
100
Preferred
4112 Nov 9312 Sept
4
100 5618 Jan 7 833 Feb 14
20,500 Erie
5512 Nov 6614 July
8
100 6138 Jan 10 673 Feb 19
2,500 First preferred
52 Nov 637 July
100 5712 Jan 2 6212 Feb 19
100 Second preferred
8514 Nov 12814 July
3,500 Great Northern preferred 100 95 Jan 13 10034 Feb 19
8512 Nov 12214 July
100 90is Jan 3 9914 Feb 21
1,900 Pref certificates
18 Nov 59 Feb
100 3812 Jan 2 4612 Feb 17
8,700 Gulf Mobile & Northern
70 Nov 103 Jan
100 94 Jan 14 98 Jan 15
1,000 Preferred
818 Jan 17
612 Dec 1112 Apr
Jan 2
8
Havana Electric Ry __No par
55 Feb 7334 Dee
100 6818 Jan 14 72 Jan 2
Preferred
____
100 450 Jan 25 520 Feb 14 370 Nov 800 Oct
10 Hocking Valley
3412 May BS% Jan
4
/
2,300 Hudson & Manhattan.. _100 4638 Jan 16 511 Feb 1
Oct 84 Jan
GO
100 75 Feb 26 7912 Jan 30
Preferred
100 12818 Feb 1 131 Jan 6 116 Nov 15312 July
1,500 Illinois Central.
Oct 15112 July
100 12812 Feb 17 130 Feb 20 120
Preferred
70 Nov 8018 Feb
70 Jan 2 74 Jan 18
100 RR Sec Stock certificates__
15 Oct 583 Feb
8
8
15,300 Interboro Rapid Tran v t c_100 203 Jan 3 34 Feb 7
25 Nov 59 Jan
4
1
/
700 Int Rys of Cent America 100 28% Mar 7 32 Jan 18
23 Dec 5912 Jan
No par 26 Mar 6 29 Feb 21
100 Certificates
8114 Dec 8014 Jan
4
100 613 Jan 2 71 Feb 5
300 Preferred
60 Oct 1087 July
100 77 Jan 30 82 Jan 2
6,600 Kansas City Southern..
63 Nov 7012 Jan
4
/
100 671 Jan 6 69 Feb 4
400 Preferred
65 Nov 10214 Feb
4
50 7014 Jan 27 773 Feb 8
1,700 Lehigh Valley
4
100 128 Jan 3 138 Jan 22 110 Oct 1543 Sept
1,000 Louisville & Nashville
24
Oct 5712 Jan
Jan 3 39 Jan 30
2,900 Manhat Elev modified guar100 3014
1412 Nov
3912 Jan
400 Market St fly prior p:ef 100 17 Jan 16 2512 Feb 13
2 Jan 7
114 Nov
334 Jan
112 Feb 27
200 Minneapolis & St. Louis_....100
35 May 6112 Sept
Minn St Paul & S S Marie 100 30 Feb 3 35 Feb 7
68 Dec 87 Jan
100 5412 Feb 28 55 Feb 26
Preferred
51 Dec 66
Jan
100 54 Jan 3 5912 Feb 24
Leased lines
4
/
271 Nov 6534 July
28.900 Mo-Kan-Texas RR____No par 467 Jan 2 5812 Feb 13
937 Nov 10712 Apr
100 103 Jan 3 1087g Feb 17
4,000 Preferred
46 Nov 1013g July
100 87 Jan 2 9812 Mar 6
10,300 Missouri Pacific
Oct
100 134 Jan 7 14512Mar 8 105 Nov 149
5,400 Preferred
753 Oct 8658 Jan
4
50 813 Jan 29 83 Jan 13
90 Morris & Essex
Feb 18 13178 Feb 24 173 Nov 240 Aug
100 c1281z
140 Nash Chart de St Louis
1
Oct
338 Jan
114 Jan 11
1 Feb 5
1,800 Nat Rys of Mexico 2d prof..100
100 167 Jan 8 19234 Feb 14 160 Nov 25612 Aug
37,600 New York Central
100 130 Jan 6 144 Feb 10 110 Nov 19238 Aug
1,300 NY Chic & St Louis Co
4
100 1083 Jan 7 110 Feb 18 100 May 110 Dec
500 Preferred
50 180 Jan 6 324 Feb 3 155 Oct 379 Jan
1,450 N Y dr Harlem
807 Jan 13213 Oct
100 105% Jan 20 12414 Mar 5
29,600 N Y N It & Hartford
122 Jan 23 130 Mar 5 11458 Jan 13434 Aug
1,300 Preferred
32 Feb
8 Nov
2,500 N Y Ontario dr Western_ 100 1318 Jan 2 16 Feb 14
97 Feb
112 Dec
413 Jan 16
2 Jan 7
N Y Railways pref____No par
1412 Dec 4812 Feb
4
163 Jan 8 3312 Feb 14
100
1,300 Norfolk Southern
Jan 290 Sept
18 191
100 226 Jan 4 265 Feb
1,300 Norfolk & Western
82 Nov 8714 May
100 83 Feb 3 86 Feb 18
150 Preferred
751,3 Nov 1187 July
100 84 Jan 29 97 Feb 21
2,100 Northern Pacific
75 Nov 1145 July
100 8212 Jan 23 9638 Feb 21
8,700 Certificates
7212 Mar 110 Aug
7218 Jan 8 8514 Feb 18
50
37,100 Pennsylvania
17 Dec 35 July
100 1714 Feb 28 21 Feb 11
Peoria & Eastern
100 150 Jan 30 182 Feb 21 140 Nov 260 Aug
400 Pere Marquette
94 Nov 101 Mar
3 Jan 31 9812 Mar 5
100 94
210 Prior preferred
90 Nov 97
4
/
Jan
100 95 Jan 7 981 Mar 5
100 Preferred
90 Nov 14834 Jan
100 110 Mar 3 1213 Feb 11
1,600 Pittsburgh & West Va
Jan 4 14112 Feb 8 10112 May 14734 Sept
50 121
1,100 Reading
4112 Apr 50 Sept
50 4512 Mar 7 53 Feb 21
300 First preferred
435 May (1034 Sept
50 475 Jan 4 57 Feb 6
400 Second preferred
497 Oct 74)4 Sept
4
100 6012 Feb 1 673 Mar 5
1,000 Rutland RR prof
8
4
8
2,400 St Louis
-San Francisco-100 1073 Jan 3 1143 Feb 10 101 Nov 1333 Aug
87 Nov 9612 Feb
92 Jan 2 9534 Mar 5
100
3,800 1st pref paid
50 Nov 11534 Feb
8
,
100 59 4 Jan 20 693 Feb 11
300 St. Louis Southwestern
84
Apr
Oct 94
100 87 Jan 4 90 Mar 5
200 Preferred
1
/
94 Dec 213 Mar
4
3
93 Jan 15 1212 Feb 15
100
2,000 Seaboard Air Line
1814 June 41% Oct
100 2214 Jan 30 28 Feb 7
Preferred
100 11914 Jan 8 127 Feb 10 105 Nov 15712 Sept
3,600 Southern Pacific Co
8
100 1243 Mar 7 1365 Jan 13 109 Nov 16218 Sept
7,600 Southern Railway
93 June 190 Dec
100 98 Jan 2 1004 Jan 20
500 Preferred
74 Nov 14078 Jan
100 90 Jan 23 131 Mar 4
1,000 Mobile & Ohio certlfs
100 117 Jan 6 12312 Jan 14 115 Nov 181 May
Texas & Pacific
812 Nov 39 Feb
9 Jan 14 1358 Feb 7
_..100
300 Third Avenue
2014 Dec 5814 Jan
4
/
.100 241 Jan 28 3112 Jan 29
700 Twin City Rapid Transit..
75 Dec 100
Jan
100 70 Jan 28 79 Feb 3
150 Preferred
100 215 Jan 8 [23714 Feb 10 200 Nov 29738 Aug
3,500 Union Pacific
80 Nov 8512 Sept
100 8214 Jan 17 84 Feb 26
1.200 Preferred

Par
Railroads
Shares
7,000 Atch Topeka & Santa Fe--100
100
1,100 Preferred
700 Atlantic Coast Line RR---100
100
16,000 Baltimore & Ohio
100
600 Preferred
50
3,000 Bangor & Aroostook
100
30 Preferred
100
Boston & Maine
300
44,600 Bklyn-Manh Tran v t c_No par
No par
1,500 Preferred v t c
1,200 Brunswick Term & Ry Sec_100
200 Buffalo & Susquehanna _100
100
Preferred
_ _ _ ___
100
9,000 Canadian pacific
10 Caro Clinch & Ohio ctfs st'd100
100
4,400 Chesapeake & Ohio
100
300 Chicago & Alton
100
700 Preferred
Chic & East Illinois RR_ _ _ _100
100
300 Preferred
100
4,800 Chicago Great Western
100
1.000 Preferred
5,800 Chicago Mllw St Paul & Pac_-

paid
•Bid and asked prices; no sales on this day. c 60% stock dividend




STOCKS
NEW YORK STOCK
EXCHANGE.

z Ex-dividend. y Ex-rights.

1613

New York Stock Record-Continued-Page 2

For sales during the week of stocks nor recorded here, see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Mar. 1.

Monday.
Mar. 3.

$ per share
56
.54
87
.85
83
*78
2634 2714
2812
*27
25
.22
45 45

$ per share
5412 55
8513 86
*78
83
27
2812
*28
283
4
2314 2314
*4412 45

Tuesday.
Mar. 4.

Wednesday. Thursday.
Mar. 6.
Mar. 5.

$ per share $ per share $ per share
,
84
54
5512 5512 5514 55 2
87
8513 8512 *85
87
*85
83
*78
83
*78
83
*78
8 2712 2812
2814 2714 283
27
29
29
29
*275a 2814 29
4
243
2314 2312 23
*2312 25
8
3 4312 4312 435 4612
4412 445

Friday.
Mar. 7.

Saks
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Railroads (Con.)
S per share Shares
900 Wabash
55
*54
300 Preferred A
86
*85
Preferred B
83
*78
,
2718 28 4 24,700 Western Maryland
300 Second preferred
2712 2712
500 Western Pacific
*24
8
247
1,100 Preferred
4514
*45

PER SHARE
Range Since Jan. 1.
On basis of 100 share lots
Lowest.
Par $ per
100 51
100 83
100 75
100 2414
100 2412
100 21
100 4012

Highest.

• Bid and asked prices; no sales on this day. 2 Ex-dividend. y Ex-righta.




Lowest.

Highest.

share $ per share 5 per share 5 per share
40 Nov 81% Jan
Jan 6 60 Feb 10
82 Nov 1047 Jan
8
8
Jan 7 873 Jan 6
Jan
75 Dec 91
Jan 3 86 Jan 20
Oct 54 Feb
10
Jan 18 2914 Feb 10
1453 Nov
5312 Feb
Jan 18 2914 Feb 15
15
3
Oct 417 Mar
Jan 2 28% Feb 5
4
673 July
3712 Nov
3
Jan 2 507 Feb 7

Industrial & Miscellaneous
No par 22 Jan 18 3334 Jan 3
3,500 Abitibi Pow & Pap
3
,
30 4 297 30
3018 *30
30
3013 3118 30
3114 3014 31
100 6478 Jan 17 78 Feb 18
1,000 Preferred
77
4 76
773
*78
7612 7713
.7633 78
78
78
78
78
Abraham & Strauss_ _ __No par 45 Jan 2 5712 Feb 1
100
5478 5412 5412
*51
*5114 5478 *50
5538 *52
5612 *51
55
100 104 Jan 11 110 Feb 11
Preferred
•107 110 *107 110 *107 110 •107 110 *107 110 *107 110
2318 Jan 20 35% Feb 26
327 3314 31,800 Adams Express new_ _ _ _No Par
3
3358 3373 3318 337
33
3353 32% 33% 325 3314
100 8514 Feb 4 8814 Feb 8
Preferred
96
*88
96
*88
.8718 100
*8712 96
*8712 100
*8712 100
23 Jan 23 2612 Feb 14
No par
Adams Millis
8
*235 25
2512 *2353 25
•2353 2512 *2358 2512 *2353 2512 *23%
1112 Jan 8 2314 Jan 24
100
2014
1814 1812 1873 1912 8,900 Advance Rumely
19
1812 187 193
18
1812 20
8
100 22 Jan 4 4114 Jan 29
2.300 Preferred
37
34
34
34
34
'32. 34
3214 33
34
36
383
7g Feb 5
1
12 Jan 4
8
7
8
7
3 4,900 Ahumada Lead
7
4
3
8
7
4
3
4
3
4
8
4
*3
8
7
4
3
8
7
No par 118 Jan 22 138% Mar 3
134 1357 136 13873 135 13773 133 13714 13313 136% 1348 1387 36,900 Air Reduction, Inc
3
par 21 Jan 13 323 Mar 7
4
283 2934 287 2914 2818 2813 2812 29% 28% 3053 304 323 32,200 Air-Way Elec ApplianceNo
8
213 Jan 9
133 Jan 2
No par
4,300 Alex Rubber, Inc
2
2
213
2
2
2
213
2
2
218
2
2
91s Jan 7
7 Mar 3
Gold M1n___10
712
7
712 20,000 Alaska Juneau
714
714
712
7%
7
7
714
7
7%
1512 Feb 17
814 Jan 21
400 Albany Pert Wrap Pap_No par
14
1312 1312 *13
•13
14
1214 12 4
*1212 13
12
12
,
par
23 Jan 8 3118 Feb 14
3338 211,400 Allegheny Corp
4
303 3134 31
3
3234 3133 3214 313 3212 3153 3273 32
( 9512 Jan 3 10712 Feb 11
a
No 10
10334 104
10414 10412 10414 1041 2 10353 10418 10312 103% 10314 10414 2,600 Preferred
8914 Jan 27 9614 Feb 24
600 Preferred ex-warrants
3
941j 9334 94
•94
*93
9334 93 4 93 4 *9314 93% 943 9412
,
,
288 27014 4,800 Allied Chemical & Dye_No par 255% Jan 3 282 Feb 1
26512 270
268 27413 274 2753 271 275
269 270
4
100 121 Jan 2 123 Feb 7
300 Preferred
•1223 123
4
123 123 •12234 12312 123 123 *123 12312 *123 12312
4
4914 Jan 3 633 Mar 7
4
613 63% 6213 634 178,700 Allis-Chalmers Mfg new No par
5938 6014 60
6214 60% 62
6114 63
3 Jan 11
253 Jan 8
234 218
800 Amalgamated Leather _No Par
.234 3
3
4
*23
4 3
*23
273 27
*234 3
18 Jan 16 21% Jan 7
No par
8
183 13,000 Amerada Corp
3 18
183
18
•18
1812 18
1812
18
18
1812 18
773 Jan 28
3
63 Feb 25
712 3,800 Amer Agricultural Chem__100
7
714
712
,
74
733 73
714
712 734
4
3
7 4 77
8
100 26 Fob 21 32% Jan 27
4
293 3012 3,400 Preferred
2934 3034 31
3134 3014 307 *2913 3012 2912 30
10 77 Jan 2 93 Feb 27
8812 x8814 8814
1,600 Amer Bank Note
9013 9013 8912 903
8 8814 8873 8734 8812 8813
4
,
50 81 1 ,b 3 063 Jan 31
160 Preferred
3
•6P8 621, *611 6278 *6114 62
3
3
613 61% 613 61% 613 6134
12 Jan 16
7 Jan 4
914 10
10
1034 3,400 American Beet Sugar__No par
812 *712 812 *712 812
*7
8
77
7%
100 38 Feb 8 4214 Mar 7
Preferred
600
4214
11
402 50
40
40
.36
37
38
*36
•36
37
37
37
4013 Jan 17 5473 Feb 14
2,300 Amer Bosch Magneto-No par
4
51
5173 5134 517
3
5014 517 *513 5112 *503 51
8
1.500 Am Brake Shoe & F-__No par 47 Jan 9 5312 Mar 3
5114 51 14
*52
53
52
4
4
5312 *5234 5312 523 523 *5114 52
100 11814 Jan 14 128 Feb 13
12713 12718
110 Preferred
*127 128 *1271, 128 *1271, 128 *12718 128
128 128
17% Feb 14
8% Jan 113
3
15
1413 1412 1413 147 10,900 Amer Brown Boverl El..No par
1513 1413 1513
1413 14%
1434 15
100 6012 Jan 3 7514 Feb 14
40 Preferred
70
.85
70
•72
1 .65
7212 *70
70
70
70
*66
72
25 11714 Jan 2 14634 Feb 14
141% 1423 139% 14214 13913 14114 13814 14134, 13818 1423 14112 14414 165,500 American Can
4
4
100 14014 Jan 27 144 Jan 8
200 Preferred
•142 145 *142 145
8
8
14134 142 *1423 145 ,•1425 145 *14212 145
700 American Car & Fdy-No par 77 Mar 4 8212 Feb 6
773 7712 78
7834 7834
78
7914 77
77
7912 *77
*77
100 110 Jan 27 116 Jan 4
100 Preferred
•111 112
11134 11134 *112 11418 *112 1141 •112 11414 •112 11414
4
100 75% Jan 3 943 Mar 5
400 American Chain pref
95
*93
•91
93
4
943 *9113 95
*92
93
93
*9112 93
3
365 Jan 2 48 Jan 27
No par
4 7,100 American Chicle
4534 4534 4453 4513 4413 4478 4312 4414 4414 4412 4412 448
No par 2634 Jan 22 33 Jan 16
2734 2812 14,700 Am Comm'l Alcohol
2812 29
4
2813 2934, 2813 2834 273 2853 2734 28
500 Amer Encaustic Tiling_No par 23% Jan 17 2712 Feb 7
27
27
.25
•25
28
*25
2713 27
2734 2518 2514 .25
.No par
35 Jan 8 4938 Feb 14
1,700 Amer European Sec's.
48
.47
4714 4714 4812 4734 4712 4712 4734 4853 *4714 48
NO par 88% Jan 18 10114 Feb 19
935 943
9114 927 288,900 Amer rte For'n Power
8 9133 94
8 937
4 8934 94
9214 9414 905
No par 107 Jan 3 10934 Mar 7
1.000 Preferred
108 108
4
1093 10934
10814 109
10812 10812 *10753 108 *10753 108
No par 9518 Jan 7 9912 Feb 19
1,700 2d preferred
3
977 98
973 973
4
4
97
9814 9812 9814 9813 9714 98
97
197g Jan 2 31 Mar 6
10
2814 2912 17,700 Am Hawaiian S SCo
31
25
2513 2534 2734 27
2953 29
27
271
4
53 Feb 15
413 Jan 30
100 American Hide & Leather 100
41.
*4
478
*4
*416
513
5
*4
*4
5
5
5
100 27% Feb 7 34 Feb 19
500 Preferred
3212 *2912 30
301 3018 3114 3114 *30
8 .29
3112 3014 303
3
Home Products_ _No par 55% Jan 11 657 Mar 7
6318 6414 6412 657 10,300 Amer
61
60
611g 6212 62
6212 64
63
3518 Feb 7 3912 Jan 8
No par
3614 3614
3714 3612 3714 4,100 American Ice
Ms 37
3713 37
3634 3634 37
100 85 Feb 25 87.2 Jan 6
86
200 Preferred
*84
87
*84
87
*85
•85
85
8514 85 85
85
8
3
353 Jan 20 497 Mar 7
4612 4714 457 463
4 468 498 88,100 Amer Internet Corp___No par
4
8
4 455 467
4
8 453 4714 453 463
3 Feb 20
2 Jan 20
212 1,200 Amer La France dr Foamite_10
8
28
212
8 23
*23
4
*233 21e
212
212 212
212
214
100 30 Jan 9 35 Feb 14
Preferred
34
.32
10
•35
34
36
•32
35
35
.32
34
.32
34
1,800 American Locornotive_No par 94% Feb 5 105 Jan 6
•98
9973 99
9938 99
9914 9914 9934 9312 9914
99
99
100 11113 Feb 3 11812 Mar 1
600 Preferred
115 115
11438 11453 *11412 11514 *11412 11514 11514 11812 *115 11814
1,400 Amer Machine & Fdy__No par 210 Jan 10 28812 Feb 28
*26512 267
268 26634 264 26412 260 26014 255 25913 *256 259
5112 Feb 7
4634 4833 47
49
4,000 Amer Metal Co Ltd__ No par 44 Jan 21
46
46
4753 48
4712 *47
46
48
100 110 Feb 6 116 Feb 18
Preferred (8%)
•11412 117 *11412 117 •11412 117 *11412 117 .115 117 .115 117
pref__No pa
65 Jan 23 75 Mar 6
350 Amer Nat Gas
*7412 75
•72
75
74
*72
74
74
72
72
72
72
1 Jan 4
8 2,900 American Piano
5
12 Feb 7
No par
12
8
5
12
8
5
12
%
tr S
'
fis
8
5
8
5
8
5
612 Feb 24
313 Jan 9
100
314
•613 614 .512 (
Preferred
*414
814
*414
614
*414 814
*418 614
__No par 77 Jan 2 10833 Mar 7
8
8
4
9914 10112 10113 10638 10334 106% 10012 1053 102 1037 10312 1083 97,700 Am Power & Light_
No par 100 Jan 28 10312 Mar 6
•10214 1023 10238 10238 10212 10212 10214 10212 10312 10312 210312 10312 1,600 Preferred
3
75 Jan 8 8212 Feb 19
No par
.80
83
*82
700 Preferred A
83
81
81
.82
81
8
82 82
817 82
No par 80 Jan 6 86 Feb 15
8513 8512 8512 8512 8512 86
*8512 854 *8512 854 28513 8512 1,300 Pref A stamped
3018 Jan 3 38 Feb 14
8 3414 35
8
3418 3534 347 353
345 3512 3453 3512 42,200 Am Rad at Stand San'ry No par
341 3512
100 12614 Jan 7 135 Feb
Preferred
•12914 133 .12014 133 *130 133 *130 133 *130 132 •130 132
3
.234 2414
4 2614 2712 28,300 American Republics__ _No par 20% Jan 21 277 .Mar 5
2334 2613 26
8 2612 273
277
25
27
25 80% Jan 2 100% Feb 17
53 9538 9218 945
Rolling Mill
8 9278 94
3
94
9253 9373 925 9412 9313 9533 21,000 Amer
•6313 6334 63
64
2,000 American Safety Rasor_No par 59 Jan 16 6414 Mar 4
6314 6314 64
64
633,j 6333 6414 64
3;
1Y3 an 3 2612 FLIP
No par
2318 24
*2914 2212 20
2.000 Amer Seating v t c
2313 24
2414
2018 *2034 24
23
233 Jan 24
1% Feb 25
134 10,100 Amer Ship & Comm __ _No par
134
8
17
2
134
134
214
2
2
2
1%
218
951
9512 9712
•93
94
93
420 American Shipbuilding_ ..100 83 Jan 24 98 Feb 14
9438 9434
95
95
*90
95
3
7414 7514 7414 77
74
Am Smelting & Refin1ng_100 897 Jan 22 7813 Feb 6
7514
8
747 76% 7434 7534 7512 7614 31,000
100 13313 Feb 6 138 Jan 18
•13534 138
13512 137 *13512 137
1,400 Preferred
134 135
13578 135% *13412 13)3
25 4213 Jan 21 43% Jan 27
43
*43
43
4312
43
4314 43
800 American Snuff
43
43
43
43
43
100 10018 Jan 3 10512 Mar 3
•10314 10513 10513 10513 *10314 10712 •104 10712 *104 10712 *104 10712
40 Preferred
par
4412 Jan 2 5114 Feb 11
4712 4712 457 47 2 10,100 Amer Steel Foundries-No
3
4813 481
4713 477
4712 4712 4712 48
,
100 11012 Jan 7 116 Feb 25
8
•113 115
8
,
30 Preferred
113 113 •11313 115
11313 1131 1147 1147 *11413 115
No par 4612 Jan 2 53 Mar 4
4S
49
4814
4614 47
3,900 American Stores
4712 4813 40
4 49
53
503
50
100 60% Jan 3 87 Feb 5
6414 63
6378 2,760 Amer Sugar Refining
*6112 82
8112 6238 8212 6312 26112 6112 82
100 104 Jan 6 10714 Feb 13
•10518 10812 10512 10512 *105 10612 *105 10612 1044 105 *105 . 10514
300 Preferred
No par
1912 Jan 2 2834 Feb 10
2118 2218 6,700 Am Sum Tob
227 2278 2234 24
2134 2214 213 2214
2134 23
2612 2612 2612
*213
30 Amer Telegraph & cable.100 25 Feb 27 27,2 Feb 8
26
*2514 2812 2812 2612 *25
26
28
100 218 Jan 2 24314 Mar 3
24073 23913 2415; 73,700 Amer Telep & Teleg
23714
24133 243
23934 24314 23813 24113 23714 244
239 24012 7,500 American Tobacco com----50 197 Jan 8 24314 Mar 3
4
236 23913 23934 24314 24114 24234 241 2413 238 240
50 197 Jan 8 24614 Mar 3
23812 2454 241 24412 32,400 Common class B
23713 24412 24314 24614 242 245
23814 244
100 120 Feb 3 124 Mar 6
124 124
800 Preferred
•12153 1223 *12178 12234 *12178 12212 1217e 12214 12218 124
700 American Type Founders...100 125 Jan 22 13812 Mar 3
•134 13512 13512 13812 13812 13812 *137 139 *137 139 *137 139
100 1013 Feb 5 111 Jan 3
50 Preferred
•108 11113 •11014 11113 11014 11014 11014 11014 *10812 11112 *10813 1 1112
3
1083 1083 75,300 Am Vat Wks & El.___No par 8812 Jan 2 1123 Mar 1
4
4
11014 1123 10814 11012 10814 1103 10514 11014 10612 109
8
8
•103
9911 Jan 4 103 Feb 8
1st preferred
___ *103
*103
*103
*103
_.
__ *103
100
712 Jan 2 2014 Feb 17
American Woolen
1612 1712 1513 1834 *1534 16
1834 17
8
4
171 17141 1714 173
3913 4014 38
100
4
193 Jan 2 44.3 Feb 18
38
41
8,400 Preferred
4
4112 4134 4234 4112 4212 403 42
712 Jan 31
612
*8
5 Jan 20
614 614
200 Am Writing Paper ctfs_No par
3
67
8
*63
13
8
67
*65;
1
61
638
8
3
"
4212 42
42
42
43
42
1,000 Preferred certificate_ _ _ _100 2912 Jan 17 4434 Feb 27
42
40
*4012 4314 42
44
14
1315 14
8
177 Feb 3
15
812 Jan 2
5,300 Amer Zinc. Lead & Smelt._ _25
1473 1453 1434 1413 1412 14
74
*71
74
25 56 Jan 6 79% Jan 20
*71
74
74
200 Preferred
*71
g14 *7/1, 73
72
72
7412 7538 7434 7614 13,570 Anaconda Copper Min new _50 69% Jan 17 80% Fob 7
3 7414 7612 7434 76
7512 7614 7414 763
48
4 4813 50
•48
493
1,300 Anaconda Wire & Cable No par
40 Jan 22 5314 Feb 8
4818
49 .48
•48
49
49 49
4212 41
42
417
4012 4012 4112 4212 41
No par 35 Jan 2 48% Jan 27
4153 42
3,600 Anchor Cap
42
No par 105 Jan 2 111 Jan 27
1051* 10513 *105 112
500 Preferred
105 10512 *10534 108 *104 103 *104 103
3212 3212 1,400 Andes Copper Mlning_No par 3014 Feb 20 3718 Feb 7
33
341k 3214 3214 *3213 34
34
33
33
33
8
2433 2212 237
•2413 2412 .2412 2434 24
3
2338 24
3,600 Archer, Dan'Is. Mid'Id.No par 2212 Mar 8 273 Jan 9
2414 24
77
7712 7738
77
900 Armour & Co (Del) pref___100 7612 Feb 21 81% Jan 3
7714 78
78
7653 77 .77
•7612 77
55;
512 512
512 55; 5,800 Armour of Illinois class A._.25
512 553
512 558
512
6% Feb 3
538 538
,
5 4 Jan IS
318 6.700 Class B
3
25
313
3
313 Jan 6
2% Jan 20
313
3
3
3
313
3
318 318
601
60
60
100 80 Feb 1 64 Jan 9
•60
8
605 *6014 603
800 Preferred
4 803 605
3
'2 604 8014 60
4
73
10% 113
853 103 16,800 Arnold Constable Corp_No par
8
6% Feb 8 1214 Mar 5
1012 107g 1214
8
73
. 4 77
8
8
*1734 18
No par
*173 18
4
•1714 18
*1734 18
1713 Feb 8 20 Feb 6
*173 18
Artloom Corn
*1734 18
41
4012 431
42
3618 Jan 4 43% Feb 28
4 41
42
4114 413
5,900 Associated Apparel Ind No par
4
4113 403 403
4 41
No par
28 Jan 4 4:15 Mar 7
8
3838 38
38
3873 367 3812 383 4033 3914 4114 4153 435 50,200 Assoc Dry Goods
3
25 3212 Feb 27 373 Jan 14
33
35
•:13
3
3318 .33
80 Associated Oil
3312 .
33
3312 3353 3358*7
312 7378
30
08
3,
70
70
71
7114, 70
70
70
4,000 Atl G & W I S S Line__No par 6612 Feb 25 811% Jan 30
70
71
70
100 59 Jan 7 6514 Feb 28
647 64% *64
65
64
4
843 *64
64
64
1,100 Preferred
1341: 64
64
25 3814 Jan 17 4412 Mar 7
387 40
3
4253 4412 119,100 Atlantic Refining
38% 387
3953 4053 3973 4133 403 43
No par 8112 Jan 17 (84 Feb 19
,
*87 2 90
9012 4,100 Atlas Powder
8
90
4
89
873 8934 8712 897
8 8912 917
100 101 Jan 20 10473 Jan 18
102 102 *102 104 *102 104 *102 103 *102 104
103 103
70 Preferred
No par
813 Mar 5
614 Jan 2
*71s 10
812 •712 812
•713 10
100 Atlas Tack
*7% 10
812 812 *715
No par 17512 Jan 18 23914 Mar 7
217 23412 229 23914 17,100 Auburn Automobile
22334 22512 21812 222
4
21712 2203 217 219

5
-- ;555

PER Si/ARE
Range for Precious
Year 1929.

Dec
Nov
Dec
Nov
Nov
Nov
Nov
Oct
15 Oct
% Dec
77 Nov
1818 Dec
Dec
1
414 Nov
Oct
5
17 Nov
90 Nov
8013 Sept
197 Nov
11812 Nov
3513 Nov
2 Nov
1712 Oct
Oct
4
18 Nov
65 Nov
57 July
514 Dec
3412 Dec
27 Nov
402 Nov
113 Nov
434 Oct
3414
69
43
10012
20
84
19
7

4934 Jas
86 Nov
13313 Nov
75 Nov
11012 Oct
7014 May
27 Nov
Oct
20
1814 Nov
23 Nov
Oct
50
10112 Nov
8614 Oct
1712 I)ec
312 Dec
2311 Nov
40 Nov
Oct
29
837 Dec
2912 Nov
212 Oct
2712 Nov
90 Nov
11114 Nov
142 Nov
3112 Nov
106 Nov
58 Nov
4
3 Dec
4 I)ec
6414 Nov
9214 Oct
70 May
7278 Nov
Oct
28
125 Nov
1212 Nov
60 Nov
44 Nov
17 Dec
7028
82
12314
38
98

t
gcet
Nov
Nov
Oct
Nov

3534 Oct.
i 10 June
Oct.
40
56 Nov
99 Nov
18 Nov
Jan
17
9314 Jan
60 Mar
Oct
60
1434 Nov
15 Nov
03 Nov
50 Nov
Jan
07
8
57 Oct
1512 Nov
4 Nov
28 Nov
7 Nov
4934 Nov
8714 Dec
48 Dec

571 Aug
8853 Jan
15912 Jan
11212 Oct
34 Nov
Jan
96
357 Jan
10478 may
119 May
;
47 Feb
22334 Oct
4878 May
1114 Jan
1014 Jan
Jan
25
5612 Sept
11834 July
92
Oct
3543 Aug
Apr
125
7512 Sept
1113 Jan
4234 Jan
2353 Jan
7334 Jan
157
Oct
34
65 June
2013 Jan
6014 Feb
7612 Sept
62 Feb
12612 Mar
3434 June
104 June
18412 Aug
145 Dec
10612 Jan
Jan
120
9518 Oct
8158 Sept
55 May
4
473 Feb
9812 Sept
19914 Sept
10812 Feb
103 Feb
Apr
42
Jan
10
5214 Aug
8558 Jan
5312 Aug
96 Mar
9634 Sept
3
87 Jan
75 Feb
136 July
120 Dee
27934 Oct
8118 Feb
135 Feb
9814 Jan
177; Jan
Jan
55
4
1753 Sept
105 Feb
80 Feb
8413 Feb
3
55 3 Sept
139 Sept
6484 Jan
14453 Sept
7434 Jan
4175 Mar
7
112
13014
138
49
112

Aug
Sept
Jan
July
Jan

3
797 Feb
114 Mar
85 Apr
943 Jan
Feb
111
Jan
130
3
327 Mar
31014 Sept
23213 Oct
Oct
'235
12114 Jan
181 Sept
Apr
112
199 Sept
Jan
104
2778 Jan
3
583 Jan
16 13 July
46 Mar
4914 Mar
11114 Mar
140 Mar
4
893 Sept

Oct
Oct80
25
96 Nov 15412 Oct
Oct 6834 Mar
30
4912 Mar
1812 Nov
Jan
Oct 95
75
1813 Jan
,
513 0.t
1014 Jan
234 Nov
Jan
57 Nov 86
614 Dec 40% Jan
30 Feb
165 Nov
,
4
5S3 June
34 Nov
3
70 4 Jan
25 Nov
3412 Dec 4714 Apr
3213 Feb 8612 Oct
4
453 Feb 8273 Sept
Oct 777g July
30
87 Nov 140 Sept
90 Nov 10812 Jan
1773 July
5 Nov
120
Oct 514 Sept

1614

New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.

NIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 1.

Monday.
Mar. 3.

Tuesday.
Mar. 4.

Wednesday. Thursday.
Mar. 5.
Mar. 6.

Friday.
Mar. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Shwa Jan. 1.
-share tots.
On Oasis of 100
Lowest.
Highest.

$ Per share $ Per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share
478 5
Austin, Nichols & Co__No par
484 434
43
458 43
458 434
47
412 43
334
613 Jan
.29 1 32 .29 4 32 8 32 32 *31 34 34 34 4 35 35 4 3,600 Preferred non-voting_ _ __100 24 Jan 22 35 Mar 28
1,000
Jan 2
7
*5614 58
*5614 58 .5612 58
100 Austrian Credit Anstalt
*5614 58
5612 5612 *5614 58
56 Jan 10 60 Jan 13
812 914
818 1038
8 3 1033
7
9
812 97
818 10
8
9 14 13,500 Autosales Corp
No par
413 Jan 20 1038 Mar 3
22
22
22
24
2434 25
800 Preferred
*15
24
23
*20
24
*20
50 15 Jan 11 25 Mar 4
.43 8 4478 4478 4478 45
5
4434 4434 *44
45
400 Autostr Saf Razor A___No par 37 Jan 2 48 Feb 18
443
4 4418 4418
36
3614 3534 3614 3512 357
4
8 3512 3638 353 3614 353 3614 18,900 Baldwin Loco Wks new No par 3012 Jan 2 38 Feb 18
3
.114 116 *110 114
114 114 *110 114 *111 114
112 112
60 Preferred
100 111 Jan 13 116 Jan 21
*10814 109
10814 10814 10814 10814 10812 10812 *10812 110
210 Bamberger (L) & Co pref 100 107 Jan 3 11012 Feb 4
110 110
185 188 1812 1918 19
8
2,070 Barker Brothers
1918 19
1812 19
2034 19
19
No par
1618 Jan 15 203 Mar 5
4
.*74
75
74
74
100 Preferred
*75
82
*75
*75
82
82
*75
82
100 7312 Feb 11 77 Feb 1
*27
3 418 *27
8 418 *278 418 *278 418 *278 418 *278 418
Barnett Leather
No par
253 Feb 18
418 Jan 30
2113 2158 2114 2212 2218 2212 2214 233
8
s 2212 2314 227 2314 55,600 Barnsdall Corp class A
2' 2012 Feb 15 2414 Jan 14
*6312 6612 *65
661 .65
*6312 67
6612 65
65
*6312 68
100 Bayuk Cigars, Inc
No par 633 Feb 21 68 Feb 4
4
9712 9712 97
97
*9712 98
*9712 98
30 First preferred
*9712 98
*9712 98
100 97 Mar 3 99 4 Feb 21
3
*14
1412 14
143
1334 1412 3,000 Beacon Oil
1412 1378 14
1414 143
4 14
13 Feb 18 163 Jan 4
No par
3
653 453
4
4 653 653 *643 6512 *64
4
200 Beech Nut Packing
*64
6512
65
4
4
6512 *64
20 6012 Jan 2 7018 Jan 28
*512 57
8 *512 57
512 57
512 512
8
8
518 52
8 1,000 Belding Ifem'way Co_ _No pa
* *514 57
438 Jan 3
3
63 Jan 17
.8212 83
83
*83
84
*83
84
83
*8312 84
200 Belgian Nat Rys part pref____
8314 8314
80 Jan 3 8334 Feb 18
4513 4638 44
4578 4312 4438 44
4678 4538 465* 68,400 Bendix Aviation
4518 44
3
No Par 327 Jan 18 4678 Mar 6
38
391 i 38
395
8 373 383
3914 38
39
38
3853 6,500 Best & Co
4
4 38
3113 Jan 8 40 Feb 23
No Par
995 10058 9813 9978 981g 9914 98
8
9978 9813 1013 101 1033 161,200 Bethlehem Steel Corp
8
4
100 92 Jan 2 10334 Feb 18
12612 12612 12612 127
127 12714 12712 128
12712 127 *12612 127
1,600 Beth Steel Corp pf(7%)
10 12214 Jan 13 128 Mar 7
*2414 25
*2414 26
*2134 25
*21
*20
25
*20
25
25
Bloomingdale Bros....__No par 23 Jan 4 29 Jan 31
•103 ____ .103
*103 _
*103 _--- *103 ____ *103
Preferred
10 101 Feb 6 10212 Feb 10
*81
*83
8412 .81
85
8178 8138 .81 85
81
20 Blumenthal & Co prof
81
85
100 74 Feb 7 85 Feb 25
.51
53
5112 5112 5114 54
52
52
51
53
5213 4,400 Bohn Aluminum & Br._No Pa
53
477 Jan 22 5632 Feb 3
3
.7012 71
*7012 71
71
71
700 Bon And class A
71
71
.70
71
*70
70
No par 70 Mar 7 72 Jan 6
.4
418
4
4
4
4
413 413 *4
*4
400 Booth FLsheries
413
414
47s Feb 1
No par
353 Jan 3
*22
28
*22
*22
*22
*22
28
28
28
*22
28
1st preferred
28
100 2718 Feb 19 3314 Jan 3
673 6814 66
4
6918 6913 7112 70
6678 67
71
7012 723 69.600 Borden Co
4
8
25 6018 Jan 8 723 Mar 7
4213 4334 42
43N 4212 453
8 4413 463
4 4412 4658 4512 468 43,200 Borg-Warner Corp
4
10 327g Jan 2 463 Mar 5
*4
418 *4
414 *4
4
100 Botany Cons Mills class A...50
4
414 *4
414
*33
4 41s
43 Jan 20
3
3 Jan 14
1512 1512 15
1512 15
8
1514 145 1514 1312 143
4 1418 1412 34,600 Briggs Manufacturing_No par
1312 Mar 6 171 Feb 5
:
*134 218 *13
British Empire Steel
4 218 *134 213 *13
4 218 *13
4 213 *13
4 218
213 Jan 25
15 Jan 30
8
100
*458 458 *438 458 *433 45
*438 458 *43
458 458
100 2d preferred
8 453
47 Feb 6
2
412 Jan 8
100
*15
1514 *15
1514 1514 1514 1514 1514 1514
500 Brockway Mot Tr
1514 1514 1514
13 Jan 3 1614 Jan 3
No Par
*70
75
*70
75
75
75
*70
*70
75
*70
*70
75
Preferred 7%
100 63 Jan 11 75 Jan 28
175 17733 x175 17814 174 177
1723 1773 174 1757 17112 171 12 24.700 Bklyn Union Gas
3
4
4
No par 131 Jan 6 17814 Mar 3
4012 4012 4012 401 2 *4013 401 *4014 4012 4014 4014 4014 4014
4)0 Brown Shoe Co
No par 40 Jan 30 42 Feb 18
205 2312 2014 225
8
4 1912 223 35,000 Bruns-Balke-Gollcnder_No Par
8
8 19 .2112 1812 193
8 2113 223
1318 Jan 15 2434 Feb 28
273 2873 28
8
8
3 2818 2812 10,300 Bucyrus-Erie Co
293
8 2914 297
8 2813 2912 287 287
8
10 2213 Jan 24 297 Mar 4
3818 3834 3853 3912 3914 4052 3912 4138 4012 4113 403 4112 12.800 Preferred
4
10 3313 Jan 7 4112Mar 7
*110 11134 .110 11112 110 110 *11012 11138 *11012 1113 11012 11012
3
60 Preferred (7)
100 1073 Jan 3 112 Jan 14
4
4738 4778 4634 473
503g 55
4 46
523 5512 37,000 Bullard Co
4
4814 4812 50
3
No par 297 Jan 18 5513 Mar 7
.106 108
10618 107
108 1095 .106 1083 .106 10834
108 108
8
4
800 Burns Bros new el AcomNo par 9912 Jan 13 10958 Mar 5
*23 .2414 *23
2414 *23
2414 *23
2414
2414 *23
2414 .23
New class B corn -_No Par 2213 Feb 15 28 Jan 15
*9412 1023 *9413 1023 *9434 9978 *9434 9978 *943 9973 9973 9978
4
4
4
30 Preferred
100 93 Feb 7 100 Feb 19
497 5178 4978 5178 491,2 50 4 48
8
5018 4853 4978 4918 503 41,100 Burroughs Add Mach__No par 431s Jan 7 5172 Mar 1
3
4
4614 4714 47
48
4714 4838 4712 4812 4/
473
4712 16,600 Bush Terminal
4 46
No par 36 Jan 4 4812 Mar 5
106 106
106 106 *105 106 *105 106 *105 106
10518 106
60 Debenture
100 10014 Jan 2 108 Jan 23
*11138 118
117 117 *1113 116
116 116
4
113 113
11513 11512
70 Bush Term Bldgs prof
100 10013 Feb 10 117 Mar 3
5
5
312 412
5
5
412 5
312 4
312 378 8,200 Butte & Superior Mining _10
312 Mar
514 Jan 6
*4
418
4
418
4
4
4 4
33
4 33
33
4 33
4 *33
4 1,700 Butte Copper & Zinc
414 Feb 20
5
3 Jan 24
2814 2812 2714 2714 2612 2713 2714 2714 2738 273 *27
2712 1.400 Butteriek Co
8
8
100 1612 Jan 17 293 Feb 24
85
863
4 8412 8558 84
92
893
923 46,800 Byers & Co(A M)
8 86
8712 8918 89
3
No par Ws Feb 4 9553 Jan 10
*109 111 *11012 11034 *109 110 *109 11014 *109 1101. *109 11014
3
Preferred
Jan 25
100 109 Jan 27 114
By-Products Coke
No par 2514 Jan 4 2614 Jan 2
7414 75
7408 74* 7413 7411 7414 7713 -7:try 7512 7518 ;7614 - 5,400 California Packing_ _„No Par 6652 Jan 3 7712 Mar 5
28
28
*28
295 *28
8
293 *28
295 *28
295 .28
2
295
8
8
20 California Petroleum
25 28 Jan 22 28 Jan 22
114
*114
114
112
114
112
13
8
114 3,400 Callahan Zinc-Lead
114
13
8
114
114
213 Feb 3
1 Jan 2
10
*7712 78
7734 81
7973 8214 8112 8114 81
8012 5,300 Calumet & Arizona Mining_20 747 Feb 19 897 Jan 9
8
815 x80
8
8
2958 30
2912 2912 2912 2912 2912 3.300 Calumet & Hecht
2912 30
29.38 29 4 29
3
3
25 29 Jan 23 33 8 Jan 7
7314 72
725 7312 72
8
7313 7173 723
7278 7214
8
4 725 745s 23,700 Canada Dry Ginger Ale No par 633 Jan 3 743 Mar 7
8
4
3114 317 *313 32
3112 32
3114
*3112 32
8
4
3112 311_ *31
800 Cannon Mills
No par 27 Jan 7 3212 Feb 3
23712 24112 236 242
244 265
260 285
26712 27812 270 2753 80,200 Case Thresh Machine ctfs_100 19214 Jan 2 285 Mar 5
4
*122 125
1223 12234 •12212 125 *12212 125 *12212 125 *12212 125
4
10 Preferred certificates...._100 115 Jan 16 12234 Mar 3
*1014 1134 11
11
*101.4 1112 *1012 1173 1012 1114 *912 10
300 Cavannagh-Dobbs Inc_No par
812 Jan 2 1372 Jan 11
*74
75
75
75
*7412 75
75
*74
75
73
75
100 Preferred
75
100 62 Jan 2 75 Jan 18
505 513
8
4 505 5312 5258 533
8
44,800 Celotex Corp.
4 5112 5238 5214 5314 5213 55
No par 3512 Jan 2 5714 Feb 18
*76
83
80
83
8214 *80
81
83
*81
79
81
600 Preferred
80
100 71 Jan 22 84 Feb 17
*2353 243
4 243 2434 *2418 27
4
2434 2514 27
273
4 2714 273
4 2,300 Central Aguirre Asso__No par 2312 Feb 19 2734 Mar 6
325 327
8
8 3218 325
3212 32% 3212 33
8 3253 33
3273 333
3 4,700,Central Alloy Steel_ ___No par 30 4 Jan 2 3434 Jan 27
3
.10818 10812 108 108
10812 10812 10818 10814 *10814 110 *10814 110
100 Preferred
100 10514 Feb 7 110 Jan 3
43
*414 412
414 414 *414 438
*418 438
414
414 .4
400 Century Ribbon Mills_No par
5 Jan 23
334 Feb 4
.53
57
*5312 57
55
55
4
55
593 *55
55
59
*55
50 Preferred
100 51 Feb 27 60 Jan 11
605.3 61
6053 6112 6053 6138 6012 6112 6014 6014 6014 603
8 5,900 ‘%err° de Pasco Copper_No par 5918 Jan 17 653 Jan 6
3
13
1314 1214 13
1212 1258 1212 123
8 1218 123
8 5,000 Certain-Teed Products-No Par 11 Jan 15 157 Feb 6
4 1214 125
8
*40
5912 *40
50
*39
*35
60
*35
7% preferred
50
40
*35
50
----__
100
4438 4433 *4414 4514 *4433 4514 45
45
45
4514
4514 *45
400 City Ice & Fuel
No par 4018 Jan 3 49 Feb 4
*96
98
*96
971 *96
*96
9712 *96
10 Preferred
97
97
97
97
4
100 98 Jan 15 983 Feb 11
Certo Corp
No par
733 733
4
4 74
741
73173
73:8
2 7213 7312 - 7 741 27214 7314
8
Chesapeake Corp
-76 --Feb
No par 6312 Jan
283 283
4
2912 297 297
4 29
3012 2,300 Chicago Pneumat Tool_No Par 2212 Jan 20 327 Feb 5
3012 3018 3073 30
8
8 30
8
.
5318 5414 5418 541* •
300 Preferred
5313 533 *5312 5414 54
5414 *5412 55
4
No par 5112 Jan 3 5412 Feb 19
*2712 28
2634 27
*263 27
27
263 263
4
140 Chicago Yellow Cab..
27
27
4
4 27
4
.No par
1634 Feb 1 283 Jan 4
*2612 27
2612 2612 *2614 267 *2614 267 *26
3
200 Chickasha Cotton Oil
8
8
2612 267 267
s
10 25 Jan 4 2814 Feb 5
6512 6612 66
6712 6458 6512 6313 6412 633 643
2
6414 24,500 Childs Co
3 63
No par 5712 Jan 8 6712 Mar 3
*5514 65
.5618 65
*5613 65
*5618 65
Chile Copper
*5618 65
*5514 65
25 65 Feb 8 65 Feb 6
3812 39
x38
383
4 38
4
3812 3712 39
8
375 3814 3734 383 104,600 Chrysler Corp
No par 3314 Jan 18 41114 Feb 6
*38
40
*38
40
*38
40
40
City Stores class A____No par 3713 Feb 20 38 Jan 16
*38
*38
40
40
*38
8
83
4 87
8 4 918 *83
3
9
12,400 New
9
10
4 9
9
4 9
83
2
83 Jan 30 1014 Jan 2
No par
*3712 38
3734 3734 *3718 38
*3718 33
*3718 38
*3718 38
200 Cluett Peabody & Co.
..No par 30 Feb 1 41 Jan 14
*9712 100
*9712 100
*9712 100
*9712 100
*9712 100
*9713 100
Preferred
100 9114 Jan 2 100 Feb 13
149 14978 150 15218 151 15178 1503 1513 15018 151
4
8
1503 1537 14,000 Coca Cola Co
8
4
No par 13314 Jan 8 15353 Mar 7
4953 4978 50 50
4978 497 *4934 50
4978 497
*495 50
8
700 Class A
8
3
No par 4813 Jan 8 50 Jan 20
31
3112 30
3012 30
30
29
2912 2914 30
2914 2914 2,600 Collins & Alkman
4
1453 Jan 2 353 Feb 13
No par
.81
88
*81
*81
88
88
*81
88
88
*81
88
*81
Preferred non-voting..._100 73 Jan 3 8413 Feb 4
*5312 54
*5213 5312 54
57
54
5378 5633 54
547
55
8 6.800 Colorado Fuel & Iron
100 3613 Jan 2 57 Feb 14
18812 190
188 1953 19212 1963 189 196
44,000 Columbian Carbon v t cNo Par 16813 Jan 18 1963 Mar 4
4
189 19112 18614 190
4
4
923 9314 935 943
8
8
957
4
8 923 94
4 933 965
9214 933 391.900 Colum Gas & Else
4
8 92
4
No par 70,2 Jan 2 9638 Mar 4
.10514 108
10518 10518 *105 10512 105 1053 106 107
1,600 Preferred
107 107
4
100 10414 Jan 31 107 Jan 3
283 2912 285 2938 2773 287
4
8
3014 194,800 Columbia Graphophone
8 2713 29
273 2814 28
4
4
243 Jan 17 313 Jan 6
3
343 3512 347 36
4
8
3413 3512 35
373 32,700 Commercial Crctlit__ __No par 233 Jan 2 3734 Feb 24
353
3714 36
8
4 35
8
*2414 243
80 Preferred
243
4
4 2412 2412 *2412 2434 2412 2412 *24
243 *24
4
25 2214 Jan 25 25 Feb 20
*24
*2413 25
25
25
*2412 25
*2412 25
*2413
Preferred B
*2412 25
25 22 Jan 6 25 Feb 24
*883 90
10 1st preferred (61 %).--100 7614 Jan 18 90 Feb 21
89
4
*87
*8512 89 *87
887 887 *8812 89
2
90
8
4
49
517
5273 5434 37,500 Corn Invest Trust new_No par 3812 Jan 21
5012 5233 x5114 527
8 5038 51
55
8 52
55 Mar 6
*101 104 .101 104 *10014 104
104 104
50 7% preferred
*9812 104 *10014 104
100 99 Jan 4 104 Mar 7
*93
98
•9153 98
*93
Preferred (65i%)
8
8
9418 *9314 9418 *915 9414 *915 98
Jan 3 93 Feb 21
100 89
3,200 Warrants
1918 20
24
*20
*23
203 *2114 233
23
4
s 2112 2314 23
100 11 Jan 3 2314 Mar 5
3118 3112 32
3438 3318 343
337
4 3314 3414 3358 3412 321,7001Comm Solvents new___No par 2714 Jan 22 3434 Mar 5
8 33
17
1718 1713 1738 17
1738 17
1714 1634 1713 152,600,Cornmonwealth&Sou'rnNo par
173
2 17
123 Jan 2 1814 Feb 0
4
*44
200 Conde Nast Publics....No par 4112 Feb 28 4934 Jan 8
49
*44
*4412 46
49
*4412 49
4412 4412 4412 4412
17
1714 1634 17
4
8
2
167 1712 167 1733 1653 167
8
8 163 163 15,600 Cougoleurn-Nairn Inc...No par
1313 Ja., 2 1834 Feb 5
5314 5312 53
6,700 Congress Cigar
55
553
4 55
3 55
5512 55
553
4 5513 557
8
No par 45 Jan 14 557 Mar 5
.12
58
*12
*12
5
8
58
*12
*12
5
8
58
Comley Tin Full stpd--No par
*12
53
12 Feb 1
32 Jan 18
8
527 5278 523 543
4
5412 4,000 Consolidated Cigar_ ___No par 44 Jan 2 55 Feb 3
545
8 5412 5413 543 5412 54
8
4 54
*72
75
260 Prior preferred
74
72
72
72
72
72
72
7312 7312 74
100 67 Jan 22 7412 Feb 4
*2313 231 i 2314 2314 2314 2314 *2314 2312 2314 2333 2314 2312 1,010 Consol Film Ind pref__No par
18 Jan 3 25 Jan 24
11914 1197 120 12178 12014 12314 1205 1233 121 14 1227 12014 12214 322,700 Consolidated Gas(N Y)No Par 9852 Jan 2 12334 Mar 5
8
2
4
8
•10012 101
2,000 Preferred_
10012 10012 10012 10014 10013 10012 10012 100 4 *101 102
3
No par 9912 Jan 28 101 Feb 26
114
112
8
114
8 13
112
13
112 3,200 Consolidated Textile-No Par
114
2 Jan 27
112
114
112 *114
1 Jan 2
2058 2118 2038 21
2014 2073 195 2053 1912 193
8
8
4 193 197s 12,400 Container Corp A vol..
.No par
12 Jan 2 2212 Fob 24
718 73
4
7
8
73
712 818
712 8
712 778
4 5.100 Class 11 voting
753 73
812 Feb 20
No par
414 Jan 2
437 443
8
4 425 44
8
4218 4313 4312 4512 4312 447
8
8 4318 443 30,300 Continental Baking el ANo par 39 Jan 20 5212 Feb 17
6
6
534 573
552 53 15,100 Class 14
53
4
4 57
8
7 Feb 17
53
4 6
No par
53
4 6
5 Jan 13
53
89
9012 8818 89
8912 8912 90
88 8 89
8813 89 4 2,800 Preferred
3
3
90
3
100 83 Jan 17 947 Feb 17
6612 685 47,900 Continental Can
8
65- 6618 6514 655
13
655 66
8
8 6513 6578 6434 673
8
Ins_ No Par 5018 Jan 2 6853 Mar 7
683 703
4
8 6918 6912 687 69
8
6718 69
7012 6,800 Dontinental Ins
6812 683
4 69
10 59 Jan 4 7112 Feb 10
7
718 758
714 8.500 ponttnenta Motors..
7
73
3 712
712
718 73
8
7
814 Feb 19
714
.No par
553 Jan 3

- 3-,600

aid

asked prices: no sales on this day. z Eta-dividend.




g Ex.d vidend and ex-rights

Ex-dividend. II Ex-rights.

PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
---$ per share $ per share
314 Oct
1134 Aug
18 Nov
4218 Jan
Jan
4912 Nov 65
4 Dec 3512 Aug
13 Dec 4573 Aug
34 Nov 50 Jan
15 Oct 668 Aug
10912 Nov 125 Apr
9312 Nov 11012 Feb
16 Dec 333 Jan
4
70 Nov 97 Jan
212 Dec 2914 Jan
20 Oct 4918 May
55 Nov 1133 Jan
4
95 Oct 1063 Jan
4
1212 Dec
8
327 July
45 Nov 101
Jan
412 Dec 173 Apr
4
75 Nov 8478 Jan
25 Nov 10433 July
25 Nov 12312 Sept
7814 Nov 14034 Aug
11658 May 128 Sept
2234 Dec 6178 Apr
100 Oct 111
Jan
7018 Dec 118
Jan
37 Nov 1363 May
4
70 Oct 8012 Jan
3 Dec 1134 Jan
18 Dec 633 Jan
4
53 Oct 10012 July
26 Nov 14333 May
212 Dec 1512 Feb
812 Nov 6318 Jan
112 Dec
673 Jan
3 3 Nov
7
1312 Jan
14 Nov 737 Jan
8
711.4 Dec 145
Jan
99 Nov 24812 Aug
36 Oct 5112 Sept
1614 Nov 5514 Jan
14
Oct 423 Jan
4
2612 Oct 50 Feb
10734 Dec 117 Apr
25 Nov 545 July
8
88 Nov 127
Jan
225 June 39 Jan
2
88 Nov 10514 Jan
29 Oct 3293 May
4
3114 Nov 8918 Feb
9118 Nov 11012 Mar
10534 Nov 11812 Feb
432 Dec
1238 Jan
2 Oct
912 Jan
1712 Dec 41
Jan
50 Nov 1927 Jan
8
105 Apr 12114 Jan
20 Oct 4718 Oct
6313 Oct 847 Aug
8
25 June 3412 Aug
1
Oct
4 Jan
7312 Nov 1363 Aug
4
25 Oct 617 Mar
8
45 Oct 983 July
4
27 Dec 453 Sepr
4
130 Nov 467 SePt
113 Nov 12312 Doc
614 Dec 4218 Feb
58 Dec 10512 Mar
31
Oct 7938 Feb
72 Dec 9312 Feb
21
Oct 4831 Jan
2618 Nov 59 Oct
34
10534 Apr 11213 Jan
5 Oct 2013 Jan
5014 Dec 82 Jan
5214 Nov 120 Mar
1073 Dee 32 July
4512 Dec 8112 Jan
3913 Dec 623 Jan
4
96 Sept 10514 Jan
5634 Mar 9214 Jan
4218 Nov 112 July
2173 Oct 4712 Sept
47 Nov 61 Sept
2172 Oct 36 Jan
25 Dec 50 Jan
4412 Nov 75 a Sept
7
53 Nov 12712 Mar
26 Nov 135 Jan
38
Oct 52
Jan
714 Oct 27 Feb
3.113 Dec 7234 Jan
9012 Dec 119
Jan
101 Nov 15413 Aug
4434 Oct 50 Feb
10 Nov 7214 Mar
65 Dec 10312 Feb
2734 Nov 7812 Mar
105 Nov 344
Oct
52 Nov 144) Sept
9912 Nov 109 July
1618 Nov 883 Jan
4
18 Nov 625 Jan
8
20 Nov 2638 June
203 Nov 23 June
3
70 Oct 1053e Jan
2818 Nov 79
Oct
96 Nov 109 Feb
87 Nov 99 Jan
9 Dec 69'2 Sept
2012 Oct 63 Oct
10 &yet 2484 Oct
35 Nov 93 Jan
11
Oct 353 Jan
4
43 Nov 9253 Fel'
14 Nov
112 Fel
40 Oct 9614 Jan
63 Nov 96
Jan
1513 Oct 3034 Apr
8013 Nov 18314 Sept
9212 Nov 10012 Dec
58 Dec
ON Jan
12 May 2312 Jan
318 Nov
1112 Jan
2514 Oct 90 July
45 Oct
8
1514 July
7912 Nov 100 June
4012 Oct 92 Sept
4618 Nov 11014 Sept
6/8 Dee 283 Jan
2

1615

New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Mar. 1.

Mond,au.
:liar. 3.

Tuesday.
Mar. 4.

3 Per share 5 Per share $ per share
8 94
9518
94
9412 9312 957
4
4
*1413 14212 *1413 14212 *1413 14212
4
2914 308 30
303
30
303
4
, 2213 223
4 2278 2514 257 29
1913 1912 18
18
1712 19
4912 497
498 498 *4912 50
*93
95
*93
95
*93
95
*1714 18
*1714 18
*1714 1873
*87
8
882 887 87
8814 8833
1133 1133 113 114
4
4
114 114
1412 15
1412 1514
153 1538
8
118

1,
8

78

78

1

Wednesday. Thursday.
Mar. 6.
Mar. 5.

$ per share
9312 963
4
14212 14312
3013 305*
25
2714
1712 175
8
4812 5078
*93
95
*1714 18
8533 8573
114 115
1314 14
1
1
1
312 *218 43
4
73
4
8
73
4
65
6214 6214
1 12
112
112
45
43
45

$ per share 8 per share
9318 9512
9314 9414
142 14212 *143 14412
308
3012 30
30
2714
2418 2918 28
1734
16
1814
16
49
4912 4812 4914
*9318 95
95
*93
*1714 18
*1714 18
*87
8814 87
87
114 11414 114 11414
1413
11
15
15

17
8

1 18

1

Friday.
Mar. 6.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

Shares Indus. & Miscel. (Con.) Par
19.500 Corn Products Refining____25
100
60 Preferred
No par
29,360 Coty Inc
100
24,900 Crex Carpet
3,200 Crosley Radio Corp__-No par
3,100 Crown Cork & Seal____No par
Crown Will Pap 1st pf_No par
No par
Crown Zellerbach
1,000 Crucible Steel of America_100
100
310 Preferred
,No par
5,500 Cuba Co
No par
1,800 Cuba Cane Sugar
100
1,100 Preferred
2,400 Cuban-American Sugar__10
100
30 Preferred
500 Cuban Dom'can Sug_No par
50
1.600 Cudahy Packing
___ i _o Curtiss Aer & Mot Co_No par
_o _
Curtis Publishing Co___No par

312
314
314 4
*312 4
312 37
8
812
8
8
8
814
8
8 14
8
*8214
82
*6114 62
62
62
*6214 65
134 *134
158
112
112 *13
8
112 *138
4518 453 453
4
8
8 4514 4314 4518 4518 443
.
_
__
_
fic,*iia_ fic
12012 12014 1201- *11634 fif- *Ho- fif- *ii64
No par
Preferred
__
.
11714 _
*1163 ____ *117
4
____'*11714 ____ *11712 ____ *11712
No par
11
11 8 1114 12
1218 1212 1218 12 4 2 - 1 - 133300 Curtiss-Wright
6
31134 1214
1218 1278
100
1718 173
4 1718 183
173 1814 35,200 Class A
4
8
8 1714 1838 1738 187
8 173 1818
1
Mfg .,No par
25,200 Cutler-Hammer
77
81
7913 82
88
8014 8412 84
8
,
798 80 3 z797 81
No par
Cuyarnel Fruit
*91 105
*91 105
*96 105
*96 105
*92 105
*96 105
No par
38
3914 12,200 Davison Chemical
3838 387
8 3814 387
8 38
3812 377 377
3812 37
5s
200 Debenharn Securities
*21
27
2458 2458 *21
*21
25
25
*21
2533 24
24
100
960 Deere & Co pref
*12314 1243 123 123
4
12434 1243 1243 1243 *123 12434 12418 125
4
4
4
100
*235 240
240 24412 243 24314 *236 240 *235 239
239 2417
8 2,00 Detroit Edison
4034 4112 4018 413
8 41
403 423
4
1158 4,600 Devoe dr Raynolcis A__No par
4 4112 4218 4012 415
100
1st preferred
*110 111 *110 111 *110 111 *11012 III *11012 111 *110 111
100
990 Diamond Match
18312 165
186 169
16712 168
164 16512 16314 16614
165 168
No par
734 8
77
*73
4 77
8
8
7 4 77
3
818
734 88
818 13,100 Dome Mines, Ltd
8
No par
es
Dominion Stores
2114 2138 2134 2213 2114 2112 *2112 2212 2112 22
2112 215
8 6,300
No par
7912 7912 7914 797
51,800 Drug Inc
86
8 79 8 8212 813 84
835
8 85
5
83
4
*32
34
34
300 Dunhill International_No par
*32
*32
3534 33
34
34
33
33
*32
100 Duclusne Light 1st pref__100
4
*100 4 10112 *1003 10112 *10034 10112 10112 10112 *10112 ____ *10112 ____
Durham Hosiery Mills B_50
par
1.
21613 21978 ..8i3 i1- 3- 21ira iii 4 21514 22112 21518 219 21718 222 38,500 Eastman Kodak Co___No 100
68
,
220 Preferred
*12214 12412 .12238 12412 *12212 12413 12212 12212 124 12412 123 12358
3412 333 3418 7,000 Eaton Axle & Spring_No par
343 35
4
34% 3514 34
4
3412 3312 3453 34
20
12614 127
125 12734 12514 12712 125 127
8
4
8
125 1273 1253 1293 39,500 E I du Pont de Nem
100
*11638 117
1167 1167 *11613 1167 117 117
8
8
118 11912 2,000 6% non-vot deb
11712 118
s
314
*8
*6111
*113
4518
--*12014

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

114% Jan 29
612 Jan 31
1338 Feb 1
64 Jan 25
101 Jan 9
2853 Jan 2
23 Jan 3
117 Jan 4
1953 Jan 3
8
3078 Jan 24
10634 Jan 14
139 Jan 13
63 Jan 3
4
2014 Jan 2
76 Jan 2
33 Feb 19
100 Jan 7

Highest.

4
1753 Jan 9
12) Feb 14
73
2778 Jan 2
11218 Jan 11
11412 Feb 4
73 Jan 24
8
41 Jan 7
81 Jan 7
10814 Jan 6
412 Jan 4
4914 Jan 2
108% Jan 3
12614 Jan 9
693 Jan 2
4 Jan 30
3 4 Jan 6
3
5212 Jan 9
10712 Jan 7
3914 Jan 2
945 Jan 8
4
393 Jan 3
35 Jan 27
1812 Jan 20
22 Jan 2
3412 Jan 6
102 Jan 7
20 Jan 8
61 Jan 21

4
1183 Feb 27 11218 Nov 1213 May
4
3013 Aug
638 Dec
127 Mar 5
1314 Dec : Aug
. .7!
6.12
1 7s o
8
187 Mar 5
88 Mar 7
63 .ET]
101 Jan 9 ---- 2114 Oct 6918 Jan
40 Feb 21
467 Jan
8
20 Dec
27 Jan 20
Jan
12712 F,t. 13 109 Nov 128
Aug
25012 el) 7 151 Nov 385
64% Feb
-4 Nov
4234 Mar 4
Dec 11512 Jan
11012 Feb 8 la
lit,- 16413 Jan
170 Feb 26 117
1114 Aug
8 , Nov
85 Jan 27
3
Oct 5414 July
12
2412 Feb 7
89 Nov 12618 Feb
86 Mar 7
Jan
Oct 92
25
4114 Jan 13
8
4912 Jan 1007 Mar
10110 Mar 5
1112 Mar
212 Nov
4
2223 Ma; 4 150 Nov 2643 Oct
4
125 Feb 24 117 Nov 128 Mar
7611 Feb
4
18 Nov
3714 Feb 20
Oct 231 Sept
SO
131 Feb 5
11912 Mar 7 10712 Nov 11934 Aug
3938 Jan
4 Dec
107g Feb 6
Jan
39 Dec 113
82 Feb 5
Oct 174 July
50
105 Feb 6
Apr
4
11034 Jan 7 1023 Nov 115
8
314 Oct 183 Mar
718 Mar 1
8
2913 Nov 865 Sept
74 Mar 5
98 Nov 10914 Feb
8
1105 Mar 6
14112 Feb 26 106 Nov 1401 2June
64 Nov 10412 Oct
7914 Feb 10
1012 Oct
3'8 June
5 Jan 14
314 Oct 2212 Feb
733 Jan 24
8338 Jan
4914 Nov
5953 Jan 22
111 Feb 17 10814 Sept 12414 Feb
Oct7953 Aug
31
553 Mar 6
4
80 Nov 12314 Aug
9913 Feb 27
41 May
3114 Jan
44 Feb 6
Feb
54
3612 Dec
4353 Mar 5
7334 Mar
15 Nov
3034 Feb 18
2712 July
2214 Jan
265* Mar 3
8
294 Oct 547 Sept
4
453 Mar 7
8
10104 Feb 19 10112 Dec 1107 Jan
22 Dec 7233 Mar
2714 Feb 27
73 Dec 101 18 Mar
70 Jan 23

ai




Lowest.

$ per share $ per share $ per share 5 per share
8
70 Nov 1263 Oct
8713 Jan 3 993 Feb 5
4
140 Feb 10 14312 Mar 2 137 Nov 1443
18 Dec 8214 Jan
2414 Jan 2 33 Feb 3
15 Dec 5758 Apr
9 Jan 22 2918 Mar 5
15 Dec 125 Feb
1014 Jan 17 22 Jan 2
3713 Nov
79 Aug
43 Jan 2 538 Jan 25
90 Nov 10114 Jan
93 Feb 21 95 Jan 16
Oct 25
34 Jan
17
17 Jan 8 1812 Feb 19
71 Nov 1213 Aug
4
8553 Mar 7 9212 Jan 14
4
7 115 Mar 7 103 Nov 1163 Feb
1093 Feb
4
2412 Jan
5 Nov
9 Jan 2 16 Feb 18
513 Jan
34 Aug
113 Feb 5
3 Jan 2
4
158 Dec
1878 Jan
4 Mar 3
2 Jan 7
Jan
17
67 Dec
8
9 Feb 4
718 Jan 2
Jan
56 Dee 95
8
5812 Jan 3 555 Feb 11
634 Jan
1 Nov
218 Jan 2
112 Jan 2
6778 Jan
38 Nov
413 Mar 6 48 Jan 2
4
50 Dec 17313 Feb
Oct
113 Jan 27 122 Feb 15 100 Nov 132

ni
Qj
0,
No par
912 *812 912 *..4 , .Q,
*818
100 Eitingon Schild
*814
912
.•2
84
,
8'4
•2
,
,•4
100
56
56
57
300 Preferred 6 '' %
57
5613
*55
*55
5612 *58
5712 55
55
No par
8
10112 10312 10014 10219 101t2 10212 1003 10278 10012 1037 10112 10212 20,500 Electric AutolIte
8
100
30 Preferred
*10712 10834 *10713 1083 *10713 1083 *10814 1033 10814 10814 1083 1083
4
4
4
4
4
No par
612 715
83
4 7
7
7
7
6
83 10,500 Electric Boat
4
7
7
7
8758 685
8 885 7012 6818 7258 7114 74
8
4
738 703 7238 177,700 Electric Power & Lt___No par
715*
No par
Preferred
*10914 110
SOO
10912 10973 110 110 *10958 11034 11012 11053 *109 1103
4
100 Certificates 50% Paid
____
*137
____ *140
____ *142
__ *142
____ 14013 14012 *141
1,600 Elea Storage Battery__No par
7518 7578 7518 7614 7518 7518 75
4
757
8 75
z
7518 , 7334 733
43
43
100 Elk Horn Coal Corp___No par
4
*4
4
43
8 *4
43
8 *4
43
8
*4
*4
100 Emerson-Brant class A_No par
614
*5
614
*5
53
4 *518 55 *5612 57
*5
_5
5
.,
,..:4,13 r5
*56
57
5712
400 Endicott-Johnson Corp__ -_50
57
-au
or
57
*56
*58
a7
100
Preferred
*11113 11212 *11112 11213 *11113 11212 *11112 11213 *11112 1121 *11112 11213
5618 5518 56
55
545 5512 55
8
3
4 5733 585* 85.100 Engineers Public Serv__No par
567
8 5614 58
No par
Preferred 55
9834 983
•9913 9912 975* 9818
4 9818 99
99
9833 991g 99
*43
44
400 Equitable Office BldgNo par
44
*43
44
8
8
8 425 427 *43
425* 427 • 4278 427
3912 40
44,000 Eureka Vacuum Clean_No par
405* 4118 4012 4212 4213 4312 4113 4353 4014 42
6
5,800 Evans Auto Loading
2812 2812 2718 2812 2618 27
26
2612 2513 2614 2512 26
40 Exchange Buffet Corp_No par
2614 2614
263 *26
8
2614 263 *25
263
8
8
2638 *26
2638 *26
No par
4234 453 10,500 Fairbanks Morse
4
373 393
4
4 39
393
4 3912 40
393 4012 393 42
4
100
*105 10914 *105 10914 *105 10914 106 106 *107 10914 *107 10914
10 Preferred
1,800 Fashion Park Assoe-_No par
2612 2634 265* 265 *2413 25
2413 25
24
2312 24
23
100
Preferred
*81
90
*61
90
•70
90
75
*61
*61
90
90
*61
15 5953 Feb 6 74 Mar 1‘
713 74
7214 7214 *60
7213
800 Federal Light & Trac
7213 *60
72
*60
7213 *60
No par 91 Jan 13 96 Feb 17
94
*92
92
160 Preferred
9313 9218 9234 9218 9212 *9213 9312 9213 9213
Smelt'g_100
*150 184 *160 185 *160 185 *160 185 *160 185 *160 185Federal Mining &
100 98 Jan 16 100 Feb 28
Preferred
*993 101
4
*9934 101
*993 101
4
*993 101
*9934 10018 *993 101
73 Jan 17 1214 Feb 26
4
*11
1112 11
1,000 Federal Motor Truck__No par
11
1014 11
103 11
4
11
n
*1018 11
6,800 Fidel Phen Fire Ins N Y---10 6512 Jan 2 82 Mar 7
80
81
79
80% 8014 82
80
SO
7912 80
80
80
9 Feb 14
7 Feb 11
No par
*8
87
*8
812
8
8
87
8 *8
*8
81210 Fifth Ave Bus
812 *8
No par 3414 Feb 6 4012 Jan 22
*33
37
100 Filene's Sons
3612 3613 *3312 37
*3312 37
*3312 37
*3312 37
100 93 Jan 16 9619 Mar 4
*9613 97
96
*95
97
*9613 97
450 Preferred
9612 9612 96
961s 96
505* Jan 2 615* Jan 30
55
5558 5512 56
553
4 7,400 First National Stores__No par
557 56
8
55% 5514 5438 5512 55
414 Jan 24
No par
3 Jan 2
35* 33
4
35* 33
33
8 8,000 Fisk Rubber
312
4
312 3'
4
312 33
4
38 33
100 13 Jan 2 20 Jan 24
161
*1614 1678 163 163
1614 47 4
230 1st preferred
4
4 1612 1612 1612 1812 1614 1614 *44
Shoe class A_No par 4212 Jan 4 47 Mar 6
*45
46
*4514 48
300 Florsheim
48
46
*43
47
402 47
100 97 Jan 16 100 Feb 3
*98
097 *98
8
Preferred 6 1,
99% *98
9978 *98
997 *98
8
99%
997 .98
8
37 Jan 2 417 Mar 7
No par
40
4013 40
4478 2,900 Follansbee Bro,
4018 41
4018 *40
40
40
4013 40
7 203
1513 Jan 6 21 1 2 Mar 3
No par
16
20
3 2013 2112 1914 20
20
205* 7,400 Foundation Co
19
204 *18
.Vs oar
1613 Jan 3 3912 Feb 6
3318 3412 33
8
3378 3314 367
8 3212 3634 333 3313 343 3514 270,900 Fox Film class A
No par 3818 Feb 25 44 Jan 14
Texas Co
4113 43
425* 44
23,100 Freeport
4134 4212 42
427
8 4141 421sf 4133 42
No par 81 Feb 14 9512 Mar 8
160 Fuller Co prior pref
9712 *93
*96
95
9.112 9512 9512 9512 9513
*93
*95
95
55 Jan 2
8
914 Feb 11
No par
1,500,Gabriel Snubber A
*83
8 812
814
814
*814
812 *814
912
8 2 812
,
812 8%
73 Feb 15
4
5
312 Jan 16
57
8 618
6
*53
4 8
3,100 Gardner Motor
6
512 8
533 6
6
6
4
4
,
1033 10418 10318 1055 1037 10518 103111 1047 10314 104 8 10478 1073 22,500 Gen Amer Tank Car__No par 993 Jan 2 1083 Feb 6
8
8
8
GO% Mar 5
100 49% Jan 7
54
5438 5412 5714 5538 595
5714 5914 49,400 General Asphalt
573 605* 585* 60
4
100
Preferred
2512 Jan 7 3812 Feb 15
No par
General Bronze
- 2 -iiI2 -iiii2 16- --1-0'4
-5218 ii-- -5:25* 13 -5'5* -35 .
.
26 Jan 7 3412 Mar 7
No par
3414 3312 3412 6,800 General Cable
303
4 3112 32
304
3178 3212 -3;13 -14 33
'
3 1
No par 653 Jan 4 743 Feb 5
3
4
7312 74
*7012 71
7018 7112 71
*7114 74
3,300 Class A
7112 74
7114
100 10412 Jan 17 10812 Mar 6
*1063 1077 *10634 1077 *10634 1077 10778 10772 1077 10812 *1063 109300 Preferred
4
8
8
51 Jan 2 61 Mar 7
No par
575 59
Cigar Inc
5912 59
61
6,700 General
*5712 58
5914 5912 5978 5973 *59
4
No par b 645* Jan 29 793 Mar 7
7953 z78
793 512,000 General Electric
4
783 7714 7538 77
8
7518 7718 76
785* 76
4
10
1138 Jan 2 113 Feb 28
4
1112 11% r113 1134 3,000 Special
1112 1112 1112 111
1134 1134 1112 1134
2,700 General Gas & Elee A__No par 6412 Jan 20 7812 Feb 10
7112 717
8 71
8
725* 891 7012 6812 8912 6933 695* 687 69
90 Feb 25 91 Feb 7
No par
Class B
3_ ____ __
8
8
8
8
*895 ---- *895 ---- *895 ____ *895 ____ *595 _--- *895
8
No par 117 Feb 25 120'2 Feb 11
-13
10 Preferred A (8)
*115 11912 11913 11912 *115 11912 *115 11912 *115 11913 *115 119
No par 104 Feb 19 109 Feb 3
10712 10712
20 Preferred A (7%)
*105 108
1053 1053 *103 108 *105 103 *105 108
4
Preferred B
No parpar
o
50 Jan 2 5514 Jan 30
;Iii- 11-7- -. if- -io-8 "r;67- "i -665- -H.. - -- - Ciis -. - _ - - 5435 General Mills
8 13i4
8 iiii 8
8
:;1
6678 1,
i
100 9014 Jan 17 91 Feb 10
*907 92
8
8
917 917 *90
918
200 Preferred
92
8
*90
92
917 917 *90
8
10 3712 Jan 16 45 Feb 3
423
4 417 43% 269,700 General Motors Corp
3
3
4212 4318 421g 427
4214 423
4 4134 4258 417
100 11713 Jan 24 125 Mar 7
12314 125
123 123
123 123
70 2,80
7% preferred
12234 1223 12212 1238 123 123
4
3873 *38
1,000 Gen Outdoor Adv A_No par 35 Jan 8 38 Feb 3
8
*37
387 *38
387
8
3712 *3714 3712 37 2 3712 *38
,
4
158 Mar 5 173 Jan 27
1612 16
*16
1612 *16
157 1578 *153 16
8
16
16
1,000 Trust certificates____No par
165*
No par 8818 j
943
4 94
7 Jan 7 97 Feb 5
93
9312 92
92
9478 10,300 Gen Ry Signal
*9212 94
93
92
94
2 7614 Mar 7
G918 72% 71% 7614 14,300 General Refractories___No par
71
713
4 71
7012
71
6912 7084 70
961s 97% 96
82,200,Gillette Safety Razor-No Par 87, Feb 14 1061s Jan 16
4
99
98
95% 963
8 9518 973
9512 9634 96
No par
1614 Mar 7
4
1112 Jan 20
145* 1614 30,600 Gimbel Bros
117 12
8
12
123
12
1213 125* 1414 1413 143
a*
6913 *65
7018 7018
71
72
100 857 Jan 30 72 Mar 7
8
70
1.000, Preferred
69
69
*65
69
3 35
3
31 Jan 18 3873 Feb 5
No par
34
3518 3638 3512 3814 358 3614 345 3533 3434 355* 27,700'Glidden Co
100 9812 Jan 10 101 Mar 6
*10212 103
10213 10212 *10213 103
3101 Prior preferred
103 10312 104 104 *10312 104
1512 1512 1558
151
15
19 Feb 7
13 Jan 16
153
1514 4,200 Gobel(Adolf)
No par
1538 1512 1514 155* *1514
8
4314 4378 55,500:Gold Dust Corp v t e No par
427 4318 4233 4314 4214 42% 43
8
4434 4312 443
373 Jan 2 467 Feb 5
4
3 4813 49
8
473 473
13,500 Goodrich Co (B F)
4 4714 48
49% 475 493
Par 4014 Jan 17 5134 Feb 13
4634 4918 48
No
81 8 0 134 160 10134 *10014 105 *10012 103 *10114 103 *10114 103
*997 180
81
200 Preferred
100 95% Jan 7 10034 Feb 13
8
0
885
8 861,3 877 58,200 Goodyear T & Rub ____No par
82 Jan 2 5858 Mar 6
8013 8612 841 8814 84
9914 9912 99
99
99
99
99
983 99
991
No par 90 Jan 3 10078 Feb 20
1,600
1st preferred
9873 9878
2614 26
27
27% 20,800 Gotham Sil Hos new No par
25% 2614 26
2113 Jan IS 28 Mar 6
263
8 255 2614 265* 28
75
75
*75
76
100 70 Jan 10 7712 Feb 13
76
73
*75
76 2 *74
,
90 Preferred new
74
73
74
7412 75
*7112 75
100 65 Jan 10 75 Mar 7
*70
75
*70
75
75
30 Preferred ex-warrants
*70
*70
75
97 101s
No par
*10
1012
• 8 10
97
97g
97
8
806 Gould Coupler A
713 Jan 2 12 Jan 14
8
9 4 034 *97 10
3
913
914
954
95*
912 9
915 Jan 18 1114 Jan 4
4
912 93
34 8,600 Graham-Paige Motors_No par
912 978
9 2 973
,
91.
2 *9
*9
8
9
No par
10
97
1012 Feb 6
*9
914 *9
*9
913
10
900 Certificates
8'8 Jan 10
573
4 5678 3712 2.500 Granby Cons M Sm & Pr_100 51 Jan 18 593 Jan 7
4
5712 58
5773 58
5818 *57
57
58
*57
100 3312 Feb 6 4512 Mar 1
4512 4512
100 Grand Stores
67- 1-1- -ii- 11- -iT 163 8,500 Grand Union Co
92
No pa
1958 -- . -1- -i4- -1- 8 -5
1
.
o
13% Jan 18 2052 Feb 13
19
45
16
4
8
No par
37 Jan 2 41 Mar 7
3,700 Preferred
3912 395* 3912 392 3912 4078 4015 405* 1014 4012 4012 41
No par 37
an , 41 Feb 5
40
397 40
*39
40
*39
3912 395*
1,200 Granite City Steel
3914 3914 39
39

and asked prices; no sales on this day. z Ex-dIvidend. b Ex-d vidend ex-rights.

PER SHARE
Range for Previous
Year 1929.

3 additional shares

held

109 Juoa
104 Feb
310
Feb
102 July
223 Feb
3
123 Sept
13 4 Mar
3
9812 Feb
Jan
107
90 Sept
44.12 Nov
218 Dec 205* Jan
8 Dec 7212 Jan
Jan
54
38 Nov
9018 Oct 10218 Jan
328 Nov 82 4 Aug
3
6958 Apr
1234 Nov
1918 Dec 1055* Sept
547 Jan
238 Nos
8212 Nov 10719 May
3378 Feb
5
Oct
Jan
3 Dec
25
12312 Oct
75 No
9434 Aug
4214 Nov
10413 Mar 138 Aug
4
24 Nov 893 June
Feb
23 Nov 61
6315 Dec 12012 Feb
102 Nov 10712 Jan
Oct 71 Feb
42
16818 Nov 403 Aug
4
113 Feb
Jan
11
5934 Nov 112 Sept
Oct
Jan 116
76
11112 July 135 Feb
Oct 11612 Jan
99
99 June 115 Feb
Oct 5918 Jan
50
Jan
573 Dec 100
4
3312 Oct 9134 Mar
112 Nov 12612 Jan
Jan
Oct 62
30
41 Mar
9
13 Oct
Oct 12612 Aug
70
Oct 8812 Aug
54
Oct
SO Nov 143
4813 Jan
1012 Nov

8012 Nov
90 Nov
170 Dec
Oct
95
Oct
5
4712 Nov
Oct
8
30 Dec
54 Dec

56 Dec
Oct
26
95 Nov
915 Nov
3113 Oct
3814 Dec
9512 Dec
Oct
60
87 Nov
14 Nov
68 Dec
841s Oct
Oct
1
75* Oct
7 Nov
461 Nov
33 Dec
918 Nov
30
Oct
32 Nov

94
Oct
6412 July
10613 Apr
66 Feb
82
Jan
1053 Jan
4
11518 Feb
15412 Mar
104% Feb
60 Apr
10114 Jan
Jan
100
14 May
Jan
54
4912 Jan
1027g Mar
9612 Mar
3272 Jan
545* Jan
835* Sept

1616

New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Mar. 1.

Monday.
Mar. 3.

Tuesday.
Mar. 4.

Wednesday. Thursday.
Mar. 6.
Mar. 5.

Friday.
Mar. 7.

Sales
for
the
Week.

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

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

Highest.

$ Per share
per share $ per share S per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share
3514 353
3412 34% 4,200 Grant (W T)
4 3514 353
4 3514 353
No par
4 3514 3512 3412 35
32% Jan 2 43 Jan 9
*23
2312 2234 2312 2234 23
2212 2312 2.700 Gt Nor Iron Ore Prop _No par
2234 23
22% 23
19% Jan 3 233 Jan 30
4
2814 2834 2838 287
33
8 283 30
3012 32
4
4
34 8 3318 333 20,900 Great Western Sugar No par
,
2814 Mar 1
3412 Jan 16
11618 11618 *115 11712 11612 11612 .11658 11714 116 11712 *9112 11724
400 Preferred
48
:
118
100 11412 Jan 4 11812/gar 7
.
90 190
Greene Cananea Copper_ _.i00
*90 190
*91 14714 .91 14714
.91 190
*112
134
12 Niar
*13
2
112 .13
112
112 *114
12
12 1% 3,200 Guantanamo Sugar_ __No par
112
4 Feb 4
.26
45
*26
*26
Preferred
45
.26
45
*26
45
*26
45
45
100
7512 78
71
72% 10,100 Gulf States Steel
7212 78
4
713 75
7014 71 18 508 72
100 517 Jan 2 80 Feb 19
8
•106 10712 *10612 10712 *106 10712 *106 10712 .106 10712 106 10712
.
Preferred
100 9812 Jan 17 10812 Feb 27
*27
28
.26
27
28
50 Hackensack Water
28
28
.26
27
*26
27
.26
25 28 Jan 4 27 Feb 25
.28
50
28 _ 283 28%
283 *28
Preferred
4
4
4 28
283
283 .28
4
25 28 Jan 2 283 Jan 21
283 *28
4
4
.26
2712 .26
20 Preferred A
2712 26
2812 •26
26
.26
2812
2712 .26
25 26 Jan 6 27 Jan 6
1612 1634
1638 1658 16
165
8
16% 15,600 Hahn Dept Stores
1612 157 1618 16
8 16
12% Jan 2
No par
1712 Jan 31
*79
80
79
.7814 79%
700 Preferred
783 79
79
4
7812 7812 •7814 80
100 7118 Jan 3 813* Jan 31
.102
.
Hamilton Watch pref
102
*102
*102
-100 99 Jan 7 104 Feb 8
120 121
120 120
12214 128 .121 132 "123 132 .123 132
--- 170 Hanna 1st wet class A__ 100 10012 Jan 10 128 Mar 4
5912 .59
*5912 60
5912
*5912 60
59
5912 *59
330 Harbison-Walk Refrac_No par 59 Mar 7 61 Jan 25
5912 59
1714 1714
1714 1812 1712 1/12 1712 1814 6.300 Hartman Corp class B_No Par
17
1738 17
17
1334 Jan 15 20 Feb 5
.
5812 60 .59
*5714 59 '5714 59
200 Hawaiian Pineapple
59
597
8 5812 5812 .58
20 54 Jan 14 61 Feb 13
734
712
712 12,300 Hayes Body Corp
77
634 63
12
8
63
4 63
4
7,2
63
4 8
No par
614 Feb 24
914 Feb 3
"87
88
400 Helme (GI W)
88
88
.86
.86
88
8
8 8612 8712 .86
877 877
25 8512 Mar 4 925 Feb 19
8
8434 8714 85
91
6,800 Hershey Chocolate____No par 70 Jan 2 91 Mar 7
86
867
8614 8611 883
8 87
87
4 88
90
91
9112 9212 4,000 Preferred
90
90
4
903
4 893 9018 8912 8912 90
No par 8312 Jan 2 9212 Mar 7
10512 10512 .10414 10512 *10418 105
10512 1051::
300 Prior preferred
105 105 .10514 106
100 10414 Feb 21 106 Jan 13
2412 24
24
24
2412 24
241. 2312 2412 23
8 24
3,300 Hoe (R) & Co
237
No par
15 Jan 15 2514 Feb 27
3612 37
.3512 397
36
.36
8 3514 3512 3512 37
, 1.500 Holland Furnace
36
361
No par 2614 Jan 14 37 Mar 4
77
8 9
8
800 Hollander de Sons (A),_No par
*7
8
818
712
8
8
818 83
612 Feb 27
*812 912
12% Jan 29
*76
.78
80 .76
*78
Homestake Mining
80 .78
80
.78
80
80
80
100 80 Feb 1 80 Feb 1
2518 2512 2438 2512 2414 25
243 253
8
2438 25
8 2512 263 27,100 Houdaille-Hershey e113'No par
4
19 Jan 2 29 Feb 5
56
56
5678 59
5818 60
58
8 56
60
5518 563
6012 14,700 Household Prod Inc_-,No par 5212 Jan 25 60'z Mar 7
67
68% 6712 7412 7118 7814 7614 8112 7718 8012 761,s 7912 91,600 Houston Oil of Tex tern etts 100 5214 Jan 17 8112 Mar 5
3912 3912 3814 39
3,800 Howe Sound
39
3814 39
3914
38
39
3812 38
No par 35% Jan 18 41% Feb 7
56
5578 55 1563
5612 5514 5612 553 557
4 55% 57
28.000 Hudson Motor Car_
8
8 55
No par 533 Jan 16 62% Jan 6
8
2112 2158 2118 22
22
2118 2112 21
2118 22
213
22,000 Hupp Motor Car Corp
* 21
10 2014 Jan 18 24% Jan 6
2114 215
8 213 23
2238 2314 2212 233
4
4 223 2312 22% 2318 27,700 Independent Oil& Gas_No par 2014 Feb 19 2334 Mar 5
4
1318 14
11
11% 171,800 Indian Motocycle
157k
1418 153
9
4 1514 17
1038 12
No par
5 Jan 3 17 Mar 4
19 8 197
3
19% 20% 30,500 Indian Refining
8 201 2114 2014 20%
,
4 1934 213
8 1914 203
10 1734 Jan 2 23% Feb 3
*1814 19
1812 197
8
1814 187 10,000 Certificates
1812 1912 1814 1918
185 1938
8
8
10
16 Jan 2 2238 Feb 1
•105 110 .105 112 .105 110 .105 109
*95 103
.95 105
Industrial Rayon
No par 90 Feb 11 124 Jan 10
171 171
171 171
173 173
171 173 *173 175
1/3 173
600 Ingersoll Rand
No par 15414 Jan 8 173 Feb 4
*84
85
83
83 .83
8412 8412 85
83
800 Inland Steel
84
83
83
70% Jan 6 85 Feb 11
No par
28% 29
283 2938 29
31 2918 30
2914 29
8
29
30
29% 8,000 Inquiration Cons Copper-20 2614 Jan 17 30% Feb 7
1.4.4 .
531
534
534 53
4
,uulintercont'l Rubber-,-No par
534 534
512 512
53
638 Feb 19
4 534
414 Jan 2
534 6
6
614
512 5
531 6
53
4
Ott 5,500 Internat Agricul
618 6 8
,
far
412 Jan 2
718 Jan 16
.55
57
.55
57
.55
57
56
, Prior preferred
5514 5514 .55
55 Feb 24 58 Feb 6
1733 1743 175 176% 177 1823 17712 1823 18012 180 ; 1oo4 185
4
4
6,300 lot Business Machines-No par 15212 Jan 18 185 Mar 7
4
4
No
*5714 58
5718 5714 5714 5714 5634 5734 553 563
633
. 8, 0 International Cernent_No Par 55% Mar 6 63% Mar 7
4
7,
4 57
)
43
.
4 8
718 8
71
. 2' 13,2;;;; ;nter Comb Eng Corp.
3
718 7%
718
714
78
73
,
8
8% Jan 28
,No par
5 Jan 2
5314 565
56
8 55
54
8
54
8
537 537 .5114 5312 •5114 5312
1.600 Preferred
100 30 Jan 2 56% Feb 26
937 9412 92
8
937
8 92
96% 9214 943
9414 93
4
4 9414 953 23.900 Internat Harvester_ ___No par
7833 Jan 7 9658 Mar 5
14138 14158 141% 14158 .14134 14214 1413 1413 .14218 144 .14218 144
4
4
300 Preferred
100 1401 2 Feb 10 14212 Feb 28
773 7814 7618 7712 76
8
761
7612 7612 76
771
761,1 79
8,600 International Match pref_35 6512 Jan 3 81 Feb 14
.25
26
26
26
26
2612 267
8 27
27
2634 271
273
5,800 lot Mercantile Marine ctts..100 25 Jan 2 3058 Jan 6
Preferred
100
3912 403
8 383 40% 38
39% 38 2 393
4
4014
3934 4112 40,300 Int Nickel of Canada__No par 31% Jan 2 4112 Mar 7
,
4 38
*58
65
*58
65
*60
65
.60
65
*55
65
.55
65
Inter n errunalc7 per_ _ _No par
refatio d )
58 Jan 6 60 Feb 4
P4
.
81
83 .81
82
83 .80
81
82
•80
.80
8112 .80
Preferred (7%)
80 Jan 23 85 Jan 16
283 287
8
8 283 287
8
8 2814 283
8 2812 2812 2712 28
8 2814 283
2,100 Inter Pap & Pow cl A__No par
4
26 Jan 7 303 Feb 18
1818 18 4
1818 1818 .17
17
,
19
17
17
1638 163
17
8
1,800 Class B
Nopar
1978 Feb 18
1514 Jan 8
1412 147
1438 143
8
1412 137 1414
8
4 14
133 14% 14
4
1418 14,500 Class C
1218 Jan 7 153 Feb 18
4
No
81
81
.81
81
*80
82 .80
8112 .80
81
80
80
300 Preferred
00 79,4 Jan 31 82 Jan 16
5114 5114 5134 513 .5112 62
5114 5112 .5114 52
.51
52
400 Int Printing Ink Corp_ No par 4814 Jan 17 53 Feb 14
4
.9312 94
94
94
94
95
94
96
95
95
*95 96100 9312 Feb 7 96 Mar 5
74
73% 73% 74
73 2 733
,
4 73
7412 79
7414
2,020 International Salt
73% 74%
100 69 Jan 30 79 Mar 7
105 10.578 105 107
10412 10412 1055 106 .104 105
8
105 105
1,300 International Silver
100 10212 Feb 25 119 Feb 1
•105 10512 10512 10512 *105 10512 *105 10512 .105 10512 10534 105%
90 Preferred
100 105 Feb 28 11214 Feb 17
6878 7018 67% 693
4 6712 68% 67
683
7012 6812 697 166,100 Internat Teiep dr Teleg-No Par 62% Jan 30 75 4 Jan 2
8
8 68
3
32
32
3238 30
32
327
8 30
6,200 Interstate Dept Stores_No par
3134 3114 3114 3014 31
30 Jan 24 40 Feb 4
•2518 273 .2514 253 *2518 273 '2518 2712 25
1,400 Intertype Corp
4
2512 •2518 26
4
4
No par 23 Jan 2 2634 Feb 15
.41
4112 *41
4118 1012 41
4112 .41
4112 *41
41
41
700 Island Creek Coal
40 Feb 14 4238 Feb 1
5412
1
51
51% 52
56
5312 5212
55
55% 57
59
10,500 Jewel Tea Inc
56
No par 43 Jan 20 59 Mar 7
13714 139
13518 138
135 13734 13514 139% 135 13814 1383 143
49.500 Johns-Manville
4
2
No par 117 Jan 2 1483 Feb 5
120 120 .119 120
120 120
120 120
119% 1193 120 12012
920 Preferred
4
100 1181 s Feb 24 122 Feb 6
1207 1207 *120 121
8
1207 1207 121 121
8
8
8
8
1207 121 .12012 121
290 Jones & Laugh Steel pref .100 11812 Jan 6 121 Mar 5
2
31,
35
8
3% 3%
318
3
3% 3%
3%
318 7,100 Jordan Motor Car
412 Feb 18
2 Jan 22
No par
.10818 10912 *10818 10912 10912 10912 .10912 110
110 110 *10912 110
110 Kan City P&L 1st pf B_No par 108 Jan 4 110 Mar 6
'1912 20
"19
.1914 20
91% 20
20
197 20
1934 2012 1,000 Kaufmann Dept Stores_512.50 18 Jan 7 2012 Mar 7
8
37
373
4 3712 3812 37% 38
3712 38
3713 373
8,400 Kayser (J) Co v t e_
4 3718 38
34 Jan 23 4112 Jan 2
No par
.3012 33
*3012 33 .30
$ 012 33
33 '3012 33
30% 33
300 Keith-Albee-Orpheum No par
21 Jan 8 33 Mar 5
•10412 1063 '104 10412 10514 10514 10578 105% .10412 105
4
105 110
400 Preferred 7%
100 85 Jan 7 110 Mar 7
412 412
412 4%
412
43
434 4,400 Kelly-Springfield Tire_ _No Par
4 43
412 43
4
4
43
434
4
314 Jan 2
5 4 Jan 24
3
.29
30
30
30
30
30
2912 30
2912 2912 2934 293
230 8% preferred
4
100 201s Jan 3 42 Jan 24
30
30
2912 3012 29 8 29
3
2734 2812 .28
34 2718 2914
2812 5,800 Kelsey Itayes W heel new No par
2218 Jan 3 313 Feb 7
4
1414 15
15
1614
15% 16
15
1518 15%
16
712 Jan 2 1634 Mar 7
163 100,600 Kelvinator Corp
15%
4
No par
.87
86
86
88
88
__ .87
88
88
80 Kendall Co pref
No par 8212 Jan 4 88 Mar 4
58 - 151 2 5814 5912 5818 60 .87- 5814 593
51 4 5818 - 12 5814 59% 63,100 Kennecott Copper
No par 53 Feb 20 6234 Feb 7
51
50
.50
.
51
50
.48% 51
5012 '48% 51
.487 51
300 Kimberley-Clark
,1
No par 49 Jan 7 5212 Jan 31
.20
23
*20
23
203 203 .2012 2212 2012 2012 .21
4
'2212
200 Kinney Co
4
20 Jan 29 23% Feb 19
No Par
89
4
90
873 89 .8718 8812 8712 8812 .871,1 88
89% 89%
90 Preferred
100 8618 Feb 26 91 Feb 11
278
318
3
278
3 18
278
234
4 3,200 Kolster Radio Corp_ No Par
2%
23
4
4 278
23
23
4
4l4 Jan 14
13 Jan 18
4712 48
465 48
8
4718 473i 4714 477
47% 48% 46,700 Kraft Cheese
8 4712 48
3818 Jan 6 4
No par
94 Feb 10
,19018 10514 10614 .10618 107
10412 107
1901
106 10614 10618 10618
1,800 Preferred
100 98 Feb 6 107 Mar 1
3114 31% 3114 311
3114 32
3114 317
8
8
8 317 323 11,400 Kresge (5 8) Co
8 3114 315
8
10 305 Feb 17 3634 Jan 2
.112 114
112 112
112 112
112 112 .111 112 2 11114 11112
100 Preferred
100 110 Jan 3 113 Feb 14
*812 91. •812 9
•81. 9
.812 9
"812 9
812 812
100 Kresge Dept Stores_ _ _-No Pa*
812 Jan 7
87 Jan 30
8
60 .50
.
50
GO
60 .50
60 '50
.50
60
.50
60
Preferred
100 80 Jan 8 62 Jan 27
65
6318 6318 *63
.63
6412 •63
63
6318 6318
643
8 63
300 Kress Co
No Par 6114 Jan 15 70 Jan 24
291. 29
2912 2934 237 29% 29
8
29
291s 29
2914
'293 41,700 Kreuger & Toll
8
23 4 Jan 2 31 Feb 10
3
4258 41
42
3814 38% 383 42% 4112 42% 41
4
41 18 413 41,100 Kroger Grocery & Bkg_No par 37 Feb 27 4818 Jan 23
4
2218 2218 .2218 223 .2218 2214 2214 221.
2218 2218 .2218 23
8
700 Lago Oil dr Transport._No par 2114 Jan 11 2212 Jan 30
10818 1083 10718 1083 10512 10714 106 107% 105% 1073 10612 1073 18,300 Lambert Co
4
4
4
8
No par
97 Jan 2 10834 Mar 1
*712 8
*712 8
7.2
1 1,1
'500 Lee Rubber & Tire_..No par
734 73
7,2
61, Jan 2
4 *712 8
7,
2
9 Jan 24
35
35
35
35
35
.35
35
35
37
36
36
401 i
I ,900 Lehigh Portland Cement..
,50 34 Jan 4 4014 Mar 7
•10634 108 '1063 108 .10634 10812 .1063 108 •1063 108 •1063 108
4
4
4
4
Preferred 7%
100 105 Jan 2 107 Feb 11
1212 127
1234 13
8
1318 1318
1218 125
1212 1212 3,800 Lehigh Valley Coal-_No par
13
13
8
15 Jan 2
12 Feb 10
3212 3212 •32
.3212 33
-2
33
33 •
33
33
33
33
300 Preferred
8
30 32 Feb 24 367 Jan 16
.31
31
32
4
31
31
3112 3114 32% 313 3312 "3214 33
1,800 Lehn & Fink
34 Jan 27
No par 29% Jan 21
10112 1037 10334 1053 10414 1053 104 10512 10312 108
10, 10814 10,800 Liggett & Myers Tobacco___ 25 g9112 Feb 13 10814 Mar 7
8
4
4
1017 1043 10212 10612 104 106% 103% 10614 1033 108% 1063 110 113,700 Series B
4
4
8
8
25 09112 Feb 10 110 Mar 7
•13918 140
4
4
400 Preferred
13918 13918 .13918 140 .140 1403 1401 1 1401 t .1413 14212
100 138 Jan 16 14014 Mar 6
45% 45% 453 453
44
8 433 4478 44
4
2.600 Lima Locomot Works_No par
4
4 44% 4512 45% 457
35% Jan 2 4914 Feb 15
"4212 43
44 .
4212 45
.4112 45
.4212 43
43
.4212 43
300 Link Belt Co
No par
39 Jan 14 45% Feb 21
30.100 Liquid Carbonic
6514 653
73
71
6912 71
70
6712 67
4 65
677
8 69
4
523 Jan 3 73 Mar 7
No Par
74
747 791 i 99.700 Loew's Incorporated,
8
6912 70% 685 7014 6938 70% 6912 705
8 69
8
,,No par 4218 Jan 2 7914 Mar 7
43
12,700 Loft Incorporated
4 5
4%
5
412 4%
4% 5
43
4 58
4% 5%
,
0% Feb 111
312 Jan 27
No Par
"1178 13% .1178 13% .1178 123
3 •1118 13
1138 113
8
30(1 Long Bell Lumber A__ No Dar
1178 117
8
127 Feb 3
1134 l‘far 6
8
6138 62
6212 62
62
8
667 35,600 Loose-Wiles Biscuit
657
643
8 6414 66,2 65
8 63
8
25 5012 Jan 4 667 Mar 7
_
.120
1st preferred
•120
.120
.120 -- .120
- -- •120
100 11814 Jan 18 120 Feb 28
2514
2612 2818 263 277
-8
0
8 27
254 27"8 263 - - -18 2 - ,506 Lorillard
1618 Jan 2 281,1 Mar 3
2714
4
8 26
25
9412 95
I ,100 Preferred
*93
9718
95
95
•9614 9612 96
•9312 95
95
100 9218 Jan 9 9718 Mar 7
.8
812
8
812
812 83
8% 83
8
912 Jan 6
8%
8% '8% 8% '2,700 Louisiana Oil
8 Feb 28
4
No Par
.88
50 Preferred
887 •
8 88
887 .88
•89
8
93
93
8
887
8 887 88% .89
100 84 Jan 7 8912 Feb 6
45
4612 45
4612 4434 46
8
4418 46% 4412 453
4 4418 443 47.70 ? Louisville G & El A_ __No par
38, Jan 18 4612 Mar 1
4
4234 44
41% 433
41 1,4 423 13 4001 14idlurn Steel
4
4 4112 4212 4138 4278 407 4314
8
No par
8
325 Jan 2 4434 Feb 18
*90
*90
98
9
oais
*90
Preferred
9618 •90
98- .90
9618 *90
No par 90 Jan 20 98 Feb 13
.18
30
*18
30
100 M-acAndrews & Forbes_No Par 28 Feb 28 3112 Jan 15
•2814 30
2814 2814 .2814 30
.2814 30
89534 10212 *953 10212 .953 10212 .953 10212
.955 10212 *95% 10212
8
Preferred
4
4
4
100 93 Feb 21 98 Feb 10
8118 813
4 80% 81
8112 8112 8112 833
s
853 24.900 Mack Trucks Inc
8
4 8214 8312 83
No par 70 Jan 2 853 Mar 7
152 152 4 149 1513 14612 1503 14512 1463 146 146
,
4
5,800 Macy Co
14614 151
4
4
No Par 13712 Jan 7 15914 Feb 3
*1212 123
4
1212 123 *1214 123
8
2,700 Mad ISO n Sq Garden
1214
12
12
12
1214
4 12
12 Jan 2 1418 Feb 14
No par
49% 48
'49
48
4812 4812 48% 49
4918 49% 2,200 Magma Copper
4812 49
No Par 45 Jan 15 52% Jan 7

far

•Bid and asked prices: no sales on this day. • Ex-div.-Ex-rIghta.




PER SHARE
Range for Previous
Year 1929.
Lowest.

Highest.

$ per share $ Per share
3212 Dec 14458 Feb
19
Oct 3914 Feb
28 Nov
Jan
44
105 Nov 11912 Feb
106 Nov 20012 Sept
512 Jan
1 Nov
44 Sept 90
Jan
42 Nov
79 Mar
9934 Dec 109 Feb
2312 Nov
35 Aug
2334 Nov
31 Mar
26
Jan
30 Aug
12
Oct 5634 Jan
7134 Dec 115
Jan
99 Nov 10558 Jan
91
Jan 11312 Oct
54
Jan 877 Oct
8
13
Oct 417 Aug
8
55 Dec 7218 Aug
512 Nov
0838
84 Nov 11812 N-114a
45 Nov 143% Oct
60 Nov 14314 Oct
52
104
Jan 10638 Oct
1234 Dec 33 Aug
21 Nov 51 Mar
1313 May 2438 Aug
65 Nov 93 Aug
g
13 Nov
523 May
40
Oct 7912 Jan
26
Oct 109
Apr
34% Nov 8212 Mar
38 Nov 9312 Mar
18 Nov 82
Jan
17% Oct
May
323
,
9
3 2 Oct 3 4 Jan
1318 Oct 33 Aug
1113 Oct 5114 Aug
6812 Nov 135
Jan
120
Jan 22312 Oct
71 Dec 113 Aug
22
Oct 6612 Mar
2 Nov
1414 Jan
4
Oct
17% Jan
40 Nov 8812 Jan
109 Nov 255
Oct
48 Nov 1023 Feb
4
414 Dec 10312 Feb
1812 Dee 121
Feb
65 Nov 142 Aug
137 Aug 145
Jan
47 Nov 1021 Jan
1818 Nov
3612 Feb 51 23 A pr
9
Oet
25 Nov
Jan
57 Dec 172'4 Oct
12
77 Nov 9412 Jan
20 Nov
4414 Oct
12 Nov
33% Oct
9 Nov
2618 Oct
77 Nov 95
Oct
40 Nov 083 Oct
8
91% Nov 106 Mar
5512 Jan 19032 A eg
5914 Fub
95 Nov
10314 Oct 119
Jan
53 Nov 14914 Sept
2518 Oct 9312 Jan
17 Nov
3878 July
39
Oct 69
39 Nov 16214 Marar
Feb
90 Nov 242% Feb
118 Nov 123 May
117 June 126
Oct
112 Oct 1612 Jan
106 Feb 112% Jan
1714 Dec 3718 Feb
30 Nov
5812 July
1512 Nov
46
Jan
70 Nov 138
Jan
3 Dec 23% Jan
16 Dec 94% Jan
18% Nov
59% May
5
Oct
1914 Feb
75 Nov 96 Feb
4938 Nov 104% Mar
4514 May 57 8 Oct
,
2112 Nov
4-412 July
50
Oct
Mar
312 Dec 1°978%
27 Nov
7614 Oct
95 Apr 10578 Oct
28 Nov
5712 Mar
10312 Nov 116 June
858 Dec 23 Jan
60 Dec 76 Sept
5314 Nov 114
Jan
2218 Nov
4638 Mar
3814 Nov 12212 Jan
1612 Nov
38% June
8018 Nov 15714 Mar
Oct 25
5
Jan
30 Nov 11034
6Feb
5
100 Nov
May
10
Oct 32
Oct
31 Dec 44% July
28 Nov 6812 Feb
8014 Nov
ct
e
80 Nov
Oct
125 July 140 Dec
30 Nov
5734 JU
37% Nov 61
Feb
40
Oct 1137 Jan
8
32
Oct 8412 Feb
318 Dec
1112 Apr
12 Dec 3212 Jan
3918 Nov 8772 5ea y
3118 . pt
l
115% June 12112 Apr
1414 Oct
67 Nov 9914 Oct
7 Oct 18
Jan
80 Nov
Feb
28
Oct 1715 Sept
14
8
22 Nov 10878 July
76 Nov
18 June
3014 Oct 46
Jan
104
Jan 1073 Apr
4
5518 Nov 114% Feb
110 Nov 255% Sept
1112 Nov 24 Feb
35 Nov 82% Mar

10114

New York Stock Record-Continued-Page 6

1617

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. 1.

Monday.
Mar. 3.

$ per share
914
*9
91
*76
*514 7
*2512 2934
1412
*14
3318 34
2212 2212
*512 53
4

$ per share
912
9
*76
91
512 512
*2614 293
4
*1418 1413
335 35
8
*22
2212
4
4 53
53

Tuesday.
Mar. 4.

Wednesday. Thursday.
Mar. 6.
Mar. 5.

Friday.
Mar. 7.

S per share $ per share
93 1012
9
10
*76
91
76
76
*514 812 *514 534
2618 2618 *2518 293
4
*1418 1412 *1418 1412
3434 3514
3438 353
8
*20
227
2214
8 22
612 65
8
53
4 712

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

$ per share $ per share Shares Indus. & Miscel. (Con.) Par
914
914
5,400 Mallison (H R) & Co _No par
838 9
*7314 75
100
10 Preferred
*7314 75
5
5
5
310 Manati Sugar
100
5
2613
2514 2614 *26
20 Preferred
100
par
*1418 1412 1418 1418
pa r
100 Mandel
BrosN
3418 36
3418 357 46,400 Manh Elec Supply____No°
8
22
22
400 Manhattan Shirt
25
*20
2212
2,300 Maracaibo 011 Expl-___No par
68 6%
63
4
4 63
Marland 011
No par
5413 541, ; 3- 331- ;.
11-1;
5
2 5112 53 ; 9 - -11; 50
No par
7 - 51.
700 Marlin-Rockwell
24
2312 24
2634 263 2914 2812 3012 28
4
No par
298
3014 22,300 Marmon Motor Car
418 *4
*4
418 *4
418 *4
418 458
No par
418 *4
500 Martin-Parry Corp
4,
8
443
4312 4478 4312 4438 4334 45
4338
4418 4514 4514 4612 30,600 Mathieson Alkali NVorksNo par
*12018 12034 *12018 1203 *12018 1203 12034 1203 *1203 --- - *1203 -4
4
20 Preferred
4
100
4
4
55
55
5418 56
5312 563
17,600 May Dept Stores
5578 58
25
56
4 55
563
8 55
*19
197
8 195 193
8
4 1913 2078 20
No par
20
5,700 Maytag Co
4
203
8 193 193
4 20
34
34
33
33
333 343
4
No par
4 3412 343
4 3514 3514 3414 343
4 1,900 Preferred
'8012 8118 *8012 8118 8118 8118 *80
100 Prior preferred
No par
8218 *80
82%
8218 *80
*457 50
8
*457 50
4512 458 45
4513 4412 4412 *4313 45
1,200 McCall Corp
No par
67 .65
.
65
67
*65
67
67
*65
6/ '65
McCrory Stores class A No par
67 '65
'62
*62
68
68
*66
*67
68 "67
68
68
Class B
68 "6/
No par
*95 100
*95 100
*95 100
*95
98
98
*95 100
*95
Preferred
100
38
*36
3712 37
37
300 McGraw-Hill Publica's No par
378 *37
37
38 "
38
38
38
*1714 175 '17
8
18
18
1814 18
1814 1838 183 *18
1838 1,100 McIntyre Porcupine Mines__5
8
70% 73% 733 747
8 728 7334 7214 737
7338 25,200,McKeesport Tin Plate_No par
7314 73
8 73
3118 32
31% 313
3113 3012 31
4 31
2,900'McKesson & Robbins__No par
31
3112 31
31
4418 4434 4318 44
4
*443 46
2.100 Preferred
*438 4412 4118 4312 4318 44
50
*2814 29% 2912 3012 30
301
4,300 Melville Shoe
4
No par
31
31
313 33% 3213 353
2014 19
20
20
1913 20
19% 193 217 24.600 Mengel Co (The)
8
4
2014 19
No par
19
4 2513 2512 2514 2514 *2514 2512 *2514 2512 *2514 2512
*2514 253
200 Met la-Goldwyn Pictures pf _27
2014 21 13 203 22
8
2113 225
8
2114 2238 2138 2214 215 2238 134.700 'Mexican Seaboard 011 No par
3014 308 3014 31
31
31
3078 3014 303
4 3.100 Miami Copper
5
3012 307
8 30
6812 683
4 67
68
677 677 *66
7,9001Michigan Steel
6814 71
No par
8
67
657 70
*24
2418 2414 25
2512 258 25% 26% 26
2614 9,000 Mid-Cont Petrol
8 26
No par
263
1
118
1
1
118
78
118 11,000 Middle States 011 Corp Ws__
118
118
1
118
1
"68
70
6913 6912 *69
70
70
70
400 Minn-Honeywell Regu-N0 Par
*69
70
6912 70
4918 5212 58
48
48
49
4712 48
2,900 Midland Steel Prod__ No par
*46
47
48
46
414 414 *4
418
4
418 414 4,200 Miller Rubber
414
414
414 414 414
No par
3238 3338 3013 3212 3014 3114 3012 3242 3114 32
8
3112 325 19,900 Mohawk Carpet Mills_No par
4438 4518 45
4818
8
4618 477
8
4538 4714 457 4658 457 4738 425,900 Mont Ward &Co MCorp No par
1113 1218 107 12
1012 11
11
1113
37,200 Moon Motor Car new_No par
9
1114 1018 11
*66
67
66 66
"6612 6814 *6612 693
693
4
700 Morrell (J) & Co
4 66% 6612 69
No Par
13
4
4 13
17
178 *134
1$4
134
8
178
134
8
17
13
8 3,200 Mother Lode Coalition_No par
4 17
Motion Picture
No par
6 --1- --- --64
614
714
67
8 718
612 634
612 6% 6,300 Moto Meter Gauge &EgNo par
8
638 65
*5413 593 *5512 59
4
57
57
5612 5612
*56
57
5514 56
700 Motor Products Corp__No par
"30
3014 *291! 30
2912 293 297
4
8 1,700 Motor Wheel
29
No par
2912 30
2938 30
17
18
1814 183 "1658 18
4
1718 1718 1714 18
1,800 Mullins Mfg Co
No par
17
17
*6014 62
*60
62
*6014 63
150 Preferred
6014 5912 60
63
63
60
No par
'50
52
*51
53
*50
52
52
*50
5212 *50
5212 *50
No par
Munsingwear Inc
21
217
2038 2114 2012 207
2018 203
4 1912 2038 22,900 Murray Body
8 2012 21
No par
51
513
8 4912 5138 4814 50
8
4 463 477 57,000 Nash Motors Co
8
No par
4538 4834 4612 473
2412 245
2418 2414
8
2418 2418
24
2414 2338 243
8 2338 2418 4,100 National Acme stamped____10
183 19
1878 193
12,600 Nat Air Transport
1812 1878 183 19
8 187 1918 1813 19
No par
113 1212 1214 1234 12
4
8
117 12
8
6.200 Nat Bellas Hess
123
4 117 1238 117 1'218
8
No par
.5314 7434 .5314 743 *5314 743 *5314 743 *5314 743 *5314 743
4
Preferred
4
4
100
4
20934 20934 209 20913 20812 21112 2117s 220
217 22014 21913 2213
8,400 National Biscuit
25
"14258 14314 *14258 14314 14314 14314 14414 14414 14413 14412 *14312 146
500 Preferred
100
733 7412 74
77% 32,800 Nat Cash Register A wi No par
4 76
7513 743 781s 7518 7812 75
763
4
493 5114 60,000 Nat Dairy Prod
5014 5138 4912 5112 49
5014 4912 503
8 4912 50
No par
24
24
.23
24
22
22
2,100 Nat Department Stores No par
2318 2212 223 .2112 2212 22
4
*88
8934 88
88
*88
893 '88
300 1st preferred
100
8812 *8812 8934 *8813 8912
363 3634 391 373
4
,
4 37
3814 8.300 Nat Distill Prod etts___No par
387s 3712 38% 3713 3818 38
Preferred temp ctfs_ _No par
-5258 - 2 -358 331- ii- ;52- li- ;3012 -3273- ;3112 124 ;50i2 32 4 _ 1,400 Nat Enam & Stamping__100
-34
180 181 .176 179
176 178
179 182
18214 18214 180 18012 2,600 National Lead
100
139 139 *13914 140
13914 13914 "139 140
4
300 Preferred A
1393 1393 139 140
100
*116 11734 *116 1173 *116 1173 *116 1173 '116 117 '116 117
4
Preferred B
4
100
41
4138 41
4212 41 12 4212 4218 443
4238 4312 130,500 National Pr & Lt
8 4212 433
No par
318 318
3
3
3
3
•2% 314
400 National Radiator
5o
ar
2% 23
4 "23
No par
4 3
*57
7
*518 613 *57
8 612
578 578 *57
100 Preferred
8 613 *518 612
No par
110 110 '109 1093 109 10934 169 109
2,900 National Supply
4
1093 1093 110 115
86
863
4 86
87
86
91
9118 9238 9,700 National Surety
8712 8712 8812 88
50
364 363
4 3518 38
3614 3638 363 37
3812 36
3612 4.100 National Tea Co
par
37
2878 2912 29
2938 29
3014 2813 293
4 28% 2914 2914 2938 25.301) Nevada Consol Copper:A%
.60
63
62
62 .61
63
63
63 '61
*61
100 ,
62 '61
l'Iewport Co class A
50
5214 533
53
53
51
5134 50
51
50
51
51
2,200 Newton Steel
52
No par
'4513 4612 *45
4612 4512 4512 4514 458 '45
45
4514 45
par
1,500 N Y Air Brake
'38
42
40
40
*40
"40
41
41
45
42 "40
42
200 New York Dock
No lOO
ar
'84
*84
88
88
*84
86
86
86 '84
*84
86 .84
Preferred
100
'100 10113 10014 102 '101
____ '10112 ____ *10112 ___. "10112 ---40 N Y Steam pref (6)__,...No par
112 112 *110 112 "110 112 '110 112 .110 112 .110 112
parr
pa
10 1st
11614 11912 1167s 119, 117 12114 x114 1187 11412 11712 11613 11778 76.700 Northpreferred Co____No°
8
(7)N
American
8
8
8
500 Preferred
4
50
*55
5553 55
55
5518 *533 5518 547 547 *5412 547
55
10218 1021a *1021s 10213 10214 10214 *10214 1023 1021 t 10214 10218 10213 1,300 No Amer Edison pref-_No par
8
4912 5012 5038 50% •504 51
*.'1018 51
48
49 8 1,500 North German Lloyd
,
'505 .51
8
*49
5018 *50
50% *50
5018 '50
501s *50
50% •50
501
Northwestern Telegraph_ 50
"1
1 18 •1
I%
1
1
1
* 78
I
*1
118
1
400 Norwalk Tire & Rubber_-10
I .413 6
.212
"213 6
6
*213 6
*412, 6
"412 6
Nunnally Co (The)____NO par
1013 1012 •1012 11
*101z 11
*1012 11
1013 1012 1013 1012
500 011 Well Supply
25
"86
*86
87
87
*86
87 .86
88% •86
8838 .86
883
8
Preferred
100
227 25
s
25
263
263 2813 2738 28% 263 27% 2514 265 37,800 Oliver Farm Equip ____No par
,
4
41
417 4338 4378 4438 4312 4412 4318 44
42
4218 4338 14,600 Cony participating__No par
7914 8016 83
79
83
83
8 1.500 Preferred A
*8014 83 .8014 8214 80% 817
No par
43
45
8 438
4
414 438
412
412 4%
413 1,450 Omnibus Corp
438 48
83
*75
*75
83
*75
82 "75
*75
82
82
*75
82
Preferred A
*4612 471. •461e 4712 '4612 4712 4713 48
4914 '49
50
49
500 Oppenheim Collins & Co o 1par
;
N p0a0r
'76
79 .76
78
*76
78
80
78
78
*76
78
110 orpheum Circuit, Inc pref_100
78
.
320 330 "317 325
31213 319
310.4 31014 2.000,011g Elevator
315 316
310 315
50
*12514 1257 "125 12513 *12412 12513 "12413 1257 124 12412 *12412 12512
8
201 Preferred
100
34
34,4 3312 3313 3318 3312 3312 3312 33
3414 3234 3313 2.700 Otis Steel
par
No 1poo
'9612 973 *9613 973
4
4 *9612 973 *9112 9734 *9512 973 "9612 973
4
4
4
Prior preferred
6012 6012 601z 6012 *6014 6012 *6014 60 2 *6014 6012 6012 601
300 Owens-Illinois Glass Co_ __25
,
6414 625 6414 6312 6414 63
63
8
6378 6312 643 25,1(10 Riclfic Gas & Elec
8
6412 63
25
907 957
8 9213 9412 92
8
5
91
92
91
9314 91
93
9314 26,900 Pacific Ltg Corp
r
No par
'27
29
28% 2912 "271s 283
2813 2812 "2712 2812 2738 2138
230 Pacific Nlills
100
118
118 *118
114
hg
114
118
118
118
118 7,100 Pacific Oil
114
118
par
No 1 oo
.163 166
166 166
1643 166
4
165 165 "163 164
165 165
260 Pacific Tele!) & Teleg
139 139
139 139
13813 13812 138 139 *137 144 "137 144
110 Preferred
100
187 1913 183 193
8
4
8 187 1914 183 19
2013 283,600 Packard Motor Car_ ___No par
187 2014 20
.
5213 54,4 5212 5212 53
54
53
*5212 54 '53
53
53 l 1,800 Pan-Amer Petr & Trans50
5213 53
5212 53
5312 5258 53 I 6,200 Class B
53
53
5312 5234 54
50
243 2512 25'4 253
4
4 2438 253 115,100 Parmelee Transporta'n_No par
243
23
4 2338 2513 22% 24
4
43
484
43
47
8 478 "414 43
45
614
43
513 63 14,700 Panhandle Prod & ref__No par
*40
60 "40
5018 *40
*40
60
60
*40
60
*40 6
0
Preferred
100
3
69
68% 69 4 68
675 69
:
8
693
68
4 6818 6912 x681 713 147,300 Paramols rordm Lasky_No par
k ilt Fe
26
26
2612 2713 2612 2612 2713 2712 2738 28
28
28
SOO Park
'
t
No par
3
3 14
3
3
27
8 3
3
27
8 3
314
3
3
4,900 Park Utah C M
37
33
4
38 37
37
8 4
4
6,200 Pathe Exchange
33
4 37s
334 4
No par
712 712
713 73
4
712 8
712 73
4
712 8
712 73
4 4.300 Class A
par
2918 2918 287 29
'
2833 29
8
2818 283
2818 2834 2814 29
8 4,200 Patin.) Mines &Enterpr_r___20
'\o ar
1118 1138 1118 12
1114 12
1112 13
1212 1338 24,400 Peerless Motor Car
117 12
50
37
377
8 3618 3914 3818 39
388 387s 41
x3778 3812 38
29,000 Penick & Ford
pcio
No 1 o r
•108 __-- •108 ____ •10818 ____ *10818 ____ •10818 ____ •10818 ____ ______
Preferred
.912 10% *912 101
*9
1014 "9
103
.9
10
1012
4 10
300 Penn Coal & Coke
50
67
733 712
8 713
718
718
7
7
7
712
712 1012 10.400 Penn-Dixie Cement_ ___No par
"4212 45 .42% 44
*4212 44
44
"4213 44 9212 44
5214
900 Preferred
100
250 25512 25312 2537 2537 258
.248 255
254 257
254 2733 12,800 People's G L & C (Chic)
8
8
4
100
2012 *20
'20
201 *20
2012 '20
2012 '20
20% .20
2013
Pet Milk
No par
'3814 3812 3812 3838 3713 3814 38
381 1 x3714 3818 3638 3714 5,500 Phelps
-Dodge Corp
24414 247 *245 250 *245 250 *240 250 .240 250 '240 250
4 Philadelphia Co (Pittsb)
50
"49 -- '4912 -___ "4912 ____ •50 ____
____
50
a
---------- 5% preferred
50
8
'5212 53 '527 53
53
53
53
5318 .53
5313 5312 5312
900 6% preferred
LO

2918

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

Highest.

PER SHARE
Range )or Previous
Year 1929.
Lowest.

Highest.

$ Per share $ Per share $ per share $ per share
39% Jan
6 Nov
8 Jan 15 1012 Mar 4
75 Nlar &5 80 Jan 17
76 Nov 10512 Jan
3 Dec 26
5 Jan 21
8 Jan 29
Jan
1978 Dec 5012 Jan
23 Jan 16 50 Jan 28
14
14 Jan 16 15 Jan 14
Oct 383 Mar
8
19% Nov
25% Jan 3 36 Mar 6
3734 Jan
1914 Dec 3552 Jan
20% Jan 6 24% Jan 10
518 Dec 1812 Apr
5% Jan 3
712 Mar 5
3318 May 4718 Jan
30
3978 Jan 2 55 Feb 28
Oct S97 May
19 Nov 104 May
20% Jan 17 3012 Mar 5
3 Jan 6
458 Mar 7
Jan
18
212 Nov
3712 Jan 2 4513 Mar 7
Oct 218 Feb
29
115 Jan 24 1203 Feb 14 120 Jan 125 Jan
4
49 Jan 15 61% Jan 31
4512 Dec 108'2.Jan
15% Oct 29% Aug
1618 Jan 2 2078 Mar 4
2914 Jan 2 3514 Mar 6
2814 Dec 4914 July
7512 Nov 9018 Jan
!
76 Jan 7 831, Feb 11
Oct
3914 Dec 108
40 8 Jan 14 45% Mar 4
3
74 Dec 113% Feb
65 Feb 18 74 Jan 2
70 Dec 11513 Feb
63 Feb 20 70 Jan 16
8612 Nov 120 Feb
92 Feb 4 95 Feb 14
35 Jan 15 38 Feb 5
30 Oct 48 Feb
1212 Nov 2312 Jan
143 Jan 2 1812 Feb 13
4
54 Nov 82 Jan
61 Jan 2 747 Mar 3
8
3012 Mar 7 35 Jan 9
2118 Oct 59 Mar
40 Oct 63 July
41 18 Mar 6 46% Jan 2
Jan
2614 Feb 8 3534 Mar 7
261s Dec 72
Oct 34% Jan
9
1518 Jan 15 2218 Feb 25
2112 Oct 27 Feb
2312 Jan 2 253 Feb 19
4
014 Oct 69% Jan
1618 Jan 18 2258 Mar 4
20 Oct 5412 Mar
2678 Jan 2 3$7 Feb 6
8
44 Dec 122% July
53 Jan 6 743 Jan 13
4
2312 ,Feb 24 28 Jan 6
8
397 Jan
2218 Nov
34 Nov
78 Mar 4
118 Jan 3
3 July
5s
59 Nov 12314 Sept
81 Jan 10 75 Feb 3
37 Feb 21 53 Feb 28
3% Dec 287 Mar
412 Jan 13
37a Jan 23
8
35 Nov 8014 Mar
30 Feb 2S 40 Jan 27
425 Dec 15678 Jan
8
8
3838 Jan 15 497 Jan 2
35 Jan 22 1212 Feb 26
Oct
5
112 Oct
42
Oct 81% Oct
58% Jan 7 72 Feb 5
612 Mar
113 Oct
2 Jan 2
4
13 Jan 18
1213 Jan 6038 June
418 Jan 16
6
7% Feb 4
314 No 201% Aug
6 Oct 3
Mar
50 Feb 15 65 Jan 6
21 Nov 5518 Aug
2612 Jan 2 32 Feb 19
10
4
127 Jan 2 203 Feb 14
8
Oct 817 Jan
55 Dec 10214 Jan
5712 Jan 3 6478 Jan 31
46 Jan 3 53% Feb 10
38 Nov 613 May
4
1478 Nov 1007 June
18 Jan 17 2414 Jan 27
40 Oct 11878 Jan
4538 Mar 5 5812 Jan 6
1838 Jan IS 2614 Feb 14
1438 Nov 4178 July
11 Jan 13 2013 Feb 18
10 Dec 4814 May
91s Dec 71 Mar
938 Jan 13 1578 Feb 4
Jan
5613 Dec 118
66 Jan 9 82 Jan 20
177 Jan 2 22134 Mar 7 140 Nov 23634 Oct
14212 Jan 23 145 Jan 8 140 Aug 146
Oct
7234 Feb 25 8312 Feb 3
59 Nov 14834 Mar
Oct 8612 Aug
36
4514 Jan 20 5212 Feb 11
20 Jan 15 2413 Feb 27
20 Dec 373 Mar
88 Feb 4 90 Jan 27
89 Dec 96 June
15
Oct 58 June
29 Jan 2 3913 Feb 6
6712 Feb 11038 Aug
2512 Dec 62% Jan
2712 Feb 3 3313 Mar 1
Oct
137 Jan 2 189% Feb 7 12914 Nov 210
13818 Jan 3 141 Feb 18 138 Nov 14112 Feb
116 Jan 17 11718 Feb 28 115 Oct 12334 Apr
32 Jan 2 4438 Mar 5
718 Aug
23 Nov
112 Dec
134 Jan 7
17 Jan
42 Jan 15
112 Dec 41
4 Jan 2 11 Jan 15
Jan
9813 Nov 144 Jan
102 Jan 10 122 Feb 18
7012 Jan 7 92% Mar 7
7014 Dec 155 Feb
3118 Nov 913 Mar
3518 Feb 24 41% Feb 4
8
2718 Feb 21 3238 Jan 7
2314 Nov 6278 Mar
43 Mar 103 Sept
.51 Jan 9 65 Feb 19
35 Dec 113 July
40 Jan 2 57% Feb 6
4414 Jan 2 47 Feb 19
3512 Oct 4934 Mar
33 Nov 5838 Feb
35 Jan 9 42 Feb 18
84 Feb 14
80 Feb
8234 July 90 Apr
100 Jan 2 10212 Jan 13
9312 Nov 103 Jan
110 Feb 5 112 Jan 9 107 Nov 115 Aug
933 Jan 18 12114 Nlar 4
8
66% Nov 1863 Sept
4
51 Jan 13 55% Feb 24
48 Nov 5414 Jan
1003 Jan 23 10212 Mar 7
4
98 Nov 10334 Jan
45 Jan 7 5134 Feb 4
4112 Dec 6414 Jan
42 Jan 2 4913 Feb 9
4913 Dec 50 Mar
118 Feb 13
8
7 Jan 9
614 Feb
34 Oct
2 Feb '3
2 Feb 3
2 Dec
8 Fe
918 Jan 3 1158 Feb 18
78 Dec 32 Jan
87 Feb 13 89 Jan 2
883 Dec 10612 Jan
137 Jan 2 287 Mar 5
8
8
8 Oct 6412 Apr
31 18 Jan 3 445 Mar 4
17
8
Oct 6938 Apr
70 Jan 2 83 Mar 3
6412 Dec 9913 May
2% Jan 3
514 Feb 27
212 Oct 107 Feb
65 Nov 90 Feb
47 Feb 20 54 Jan -45 Dec 84% Apr
(
3
63 Jan 6 80 Mar 7
5018 Oct 9534 Jan
3333 Feb 19 195 Nov 45() Oct
280 Jan 3
11818 Jan 23 125 Jan 8 1187 Oct 125 Jan
s
30,2 Jan 2 35 Feb I
2214 Nov 55 Oct
91 Jan 10 97 Feb 5
8934 Nov 108 Feb
5214 Jan 6 607 Feb 7
43 Nov 8912 Sept
8
521$ Jan 2 647 Feb 18
42 Nov 993 Sept
8
72 Jan 2 i;578 Mar 1
5818 Nov 14612 Sept
21 Jan 7 30 Feb 8
1713 Nov 37 Apr
1 Jan 2
112 Jan
5 Oct
8
114 Jan 22
150 Jan 2 178 Feb 19 131 Nov 220 July
Oct
11613 Jan 6 145 Feb 21 11634 Jan 139
13 Nov 3212 Sept
15% Jan 18 2912 Mar 7
51% Feb 21 6018 Jan 4
4014 Feb 69 Aug
401511;
5012 Jan 25 6014 Jan 8
17% Feb 18 253 Mar 3
4
834 Mar 7
418 Feb 14
3
4712
4712 Jan 14 5018 Feb 27
48% Jan 2 71% Mar 7
36
25 Jan 11 29 Jan 3
23
212 Jan 31
8
3
33 Jan 2
2% Jan 3
21%2
43 Jan 28
8
4
5 Jan 2
878 Jan 28
2818 Mar 5 327 Feb 5
8
247k
618 Jan 7 14 Feb 3
518
2618 Jan 7 41 Mar 7
22
107 Jan 3 110 Jan 20 100
514
83 Jan 20 1012 Feb 17
s
312
618 Jan 4 102 Mar 7
3018 Jan 2 5214 Mar 7
2018
230 Jan 17 27334 Mar 7 208
18% Jan 21 2012 Feb 24
1818
365 Mar 7 4312 Jan 7
8
2215 Jan 10 247 Mar 1 1537112
47 Jan 3 49 Feb 27
473
5018 Jan 15 53% Mar 7
4712

DecFe

69
2

Nov
Feb
Oct
Oct
Dec

1514
76
7514
8
877
137
14
0
3%

DecDee
4
Oct 473 Mar
Oct 2212 Jan
Nov 607 Sept
8
No r 114 sep
A pv
10 Jar
Nov 27
Jan
Nov 94
Jan
Jan 404 Aug
Dec 4513 Jan
Nov
1
y 2797a 1' a t
r 85 0cy
Aug
51 May
Nov
54 Mar

• Bid and asked Prices; no sales onthia day. b Ex-dividend and ex-rligots. z Ex-dividend. 0 Ex-dividend dIstributed
1 addltional share for each share held.




Aug14
Dec
Jan
Jan
Oct
Jan
Feb
Jan
J

New York Stock Record-Continued-Page 7

1618

page preceding
For sates during the week of stocks not recorded here, see seventh
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Mar. 1.

Monday.
Mar. 3.

Tuesday.
Mar. 4.

1Vednesday. Thursday.
Mar. 6.
Mar. 5.

Friday.
Mar. 7.

Sales
for
the
Week.

PER SHARE
Range Stnce Jan. 1.
On t 1S1.3 of 100-share lots.

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

• Bi

$ per share
1534 1618
11
1218
*23
263
4
*71
72
343i 363
4
12
3
*10 4
83
*23
24 4
,
*69
71 12
114
118
26
26
318
3
3418
34
4912 50%
65
65
99
*97
*912 H
.30
50
3014 31

$ Per share
16
1612
1134 1214
2618
25
72
*71
347 355
4
3
10 4 103
83
.2312 25 .
*6912 7112
114
114
2618 2618
314
3
3312 34
50
50
*64
68
97
97
912 912
50
.30
3014 3014

$ Per share
1534 1634
1134 1218
2634
*20
72
*71
3514
35
4
103 1034
4
823
25
*23
*6912 • 112
3
114 713
4
*2412 263
313 312
34
34
481* 4812
4
4
673 673
*95 103
912
8
50
*30
3014
30

id asked prices: no sales on tbts day. z Es-dividend. p 14 -rights. 2 Ex-d1v. 200%




Lowest.

IItones'.

$ per share $ p6r share
$ per share $ per share
Jan
34
918 Nov
1714 Fob 18
11% Jan 17
3
5 4 Oct 2314 Feb
814 Jan 8 1214 Mar 4
73 May
1912 Nov
a
283 Jan 24 27% Feb 18
96 May
65 Nov
70 Feb 4 75 Feb 11
Jan
47
4
241.1 Nov
2918 Feb 17 363 Mar 3
13 Jan 31
105 Oct 375* Jan
1034 Mar 4
Jan
9112 Aug 100
377 Jan
18 Nov
2112 Jan 13 28 Jan 4
4
673 Dee 8712 June
6912 Feb 27 7313 Jan 6
33 Mar
Oct
112 Mar 7
I
1 Jan 4
20
Oct 5112 Mar
2012 Jan 10 27 Feb 19
414 Mar 7
214 Jan 3
12 Oct
58 Jan
30
Oct 6378 Jan
3312 Mar 4 3714 Jan 22
4314 Oct 68
Aug
45 Jan 4 50% Feb 27
3
54 Nov 83 4 Jan
60 Feb 14 7812 Jan 7
Oct
8312 June 110
97 Mar 4 110 Jan 7
1
16 Dec 34 3 Jan
S Mar 5 1578 Jan 28
42 Dec 7814 Jan
45 Jan 2 45 Jan 2
20 Nov 43 s Aug
7
4
2753 Jan 23 333 Jan 31

$ per share $ per share Shares Indus.& Miscell.(Con.) Par
par
157 1638 16,500 Phi% & Read C AG
4
153 1614
1114 1112 12,000 Phillip Morris & Co., Ltd___10
1112 12
300 Phillips Jones Corp____No par
3
26% *__-- 265
*20
100
70 Phillips Jones pref
72
*71
71
71
353 74,300 Phillips Petroleum__ _ _No par
3512 35
35
5
200 Phoenix Hosiery
*1012 15
*1012 15
100
Preferred
8234 *___- 8234
200 Pierce-Arrow Class A_ _No par
,
23% 237
*2312 25
100
Preferred
*6912 7112 .6912 7112
25
13
1 12 10,100 Pierce Oil Corporation
8
13
114
100
1.500 Preferred
4
303 31
4
263 33
No par
37s
418
414 31,000 Pierce Petrol'm
334
3334 3418 2,200 Pillsbury Flour Mills_ _ No Par
34
34
2,700 Pirelli Co of Italy
4812 49
49
48
200 Pittsburgh Coal of Pa_ ___100
*6114 68
*6114 68
100
100 Preferred
*95 10013 *95 103
100
1,400 Pitts Terminal Coal
4
93 10
912 912
100
Preferred
50
*30
50
.30
No par
3.300 Poor & Co class B
8
297 298 2912 30
2,000 Porto Rican-Am Tob cl A_100'
72
4 72
733
4 72
73% 731.1 733
71
73
.68
70
70
No par
4
2513 2414 2578 2412 2518 2412 253 41,400 Cuss B
2412 24$8 2618 25
24
400 Postal Tel & Cable pref___100
10112 1013
4
102 102
101 101 *100 102
*10012 101 *10012 101
No par
Postum Co., Inc
25
6.
6
46 16- -, 6T4 4614 -4638 :fi" 71. - if- -ii- 16- -ifi" 16" --- 05 Prairie 011 & Gas
1
25
7.200 Prairie Pine & Line
5 5412 55
3 541$ 553
8
555 567
8
5618 5612 567 57
56/8 5618
No par
145 7.300 Pressed Steel Car
14
14
4 14
4
1413 1412 133 143
1412 1518 1414 15
100
Preferred
72
.70
72
*68
72
*70
73
*70
73
*71
73
*72
3,300 Producers & Refiners Corp_50
77
8 *712 8
8 83
83
814
734 8
734 78
*78 8
50
120 Preferred
34
*31
31
31
34
*31
31
.31
31
.31
31
*31
12
730 Pro-phy-lac-tic Brush_ _No par
,
*5318 5312 53% 5318 *53 3 53
5318 5318 .5318 54
*5312 60
973 84.400 Pub Ser Corp of N J_-No Par
9873 9614 9712 95
9818 96
4 97
983
9714 9814 97
100
1,200 6% preferred
8
*10812 1097 *10912 10953 10912 10912 *10812 1097 10914 1097 109 110
8
100
1,400 7% preferred
12614 12612 126 126
8
1257 126
8
1257 126
*124 1257 *12418 126
100
8% preferred
*150 158 *15013 158 *15012 15314 *149 158 *149 15314 *149 1534
800 Pub Serv Elec & Gas Prof - 100
1094 110
4
109 10912 1093 1093 110 110
4
*108 11014 .1083 109
No par
8 5,900 Pullman. Inc
8213 8312 8213 82% 821t 835
83
8213 8278 8212 83'2 83
50
7,000 Punta Alegre Sugar
8 6
47
5
5
5
3
*434 5 ,
4 5
43
4
5
5
55s 5
25
4
2333 2214 224 22, 2212 30,500 Pure 011 (The)
4
213 22% 2218 2212 2213
4
213 221 1
100
280 8% Preferred
4
11314 11314 .113.4 1133
4
4
.11312 1133 113 11334 113 1133 113 113
8512 8313 8512 21,900 Purity Bakeries
4 83
82% 853
8 8212 83 2 8212 83
8314 833
,
51 1090100 Radio Corp of Amer__ _No Par
4
8
485 5018 4814 5013 4714 5055 4812 5113 473 4912 4813 54
50
100 Preferred
*5312
*5313 51
*5313 54
51
54
54
.5318 548 *53
par
,
2
3
313 32121 307 3214 318 35 8 339,400 Radio Keith-Orp cl A__No 10
3112 3218 31
3212 3034 32
11,200 Real Silk Hosiery
5714 58
8 5718 58% 5718 5853 5712 58
8
4 575 587
5712 583
100
1
Preferred
9512 *9118 9512 *9113 951 *9118 95 2
*90
*8912 9512 *90
96
par
438 6,600 ReLs(Robt) & Co
4
438
438
4'8
4
7
458
378
8
38 37
38 3
1.
°0
No 10
200 First preferred
35
35
35
37 I *31
*31
31
31
31
*29
37
*30
Remington-Rand
3835 3938 3838 3914 3812 3914 23814 3914 50,600
3814 3918 3814 3914
Par
V° 100
1,800 First preferred
x9913 100
99 100
09
99
9812 9812 9812 985 *9812 99
8
100
Second preferred
•102 105 *102 105 *102 105 *102 105 *102 105 *102 1057
10
16,100 Reo Motor Car
3
1312 138 135 13
1338 1358
1418 135 14
14
1314 14
100
7584 7712 14,100 Republic Iron & Steel
4
7534 743 76
74
75
757
75
7531 748 76
100
1,800 Preferred
4
114 *111 11314 113 1133
114
1137 11412 *114 11412 *114 115
8
8 1,400 Revere Copper & Brass No par
3
267 273
27
4 2518 2612 *25
2434 243
2512 *2413 27
24
100
50 Preferred
102 10312 *102 10312 102 10314
*102 10312 *103 10312 103 103 ,
Class A
69
*65
69
*65
69
*05
69
*65
69
*65
69
*65
par
53
3,800 Reynolds Spring
514 514
5
53
8
53
5
512
4
558 53
8
4 57
53
as
5534 94.600 Reynolds(R J) Top class 13_lO
4 55
553
5534 55
55
545 5512 5514 56'4 5538 56
Po i
Rhine Westphalia Elec Now
4234 *4113 423
4
*4138 4273 *4114 4278 *4118
43
•42
*4214 43
4 245 2514 22,600 Richfield 011 of California- 25
253
253 26 1 25
2514 25
2514
2414 24
24
lo
No par
4
1914 193 17,800 Rio Grande Oil
1913 197
1913 1953 1918 1934
1934
19
19
19
par
5478
900 Ritter Dental Mfg
54
5412 5412 *5412 55
54
*55
5512 5434 5534 54
43,500
47% 453 4778 4512 4612 4512 4638 43.500 R09813 Insurance Co
4 46
4612 4712 4712 483
NV l1r
Royal Baking Powder _No par
55
53 .____ 55
55
_ 55 5____ 55
•
100
Preferred
____ *108 -- *108 ____ *108 _-__ .108 ____ *108
Royal Dutch Co (N Y shares)
5013 5053 12,100
5014 5034 5018 5031 5014 5118 5012 51
4938 50
10
5,800 St. Joseph Lead
53
4 5414 5414 x52
5514 5514 5412 5512 547 5514 5412 543
100
p
No 100ar
10214 10534 105 10614 13,300 Safeway Stores
9818 9912 99 10312 101 10314 10018 104
360, Preferred (6)
8 9612 968
9655 965
97
97
97
97
9712 98
98
98
70 Preferred (7)
10813 10813 10818 10813 108 108 .10712 109 *10712 109
*10818 109
1.400 Savage Arms Corp ____No par
4
*263 27
4
4
273 *263 27
8 27
2712 277
8 2734 277
2678 277
87
5,325 Schulte Retail Stores_-No par
9
Wt3
853
853 914
933
9
834 83
4
812 9
100
'
180 Preferred
68
*65
68
.65
64
64
65
60
63
*60
64
60
No oar
500 Seagrave Corp
1112 1112 118 1112
8
8
113 *1118 1138 1112 1112 *1112 117
*11
4
923 34,900 Sears, Roebuck & Co No par
,
8814 9014 8812 90 4 89
898 91
8912 9012 8912 92
par
8 234 2,400 Seneca Copper
4 *25
8 23
25
8
27
25
212 '2%
*234 3
3
3
par
4714 22,600 Shattuck (F G)
458 4618 46
437 4412 443 45'2 4455 4634 4514 473
NN
500 Sharon Steel !loop_ _ Noo
30
2914 *29
8 28
2934 2818 287
*29
*30
301 1 '29
3012 *29
No par
4
4
x213 22% 213 2214 15,300 Shell Union Oil
2214
22
8 2112 2178 2134 22
2112 215
1213 1212 1.900 Shubert Theatre Corn-No par
11
11
1118 Ills
1218 1212 1113 12
1214 1214
6853 111.200 Simmons Co
61
63
6578 6355 6478 6514 6914 6614 69
8 64
643
m
2512 2512 2,300 Simms Petroleum
2512 2514 2555
2513 25
4 2414 2434 25
*2312 243
No a10r
79,000 Sinclair Cons 011 Corp_IVo par
2412 25
8
245 2514 2434 2538 2414 25
2418 2412 2418 253
100
6001 Preferred
110 110
*109 10912 *10914 10912 10912 10912 *10913 110 *10912 110
25
3033 6,200 Skelly 011 Co
30
4
3012 303 *3014 304
3012 31
4 29
2918 293
307
42
ISloes-Sheffield Steel & Iron 100
*36
42
*36
44
*35
41
42
*35
42
*38
*35
100
10
*60
70
.60
70
*60
70
70
*60
70
*60
*61
No par
1.600 Snider Packing
*512 6
4 6
*53
4 614
*53
6
0
6 12
6
3 7
*63
par
1,2001 Preferred
31
*30
34
3412 .30
4
3553 3534 3512 36
3553 353 *32
No pa
No
11.800 So Porto Rico Sug
4 2814 29
303
29
2512 27
25
25 14 25
25
25
25
25
604 617 14,500 Southern Calif Edison
4 6014 61
613
6214 61
6113 61
62% 6112
61
400 Southern Dairies cl A_ _No par
2/
27
27
30
251s 2518 2612 2612 27
*24
25
*22
4 814 3,500 Class B
73
7.2
712
9
7
7
1 8
614
63
612 612
par
1,100 Spalding Bros
38
3512 3512 36
s
347 365
3412 3412 *3434 35
*3412 35
20 Spalding Bros 1st pref..4N° 100
.. _
7
10912 10912 10912 10912
•10912 112 .109 112 '109 112 *1091* 112
pr g Cr alfant &Co IncNo par
0
320 Spaneferiled
2712
2712 .27
2812 .27
*2712 283
4 28
28
*27
*2712 29
100
3
9512 *9412 9512 *9412 9512 .9412 95,
953 9512 *9412 9512 *94
4
2014 203 19,800 Sparks Withington____No par
8 2013 218 2012 21
215 2258 2114 217
2214 225
No par
1,010 Spear & Co
712
718
97
8
8
878
8
9
9
3
94
9
934
100
200 Preferred
80
80
80
80
81
*80
81
*80
81
*SO
81
*80
500 Spencer Kellogg dr Sons No par
21
21
21
*2012 2111 21
21
21
21
21
21
21
par
A
4 3112 3112 31 12 3314 2.700 SpkerMfi Co
3112 3112 3112 3112 3214 323
3112 3112
Preferred
*4214 43
*4214 43
*4214 43
8
8
*4214 437 •4214 437 *4214 44
N
N 0 pr
4518 7.500 Spiegel-May-Stern Co_N0 par
8 42
4314 443
4514
4512 44
4573 45
45
*4412 45
.53
6
514
534 2,400 Stand Comm Tobacco_No par
612 7
7
7
4
4 53
53
,
512 5 2
8 68,800 Standard Gas Jr El Co_N0 par
4
123 12434 1201 1 12434 12012 1237 11755 12178 11733 1193 11813 1187
50
65
_________________________________
65
65
6514 8514 65
65
6518 65
135
65
65
100
8001 Land Investing Corp__No par
- - 2 1212 1212
.1212 -1418
14
-4- - - -- 137 14
1
14
14
14
11.- 5918 6012 23,200Standard Oil of Cal_ _No par
4 5914 604 5912 61
8 5912 603
5853 597
58% 59
fersey_25
6318 6134 6234 174,9001Standard 011 of New6314 62
4
58% 5912 583 6055 603 6214 61
4
3
8
8 323 327 31,300 Standard Oil of New York _ _25
327
8 3253
8 3233 327
8
323
32
327
32
8 323 327
1,300 Stand Plate Glass Co__No par
2
2
2
2
2
2
2
2
2
2
2
2
20 Preferred
100
612 612
*Vs 9
8 8
*63
3 9
*614
9
8 87
*63
8 *63
53918 40
400 Starrett Co (The L 5)- _No par
40
*3918
40
40
40
*39
*381s 3978 397 40
3
10
3953 4012 8,700 Stewart-Warn Sp Corp
3
8 3913 3934 395 4014 393 40
407
4012 4073 40
No par
,
9855 102 4 10014 10158 123,900 Stone & Webster
9612 9814 958 98 2 955 9712 968 997
,
4
413 4212 41.34 428 26,500 Studeb'r Corp (The) No par
8 4134 4212 4138 42
4
8 413 433
4212 427
100
100 Preferred
4
4
*120 121 *120 1203 *120 12034 *120 1203 120 120 *1203 12013
8
12 2,700 Submarine Boat
No par
58
*12
52
S,
8
5
*12
58
8
5
13
12
5713 2.200 Sun 011
NO par
5718 57
*535 56
57
5334 5414 5612 5612 5512 57
100
1,020 Preferred
10212 10314
'10212 103
103 103 1
8
*1027 10314 1023 1027 1025s 103
4
613 612 15,100 Superior 011 new
No par
57
4
*512 53
512 53
618 612
4
678
512 534
100
4 9.700 Superior Steel
233
4
203 2353 23
8
*205 21
2058 21
208 2078 2078 21
1114
*10
1.000 Sweets Co of America
50
10
4 10
1011
10
113,3 *1012 1114
11
3
10 4 103
414
355 312 1.000 Symington
No par
414
414 *4
414
414
414
412
*4
153
918 1013 4,500 Class A
No par
,
1012 1012 1012 1014 1012 1014 10 2
1014 *10
*10
4 2,800 Telautograph Corp__ No Par
1831 183
4
*17
1712 1714 1714
4
1712 1834 183 1934 1814 18,
1,600 Tenn Copp & Chem No par
8
1434 147
s
1455 117
4
8 143 147
4
8 1453 1453 1434 147
143 147
53
26,100 Texas Corporation
25
517 5218 517 53
5414 5353 537 x52
5234 5338 53
62
20,000 Texas Gulf Sulphur_No, as
6258 5312 x6153 628 6118 6112 6034 6178 6038 6112 61
91$
8
97 14,600 Texas Pacific Coal AC 06_10
8
97
914
8
93 10
9
8 912
87
9
3
9 4 1012
1
1934 2012 182,100 Texas ac lAnd Trust
4
1618 1738 17
8 1814 193
183
4
158 1618 153 1618
$ Per share
4
153 1614
11
11
*23
2634
.70
74
32/8 3338
*1034 12
8
823
*23
2418
*6912 7112
118
118
*2114 26
3
3
3412
34
.5014 503
4
.64
7212
*97
99
*912 11
50
*30
307 308

Highest.

PER SIIARE
Range for Previous
Year 1929.

common stock

8
4
593 Jan 14 737 Mar 4
12 Jan 10 2618 Mar 3
97 Jan 8 103 Jan 21
45 Mar 6
5118 Mar 6
3
77 Jan 2
52 Jan 2
6'2 Feb17
31 Jan 7
46 Jan 2
8113 Jan 2
10612 Jan 3
121 Jan 10
143 Jan 2
10714 Feb 5
8158 Feb 25
434 Mar 4
2118 Feb 25
11214 Jan 2
77 Jan 2
31% Jan 29
53 Feb 4
19 Jan 2
4434 Jan 15
88 Jan 13
314 Jan 16
2812 Feb 27
2558 Jan 2
92 Jan 3
95 Jan 4
10% Jan 24
7212 Jan 2
107 Jan 3
23 Feb 26
102 Jan 16
70 Jan 15
4 Jan 10
4913 Jan 3
41 Jan 7
2214 Feb 17
1612 Feb 19
4472 Jan 13
3718 Jan 18

5214 Feb
6(112 Feb 7
16% Feb 18
7512 Feb 14
912 Jan 8
3212 Jan 31
55 Feb 27
98% Mar 5
110 Feb 18
12613 Jan 29
155% Fe/ 6
110 Mar 6
89% Jan 3
813 Jan 17
24% Jan 2
1133 Jan 15
4
8
887 Feb 15
5118 Mar 5
55 Jan 6
3518 Mar 7
5914 Feb 19
92 Feb 11
5% Feb 3
37 Jan 28
8
393 Mar 4
100 Mar 6
10118 Feb 17
1453 Feb 18
81 Feb 18
11412 Mar 1
30 Jan 3
10311 Mar 7
72 Jan 24
712 Jan 29
5514 Mar 3
45% Jan 21
2613 Jan 16
1973 Mar 6
4
593 Feb 5
4
483 Mar 3

110 Jan 22
4914 Feb 20
4812 Jan 2
9512 Feb 20
96 Jan 2
10513 Jan 14
2112 Jan 17
414 Jan 2
35 Jan 2
934 Jan 24
8212 Jan 15
212 Jan 3
3634 Jan 2
2214 Jan 18
21 Feb 20
853 Jan 2
6212 Feb 28
8
227 Jan 22
21% Feb 17
109 Jan IS
28% Fob 18
35 Jan 2
6014 Feb 18
512 Jan 2
2353 Jan 2
2438 Jan 2
5613 Jan 2
1814 Jan 6
313 Jan 4
33 Jan 8
108 Jan 13
8
197 Jan 2
92 Jan 20
1318 Jan 18
6 Jan 6
71 Jan 20
3
207 Feb 1
2112 Jan 2
3914 Jan 15
3512 Jan 4
5 Jan 2
1094 Jan 18
64 Feb 6

110

Jan 22

54% Jan 10
5714 Feb 6
12238 Jun 23
99% Feb 7
109 Jan 2S
31% Jan 30
1312 Jan 23
75 Jan 21
4
113 Feb 14
10053 Jan 31
313 Jan 29
49 Feb 10
3254 Feb 13
23% Jan 2
1134 Jan 27
94% Jan 2
2814 Jan 31
25% Feb 27
111 Jan 29
3214 Feb 1
45 Feb 11
70 Feb 21
8 Jan 9
3634 Feb 24
3
30 4 Jan 16
65% Feb 27
27 Mar 6
9 Mar :i
78 Mar 7
110 Jan 11
31 Feb 5
96 Jan 2
2273 Feb 28
1012 Feb 28
8018 Feb 26
23 Jan 2
3612 Feb 4
4412 Feb 10
52 Feb 3
714 Feb 11
1247 Feb 19
56 Feb 21

10 Jan 2 15 Feb 15
5512 Feb 20 61% Jan 2
3
58 Feb 20 867 Jan 2
311 1 Fob 19 33% Jan 2
3 Feb 19
134 Jan 3
8% Feb 20
4 Jan 6
33 Jan 23 4312 Feb 17
38 Jan 3 44 Feb 3
77 Jan 22 103 Feb 8
403k Jan 18 4714 Feb 6
116 Jan 21 12214 Jan 8
4
3 Jan 2
% Jan 4
63 Feb 20 59% Jan 2
.1
10213 Jan 13 1053 Feb 6
7% Jan 2
514 Feb 17
20 Jan 2 2612 Feb 5
1132 Mar 3
813 Jan 24
5 Jan 14
2% Jan 3
812 Jan 3 12 Feb 3
,
15 8 Jan 25 1934 Mar 5
13 Jan 3 1612 Feb 6
3
507 Feb;4 5614 Jan 2
4
54% Jan 2 643 Feb 7
4
873 Mar 3
103 Jan 2
13% Jan 2 2012 Mar 5

51 Nov' 9534 Mat
8 Nov
3
50 4 Jan
93 Nov 105 Jan
6234 Mar 813 May
4
4012 Oct 6558 J917
Oct 65 Aug
45
2538 Mar
618 Nov
50 Dee 81 Mar
Oct 2578 Jan
4
4634 Mar
2512 Nov
Oct 8234 Jan
35
54 Nov 13734 Sept
98 Nov 10818 Feb
105 Nov 1247 Jan
13912 Nov 151 Sept
10113 Nov 1095 Jan
3
73 Nov
9914 Sept
2112 July
6 Dec
20 Nov
3034 May
10S Nov 115 Feb
53
Oct 143 Aug
55
26
Oct 11434 Sept
Jan
57
50 Nov
12
16 :
4: 72, eab,
Oct II:533 Jan
3614 Nov
6
:
42 Feb
8614 Dec 10
1614 Feb
358 Dec
40 Dec
57% Oct
20% Nov
gl Nov 10112 A p
95
93 Mar
OctApr
1018 Oct 317 Jan
3
Sept
6214 Nov
19334 Nov
Feb
3112 Nov
25 Dec
103 Nov 10512 Dee
Nov
70 Dec 78
1214 Jan
3% Nov
Jan
66
39 Nov
Jan
42% Dec 64
22% Dec 49% Jan
15
Oct 4212 Mar
4970 June
40 Nov
28 Nov
Sept31.
26 Nov
1 :i
1 947 s t
96 June 64151 S s
43% Oct'
3812 Nov
9018 Nov
Dt
ee
Rn
1
100412
Oct 04
85
Oct
100
5173 Jan
2012 Nov
312 Dec 4112 Jan
30 Dec 11813 Jan
10 Dec 2214 Apr
Jan
80 Nov 181
1012 Mar
2 Nov
2513 Oct 194 Aug
July
20 Nov
313
19
Oct 5314 Apr
3Jan
8 Dec
711 Sept
5912 Nov 18
018
45 Aug
15 Nov
Jan
21 Nov
Jan
Oct 111
103
Oct
28
lit
46 ./an
21 Nov 1251'!sry
Jan
6212 Nov 112
16'4 May1 Feb
313 Nov
64 July
14 Nov
1253 Dec 45 May
9314 Sept
4613 Nov
18 Dec
"
138 Jan
212 Nov 5 su e
6313
30 Nov 63 2
107 Nov 117 Feb
Jan,214
5
Oct 9
16
Oct
80 Mar
73 Aug
1318 Nov
1434 Feb
Oct
2
70 Aug R012 Jan
45 Aug
20 Nov
2018 Dec 66% Mar
557
38 Nov
t
Feb
34 Dec 1177: 'a
4358 Jan
312 Dec
7312 Nov 2433 Sept
4
pt
5812 Nov 68 Fcb
47
10212 Aug 10314 Jan
4 Dec
5112 Oct 81% May
48 Feb
83 rep
4818 Sent
3134 Nov
134 Nov
6% Jan
Jan
312 Dec 31
Oct
3018 Oct 47% m
77
30
Oct
64 Nov 0112 JJ, aanne
2,
0685, Aug
3814 Nov
115 Nov
412 Mar
8
3 Oct
55 Dee 86 3 Oct
3
100
Jan
pa:
55:2
873
24 Aug
514 Nov
15 Nov
2,214
518 Nov
May
2,2 Dec
5
9 8 May
614 Nov
4% Dec
178
073 s
9 Nov
012 Nov
212 Nov
23;s 1
912 Nov
6% Oct 3412

imA

1619

New York Stock Record-Concluded----Page 8
For sales during the week of stocks not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
38a/today.
Mar. 1.

Monday.
Mar. 3.

Tuesday.
Mar. 4.

117ednesday. Thursday.
Mar. 6.
Mar. 5.

Friday.
Mar. 7.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

per share S Per share $ per share $ per share Shares Indus. & 'Miscall. (Con.) Par
$ per share $ per share
No par
23
8
2312 2,500 Thatcher Mfg
*23
2334 2318 2414 22
2314 227 23
2314 24
No par
4412 44
44
100 Preferred
4412 *43
4412 *43
*43
4412 *43
4414 *43
No par
2814
*27
29
2814 2814 2814 2814 28
600 The Fair
29
29
29
*28
100
Preferred 7%
110 110 *110 115
60
110 110 *110 115 *110 115
•103 112
25
45
45 12 4513 3,900 Thompson (J It) Co
42
45
45
8
42
4234 43
4312 437 45
113 12
4
15,800 Tidewater Assoc OIL __No par
117 12
8
1158 1134
1112 1178 1114 113
1134 12
4
100
200 Preferred
*7812 8012 *784 8012
79
8
*7812 8112 785 785 *7812 8013 79
8
100
*171, 2012 1912 21
217 2178
3
600 Tide Water 011
21
21
*1712 20
*20
22
100
1,500 Preferred
8712 90
861 t 8614 *8612 8712 8612 8712 *8512 88
*8614 88
10
4,300 Timken Detroit Axle
1512 1614
.16
16
16
154 16
1614
1578 16
16
16
7918 7618 78
7618 773
8 77
27,000 Timken Roller Bearing_No par
76
7712 764 784 7712 79
20
458 43
1,600 Tobacco Products Corp
43
4
43
4 5
4
45
8 478
5
43
4
*434
47
8
47
8
20
*93 1012 10
2
958 1014
10
104 1018 103
4 1014 104 7,100 Class A
10
612
612 *214
Div ctfs A
8 612 *214
612 *214 613 *214
*15
8 613 *13
Div ctfs B
.
14 612 *2
4
*214 4
*24 612 *213 612
*214 4
612
Div ctfs C
*152 5
*214 612 •214
8 612 *214 612 *214 4
•15
818 814 43,100 Transcont'l 011 tern ctf_No par
812
818
8
83
4
8
8
8 14
73
4 77
77s 81.1
8
2612 2712 26
27
2512 2512 267 20,500 Transue & Williams St'l No par
2434 2512 24
254 24
4012 413
4 3818 413
8 39
40
3812 3312 3812 3812 3,000 Trico Products Corp__No par
39
30
No par
*1514 1714 *1512 17
300 Truax Truer Coal
*16
.16
17
1613 1718
17
17 .16
10
35
33
700 Truscon Steel
3378 337 *3334 3412 3412 3412 35
8
3314 334 33
4
12512 12612 12512 127
12714 1294 12712 1283 14.800'Under Elliott Fisher Co No par
127 1303 126 130
2
100
4
*12234
Preferred
*122
4
*12234 -- *12234 ____ *1223 _--_ *1223
1314 14;- 147;65 Union Bag & Paper Corp 100
124 16
15 1-31413 1278 13
54 1434 1533 13
914 0312 160,203 Union Carbide & Carb_No par
8 9112 9378 9214 9538 9212 9618 9278 93
9218 927
25
433
4 4212 43
4212 423
5,900 Union Oil California
4 4212 4312 43
4312 43
434 43
33
No par
*3278 33
33
33
1.300 Union Tank Car
*28
33
*32
33
33
33
33
3
6158 6512 6212 644 6214 637 180.800 United Aircraft & Tran_No par
604 6412 614 8614 6312 66
50
65
654 3.100 Preferred
6614 6612 66
67
6714 66
667
8 6512 6612 65
par
p
No iw
4
4812 473 5014 22.009 United Biscuit
4518 4714 4714 493
4912 48
4 48
49
48
Preferred
_ *119
*118
*123 130 *123 130
*118
*118
618 61, 4,200iUnited Cigar Stores
10
611
618
6
6-8
614 633
614 --3618 633
,
3 42
100
40 8 45
'
*42
7401 Preferred
60
47
*45
47
44
49
*44
44
No par
4 393 404 253.5801United Corp
4
39 4 4112 4073 42
3
4013 4138 3938 4118 3914 403
par
4958 50
4978 50
494 49 8 50
50
,
24953 494, 4934 504 10,9301 Preferred
r
V
16 18 3,400,United Electric Coal
,Voo
17
17 8 1718 18
7
1733 1734 1715par
1718 1712 1718 1718' 16
No par
12,700 United Fruit
2
-9413 9512 95
924 96
99
4 9312 9734' 9532 96
974 933
100
11
12 i *1114 1212 1,600 United Paperboard
11
103 10 4 104 12
125
8 12
4
12
,
34
*33
600 Universal Leaf Tobacco No par
3412 *33
*3312 3412 3314 3313 3312 3313 334 3412
270 Universal Pictures 1st Ind 100
GO
60
6012 *55
6014
55
534 554 *55
5512
583
4 55
34
Us 5 i 3,500,Universal Pipe & Rad_No par
414 411
43
8 15
412
434 4
418
8
412 43
4
100
75 *--- 75 I
I Preferred
75
80
80

PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
Lowest.
$ per share
19 Jan 17
404 Jan 2
8
263 Feb 25
102 Jan 21
3613 Jan 21
103 Feb 15
4
78 Feb 13
1912 Jan 31
8612 Feb 13
1413 Jan 17
704 Jan 18
214 Jan 3
738 Jan 2
278 Jan 7
312 Jan 21
234 Jan 20
73 Feb 25
4
16 Jan 4
305 Jan 2
8
15 Jan 2
33 Mar 2
9714 Jan 2
121 Feb 4
10 Jan 8
76 Jan 2
4113 Feb 20
33 Feb 27
4312 Jan 31
56 Jan 31
38 Jan 7
118 Feb 6
4 Jan 4
26 Jan 2
3018 Jan 2
464 Jan 6
10 Jan 2
8112 Feb 21
77 Jan 4
s
3212 Jan 7
30 Jan 3
213 Jan 9

8
1812 Jan 2
31
8
3114 3034 3112 3014 3234 31
324 313 3214 3114 317 29,700'U S Cast Iron Pipe & Fdy--20
No par
154 Jan 7
4
1st preferred
4 163 163
4 1,600
163 163 *1612 173 *1612 1714 *1612 1714 1618 1133
4
4
8
No par
*185 19
8
2d preferred
1812 Jan 3
8
*185 19
*1858 19
*184 19
*1853 19
*183 19
8
1812 2,500 US Distrib Corp
No par
1514 Jan 6
1812 *16
177 177
8
8 1712 177
1778 l85
8 18
1812 *16
8
100 8812 Jan 9
90
Preferred
*85
90
*85
*85
90
*85
90
*85
90
*85
90
*3
35, *3
U S Express
100
234 Jan 13
35
8 *3
34
3 8 *3
,
353 *3
333 *3
*24
25
3,200 US Hoff Mach Corp _ __No par
19 Jan 2
26
*25
2512 251, 2512 2753 28
2773 2518 26
4
1183 12014 1183 12278 11918 12134 11852 12112 11912 1214 120 1223 57,800 U S Industrial Alcohol__,100 11014 Jan 22
4
8
No par
700 U S Leather
713 Jan 2
84 84
81; 84
*83
4 9
812 87
812 812
8 *813 9
No par 15 Feb 2(1
1634 1634
700 Class A
•1612 17
17
1612 164 *1612 17
17
1678 17
100 8014 Jan 22
200 Prior preferred
*8014 844 8014 8014
82
85
*8014
*804 85
*3014 8214 *8014
6712 6678 6678 6,800 U S Realty & Ernpt___No par 60 Jan 3
6412 6478 647 6538 6512 667
6734 67
8
8 67
10 2118 Jan 17
8
8 275 2834 2712 2778 57,700,UnIted States Rubber
2678 264 2614 2714 261s 2812 2738 247
53
5414 7.300! 1st preferred
100 4734 Jan 17
55
52
5438 54
5134 5278 5218 55
52
54
30
3014 15,900 US Smelting Ref & Min____50 29 Mar 5
3112 33
3234 33
29
3114 32
3134 2918 30
52
52
50 52 Mar 4
52
1,100! Preferred
52
52
*52
523
4 52
5212 52
5212 *52
4
8
18212 18134 18018 183
17912 1825 17812 18234 1783 1834 182 184 337.700,United States Steel Corp__100 168 Jan 2
100 141 Jan 4
4 6,8001 Preferred
4
8
*14212 14234 14212 1424 14258 143
143 14338 1433 1433 14312 1433
66
No par
.64
13014 Jan (3
66
100,U S Tobacco new
*64
66
.6512 66
*65
66
8513 6512 *64
100 12413 Jan 2
I Preferred
•12412 144 •12413 114 *124/2 144 *12412 144 •12412 144 *12412 144
10 195 Jan 30
200 200
10 Utah Copper
*199 300 *199 300 *199 300 *190 250 *199 250
3812 20,700 Utilities Pow & Lt A___No par
3118 Jan 4
8
384 3712 38
373 383
4
3 38
373 3812 377 3814 38
4
No par
4 Jan 7
514
512 512
5
5
514
514
54 3,000 Vadsco Sales
8
5
5
5
53
100 57 Feb 28
70
*59
70
Preferred
*59
*5715 6314 *59
70
*57
70
*59
70
No par 497 Jan 2
2
7714 83,200 Vanadium Corp
3 75
724 763
6914 7118 6912 72
693 713
8
4 7018 74
No par 1813 Feb 10
1812 19
1812 185
300 Van Raalte
*1812 25
*1812 25
*1812 25
8 1812 19
4813 Feb 23
290 1st preferred
*4618 4818 4818 4812
*4818 55
*4818 55
4818 50
*4818 55
No par
8 4414 46
28,200 Vick Chemical
3712 Jan 18
4414 457
4012 4012 4014 4012 4018 42
1212 45
Vic Talk Mach 7% pr prof _100
4
No par
512 Jan 2
53
6
6
-33
0
6
5;
-; 4 - -7 -- 53 -.5 4 --5:4 - -3.- - 2.000 Virginia-Caro Chem
53
4 6
100 2812 Jan 17
4
4
300 6% preferred
*2712 2812 .2712 29
2712 2712 2712, 2712 *2712 2812 273 273
80
100 78 Jan 2
*77
200 7% preferred
SO
*77
80
79
*78
79
7812 7813 *7714 80
30 Virginia El & Pow pf (7) 100 105.4 Jan 8
*10814 110 *108 110
10814 10814 *10812 110 *10814 ---- *10814
48
*39
Virg Iron Coal & Coke pf _ _100 39 Feb 3
48
48
*39
•39
*39
48
*39
48
48
*39
100 65 Jan 7
1133 1213
960 Vulcan Detinning
117 119
11514 11512 11514 11634 112 1153 11214 114
4
100 85 Jan 24
96 --------90 Preferred
95
*94
*93
*94
95
*94
95
95
95
100 68 Jan 22
13
106
460 Class A
•113 116 *112 116
116 116
110 110 *104 110
No par 2414 Jan 6
2.700 Waldorf System
26
2614
2534 26
2558 254 254 26
2558 253
8
4 255 26
97 Jan 8
100 Walgreen Co pref
*102 10214 *102 1021 p 10212 10212 *103 1054 *103 1054 *103 10514
No par 26 Jan 3
8 9,700 Walworth Co
8 354 355
355 36 8 3553 363
8
,
8 3538 36
8 3534 344 357
x345
2112 Jan 7
29
28
29
540 Ward Bakeries class A_ _No par
29
2712 2712 2713 28
275 28
8
271: 28
512 512 1,700 Class B
512 512
No par
418 Jan 2
534 6
6
6
3
512 512
54 54
3
65
58 Jan 2
65 .63
300 Preferred
*63
65
65
65
65
*63
65
85
65
4
3852 Jan 2
677 687
8
8 6634 6918 6714 683
4 6714 6918 6714 694 683 7114 530,300 Warner Bros Pictures new__ __
No par 3613 Jan 2
604 6012 6214 14,000 Preferred
5914 6013 58
6014 59
60
593 6014 59
8
No par
164 Jan 23
174 173 31,000 Warner Quinlan
4
18
17
17
18
173
2 17
17
1712 17
1714
par 132 Jan 18
177 18213 11,200 Warren Bros
177
16234 16234 163 166
170
166 17234 17014 176
46 Jan 15
5912 63
61
390
1st preferred
60
O55
*54
60
55
*55
61
55
*55
r) 2314 Jan 2
No
2978 10.400 1Varren Fdy & Pipe__ __No
4 29
2638 267
8 2612 2612 2612 271
, 28
307
8 2918 293
25
514 Jan 2
7
67
8
1,500 Webster Etsenlohr
7
7
74 74
7
718 *678
718
74 718
27
27
900 Wesson 011 & Snowdrift .Vo par 22,2 Jan 23
27
27
27
*26
27
27
*2612 28
27
*211
par
5012 Jan 15
*5312 54
54
500 Preferred
54
54
34
5414 54
*54
5378 5378 54
N
190 Jan 7
4
215 21738 21212 2177s 213 2157 211 215
213 21412 214 2163 23,600 Western Union Telegraitho
8
501, 504 4912 5012 4914 497
4
4 483 4912 4918 504 19,300 Westingh'se Air Brake_No par 434 Jan 17
8 4918 493
184 1877 18314 192
18612 1881
8
18734 19138 1884 19412 19114 195 283.500 Westinghouse El & Mfg____50 140 Jan 2
4
50 133 Jan 2
18613 19012
930 1st preferred
180 187
184 184 .180 186
18512 18712 187 191
2934 Jan 18
393 11,700 Weston Elec Instrum't_No par
4
393
4 39
363 37
4
3613 3678 3612 38
3718 3914 37
No p
3312 J n 27
38
*34
36
Class A
3512 •34
*34
*34
35
•34
35
35
*34
r
WwtPeanElee class A -Vo par 98 Jan 3
106 105 *106 107
*10212 104
105 106
104 104 *104 105
100 1053 Jan 2
4
Preferred
13
*10812 109
109 10912 1093 10932 10914 10914 10914 10912 10912 10912
8
100 9714 Jan 2
380 Preferred (6)
*9912 100
9912 9912 997 100
8
9014 9912 ogls 9912 *9912 100
4
\Vest Penn Power pref---100 11312 Jan 3
*11534 116 •11534 116
11534 11534 11534 11534 11534 1153 *11534 116
100 1043 Jan 23
8
210 8% preferred
*10714 10734 10712 10712 10734 1073 *10714 1073 10712 10734 10734 108
4
4
*4712 50
300 West Dairy Prod el A_.No par 44 Jan 11
*4712 49
*47
47 4 4673 47
,
*4712 50
48
48
No par
1312 Jan 3
8
2,300 Class B
1712 1778 1713 174 17
1718 174 1758 1714 177 '1714 IS
55
555
55
8
500 Westvaco Chlorine ProdNo par 37 Jan 2
55
5614 5812 •5412 5813 *55
5818 *5412 56
4
8 273 273
4
4
*273 277
600 White Eagle Oil & Refg No par 26 Jan 17
*2714 '28
2712 2713 *2712 28
2712 28
31 Jan 2
8 3,900 White Motor
4 3518 357
353
8 3538 357
3534 357
8 35
8 3518 357
8 3518 357
Nof!5 r
4178 4,700 White Rock Min Springet aO 364 Jan 21
434 4433 44
443
8 4312 4312 43
4418 *4312 437
8 44
1212 1213 124 8.700 White Sewing Machine_No par
71s Jan 14
12
1012 1014 1012 11
*10
1378 1212 13'8
No par 2712 Jan 11
*.15
38
38
400 Preferred
*35
37
3734 33
*34
*35
37
37
37
No par 1112 Feb 26
15
14
1412 15
1,400 Wilcox Oil& Gas
*1112 1214
1212 1212 1278 1278
13 13
Nn par 27 Jan 3
*29
3112 2,800 Wilcox-Rich class A
30
32
31
31
*31
3012 307, 30
.31
32
No par
1913 Jan 17
, 233 243 *2314 233
2318 2313 2378 3,300 Class 11
23
4
23
2412 241
4
4 23
5
712 Jan 2
4
9 14 93
914
93
4
914
933 15,200 Willys-Overland (The)
94 978
8
93
8 979 8 63
3
100 674 Jan 2
400 Preferred
82 •7912 82
804 *80
*7918 7978 7918 7918 7918 7918 80
No par
312 Jan 14
4
43
4
•373 411
4
414
37
700 Wilson & Co Inc
8 3 8 *4
414 *4
414
7
No par
*91, 912
74 Jan 13
918 91,
853 85
8 1,100 Class A
831 812
/
8
812 85
9
9
100 42 Jan 13
50
50
5014
51
50
700 Preferred
50
5014 50
*48
5014 5014 *50
10 603 Feb 24
8
6412 661z 34.100 Woolworth (F W) Co
6534 6412 6558 6418 65
8 644 65
6378 653
65
100 6714 Jan 17
983 1053 36.200 Worthington P ds M
4
80
4
83
81
SO
861, 8618 934 9112 104
*82
100 88 Jan 17
*97 101
*90 101
*97 101
100 Preferred A
*90
95
95
8
953 101
95
100 78 Jan 3
8512 87
2,600 Preferred B
84
84
85
8512 8512 87
*8312 8
4
844 85
5112 5412 5678 57
58
1,100 Wright Aeronautical_No par 35 2 Jan 23
3
5912 5812 5812 58
57
*5013 59 •
No par 68 Feb 26
6S
*677 68
8
681, 681s 6814 685
1,800 Wrigley(Wm Jr)
8 6
8 68
8
814 6814 683 683
25 7212 Feb 1
*7518 77
*7512 78
100 Yale & Towne
*7518 78
77
*7518 77 •7513 17
77
1234 Jan 16
197
8
1918 215 50,600 Yellow Truck & Coach cl 11_10
8
1934 203
4
1012 2018 19
1938 2014
8
194 197
90
90
88 88100 72 Jan 27
110 Preferred
*85
88
88
90
*85
88
88
.85
3812 Jan 17
4512 45
47
32,000 Young Spring & Wire __No par
8
4 407 4412 433 447
4
4 44
4
8 433 443
4114 413
8
2,800 Youngstown Sheet ttc T_No par 108 Jan 11
131 13112 1307 13412 138 142
129 130
130 130 *128 130

14 and ...ta.;

no gale' on




IC-It/113E11

PER SHARE
Range for Previous
Year 1929.
Lowest.

Highest.

per share
$ per share $ per sharc
1612 Mar 35 Sept
25 Feb 18
35 Mar 494 Sept
4414 Feb 4
8
2512 Dec 517 Jan
32 Jan 18
110 Feb 13 102 Nov 11014 Oct
Jan
Oct 62
30
Mar 7
4512
2312 June
10 Nov
13 Jan 10
9078 Aug
7418 Nov
84 Jan 8
40 June
14 Nov
217 Jan 2
8
974 Jan
8518 Nov
90 Jan 14
1112 Oct 3438 Sept
1814 Jan 31
Jan
584 Nov 150
8012 Jan 8
2218 Mar
Oct
1
612 Jan 23
514 Nov 2253 Mar
1114 Feb 20
18 Feb
23 Dec
4
612 Jan 23
252 Dec 20 Mar
612 Jan 23
1912 Jan
212 Dec
Jan 22
5
518 Oct 1514 Aug
1018 Jan 15
3
1533 Dec 53 8 Apr
284 Jan 31
30 Dec 63 July
4134 Mar 1
3178 Jan
1312 Dec
193 Jan 18
4
8
304 Nov 615 Jan
3713 Jan 3
82 Nov 18134 Oct
13018 Mar 4
Jan
12212 Feb 25 120 Dec 125
7 Nov 43 Jan
16 Mar 1
59 Nov 140 Sept
9618 Mar 5
57 Sept
4218 Nov
4614 Jan 15
3814 Jan 23
31 Nov is? May6
14 Mar 3
8
447 Nov 10912 May
6714 Mar 3
Oct
3312 Dec 60
5014 Mar 3
Oct
113 Feb 6 11412June 136
3 Dec 2712 Jan
9 Jan 22
Jan
197 Dec 104
8
584 Jan 23
7512 May
19 Nov
42 Mar 3
4978 July
4212 Nov
5014 Mar 7
6 Dec 8118 Feb
197 Feb 19
8
Oct 15812 Jan
99
105 Jan 13
263 Jan
8
7 Nov
133 Feb 15
8
8
254 Nov 857 May
3514 Feb 11
Jan
28 Dec 93
6012 Mar 3
218 Dec 2214 Jan
53 Jan 23
8
50 Dec 10012 Jan
Oct 5578 Mar
12
4
333 Feb 17
Jan
Oct 19
15
8
175 Feb 6
1814 Nov 20 June
19 Jan 17
9 Oct 23 Sept
204 Jan 17
7114 Mar 97 Sept
95 Jan 18
10 Apr
Jan
2
314 Feb 1
1712 Dec 194 Jan
277 Mar 4
8
8
95 Nov 2435 Oct
8
1393 Jan 2
3512 Jan
5 Nov
9 4 Jan 7
3
1414 Dec 6178 Jan
1918 Jan 4
8114 Dec 107 Feb
8934 Jan 9
5013 Nov 11912 Feb
697 Feb 5
8
Oct 65 Mar
15
2918 Feb 13
9212 Jan
4018 Nov
55 Mar 4
8
294 Oct 727 Mar
3612 Jan 6
Jan
58
48 Nov
5312 Jan 7
4
18912 Feb 18 150 Nov 2613 Sept
1433 Mar 6 137 Nov 14414 Mar
4
7134 Nov
5512 Nov
68 Feb 10
12413 Jan 2 12514 Nov 143 May
3
225 Jan 9 2247 Nov 353 Mar
5812 Aug
2418 Nov
39 Feb 18
134 Jan
3 Nov
558 Jan 11
50 Nov 82 Jan
64 Jan 11
3712 Nov 11612 Feb
7714 Mar 7
17 Dec 42 Sept
22 Jan 24
50 Nov 83 Apr
5412 Jan 11
33 Oct 109 May
46 Mar 7
8
110 Mar 1157 July
34 Oct 244 Jan
73 Jan 24
2
15
Oct 6513 Jan
307 Jan 24
8
9712 Feb
69 Nov
80 Jan 31
110 Feb 27 102 Nov 110 Sept
Jan
39 Dec 48
39 Feb 3
38 Nov 1494 Aug
132 Feb 15
81 Nov 110 Apr
96 Feb 19
Jan 142 Sept
40
12412 Feb 15
20 Nov
364 Oct
2812 Jan 28
Jan
Oct 106
10212 Mar 4 100
22 Nov 4978 Oct
3814 Feb 20
20 Dec 8434 Jan
31 Jan 23
112 Oct 2114 Jan
7 Feb 17
50 Nov 8712 Jan
683 Jan 24
4
7114 Mar 7
30 Nov 6112 Aug
6214 Mar 7
2514 Oct 5914 Jan
2078 Jan 2
15
Oct 4278 Jan
18212Mar 7 115 Nov 20734 Oct
63 Mar 7
39 Aug 6318 Oc
30, Mar 5
8
1.5ti Mar 3414 Jan
Oct 11338 Feb
812 Feb 19
4
28 Feb 13
20 Oct 48 Mar
544 Feb 14
4918 Nov 7212 Mar
21938 Feb 11 160 Nov 27214 Oct
52 Feb 27
3612 Oct 6734 Aug
195 Mar 7 100
Oct 29253 Aug
191 Mar 6 103 Nov 284 Aug
3134 Mar 6
1918 Nov 613 Sept
2
3612 Apr
3212 Aast
36 Jan 28
100 Mar 5
90 Nov 110 Feb
97 Nov 11114 Jan
110 Jan 30
Jan
8812 Nov 102
10012 Jan 14
110 Nov 117 Mar
11638 Jan 29
108 Mar 7 102 Sept 11012 Jan
60 Sept
3612 Nov
48 Mar 4
40 Sept
7 Nov
1914 Feb 10
Oct 9418 May
30
5912 Feb 17
25
Oct 38 Feb
234 Feb 26
5312 Mar
2714 Nov
3612 Feb 5
274 Nov
55 4 Sep
3
8
463 Feb 19
1
Oct48 J12
137 Mar 4
8
27 Dec 5778 Jua
33 Mar 5
2934 Feb
1278 Nov
15 Jan 14
Oct 6114 May
19
3414 Jan 29
1238 Oct 62 May
264 Feb 2:1
514 Oct 33 Jan
8
107 Feb 6
Jan
65 Dec 103
84 Jan 29
1312 Jan
3 Dec
43 Feb 5
4
Jan
27
64 Nov
1014 Feb 5
Jan
79
353 Nov
4
52 Feb 6
5214 Nov 112 Sept
723 Jan 2
8
43 Mar 13738 Sept
10534 Mar 7
75 Nov 10012 Sept
95 Feb 6
66 Apr 9012 Sept
87 Mar 6
30 Nov 299 Feb
5912 Mar 5
Ws Jan
65 Nov
7014 Jan 22
613 Feb 38 Aug
4
77 Mar 1
712 Nov 6114 Apr
2213 Feb 14
15513 May
90 Mar 5
80 Mar
4
47 Mar 7
3312 Oct 593 Aug
142 Mar 7
91 Nov 175 Sept

1620

New York Stock Exchange-Bond Record, Friday Weekly and Yearly

Jan. 1 1909 OP Exchange method of quoted bonds was ehanged and nriees are nolo 'anti intorest--ercept for irscome and defaulted bond..
2-0
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 7.

Price
FridaY,
Mar. 7.

Foreign Govt. & Municipals.
1947 FA
Agrle Mtge Bank s I 8s
Sinking fund 6s A _ _Apr 15 1948 AO
Akershus (Dept) extl 58.. _1963 MN
Antionuia (Dept) col 78 A 1945 J J
1945 J J
External s f 7s ser B
1945 j j
External s f 75 ser C
1945 j j
External 5 1 7s ser D
External s f 7s 1st ser _ _1957 AO
External sec s f 75 2d ser.1957 AO
External sec s I 75 3d ser_ 1957 AO
Antwerp (City) external 55_1958 J D
Argentine Govt Pub Wks 622_1960 AO
Argentine Nation (Govt of)
Sink fund Os of June 1925-1959 J D
Extl s f 65 of Oct 1925
1959 AO
Sink fund Os series A
1957 MS
External 65 series 13_ _Dec 1958 J o
Extl s f 85 of May 1926..1960 MN
External 5 f Os(State Ity)_1960 M S
Extl 65 Sanitary Works_ _ _ 1981 FA
1961 MN
Ext185 pub wks(Nlay 27).'
Public Works extl
•A
Argentine Treasury 5s E__ _ _1945 MS
Australia 30-yr 5s _July 15 1955 J J
External 5s of 1927__Sept 1957 MS
External g 43.0 of 1928_1956 MN
1943 J D
Austrian (Govt) s 1 76
Bavaria (Free State) 610_1945 FA
Belgium 25-yr ext s f 7 As g_1945 3D
FA
20
-year s f Ss
25
9
194
1941 M S
-year external 6345
1955 J J
External s f 6s
External 30
-year a f 7s_ 1955 in
1956 MN
Stabilization loan 7s
Bergen (Norway)s 1 85
1945 MN
15
-year sinking fund (Is_ _ _1949 AO
Berlin (Germany) a I 6 Xs.._1950 AO
External sink fund 65
1958 J D
Bogota (City) en's f
_._1945 AO
Bolivia (Republic of) eat!85_1947 MN
External securities 7s
1958 J J
Externals 17s
1969 MS
Bordeaux (City of) 15-yr 85_1934 MN
Brazil(U S of) external 85...1941 J D
Externals I 6 Xs of 1930..i957 AO
Ext1 a f 614s of 1927
1957 AO
7s (Central Railway)
1952 J D
734s(coffee secur) £ (flat) 1952 AO
Bremen (State of) extl 75
1935 MS
Brisbane (City) s 1 54
1957 MS
Sinking fund gold 55
1958 F A
Budapest (City) extl 51 6e.1962 3D
Buenos Aires (City) 8 Xs_ 1955 J J
External s f Os ser C-3
1960 AO
Externals Gs ser C-3960 AO
Buenos Aires (Prov) extl 6s_1981 MS
Bulgaria (Kingdom) e 1 75_1967 J J
Stabil'n in s f 73.4s Nov 15'68
Caldas Dept of(Colombia)7145'46 JJ
Canada (Dominion of) 5s_ _ _1931 AO
58
1952 M
1936 FA
43.4s
Carlsbad (City) s f 85
1954 J J
Cauca Val(Dept) Colom 73.4s '46 AO
Central Agric Bank (Germany)
Farm Loan s f 7s Sept 15 1950 MS
Farm Loan s f Os July 15 1960 J J
Farm Loan s f 63 Oct 15 1960 AO
Farm Loan (laser A Apr 15 1938 AO
Chile (Republic of)
1942 MN
20
-year external f 7s
External sinking fund 68_1960 AO
1961 FA
External s f Os
1961 • J
fly ref exti s I 6s
1961 M S
Ext1 sinking fund 65
1962 MS
Ext1 sinking fund 6.3
Chile Mtge Ilk 6 Xs June 30 1957 J D
S f 6 Xs of 1926__June 30 1961 J D
Guar s f 65
Apr 30 1961 AO
Chinese (Ilukuang fly) 58_ _1951 in
Christiania (Oslo) 30-yr s f 65 '54 M
Cologne(City)Germany6 Xs 1950 MS
Colombia (Republic) Os__ __1081 J J
External a I Os of 1928__1961 AO
Colombia Mtg Bank 63.0 of 1947 AO
Sinking fund 723 of 1926...1946 MN
Sinking fund 7s of 1927_1947 FA
Copenhagen (City) 58
1952 J D
25
-year g 4145
1953 MN
Cordoba (City) extl a 1 731_1957 FA
External s f 7s_ __Nov 15 1937 MN
Cordoba(Prov) Argentina 731942 J J
Costa Rica (Repub) extl 75_1951 MN
Cuba (Republic) 53 of 1904_1944 MS
External 55 of 1914 ser A.1949 FA
External loan 4 Xs ser C _1949 I' A
Sinking fund 5 Xs_Jan 15 1953 J j
end1namarca (Dept) ColombiaExternal s f 634s
,
1959 MN
rsie•haslevakla (Rep of) 88_1951 AO
:222!7.er land fis ser B__ _ _1952 AO

Low

C Cash 29.1e. • On the basis of $5 to the £ sterl ng.




43 •
e

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar, 7.

Price
Friday.
Mar. 7.

Week's
Range or
Last Sale.

g.g

Range
Since
Jan. 1.

likal
Ask Low
Bid
High No Low
High
High No Low
4 109 111
Danish Cons MunIcip 8s A_1946 F A 10912 11012 10112
10012
28 10812c112
109
s I 8s Series B
1946 F A 10912 Sale 10834
366 981322100
991834100
499 24 Denmark 20
9824,
8 32 103'2 104%
1047
993032 Jan'30
42
1946 J J 10412 Sale 1043
-year exti 13s
9912 101%
10113 58
1955 F A 101 Sale 1005
External g 514s
.n
10021321011.32 116 1000221011
98340921u
8
9214 49
9012 9214
External g 4345__Apr 15 1962 A 0 915 Sale 9138
992132Feb'30
993
9914
97
19
Deutsche 1112 Am part etf 623_1932 M S 99 Sale 99
95
9312 97
4
94
9414
101832 1012'32 850 1002.321012123 Dominican Rep Gust Ad 63-4s '42 M S 94
9312
9014 9612
2
9312
1st ser 53-4s 01 19261940 A 0 9133 95
9
11,4400
111822 1122032 341 10924221122'n
A 0 9038 95
96
92
95 Feb'30 ---2d series sinking fund 53-4s
107732 1082232 349 105123410822u
9812 18
96
9812 Sale 98
9812
10416321052732 475 103 1052,32 Dresden (City) external 75_1945 M N
4
11 10134 103
102
4
992132100'232 201 99132 1001232 Dutch East Indies extl 65_1947 J J 1013 Sale 1013
M S 102 Sale 1013
10212 28 10112 10314
4
40
-year external 85
.32100'.32
9921331001.22 105 983
8
10132
4
2 1013: 10238
30-year external 5
963
1952 M S 1015 ____ 1013
4 ___ 1013
102
4
4
5 10138 1023
30
-year external 5)4s. _ _ _1953 M N 1013
4
10514
El Salvador (Republic) 85_1948 J J 10412 105 10412
5 1033 10612
85% Oct'29
2
8212
82
80
80
75
1967 J 1 80
Estonia (Republic of) 7s
8814 Aug'29
0612 95
9612
7
4
913 9712
Finland (Republic) extl 65_ _1945 NI 5 95
9934 Mar'28
9714 10114
10114 22
94
External sinking fund 78_1950 M S 10114 Sale 10012
94
94 Feb'30
94
4
9111 9818
842, 877
8
20
External sinking fund 6 Xs 1956 54
99
95 Nov'29
A 97
S
8712
89787'84
4
iaT4 Li1- External sinking fund 5 As 1958• 0 8718 Sale 96
104 10214 Jan'30
97 Sale 97
8
927 9714
6
9714
Finnish Mun Loan 63-0 A _ _1954 A
10212 1)ec'29
9712
4
9234 9712
.1054
External 6 Xs series B.
9414 Nov'29
J ) 97 4
'1
14 97
8
1217 263 1173: 123
French Republic exti 7 Xs 1941 ‘ 0 1213 Sale 12114
9534 June'29
11614 465 11218c11614
1940 J 0 116 Sale 1153
Oct'29
96
External 75 01 1924
8 46 10614 10712
1073
German Republic exti 75_1 49 A 0 10718 Sale 107
194 9
Jan'30
95
95 95
NI N
9814 988 983 Feb'30 ---4
94 c10012
Gras (Municipality) 8s
99 Mar'29
99
3 Sale 103
10414 77 10212 1013
a
Gt Brit dc Irel(UK of) 535s-195931 F A
101 Mar'29
.
F A .....
.10312 Dee'29 - - - 9912 Oct'29
Registered
8412
8318 - - e8312 Feb'30 --__ ;1:3`-i , ---s'"
- 843
64% fund loan .£ opt 1960_1990 M N
4
10034 Sept'29
e5% War Loan £ opt 1929_1947 J D 9712 91 e9712 Jan'30 --- - 69714 9713
Feb'30
- 12
10i 103
107
Greater Prague (City) 7;45_1952 M N 10612 107 106
106 102 Nov'29
9318 Sale .918
100
7
10 1923: 190 2
0131 107
Greek Governments Ieee 7s 1964 NI N
10134 Nov'29
F A
8712 35
864 Sale 863
10114 May'29
Sinking fund sec Os
8
6
9 j8 45
1
80
07:
10
8
05
91 197
5
Haiti (Republic) s f (is
1962
'9 8 A 0 95 Sale 95
10114 July'29
9
5 Sale 95
Jan'30
1946 A 0
Hamburg (State) Os
109
109 109
4
Heidelberg(Germany)eat'7 X5'50 J J 101 1013 10012 Feb'30 ---- 1W2 102
26
94
9034 94
9338 Sale 9314
Hungarian Munic Loan 7345 1945 J J
2
8838 8334 8712
8838
5
1
88
9012
46s19.61 J J
71'
6312 747
71
3
7334 7112
Externals f 75
M N
9234 100
9212
4
9314
91
96
13
6312 73 4 Hungarian Land 51 InstptH
Se 7 1
7012 72
7112
,
7334
9334 Sale 9312
8
9334
9012 933
4
93
Sale 91
9214 128
Sinking fund 730 ser 13_1961 M N
87
9214
F A 10114 Sale 1003
3
10184
7714 Hungary (Kingd of) 5 1 710 1944
11 100 102
5
7714
71
7714 Sale 75
3
963
5
96
9712
7612 13
7012 7614 Irish Free State extls 5 1 55_1960 NI N 9614 Sale 9614
7612 Sale 743
4
993 176
8
9414 993
2
7
7418
77
79
70
76
77
Italy (Kingdom of) exti 75_ _1951 J D 9918 Sale 987
9812
98
9812 16
12
78
Italian Cred Consortium 75 A1937 M S 97 Sale 97
78
70
78 Sale 7418
3
97
29
4
923 97
10
76
70
76 Sale 73
76
External sec s f 75 ser 11_1947 M 5 97 Sale 95
9512 63
92
9512
7612 22
67
7612 Sale 7414
7612 Italian Public Utility extl 7s 1952 J J 96 Sale 9432
97
71
9434 97
13
76
76
76 Sale 731a
67
Japanese Govt L loan 4s___1931 J J 9614 Sale 9613
F A 10314 Sale 10318
10312 111 10112 104
32
9412
30
-year s f 634s
9214 9512
94 Sale 94
9814 24
954
9814 Sale 97
9518 9814 Jugoslavia (State Mtge Bank)7912 37
8
8
14
77 82
1957 A 0 793 Sale 783
Secured s f g 75
9812 39
9478 9812
9818 Sale 9758
62
98 Sale 9634
5
98
95
9814 Leipzig (Germany) s 1 75. _ _ 1947 F A
98
1
9312 9812
9838 Sale 9658
988 50
9513 983 Lower Austria (Prov) 7345_1950 J D 98 Sale 98
8
10414
37 10213 10414
8
143
99
99 Sale 97
9458 99
Lyons (City of) 15-year 6s..1934 51 N 1037 Sale 10312
33
98
4
95
973 Sale 97
9812
10418 51 10213 1:4
:
1
16
98% 75
98% Sale 97
95% 9838 Marseilles (City of) 15-yr 623 1934 NI N 1034 Sale 10334
70
6912 20
65
9812 88
98 Sale 9718
95 c98% Medellin (Colombia) 6148_1954 J 0 6912 Sale 6814
____ ____ 1314 Feb'30 ---1234 1512
9814 42
98 Sale 97
Mexican Irrigat Asstng 434s 1943
98
95
4
493 Jan'29 --- 9814 Sale 9712
98% 30
9434 98% Mexico(U S) ext1 55 of 1899 £'45 41-.-1
051
5
1734 1734 9 - 1 - i6T8 iii
2
1945
9212 Sale 9214
9234
9212 23
89
Assenting 5s 01 1899
1518 Dec'29 - -- 1314 14
30
1-'eb.
88
8512 8914
8712 89
Assenting 55 large
- iili4 - - -5
13 ;1
111
88 Sale 8712
8814
8714 9414
Assenting 45 of 1904
8
2
' 18
1311 2
1111 1411
- -1- 1 214
-ii- -13 4 1 3 1
38
9414
87
88 Sale 8712
Assenting 48 01 1910 large...
8824
13
1214
Ama t
s ssein ting 48 of 1910 small- - • 8212 19
85
80
81 Sale 81
1
18
"i
-i _::: :7.: 22
22
25
10412 29 1023 105
4
10414 Sale 104
Treas 65 of'13 assent (large)'33
3
22
2514
_
2218
19
22
96
91
95
9438 Sale 9412
92
80
162
92
8
A 0 -917 gale 907
s
123 115 c118
'52 - - 11512
11518 Sale 115
Milan (City. Italy) extl 6345
32 10912 11112 Minas Geraes (State) Brazil
111
11414 Sale 11018
7512
65
7
70
50 1053 109%
1958 M 8 751s Sale 74
108
4
4
1073 Sale 10712
External s I 634s
7412
74
11
4
0912 75
Extl see 63-4s series A --- -1959 M S 733 74
10234 54 10118 103%
10234 Sale 10238
101
2
9834 101
Nethtevl neo (3s :
NIon eriad ds (City of)rfres
182 109 4 112
7s...1952 J D 10012 Salo 10012
112
,
III Sale 11012
(fi
91
94 Sale 94
0
9412
94
10814 106 107 10812
10814 Sale 1074
External f Os series A_ 1959 NI N
M S 10312 Sale 10314
1031.2
11 10314 107
_ 110 11212
11012 11112 110 Feb'30
8573 23
8534 Sale 8514
8434 90
2
7
9 2
Ne;xSoWas f5s
w
99 101
Wales(State) extl 58 1957 F A
10012
9918 10012 99
lternal
A 0 8512 Sale 8514
90
8512 26
84
54
95
9212 95
95 Sale 9312
10312 53 1023 104
8
18
_1 958
8538 9212 Norway 20
8
883
8812 Sale 88
-year exti Os....1943 F A 10312 Sale 103
16314 34 1023 104
8
8
2
11,94524 F A 10314 Sale 1027
20
9212 9834
9534
95
-year external 6s
9518 97
A 0 102 10214 102
10214 20 102 104
61
94
88
054
30-year external (Is
ea
93% Sale 92
10138 55 10034 1017
5
50
1965 J D 10114 Sale 101
80
40-year a f 53-4s
7212 80
80 Sale 7512
c9858 93
9634 c9838
5
63 M 8 9718 Sale 9718
7912
7912 61
72
Externals f 5s_ _ _ _Nlar 15 19
7918 Sale 7512
4
9.45 97
9618 2
91 10214c105
Municipal Bank extl s f 58 1967 J D 116 Sale 9,512
1034 Sale 1034 c105
87 Sale 8658
15
87
84
8738
58
9814 Nuremburg (City) extl 633_1952 F A
97
94
8
967 Sale 96
1017
8 22 100 8 102%
3
8uikilg0 5 s f 6s
1955 M N 10112 Sale 101
7812 110
7212 7812 Oslo (City)
e
783 Sale 77
f
9984
4
993 Sale 993
4
3
9838 101
54
1946 F A
79
7214 79
79 Sale 76%
fund
101%
18 10018 10213
1953 J D 102 103 101
8738 20
87% Panama (Rep) extl 514s_
80
8634 Sale 86
9218 27
8912 92%
_
Feb'30
101
95 101
Extls f 55 ser A.
,May 15 1963 M N 92 Sale 9134
7714
3
7112 85
31
extl 75'47 M S 7618 7912 7614
102
9812 102
10112
1014 Sale
Pernambuco (State of)
9412 9334
94
18
91
4
943
5
Peru (Rep of) external 7s_ _1959 NI S 94
8414
90
83
8318 8418 8314
7514 Sale 7334
4 84
7.53
69
76%
10
Nat Loan extI s f (15 let ser 1960
8
83 7
83
8834
83 Sale 83
70
34
69
7612
7912
Nat Loan exti sf 6232d ser 1981 A 0 75 Sale 74
7912 34
73
4
783 Sale 78
76
25
74
774
$
13
9612 10012 Poland (Rep of) gold Os__ _ _1940 A 0 7512 Sale 75
4
9812 973
98
8334 109
4
843
79
1
957
8
957
9212 98
96 100
Stabilization loan 5 1 75_1947 A 0 83% Sale 83
9412 Sale 9312
9458 44
9312 9512
2
96
Ex tern alrs (C tyno g 8
1 95 1
90
4
96 4 Por4o A leg eink if u df) 8 ! 1960 J J
,
____ 953
96
90
93
91
2
J D 9212 9412 9212
8512 86
84 c863
4
8512 Sale 84323
88
88
84
84
8712
10
88
21
81
76% 81
Extl guar sink fund 73.45.1966 .1 J
8118 Sale 80
10512
8 1047 10813
8
29
90
1)014 Qu 5-yea n(.1 (Sernal ex ti s f 71 1941 A 0 105 Sale 105
82
beeuslar .e t tate 5s
8838 Sale 86
9938 10414
11
10312
18
11347 F A 10512 101 100
81
89
85
Sale 8314
8414
97
90
19
0614
97
4
10014 36
993 1003 Rio Grande do Sul extl sISI 1948 A 0 973 100
4
4
10014 Sale 100
6434 70
11
70
103% 29 10214 10378
External sinking fund 68_1984 J D 70 Sale 69
10312 Sale 10314
8312
74
7912
13
80
8134 85
23
1926...1906 NI N
4
973 9938
9812
9812 Sale 98
Externals 1 7s of
83
73
14
83
5 103 c109
10714
9814 9812 10814
External s f 7s muffle loan 1987 .1 D 83 Sale 7514
9212 10012
9912 22
2
Rio .tede
E
89
8312 90
4
ear s f 88_1946 A 0 984 Sale 9214
106 1073 89
f 0 Tis
eiro 25 y
68
76
7014 7612
8
76 Sale 737
F A
1953
Externals
87
9214 151
9214
A 0 9214 Sale 91
11
95
9212 95
Rome (City) extl 63.48
95 Sale 9438
7 10314 1051
3
1043
8
,
962
84% 41
7714 84% Rotterdam (City) extl 6s-1954 M N 10434 Sale 1043
84
8434 84
84
80% 85
1
84
88
85
1953 .1 J
8412 77
773 84'2 Saarbrueeken (City) Os_
4
8414 Sale 84
6
9912
95 101
98 Sale 97
Sao Paulo (City) s f 8s_Mar 1952 M N
8412 90
8912 97
8912 Sale 89
21
77
75
70
7438 Sale 745
External s f 634s of 1927_1957 M N
30
98
96 102
18
San Paulo (State) exile f 85_1938 J J 9712 Sale 96
9912 102
10114
10114 Sale 100
94
19
90
94 Sale 91
9412
53
1950 J J
8814 9114
9114
91 Sale 8938
External etc a 1 8s
83
80
12
7934 90
84
9112
9112 41
88
9112 Sale 8912
Externals 17s Water L'n_1956 M S 8314 Sale 66
6912 31
85
7012
9114
9112 38
88
9112 Sale 8912
Externals f 65 Int rets_ _1968 J 1 6912 Sale 92
94
21
87
9412
Ni 5 92
10
92
88
Santa Fe (Prov Arg Rep) 75 1942
9112
9114 Sale 8912
13
99
93
8
99
9134 Saxon State Mtge Bast 7s_ _1945 J D 9712 983 98
88
9134 32
9134 Sale 8918
92
92
86
7
9212 0112
9412 24
9214 9512
Sinking fund g 6 Xs.. _Dec 1946 J D 92
9418 Sale 94
10814 77 1065
8c10912.
24
97
9734 Seine. Dept of (France) extl 7s'42 J J 108 Sale 1074
94
9612 Sale 95
8
93
93
87
22
93 Sale 913
54
89
8612 89
S nie2395, (7,ra lo ts
ser:1 er roavseoe& Slovenes 8s '62 M N
1
C
4
883 Sale 8712
825 119
4
7534 823
M N 8212 Sale 8112
7
% 30
231
c2912
2414 2612 2612
7478 35
747g
70
7478 Sale 7:358
7 100 10218
111999645782 J D
100
xt
8e
rs IrA78Bss
100 1004 100
777
7778
72
10
7738 Sale 7412
F A
3
16
9018 c95
Silesian Landow ne
n Os
n78
95
9414 Sale 93
8
1037
16 10138 104%
6678 7712 Soissons (City of) extl Os_ _1936 NI N 10312 Sale 10312
8 24
767
8
767 Sale 75
00
88
22
93
01
8714 90
77
68
Styria (Prov) external 75_ _1946 F A
751.2 47
75 Sale 7312
105
86 10314 10614
M N 10112 Sale 1037
9
7412
8514 7412 Sweden external loan 5;is_ _1954
4
733 Sale 72
4
108
159 10712c10912
8
8312 Swiss Confed'n 20-yr 51 85 1940 J 1 10734 Sale 1073
71
8312
8312 8012
81
8
4 41 10212 1043
1033
4
13
83
83
70
Switzerland Govt extl 5;0.1946 A 0 10334 Sale 1027
83 Sale 7814
7478 7712
76.2
7712 15
3
96% 98
Tokyo City 5s loan 01 1912.1952 M 5 7612 77
4 32
963
9614 Sale 95 4
8
s
9014 67
8714 907
47
8812 c93
External s 1 534s guar._ _1961 A 0 90 Sale 877
93
8
923 Sale 903
4
9,512
75
757
9,532 18
75814
8
,92314 91,7832
67312 7514
7514 85
31
14
7614 83
Tolima (Dept of) extl 75_ ..b947 M N
82
82 Sale 8114
7
9 24
M N
18
91
82
91
TrondhJem (City) 1st 5348-1957 i D 9518 Sale 97
90 Sale 8812
_
93
4
97, Upper Austria (Prov) 7s_ _1945
9512 9612 9612 Feb'30
8712
11
8114 87'2
11
88
881s
External et 634s_June 15 1957 J D 8712 Sale 8734
871 2
8618 Sale 8618
108
9918 101
Uruguay (Republic) extl 85_1946 F A 107 Sale 10612
9912 23
9912 Sale 993
0512 22 19312 108
5 c98
0
9
9514 Sale 95
M N
20 1003 102
1960
4
External s f Os
4
10112 ____ 10112 1013
94
88
5
9234
5
93
931 93
4
953 Venetian Prov Mtge Bank 78 52
93
93
2
867
02
86
6 S
82
42
8
N N
87
9914 10114 Vienna (City of) extl s I Os.
.i852 A1 0 0254 Sale 8518
10012
100 Sale 100
78
73
8
773
7612 7712 7612
Warsaw (City) external 75._1958 F A
98
95
9614 43
75
24
65
75
Yokohama (City) exti 621_1961 J D 96 Sale 9512
75 Sale 7313
11012 10 10914 111
11012 Sale 110
28 109 11112
110
110 Sale 10914

Ask
Sid
U. S. Government.
First Liberty Loan
J D 992834 Sale
3)% of 1932-1947
ii)
Cony 4% of 1932-47
3D 101 83; g.;1e
Cony 4X % of 1932-47
J D
2d cony 43 % of 1932-47
Fourth Liberty Loan
AO 101 32 Sale
43 % of 1933-1938
1947-1952 AO 1122.32 Sale
Treasury 43.s
1944-1954 J o 1082132 Sale
Treasury 4s
1946-1956 MS 1051732 Sale
Treasury 3 Xs
1943-1947 J D 1001°32 Sale
Treasury 3;is
Treasury 3548 June 15 1940-1943 J D 100732 Sale
State and City Securities.
N
N Y C 334% Corp st_Nov 1954
3X% Corporate st_ _Nlay 1954 MN
4s registered
1936 MN
1956 MN
45 registered
1957 let N
4% corporate stock
1957 MN
4 X % corporate stock
N
1957
4 X % corporate stock
N
1958
4% corporate stock
1959 MN
4% corporate stock
434% corporate stock __ 1931 AO
43j% corporate stock.... _1960 MS
4 X % corporate stock _ _ _ _ 1964 M
434 % corporate stock __ 1966 AO
434% corporate stock _ _ 1972 AO
434% corporate stock__ 1971 J o
43.4% corporate stock_..1963 MS
4 X% corporate stock __ 196" J D
4 X % corporatestock July 1967 J J
New York State Canal 4s__ _1960
Mar 1958 MS
46 Canal
1964 J J

Week's
Range or
Last Sale.

New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

a,

Price
Fr Oats.
Mar. 7.

Ask Low

Bid
Railroad
Ala Gt Sou tat cons A 58_ _ _ _1943 J o
1st cons 4s ser B
1943 J O
Alb & Suez! 1st guar 3)45_ _ _1946 AO
Aneg & West 1st g gu 48_ _ _ _1998 AO
Alleg Val gen guar g 4s
1942 MS
Ann Arbor 1st g 9e_ __July 1995 Q J
Atch Top & S Fe—Gen g 45_1995 AO
AO
Registered
Adjustment gold 48_ _July 1905 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 4s of 1909
1955 ,JD
Cony 48 of 1905
1955 J D
Cony g 48 Issue of 1910__ _19(10 ID
Cony deb 44s
1948 ID
Rocky Mtn I)Iv 1st 4s_1965 J J
Trans-Cob Short L let 48_1958 J J
Cal-Ariz 1st & ref 4 ;is A.1962 MS
Atl Knoxv & Nor let g 58_ _1946 J o
Ati& Char! A L 1st 4 ;is A_1944 J J
1st 30-year 55 series 13_ _ _ _1944 J J
Atlantic City 1st cons 4s_ _ _1951 J J
AU Coast Line let cons 45 July'52 M S
Registered
S
General unit'
, 4 ;is
1964 JD
L Si N coil goal 4s___ Oct 1952 MN
Atl & Dan 1st g 48
1948 J J
2d 4s
1948 J J
At! & Yad 1st guar 4s
1949 AO
Austin dr NW 1st gu g 5s_1941 J J
Bait dz Ohio let g 4s_ _ _ _July 1948 AO
Registered
July 1948 Q J
20
-year cony 4}is
1933 MS
Registered
MS
Refund & gen 5e series A _ _1995 J O
Registered
J I)
1st gold 5s
July 1948 AO
Ref dz gen (is series C
1995 J D
FL E& W Va Sys ref 4s_ _1941 • N
Southw Div 1st 58
1950 J J
Tol & Cin Div 1st ref 4s A _1959 J J
Ref & gen 5a series D_ _ _ _2000 MS
Bangor & Aroostook 1st 5s_ _1943 J J
Con ref 412
1951 J J
Battle Crk & Stur 1st gu 3s_ _1989 JD
Beech Creek let gu g 4s_ _ _1936 j j
• J
Registered
2d guar g be
1936 Ji
Beech( rk Ext lat g 31413_ _ _ _ 1951 AO
Belvidere Del cons gu 3;45_1943 j
Big Sandy let 4s guar
1944 J D
Bolivia Ry 1st 58
1027 j j
Bootan & Maine 1st 58 A C 1967• S
Boston & N Y Air Line 1st 4s 1955 F A
Bruns & West 1st gu g 4s 1938 J J
Buff Roch & Pitts gen g 58_ _1937 MS
Consol 4;is
1957 MN
Burl C It dr Nor let & coil 5s_ 1934 AO
Canada Sou cons gu 58 A _ _ _1962 AO
Canadian Nat 4 As_Sept 15 1954 NI S
5
-year gold 4;i8_ _Feb 15 1930 FA
30
-year gold 4548
1957 J J
Gold 414s
1968 J O
Guaranteed gold 5e
1969 ▪ j
Canadian North deb s f 7s_ _1940 J D
25
-years f deb 6948
1946 J J
Registered
10-yr gold
_ _Feb 15 1935 FA
Canadian Pac Ry 4% deb stock_ _ J
Col tr 4}pi
1946 NI S
58 equip tr temp ctfs
1944 J J
Carbondale & Shaw 1st g 48_1932 MS
Caro Cent 1st cons g 48
1949 j j
Caro Clinch &0 1st 30-yr 58_1938 .1 I)
let & con g tls ser A Dec 15 '52 J D
Cart & Ad let gu g 48
1981 J O
Cent Branch U P 1st g 4,s_ 1948 J D
Central of Ga 1st g 5a_ _Nov 1945 FA
Congo! gold 54
1945 MN
Registered
MN
Ref & gen 53.4s series B_ _ _1959 AO
Ref de gen Se series C
1959 AO
Chatt Div pur money g 43_1951 ID
Mac & Nor Div lst g 5s_ _1946 J
Mid (la & Atl Div pur m 58'47 J J
J
Mobile Div 1st g 5s
1946 J J
' Cent New Eng 1st gu 4s_ _ _ _1961 J J
Central Ohio reorg let 4;is_ _ 1930• S
Cent ItR Sr Ilkg of Ga coil 58 1937 MN
Central of N J gen gold 5s__ _1987 J J
Registered
1987
General 4s
1987
Cent Pac 1st ref gu g 411._ _1949
A
Registered
A
Through Short L 1st gu 4a_ 1954 A 0
Guaranteed g 5s
1960
A
Charleston & Say'b 1st 7s-1936
elms & Ohio 1st con g 55_ _ __1039
Registered
1939
General gold 494s
1992
Registered
20
-year cony 4348
1930
A
Ref & Impt 430
1993 A
Registered
A
Ref & imPt 4548 ser B.._ __1995
Craig Valley 1st 5& Slay 1 '40
Potts Creek Branch 1st 4s_1996
R dr A Div 1st con g 48_ _ _ _1989
2d consol gold 4.4
1989
Warm Spring V 1st g 58_ _1941 MS
Champ Corp cony 5s_May 15'47 MN
Chic dr Alton RR ref g 3s_ _1949 AO
Ctf dep stpd Oct 1029 int_ - Railway first lien 334e_ -.1950
Certificates of deposit
Chic Burl & Q—III Div 3940_1949 JJ
Registered
J J
Illinois Division 48
1949 J J
General 4s
1958 MS
Registered
MS
1st & ref 434s ser B
1977 FA
lst & ref 58 series A
1971 FA
Chicago & East Ill 1st
_ _1934 AO
C & E III Ry (new co) con 58_1951 MN
Chic & Erie 1st gold 58
1982 MN
Chicago Great West 1st 4s_ _1959 M S
Chic Ind & Loulev—Ref 68_ _1947 J J
Refunding gold 58
1947 J J
Refunding 45 series C_ _ _ _1947 j j
1st & gen 58 series A
1966 MN
let & gen 6s ser IL.
.May 1966 J J
CUM Ind & Sou 50
-year 48_1956 J J
chic L S & East let 4;is— _1969 J D
•taunt sale.




Week's
ts •
Range or
Last Sale. '
41
High

9278 Sale

9512
---99 4
,
79
82.38
4
893

99
-- 92

9278 62
9214
1
90
90
9914
9931 165
9818 Jan'30
10134 1025 108
8
9914 June'28
__
10338 104
106
43
10914
110
9312 14
93
10238
10334 25
857g 41
8434
102
10212 18
10134 Feb'30
_
8678
8812 10
6812 Feb'28
9512
9512
3
__
95 Aug'29
Jan'30
_
100
78 Feb'30 -- _ _
-4
8934
893
4

4
983
8212
9314
10014
9238
100

Sale
Sale
___
10214
Sale
1003
4

192
9712
c99
11
8178
83
9278 Feb'30
102 Feb'30
92
925
8 33
10034 Feb'30

10228 Sale

gide

104
1093
4
93
10334
8
857
10212
1015g
8812

Sale
94
Sale
Sale
Sale
104
Sale

10312 ___- 10314
10418
94
9312
9414
_
9978 Feb'30
9418 Sale 9334
9412
94 Sale 9312
94
10134 Sale 10118 102
11014 Sale 110
11014
11538 11612 114
115
11314 Jan'30

9912 095- 9838
8

9912

8514 Sale 8334
8514
9918 Sale 9838
9928
10214 Sale 10158 10238
9818 Mar'29
7812 - 79
7812
79
101 102 101
102
108 Sale 10714
108
8538- 8534 Feb'30
8312 Sale 8312
8312
- - 10212 Feb'30
10312- - 102
1023
1013 10212
4
--- 100 Feb'30
10412 10514 10412 1041
997 sale 9912 1001
8
8612 ____ 8412 Jan'30
9712
__ 100 Feb'30
Jan'30
9814 100
98
100 __- 100 Feb'30
83
83
833 83
4
100
9818 100 100
9812 Sale 9812
981
111
8
1095 III 111
10812 111 10812 Feb'30
9018 9212 90
903
34
4
9188
9218 93
9212
90
00
-614 124 9138 Feb'30
1103 Sale 10212 103

10
10
46
24
79
14
10
7
74
28
55
2
3
16
5
4
3
73

87
1
5
7
15
29
1
23

Dec'29
1025
8
5
10112 Jan'30
985
8 22
985 994 9814
8
Jan'30
96
-_
997 Jan'30
8
9618 96
9618 Sale 95
4
903 Sept'29
9612 Sale 9412
9512 385
10018 10112 10012 Feb'30
Jan'30
8634 8812 88
8812 Feb'30
873 89
4
8512 Feb'30
8
845 87
99 Dec'29
100
10014 214
106 4
0 8
0
67 Feb'30
6558 67
637
8
64
64
70
12
6512
(1512: 6512
2
g 158-e76512 Sale 6512
6512
2
8614 Sale 8614
8614
8
8418 Feb'30
9314 Sale 9212
9314 26
93
93 Sale 9134
21
9134 Sept'29
9712 97
68
98
9
10612 10514
10514
3
10 ;
10058
04
62
2
10053
7512 29
7512 Sale 73
10318
10318 105 103
4
657
8 90
6534 Sale 6434
11234 Jan'30
11234
102)8 103 10234
- 12
1023
4
89 Dec'29
8918
aI
103 Se_ 10012 103
12
1063
8
10612
10714 31
873 921 911g Jan'30
4
937
933 Feb'30
s
4
1 0818
024

108

1
-6i12 10258

BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

Price
Friday,
Mar. 7.

Week's
Range or
Last Sale.

1,
4
o
153.:

Ask Low
Rid
High
High V..
Ch M & St P gen 48 A _May 1989 j j 8512 Sale 8412
8512 53
Q J 85 Sale 8134
Registered
85
38
4
1003 1021 2
73
7478 725g Feb'30
Gen g 3940 ser B _ _May 1986 J J
92
943
4
9312 Feb'30
8378 ,
97
Gen 4348 series C_ _ _Nlay 1989 J J 94
16
Registered
100 Nlay'28
85
85
95 Sale 9334
98
Gen 4 ;is series E__ _ May 1989 JJ
9212 94
95
Chic Milw St P & Pac 5s_ _ _1975 FA
9312 Sale 9134
935 251
8
78
76
Cony adj 58
73
542
Jan 1 2000 A0 7212 Sale 7134
915 9.
8
7714 80
Chic & N'west gen g 3;is__ _1987 • N
78
27
80
91
91
Q F
75
Registered
Jan'30
871s 91
897 Sale 8978
General Is
8
90
1987 51 N
33
87 8 93
7
(j F
Apr'29
84
Registered
853 8814
8
Stpd 4s non-p Fed In tax '87 • N ;Ai32
8818 Feb'30
87
9114
Gen 4%s stpd Fed Inc tax_ 1987 NI N
02 2 104 1C3
103
5
91
88
Gen 58 stpd Fed Inc tax.1987 SIN 10734 109 10734 108
27
8914 b93
4
NI N
105
105
Registered
2
128 140,:
Sinking fund deb 58
10112
1933 MN jai- 10112 101
4
88
9012
MN
Registered
_
99 Feb'30
9012 92
10
-year secured g 7s
10012 24
1930 • D 10012 Sale 10014
97
99,2
15
I o 34
-year secured g 6;is__ _ _1936 MS 109 sar 10838 109
19
10214 1C4
10518 1051s
1st ref g 55
May 2037 3D
95
96
let & ref 4148
9534 30
May 2037 J I) 9534 Sale 9514
10012 104
Cony 45(5 series A
1949 MN 100 Sale_ 9912 100 4 332
,
87
87
9912 Feb'30
Subs nets part paid
9412
91
Chic It I & P Railway gen 45_1988 iJ -8 4 gide_ 883
4 81
-95
893
4
J J
87 Feb'30
Registered
-9618 100
9714 117
Refunding gold 48
1934 AO 97I8 g.7.fe 9658
88,2 93,
8
AO - - -- -- - - 95
Jan'30 -Registered
58
63
9512 285
NI S
9334
Secured 494s series A
1952
53, 55
s
93
4 _a
8218 8412 Ch St L& N 0 Mem Div 4s_ 1951 JO 105 4 S _1! 8812 Feb'30
Gold 5s
June 15 1951 J D 79 -.- 10412 Feb'30
99
99
3D
Apr'28
107
Registered
81 July'29
Gold 394s
June 15 1951 J D 8814 90
9112 9358
J D
Apr'29
78
Registered
90
9312 Ch St L & P 1st
100 Dec'29
__
cons g 5s_ _ _ _1932 AO 99
983 9934
s
AO
10158 June'29
Registered
9818 98,8 Chic St P M & cons
100,8
0
6s_ _ _1930 J D 160T8 Sale 10018
101 1023
s
Cons fis reduced to 3;is_ _1930 J D 9912 _ _ _ _ 9914 Dec'29
9978 Feb'30
Debenture 58
1930 MS
161Ts
MS
10018 Dec'29
Stamped
10812c111
97
ChIc T H St So East 1st 5s_ _1960 J D -66i297 8 9612
11
91
9438
9014
91
91
Inc go 58
9
Dec 1 196(1 M S 90
10012 1033 Chic Un
4
8
Feb'30 _ _ _ _
Sta'n 1st gu 4;is A.1983 .1 ) 965 9712 97
84
87
10412 18
1st 58 series 13
1963 J J 10412 Sale 10378
10114 10212
D 10214 1023 10212 Feb'30
__
4
Guaranteed g 58
1944
1013 103
4
1 14
1st guar 63.4s series C__ _ _1983 J J 10112 11514 11412 115
5
84
88L_ Chic & West
10038 Feb'30 _ _ _ _
Ind gen 6s_ Dec 1932 QM
8814 8938 8712 8814 22
Consol 50
1952 J J
-year 4s
-95T2 9513
8
1047
8 22
let ref 53-4s series A
1962 NI S 104381045 Sale 104
_
8
10012 Jan'30
('hoc Okla & Gulf cons 5s_ 1952 MN 1005
100 100
_
Cin H dr D 2d gold 4 ;is_ __ _1937 J J 9512 ---- 9512 Jan'30
78
78
9514 Feb'30 _ _ _ _
C I St L & C let g 4s_ A tar 2 1938 Q F 9514 _
Feb'30
94
Registered
Aug 2 1936 Q F
-1-3612 10
34 Cin Leb &
90
895
s
- 90
1
Nor 1st eon gu 48_1942 MN

Low

___ 10212 Feb'30
1021
2
24
923 9312 9234
9234
3
86
8686
85 85 Feb'30
86
5
9358 94
9334
9'334
3
7812 Sale 7712
773
4
117
94
94 Sale 9234
Jan'30
91
893 908 8912
8912
4
8
903 Sale 9014
9078 26
853 89
8814 Feb'30
8
853 91
4
90 Feb'30
Feb'30
91
9112 91
90
91
8912 Feb'30
59
13512 Sale 13412 136
6
89 Sale 8818
89
____ 9114
92
4 20
913
27
99 Sale 9878
99
5
104
10312 __-- 104
___ 96 Feb'30
19
1017 10212 10138 10214
95148
8518 ____ 87
Jan'30
7
9234 Sale 917
93
8
9014 June'29
21
100 Sale 9752 loo
8
9038 Sale 9038
9234
14
63 Sale 5814
63
Jan'30
57
54
8212 85
83 Feb'30
9914 __-- 99
Feb'30

9912 Sale

Rani:
Since
Jan, 1.

1621

96
81
921
I(i0
90
100,2

c99
Clearfield NI Mah 1st gu 5.9--1943 j
83
cleve Cin Ch & St Lgen 4s_1993 j
9278
20
-year deb 494s
1931 J J
103
General 55 series 13
1993 J D
9334
Ref & 'rept 68 ser C
1941 J J
101
Ref & impt 55 ser D
1963 j j
Ref di 'rapt 414s ser E_ _ _ _1977 j J
10212 10414
Cairo Div 1st gold 45
1939 j j
9315 96
Cin W & NI Div ist g 48_1991 J J
993 100
4
St L Div 1st coil tr g 4s_ _ _1990 SI N
9214 941 2
Spr &Col Div 1st g 4s__1940• S
92,4 19434
691 02
194() J J
W W Val Div 1st g 4s _
CCC&I
1934 j j
1093 1113 Clev Lor & gen cons g 6s_ _ _
4
4
W con 1st g 5s _ _ _1933 A0
113 115
Cleve & Mahon Val g 5s_ _ _1938 .1 .1
11314 11314 CI & Mar 1st gu
N
g 4 ;is_ _ _ _1935
9818 99,2 Cleve & P gen
gu 494s ser B.1942 A0
83
,2 853
4
Series B 3 Sis
1942 A0
9654 9912
Series A 494s
1942 j J
1003 10238
4
SeriesC394s
1948 SI N
_
Series D 3;is
1950 FA
74 - 79
Cleve Shor Line 1st gu 43-0_1961 AO
9912 102
Cleve Union Term 1st 5;0..1972 AG
107 10812
AO
Registered
853 8534
4
let s f 5s series B
1973 AO
8312
82
let s f guar 4;is ser C _ _ _ _1977 A0
10214 10314 Coal River Ry
1st gy 4s_ _ __1945 JD
101 104
('olo Sr South ref & ext 4148_1935 MN
100 100
Col & H V let ext g 4s
1948 A0
104 1053 Col Sr
4
Tol 1st ext
1955 FA
981 1003 Conn & Paasum 4s
8
Riv 1st 4s_.1943 AO
8412 8412 Consol Ry
deb 45
1930 FA
100 101 12
Non-cony 4s
1954 J J
98
98
Non-cony deb 45
1955 J& J
100 100
Non-cony deb 4s
1955 A 0
8118 8538
Non-conv debenture 4s_ _ _1956 J J
9912 100
Cuba Nor
1942 J D
9512 98,z Cuba RR Ry 1st 5348
1st 50-year 5s g _..1952 J J
10734 111
let ref 73.48 series A
1936 J O
107 1 10
034 ,
134
let lien & ref Os ser B._ _ _1936 J o
9
9114 9312 Day &
Mich 1st cons 494s..1931 J J
90
90
Del & Hudson 1st & ref 4s.._1943 M N
903 c9278
8
30-year cony 58
5
0
103 i D
19 3 A O
100 4 10338
3
15
-year 5145
1937 M N
10
-year secured 78
D RR & Bridge let gu g 45_ _1936 F A
10238 104
cons
19112 10213 Den & R G let 4%s g 4s_ _ _ _1936 J .1
Consol gold
1936 J J
9714 9914 Den & KG West gen 5s_Aug 1955 SIN
96
98
Ref & impt 58 ser II_Apr 1978 SIN
997 1001g Des 3d
8
& Ft D 1st gu 4s_ _ _ _1935 J J
94
9518
Certificates of deposit
Des Plaines Val let gen
"Ws c9612 Det & Mac 1st lien g 484343_1947 MS
-1955 J D
9652 10112 Gold 4s
1995 J D
8812 88
Detroit River Tunnel 4;is_ _1961 MN
8614 8812 Dul Missabe & Nor
gen 53_1941 .3.3
8312 87
Dul & Iron Range let 5s_ _1937 A0
Registered
AO
-98- 17664 Dul Sou Shore & Atl g 5s_..1937 .3.3
6514 87 East Ry Minn Nor Div let 4s'48 AO
631 65
East T Va & Ga Div g 58_ _ _1930 J J
59
67
Consol let gold 53
1958 SI N
6112 66
Elgin Joliet & East 1st g 5s_ _1941 MN
8518 87
El Paso St S W 1st 5.3
1965 AO
8418 8418
921s 9414 Erie 1st consol gold
7s ext_ _1930• S
89
93
1st cons g 4s prior
1996 j
Registered
1996
96 66" 1st consol gen lien g 4s_ _ _ _1996 j J
J J
10412 10818
Registered
1996 J J
1005sc105
Penn coil trust gold 4s_ _ _ _1951 FA
72
78
,2
50
-year cony 45 series A ..1953 AO
102 10312
Series II
1953 AO
84
6638
Gen cony 4s series D
1953 AO
1123 113
4
Ref & impt 58
1967 MN
1013 1023
4
4
Erie & Jersey 1st s f 6s_ _ _ _1955
Geneasee River 1st e f 58_ _1957 J J
99 103
Erie & Pitts gu g 3;0 ser B_1940.3)
108 10714
Series C 3948
1940 J J
91 1g 9118 Est RR extl s f 75
1954 MN
9334 933
4

100 July'28
8812 Feb'30
100
100
19897:518 ;90- 0614-- 108 Feb'30
0298 4
10312 1-1 1
: 5 10312 10418
103 Sale 103
103
9238 Sale 9518
012
9614
9438 Feb'30
8514 ---- 8512 Feb'30
8512
_ 8534 Feb'30
9118
9218 Nlar'29
Jan'30
913 ---- 93
4
10414 Feb'30
104
0938 -.-. 9978 Jan'30
9812 - - -- x98 Feb'30
9638 ____ 1003 Mar'28
4
983
8
_ _ 1003 Mar'28
4
863
4
- 97 Mar'29
983 ---- 9512 Nov'29
8
8518 ---- 8512 Jan'30
8518 _ _ _ _ 8934 jan'29
9812-- 9758 Feb'30
1075 11018 10714
8
10812
107
Oct'28
14- Sale 10312 104
1 973
9 2
Jan'30
4 96
89 Feb'30
9878
993
8
9034 Feb'30
8612 89
8418 Dec'29
85 -_ -- 8612 Feb'30
9412 June'29
7113 75
74 Feo'30
71
7312
75
7312
7014 -- 69 Dec'29
7214 763e 7314 Feb'30
66 Sale 66
69
80 Sale 7934
8012
97
96
95
98
93
91
92 Feb'30
8912 91
991 Sale
07
:

9914 101
9238 9234
100 107
104 Sale
04 _
100 Sale_
612
8
947 Sale
9712 _ _ -973 Sale
4
6578 8ale
2 18 35
0
2518 30
__
9212- 65
11603144 S511e
66
003
9
6
7
1
_ __ _
_
9234
997 10014
8 10458 1101
10234 1_02_3_
01
.4

9918
9214
101
10334
10038
9614
9412
9714
951,
8912
26
2514
9258
60
60
97
101
10012
97
72
9212
997
8
10438
102
10314

1011 8ale 101
867 Sa e
:
8538
_ 8218
8178 Sale 8018
88311%2 _8:
77 S3.le 77
101 Sale 101
8338
8312 86
8338
8312
9512 Sale 94
11118 115 11114
11014 111 109
8612 ____ 857
8
8612 ____ 8578
10512 Sale 10518

Dec'29
923
4
Feb'30
104
10012
Aug'28
9478
9712
98
907
8
Feb'30
Feb'30
Feb'29
Oct'29
Feb'30
97
Feb'30
10034
Oct'29
72
Feb'30
997
8
1043
8
Feb'30
10314

Range
Since
Jan. 1.
Low
R428
81 4
,
72.'s
9238

Mg
8712
35
7414
9512

923
s
90%
7114
7738
75
87 8
7

96
94
7414
80
75
913
s

S81 93
100 103
107Ig 108
105 105
10
038 10112
99
99
10014 10114
107 4 109
,
104 4 106
,
95
9611
984 102
99
9912
8. 3
4
88
8512 87
9512 6714
95
95
928s 9512
8814 8812
1031s 10412

10612 1664
997 100

-9
.54

-9i89
94
97 100
103 105
1013 104
4
114 1154
1013 101
s
85,2 89
103 1041
991 10012
9512 9512
9514 9514
94
941s
883 c94
s

8
8
16

8812
9914
108
103
101
9312
92
8514
8418

9938
100
108
106
1011
9712
943
8
8514
853
4

-1107
103
993g
98

8

- - -93
11414
997
8
98

13
11

27

88
89
97
993
3
881s 90 4
3
862 8612

1
36
23
6

45
6
14
42
3
73
87

-'7670

75
73 2
,

"io- 73 2
-16012

77
95
87

75
84
9914
92

9184
100
1007
1
100 s
3

94
107
10414
101

-62
.
4
9558
9212
8712
2314
25

1434
9712
991g
907
5
26
26

80
9534
101
10014

80
97
101
101

_
1
16
10

72

9938
100
102
102

75
921s
100
10412
102
1034

101
84
821
79
761s
101
821
824

10184
c89
82Ig
c83
77
101
85
8872

9213
2

10114
10
8612 32
Jan'30
817 131
8
77
1
101
2
841
12
841
20
Dec'29
95 8 325
,
11114
2
Feb'30
Noy'29
Oct'29
10512 37

94
98
110 4 112
,
109 11112
---- -1043 10512
4

New York Bond Record—Continued--Page 3

1622
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

a-

Week's
Range or
Last Sale.

Price
Friday,
Mar. 7.

4

Range
Since
Jan, 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

Price
Fridag,
Mar. 7,

Week's
Raage or
Last Sale.

g"Ci

Range
Since
Jan. 1.

High
Ask Low
Bid
High No Low
High
High No. Low
Ask Low
Louisville & Nashv (Concluded)—
1
98
97
98
9812 98
3
9118 9212
90 4 9212 9212 Jan'30
Paducah & Nlem Div 4s__1946 FA
794 87
8412 15
8412
90
6712
6812 66
Feb'30
66
St Louis Div 2d gold 3s _1980 MS 66
6012
50
5514
5612 46
58
4
973 973
4
Mob & NIontg 1st g 43
-is_ _1945 SI S 9738 ____ 9734 Jan'30
3
2512 3012
28
Sale 2734
90
3
9018
90
89
9014
South Ry joint Monon 48_1952 J J
_ 9334 Sept'29
914 9112
4 - 4
913 93368 2
iOLiz 1- -1- A tl Knoxv & Cln Div 4s_ _1955 MN 9912 -9934 9112 9112 5 9834 094
- 14
10534 106 10512 Feb'30
9914 Feb'30
Louise Cln & Lex Div g 4 %is 31 NM
1021s 104
'
Feb'30
_ 101
9958 Feb'30
8
9958 995
1934 J J 10018
99 1004 Mahon Coal RR 1st Is
1
10014
100 1004 10014
10312-74
74
74
7312 76
Manila RR (South Lines) 4s_1939 MN
093 100
8
100 10018 100 Feb'30
73
67 Feb'30
67
60
1st ext 4s
1959 MN
4
943 964
J53 98 2 95 Feb'30
4
9812 9912
9834 9978 9812 Feb'30
Manitoba SW Coloulza'n 58 1934 J D
86 Nov'29
__ 84
89
8538 Sept'29
3
4
99 1003 Man GB&NW 1st 314s_ ,,.1941 J J 86
1004
10014
418
514
5 Feb'30
5
6512 6512 Mex Interuat 1st 48 asstd_ _1977 NI S
-65- --7 6512 Jan'30
7 2
2
100 Feb'30
100 100
Mich Cent Det & Bay City Is,'31 MS 100
9834 Feb'24
Jan'30
(151 99 1664 100
100 100
Registered
661-96'2 - 2
Jan'30
96 2
,
-- 9612
4
4
9418 95
Mich Air Line 48
1940 J J 943 95, 95 Feb'30
,
11012 Sale 1093
4
1104 30 10912 110 4
J J
---- 9218 July'29
Registered
8 33 104 10512
1047
8
10458 Sale 1045
____ 79
Mar'26
Jack Lane & Sag 33's__1951 M
9712 Oct'29
9518 ---8413
_
8412 Feb'30
8318 ii1952 MN
1st gold 35s
9514 0014 Dec'29
1940 A 0 9112 -8
11114 157 110 1113 Mid of NJ lstext5s
111 Sale 11012
Great Nor gen 7s series A.__1936
)
4
-9111-4 - -396 4
Sill & Nor 1st ext 4%0(1880)1934 J D 963 981 9614 Jan'30
10812 Dec'29 -Registered
9658 Dec'29
Cons ext 434s (1384) 1934 J D 9634 104
1617,
56
96
96 Sale 9414
1st & ref 4 14s series A ___1961
14 -66
8
92
4
903 9212 903
92
14 108 11018 M11 Spar & N W 1st gii 4s_ _1947 M
11018
103
11018 Sale
General 53..s series B____1952
Apr'28
_ _ 90
Mllw & State Line 1st 3348. _ 194! J J
6 1034 105
10412
104 10512 104
1973
General 58 series C
377 163-4
40
461s 4034 Feb'30
8378- 13
9814 allnn & St Louis 1st eons 58_1934 M N
95
97
97 Sale 95
1976
General 4)s series D
8
40
40
40
46
36
40
Temp Ws of deposit —1934 M N
97
9614
51
95
9714
9714 Sale
General 4 %is series E__ _ _1977
8 24
143
1438 Sale 14
1314 16
1st Sc refunding gold 48_ 1949 M
Oc1:28
86
Green Bay & West deb ctfs A_ -- Feb
1518 Feb'30
15
20
Ref & ext 50-yr 58 ser A _ _1962 Q
32
15
21
28
28
Feb
29
28
Debentures ctfs it
14
Feb'30
14
____ 15
518 15
518
4
Certificates of deposit
913 92
Jan'30
4
923 _- 92
Greenbrier Ry 1st gu 4s____1940 M N
8912 22
89 Sale 89
4
98 1023 M St P & SS NI eon g 4s int gu '38 J
6
10258
Gulf Mob & Nor let 5;0.-1950 AO 10212 103.2 102
4 )2
95
s 958
9 : 8:
8811
93
4
1st cons 58.
1938 J J 95 Sale 9412
98
96
Feb'30 _
96
1950 AO
9812
1st M 58 series C
8
9414 98
8
975
1st cons Is gu as to int....1938 J
103 105
105 Feb'30
Gulf & SI 1st ref & ter 5.3_5_1952 J J 105
10014 20
7
99 100
0
04
10
-year col! trust 6
_ _1931 SI S 1001s 10014 100
9712 11
9614 9812
J J 964 97 2 97
,
Hocking Val 1st cons g 4;0_1999
15
98
8
955 10014 97
1st At ref es series A
19411 J
9378 94
Jan'30 -94
1999 J J
Re.astered
8
85
81
85 Sale 83
87
974 9812
25-year 5;is
1949M
9714 Feb'30 -MN
9734 99
Housatonic Ry cons g
92 Feb'30
91
92
92
4
993 111012
1st Chicago Term s f 46 1941 M N
2
10012
10012
1937 J J 10014 -H& T C 1st g 5s lot guar
Jan'30
100 100
100
9978
5
9 ,
Waco ttt N W die 1st 6s_ _1930 MN
5
95
99
6
Mississippi Central 1st Is..,,., 1949 J J 95 Sale 05
99
4
953 99
99 Sale 99
Houston Belt & Term 1st 58_1937 J J
8718 10
12
Mo Kan Sc Tex 1st gold 4s_ _1990 i D 87 Sale 8678
_ 9914 Dec'29
Houston E & W Tex 1st g 55..1933 MN 99
35
102
8
1015 Sale 10114
Mo-K-T ItR pr lien Is ser A_1962 J
_
9934 100
8
997 Feb'30
N 100 103
1933
1st guar Is redeemable
5
8638
8
4
8
95 m2 18274
845
08812
40-year 48 series 13
1962 J J 803 873 86
117
9712
97
93
97 Sale 954
Hud & Manhat 1st Is ser A..1957 FA
7
9434
9212 95
Prior lien 4)4s ser D
1978 J J 9434 Sale 9312
7712
4
4
76, 793
79-4 i01
Adjustmentincome 5s Feb 1957 AO 7912 Sale
10514 39 1 91 2618
172
!i
(3
Cum adjust 55 ser A Jan 1967 A 0 10514 Sale 104
10158 24
4
NIo Pac 1st & ref 56 ser A— -11)65 F A 1003 Sale 10012
94
93
- 93 Feb,30 ____
9218
Illinois Central 1st gold 4s _ _ _1951 J J
402
77
77 Sale 75
744 77
1975 M
General -Is
Oct'29
87
_
J J
Registered
10014 Sale 983
4
10014 269
97 c101
1st Sc ref 58 series F
1977 M
81
864
- 4412 Feb'30
8318 87
let gold 3)s
1951
149
101
1st & ref g 5s ser G
1978 MN 10014 Sale 99
823 823
4
4
4
823 Feb'30 ::::
_
J
Registered
11134 276
1949 MN 11112 Sale 109
Cony gold 53is
85
83
Jan'30 ---A 0 83
864 85
Extended 1st gold 33s_ _ _1951
8
9214
04
92
9214
961
0 14 71
97 192,4
3
Mo Pac 3d 78 ext at 4% July 1938 MN
68
Jan'30
68
73
•S 69
1st gold 30 sterling
1951
9612 _--- 100 Feb'30
0
0
)5
(
100 195
-895
68 8 0112 Mob Sc Bir prior lien g 5s_ __1945 J J
8
91 - -25
8
9112 895
Collateral trust gold 4s _ _.,1952 AO 90
95 Feb'30
1 J
Small
8712
874
M N
Registered
1
8718
8718 01
1st M gold 48
1945 J J -gaTs 0011 8713
2
90
871' 92;
9715
9258 47
4
9218 Sale 913
1st refunding 413
1955 MN
87
80 Feb'30
80
8018
1945 J J 80
Small
5
82
85
85
85 Sale 85
-- 92% Jure:10
Purchased lines 3%-s
1952 J J
8
925 94
Mobile & Ohio gen gold 4s...1938 M S 9318
Nov'28
87
J J
-993 -- 99
Registered
Jan'30
9618 99
FA
8738 0012
Montgomery Div 1st g 55_1947
9012 56
9012 Sale 8818
Collateral trust gold 45_ __1953• N
17
97
9414 97
1977 Si S 97 Sale 05
Ref Sc itnpt 4 %is
87,2 871
.
8712 Jan'30
SIN
Registered
8614 gg
88
Feb'30
4
Moh & Mal 1st gu gold 4s 1991 M S 853 88
4 1044 107
8
8
1045
8
Refunding 58
1955 M N 1043 Sale 1043
8
105 105
J J 1047 ---- 105 Feb'30
Mont C 1st gu fis
1937
1 10712 110
4
1093
4
15
-year secured 6;0 g _ _ _1936 J J 10934 Sale 1093
- 10012 Feb'30
9912 100,2
1st guar gold Is
1937 J J 1004
97 10 '2
10012 174
4
40
-year 4 h s
Aug 1 1966 FA 10012 Sale 983
IR
78
78
77
71
13012
88'2 88,2 Morris & Essex 1st ;pi 3 %is_ _2000• 0 7712 - 12 10:114
9112 8812 Feb'30
Cairo Bridge gold 4s
1950 J o 87
10518 46 1031 t 1054
1955 Si N 1054 Sale
Constr M Is ser A w 1
7412 Oct'29
4
743
Litchfield Div 1st gold 3s_1951 J J
0818 72
8
9638 98 8
,
Constr M 4%0 ser B w 1 1955 MN 9818 Sale 963
6
8211 16 4
18514
8478318 - -- 8 85
Louise Div & Term g 354s 1953 J
7412 75.2
7434 Feb'29
7634 78
Omaha Div 1st gold 33_. _1951 F' A
10
0012
9012 Sale 9018
91
90
Nash Chatt & St L 4s ser A.._1978 FA
7414 Nov'29
75
St Louis Div & Term g 35_1951 J J
2 11)0 10018
10018
1937 FA 10018 10212 10018
82-8 82 8
— -3 - -3 N Fla & S 1st gu g 5s
8
823
8
gi Gold :is
1951 J J 824 Sale- 823
18 July'28
Nat Fly of Mex pr lien 4545_1957 J J
76 July'29
J J
Registered
J J
4
73 July'28
July 1914 coupon on
72 Sept'29
81
Springfield Div 1st g 33-is 1951 J J 814
714 Feb':10
678
'T‘s -1
Assent cash war rct No 4 on
8
0114 -615- 91 Feb'30
1951 F A
Western Lines 1st g 46
8712 Aug'28
1977 AO
Guar 70
-year s f 4s
Ape29
22
FA
Registered
8 84 9 Feb'30
75
73492
No 5 on
Assent cash war rct
III Cent and Chic St L & N 0—
3512 July'28
Nat RR Mex pr lien 4 %is Oct'26 JJ
6 10214 105
105
Joint let ref 59 series A__ _1963 J D 105 Sale 103
35
--14
Feb'30
14
1314 - --Assent cash war rct No 4 on
8
95
975
9718 37
1st & ref 4 %is series C____1963 J D 97 Sale 9514
22
Apr'28
AO
1st consul 48
1951
7
/12 7
712 24
534 8
Assent cash war rct No 4 on
91 Nov'28
Ind Bloom & West 1st ext 45 1940 A 0 864
76 Sept'29
,
90
907 Naugatuck RA 18t g 48_ _ _ _1954 MN 82 4 86
8
8 9'1
905 - 12 907 Feb'30
Ind tll A Iowa 1st g 46
1950
9614 Jan'30
9814 105
9614 961
New England RR Cons Is.
.1945• J
86
84
16
84
84
87
88
Ind & Louisville 1st gu 4s
1956
8614 88
1945• J 8712 8912 8712 Feb'30
Consol guar 48
5 100 10112
1003
s
1003
4
WON
Ind Union Ry gen 5e ser AI965
88
Jan'30
88
85
N J June RR guar 1st 4s_ 1986 FA
100 101
10014 Feb'30
1003
4
Gen & ref 58 series 13
1965
1
9278
9278 035
N O&NE 1st ref & Imp 4345 A '52 J J 9278 Sale 9278
7 102 108
10512
10414 Sale 104
Int& Oft Nor 1st 6s ser A_ _ _1952
90 Sale 88
11
90
8714 (10
8912 61
84
897 New Orleans Term 1st 4s_ _ _1953 J J
s
89 Sale 88
Adjustment 6s ser A July 1952
9812 9834 Feb'30
8
955 9834
25
9114 9412 N 0 Texas & Mex n-e Inc 55 1938 10 98
93 Sale 91 4
,
93
1st 5s seriesli
1956 J
9718 71
99
93
1st Is series 13
1954 A0 97 Sale 0458
94
2
91
92
92
93
lst g 53 series C
_1956 J J 92
s
963 Sale 9538
9634 58
9912
96
1st 55 series C
1956 FA
7212 75
744 25
7414 Sale 7414
Int Rys Cent Amer 1st 53..1972 MN
9212 Sale 9212
2
9212
9012 94
1st 4 Sis series 13
1956 FA
9012 94
6
8
J23
N 92 Sale 92
It coll tr 6% notes. ____194I
10212 43 101 12 103
1954 A 0 10P8 10212 10134
1st .33is series A
97
93
8
97
4
0678 9712 963
9512
1st lien & ref 6
_ _1947 FA
1
9512
9512
0512
95
3412 N & C Bdge gen guar 4 Ma1945
30
3018 Feb'30
33
Iowa Central 1st gold 5s_ ___193s J D 29
Jan'30
, 97 166 100
100 100
3014 3412 N YB&Mli 1st con g 58 4935 A a
3212
3212 3514 3212
Certificates of deposit
1063
4 23 105 1074
N Y Cent RR cony deb 6s_ _1935 M N 106 Sale 10512
18
8
10
878
10
10 Sale
1951 tvi
Refunding gold 48
106
Jan'29
M N
8758 8834
Registered
- 8834 Feb'30
James Frank & Clear 1st 48_19511 J D 8958
9012 Sale 887
8
9012 34
66 2
- 1,i98 F A
Consol 4s aeries A
10114 Apr'28
J J
9653
Kan A & 0 ft 1st gli g
9)34 37
97 10012
A 0 9934 Sale 9734
8314 831
Ref & imp 4's series A....2013
5
8314
8314
8
Kan & M Lit gu g 4s
1990 AO 835
8
10612 44 105 10612
Ref & Impt 5s series C____2013 A 0 1057 Sale 10512
9412 97
16
97
4
e 953
g;.1 K C Ft S Sc M Ity ref g 4s_ _1936 AO 07
106 Nlar'28
AO
_
44
75
77
Registered
77
8
767 7618
1950 AO 76
Kan City Sou 1st gold 3s
19
99 10112
10112
Ref & Impt 5s
Apr 1950 J J 10112 Sale 10012
8014 38
7414 8112
NY Cent & Hud Itiv M 3345 1997 J J 80 Sale 79
14
8818 00
4
8914
s
Kansas ity Term 1st 45_1960 J J 887 Sale 883
7812 Feb'30
70
75
1997 J J
1
8712 89
Registered
4
873
4
4
Kentucky Central gold 4s__1987 J J 873 Sale 873
1
97
9834
d
9812 so
1934 MN -5.-3T8 gl- e 9778
Debenture gold 4s
8512 8512
S512 Feb'30
Kentucky & Ind Term 430_1961 J J 8514 89
94 July'29
MN
Registered
88
8814
1961 J J 8814 9234 884 Feb'30
-61 - 4 94 1,eb.30
Stamped
913-1551942 .1
30-year debenture 4s
8
833 Nov29
7712 14
1961 J J 85
7934
Plain
76
ion" 1171-- Lake Shore coil gold 334s-1998 FA 7718 80 76
101
8- 101
1
1937 J J 1005
7514 7834 7518
Lake Erie & West 1st g 5s
7518
7518 77
1998 FA
99 100
Registered
99 162; 99 Feb 30
3
1941 J J
78
7612 75
79
8012 7658
2d gold .5.9
Mich Cent coil gold 3;0_1998 FA
7014 8212
8012 io
J D 795s 8114 8012
75 Sept'30
77
75
7118 79
Lake Sh & Mich So g 330-1997
1998 FA
4
4
773 783
Registered
4,
783 Feb'30
.
9 94 9612
1997 ID 781
957s
95
9612 9478
Registered
9878 994 NY Chic Sc St L 1st g 4s_
1937 AO
9912 24
s
5
;
N 993 96 0918
2
9314
1931
9314 931 s
_ 9:114
-year gold 4s
25
1937 AO
Registered
4
993 Apr'29
MN
4
9912
8
J918 9912 9 12
4
983 997
Registered
1931 MN
25
3 103- 164'-year debenture 45
103
l015s 45 10118 102
Leh Val Ilarbor Term gu 56_1954 FA 1027 105 103
1931 MN ,0114 Sale 1011s
2(168 series A 13 C
_
0634 so
99 Feb'30
9812 100
8 44 10134 102 2
1023
10218
,
Leh Val N Y 1st gu g 43.s1940 J J
1932 AO
12
884 8958
6% gold notes
89
10712 46 10512 10712
8
-1
9714
.155 -2Sale 1005
Lehigh Val (Pa) cons g 4s_ _ _2003 MN 89 Sale 8734 Jan'30
86
Refunding 530 series A..1974 * 0 1
8612
86
MN
'2 10512 1071 4
s
1063
4
1063
Registered
9612 9878
Refunding 554s series B__1975 J J
4 25
98,
9714 Sale 07
9612 51
4
2003 MN
8
-is
935 973
General cons 4%
1978 MS 9558 Sale 9434
Ref 4 34s series C
99 Nov'29
MN
7
8
977 97
07
9614 10018
97
FA
Registered
N Y Connect 1st gu 4 %is A 1953
1 100 10112
100
1953 FA 100 Sale 100
1st guar 58 series 11
1 106 1073
4
107
107
Jan'30
- 89
8834
90
89
Lehi Valley RR gen Is series 2003 MN 10714
N
4
7 1013 103'4 N V Sc Erie 1st ext gold 4s_ 1947
102
4
4 -- 984 May'28
Wilt ilk
Leh V Term Ry 1st gu g 5s__1941 AO 1013 10212 1013 Feb'28
1933 MN
3d ext gold 4548
1054
AO
4
Registered
863 90
4th ext gold Is
1930 AO 983 ---- 59 Aug'29
Feb'30
Lob & N V 1st guar gold 4s...1945 MS 89 -- 89
6 10414 109
108
3
Jan'30
95
Lox dr East 1st 50-yr Is gu__1965 A 0 108 101 4 108
95
1946 MN 96 Sale 96
N Y & Greenw L gu g 5s
88
88
Jan'30
88
8614 91
s
803 ---- 8518 Dec'29
Little Miami gen 4s series A_1962 SIN
N Y & Harlem gold 354s..2000 MN
8 104 107
104
AO 10318 ---- 104
1935
MN ____ ---- 7514 Oct'29
Long Dock consol g 6s
9914 1004
Registered
Feb'30
100
97is Oct'29
4
Long Isid lot con gold Is July1931 Q J 993 -N Y Lack & %V 1st Sc ref gu 58'73 MN ____
97 Sept'29
984 ____ 99 Feb'30
1st consol gold 4s____July 1931• J
-1583. 99
4
1st & ref g, 4;is set B ___1073 MN
2 6312
-88i- - Feb'30
923 93 2
s
1938 J D 984-- , 92
General gold 4s
NY LEA W 1st 78 ext____1930 MS 10014 - — - 10051 Dec'29
Dec'29
s
965
99.2 100 100 Feb'30
1932 J D 9714 99
100 101
Gold Is
1932 FA
NY & Jersey 1st 56
87l 9O1
Fcb'30
89
4
873
87
1949 M
Unified gold Is
9914 9934 N Y Sc Long Branch 45_ _ ,,194l NI S 8618 --__ 0512 Sept'29
- 9912 Feb'30
_
1934 J D 9934
Debenture gold 55
9711 9934 NY&N E Bost Term 4s_ 1939 AO 88, -- 8612 July'28 1 8375 S62
2
9812
,
6
9
8612
1937 MN 9812 -- 14 98 2
-year p m deb 56
20
4
S
•
110
87
NYNH&H n-c deb 4s_1947
7
894
S 88 00 8834
Feb'30
_- 78
Guar ref gold 4s
1949
78
9
7
9914 100
Non-cone debenture 3%0_1947 MS 80
994
8
997
774
7712 15
Nor Sh B 1st con gu Is Oct '32 Q J 100
734 772
1954 * 0 771480
Non-cone debenture 3 %is_
8912 9012
1
so
92
85
18
Louie &Jeff Ildge Co gd g 48_1945 MS 90 - - -- 90
814 85
Non-cone debenture 4s_ 1955 J J 8414 Sale 84
Jan'30 30 1014 102
8
86
4
2
8414
8418 85 4 79
Louisville & Nashville 56
79
1937 MN 1023 — -- 1017
3
N
Non-cony debenture 45_ 1956
9414 06
,
95 2 34
95 Sale 9414
7714
7714
8
Unified gold 4,3
7412 78 2
,
1940 J J
1956 J J 7718 78
4
Cone debenture 3%is
941',
8
923 9412
941,
J J
Registered
120
61 121 13312
1948 J J 128 Sale 12712
8
9934 1003
Cone debenture 6s
2
4
993
4
125
Collateral trust gold 5s__ 1931 MN 100 10012 993
125 125
Jan'30
J J
Registered
16 1004 101
10034
s
4
N 1004 10012 1003
10618 32 1043 1063
-year sec 7s_ __May 15 1930
4
10
1940 * 0 1011 Sale 10534
Collateral trust 6s
2 10312 107
10618
79
83
1st refund 5)48 series A2003 AO 10614 107 10312
79 Sale 7778
79
77
N
1057
9912 105
Debenture 43
2
.
1041
9332
2003 AO 10418 106 10412
9234 221
1st & ref 58 series B
90
J D 9234 Sale 9112
1st Sc ref 434s ser 01 1927.1967
8
95
977
4
97, 138
s
873 89
Feb'30
88
8
lst & ref 4%0 series C_2003 AO 9714 Sale 9531
N 875 00
liarlem It & Pt Chet; 1st 481914
4
943 96
10
96
96
10
When Issued

Fla Cent & Pen 1st cons g 56 1943 J
Florida East Coast 1st 4;0_1959 J D
1974 MS
1st dr ref 58 series A
Fonda Johns & Glov 1st 4101952 M N
1941 J J
Fort St U D Co 1st g 4 %is
1961 J D
Ft W & Den C 1st g 5 3-is
Frem Elk & Mo Val 1st 6s 1933 A 0
1931 M N
011 & S A M &P let 5s
1931 J J
2d extens 511 guar
1033 A 0
Galv Horn & Bend 1st Is.
Ga & Ala Ry 1st cons Is Oct 1945 J J
Oa Caro & Nor 1st gu g Is.. _1929 J J
Extended at 6% to July L1934 J J
1946 A 0
Georgia Midland 1st 3s
1942 J D
Gouv & Oswego 1st 56
Or R & 1 eat 1st gag 4 %is 1941 J J
Grand Trunk of Can deb 78_1940 A 0
1936 M S
15
-year s f 6.1
Grays Point Term 1st 55......1947 J D

Bid
97
84
55
2734

-1--

-.

c Cash sale.

b Due Feb.




New York Bond Record—Continued—Page 4
N

Week's
Range or
Last Sale.

Price
Friday,
ar. 7.

BONDS
Y. STOCK EXCHANGE
Week Ended Mar. 7.

Bid
NY 0& W ref let g 4s _June 1992 MS 58
Reg 5,000 only__ _June 1992 NI S
1955 J D 454
General 4s
NY Providence & Boston 43 1942 A0 87
A0
Registered
NY & Putnam 1st con gu 4s 1933 AO 854
SI
N Y Susq & West lot ref 58_1937 J J
1937 FA
75
2d gold 4 , s
A
1940
7514
C,t neral gold 55
1943 MN 9712
Terminal let gold 5s
NY W-ches &II 1st ser I 430'46 J J 8914
Nord Ry ext'l sink fund 614s 1950 A0 10414
Norfolk South 1st & ref A 59_1981 FA 66
Norfolk & South 1st gold 58_1941 MN 85

Range
Since
Jan, 1.

0'4

High
High No Low
Ask Low
18
5512 6112
5512
80
60
70 Apr'28
45
46
Feb'30
50
50
9012 June'29
8914 Jan'28
1
88
88
8519 - 88
90
83
8612
85 cS6 Feb'30
75
75
75 Feb'30
80
79
7514 Feb'30
75
77
,
9418 993
9934 Feb'30
99
8812 8012
Sale 8833
893i 53
7 10212 10612
10412
10412 10414
7
6714 6834
5812 71
6914
99
99
99 Feb'30
95
2

Norfolk & West gen gold 63_1931 MN
1934 FA
Improvement & ext 6s_
1932 A0
New River let gold 68
W Ry 1st cons g 4.6-1996 AO
N&
1996 AO
Registered
Div'l 1st lien dr gen g 4s_.1644• J
Pocah C & C joint 4s_ __ _1941 Jo
North Cent gen & ref 58 A_1974 M
,
Gen & ref 412s see A stpd _1974 MS
North Ohio 1st guar g 5s_ _1943 A0
North Pacific prior lien 4.9_1997 Q J
Q
Registered
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & impt 4'-is series A_-2047 J J
Ref & impt 68 series 13_ —2047 J J
Ref & impt Sc series C_---2047 J J
Ref & impt 5$ series D_-_2047 2i
Nor Pac Term Co let g 6s-1033 ii
Nor Ry of Calif guar g 5s- _1938 AO

101
101 Sale 10034
__ _ 10314 Jan'30
104
10214 Jan'30
1021.1
9212
9114
4
913 93
90 Feb'30
9312
9312 Sale 9312
8
935
935Sale 9353
10112 Feb'30
10158
Jan'30
99
9618
98
9619312 - - 2 98
90
90 Sale 8813
88
87
8838 89
6718
67 Sale 66
6212 Feb'30
6214
96
96 Sale 96
11318
113 Sale 11214
10312 105 10353 10412
104
10312 10412 104
8
1023 109 10512 Jan'30
Jan'30
101
8
993 -

Og & L Chain 1st gu g 43_ —1948 J J
Ohio Connecting Ry 1st 4.8_1943 M S
1936 J D
Ohio River RR 1st g .5s
1937 A0
General gold 5s
Oregon RR & Nay con g 48-1946 ID
Ore Short Line let COILS g 58-1946 J J
.1946 J J
Guar stpd eons 5s
Oregon-N\ ash 1st & ref 4s___1961 J J
Pacific Coast Co let g 5s_ -.1948 J D
Pac RR of Mo 1st ext g 4s__1938 FA
1938 J J
2d extended gold 5s
Paducah & Ills lets f 41,0_1955 J J
Parts-Lyons-Nied RR extl Os 1958 F A
Sinking fund external 78_1958 SI S
Paris-Orleans ItIt ext 5 28-1968 MS
Paulista Ity let & ref 8 f 78..1942 M

4
793 78
78
9558
92
- 1
100 104- s 100
99
984 102
4
918
9114 93
10378 105 105
10418 Sale 10418
9012 Sale 8914
6012 6212 60
9512
—
941
100
98 4- - 100
9512
954
.10318 gvU1e- 10278
10518 Sale 10518
4
101 Sale 1003
957 97
95
8

Pennsylvania RR COOS g 4s-1943 MN
1948 MN
Consol gold 4s
4s sterl stpd dollar_Nlay 1 1948 MN
Registered
Consol sink fund 41Ss____1960• A
2s
General 4 1, series A __ - -1985 J D
1968 J O
General 5$ series 13
1930 A0
10 year secured is
1936 FA
-year secured 6s
15
FA
Registered
-year secured gold 5s _ —1964 M N
40
PaCugu3scoiltrAreg..l937 M S
Guar 314s coil trust scr 8_1941 F A
Guar 35s trust etfs C_ —.1942 J O
Guar 3 ism trust etfs D._.1044 J O
-'25-year gold 46-1931 A0
Guar 15
Guar 4e SC? E trust etfa___1952 MN
1963 SI N
Secured gold 4s
1
Pa Oblo & Det 1st & ref 4e .6 A'77 AO
,
1_1940 A0
Peoria & Eastern let C01131
April 1990 Apr.
Income 4e
Peoria & Pekin Un 1st 5148-1974 P A
Pere Marquette 1st eer A 55_1956 J J
1st 44 serles 11
1956 J J
Polio Bait & Wash 1st g 48._1943 NI N
1974 F A
General 5s series B

95 Feb'30
9518
2
4
923
9234 941 9234
9412 924 Feb'30
93
9212 Jan'30
10112
4
- 12
10012 1 01- 10114
991, Sale 9814
9914 149
10678
14
107 108 10618
100
5.8
100 Sale 100
86
109 Sale 10813 109
112 Apr'28
10414
15:44 Sale 10314 Aug'29 S8
84
90
8638 SSIj 841.1 Nov'29
4
8414 873 8353 Sept'29
8213 Nov'29
84
9912 - 22
9912 Sale 9914
90
32
90
90
8
993
4 77
3
99 8 Sale 983
9612 38
,
98 2 Sale 9412
$438
4
8413 8.512 84
32
2
3578 32
31
3
10312 Sale 10312 10312
10414
1
1023 104 10414
4
3
9214
4
9214 Sale 913
9312 Jan'30
4
923
6810613 1- 12 1063 Jan'30
4

Feb'30
Nov'28
Jan'30
Feb'30
,
91 4
Feb'30
10418
904
Feb'30
9512
Jan'30
Dec'29
10331
10534
101
Feb'30

17
2
6
1
69
12
36
16
67
5
1

St Jos& Grand 181 1st 42_1947 J
1996 2i
St 1.awr & Adir'lst g 56
1998 AO
2d. gold 86
St L & Cairo guar g 4s _ _ _ _1931 J J
St 1.11 Mt & S gen con g 5s_1931 A
1931 40
Stamped guar 5a
_ _1933 MN
Riv &U Div let g
13ridge Ter gu g 58_1930 AO
St L
St L-San Fran pr lien 48 A_1950 MS
1978 MS
Con M 4St El series A
Prior lien 5s merles B_1950 J J
at Louis & San Fr It; gen 6s_1931 J
General gold 5e
1931 j j
& N W 1st gu 5s_1948 j j
fl

10112 Feb'30
1034 July'28
100 Dec'29
10()118
10012
-- 10014 Aug'
9234
0234
9:04
9234_ _ 9112 Jare:30
,
1031 i5 10214 J911.345
10238
;
_
75 Feb :i()
,
86
7680 Nov'2
85
931_
9312 Sae 91
9414 July'28
Sale 9812 100
10018 Mar'21
6
0514j4
797 7813 May'28
_ 100 Dee2i
101
Jan'30
94
99
9718 -- 6 Nlay'28
8
114
712 Apr'28
9258
),
1).3 2 asle
!s14 Sale 92
84
833.4 Sale 834
8
977
9812
78
81
78
78
911
9113
9012

5
3
11
10
46
92
31

102
_

85
10112

9878
10018
3
973
9978
90
9172
10138
1014
10018
10218

8578
9634,
10112
91112„ 9878
Sale 10018
10134
Sale 9858
10018 997
8
Sale 884
Sale 8978
Sale 10138
1013 10114
4
101 10014
---- 994
89




10
3

17
10
39
1
1

8518
10
,
Nov'2
Feb'3
987
2
10012 86
Dec'28
9714
31
Feb'30
90
238
8
915 423
102
IS
10114
2
Feb'30
Nov'29

cCash sale. d Due May. k Due August. e Due June.

80

77

Philippine Ry 1st 30-yr s 1 4s '37 J J 30
30
297g
2
32
Jan'30 - 1932 J O 10218
Pine Creek reg let 66
102
98
ser A..1958 J O 92
Pitts & W Va 1st 4
2
96
94
1959 A0 93 - - -3- 934
1st M 4.-1,s series 13
93 4
2
1940 AO 99
PC C& St L gn 48is A
_
9912 9714 Feb'30
98
Series 13 48s guar
1942 AO 98
1
993 98
4
1942 81 N
9712 Dec'29
Series C 41s guar
9(112
Series D 4s guar
1945 III N
9412 9612 9414 Feb'30
,
Series E 3116 guar gold_1949 F A
45
9 3 10
944 Sale 9458
_
,
Series I 48 guar gold
1953 JO 947
063, May'29
8
Sartre G 4s guar
1957 NI N
94 Nov'29 _
9412
Series It cons guar 4.3_ _ _ .1960 F A
9458 Feb'30
98 4
Series I COOS guar 4‘is.. 1963• A
3
1 ;
-1
)8
9411 ------- 9834
1964 MN
Berke J cone guar 41-a
_ _ 98 Sepv29
General M Sc series A
1079 ID 10634 1074 10613 106
58 26
9634- June'29
.ID
Registered
- 102
Gen nage guar 5s ser 13-.1975 40 141%8 I0i 1063
4
10753 10
A0
Registered
11312 Jan'2
,Pitts 111cli & Y 1st go 6s....1932 J
1934 J
2d guar 66
.11M Sb & I. E 1st g 5s.......1940 A 0
1943 J J
1st enneol gold 58
1943 II N
Pitts Via & Char 1st 48
ser A 1948 J D
Pitte Y & Ash 1st
1062 FA
1st gen 5a series 13
1974 ID
1st gen 5$ series C
1957 MN
Providence Secur deb 48
Providence Term let 48_ _ —1950 MS
Reading Co Jersey Cell coll 4s 'Si 40
40
Registered
lien & ref 41 2s series A_1997 ▪ S'
,
Rensselaer & Saratoga 6s_ __1941 MN
1948 Ni PI
Rich & Meek. 1st g As
Riehni Term Ity it gu 5.9_1952 J J
Rio Grande June 1st gu 58_1939 S D
Rio Grande Sou let gold 46_1940 J J
Guar 48 (Jan. 1922 coupon) '40 J
Rio Grande West lst gold 44-1939 J J
lst eon & coil trust 4a A..1949 A0
1934 MS
RI Ark & Louis 1st 4!is
1949 J 1
Rut-Canada let gu g 4s._
J
Rutland 1st con c

10158
10314
10214
8
927
90
9312
9414
101 12
99
98
91
88
68
6212
9512 983
8
112 11412
103,2 10512
10312 105
10512 105,2
101 101

10034
10314
10214
9012
90
4
913
4
923
101,2
99
93
8812
8658
8378
62

6
100 1- 699
99
91
4
913
10418 105
10378 105
8
,
88 4 913
6212.
60
9414
•4
973 100
6 -13
2
15. - 1- 4
10412 107
3
99 4 102
95
997
8
9378
8
923
9214
9212
9.824
9712
106

1623
Price
Friday.
Mar, 7,

BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar, 7.

Week's
Range or
Last Sale

Range
Since
Jan, 1.

81,2
Ask Low
High No Low
High
9812 9418 Jan'30
9418 9534
1931 ISI S 98
St Louis Sou 1st gu g 48
11
861.
8758
8714 89
8812
85
St L S W 1st g 4s bond etfs..1989 MN
77
793 7718 Feb'30
4
8
767 7812
2d g 4s Inc bond etfe Nov 1989 J J
9812 30
1932 J D 9814 Sale 98
9714 9812
gold Is
Consol
5.5
9914 Sale 9714
9914
96
993
4
1st terminal & unifying 5s_1952 J J
44
_
9518
96
9518
941g 96
,
St Paul & K C Sh I. 1st 43is_1941 FA
-. 10018 Feb'30
1931 F A 100
1001g 10018
St Paul & Duluth 1st 5s
ii) 843
_ _ 8818 Nov'29
8
1968
1st consol gold 4s
9211
9718 Jan'28
St Paul E Cr Trk 1st 4593...1947 J J
-812 9714 Feb'30
9
9714 -96- 9714
-St Paul Minn & Man con 4.6_1933 J J
103 10312
1933 2J 10312 105 103 Feb'30
1st consol g 68
2i
10018 Dec'29
Registered
J J 99 102
9878 Feb'30
98 991*
6s reduced to gold 45s___1933
J J
98
Feb'30
98
98
Registered
9453 Feb'30
9353 944
1937 ii) 945
Mont ext 1st gold 48
887s 92
9012 Jan'30
9013 9012
Pacific ext guar 48 (sterling) '40 J J
8
1047 1054
St Paul Cu Rep 1st & ref 58_1972 J J 10512 10612 10514 Feb'30
11
9214
8
905 9314
1943 ii 9214 Sale 9214
S A & Ar Pass 1st gu g Is
100 Feb'30
9912 100
Santa Fe Pres & Phen 1st 5s_1942 51 S 100
2
103
103 103
1934 AO 103 Sale 103
Say Fla & West 1st g 68
9934 Jan'30
4
993 9934
1934 AO 100
1st gold 55
- - 881, Feb'30
881 88 4
,
,
Scioto V & E 1st gu g 4s 1989• N 8814 93
SO
3
603 Feb'20
803 66
8
Seaboard Air Line 1st g 48-1950 40 67
35
7018
70
65
1950 AO 68 Sale 6712
Gold 48 stamped
4
55
54
55 Sale 54
5912
Oct 1949 f A
Adjustment 55
34
59
6012
52
1959 AD 5818 Sale 5818
Refunding 4s
160
74
65
4
753
1945 151 S 73 Sale 7312
cons 68 series A
lot &
NI 5
75 Mar'29
Registered
11
86
4
8412 86
All &firm 30-yr 1st g 4s_d1933 MS 853 86 - 8534
1€
6618
72
61
Seaboard All Fla 1st gu 6s A_1935 E A 66 Sale 66
A 6618 80
6612 Feb'30
62
72
1935
Series B
9812 9812 Feb'30
94
9812
Seaboard & Roan 1st 5s extd 1931 J J
1 1003 1003
4
1003
4
4
4
1936 L A 10054 10212 1003
S& N Ala cons gu g 5s
10712
10712 10 1054 10712
Gen cons guar 50-yr 5s _ _ _ -1963 AD 1004
J O
So Pac coll 4s (Cent Pac coil) 1949 J D
Registered
•S
1st 41,s(Oregon Lines) A_1977
1934
-year cony 58
20
1968
Gold 43is
May 1 1989 181
Gold 4)4s
San Fran Term 1st 4s____1950
Registered
So Par of Cal 1st con gu g 5s_1937
So Poe Coast 1st gu g 42....._1937
1955
So Pac RR lot ref 48
Registered
Southern fly 1st cons g 58-1994
Registered
Devel & gen Is series A__1950
Registered
1956 A 0
Devel & gen 6s
1956 A
Develop & gen 6ss
1998
Mem DIv 1st g 58
1951
Div 1st g 4s
St Louis
East Tenn reor,g lien g 58-1938 NI S
Mob & Ohio coil tr 48-- _1938 381 S

2

9112 58
891s 9238
Dec'29
8
975
- --15455 101
4 100 10118
10118
138
96
,
93 4 99
9812 190
9818 99
4
91
89
92
__
Feb'30
87
87
_ 100 1023
Feb'30 _
4
Jan'30
96
96
4 60
923
91
923
4
_
Jan'30
91
91
10913 115 10814 11012
Feb'30
108 10712
131
91
881.1 91
8714 Sept'28
8 55 1157 11833
1183
Sale 11638
1
124
46 122 125
124 Sale 12278
10658 Feb'30 _ _ _ _
10813
10012 107
_
Feb'30
89
8
895
871g 89
_
3
88 4 July'28
100
9312
4
934
93513
90's Wis
12 SaleSale

9014
88
0634
2
1- 101
1909711:
96 Sale 9434
4
973 Sale 9714
8
905 Sale_ 9058
87
1O01 102 100
9512
96
4
923 Sale 9114
91
10912 Sale 108
10712
9014 gale 8918

95
95
95
92,
101'_
73
70
5
70
68
70
9912 Spokane Internal 1st g 5s___195.5 J J 70
8218 -- 85 Feb'30
821 8612
:
0
108
Staten Island By 1st 41, -1943 J
J J
Apr'28
Sunbury & Lewiston 1st 4s-1938 Si S 9018 -- 95
Mar'29
110
81s 109 8
3
99C10112 Superior Short Line 1st 55.._e1930 AD 9912 -- 99
Jan'30 _ _ _
98
4
973
97
98
4
Term Assn of St I. 1st g 4!(s_1939
,
8
1013
6954 1°212
1944 5 A 10112 1012 10158
i0214 1- .34 lot cons gold 58
04
.1 .1 887s
61
8834
90
4
87, 90
Gen refund s f g 46
39 10412 10612
103
100 gale- 105
0
195
A 1953 f
Texarkana & Ft S lot 5
_ _
98 Dec'29
98
1943 J J
_
Tex & N 0 corn gold 53
26 10612 168
10814
- -1a
2000 J D 10814 Sale 10714
Texas & Pac 1st gold 58
Mar
95
2
V61- 2d inc58(Mar'28cp on)Dee2000 A0 10114 Sale 10012 Mar'29 34
10114
61 8
1- -11977
9 8 91 3
-9 1 9 /3
94
Gen & ref as series B
8
987 10134
1979 A 0 10114 Sale 10012 10112 93
Gen & ref 5s series C
,
100 8 Feb'30
1931 J J 10012
0955 101
9412 971s
La Div B L 1st g 56
- __10412 10612
84
86
Tex Pac-Mo Poe Ter 518_1984 sl 5 10534 10718 10512 Feb'30
_
100 Feb'30
9912 103
31
32
Tol de Ohio Cent 1st 50 5s 1935 J J 100
3
- 398 1003
1935 .1. 0 100 160 4 100 8 Feb'30
3
101 103'2
Westet n Div 1st g 55
9
9718
9718
9758 99
9718 98
1935 J J
10234 10414
Gen gold 5s
12
12 Sept'29
9012 92,4 Toledo Peoria & West 1st 4s_1917 J J
4
9112
9312 9312 Tol St L & W 50-yr g 4s
91
9112
1950 40 9118 Sale 9118
9812 Jan'30 _ _ _ _
4
983
9812 9812
1931 J
10634 10634 Tol W V & 0 gu 4)58 A
9812 V91- 9858 Feb'30 _ _
4
9818 985g
1933 J J
1st guar 48 series B
92 Dec'29 _ _
8
1942 SI S 913
28
30
let guar 4$ Series C
66- 88 Jan'30
88
1946
88
102 102
Toronto Ham &Buff 1st g 431 2 3D
9212 96
81
90
79
20
90
79
92
94
Ulster & Del 1st Cern g 5s---1928 JD 90
8412 81
8118
79
9714 97,
8714
81
4
Strx/ as to Dec'28 &J'ne '291nt
74 Nov'29
95
89
9612 99
1st cony Sc etre- of dep
Feb'30
1
58 8 55
1952 A0 40
51
55
1st refunding g
9414 92
94 Sale 7358
9414 9414 Union Pac let ItR &Id gr 45-1947 .1 .1
933 95
8
J
92
92
8
1
917 93
9114 93
9355 945
8
Registered
9018 54
7
88 s 9134
lot lien & ref 4s___ _June 2008 SI S 991s Sale 8912
9712 Sale 963
,
97 2 18
4
1967.
1
96
98
Gold 4 1Ss
4 22 10612 110
1093
1093 S1119 107
4
9455 - 4June 2008 M
6 4 1st lien & ref 5s
8914 50
19681J D 89 Sale 8818
8714 8914
9_ 7_
gold 4s
40
-year
9834
96
9318 Feb'30
1944 M S 9318
3/5 94
9
U N J RR & Can gen 4s
96 Nov'28
_
1933 Ii 9514 - 1- 7 8 Utah & Nor 1st ext ls
6 -7- 8714 Oct'29
Vandalla cons g 4s series A_ _1955 FA 9018
1957 MN 9014 - - -- 8212 May'29
108
Cons s f 4s series B
912 8 4 Feb'30
/318
714 -1;3
Vera Cruz & P assent 435s_1934
101
1931 M S 100 101 101
9318 101
Virginia Mid 5s series F
Jan'3
3
1936 Si N 100 8 10112 100
100 10034
1_0_1_12 10112
General .5e
95 Feb'3
95
95
Va & Southw'n lot gu 5s_ - _ _ 2003 .1 .1 9434 99
87
9012 8812
13
847 87
1958 AO 87
-year 51
1st eons 50
3
104 8 21
1021s 106
Ity 1st 56 series A _1962 MN 104 Sale 103
Virginian
Si N 1013 Sale 10112 10'2
14 101 1s 102
4
1939
9233 923i Wabash RR 1st gold 5s
1
10014
3
9912 1014
1939 P A 10014 100 4 10014
9112 911,
'2d gold 58
4 1013 105
105
10214 10214
4
ltef & gen s f 5;is ser A _ _1975 M S 10212 105 105
9818 May'29
Debenture B esrregistered_1939• J
Jan'30
-81 SO -751st lien 50-yr g term 413 _ _ _1954 .1 .1 8212 8412 85
100 103 100 Feb'
1941 J
100 100
Det & Chic ext 1st 53
87 Nor214 _ _
8838 93
9311
7.54)1
Des Moines Div 1st g 48-1939
4
1941 A 0 813 ---- 8334 Feh'30 _ _ _
8114 83 4
-3Omaha Div 1st g 3 W
__
9714 1- 68814 90
1941 SI S 8918 _ _ _ _ 90 Feb'30
To! & Chic Dtv g 4s
6
10012 79
1.2
974 1004
ref & gen 5s B_ _1976 A 0 100 Sale 9978
Witbaeh Ity
83
93
Sale 9112
9'278
8
series C...1978 F A
4
883 935
Ref & gen 4
_ 72
8
745 7212 Feb'30 _
71
12 7212
Warren 1st ref go g 3 As— - _2000 F A
11
86
8514
1948 Q SI 8512 90
94
6
833 90
94
Wash Cent 1st gold 48
8533
854
1
4
853
8414 86
1945 F A
Wash Term 1st 50 35i5
8314 90
90 Feb'30 _
1945 F A 9012
-year guar 4s
1st 40
-51- -9233 W Min W & N W 1st gu 5.6_1930 F A 9934 1-00 9934 Jan'30 _ 993 9934
4
82
187
1952 A 0 82 Sale 81
8112 8533 W Mayiand 1st g 48
82
81
16
8
967
944 97
1977 J
95l4 S41e 96
,,,
e
953 982
1st & ref 5!,s series A
6
3
100 4 10112
98 102
1937 1 J 10118 _ _
78
West N Y & Pa 13t g 5s
75
901s
2
14 911 9018
1943 A 0 90
,
86
88 8 9212
9112
Gen gold 4.8
9818 81
9712 99
Western Per 1st ger A 5s__ —1948 M S 98 Sale 9778
Feb'30 _
97
191 s
97
85
97
Registered
8518
89
871 89
8812
2381 J J
853 8918
4
West Shore 1st 48 guar
8
863
4
8
2361 1 J 863 Sale 853
151- 1011s
Itegisteeed
854 88
.
4
983 991; Wheeling & Lake Erie—
9912 Nov'29
1930 F A
100 10012
Ext'n & Impt gold os
9118
91,8
2
Refunding 4As series A 1966 M S
-56- 111
91 100
3 9714
952
1966 St S. 88
Jan'30
9834 100
Refunding Sc series B
89
89
1949 NI S.
997, 10018
RR 1st consol
asi4 8914
66
8712 90
19421 D
60
Wiflt&F.astlstgog5c
8214 685g
19381 D
98 Nov'29
8812 915 Will & SF 1st gold 56
8
100 10214 Winston-Salem S B 1st 4's.,..,A960 .1 .1
82 Nov'29
10018 10158 Wis Cent 50-yr lst gen 4.8
1949 J S 8114 Sale 8114
8218 25 -79 - -5£12 g
93
9378 91
100 10112
Feb'30
Sup & Dul div & term 1st 4.8 '36 M N
4
893 9153
/
79
Oet'29
Wor & Conn East 1st 41 2s..._1943 .1 J

i1

1621
BONDS
N Y. STOCK EXCHANGE
Week Ended Mar. 7.

New York Bond Record—Continued—Page 5
t'rs
t
t

Price
Friday,
Mar. 1.

Week's
Range or
Last Sale.

ti

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

t

Price
Friday.
Mar. 1.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

INDUSTRIALS
Ask Low
Bid
High
High No Low
Bid
Ask Low
High No Tow
High
Abitibi Pow & Pap 1st 5s___ A953 J D 8314 Sale 82%
10112 sale 101
Detroit Edison 1st coll tr 5s_1933
8312 84
8214 84
10238 19 10014 1023
8
Abraham & Straus deb 50_1943
1st & ref 5s series A_July 1940
10258 10312 10318
2 101 103 4
10318
,
AO 9712 Sale 9712
9
With warrants
Gen Sr ref 5s series A
9812
97 2 9912
,
10312 Sale 10234 10312 57 1013
1949
4c10411
4
Adriatic Elec Co extl 7s
99
1952 AO 95
9812 99
1st & ref 68 series B_ _July 1940
98 100
10614 Sale 10512 106
26 10512 10714
6
AdamsExpress coil tr g 4s _ _ 1948 MS 8334 848 8334
848
Gen & ref 5s series B
82
8412
10314 103% 10318
10 102 103%
1955
1031e
2
4512
48
Ajax Rubber 1st 15-yr s I 88_1936 JD 45
4518
10318
451s 497
Series C
8
1962
103
3 1023 10312
10314
2
1
514 9
Alaska Gold M deb 68 A _.-1925 MS
812
812
812 812 Det United 1st cons g 4 Hs_ _ 1932
9638 97
2
96%
963
8
98
96
Cony deb 6s series 13
514
1926 MS
514 Feb'30 - 514 5% Dodge Bros deb 6s
04 Sale 94
1940
94% 106
9212 9412
3
91
Albany Pefor Wrap Pap 6s_ _1948 AO 90
91
901
9178 Dold (Jacob)Pack 1st 6s_ _ _ _1942
85
6712 6814 6712
6712
3
70
87
1944 FA 10112 Sale 10112 10212 279
Allegheny Corp col tr 55
99 10212 Dominion Iron & Steel 5s_ _ _1939
10012 Sale 10012 10012
1 10012 10012
8
1023 294
Coll & cony 55
1949 J D 10114 Sale 10114
99 10212 Donner Steel 1st ref 7s
10238
1942
1 10112 102%
1025
8 102%
Allis-Chalmers NI fg deb 5s1937 MN 1003 Sale 10014
4 32
1003
4
9934 10114 Duke-Price Pow 1st Cs ser A _1966
10414 Sale 10312 10414 25 10318 10414
A Ipine-N1 ontan Steel 1st 7s 1955 MS 95
95 4
9512 95
3
4
91
99
95% Duquesne Light 1st 4 H.. A_1967
9912 983
4
99 2 34
,
9614 100
Am Agric Chem 1st ref s 1 7 Hs'41 FA 10434 Sale 10212 1044
9 10212e10434 East Cuba Sug I5-yr f g 7 Hs'37
82 Sale 8111
50
85
66 c86
8
8218
Amer Beet Sug cony deb 65.._1935 TA
8218 Sale 7778
75
821s Ed El III likIn 1st eon g 4s _ _ _ 1939
06% 06 Feb'30
96
94% 968
4
23
American Chain deb s f 6s_ 1933 AO 100 Sale 995
100
8
97 10014 Ed Elec Ill 1st cons g 5s
10812 111 109
1995
Jan'30 _ -- - 109 109
13
Am Cot Oil debenture 5s
100
1931 MN 10018 1008 100
Edith Rockefeller McCormick
99 100
931, 10
Am Cynamid deb 5s
1942 AO 9818 Sale 9714
96
10034 Sale 10038
9812
Trust coll tr 6% notes_ _1924
15 1003 101%
1011s
8
87 Feb'30
Anier Ice s f deb 5s
1953 J D 8718 89
92 Sale 9178
8634 89 4 Elec Pow Corp(Germany)6 Hs'50
,
13
92
8912 92
10312 267 100 104% Elk Horn Coal 1st & ref 654s 1931
Amer I G Chem cony 50_1949 SIN 10312 Sale 102
8314 87
90 Feb'30
82
00
9612 253
Amer Internal Corp cony 5 Hs'49 J J 9612 Sale 9412
93
(Deb 7% notes(with warr)1931
05% 70
965
8
66
Jan'30
66
88
_ _ 10334 1057 Equit Gas Light 1st con 5s_ _1932
Arn Mach & Fdy s f 139
- 1037 Feb'30
1939 AO 10378
8
s
100 Feb'30
100 100
9
108
Am Nat Gas 6 Hs(with war)1942 AO 74 Sale
70 c7612 Ernesto Breda Co 1st m 7s_ _1964
AO 1013 Sale 101
74'4
1705178
Am Sim dr It 1st 30-yr 5s ser A '47
With stk purch warrants
9918c102
4
753 Sale 7534
8
7734
7534 80
10334 32 103 1055 Federal Light & Tr 1st 5s___1942
Amer Sugar Ref 15-yr 6s_ _ _ _1937 J J 103 Sale 103
95
9612 95
8
16
95
9(312
94
9512 Sale 95
953
Am Telep dr Teleg cony 4s _ _1936 M S 9514 Sale 9514
4
3
1st lien s 1 58 stamped_ __ _1942
94% 98
9512 42
9412 96
S 1003- 9938 Jan'30
19:33
30
-year cony 4 Hs
101 102 101
1st lien 6s stamped
9918 100
1942
1 100% 10212
101
1946 J D 10338 Sale 10314 1034 47 103 10434
30-year coil tr 58
96
30
9612 9412 Feb'30
-year deb 8s series B _
1954
9218 9412
J D
- 103 103
- - 103 Feb'30
Registered
100 _ _ _ _ 10112 10112
Federated Metals s f 75
1939
5 100 102
102% 103 101,18 104
8
35-yr s f deb 5:1
1960 • J 1023 Sale 102
Fiat deb 7s (with warr)
10312 105 104 Feb'30
1946
104 107
20
-year s f 5Hs
1943 MN 10578 Sale 10512 105% 73 104; 10714
9214 9212 92
Without stock purch warrants_
9212 18
93
90
Cony deb 4 Hs
1039 J J 160 Sale 15712 16212 6643 13714 1621. Fisk Rubber lst s f 8s
8514 Sale 8178
,
1941
29
86
75
867
8
8
35-yr deb 5s
1965 FA 10212 Sale 10112 1023 740 10018 10238 Framerlean Ind Dev 20-yr 7 Hs'42
10612 Sale 10612 107
35 10312 107%
4 103 105% Francisco Sugar lst s f 7 Hs_ _ 1942
Am Type Found deb 6s
1940 AO 10418 Sale 10418 1054
95
96
97 Feb'30
97
96
AO 10014 Sale 10014 1004 62
Am Wat Wks & El col tr 5s_ _1934
993 101
4
French Nat Mall SS Lines 7s1949
1033 Sale 10318
4
10334 79 102% 104
8 21 10414 106% Gannett Co deb 6s
Deb g 63 series A
1065
1975 MN 1054 Sale 106
86 Sale 86
1943
8612
9
86
88
80
Am Writ Pap 1st g 6s
17
1947 ii 797 Sale 79
10338 1033 997 Feb'30
Gas dr El of Berg Co cons g 5s 1949
82
69
4
8
9978 997
8
9312 84
9212 95
8314 Sale 8314
90
Anglo-Chilean s f deb 7s_ _ _ _1945 MN
8312 9312 Gen!Amer Investors deb 58 _1952
84
34
85
82
50
10
54
50
50
Antilla(Comp Azuc) Hs _1939 J
Gen Cable 1st s f 53.s A_ _ _ _ 1947
49
10118 Sale 10078
52
10112
99 10112
MS 9918
_
Ark & Mem Bridge & Ter 58_1964
- 100 Feb'30
Gen Electric deb g 3 As
94
9814 100
943 94 Feb'30
4
1942
_
94
94
8812 28
1939 J D 8818 Sale 8712
Armour & Co 1st 4 Hs
103 Sale 10218
8712 895 Gen Elec (Germany)7s Jan 15 '45
3
18
103
9914 103
8
827 134
Armour & Co of Del 5Hs_ _1943 J J 8212 Sale 8138
11212 116 11312 11312
S f deb 6 Hs with warr _ _ _1940
813 85 3
8
,
2 109 124
Associated 0116% gold notes 1935 NI S 10212 _--- 10212 10312 11 102 10312
9838 9914 9858
Without warets attech'd_ 1940
983
4 13
9512 9914
- 1013 Jati'30 -Atlanta Gas I. 1st 58
4
1947 J D 10214
20
9414 Sale 9358
1013 1013
9414 75
4
-year s f deb 6s
1948
4
9218 9414
1_ _ 125 May'28 -- -Atlantic Fruit 7s ctfs dep__ _1934 J o
Gen Mot Accept deb 6s
103 Sale 10234 10318 134 10012 10318
1937
J o
1
1258 Nlay'29
Stamped ctfs of deposit
1007 10114 101
Genl Petrol 1st a f 58
8
101
5
1940
99% 101%
7612
9712 Sale 9678
77
63
All Gulf & W I SS L col tr 58 1959 J J
763
8
Gen Pub Serv deb 5 Hs
9712 25
1939
73'8 7712
9312 98
Atlantic Refg deb 58
4 26 100 1013 Gen'l Steel Cast 53 with war '49
1937 J J 10112 Sale 10012 1013
10278 Sale 10234 10312 63 101 10312
4
0
,
Baldw Loco Works 1st 58_ _ 1940 MN 10618 107 106 Feb'30 -- 105 107
9238 957 94
8
Good Hope Steel & I sec 7s 1945
04
3
0212 977
2
8514
2
8514 8714 8514
Baragua (Comp Az) 7)s_ _1937 J J
10612 Sale 10618 106% 66 105 107
Goodrich(B F)Co 1st6 Hs _ _ 1947
8514 91
93 Sale 93
93% 38
Batavian Pete gen deb 4 Hs 1942• J
03 Sale 92
9234 9512 Goodyear Tire & Rub 1st 56_1957
93
187
93
90
68
5
Belding-Heming% ay 58
1936 J J 67 Sale 67
93 101
67
9258
Gotham Silk Hosiery deb 68_1936
75
17
93
87
93
10412
s
9 102 106
Bell Telep of Pa 58 series 13_ _1948 J J 1027 Sale 1027
71
Gould Coupler lat s t3s
70
72
72
1
1940
69
'/'o
4 28 1033 10634 Gt Cons El Power (Japan) 7s1944
1st dr ref 5s series C
1960 AO 106 Sale 10418 1063
9912
8
0912 100
997
3 17
9714 100
95
126
Berlin City Elec Co deb 6301051 J O 9312 Sale 90
9412 Sale 9414
1st & gen s f 63-511
88
95
94% 10
1950
9115 94%
Deb sink fund 6 Hs
40
90
1959 TA 90 Sale 88
9812 Sale 98
Gulf States Steel deb 5 Hs_ _1942
843 90
9812 52
4
97
99
14
Berlin Elec El & Undg 6 Hs_ _ 1956 AO 87
90
8978
90
87
85
86
86
86
2
9214 Hackensack Water 1st 4s
1952
85
87%
10312 15 10112 104
Beth Steel 1st & ref bs guar A '42 MN 1013 Sale 1015
Harpen Mining 6s with stk purch
30-yr 111 & iMp s f 5s_ _ 1936 J J 10034 Sale 10031 10112 40
02
93% 9312
9312
1
war for corn stock or Am she'49
993 104
4
8712 94
Bing & Bing deb 6 Hs
90
91
Feb'30 ---Aug'29
1950 MS 89
- 9612
Hartford St Ry 1st 4s
8614 91
1930
Botany Cons NI Ills6 Hs
44
3
83
1934 AO 44 Sale 40
9612- - 84 Feb'30
8512
Havana Elec consol g Ss_ _ 1952
40
47
- -851-2 I4 2
-1104
14 101 105
Bowman-Bilt Hotels 7s
1934 MS 104 Sale 104
62
8614 6618 Feb'30
Deb 530 series of 1926.._1951
6214 6612
B'way & 7th Av 1st colas 5s 1943 J o 38
40
38
3812
3
86
81
1
85
85
35
4412 Hoe(R)& Co 1st 6 Hs ser A.1934
75
87
84
1
86
Brooklyn City RR 1st 5s
84
84
941 J J
7814 82
Feb'30
81
Holland-Amer Line 68(ftat) _1947
8212 86
81
921g
Bklyn Edison Inc gen 5e A _ _ _1949 J J 10414 1043 104
4
10412 10 103.2 1051s Hudson Coal 1st e f 5s ser A_ 1962
71 Sale 71
143
72
6512 7212
9818 254
Bklyn-Man R T sec 6s
1968 J J 9818 Sale 9714
10214 10414 102 Feb'30
9412 9818 Hudson Co Gas 1st g 5s
1940
10118'103
Bklyn Qu Co & Sub con gtd '41 MN
7112 73
71
Feb'30 -__102 Sale 1013
4 10218 161 101 10214
71
7514 Humble Oil& Refining 50_1932
7558 92
1st 5s stamped
7312 Dec'29
1941 J J
10012 Sale 10014
Deb gold bs
10012 24
1937
993 1007
4
s
Brooklyn II Tr 1st cony g 4s_2002 J J
9212 June'29
104 Sale 103%
Illinois Bell Telephone bs_ _ _l956
46 103 105
104
3-yr 7%s ecured notes
121 J J 105 -__ 10614 Nov'29 ___ _
9814 Sale 9814
Illinois Steel deb 4).'s
983e 22
1940
97 102
TA
8258 86
Bklyn Un El 1st g 4-E4
86
Feb'30
I!seder Steel Corp intge 6s_ _ _ 1948
1050
8812 Sale 8712
84
88
8812 40
89
82
,
85
854 85 Feb'30
Stamped guar 4-5s
1950 1 A
6912 Sale 69
Indiana Limestone 1st s f 68_1941
88
85
24
70
68
7012
Bklyn Un Gas 1st cons g 58_1945 MN 10612 Sale 1043
4 10612 15 10418 1061 2 Ind Nat Gas & Oil 5s
100 ___ 100
2 100 101
100
1936
1st lien & ref 6s series A _ _ _1947 MN 114 ____ 114 Feb'30
_ 114 117
Inland Steel 1st 4;0
93 Sale 9212
93
50
1978
9412
91
Cony deb g 530
___- 255
Oct'29
10012 101 10014 10012 29 10018
1936• J 205
Inspiration Con Copper()Hs 1931
1007
8
Buff dr Susq Iron 1st sibs_ 1932 J D
_ _ 96
Jan'30
912 20
-?)ti- 16 Interboro Metrop 434s
-912 Feb'30
1956
912 912
Bush Terminal lst 4s
8712 8914
8838 15
1052 AO 9414- - 8838
6534 Sale 6412
8714 8912 Interboro Rap Tran 1st Be_ _1966
657 122
8
6112 6814
97 Sale 97
Consol 5s
12
98
65 Sale 6414
1055 J J
94
98
Stamped
6512 114
6112 6814
18
100
99 102%
Bush Term Bldgs 5s gu tax-ex '60 AO 100 Sale 99
6034 Jan'30
Registered
6034 60%
By-Prod Coke 1st 5 Hs A _ _ _1945 M N 101 1014 10012 101
7 10014 1021s
-La- -55'7- 54
10-year (3s
8
55
4
1932
57
51
Cal G dr E Corp unit ,k ref 58_1937 SI N 10034 Sale 10034 1004
5 10038 102%
10
8814 Sale 8814
-year cony 7% notes_ 1932
89
31
92
84
Cal Petroleum cony debsf 581939 TA
9512 Sale 9512
7
94
95
94
9614
9312 Jan'30
9614 lot Agile Corp 1st 20-yr 58-.1932
9312 9312
Cony deb s g 53
30
,
0
1938• N 100 Sale 9912 100
733 79
9812 10014
4
Stamped extended to 1942, 7334
733
4 24
7214 743
4
Camaguey Sug 1st s f g 7s_ _ _1942 AO 58
6
60
58
lot Cement cony deb 5s_ _ _1948
58
96 Sale 9418
58
96
60
72
96
91
Canada SS L 1st & gen 6s.. _ _1941 AO 9514 953 9514 Feb'30
4
97% Sale 9718
94% 9512 Internet Match s f deb 5s _1 947
98
68
98
97
Cent Dist Tel 1st 30-yr 5s_ _,A043 J O 10238 104 10238
10238
Sale 97%
Inter Mercan Marines f 6s_ _1941
9734
10218 104
9814 27
9634 98%
Cent Foundry lets f 6s May 1931 FA
7912 85
80 Jan'30
85% Sale 8434
80
8112 Internet Paper 58 ser A & IL 1947
853
8 35
9012
83
Cent Hud G drE 58
8712 Sale 86%
Ref 51 6s series A
10214 102,
Jan 1957 M S 10238 105 10212 Feb'30
87% 17
1955
85
90
-; 121
Central Steel 1st get 8s_._ 1941 MN 12312 Sale 12314
9118 Sale 90%
12312
12312 Int Telep & Teleg deb g 43 1952
9118 101
,
0
893 94
8
Certain-teed Prod 5).s A ___1948 M 1
54 Sale 54
553
4 44
121 Sale 11834
54
Cony deb 434s,
61
12114 221 116 125
1939
7512
Cespedes Sugar Co 1st Sf 7 Hs'39 M
75 Sale 75
5
Deb 5s when issued
4
963 Sale 9614
7412 7814
1959
97
861
9638 97
Chic City & Conn Rye 5sJan 1927 AO 49
75
83 July'29
10312 Sale 10312 104%
Kansas City Pow & Lt 5s_ 1952
7 103 105
Ch G L dr Coke Istgug 5s_1937 J J 101 Sale 101
101
1st gold 4 Hsseries 13
100 102
964- 9512 Feb'30
,
1957
9512 95 2
,
Chicago Rys 1st 58 stamped
Kansas Gas & Electric 6s._ A952
105 Sale 10434 10512 13 104 10612
Aug 1 1929 int 10% paid _1027 FA
75 Sale 70
20
75
69
7414 Sale 7318
_1027
7512 Karstadt (Rudolph) 68
1943
747
8 36
6912 7614
Chile Copper Co deb 5s
63
96
9412 9614 Keith (B F)Corp 1st 6s
85 Sale 84
1947 J J 9578 Sale 95
85
4
1946
85
74
CDs G & E 1st m 48 A
8812 51
1968 AO 88 Sale 8712
907 Sale 9018
8618 89% Kendall Co 5345 with warr_ _ 1948
8
5
907
s
89
907
s
Clearfield Bit Coal 1st
8
63
Jan'30 - 75
__..1940 J J 645 77
63
84
63
Keystone Telep Co 1st 58
78
78
1
1935
78
75
7918 Sale 7918
TA
18
Colon Oil cony deb 6s
81
10078 10212 10214 Feb'30
71
1938
87% Kings County El dr P g 5s_ _ _ 1937
10014 102 4
,
97 Feb'30 --- ColoF&ICogensf 5s
125 127 126 Feb'30
95
1943 J J 9514 97
9818
Purchase money 6s
1997
125 1263
s
4
Col Indus 1st & coil bs gu_ _ _ 1934 FA 9412 Sale 9418
9412
77
9212 95% Kings County Elev 1st g 4s...1949
86
77%
77%
2
7512 777
s
Columbia G & E deb 5s May 1952 MN 10012 Sale 9934 10012 124
7712
76
985 10012
8
7712 7712
Stamped guar 4s
5
1949
7512 78
9
Debentures bs____Apr 15 1952 AO 100 10012 9934 10012
10318 -- 103
983
104
3 10012 104
4c10114 Kings County Lighting 5s,- 1954
9534 98
9534 Feb'30 - Columbus Gas 1st gold bs_ 1932 J J
11318 _
First& ref6 Hs
95
Jan'30
115
9534
1954
115 115
Columbus Ity P & L 1st 4 Hs 1957 J J 9238 Sale 9112
Kinney(GR)& Co 7H% notes'36
1017 103 1017
90
8 92% 76
94
5 101 10312
8 101%
17
9834
99
10312 Sale 103
Commercial Credit s f 6s_ _ _ _ 1934 MN 9834 99
Kresge Found'n coil tr 6s
9334 99
104
13 10214 104
1936
J J 97 Sale 97
96 Sale 95%
Col tr st 53s notes
85
1935
9712 Kreuger & Toll ba with war ,.,.1959
963 196
9714 64
4
92
963
4
20
94
10114 Sale 100
Comnal Invest Tr deb 6s_ _ _ _ 1948 MS 94 Sale 9314
86
94
10114 24 100 102
Lackawanna Steel 1st 58 A,..1950
263
93 Sale 8612
94
Lac! Gas of St L ref&ext 58 _1934
101
Cony deb 530
__ _ 101
94
83
10114 56
1949 FA
99 10114
103 Sale 100 4 103
Col & ref 5345 series C _ _ 1953
10312 1047
Computing-Tab-Rec s f 6s_1941 J J 1043
3
88 1003 104%
a
4- 104 Feb'30
4
Conn Ry & L 1st & ref g 41951 J J 94 Sale 9512 Jan'30
9512 9512 Lautaro Nitrate Co cony 68_1954
9312 9612
14
81 Sale 81
96
82
Without warrants
Stamped guar 4 Hs
126
1951 J J 96 Sale 94
82
74
8412 42
95 Sale 95
Consol AgrIcul Loan 6 Hs__ _1968 J O 84 Sale 8314
7612 8512 Lehigh C & Nay f 4 Hs A _ _ 1954
05
1
9418 97
Lehigh Valley Coal 1st g 5s_ _1933
10012 -- 100 Feb'30
Consolidated Hydro-Elec Works
9912 1004
9512
_ 96
917 9114
2
9114
8
1st 40-yr gu Int red to 4% _1933
89
92
Oct'29
of Upper Wuertemberg 78_1956 J J 91
22
61
597 63
8
1st & ref f 5s
166 101 Dec'29
Cons Coal of Md Ist&ref 58_1960 J O 60 Sale 5978
1934
1053
81
4 59 105 106
1st & ref a f 5:3
8514 81 4 Feb'30
Consol Gas
(N Y)deb 5 Hs_ _1945 FA 10534 Sale 105
1944
,
8012 8114
100 Feb'30 -7212 74
lst & ref s f 5s
9812 101
7212 Feb'30
Consumers Gas of Chic gu 58 1936 J O 10012
1954
7212 74
19 10214 10338
____ 72
4
10234
1st & ref s f .53
72 Feb'30
Consumers Power 1st 5s_ _ _ _1952 MN 10234 103 1023
1964
7018 7614
_
_ _0
121
90 Feb'30 _
__
/8
73
95
1st & ref s f 58
70 Feb'30
Container Corp 1st 6s
1974
1946 J D 91
75
70
19- Sale 1183
1
813
Liggett & Myers Tobacco 7s _1944
4
77
4
15-yr deb 58 with wars_ _1943 ID 803 83 8012
4 120
24 11712 120
29
9412
95
10212 Sale 1013
58
91; 9518
10212
Copenhagen Telep bs Feb 15 1954 FA 95 Sale
1951
4
7
993 10212
4
Loew's Inc deb 6s with warr.
1
11818 Sale 11312 11918 141
Coro Prod Refg 1st 25-yr s 1 58'34 MN 100% 1013 1003
4 100%
9712 102
4
_1941
10112 11918
7
9814 Sale 9678
9812
Without stocks purch warrants
94
Crown Cork & Seals f 6s.. _ 1947 J O 97
9812 08
99
9184 0814
0814 138
Lombard Elec 1st is with war '52
95
9012 102
9612 95
Crown-Williamette Pap 6s_ .1951 J J 10018 Sale 9912 10012 39
9518
19
9714
93
3
94
Without warrants
Cuba Cane Sugar cony 7.3.__1930 J J
41
41 Sale 40
3512 411s
9514 94
94
8
93
9612
LorlIllard (P) Co 75
108 1083 108
36
4012 40
43
3912 Sale 3912
Certificates of deposit
4
1944
109
43 104% 109
Registered
2
Cony deben stamped 8%A930 J j 41 Sale 41
41
3618 4312
_ 1023 Dec'29
4
Ctfa of deposit
4012 35
88 Sale 85
bs
36
4314
40 Sale 3912
1951
88
34 -This 88 Cuban Am Sugar 1st coll 83_1931 MS 993 Sale 993
Deb 530
9134 Sale 90
9
9912 100 4
1937
4 100
,
4
9212 68
9212
84
Cuban Dorn Sug 1st 7 Hs_ _1944 SIN _
Louisville Gas & El (Ky) 5s_1952
10134 Sale 10038 101% 12
37
47
37
9
37
43
100 101%
3514 40
Certificates of deposit
Louisville Ry lat cons bs_ - - -1930
100514,102
44
94 Sale 94
35
39
37
04
1
04
87
Curnb T & T 1st & gen 5s_ _ 1937 i--J 10118 102 101
Lower Austria Hydro El Pow—
18
2
10114
Cuyamel Fruit 1st s f 6s A ___1940 AO 10314 Sale 10312 104
83% Sale 8318
lstsf 6 Hs
1944
38 10214 104
84
6 80 847s
Denver Cons Tramw 18t be_ _ 1933 AO
9812 Sale 9814
McCrory Stores Corp deb 534s'41
76 Dec'29
9812 13
9612 9811.
Den Gas & EL 1st & ref s I gbe'51 MN -56- - -9 8 99%
82 Sale 82
- -- Menet! Sugar 1st s f 734s _ _ 1942
1 -65- 101
9 -799%
85
.
,
35
7014 SO
Stamped as to Pa tax
5812 Sale 58%
9812 10013 Manhat Ry(N Y)cons g 46 _1990
6
99% 99
1961 MN 99
59
9914
9
80
54
Dery Corp(D G) 1st s f 7s_ _ 1942 SI S _ _ 50
2d 4s
47
Oct'29
2013
50
47
61
47
47
47 NIssils F1P ISV & Lt s f58 1053 M 8 95 98 98 Jan'30 3 94 98
,
25
40
Jan'30
-40
33
98
Oaall We;




New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 7.

t

Price
Friday.
Mar. 1.

Week's
Range or
Last Sale.

Range
Since
Jan. 1.

High No. Low
Ask Low
Bid
High
Marion Steam Shovel of 66.1947 AO 75
80
76 LFeb'30
76
76
Mfrs Tr Co ctfs of partic in
Al Namm & Son 1st Gs .1943 J D
6
9714 Sale 97
98
9612 98
Market St Ry 7s ser A _April 1940 J J
0212 Sale 92
924 14
911
94
Nleridlonale Elec lot 78 _ _ _1957 A 0 0818 98.7 9758
7
9812
9714 100
NIetr Ed 1St & ref Is ser C.._1953 J J 10214 ---- 10214
8 101 103
102
/
1
4
Metr West Side El(Chic) 4(3_1938 F A 69 Sale 6778
4
69
6612 69
Miag Mill Mach 7s with war.1956 J D
Jan'30
9812 81
81
81
Without warrants
4
J D
8412
8412
80
86
Midvale St & 0 cony s f 5s. _1936 M S 101 Sale 10018
101.2 70
993 10112
4
Milw El Ity & Lt ref & ext 410'31 J J
3
9958 100,8 99
/
1
4
995
8
9712 997s
General & ref Is series A _ _1951 J D 10114 Sale 10012
15
10114
997 10114
8
lat & ref 68 series B
9012 33
1961 J 1) 9912 Sale 983
4
9634 9912
lot & ref 58 ser B temp
9712 9912
91)
1961 J D
9914 36
4
9912 983
Montana Power 1st 55 A._ _1943 J J 101 Sale 100
10112 42 100 1033
s
Deb Is series A
63
-1962 J D 101 Sale 99
100
98,8 1005
8
Montecatini Mtn & AgrieDeb 79 with warrants
6 10112 108
108
1937 J J 10712 Sale 107
9814
without warrants
11
J J 97 Sale 97
98
95
Montreal Tram 1st & ref 58_1941 J J
9612 97
964 1007
/
1
3
8
95 1007
8
Gen & ref of Is series A._ 1955 A 0 0114 04
9114 913
4
9114 Feb'30 -Series B
1955 A 0 9114 ---- 9178 Jan'30
9178 9178
Gen &Tel of 430 ser C
1955 A 0 84
8412 844
_--- 8412 Feb'30
Morris & Co 1st a I 4 46s_ _ _ _ 1939 J J 82 Sale 81
12
82
81
824
Mortgage-Bond (048 ser 2_1966 AO 7.1
7314 7314
75
7314 Jan'30
10-25
-year 5s series 3._ _.1932 J J
9634 Feb'30
1634 97
9612 97
Murray Body 1816 45•3
16
98
1934 J D 98 Sale 96
89
98
Mutual Fuel Gas 1st gu g 58_1947 M N 10218 10214 103
1
103
8
997 103
Mut Un Tel gtd as ext at 5% 1941 MN
93 8 Jan'30
5
93 985 984
8
/
1
Namm (A I) dr Jon-See Mfrs Tr
Naa31111 Elee guar gold 4s. 1951 J J
4
56
5412 5578 5512
5012 56
Nat Acme 1st 5 f 8s
5 1011 10234
1015
8
1942 J D 10155 10214 101s8
/
4
Nat Dairy Prod deb 5s.
98 Sale 97.2
/
1
4
..1948 F A
974 9914
983 204
8
Nat Radiator deb 650
5
28
2618 28
2778
24
1947 F A
40
Nat Starch 20
-year deb Is. _1930 J J
59
_-- 9978 Jan'30
997 100
s
Newark Congo' Gas eons 58_1948 J D 10214 103 103
2 10218 103
103
New Engl Tel & Tel 5s A..
15 10312 10612
10414
8
8
.1952 ▪ D 1037 105 1035
1st g 4)0 aeries B
9912 14
9912 Sale 99
1961 M N
9818 9934
New on Pub Serv 1st 5s A._1952 A 0 8712 92
2
8712
8712
82
883
8
First & ref 56 series B___ _1955
21
D 89 Sale 8812
83
89
89
N Y Dock 50
2
-year let g 4s 1951 F A
81 Sale 80
/
1
4
8014 8212
81
Serial 5% notes
2
77
79
77
.1938 A0 77
70
791.
NY E(Lson 1st & ref 810 A.1941 A 0 1127 Sale 1123
21 11112 114
11314
4
8
1st lien & ref 58 series B_ _ 1944 A 0 104 Sale 10338
24 102 104
104
/
1
4
N Y Gab El Lt II & Pr g 5a _ _1948 J D 1051? 106 105.2 Feb'30
_ 10-41 10612
/
4
Purchase money gold 4s_ _1949 F A
11
9314 Sale 93
9314
927 c941:.
8
NYLE&WCoal&RR 510'42 MN 100 102
99 Feb'30
99 100
NY LEA W Dock & Imp 5s'43 J J
_
3712 Sept'29
N Y & Q El L & I" 1st g 58_ _1930 F A
2 65i; 196188
397 10014 99%
9978
66,
NY Rys lat R E & ref 4s
Jun'29
4318 50
58
1942 J J
Certificates of deposit
_
4318
- 5614 Nlar'29
30
-year adj Inc 5s_ __ _Jan 1942 A- Aug'29
0 ____ -- - 8
1
97
Certificates of deposit
478
1 July'29
NY Rya(
'orp Inc 6s_ __Jan 1965 A"i)r
9
514
514 6
514
4
9
Prior lien Os series A.
70
71
71 Feb 30
84
71
1965 J .1
NY & Riehm Gas 1st Os A __1951 M N 10414 104 4 10418
10418
,
104 105
NY State Rys 1st cons 410_1962 M N
17
22
Sale 2112
22
20
25
Registered
Jan'30
MN
17
17
17
1st cons 810 series II..._1962 51 N
4
22
22 Sale 22
20 c2414
N Y Steam lot 25-yr 6s ser A 1947 M N 1063 107 1063
1 10518 107
8
1063
4
4
N Y Telep 1st & geu s f 4)0_1939 M N
993 Sale 9014
8
995
8 23
983 100
8
30-year deben s f 6s_ _Feb 1949 F A 1104 112 110.4
4 11014 111
1107
s
30-year ref gold Gs
10712 34 1064 10812
1941 A 0 107 Sale 107
N Y Trap Rock 1st 68
8
9518
9512
94
1946 J D 9512 96
96
Niagara Falls Power lot 5s_ _1932 J J 10114 Sale 100
15 10014 10112
/ 10114
1
4
Ref et gen fts
3 10012 10212
10212
Jan 1932 A 0 10:3 10314 10214
Nlag Lock & 0 Pr lot be A _ _1955 A 0 10212 10234 10234
6 1013 103
10234
8
Norddeutsche Lloyd (Bremen)
20
-years I Os
884 22
N 8812 Sale 8714
861 91
/
4
1947
Nor Amer Cem deb 610 A 1940 M S
63
Sale 56
32
5012 63
No Am Edison deb be ser A _1957 MS 1062318 Sale 10114
10214 153
9918 10217
Deb 530 ser 13_ _ _Aug 15 1963 FA 1013 Sale 101
100
102
4
997 103
8
Nor Ohio 'Frac & Light 68. _1947 MS 99 100
16
094
98
98 101
Nor States Pow 25-yr As A..1941 A0 1048 10112 101
19
10114
01;8
99 10112
/
1
4
1st & ref 6-yr 68 ser B__ _ _1941 A0
2 10417 10534
8
1047
8
106 1047
North W 'I' let Id g 410 gtd_1934 J J
9912 93 Feb'30
__
06
98
98
Norweg Hydro-El Nit 510_1957 M N
20
92
9138
8
915 92
8858 9212
Ohio Public Service 730 A 1946 AO 112 11212 111
Feb'30 --_3 110 112
2
1st & ref 7s series 13
1947 FA 11212 Sale 112
110 113
Ohio River Edison lot 68_ _
10312
7 105 106
_1948 J J 10518 Sale 10518
Old lien Coal lot 68
11
8112 79
8014
80
1944 FA
71
8014
Ontario Power N F 1st 5s_ _ _1943 FA 1003 Sale 10014
14
8
1003
8
994 101
Ontario Transmission 1st 53_1945 MN
98
5
9912 100
98
93 100 8
5
Oriental Deyel guar 6s
/
1
4
9812 58
1953 MS 93 Sale 97
95
9878
Esti deb 530
108
90
1958 M N 8934 Sale 89
864 90
/
1
Oslo Gas & El Wks extl 5s
9214 24
1963 MS 9214 Sa.e 9112
90
9314
Otis Steel 1st M (is ser A _1941 MS 1014 Sale 10114
13 10014 10214
8
1017
Pacific Gas & El gen & ref 5s_ 1942 33 1015 Sale 10112
34 1004 103
102
8
/
1
Pac Pow & Lt lot & ref 20-yr
8
1001s
17
58'30 FA 100 Sale 957
993 11013
4
4
Pacific Tel & Tel 1st Is
6 100 103
10212
1937 J J 10214 103 102
Ref mtge Si series A
10312
5 1011 105
1952 MN 10314 104 10312
/
4
Pan-Amer P & T cony 5 f 6s.1934 M N 103 Sale 10212
23 10214 10312
103
1st lien cony 10-yr 7s_ __ _1930 FA 1043 Sale_ , 7
3
10212
1, 101 1043
9
1953
04 4
4
4
Pan-Am Pet Co(of Cal)conv
68'40 3D
89
95
Paramount-Wway 1st 5;is_ _1951 .1 .1 101 Sale 101
10112
4
99 102
Paramount-Fam's-Lasky 6s.1947 J D 1011 Sale 10014
10178 114
/
4
98 1017
8
Park-Lox 1st leasehold 610_1953 33 81
2
81
8478 81
7512 83
Parmelee Trans deb Os
8714 315
4
1944 A0 863 Sale 823
8
75
8714
Pat & Passaic G & El cons 58 1949 MS 10218
4
1013 Feb'30
_ 101 1013
4
Pathe Exch deb 78 with warr 1937 MN
50
30
4814 Sale 47
36 c52
Penn-Dixie Cement 6s A _ _ _1941 MS 81 Sale 80
79
83
7312 83
Peop Gas & C 1st cons g 6s 1943 AO 11134 11234 1113 Feb'30
_ 1111 11134
4
/
4
Refunding gold 53
10212
4
6 101 104
/
1
4
/
1
4
1947 51 S 101 102 1013
Registered
100 Dec'29
_
M S
Pails Co sec 5s ser A
222
99
8
1067 3D 99 Sale 977
06
99
Phila Elec Co 1st 430
983
8 26
4
9814 083 9814
1967 MN
97
99
Phiia & Reading C & I ref 58_1973 .1 J 863 Sale 8634
87
13
4
84
873
8
Cony deb 6s
9712 96
Sale 9612
1949 MS 9712
91
98
Phillips Petrol deb 53is _ _ _ _1939
923 151
8
D 92 Sale_ 9112
90
93
Pierce
-Arrow Mot Car deb 85 43 MS
10512 Sept'29Pierce 011deb a f 8s_ _Dee 15 1931 3D i(56106
3 104- 1
loo
-66Pillsbury Pi Mills 20-yr 6s..1943 AO 1033 Sale 1034
10412 15 103
4
105
Pirelli Co (Italy) cony 7a _ 1952 MN 11014 Sale 11014
111
14 105 113
/
1
4
/
1
4
Pocah Con Collieries 1st s f 55'57 J J
9412
9412
9412 95
8
9412 9412
Port Arthur Can dr Dk 6a A_1953 FA 105 Sale 10412
105
4 10212 105
1st M 65 series B
_ 10312 Feb'30
_
1953 FA 10312
102 10434
Portland Elec Pow 1st 13e B_1947 MN 99 Sale 9814
3812
8
9612 100
Portland Gen Elec 1st Is.._1935 J J 100 100 4 3814
10034
4
3
9814 103
Portland Ry Ist & ref 5s_ _ _ _1930 MN 9912 9034 9912
994
1
97
993
4
Portland Ry L & P 1st ref 58_1942 FA 00 Sale 99
99
1
96
99
1st lien & ref Cis series B 1947 MN 98
99
9914 98
3
9618 99
1st lien & ref 710 ser A _1946 MN 1057 Sale 10578
1057
8
8
3 1045 107
8
Porto Rican Am Tob cony Os 1942 .13 94
94
9414 9314
31
91
04
Postal Teleg & Cable coil 53_1953 J J 94 Sale 934
9414 128
9312 9412
Pressed Steel Car cony g 68_1933 32 90 Sale 89
90
24
81
99
Pub &Iry Corp N J deb 410_1948 FA
190
Jan'30
_ 181
Pub Serv El et Gas lot & ref Is'65 .1
10318 _ _ 103 10312 8 10218 194
104
lat & ref 410
973
07 - - 8 9612
97
33
1967 3D
9512 9834
lat & ref 41is
973 36t.
97 Sale 96
8
1970 FA
9512 973
8
Punta Alegre Sugar deb 7s_ _13 J J
51
51
60
50
2
50
55
Certificates of deposit......
6212 55 Feb'30
50
_
51
55
Pure Oil st 54i% notes_ _ _1937 FA 100 Sale 991
. 100
50
9912 10012
Purity Bakeries s I deb Is...1948 J J 9612 Sale 16
961 53
/
4
95
964
/
1
Remington Arms 88
9612
9
1937 MN 9612 Sale 96
9314 97
Rem Rand deb 530 with war '47 MN 9714 Sale 9634
97-55 100
9112 97
,2
Republic Brass Os
10312 Feb'30 - _ 101 1034
July 1948 M S
Repub I & B 10-30-yr Sss f_1940 AO 102 Sale 1011 102
/
4
11 10114 10214
Ref & gen 5145 series A _ _1953 J J 102 10412 102
103
/
1
4
8 1001A 11147
2
nevere C- n A Br 54._ July 1948 MS 104 Sale 103
10414
24 103 111414
•04211 sale.




BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar, 7,

1625
Price
Friday.
111ar. 7,

Week's
Range or
Last Sale.

Range
i','S3:
Since
:: Z.
..,
Jan. 1.
Bid
Ask Low
High No. Low
High
Reinelbe Union To with war_1946 .1 .1 10514 107 10514
106
II
96 1061
/
4
Without stk punch warr_ _1946 3 3 97 Sale 97
9712 51
90
074
Rhine-Main-Danube 7s A._1950 NI S 1021 10278 10212
10278
17 100 103
Rhine-Westphalla El Pow 7i 1950 M N 10118 Sale 101
15 100 1024
10114
1.1rect mtge Os.
9112 30
9014 Sale 9014
1952 Si N
88
9112
Cons 51 68 of'28 with war_1953 F A
.921 Sale 1112
/
4
92
/ 51
1
4
83
927
s
Without warrants
9112 Sale 9012
13
91
IN 3.
Richfield Oil of Calif Gs
1944
9412 Sale 9412
92
/ 31
1
4
Emma Steel 1st s f 78
4
1955 FA
14
96
94
854 2 98 0
9884 7
1112
Rochester Gas & El 7s ser B_1946 MS 10714 Sale 107
4
15 10634 1083
1 12
8
Gen mtge 510 series C._ _1948 MS 105
/ ____ 10512 Feb'30 ---- 105 10512
1
4
Gen mtge 410 series D
5
1977 51 S 97.2 997 974
8
9712
97
0712
Roch & Pitts C& I pm 5s_ _1946 MN
87
89
90 Nov'29 ---St Jos Ry Lt H & Pr 1st 58_1037 51 N
9418 ___ . 94
Feb'30 ---- -94- - - -194 2
St L Rock Mt dr P 58 stmpd _1955 J J
6112 6312 6138 Feb'30 ---60
6155
St Paul City Cable cons Is _1937 J
75
80
88 Feb'30 ---85
88
San Antonio Pub Serv 1st 68_1952 33 10518 Sale 105
2 102 105
10518
/
1
4
Saxon Pub Wks(Germany) 7s '45 FA
37
9712 Sale 9712
99
92
/ 99
1
4
Gen ref guar 6845
12
1
1951 MN
92 Sale 9112
92
45
86
90
72
Schulco Co guar 610
1946 J J
70 Sale 70
70
Guar a f 610 series B_ _ _ _1946 A0 .5718 5912 57 Feb'30 ---45
6112
N
Sharon Steel hoops I 5108_1948
98 Sale 97
9812 39
95
9812
Shell Pipe Lines f deb 58_ _.1952 Si N
9312 Sale 93
, 26
931
9212 96
Shell Union 011 s I deb 58_ 1947 MN
4
943 Sale 9414
9312 9614
994 87
/
1
Deb 58 with warr
9712 gg
117
1949 AO 9812 Sale 183
8
99
Shinyetsu El Pow lot 610_ _ 1952 J o 871* 8812 88
88
16
8518 92
Shubert Theatre 6s _June 15 1942 S D
45
26
4518 45
45
41
4712
Siemens & lialske 8 1 78
8
1()13
5
8 74 1 0112,10614
8
00 1 3
1935 J J 1017 10212 1013
Deb s f 6 40
1951 51 S 10514 Sale 1043
10512
4
Sierra & San Fran Power 58_1949 FA
9712 10012 964
/
1
961 9914
/
4
9634
Silesia Elec Corp s f 610 _1946 FA
2
55
9 12 927
8
8414 Sale 8414
0
8414
81 4
,
s
Silesian-Am Exp coil tr 75_ _1941 FA
12
913 93
917
4
8
Sinclair Cons Oil 15-year 7s _1937 MS 1014 Sale 1011
51
/ 102
4
1st lien coil (18 series D._ _1930 MS 1003 Sale 10014
8
s 37
1003
lk lien 610 series D
1938 3D 10012 Sale 10018
1013
8 51
Sinclair Crude 01151isser A.1938 J J
5
93
/ 2255 199 7: 11°08 8
1
4
74
2 °0 2
9814 Sale 9318
92154
Sinclair Pipe Line a f 5s
9412 954
1942 AO 9512 Sale 9514
9512
.
Skelly Oil deb 530
S 0114 92
4
..1939
9112
911 2
Smith (A 0) Corp lot 610_1933 MN 10212 Sale 10134
82
10212
South Porto Rico Sugar 78_1941 Jo 1043 105 105
105
114 19°7
19° 2 032 1
04
4
South Bell Tel & Tel lots f 5s '41 J J 10218 Sale 10218
10212 44 1011 10212
/
4
lots f Is temporary
19413 J
102
Feb'30 --1017 1023
8
6
Southern Colo Poster 6s A. 1947 J
13 1017R 19514
iiii- Sale 10214 104
9312 04
Solvay Am Invest 5s
Feb'30 ____
1942 M S 9312 9478 95
43 102 c106
S'west Bell Tel 1st & ref 58_1954 F A 10412 Sale 10414
106
Spring Val Water lot g 5s
9912 100
8
994
1943 Psi N
9955 9912
9912
Standard Milling 1st 58
5
1930 51 N 1001 1
_ 10012
997 1001 2
1004
8
Ist & ref 54is
1
.
1945 M S 10118 162 10212 Feb'30 -„ ; 100 10212
Stand 01101 NJ deb ba Dec 15'46 F A 1021 Sale 10214
/
4
1023 2
4
Stand Oil of N Y deb 4 4is 1951 J D 9578 Sale 9512
14
8
957
Stevens Hotel 1st as ser A _ _1995 J .1 8912 893 88
8g78
12 12 10° 22 19073
4
0
i 71 198111411
9,
: 040
1
Sugar Estates (Oriente) 7s _ _1942 51 S 4078 Sale 407
8
4
Syracuse Lighting 1st g 5s_ _1951 J D 1033 105 10334 Feb'30 --- 10312 103 4
4
3
Tenn Coal Iron & RR gen 59_1951 J J 10218 ____ 10214 Jan'30 ___- 10214 10214
Tenn Cop & Chem deb 6s B.1944 31 S 103 Sale 997
5 j 9 34 ,7
1
0
93
28
3383 :
I:0;
Tenn Elec Power 1st Os
24 10412 107
/
4
107
1947 .1 D 1061 Sale 10614
Texas Corp cony deb 5s_
/
4
/ 1011 990 10041 15212
1
1994 A 0 1011 Sale 100
4
/
4
9
/ 02
5
Third Ave 1st ref 4s
51
5214 5018
51
1960 .1 J
Adj Inc Is tax-ex N Y Jan 1960 A 0 3112 Sale 307
8
31,2 34
28
3212
Third Ave Ry lot g 58
1937
Toth)Elec Power 1st 78
1955 M 5 9913 Sale 99
9114 10
0g
6% gold notes
8
1932 J .1 99 Sale 987
963 991s
4
9918 43
Tokyo Elec Light Co, Ltd
1st as dollar series
J D 895s Sale 8912
1953
4
873 c9184
s
Toledo Tr L & P 534% notes 1930 J .1 10018 Sale 997
1
10101 IL
997 100
8
8
5a
Transcont 011610 with war.1938 J J
97 Sale 97
98
23
97 100
Without warrants
92
5
92
92
94
8712 92
Trenton G & El 1st g 5s_ -19 I1 -S 103
103
I 10214 103
_ ___ 103
49 Feb'30 __ _ _
8418 88
Truax-Traer Coal cony 610_1943 M N
84
16 10212 103
10338
Trumbull Steel lot s f (is_ 1940 51 N 10234 Sale 10212
79
851
4
Twenty-third St Ry ref 58_ _1962 .1 J
Jan'30 --- 40
40
47
38
4978
Tyrol Hydro-Elec Pow 710_1955 M N
9714 Sale 9618
97 4 22
,
Guar sec f 7s
90
9212 90
90
5
1952 F A
9512 907
87
9
99 4
9 8
4
71
Ujigawa Elec Pow s f 7s__ _ _1945 M S 9912 Sale 994
3
/
1
99,
2
Union Eke Lt & Pr (51o) 58_1932 51 S 10014 10012 10014 Feb'30 __ 15 100 ;
_ 11 170001 10 4
0
_
1000841
Ref & ext Is
/
1
4
/ 100
1
4
8
1933 M N 100 1003 100
/
1
4
Un K LA P(111)Istg 540 A..1954 J J 10214 Sale 10214
10214
Union Eley Ry (Chic) 5s_ _ _1945 A 0 70 Sale 70
70
0 12 10914
92
6
Union Oil lot liens f 5s_ __ _1931 .1 J 10114 ____ 10114 Feb'30 -__ i 19 101
109
30-yr Os series A_ ___May 1942 F A 109 Sale 109
1st lien s f 5s ser C._ _Feb 1935 A 0 997s 100
9955
100
14
98 100
28
United Biscuit of Am deb 68_1942 Si N 101 Sale 10014
101
99 101
United Drug 25-yr 5.s
93 8 246
707
16
694 947s
921 74
1953 M S 9378 Sale 9212
70 Sale 70
United Rys St L 1st g 4s _
I934 J .1
United SS Co 15-yr 68
8
997
8 20
1937 M N 997 Sale 9934
9755 997s
tin Steel Works Corp 640 A _ 1951 .3 D 8812 Sale 8712
3312 35
8514 89
eee of 630 series C
88
1951 .1 D 88 Sale 8712
30
853 c9014
4
Unite,! Steel Wks of Burbach
4
Esch-Dudelaiage o f 78_ ..1951 A 0 1023 10412 10314
1037
8 42 102 105
US Rubber 1st & ref Is ser A 1947 .1 J 863 Sale 86
4
87
57
824 8712
10-yr 734% secured notes.1930 F A 1004 Sale 10012
/
1
1007g
57 10018 101
6212 Jan'30 -._
70
Universal Pipe & Rad deb Os 1936 J D 61
2
61
81
6212
86
Unterelbt 'ow & Lt Os
1053 A 0 85 Sale 85
85
Utah Lt & 'rac lot & ref 58_1944 A 0 93 Sale 3218
93
40
9218 938
4
Utah Powe, it Lt 151 5s_ _.1944 F A
9812 Sale 98
98 7
8 83
1
1717 993
4
Utica Elec L P blot g 5s_1950 .1 J 10234 ____ 10318 Feb'30 --Utica Gas & ec ref & ext 58 1957 J .1 1033 ____ 103
4
103
14 0914134
° 14 1
Util Power & Ight 510_
10
1947 .1 D 90 Sale 87
34
86
90
65
Vertientes Suga lot ref 75_ _1942 J D 62
60
60
518
,
Victor Fuel lot a 1 Is
25 Sale 25
28
5
57
21
1953 J .1
65
21
Va Iron Coal & C.
72 Feb'30 ---1st g 5s 1949 M 5 7214 79
70
721s
Va Ry & Pow lot & ref 5s_ _1934 J .1 1003 Sale 993
4
4
100 4 31
,
8
Walworth deb O3 with war 1935 A 0 102 Sale 10078
102
934 ° 2
9 81 101
9
-4s
_
93 Sale 92
93
Without warrants
20
87
93
8
1st sink fund 6s series A._1945 A0 897 Sale 89
90
23
8512 90
Warner Co lot 6s with warr 1944 A 0 97
/ 983 8712 08 4
1
4
4
9
95
,
98
/
1
4
A 0 933 97
89 Feb'30 ____ 189 189
Without warrants
4
0212 07
4
Warner Sugar Refit) 1st 713..1941 J D 10512 Sale 105
10512
Warner Sugar Corp lot 713. _1939 J J 4818 52
1
4812 48
48
4
5612
48
3
Stamped
48
55
48
5112
8412 16
Warner-Quinlan deb Os
1939 17-8 84 Sale 8312
8312 88
5 10012 105
Wash Water Power s f 58_..1939 J .1 10312 105 10414
10414
Westchest Ltg g 5s stpd gt(1.1950 J D 1033 105 10478 Jan'30 ___2 1041 104031
_
4
110 / 11041
0213
44
102
West Penn Power ser A 5s ,A946 M S 10218 1023 1013
4
4
10414
3
let 5s series E
1963 M 5 10312 103 10312
1st 530 series F
1953
10412 10512
12 8
lot sec Is series G
1
(
12
6 1017 10414
6 "
1956 2 11 108 104 1234
s
Feb'30 ---15
12
14
West Va C & C lst 6s
1951) 1 J
1118 20
8
Western Electric deb Is _ _ _1944 A 0 1023 Sale 1013
8 55 10112 10312
1023
4
1011
/
4
4 10012 10212
Western Union coil tr cont.Is 1938 .1 J 1011 Sale 101
/
4
964 15
9612 Sale 9612
/
1
Fund & real est g 434o_.1950 M N
95
983
8
109
15-year 6 40
1936 F A 10812 Sale 10812
23 108 110
1017 118 10018 103
s
25
4
-year gold bs
1951 J D 1013 Sale 101
Westphalia Un El Pow 65
1953
j 0112 10 / 0 17
a e1
Wheeling Steel Corp 1st 510 1948 j j 18314 8 14 18111
10112 33 100 4 1034
83 2
16
763 82
18t& ref 444s series B,_1953 A 0 883 Sale 884
4
883
4 37
87
89
White Eagle Oil& Ref deb 510'37
1027 ___ 10214 196
8
With stock purch warrants__ _ _ M S 10212 Sale 10212
36
81
00
81
White Sew Mach Os with warr '36 j j ____ 99
Feb'30
74
81
76
Feb'30 ____
Without warrants.
75
7712
72
75
73 Feb'30 ____
Panic s f deb 6s _ _ _ _ .___I940 NI N
73
75
34
38
36
Wickwire Spen St'l 1st 7s_. _1935 J J
Feb'30 ---_
2512 36
_
33 Sale 343
4
CU dep Chase Nat Bank.....
35
5
27
2
2518 39
2
3/
9
1
4
3312 36
34
Wickwire Sp St'l Co 7s_Jan 1935 ivi N
_
3214 35
32
Ctf dep Chase Nat Bank
337,8
13
25
387a
Willys-Overland of 640_ __ _1933
Sale
100
2
98 100
14
lt1 100
'1
O 99
Wilson & Co lot 25-yr of 68_1941 17v -S 993 Sale 9991
93
31
9934 101
Winchester Repeat Arms 710'41 A 0 10018 101 100
10014
15 100 102
Youngstown Sheet & Tube 641'73 .1 J 10134 Sale 101
1013 159 1004 10134
4
t
'-'.0.
_

[Vol,. 130.

FINANCIAL CHRONICLE

1626

Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Mar. 1 to Mar. 7, both inclusive, compiled from official sales lists:

Stocks-

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

Railroad
100 1764
Boston & Albany
100 814
Boston Elevated
100 92
Preferred
100 110
1st preferred
100 9914
2nd preferred
Boston & Maine
Prior preferred stpd 100 z110
Series A 1st pfd stpd_100
Ser C 1st pfd stpd___100
Chic Jct Ry U S Y____100
East Mass St Ry com__100
100
Adjustment
100
1st preferred
106
Maine Central
NYNH& Hartford_ __100
Northern RR(NH)_ _100 109
Norwich & Worcester pf100
100
Old Colony
50 82%
Pennsylvania RR
100 116
Vermont & Mass

176
79
914
108
97

179
82
92
110
9915

109%
81
110
103
37
254
42
84
1224
109
130%
130
81%
116

Ill
814
110
103
37
264
42
85
123%
109
132
130
83%
116

Range Since Jan. 1.
Low.

122 175
634 67
76 85
328 1054
236 89

High.

Feb
Feb 179
Mar
Jan 82
Mar
Jan 92
Feb
Jan 110
Jan
9915 Mar
ill
8134
113
103
10
27
48
86
123%
109
132
13015
85
117

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

Miscellaneous
5
30
5
5
334 Feb
5
Air Investors Inc
28,683 254 Feb 32%
29
28
2815
Am Founders Corp corn stk
9
Jan
560
5
7
616
Serv__ _25
615
Amer Pneumatic
3,713 216% Jan 24315
100 24115 237 2434
Amer Tel & Tel
Jan 2115
1,500 19
20
19
20
Amer & Conti Corp
184
880 12% Jan
1515 16%
16%
Amoskeag Mfg Co
9%
Feb
800
5
94
8
Aviation Sec of New EngFeb 80
95 72
744 75
Bigelow-Sanford Carpet- _* 75
Jan 101
15 100
100 10015 1004 100%
Preferred
755 22
Jan
27
254
25
Boston Personal Prop Trust 25%
Feb 85
20 80
82
82
Brown Co preferred
100 2234 Feb 234
234 234
Chem Natl Assn
Jan 58
150 48
554 55% 58
Continental Sec Corp
1814
1,583 124 Jan
1616 17%
17
Credit Alliance Corp el A
1215
840 1036 Feb
10% 11
Crown Cork & Int'l Corp.... 10%
44
140
315 Feb
3% 4
10
EastBoston Land
Jan 35
1,240 26
31
35
East Gas & Fuel Assn corn. 33
Jan
79
219 76
79
77
100 78
4,
2% prior pref
Jan 944
485 92
J4
94%
1(10 944
6% cum pref
28% 324 2,577 2514 Jan 324
Eastern S S Lines Inc new. 32
144 934 Mar 96
934 06
100 96
1st preferred
Jan 4715
130 44
474 474
100
Preferred
Jan 270
981 237
253 270
100 266
Edison Elec Ilium
244 26
865 21% Feb 26
24%
Empl Group Assoc
Feb
19
20 19
194 194
Europ Elec Corp (Ltd) 10
0
415 Fen
5
200
5
Galveston Hous Elec_ 100
Jan
24
55 15
16
164
100 16
Preferred
Jan
524
1,475 43
5214
50
501-5
General Capital Corp
95 41% Feb 474
43% 45%
General Theatres Eq
19
12
Feb
230
12
13
Gilchrist Co
Feb 10534
1,563 89
9515 9815
Gillette Safety Razor Co.
Jan
194
240 14
1814 194
Greenfield Tap dr Die_ _ _25
18%
Mar 42
120 40
40
42
Greif Bros CoopgeCorpcIA

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

Feb 108
50 101
101
102
Hathaway Bakeries pref _ _
17%
6,690 1514 Jan
1614 164
interest Carriers Ltd corn_ --1634
211 Jar)
315
615
3
34
corn_ ___
Jenkins Television
20
1715 Jan
18
19% 19%
Libby McNeil & Libby_ 10
74 Jan
343
934
25
815 9
Loew's Theatres
12
6% Jan
21,449
9
12
10%
Mass Utilities Assn
70 1054 Jan 1084
Mergenthaler Linotype 100 1054 105% 1084
114 Jan
2
141
115
10
Leather
National
134
Feb 30
200 28
30
30
30
Nelson (Herman) Corp _
525 274 Mar 3714
2714 274 2915
New Eng Equity Corp____
Feb 159
1,419 143
New Engl Tel & Tel_ _.J00 146% 1434 14614
Jan
8%
7
84
8
84 6,734
Rights
30
380 204 Jan
28
2835
100 2815
Pacific Mills
2314
943 1714 Jan
20% 2014 21
Public Utility Hold corn_ _ _
78
15 72% Jan
77
77
Railway Light Ser Co
Jan
16
130 15
15
15
10
Reece Button Hole
14
14 Feb
100
1%
14
Reese Folding Mach Co 10
Jan
6
92
515
54
Second Inc Equity
534
Jan
16
2,984
1914
18
19
184
Shawmut Ass'n corn stk__ _
Mar 25
5 25
25
25
Sou NE Ice Corp pfd 100
Jan 103
673 82
Stone & Webster Inc
9534 99S
Feb
3415
362 32
33
324 32
Swift & Co new
Feb 67
55 60
6415
63
Torrington Co
Jan
1
3
7,625
114 3
234
Tower Mfg
Feb 11%
20 10
104 1015
Traveler Shoe Stores Corp
200
164 164
1234 Jan 174
Tr! Contl Corp corn
Mar
51
480 30
30
31
5 30
Union Twist Drill
240 114 Jan
1615
144 14%
United Carr Fastener sCorp
444 2,822 36% Jan 44%
_
43
4314
United Founders Corp__
1,734 5014 Jan 664
65
63
United Shoe Mach Corp _25 63
Jan 3115
31
70 30
25 31
31
Preferred
Feb
23
18
4,994
21
19
194
US Elec Power Corp
Feb 51
490 49
50
5115
51
US & Intl Sec Wei
19
Jan
16
7,416
corn_ _
1714 1sq
18
U S & Overseas Corp
Jan 82
705 71
81
79
Utility Equity Corp Pf.._. 81
Mar 45
12 35
35
35
Waltham Watch
Jan
85
20 75
80
80
Preferred
10 964 Jan 97
100
96S 97
Prior preferred
100 148% Jan 175%
182
16915 17534
Warren Bros Co
Jan 604
111 48
604
50 6015 54
1st preferred
Jan 66
45 49
66
66
50 66
2d preferred
Feb 274
115 22
23
234
2315
Westfield Mfg Co corn.. _ _ _
24
134 Jan
1,295
111
2
2
Whittlesey Mfg class A_ _ _ _

Jan
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Fen
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Feb

Mining
45c
Arcadian Cons Min Co 25
134
5
Arizona Cummercial
2915
25 2914
Calumet & Hecla
1515
25 154
Copper Range Co
1%
East Butte Copper Min 10
3
314
25
Ilancock Consol
40
1
Island Creek Coal
105
100 105
Preferred
11
25
Isle Royal Copper
90c
25
La Salle Copper Co
45
25
Mohawk
115
5
Nippissing Mines
31.4
15
314
North Butte
84
Old Dominion Co
25
834
13
13
P C Pocahontas Co
Quincy
25 40% 34%
St Mary's Mineral Land _25 25
25
Shannon
be
10 12c
Utah Apex Mining
.5
215
24
52c
Utah Metal & Tunnel_ _1

150 40c
50e
680
14
134
3015
200 29%
455 144
16
14
510
1%
115
450
34
15 40
41%
7 105
105
10
15
11
120 87c
90c
250 44
46
14
100
115
3
2,605
4
615
575
9
154 2,190 10
414 21,035 154
95 24
2515
100
200
12c
214
380
2%
52e4
58c

Jan 60c
1
Jan
Mar 324
164
Jan
1
Jan
Jan
334
Feb 43
Jan 105
1214
Jan
1
Feb
Jan 52
114
Jan
Jan
10
Jan
Jan
15%
Jan 414
28
Feb
200
Jan
:3
Feb
Mar 70c

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

Bonds
1946
Brown Co 515s
Chic Jet Ry & U S Y 5s.'40
E Mass St RR 412s A_1948
1948
Series 13 55
1948
6 series D
Eur Elec Corp Ltd 648.1965
HungDis&ExchBk7s _1963

95 $12,000 94
1,000 984
10015
40,000 42
45
6,000 46
51
4,000 60
60
1,000 100
100
1,000 79
79

Mar 97% Jan
Jan 101% Jan
Feb
47
Jan
Feb
52
Jan
Feb
Feb 60
Feb
Feb 100
Mar
Mar 79

95




94
10015
45
50
60
100
79

679
110
500
5
10
151
5
25
163
50
29
46
1,480
7

104
77
110
101
634
2515
41
82
1084
108%
1304
125
72
116

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

Bonds (Concluded)
-

Friday
Last Week's Range Sales
of Prices
for
Sale
Price. Low. High. Week.

Hydro-Elec Sys 6s '44
Kan City M & B inc5s_'34
LeipsigTradeloairCorp7s'53
Maine Central 415s _ _1935
Miss River Pow Co 58_1951
New Engl Tel & Tel 58 1932 101
P C Pocahontasdeb7s_1935
Western Tel & Tel 58_1932 1004

100
98
81
95
984
1004
105
100

Range Since Jan. 1.
Low.

1004
8,000 98
98%
4,000 97
81
2,000 81
95
5,000 9415
9815
1,000 98%
101
18,000 99%
107
6,000 100
10011 11,000 99%

Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb

High.
10015
9814
81
95
994
101
110
100%

Feb
Mar
Mar
Mar
Feb
Mar
Feb
Jan

*No par value. z Ex-dividend.

-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Mar. 1 to Mar.7, both inclusive,
compiled from official sales lists:

Stocks-

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

414 43
Abbott Laboratories corn_* 4215
721
% 75
Acme Steel Co cap stk__25 73
32
29
Adams (J D) Mfg corn_ *
9
9
Adams Royalty Co corn
30
31
Addressogr Int Corp corn_*
244 2415
Ainsworth Mfg Corp corn10
17
16
Allied Motor Ind Inc corn..• 16%
43
Allied Products Corp A__.* 424 40
39
41
Altorfer Bros Co cony pf_*
Amer Colortype Co corn.._* 294 284 294
Amer Commonw Power
25% 26%
Common A
1615 1714
16%
Amer Equities Co corn__ _*
984 9835
Amer Pub Serv pref_ 100
Amer Pub Util part pf_100 9215 924 9215
114
Amer Radio & Tel St Corp*
9Y, 9%
914
*
Amer Service Co corn _
2234 244
Art Metal Wks Inc corn * 23
Assoc Appar Ind Inc corn* 424 40% 42%
Assoc Investment Co__ • 624 624 63%
604 604
•
Assoc Tel & Tel cl A
2815 29%
* 284
Assoc Tel Util Co com
2815
25
Atlas Stores Corp corn.. * 28%
218 238
Auburn Auto Co corn__ * 238
74% 75
Balaban & Katz v t c__ 25
92
92
100
Preferred
20%
20
13ancoky Co (The) com_10 2015
39%
36
39%
Bastian-Blessing corn_ _
915
615
634
Baxter Laundries Inc
75
7715
_ 50 75
Beatrice Cream com A_45% 4314 46%
Bendix Aviation corn.. _
2414 24%
Milks Mfg Co cl A cv Pi-*
424 4614
Borg-Warner Corp com_10 46
9:•34 98%
100
7% Preferred
134 15
Bonin Vivitone Corp pfd *
174
17
Brach & Sons(E J) corn.. •
94
Bright Star El Co cl B..
Br,)wn Fence & Wire cl A_• 244 2414 25
2015
18
2015
Class B
414 424
Bruce Co(E L)common •
384
Burnham Trad Corp al etf* 3814 35
1115
11
11
20
Butler Brothers
234 234
Camp Wyant & Can FdY-*
4615 46%
10 4614
Castle & Cu (A M)
164
14
15
CeCo Mfg Co Inc cons.... _*
30
28
•
Central Ill P 8 pref
97
95
964
Cent Illinois Sec Co ctfs-Cent Ind Power90
00
100
Ctts of deposit
3814 :3915
Cent Pub Serv class A.-' 39%
304 32
• 32
Common new
29
28
Cent S W Util corn new..... 2814
984 09
99
Prior Hen pref
944
94
94%
Preferred
93
95
Cent States P & L pref
474
Chain Belt Co common. 8 474 46
.
38% 3815
Cherry Burrell Corp corn..' 3815
Chic City dr Cons Ry
1
2
1%
Common
15
15
15
Ctfs of deposit
1136 164
1514
Part preferred
14
133% 14%
Chicago Corp corn
Convertible preferred..-5 404 39% 404
14
14
Chic Flexible Shaft corn _ _5 14
715
7%
711
Chic Investors Corp corp..*
3416 36
Preferred
06
9715
Chic No Sh & M11 pr p1..100
25
25
100
Preferred
Chic Rap Tran pr pf A..100 9714 06% 074
20
2 015
Chic Rys part ctfs ser 1.100
36
S
Part ars series 4......100
214 2%
215
Part ctfs series 2...._ _100
384 32% 3934
Cities Service Co
44 415
415
Club Alum Uten Co
3715
30
30
Colern'n Lamp & St corn
Commonwealth Edison_ 100 2774 275% 280
22
21
Corn'ty Tel Co cum part.*
1414 15
15
Com'ty Water Serv
2115 2214
214
Construction Material....-'
37% 39
39
Preferred
64
6
Consumers Co common.. 5
2
115
V t c warrants
5
Cont Chic Corp allot etts..*
674 6615 6814
184 184
corn......'
Continental Steel
Cord Corp
5 1,
14 11% 144
Corp Sec of Chic allot ctf..* 6815 684 60
424 4316
25
Crane Co corn
115 11514
100 115
Preferred
2114 22
Curtis Light'g Inc corn--• 21%
Davis Industries Inc A..100
Decker (Alf) & Cohn A.. •
De Mets Inc pref w w_
Dexter Co (The) corn....5
Diversified Inv Inc pref 100
El Household Util Corp..10
Elec Research Lab Inc......
Empire Gas & Fuel Co
7% preferred
100
615% preferred
100
6% preferred
100
Fabrics Finish Corp corn.*
Fitz Simmons & Connell
D & D common
•
Foote Bros G & M Co_ _..5
Gardner-Denver Co corn..'
General Box Corp corn.. *
Gen'l Parts Corp cony Pt.*
Gen Theatre Equip v t c..•
General Water Works Corp
Class A
•
Gerlach-Barklow pref
*
Common
Gleaner Corn Har corn.. _ _•
Godchaux Sugars Inc B.._•
Goldblatt Bros Inc eom_ _*

1,950
750
900
100
800
50
2,700
6,150
385
850

Range Since Jan. 1.
Low,

1,200 2314
650
515
86 96
20 9014
15-4
350
9,560
10,750 1715
900 35
650 584
230 58
3,700 214
16,450
1715
2,000 172
162 66%
10 90
19
3,700
4,650 36
561
634
750 70
62,700 33
500 2415
147,700 324
50 97
200 13
400 16
270
,
3,100 1714
915
7,300
750 40
11,050 25
2,700 104

High.
43
99
32
11%
3234
274
1934
434
41
294

Mar
Jan
Mar
Feb
11` 13
,
Feb
Feb
Feb
Mar
Mar

Feb 274
Jan
19
Jan 094
Jan 9314
Jan
214
11
Jan
Jan
274
Jan 43
Jan 63%
Jan 6114
Jan
29%
Jan 284
Jan 238
Jan 75
Jan 9215
Jan 22
Mar 39%
Mar
12
Jan 774
Jan 4614
Feb 26%
Jan
46%
Jan 100
Jan
174
Jan
18
Fehr
14
Jan
26
Jan
2034
Feb 4715
Jan
38%
17%
Feb

Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Mar
IlJan

Jan
35
70
Feb
28
Feb
9
Jan
2214 Jan
21
Jan
15
Jan
3414 Jan
3414 Feb
21
Jan

25
700
4,000
1,750
5,800

19
45
14
9314
26

Jan
Jan
Jan
Jan
Jan

25
Feb
50% Jan
204 Jan
Mar
97
33
Feb

160
6,500
2,025
8,800
200
300
126
250
30

874
35
22
21%
98
94
90
4415
34%

Jan
Jan
Feb
Jan

94
3915
32%
304
994
954
05
48
40

Jam)

Jan
Jan
Jan
Jan

Jan
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Jan

Mar
1
3,600
Jan
2
200
Mar
84 Jan
15
1,135
915 Feb
1015 Mar
48,650 1215 Jan
154 Feb
18,700 38
Feb
Jan 41
Jan
100 14
Feb
16
2,700
Feb
6
Jan
9
650 324 Jan
364 Feb
Jan
Jan
70 96
98
Feb
Mar 40
35 25
Jan
115 96
Feb
98
Jan
110 10
Feb
25
120
36 Mar
3.4 Mar
24 Mar
115 Feb
190
93,550 264 Jan 394 Mar
315 Jan
350
554 Jan
Jan
Mar 40
3.15 30
Feb
1,200 2354 Jan 292
110 2015 Feb 224 Jan
Mar
15
125 124 Jan
Jan
234 Feb
4,500 14
Jan
40
1,450 36% Jan
Feb
8
53,4 Jan
200
700
335 Feb
13.4 Jan
61315 Mar
38,000 6215 Jan
Jan
Feb
50 15
21
Jan
144 Mar
97,850 11
Jan
4,500 54
Feb
71
465 4216 Feb 44
Jan
40 1134 Jan 1194 Feb
154
17
Jan
Fob
22
Jan
Mar
Mar
Jan
Mar
Feb
Jan

474
134

2
1515
20
15
5094
42
14

2%
16
2014
15
5014
4715
14

65
100
180
100
50
9,350
1,300

1% Feb
104 Jan
194 Feb
15
Jan
4815 Jan
41
Feb
3-4 Jan

335
16
2011
16
504
474
115

7715
5

8.514 8614
81
81
7715 78
4% 5%

100
50
200
2,540

854 Mar
81
Mar
774 Mar
236 Jan

Jan
87
Jan
82
79% Jan
5% Mar

47
184
6315
8%
7
434

484
50
194 3,000
64%
350
15
8%
30
7
11,350
46

47
Mar
16% Jan
584 Jan
815 Mar
7
Mar
314 Jan

514
20
644
8%
7
48%

Feb
Jan
Feb
Mar
Mar
Feb

20
24%
144
31%
16
24

20
24%
1514
324
1815
24

20
Jan
18
Jan
13
Jan
1934 Jan
134 Jan
20
Jan

234
254
164
3214
1.814
2134

rJan
Feb
Jan
Mar
Feb
Jan

2
15

50
18%
634
444

324
16

82
100
800
4,550
250
25

MAR.8 1930.]

FINANCIAL CHRONICLE

Sales
Friday
Last Week's Range
for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Great Lakes Aircraft A.. •
Great Lakes D & D_ _ _169
Greif Bros Coop'ge A corn *
Greyhound Corp corn____*
Grigsby-Grunow Co corn..
10
Hall Printing Co corn
Hammerrnill Pap Co com10
Harnischfeger Corp corn_ •
Hart-Carter Co cony pfd.'
Hartford Times part pfd_*
Hormel & Co(Geo) corn A •
Houdahle-Hershey Corp A•
•
Class B
25
_Illinois Brick Co
Inland ULU Inc class A___.
Instill Util Invest Inc_--_*
•
2d preferred
Interstate Pr Co $7 Pf •
iron Fireman Mfg Co v t c•
Jefferson Elec Co corn__
*
Kalamazoo Stove com
1
Katz Drug Co corn
Kellogg SwItchb'd con. 10
Ken Radio Tube & La
Common A
Kentucky Util Jr cum 1)1 _SO
Keystone St & Wire corn.*
*
Kirsch & Co cony pref
La Salle Ext Univ corn_ _10
Lane Drug corn v t C.- _ _•
*
_
Leath ik Co corn
Lehman Corp cap stock.-•
Libby McNeill & Libby_0
Lincoln Printing corn__ •
60
7% preferred
Lindsay Light Co com_ _10
Lindsay Nunn $2 cony pf_•
Lion Oil Ref Co corn_ _ _ ..•
Loudon Packing Co
McGraw Elec Co corn _ _ _•
McQuay-Norris Mfg Co__•
Mark ares The:sate, pf. *
Marshall Field & Co corn.'
Manhettati-Dearborn coin'
Mapes Cons Mfg corn. _ *
Material Serv Corp corn.10
Meadow Mfg Co corn____*
Mer& Mira Sec Co A corn..
Mid-Cont Laundries A__•
Middle West Tel Co corn •
Middle West Utilities new •
$6 earn preferred
•
Warrants A
Warrants B
Midland United Co com__•
Midland 13tH 6% pr l'n_100
100
7% prior lien.
7% preferred A
100
6a; preferred A . _ 100
MIller & Hart lire cony 1)f -•
Miss Val Iltil Inv 7% pf A •
6% prior lien pref
Mo-Kan Pipe Line corn_ .5
Modine Mfg corn
•
Mohawk Rubber corn
'Monighan Mfg Corp A...'
Monroe Chem Co corn .•
Preferred
•
Morgan Lithograph corn..
Muncie (;ear ..ommon_
Muskeg Mot Spec cony A •

64
12
16%
35
22%
4051
28%
26%
25
264
6734
95
25
47%
65%
39%
5%

6% 6%
171 175
41
41
12
12%
15
17%
25%
25
35
35
284 30
23
22
40% 40%
33
32
27% 29
244 2734
24% 25
25% 264
6736 69
94% 96
85
87
2255 25
47
4855
64% 66%
38% 40
5%
5

1855
17
355
90%
19
42%
651
2534
20
44

4
2,650
525 150
32 38
12
800
60,650 124
250 25
10 35
500 27%
1,400 20
20 40g
550 31
9,200 21
16,100 19
94 2434
16,800 24
19,150 53%
1,350 SI
55 85
1,900 22
8.800 30
9,850 58
950 36
44
500

74
50
18%
17
3
355
10
86
19
204
4134
651

8
50%
19
17
351
4%
12
90%
20%
23
42%
6%
24% 26%
194 2034
40
44

24%

2454 2434
45% 46
12
13%
4834 50%
36
3651
12
13%
2434 2455
2% 3%
24% 26
10
10
10
25% 26%
334 324 33%
103% 105%
105
3% 451
3%
655 64
26
26
2734
87% 90
90
100% 100% 100%
99% 100
87% 87%
3555 35
353-4
96
96
94
94
24% 23% 24%
56% 56%
10% 12
16
18
13%
13
31% 32
20
17% 20%
255
234
18
18
18
12%
4854
3655
1254
2455
254

Range Since Jan, 1.

1,550
260
1,541
57,950
1,850
341
a
,
za
2,200
1,200
842
270
95,850
550
1,600
2,150
4,500
137
167
139
168
1,100
50
110
20,700
100
270
100
710
52
15,200
100
100

Jan
23
Jan
45
Jan
9
48% Mar
Jan
33

2751
5055
16(
4
53%
38

Feb
Jan
Feb
Feb
Feb

100
364 3655
3,100
38% 41%
15
8% 84
630
1754 1955
174
35
36%
200
3855
37
5,850
4151 4455
800
1355 1451
35
2955 29%
450
154 17
435
655 64
516
2454 24954
21
248 249
34
12555 130
,
10
129 129
550
16% 17%
347
114 116
11,250
9
8
600
224 25
100
21
20
1,400
1555 16
1,100
424 4431
350
35
33
300
3434
34
120
14%
13
1,100
3755 3955
9,050
754 7%
200
55
54
300
114 13
50
21
21
400
34
34
100
25% 26
20
9854 9855
50
844 8454
4,100
29
2755
1,800
26
25
2,750
251
2
275
2655 27
3351 2,450
31
50
15
15
350
14% 1551
300
8
4
1,450
4651 48
3251 32% 5,950
3,400
32% 32%
200
1454 1454




36
3855
42%

655
249
248
16%
116
8%
25
4451
31
14%
735
54
21
34

29
26
27
3351

48
3231
32%
1455

85
150
25

2
1734
10
25
31%
98
15(
3
214
81
914
91
8434
3434
96
91
1851
48
855
10
12%
27
10
2
16

Feb
Jan
25
Jan
451 Feb
Feb
Jan 27
Jan
12
Jan
Feb 264 Jan
Feb 344 Feb
Jan 10555 Mar
5
Feb
Jan
Jan
Feb
8
Jan
2954 Feb
Jai, 90
Feb
Jan 102% Feb
Jan 1004 Feb
90
Feb
Jan
Feb 3654 Jan
Mar 98
Jan
Jan
Feb 96
24% Mar
Jan
Jan
60
Feb
Jan
1351 Feb
Jan
Jan
19
Jan
Feb
15
Feb 35
Feb
Jar, 20% Mar
334 Feb
Feb
Jan
1951 Jan

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
67 Jan
Jan
16
4934 Jan
Jan
21

2854
31
38%
2
52
2134
96
2554
36
16
8%
53%
4054
2634
7055
23
55%
3034

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

Mar
Jan
Jan

9854
35
6

Jan
Feb
Jan

18
28
18
134
47
13%
75
25
3155
1254
3%
4636
35
194

91
31
5
2751
33%
834
1654
35
30
3655
955
2955
12
5
213
21551
115
120
16
110
755
20
17
14
40
29
31
13
30
6
50
11%
21
34
2355
93
82
2554
20%
15(
244
24
12%
1434
4
'5
3251
314
13

Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jnn
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jar
Mar
Jan
Jar
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Jan

38% Feb
41% Mar
9 Feb
193-4 Mar
3651 Mar
384 Mar
45
Jan
15% Feb
32% Jan
17
Jan
9
Jan
25454 Feb
253
Feb
130
Mar
129
Mar
22
Feb
116
Mar
Jan
25
Mar
27
Jan
17% Jan
49% Mar
37% Feb
3634 Jan
17
Jan
40
Feb
8
Feb
60
Feb
13
Mar
24
Jan
35
Feb
26
Jan
911
Feb
88 Feb
29
Mar
27
Feb
355 Feb
28
Feb
3351 Mar
18
Jan
18
Jan
8
Mar
5355 Feb
3351 Feb
35% Jan
16
Jan

Range Since Jan. 1.
Low.

41
45
4,000 36
25
400 24
26
500 47
4834 50
1451 1554 48,795 104
3355 3755 10,500 194
100 674
77
77
4,700 3931
45
49%
10 116
121 121
350
14
1555 17
8
950
851
855
5
435
750
454
20
22% 12,200 1734
3,140 244
254 2734
37% 384
650 314
5,600 1455
24
2436
21
995 16
20
155 12
14
12
10 25
27
27
699
7
85.5
8
1,100 2031
2554 2534
800 2655
29% 2954

Jan
45
Feb 26
Feb 50
Jan
18
:Ian
3734
Feb 77
Jar, 514
Feb 121
Jan
17
Jan
1355
Jan
7
Jan
2354
Jan
29
Jan
3934
Jan
243-4
Jar
21
Jan
1434
Jan
27
Feb
IS
Jun
2736
Jan
30

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

850
6
8
9
•
8
Wahl Co common
140 105
105 long
Waukesha Motor Co corn.* 105
32
785 28
30
Wayne Pump cony pref_ •
1.550
21% 20% 22
1234
*
41q el 4
.
"et Con
200 1155
124
12
Western Grocer Co corn _25
690 2434
27
2736
2754
Western Pr Lt & Tel A.
1,150
10
20
17
Wextark Radio Stores corn* 194
450 28
2955
28
Wieboldt Stores Inc
57% 34,456 454
51
corn-. 57%
Winton Engine Co
450
1134
1151 1131
114
Wisconsin Bank Shs corn 10
100
44
5
5
5
Wolverine Portl Cern Co 10
154 2,100 124
14
Yates-Am Mach part pt..5
1,850 2634
26% 27
27
Yellow Cab Co Inc(Chic)_•
700
551
94 955
Zenith Radio Corp corn •

Jar
14
Mar 125
Jan
3236
Jae
22
Jan
14
Jan
28
24
Jan
Mar 31
Jan
5755
1I'jan
555
Feb
Jan
1734
21.
Feb
Jan
114

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

Thomson Co (J R) corn_25
nirne%)-Stat Controls A •
I'd-Utilities Corp corn...*
(Jolt Corp of Amer pref__.
__•
United Gas Co eorn
United Pull Util $6 pfd _ *
20
U S Gypsum
100
Preferred
•
U S Lines Inc pref
Ci S Radio & Telev corn *
Utah Radio Prod corn _ _ _•
Util & Ind Corp corn _ _ _
Convertible preferred
CM Pow & IA Corp A...'
Common non-voting...'
Van Stealer) Corp part A.•
Viking Pump Co corn....5
Preferred
Varclo Ii Corp Part Prei *
•
Vortex Mfg
•
Class A

Jan
Feb
Jan
Jan
Feb
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Jar,
Jan
Mar

Pac Pub Serv Co el A corn'
Parker Pen(The) Co corn 10
Peabody Coal Co B corn..
Penn Gas & Elec A corn__'
Peoples 1.t & Pr A corn..'
Perfect Circle (The) Co _ _•
Pines Winterfront cona.__5
Polymet Mfg Corp corn •
Poor & Co class 11 corn...'
•
Potter Co (The) corn
Procees Corp common__ _•
Pub Serv of Nor III cons_ •
Common
160
6% preferred
100
7% preferred
100
•
Q
-R-S 13e Vry corn
Quaker Oats (The) pref 1(S)
Railroad Shares Corp corn •
Rath Packing Co corn.
.10
Raytheon Mfg Co
•
Rellanoe Mfg Co corn -10
Rollins Hos Mills cony p1.'
Ross Gear & Tool corn
•
Ryerson & Son Inc corn..'
Sally Frocks Inc common.*
sangarno Electric Cc
•
Seaboard ULU Shares Corp'
Sheffield Steel Corp corn...
sIgnode Steel Strap com_ •
Preferred
30
Sivyer Steel Casting corn.'
So Colo Pr Elec A coin _ _25
Sp'west Gas & El 7% p1100
Southwest L & P pref_
•
Standard Dredge cony pe.•
CoMmon
•
Steinite Radio Co
•
Sterling Motor Truck p1_30
Stone & Co(H 0) corn_ •
Storkline Fur cony pref_25
Studebaker Mall Order A_•
Common
•
Super Maid Corp com___ •
Swift & Co ctfs
i5
Swift International
15
Tenn Prod Corp corn....'

41%

Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Fet
Jan

104
51
22
18
34
6
12
90%
2it 55
24%
43(4
7%
2734
21%
44

450
19%
260
30
400
354
1,300
14
550
49%
5,750
204
400
95
300
25
2,800
35
150
14
650
751
534 21.350
1,000
3834
26% 13,900
L000
70%
2,000
18%
2,800
5055
1,900
3055

96
91
33% 34
6
6

8%
Feb
Jan 188
Jan 42
13
Feb
Jan
22%
Mar 29%
Mar
35
Jan
30
Jan
27%
Mar 40%
Feb 36%
Jai
31
Jan 28'5
Feb 27
Jan
26%
Jan
7C
Jan 98%
Feb 92
25
Jan
..'an 484
.1 n (18
Ja.. 42%
Jan
5

Feb
7
Jan
50
184 Feb
164 Feb
Jan
3
355 Mar
Feo
10
Jan
78
Jan
IS
Jan
19
41% Mar
5% Jan
2451 Feb
la% Jan
Feb
40

184
30
34%
13-4
4836
18%
94
25
33
1331
754
48
3755
244
70

18%

High.

250
164
550
90
445
730
220
950
4,700
2.650
350
200
6,501
800
300

Nachman Springf'd corn •
Nat Battery Co pref____• 30
Nat Elec Power A part___. 3434
National Leather coin _10
155
Nat'l Republic Inv tra.... •
Nat Secur Invest Co corn.' 2054
Certifleatm
• 95
Nat Shareholders corn. ..*
Nat'l Standard corn
• 3455
Nat Term Corp part Pf(1-•
Nat tin Radio Corp corn...
Nobblitt-Sparks Ind corn_• 53
North American Car corn_• 3836
North Amer 0& El cl A _ _• 2555
No Ann I,t & Pr Co corn_ •
N & S Am Corp A corn _ .• 184
Northwest Bancorp com _60 5055
Northwest Eng Co corn..' 2934
Northwest 13t117, Preferred
7,,
100
Ontario Mfg Co corn
•
Oshkosh Overall Co corn.'

50
23

Low.

1627

Salts
Friday
for
Last Week's Range
of Prices
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
44%
50
15%
35
77
494
1634
5
20
26%
38%
24
21
8
2555
2955

Bonds
Chicago City fly 1st 581927
1927
Ctfs of deposit
Chic Rys 5s merles A...1927 46
1927
5s series B
Commonw Edison 5s_ _1943
1st mtge 5s ser A. 1953 102
let mtge 455s ser C.1956
Holland Furnace 6s..1936 100%
1,446 107
Vtll !IN 6,
55 without warrants 1949 64
Metr W S Elev 1s 4s_1938 71
83
.
Northwest Elev 5s .....(41
West Util Corp 6s....1931

7551 Jan
Feb
7155 7155 $1,000 70
Jan
1,000 694 Feb 75
7131 7151
Mar
17,000 91155 Jun 96
46
41
Jan
3554 Jan
5.000 32
3355 334
Feb
1,000 1013-4 Jan 103
103 103
Mar 102
Mar
8,000 102
102 102
1,000 9531 Mar 9651 Jan
9551 9554
10055 1004 2,000 10036 Mar 10055 Mar
106% los% 437,500 0.134 Jr, 1115*, Feb
Mar
Mar 64
1,000 64
64
64
Mar
1,000 653.4 Feb 71
6834 71
Mar
1,000 77
Jan 83
83
83
99, On 4 5.000 9951 Feb 9955 Feb
1

• No par value. a Ex-dividend. • Ex-rights.

-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Mar. 1 to Mar. 7, both
inclusive, compiled from official sales lists:

Stocks-

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

Almar Stores
•
American Stores
Bankers Securities pref _50
Bell Tel Co of Pa pref _100
•
Budd (E G) Mfg Co
Preferred
Budd Wheel Co
Preferred
50
Cambria Iron
Camden Fire Insurance_ - Central Airport
Consol Traction of N J 100
Cramp Ship & Engine _100

4
4854
42
1255
13
26%
355

Scott Paper
7% A
Shaffer Stores Co
Shreve El Dorado Pipe L 25
Seaboard Utilities Corp_
Sentry Safety Control
Tacony-Paimyra Bridge •
Tono-Behnont Devel_
1
Tonopah Mining
1
Union Traction
50
Certificates of deposit
United Gas Impt corn new*
Preferred new
U S Dairy Products
Common class B
•
1st preferred
•
Victory Insurance Co
Westmoreland Corp
York Railways pref

784

99%
3255
45
53
38

16

50
104
2336
955
7%
7
43
3-4
14
155

23%
10

2955
384
98
184
93
1651

BondsElec & Peoples tr ctfs 4s'45
Certificates of deposit...
Keystone Telep 5s
Peoples Pass tr ctfs 48_1943
Phila El(Pa) let 4 545 ser'67
1966
1st 55
1st lien & ref 554s 1947 106
Phila El Pow Co 545 1972
Strawbridge & Cloth 5s '48
* No par value.

78%
1434
8255
92
9994
3255
45
52
38
3855
15%
4154
3%
851
16

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb

Jan
7834 Feb
Feb
14
Jan
1954 Feb
Feb
Jan 384 Feb
Jan 16054 Feb
Jan 464 Feb
7955 Feb
Jan
Jan
153-4 Feb
Feb
Jan 132
Feb 4451 Feb
Jan
Jan 37
5455 Jan
Feb
Jan
Jan 20
Jan
Jan 20
Feb
2754 Jan

7554
134
7251
863,4
9855
3155
40
49
38
38
1134
41
1
855
16

Jan
7851 Feb
164 Feb
Jan
Jan 8554 Feb
Feb
Jan 93
Feb 10055 Feb
Feb
Jan 33
Feb
Jan 52
Jan 5334 Feb
Feb
Jan 40
Feb
Jan 44
Jan
1751 Feb
Jan
Jan 44
334 Feb
Jan
Feb
84 Feb
Jan
18
Jan

Feb 51
35 50
Feb 106
12 1(14
4,800 2234 Jan 2355
1051
94 Jan
925
8
7% Feb
4,000
835
43-4 Feb
1,100
Jan 4455
225 34
5-16
51 Jan
1,700
2%
1,600 1 1-16 Feb

294
28
38
98

1,077
2951
200
28
3954 54,000
1,450
9834

18
03
16%
20
34

1834
03
1634
20
3555

39%
384
75
50
98
104%
106
10451
96

455
Jan
Jan 53
Jan 4455
Jan 117
1354
Jan
Jan 70
Jan
1434
Feb 100
41
Jan
Jan 2754
5
Feb
Feb 50
Feb
1

322 70
9
1,450
1,400 17%
1,400 3655
20 145
1,000 40
3,300 69
8,100 104
500 101
200 4251
600 33
9 54
16
800
1,600 16
100 2655

50
7851
1534 25,800
8334 15,000
205
9254
1,000
993-4
3,300
33
2,800
51
6,800
5334
300
38
1,100
3854
2,600
1651
900
42
200
3%
834 3,200
500
1654
50
104
234
10
734
754
44
4
155

Hiyh.

Low.

3
44 6,202
3,000 45
53
1,800 36
4255
785 1134
115%
94
13% 36,220
130 60
69
854
13% 10,000
40 90
97
40 384
40% 40%
26
27% 4,100 224
354
3% 4,750
354
50 4834
49
49
35
500
55
35

4
48
414
11554
1151
68%
12%
97

75
7634
100
Elec Stor Battery
955
,
9
9
Empire Corporation
18
1734 18%
Exide Sec Co
3794 374
10 37%
Fire Association
,
Horn&Hardart(Phila)com _ 15355 1534 160
43% 46
Horn&Hardart(NY)com -*
10 78% 7851 794
lnsuranc,e Cool N A
1455
13
100 14
Lake Sup Corp
126 127
50
Leh Coal & Nay
4234 43
New when issued
3355 34
34
Manufact Cas Ins
54
54
Minehill&SchuylkillHav 50
177-4 1834
Sec Corp
Mitten Bank
1755 18%
18
Preferred
2655 2654
Mock Judson Voehr corn..
Penn Cent L & P cum pref*
Pennroad Corp
50
Pennsylvania RR
Phila. Dairy Prod pref
Phila. El of Pa $5 pref___25
Phila Elec Pow pref. ___25
Phila Inquirer
Preferred w I
Phila Rapid Transit ____50
50
7% preferred
Phil & Read Coal & Iron..
50
Phila Traction
50
Phlla & Western Ry
Railroad Shares Corp
10
Reliance Insurance

Range Since Jan. 1.

1,800
50
400
100
84

2555 Jan 30
2755 Feb 28
3151 Jan 40
9694 Jan 100
14
93
164
18
34

40 414,000 34
39
30,000 384
1,000 75
75
50
3,000 45
98
4,000 9655
1,500 103%
104%
106
5,000 104
10451
3,000 10454
964
3.000 9551

Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan

184
93
)7
20
3555

Feb
Feb
Feb
Feb
Feb

Jan 40
39
Feb
Feb 75
Jan 54
Feb 98
Jan 105
Feb 10655
Feb 10555
Jan 98

Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb

Jan
Feb
Feb
Feb
Feb

1628

FINANCIAL CHRONICLE

Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Mar. 00 to Mar. 00, both inclusive, compiled from official sales lists:

Stocks—

Friiay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Annap Dairy Prod corn__
Arundel Corp
-Baltimore Trust Co_ _ _ _10 37%
543%
Black & Decker corn
Central Fire Insurance 10
Vot trust certificates _10
Ches&Po Tel of Bait p1_100
Commercial Credit p1..
.25 24
Preferred B
25
N 0 preferred
22%
Consol Gas E L & Pow...* 111
100
5% Preferred
Consolidation Coal_
100 13%
Continental Trust

Drover & Mech Nat Bk_10
42%
Eastern Rolling Mill
23
22%
Scrip
22
Emerson Br Seltzer A w I _ _
33
Equitable Trust Co
25 - i6O- - 145
Fidelity & Guar Fire Cor 10 45
44
Fidelity & Deposit
50 178
178
Finance Service corn A_ 10
13
First Nat Bank w I
493( 49%
Houston Oil pref v t c..100
77
Mfrs Finance corn v t_ _25
First preferred
25
Second preferred
25
Maryland Casualty Co_ _25
Maryland & Penna Ry corn
Maryland Trust Co
Merch & Miners Transp_ _*
Mt V-Woodb Mills v 1.100
Preferred
100

42%
23
23
33
160
45%
179%
13
50
80

19
18
16

17% 20
17% 18
14% 16
96
9634
63
50
221% 221%
45% 45% 46
14
1435
7334 7335

National Central Bank _
_ 300
New Amsterdam Cas Co..
Park Bank
10..
Penna Water & Power_
Un Porto Rico Sugar com-* 35
Preferred
Union Trust Co
50
United Rys & Electric_ _50 13
Warrants
U S Fidelity & Guar new.. 42%
Wash Bait & Annapolls_50
Preferred
50
Western Nid Dairy Prod pf 52
Preferred
83
Western National Bank_50
Rights—
Baltimore & Ohio w I
Consol Gas E L & Power

3i
5

300
4034
30
85
30
36
69
13
234
42
7
7
51%
83
39%

300
41%
30
85%
35
40%
70
13%
2%
43%
7
7
52
83
39%

34
4%

%
5

Range Since Jan. 1.
Low.

High.

100
Jan
7
143%
9,729 40% Jan 45%
1,344 36% Feb
3834
3,960 40
Jan 56
165 2931 Jan
45
120 30% Jan
44
15 113% Jan 117
60 22% Jan
25
35 23
Jan 25
74 22
Feb
23
43 93
Jan 11434
125 99% Feb 101
96 13% Feb
15
24 220
Feb 223

Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb

15
266
Feb
20
Feb
318
1734 Jan
18
Feb
263 13
Jan
16
Feb
299 87% Jan 97
Feb
91 50
Feb 63
Feb
12 22134 Feb 221% Feb
75 44
Jan
47
Feb
35
11% Jan
16
Feb
50 73
Feb 75
Feb
•
10 300
Feb 300
Feb
321 38
Jan
42% Feb
Jan
4 29
30
Jan
55 72
Jan 91
Feb
225 30
Jan 40
Feb
252 36
Feb 43
Feb
38 61
Feb
74% Jan
545
Jan
13% Jan
Jan
1
68
Feb
3
989 40% Feb 48% Jan
Jan
5
7
Jan
7
12
634 Feb
8
Jan
43 48
Jan 52
Jan
10 80
Jan 85
Jan
25 3931 Feb 41% Jan
2.871
3,218

34 Feb
3% Feb

Bonds—
Baltimore City Bonds
4s Sewer Loan
1961 9734
97
973% 56.400 963%
4s Water Loan
1958
1.000 9534
773.y,i,
4s Annex Impt
1954
3.000 97
F73'3!!
334s New Sewer__ _ _1980
81
81
300 81
Arnold (J It) Lum 634s '37
97
97
1,000 97
Baito Trao N Balto_ _1942
85
85
1.000 85
Consolidated Gas 59_1930 1013% 1013% 1013%
1,000 101
General 4%s
1954
983% 983%
6.000 973%
Consol G E L & P 43%s '35
9834 983%
3.000 9734
Houston Nat Gas 6% w w_
9634 963% 15,000 963%
Houston Oil 53%s
95
95
5.000 95

1% Feb
Feb
5

Feb 98
Jan
Jan
Feb 98
Jan 973% Feb
Feb 813% Feb
Jan 97
Jan
Feb 85
Feb
Jan 10134 Feb
Jan 983% Feb
Jan 9934 Feb
Feb 963% Feb
Feb 95
Feb

Md Electric Ry 1st 53_1931
2,000 94
963%
963% 963%
Jan 963%
1st & ref 614s ser A_1957
853% 853% 5,500 80
Jan 853%
North Ave Market 6s_1940
85
3,000 85
Feb 86
853%
Silica Gel 63%s w w
101
101
101
3,000 101
Feb 101
Tolchester Beach 6s
89
89
89
1,000 89
Feb 89
Un Porto Rican Sugar
634% notes
1937
82
854
2.000 79
Jan 893%
United Ry & E 1st 4s_1949 603%
603% 613% 29,000 563% Jan 65
Income 4s
44
1949 4534
Jan 493%
453% 39,000 34
Funding Si
1936
60
60
200 4934 Jan 643%
lit 6s
1949
80
80
3.000 67
Jan 84
Wash Bait & Ann 5s..1941 66
66
Feb 673%
663% 11,000 65
Wilmington & Weldon 5s..
1,000 10034 Feb 101
1003% 1003%
*No par value.

Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Mar. 1 to Mar. 7, both inclusive, compiled from official sales lists:

Stocks—

Frway
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

Allegheny Steel
Aluminum Goods Mfg_ *
American Austin Car
Amer Vitrified Prod
_50
Preferred
100
Arkansas Gas Corp
Preferred
100
Armstrong Cork Co
Blaw-Knox Co
25
Carnegie Metals Co_ -10
Clark (D L) Co
Colonial Trust
100

60
60
21
21
534 6
15
15
80
80
12% 15%
15
7% 8
59
59
3134 3334
33%
6
6%
14% 14%
305 305

Devonian Oil
9
10 1034
Donner Steel ctf of dep__- _
29
Preferred ctf of dep
100
101
Follansbee Bros pref..
.100
93
Hach Lind pref
5
34
Harbison-Walker Ref...-* 60
60
Independent Brewing_ __50
234
2%
Koppers Gas & Coke p1.100 101
101
Lone Star Gas
38
25
National Erie class A. _25
25
Penn Federal Corp pref_100
88
Pittsburgh Brewing
50
4
Preferred
50
8%
Pittsburgh Forging
17%
18%
Pittsburgh Plate Glass_100
5334
Pittsburgh Screw & Bolt..
21%
20%
Pittsburgh Steel Foundry 5
.
30
Plymouth Oil Co
5 24% 24%
Pruett Schaffer Chem
* 21% 20
Preferred
28
28

10%
29
101
93
34
60
2%
102
39
25
88
4%
83(
18%
54%
2134
30
2534
23
28

Reymers Inc
Ruud Mfg
San Toy Mining
1
Shamrock Oil & Gas
Stand Plate Glass pr p1_100
Standard Steel Springs_ __*

18
32
4c
21%
11
45

18
32
4e
20%
11




17%
32
4c
1834
11
44

Range Since Jan. 1.
Low.

High.

Jan 62
85 58
Jan 24
25 21
534 Jan
705
734
210 15
Feb
15
10 80
Feb 80
Jan
4,978
9
15%
7% Jan
140
8
Feb 62
20 58
35
1,656 .2134 Jan
Jan
100
7%
5
Jan
15
230 13
Mar 325
1 305

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

Mar
12
Feb
29
Feb 101
Jan 93
35
Feb
Feb 60
434
Jan
Jan 102
Jan 39%
25
Feb
Feb 88
Jan
43%
9
434 Feb
Jan 20%
12
Jan 59%
53
23
Jan
18
30
Jan
23
Jan 27%
25
25
17% Jan
Jan 2834
26

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

18%
34%
4c
21%
19%
47

Jan
Feb
Feb
Mar
Jan
Feb

695
100
242
15
100
100
200
365
3,055
100
200
350
50
1,715
422
760
30
570
3,165
50
125
100
1,500
13,555
83
300

9
28
95
92
34
59
1
99%
3434
24%
88

17%
31
3c
17%
9
38

Feb
Jan
Jan
Jan
Jan
Jan

rriaati
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Suburban Electric Dev___.
United Engine & Fdry___*
United States Class
25
Vanadium Alloy Steel....5
Westinghouse Air Brake__*

10 42% Feb 42%
103 21
Jan
2534
Jan 26%
60-50 20
40 30
Jan 33%
102 145
Jan 160
267 39
Jan 49
190 168
Jan 180
25
15
103% Jan
79 49
Jan 51
70 77
Feb 81

14% 14%
43
45%
37% 38
54% 56
40
40
40
40
116% 116%
24
24
24% 25
22% 23
III
113%
100% 101
13% 13%
222 223

[VoL. 130%

13
14%
40
4034
5
5
6531 6531
4934 49%

14
40%
4934

Unlisted—
Amer Fruit Growers
Central Tube Co
Copper Welding Steel
Internat Rustless Iron
Lone Star Gas pref
Mesta Machine
Western Pub Serv v t c___

42%

24%

12
12
253( 25%
42
42%
2
2%
105% 105%
27
27
24% 25%

Bonds—
Indep Brewing 6s
1955
Pittsburgh Brew 6s_ ..i949

62
79

62
79

530
780
130
25
100

Range Since Jan. 1.
Low,

High.

13
Mar
383% Jan
Jan
5
65
Jan
44
Jan

14% Mar
Jan
50
5% Feb
67% Jan
5034 Feb

60 1034
200 24%
400 42
13,820
1%
157 104
155 25
1,380 2334

Feb
12
Jan
2534
Mar 45
Jan
3
Jan 107
Jan 29%
Jan 263(

55,000
6,000

Mar
Feb

62
79

Feb
Feb
I Jan
Feb
!Pan
Feb
Feb

rJan
'
Jan

65
80

*No par value.

Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Mar. 1 to Mar. 7, both inclusive, compiled from official sales lists:
Stocks—

Fria ay
Sales
Last 1Veek's Range for
Sale
of Prices.
IVeek.
Par. Price. Low. High. Shares.

Am Laundry Mach com_20
Amer Products corn
Am Rolling 51111 corn..
.25
Am Thermos Bottle A_ _ -*
Amrad Corp
Baldwin new pref_ .___100

64%
17
94

6434
17
92%
1634
17%
60

65%
17
95
17%
19
60

1,588
85
153
250
372
24

Champ Coat Pap 1st P1- 100
107
Champ Fibre pref
104
100
Churngold Corp
1734
anti Adv Products
5 60
60
anti Ball Crank pref_
20
5
Cinti Car B
1%
%
20
1%
Preferred
anti Union Term
104
104
CNO&TPpref
100
106%

107
104
18
6034
20
1%
334
104
108%

8
13
101
372
175
2,079
335
15
88

Cin Gas & Elec pref___100 99
97
Cln Land Shares
100
102
C N& C Lt & Trac pref.100
81
Cin Street Ry
50 433i
43
Cm n & Sub Tel
117
50
Cln Union Stock Yards-5
28
City Ice & Fuel
45
43%
Coca Cola A
30
30
Cohen (Dan) Co
22
5 22
Crosley Radio A
16
17%
...100 104
Crown Overall pie!.
104

17%

Range Since Jan. 1.
Low.

High.

64
Jan
Jan
75
17
Jan
17% Jan
80% Jan 10034 Feb
15
Jan
173( Mar
12
Jan 23
Jan
60
Mar 60
Mar
105
104
1734
50
20
35
1%
104
105%

Jan 110
Feb 105
Mar 25
Feb 62%
Jan
26
Jan
1%
Jan
334
Feb 104%
Jan 110

Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
Feb

99
104%
81
43%
118
28
45
30
23%
19
104

714 95
Jan 09
155 100
Feb 104%
10 81
Mar 81
356 42
Feb 44
114 110
Jan 119
27 22% Jan
30
52 42
Jan
49
45 2934 Feb 30%
90 1934 Jan 2334
491
11% Jan
20
34 104
Jan 106

Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan

Dow Drug common
15
12
Eagle-Picher Lead corn_ _20
12%
Fifth-Third-Union Tr_ _100
305
First National
410
100
46
46
Formica Insulation
12
French-Bauer (dep)
16
(Undep)
20
Gerrard 8 A
Gibson Art common
44
Globe-Wernicke pref...100
70
Gruen Watch common_ *
40%
ioo 11034 11034
Preferred
Hobart Mfg
44
44
Int Print Ink pref
95
100
25
Johnston Paint pref.-- -100

15%
12%
305
415
46
12
17
20
45
70
40%
11034
4434
95
25

140
15
699
12
25 300
25 410
60 40
600
12
400
15
23 20
145 38
6 68
73 4034
10 11034
314 43
10 94
10 22%

Jan
18
Feb
15
Jan 315
Mar 420
Jan
5334
Mar
15
Feb
17
Jan
24
Jan 50
Jan
71
Mar 4234
Mar 112
Jan 47
Feb 97
Feb
30

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

Kahn participating
40
Kemper-Thomas com___20
Kodel Elec & Mfg A
Kroger common
*
Lazarus preferred
100
Leland Electric
Liberty Nat'l (Coy). __100
Manischewitz common..-5
Mead Pulp
Nat Recording Pump_ -- -*
*
Newman Mfg Co

30
45
734
43
95
34
200
433.4
67
3234
303%

105 27
87 45
270
534
309 39
55 94
10 33
15 200
657 38
54 593%
150 3134
760 25

Mar 30
Mar 45
Jan
754
Feb
4734
Feb 96
Feb
34
Mar 200
Jan
4334
Jan 683%
Mar 36
Feb
3034

Feb
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Mar

7
4031
34

27
45
7
39
05
34
200
4234
67
3134
27

Ohio Bell Tel pref
111
11134
10)
Paragon Itefg "13"
*
934 1034
103%
• 10
Voting trust ctfs
834 10
•
"A" preferred
35
35
Procter & Gam corn new.* 6634
6834 88
8% preferred
167
180
100 180
5% preferred
106
106
100 106
Pure 0116% pref
100 9934 9934 9934
112 112
100
8% Preferred

30
921
495
100
3.114
26
24
226
4

1834
9
57
21
18
89
31
50
334
934

310
465
820
75
40
164
119
100
146
10

Randall A
B
*
Rapid Electrotype
*
Richardson common
United Milk Crate A
*
U S Playing Card
10
U 8 Ptg & Litho com_ _100
Preferred
100
U S Shoe common
5
Waco Aircraft
*
*No par value.

1734

87
31

1734
834
5334
21
17
87
30
49
331
834

11034
734
734
35
5334
160
10434
9834
111

Feb
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan

1334 Jan
Jan
5
3931 Jan
1731 Jan
17
Mar
85
Jan
30
Jan
47
Feb
331 Jan
834 Mar

113
Jan
1034 Mar
10
Mar
Mar
6934 Jan
180
Mar
10
36534
10034 Feb
Jan
113
1834
9
57
23
1934
91
33
5234
391
10

Mar
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan

Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Mar. 1 to Mar. 7, both inclusive, compiled from official sales lists:
Stocks—

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

Aetna Rubber coin
Air-Way El App! pfd.
.100
Allen Industries corn
Preferred
Amer NIultigraph com
*
Apex Electric
Bond Stores "A"

7

0!
4 973
27
3835
15%

4
%
60%
18

20

Brown Fence & Wire B _ _ 5
Bulkley Bldg pref
100
Central Alloy Steel pfd_100
Central United Bank...100
Chase Brass pref
100
City Ice & Fuel
•
Clark, Fred 0, corn
_10
Clev Autom 5.1ach com —50
Cloy Bldrs Realty
Clev Bides Sup & Br corn.*
Cleveland Cliffs
Cloy Elec Ill 6% pref_ _100

315
% 3158
6
271 2

4

5.4
20
6
"i

% 85
184 108%
0
45

64
4:
9 :IF
2434 27%
3
14
5

5
3
14

112- 112

Range Since Jan. 1.
Low.

135
113
75
45
175
30

6%
85
5
26
34
12

180
70
250
15

334 Jan
34 Mar
1734 Feb
60
Mar

Jan
Feb
Feb
Jan
Jan
Feb

High.
8%
93
734
28
39
16

Feb
Mar
Feb
Feb
Jan
Feb

Feb
4
Jan
1
2034 Mar
Mar
60

51 106
Feb 109% Jan
461 84% Mar 86
Jan
5 16
17% Jan
Feb
252 41
Jan 46% Feb
50
9 ! Mar
11 I Jan
71
19
Feb
Feb 28
72 15
Feb
Jan
17
33 34
Feb
Feb
34
5 135
Feb
Feb 135
37 110
Feb
Jan 112

MAR.8 1930.1

Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.

Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

59 99
346 90
17 67
97
2%
39 484
80 12

Jan 102
Jan 93%
Mar 69
Mar
3%
Mar 501
Mar 16%

Mar
Feb
Jan
Feb
Jan
Feb

71
11
75
80
37
18%
8134
21%

205
757
13
197
15
20
23
100

69%
10
75
64
3054
18%
8151
2134

Feb
Feb
Mar
Jan
Jan
Mar
Feb
Mar

75
11
75
83
37
19%
85
25

Jan
Jan
Mar
Feb
Mar
Feb
Jan
Feb

140 140
20
20
102 102
32
32
99
99
113 113
42%
42
37% 38
96
96
125 128
10534 105%
85
87

65
50
69
15
15
10
130
110
50
171
11
197

140
20
100
3054
99
110
39%
36
96
125
105
80

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

160
25
102
33
99
113
43
38
99
128
105%
87

24 97
10 43%
440 2734
25 27
10 99
186 105
16 23
75 20
20 345
94 32
36 130
10
551
137 90

Mar 97
Jan 4434
Jan 29%
Jan 37
Jan 99
Mar 105
Feb 25
Jan 34%
Feb 350
Feb 34
Jan 132
Jan 10
Jan 97

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

243 110
480 70
20 101
50 35
10 21
415 11
1,726
734
950
7%
200 23
890 39
211 794
120
54
88 10

Feb 113
Jan 75%
Jan 104
Mar 45
Feb 2334
Jan 13%
Feb 11
Feb
94
Jan 27%
Jan 474
Jan 99
Jan
7%
Jan 1451

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

144
70
13
81
106
234
54%
27
354
104
02
9
20
103

16
70
13
814
10634
3%
56
2734
353i
104
9231
93.4
20
103

575 1034
51 64%
25 13
133 80
56 105
2%
500
80 47
49 27
600 23
22 101
493 92
110
734
825 20
106 100

Jan 1854
Jan 78
Mar 20
Jan 85
Jan 107
Mar
354
Jan 58
Mar 35
Jan 37
Jan 103%
Jan 95
Jan
94
Mar 20
Jan 10334

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

99

99

102 102
91% 9134 93
67
67
2% 234
484 489
12
13

Dow Chemical common *
Enamel Products
100
Edwards (Wm) pref
El Control & Mfg corn_ *
Federal Knit Mills com *
Ferry Cap & Screw
Firestone T & R 6% pf_100
Foote-Burt common

70
11
75
783.4
37
18%
8134
21%

11

General Tire& Rub com 25
Geometric Stamp
Glidden common
Godman Shoe common_ *
Goodyear T & R pfd
Great Lakes Tow pref_ _100 113
Greif Bros Coop'ge corn...* 424
Halle Bros
10
Preferred
100
Hanna(M A) 1st pref_ _100
Higbee let pref
100
Interlake Steamship oom _* 87

Kaynee pref
100
97
97
Kelley Isid L & T eom _ _ _* 4454 44% 44%
Lamson & Sessions
29
29%
29
Leland Electric
33
33
Loews Ohio Thea pfd_ _100
99
99
Medusa Cement
* 105
105 105
Miller Wholes Drug com_* 2231 224 2234
Miller Rubber pref.. _ _ _100
34% 34%
National City Bank_ _100
345 345
National Refining corn 25
3351
33
Preferred
100 132
132 132
Nestle-LeMur common_ _*
7
7
Nor Ohio P & L 6% pf_100
97
97
Ohio Bell Telep pref___100
Ohio Brass 13
1.• Preferred
100
Ohio Seamless Tube com_*
Packard Electric corn_ ___*
Packer Corp common.._ _*
Paragon Refining com___*
Pi Voting trust certifs_.--*
eatterson Sargent
Reliance Mfg common_ •
Richman Bros common*
Robbins & Myers No 1
Preferred v t c
25

Sedalia Water, pref_ .....100
Skouras Bros. A
Southw Bell Tel, pref 100
Stlx. Baer & Fuller, com .
St Louis Amusement A_
50
Sunset Stores, pref
Wagner Eelectric, corn _ _15
100
Preferred

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

110% 112
74% 75%
103 103
35
35
21
21
21
12
11
11
8% 10%
10%
951 9%
27
27
2734
45% 4534 453-4
94
93
93
534 6
11
11

•Cleveland Ry common 100
100
Ctfs of deposit
*
Clev Quarry common
Clev Scour pr lien pfd__10
100
Cleveland Trust
Clev Worsted Mills com100

74%

Selberling Rubber corn.. _ _* 1534
Preferred
100
Selby Shoe common
Sherwin-Williams corn.. _25 81
Preferred
100 106
Stand Textile Prod oom.100
A preferred
100
13 preferred
100
Thompson Products com *
Trumb-Cliffs Furn p1....100
Union Trust
100 92
Van Dorn Iron Wks oom_*
9
WeInburger Drug new......* 20
Youngstown S & T pr_ _ _ _ 103
tie
'Bonds
Cleveland Ry 5.9
1931
Cleve S W Ry AL Lt G & C
as
1954
Steel & Tube tie
1943

31,000

2434 244 10,000
97
9734 30,000

Jan

99
25
97

944
94
100
90
96
90

95
90

Mar
Mar
Mar
Feb
Mar
Mar
Feb
Feb

694 Feb

Jan

70% 54,000

70

High.

Low.

Mar 93
8 93
85 21
Feb 25%
137 116% Jan 11934
Jan 24
205 20
Mar 14
500 13
Feb 47%
870 45
1,495 254 Jan 31
15 10354 Jan 108
74

9554 23,000 914 Jan 954 Mar
Jan 95
Mar
95
4,000 92
Mar 1004 Mar
100
1,000 100
Mar
Mar 90
90
1,000 90
9631 11,000 95% Jan 963.4 Mar
Feb 934 Jan
2,000 89
90

-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Mar. 1 to Mar. 7,
both inclusive, compiled from official sales lists:

Jan
Jan

Range Since Jan. 1.
Low.

70

93
254
11954
22
14
47%
28%
107

Range Since Jan. 1.

* No par value.

St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Mar. 1 to Mar. 7, both inclusive
compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.

93
25
119
21
21
13
13
47% 47%
27% 2734
107

Miscellaneous Bonds
1938
Houston 011 53-4s
Moloney Electric 530 1943
Nat Bearing Metals 6s 1947
Pierce B(IncLs'Id Co)5s '36
serial
Scruggs-V-B 7s
1941
Scullin Steel Os

Jan

2454 Mar
954 Jan

98

93

Street Railway Bonds.
United Railways 4s_ ....1934

• No par value.

Stocks-

1629

FINANCIAL CHRONICLE

High.

StocksAero Corp Calif Inc
Barker Bros pref
Bolsa Chica 011 A
Byron Jackson

Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
100
1

1.20
16%

351
18%
1.20
1634

334
1854
1.20
19

400
150
8,000
400

Range Since Jan. 1.
High.

Low.
134 Jan
18% Mar
99c Feb
17% Jan

334 Feb
1834 Mar
1.45 Jan
234 Feb

25
115
California Bank
94
Central Investment Co.100 94
Citizens National Bank_20 11134 1113.4
42
Claude Neon Elec Prod..- * 43
1854
Cons Air Craft

117
94
1113•4
44
20%

Jan
Feb 120
70 113
Feb
Jan 95
80 90
Jan 112% Jan
250 110
Feb
8,500 40% Feb 45
500 18% Mar 2034 Mar

Emsco Derrick & Equip_* 184 184
8
14
Gilmore Oil Co
9454
Goodyear Tire & R pf_100
Hydraulic Brake Co corn 25 37% 37
47%
Internat Re-insur Corp_10
Los Ang Gas & Elec p1.. 100 102% 102
18
Los Ang Investment Co_10 18
21
MacMillan Petroleum _25
170
Mortgage Guarantee C,o100

184
15
95
38
49%
102%
18%
2231
170

300 18
200 13
55 93
900 35
2,000 41
227 101
400 16%
700 18
100 169

10 3834
38
Pac Fin Corp, corn
10
85.4
Series C
63%
Pac Gas & Elec. corn-25 65
25
2654
1st preferred
93%
Pacific Lighting, corn..
10034 100%
6% preferred
81
Pac Mutual Life Insur_ _10
35%
Pac Public Service A corn.* 36
1336
Pacific Western Oil Co.....* 13%
yi
7%
PickwIth Corp. corn_ -10
2.95
Pacific Mutual rights

38%
834
65
2651
9334
10051
81
3734
14
734
2.90

Jan
3,400 37% Feb 43
600
8% Mar
83.4 Mar
610
500 264 Jan 26% Mar
100 82% Jan 93% Mar
150 1004 Jan 101% Jan
Mar
300 81 , Mar 81
2,500 28 1Jan 3734 Feb
1,100 13 1Jan 154 Feb
400
Feb
Feb 3.30
3,700 2.90

Richfield Oil Co, corn__ _25
'15
Preferred
Rio Grande Oil, corn__ _25
San J L & P7% pr pfd_100
Seabd Dairy Cr Corp corn*
Sec First Nat Bk of L A..25
Shell Union Oil Co. com_25
25
Signal Oil & Gas A
So Calif Edison corn__ _25
Original preferred.. _25
25
7% preferred
25
6% preferred
25
54% preferred
So Counties Gas 6% pref 25
Rights
Standard 011 of Calif
*
Taylor Milling
Trans-America Corp_ -- _25
Union Oil Associates....._25
25
Union 011 of Calif
Union Bank & Trust Co100
Western Air Express . 10

24%
21
194

10,000
2434 26
21%
1,500
21
8,600
18% 1954

Feb 23
Jan 15
Jan 96
Feb 42
Jan 4934
Feb 103
Jan 2034
Jan 2254
Feb 171

22% Feb
Feb
21
1654 Feb

Jan
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Jan

264 Jam
2234 Jan
1934 Jam

146 110% Jan 112% Feb
111% 110% 111%
Jan
Jan 101
1,100 101
101
100 102
117% 1153.4 11734 2,500
214 22
400 21% Feb 2234 Feb
Jan
100 27% Feb 31
30
30
62% 6054 6234 7,000 564 Jan
Jan 654 Feb
Fob6
140 57
6154 63
1,200 27% Jan 2934 Feb
2934
29
264 3,500 24% Jan 264 Feb
26
26
24
1,700 2234 Jan 2934 Feb
24
24
Jan
11 9654 Feb
97
97
Feb
Jan 983-43.70
32,000 2.80
3.45 3.65
3.65
Jan 614 Jan
2,900 56
59% 61%
2854
45
4154

2834
44%
413.4
42
325
39

28%
1,100 24% Jan 2834 Mar
4534 10,400 42% Jan 47% Feb
4254 6,100 4054 Feb 4534 Jan
Jan
433.4 3,600 41% Feb 46
Jan
325
95 325
Jan 325
500 22
3954
Jan 41% Feb

No par value.

Bank Stocks
Boatmen's Nat Bank ....100
First National Bank_ _ _ _20
Mere Commerce
100 290

220
88
290

220
8854
203

Trust Company Stocks
Miss Valley-Mere State.100

290

290

Mar 22934 Jan
10 220
14 86% Feb 90
Feb
Jan 301
Jan
70 284
5 290

Mar 300

Jan

We also give the following record of transactions on the
Los Angeles Stock Exchange for the period Feb. 22 to Feb.
28, inclusive, which reached us too late for publication in
•
last week's issue:
Frilay
Sales
Last Week's Range for
of Pr( es.
Sale
Week.
Par. Price. Low. High. Shares.

Miscellaneous Stocks
Amer Credit Indemnity _25
Bentley Ch_Stores corn...*
Boyd-Wels15 Shoo
Brown Shoe corn
100
100
Preferred
Burkart Mfg common_ _ -_•
Preferred
Chicago Ry Equip corn _25
Preferred
25
Coca-Cola Bottling See 1
Consol Lead & Zinc A__ -*
Corno Mills Co

45
45
10
10
1234
40
40
40
4054
40
116 116
2
2
2
11% 1134 11
22
22
22
21
21
20
4754
47
534 535
534
26
25

47 45
108 10
50 38
330 30
10 114
2
2
71 1134
40 14
46 20
135 38%
54
90
161 25

Mar 49% Feb
Mar 13
Feb
Feb 404 Jan
Mar 42
Feb
Jan 1164 Feb
Mar
4
Feb
Mar 12% Jan
Jan 27% Feb
Mar 2154 Jan
Jan 47% Jan
Jan
634 Jan
Mar 29% Jan

Elder Mfg common
A
100
Emerson Electric pref _ _100
Ely & Walk D 0 1st pf_100
0.• 2d preferred
100
Fred Medart Mfg corn
*
Granite III-Metallic
10
Hamilton-Brown Shoe_ _25
IIydr Frees Brick corn_ _100
Independent Packing corn *
Preferred
100
International Shoe corn_ ..*
Preferred
100
Johnson-S & 13 Shoe

22%
73
94
9834
79
2434
30e
10%
2
6
80
60
106
47

22%
73%
94
99
79
24%
300
11
2
6
80
6034
107
47

100 20
105 70
10 93
65 96
5 79
5 21
30 25c
7%
35
2
200
6
100
50 75
998 5954
58 104%
8 43

Jan 22
Jan 75
Feb 94
Jan 100
Mar SO
Jan 2434
Jan 30c
Jan
11
Mar
234
Mar
734
Feb 85
Feb 63
Jan 106%
Jan 55

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

30
32
40
45
50
5934
33%
10134

33
32
40
46
51
63
35
101

Mar 40
Jan 35
Feb 45
Feb 64
Feb 51
Jan 63
Jan 35
Feb 101

Jan
Feb
Jan
Jan
Nlar
Mar
Mar
Mar

Pacific Mutual Life Ins_ _10
Rights
Pacific Pub S.er A cora _
Pacific Tel & Tel corn _100
Pacific Western Oil Co__ _*
10
Pickwick Corp corn

Feb
Jan
Mar
Jan
Mar
Mar
Jan

Jan
Feb
Feb
Feb
Feb
Jan
Feb

Republic Supply Co
30
30
110 30
Jan 32
Feb
Richfield Oil Co com____25 24
234 24% 3,600 22% Feb 26% Jan
Rio Grande Oil corn..... _25 19
18
19
10,900 16% Feb 1936 Jan
SJ L &P 7% prior pfd _100
1114 11234
190 110% Jan 1121-4 Feb
Seaboard Nat Bank_ _25
45
474
110 45
Feb 5434 Jan
Sec First Nat Bk of L A25 11734 11434 117%
2,750 110
Jan 117%. Feb
Shell Union Oil Co corn....25
21% 21%
600 214 Feb 2234 Feb
25
Signal Oil & Gas A
274 28
200 27% Feb 31
Jan

Key Boiler Equipment_ *
Lad -Christy Cl Prod corn *
Laclede Steel Co
20
Landis Machine, corn_ „25
Meletio Sea Food, corn_ *
Moloney Electric A
Mo Portland Cement _25
Meyer Blanke, pref........100
Nat Candy, corn
Nicholas Beaziey
Pedigo Weber Shoe
Pickrel Walnut
Rice-Stix Dry Oda, oom
Scullin Steel, pref
Securities Inv, corn

99
30c
10%

60
47

62
34
2551

5
*
*




14
1934
14%
28%

25
5
14
19
14%
28%
33

2651
5
14
1951
14%
30
33

215 30
94 30
40 39
40 4()
18 45
2,735 52
190 31
80 100
1,836
75
5
250
480
132
10

2254
44
14
16
14%
28%
31

2654
74
18
20
16
314
33%

StocksAero Corp Cal Inc
Bohm Chien 011 A
Byron Jackson

1

34
1.10

3
3%
1.10 1.10
20% 21%

800
7.800
900

Range Since Jen. 1.
High.

Law.
154 Jan
99c Feb
1734 Jan

34 Feb
1.45 Jan
2354 Feb

115 1154
25 115
California Bank
94
94
Central Investment Co.100
20
1104 110%
Citizens Nat Bank
424
• 4351 44
Claude Neon Del
174 16%
17%
Douglass Aircraft Inc__
18
1834
Emsco Derrick & Eq Co_ _* 18
834
Foster-Kleiser common _10
834 834

616 113
100 90
50 110
5,700 404
2,600 124
1,000 18
8%
200

Feb 120
Jan 95
Jan 1124
Feb 45
Jan 174
Feb 23
Feb
854

Goodyear Tire & R pfd _100
Hydraulic Brake Co corn 25
Internat Reinsur Corp.. _10
Los Ang Biltmore pref_ _100
Los Ang Gas & El pfd _ _100
10
Los Ang Invest Co
Los Ang Inv Sec Corp...25
MacMillan Petrol Co _25

96
35%

96
36
45
05
95
1014
18%
184
25
22

95
35
474
95
102
19%
25
22

8,900 93
800 35
1,400 41
40 95
99 101
600 16%
100 25
100 18

Jan 96
Jan
Feb 42
Feb
Jan 474 Feb
Jan 96
Jan
Feb 103
Jan
Jan 20% Jan
Feb 25% Jan
Jan 22
Jan

Pac Finance Corp corn.. _10
Pacific Gas & El corn_ _25
Pacilgts
R ic Lighting corn
h

38%
62%
91
334
81%
2.95
3731

39
6254
91
3.60
82
3.20
37%
165
15
7%

5,700 3734
285 52%
500 824
6,700
3.45
400 814
4,300
2.90
700 28
21 165
6,700 13
400
7%

Feb 43
Jar
6434
Jan 9234
Feb
3.60
Feb 86
Feb
3.30
Jan 3731
Feb 165
Jan 15%
Jan
836

3834
62
90
3.45
814
2.90
37
165
134
1314
73-4
7%

Jan
Feb
Jan
Feb
Feb
Jan
Feb

Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan

1630

FINANCIAL CHRONICLE

rrtaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
So Calif Edison com____25
Rights
Original preferred____25
7% preferred
25
6% preferred
25
So Counties Gas 6% p0d_25
Standard 011 of Calif

61%
3.60
66%
29
26
9636
59

61%
3.45
64%
28%
25%
96%
58

Taylor Milling
Trans-Amer Corp
25
Union Oil of Calif
25
Union Bank & Trust Co 100
Van De Kamp Baking..
Western Air Express_ ___10
Western Pipe & Steel__ _10

28%
44%
42%

27%
44%
42
325
39%
38%
2Sti.()

40
41

6,900
65
3.60 16,200
220
66%
1,100
29
1,600
26%
60
96%
1,500
60%
281%
453s
43%
325
40%
41%
28 14

Range Since Jan. 1.
Low.
Jan
Jan
Jan
Jan
Jan
Feb
Feb

58%
2.80
57
27%
24%
96%
56

High.
65
Feb
3.70 Feb
66% Feb
29% Feb
2614 Feb
98% Jan
61% [Jan

500 24% Jan
2836
Jan
47%
15,600 42
3,600 41% Feb
48
Jan 325
171 325
300 391% Feb 40%
Jan
41%
1,800 22
100 277% Jan
28 1.4

Feb
Feb
Jan
Jan
Feb
Feb
Feb

• No par value.

San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Mar. 1 to Mar. 7,
both inclusive, compiled from official sales lists:
Stocks-

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

Low.

--

Calamba Sugar, pref
Calaveras Cement Co, corn
Preferred
California Copper
Calif Cotton Mills, corn_ _ _
Calif Ore Pow 7% pref _ _ _ _
Calif Packing Corp
Caterpillar Tractor
Clorox Chemical
Coast Cos G & E 1st pref.Cons Chem Indus A
Crocker First Nat Bank
Cxown Zeller, pref A
Preferred B
voting trust certificates_

15% 151%
500 15%
10
10
130 10
10 84%
87% 87%
2%
234
3%
1,040
334
-----39% 40
285 34
-----110 11034
35 106
74% 77
1.675 67%
68% 67% 69% 11,278 53%
306 29%
33
33
33%
98
56 98
98
98%
895 25%
29% 30%
10 398
400 400
79
150 78%
79
79
130 78
79
79
1,829
17
17
17%
1751

--

Douglas Aircraft
1736
Eldorado 011 Works
Emporium Capwell
Fageol Motors, corn
Fireman.s Fund Ins
987%
Food Mach Corp, corn. _ _
39%
Foster & Kleiser, corn
8
Golden State Milk Prod_ _ _
24%
Great West Power 6% pref
7% preferred
105%
Hale Bros

175 175
215 215
7
7
31% 3134
73.4
73.4
13% 14
18% 1934

1734
25
19%
2%
98%
39%
8
24 34
99%
10534
11%

18%
25
19%
3
100
41%
8%
25%
101
1063.4
11%

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Hawaiian C & 5, Ltd
Hawaiian Pineapple
Home 1? & M Ins Co
Honolulu Cons 011
Honolulu Plantation
Hutch Sugar Plant, corn
Illinois Pacific Glass A._ _ _
Investors Association
Jantzen Knitting Mills- _ _ _
Kolster, corn
Langendorf Baking A
B
Leighton Ind B
Leslie Calif Salt Co
Los Angeles G & E Corp_ _ Lyons :Magnus A
Magnavox
Magnin common
March Calcu new common_
North Amer Inv pref
Common
No Amer Oil cons

503-4
581%
32
63
121%
27

3
49%
5851
38
32
63
121%
24
4216
4336

27%

2%
25
23
411
19
102
1011%
121%
41%
53.4
21
221%
221%
9934
1071%
141%

Range Since Jan. 1.

Alaska Packers Assn
Anglo & Lon Paris Nat Bk
Assoc Insur Fund, Inc
Atlas Imp Diesel Eng, A_
Aviation Corp of Calif
Bond & Share Co, Ltd_ -- Byron Jackson

7
31%

[VOL. 130.

High.

Feb 175
35 165
Jan 233 36
5 215
1,200
611 Jan
716
Jan
754 28
34
5% Jan
225
7%
395 11% Jan
14%
1,917
17% Jan 2331

Feb
Jan
Jan
Feb
Mar
Jan
Feb

Mar
16
Jan
Mar 13
Jan
Jan 87% Feb
Jan
3% Mar
Jan 42
Feb
Jan 110% Mar
Jan 77
Mar
Jan 69% Mar
Jan
383-1 Feb
Mar 99% Feb
Jan
33
Feb
Feb 410
Jan
Feb 83
Jan
Feb 82% Jan
Feb
1834 Feb

17
310 13% Feb
Feb
Feb 25% Jan
300 24
605 17% Jan 20% Feb
350
231 Jan
Feb
518 98
Jan 102% Jan
576 37 34 Jan
4431 Feb
384
8% Feb
735 Jan
2,170 23% Jan 31% Jan
Jan 100% Feb
35 99
105 104% Jan 106% Feb
200 1134 Feb
14
.Ian

Oliver Filters A
B
Pacific Gas & El common_
1st preferred
Pacific Lighting Corp corn.
6% preferred
Rights
Pacific Public Service A _

281%
27
63
2634
91
1001%
3% 3%
3534
353/s

651%
261%
931%

51
5934
b834
32
63
121%
27
421%
4334

1,377
730
236
360
500
1,300
2,218
832
105

Range for Year 1929.
Low.
49% Jan
5234 Jan
38
Mar
31
Feb
62
Feb
121% Jan
191% Jan
377% Jan
40
Jan

2%
775
2
25
200 25
231%
221 23
434
10
434
19
305 19
1021%
130 1001%
121%
130 121%
51.1 32,643
234
700 201%
211%
788 201%
221%
15 08
997%
65 105
1071%
141%
455 14

115-4
787%
4434
lc
417%
417%
427% 427%
330
2
177%
97
201.4
113%
787%
45

Jan
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb

Jan
4% Jan
Feb 271% Jan
Mar 251% Jan
Jan
Feb
5
Mar 21
Feb
Feb 1031% Jan
Mar
131% Jan
Jan
434 Feb
Jan 23
Feb
Jan 25
Jan
Jan 997% Jan
Jan 113
Jan
Feb
161% Jan

115 26
281%
Jan
Jan 31
27
100 25
Jan 2931 Jan
851% 22,166 511% Jan 547% Feb
3,520 26
261%
Feb 261% Feb
04
3,501 7434 Jun 94
Mar
1001%
435 100
Jan 1011% Jan
4
51,356
Mar
4
334 Feb
37
15,951
Feb
30
281% Feb

Pacific Tel & Tel common_ 1451% 1451% 166
141 1451% Mar
Preferred
140 1411%
110 120
Jan
Rights
20
211%
211% 12,305
191% Feb
Paraffine common
7631
781% 7734
1,430 7531 Jan
Pig'n Whistle preferred_ _ _ -----13% 131%
160 13
Jan
26
Rainier Pulp at Paper
26
190 26
Mar
Richfield common
26
13,838 221% Feb
241% 24
Preferred
2031 2131
201%
920 201% Mar
Roos common
233 241% Feb
241% 2431
93
Preferred
93
55 83
Jan
S J Lt & Pr 7% pref
20 1101% Mar
1101% 1101%
1001% 101
55 100
6% Prior preferred
Jan
Schlesinger common
500
8% 9
3
Feb
Shell Union common
211% 22
1,445 217% Feb
213's
55
Sherman Clay pr pref
55
55 427% Jan
17% 177%
So Pac Golden Gate A
905 167% Jan
Spring Valley Water Co _ _ _ ------ 90
901%
620 821% Jan
Stand 011 of Calif
5934 587% 617% 10,984 5574 Feb
Tide Water Assoc 011 corn_
Preferred
Transamerica Corp
Rights
Union Oil Associates
Union Oil of Calif
Wells Fargo Bk & U Tr Co_
West Amer Fin Co prcf ___
West Coast Bancorp
ur...•,...- 131,m 1- e•nrsi r,

High.
51
63
39%
337%
63
121%
27
4234
441%

12
804 103%
154 78
80
453-4 47,302 42
lc 206,265
427% 5,252 407%
1,992 417%
4334
330
20 325
2
75
2
217 177%
177%
28
2.118 231%

Feb
Feb
Jan

180
144
231%
78
14
291%
261%
221%
271%
93
11334
101
107%
237%
64
17%
901%
6134

Feb
Febr.
Feb
Jan
Jan
Jar
Jan
Jar
Jar
Jan

Jar
Feb
Jar
Jar
Jar
Feb
Feb
Jar

127% Jar
843.4 Jar
477% Fel

Feb 457% Jet
Feb 48
Jar
Mal
Jan 330
Jan
27% Jar
Feb
1814 Jar
Jan 29
Fel

New York Curb Exchange--Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Mar. 1 1930) and ending the present Friday (Mar. 7 1930). It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds,in
which any dealings occurred during the week covered.
Tway
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par.
Low. High. Shares.

Week Ended. Mar. 7.
Stocks-

Indus. & Miscellaneous.
Acetol Products cony A •
Acme Wire v t c
25
Aeronautical industries..'
Warrants
Aero Supply Mfg class B.*
Aero Underwriters Corp_ _•
Ainsworth Mfg corn. _ _ _10
Air Investors corn v t c...'
Convertible preference..'
Ala GC Sou RR pref
50
Alexander Industries
•
AU Amer General Corp_ _20
Allied Aviation Industries.
With stock purch wart.•
Allied Internet Investing.*
Allied Mills Inc
•
Allied Motors Indust corn *
Allison Drug Stores el A. •
Aluminum Co corn
•
Preferred
100
Aluminum Ltd
American Arch Co
Amer Brit & Cont Corp..'
Amer Brown Boverie Elec
•
Founders shares
. Amer Capital Corp class B.
•
Amer Chain corn
Amer Cigar Co corn__ __100
Amer Coiortype corn
Amer Cyanamid core cl B_•
Amer Dept. Stores Corp_ _•
American Equities com
•
Amer Investors Cl B corn.'
Warrants
Am Laundry Mach corn _ _*
Amer Maize Products_
•
American Mfg Co cow _100
Preferred
100
Amer Thermos Bottle A_ •
American Thread pref. _5
Amer Yvette Co coin....5
Arnrad Corp common..
Amsterdam Trading Corp-American shares
Anchor Post Fence com--•
Anglo-Chile Nitrate Corp _•
Arcturus Radio Tube_ _•
Amrstrong Cork corn....'
Art Metal Works corn
•
Associated Dyeing & Print.
Assoc Elea Industries
Amer del) rots urtt ,hs_ el
Associated Laundries.--•
Associated Rayon corn
•
8% preferred
100
Atlantic Coast Fish corn_
All Fruit & Sugar
•
Atlantic Secur Corp corn *
Atlas Plywood.
•
Atlas Stores Corp
•

7% 9
50
48
50%
11
9% 11
1%
2
11
11
11%
2314
23%
17
2536
25
2514
5
5%
13% 15%
134% 135
2
2
1734 1931
19%
s111
6
12
16%
31
310% 310%
10711 10631
169
169
43% 43
631
6

9%
54%
85
29
2734
43-4
1714
12%
65

12%,
20
22

1
52%
2354
516
20%
24%
27%




1%
6
12%
17%
%
318
10711
169
43%
7%

Range Since Jan. 1.
Low.

High.

7%
800
300 44
700
7
1,100
131
900
8
5,400 1334
500 21%
1,000
314
600
1134
20 126
400
151
1,800 16

9%
Mar
Jan 5234
11
Feb
Jan
211
Feb
123.4
Jan
2334
Jan
27%
Jan
53-4
Feb
16
Feb 135
Feb
2%
Jan 19%

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

2,000
34
200
516
2,700 12
700 14
200
%
400 275
1,800 10534
100 108
1,400 36%
1,600
4%

2%
Jan
Jan
654
Mar
153-i
Jan
17%
Jan
Jan 345
Feb 10834
Jan 169
Jan 433Jan
754

Jan
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Mar
Mar

12
834
5434
85
29
297%

Feb
Mar
Mar
Mar
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Alar
Feb

911
8%
49%
83
29
25%
4%
16%
12%
536
65
31%
60
72
1711
3%
551
18

400
934
1,200
836
54% 12,400
85
200
29
100
2811 29,600
431
1,600
3,200
173.4
13%
8,200
1,000
5%
65
25
33
400
6014
75
25
72
100
1731
100
33-4
3,500
6%
300
20

2811
1214
17%
17
5931
2411
331

2811
13%
20
23%
59%
24%
334

7%
834
37
68
20%
25%
3
1511
10
4%
62%
31%
45
6534
1734
336
5
17

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

1934
14%
6%
7134
39
6034
72
1754

33.4

71% Jan
20
Mar

100
2,600
700
3,800
50
100
300

273-4 Jan
1134 Jan
15% Jan
9% Jan
58% Feb
Jan
18
Jan

2814
14%
21
2334
60%
2754
3%

Feb
Feb
Jan
Mar
Feb
Feb
Feb

6
6% 11,800
1
1
200
200
6
61%
52
700
53%
2356 26%
600
'16
71. 4,400
19
2014
1,100
24% 24%
1,000
25
28%
2,800

Mar
6
.s34 Feb
43.4 Jan
3954 Jan
22% Jan
31 Feb
15% Jan
22% Jan
18
Jan

7
2
034
5434
28%
718
2034
2434
2834

Jan
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Mar

Stocks (Continued)

Filing
Sates
Last treek's Range for
of Prices.
Sale
1Veek.
Par Price. Low. High. Shares.

Automat MUSIC Instru A•
Automatic Voting Mach_ •
Cony prior partic stk..'
Aviation Corp of the Amer"
Aviation Credit Corp.- •
Aviation Securities Corp •
A xton-Ftsher Tob corn A 10
Babcock & Wilcox
100
Bahia Corp com
•
Cum preferred
25
Baneomit Corporation_ •
Baumann(L)& Co pf_ _100
Bellanca Aircraft corn v t c•
•
Bickford's Inc COM
Blew-Knox Co
Bliss(E W) Co corn
•
Blue Ridge Corp corn _ _ _ -•
Opt 6% cony prof...
.50
Blumenthal(5)& Co corn •
•
Bourjois Inc
Bridgeport Mach corn_ _ _ -•
Brill Corp class A
•
Class 13
•
Brillo Mfg corn
•
Bulova Watch cony pref_ •
Bunco Inc corn
•
pref with wart. _50
Warrants
Burma Corp Amerdep rots
Butler Bros
20
Cable Radio Tube v t C. •
Our Pac Ry new w
Carnation Co common_ _ _•
Carrier Eng common A_
Celanese Corp of Am corn _•
Prior preferred
100
Centrifugal Pipe Corp•
Chain Stores Stocks Inc..'
Charts Corp corn
Ches ee Ohio RR new_ _ _ 25
Cities Service common...*
Preferred
•
•
Preferred B
Preferred BB
•
City Machine & Tool__ _ -•
Clark Lighter Co,cony A.'
Cleveland Tractor com_-_.
Club Alum Utensil com_ _•
Colgate-Pahn Olive-Peet."
Colombia Syndicate
Columbia Pictures corn_ - -•
Columbus Auto Prod pref•
Consolidated Aircraft....'
Consol Automatic
Merchandising corn v t c•
Consol Dairy Products---•
Consol Gas ULU class A...'
Consol Instrument corn-•
Consol Laundries corn....'
Cons Retail St's Inc corn..'
Coon(W II) Co corn
•

1031 1231 4,400
500
634 6%
13% 1G
2,300
1331
33
33
200
1534 15%
300
100
734 7%
4231 46
46
1,300
129 13114
600
130
3% 431 2,600
414
100
216
216
46 31 4756
500
79% 7934
50
7
z731
600
7
1()0
20% 20% 20%
3331 3234 33%
400
25
1,3(10
27
27%
14% 66,300
11
14%
41% 40% 42% 23,400
36
41
36
400
6%
6
800
411
5
2,600
455
13
13
200
414 41%
100
12
12
200
38% 3934
900
8% 8%
200
851
100
4034 4034
200
3
314
31%
3,300
2% 3
2%
700
11
1134
11%
400
4% 5
51% 1123-4 15,600
5211
100
23)
29
29
200
4134 41%
800
24
24%
700
82
81
4,200
5% 614
1,200
1554 16
16
200
3114 32
32
1,400
58%
58% 58
39% 586,100
3814 33
88% 8834 89% 2,200
811
1,800
811
811
100
82
82
25%
1,400
23
245-4
300
15-4
13.4
32%
5,800
29
3034
3% 4
200
3%
1,300
6236
,
613.4 61
%
3-4 3,800
29
29
100
29
25
25
200
15% 227%
7,100
22
12

316
16%
28%
414
15
12%
25

313
16
28
434
13%
12%
25

17
2916
/4
15%

1254
25

4,000
700
1,000
5,600
8,800
200
200

Range Since Jun.
Low.
7
01.1
1334
24%
1211
711
38
122
291
154
46
7934
556
1431
*3134
2314
634
3334
2754
6
234
1094
234
11
3354
8
40
3
234
11
3
51
2011
41
24
81
451
1254
2234
5394
2834
88
87%
82
20
Si
18
33-4
52
'is
24
20
15

34 Jan
131%
213,4
3
10
1074
20

High.

Feb
1534 Feb
Mar
854 Feb
Mar
17 1
4 Feb
Jan 3434 Feb.
Jan
16
Feb
Jan
135,4 Feb
Jun 46
Mar
Jan 132
Feb
Fen
436 Mar
Feb
2 1 , Mar
,
Jan 5036 Feb
Mar 80
Jan
Jan z 1 1% Jan
Jan
2034 Mar
Jan 35
Ja
Jan
3074 Feb
Jan
1494 Mar
Jan 4214 Mar
Jan 44 11 Feb
Mar
8
Feb
Jan
Mar
5
Jan
1434 Feb
Jan
451 Feb
Feb
1614 Jan
Jan 40% Feb
Jan
10
Jan
Jan 41
Jan
Jan
e33,4 Jam
Mar
354 Jan
Mar
173.4 Jan
Feb
53-4 Jan
Feb 58
Feb
Jan
30
Jan
Jan 44
Jan
Feb
35
Jan
Feb 87
Jan
Jan
614 Jan
Jan
Mar
16
Jan
32
Mar
Jan 61
Feb
Jan 3954 Mar
Jan
8934 Jan
Jan
834 Jan
Jan 82
Jan
Jan
2511 Mar
Jon
154 Jan
Jan 3234 Mar
Jan
Jan
6
Jim
625-4 Mar
Feb
31 Jan
Jan
32
Jan
Feb
Jan
25
Jan 2211 Mar
Jan
Jan
Jar
Jan
Jan
Jan

34 Jan
Jan
19
2934 Feb
514 Feb
153,4 Mar
13
Feb
2516 Feb

MAR. S 19301

1631

FINANCIAL CHRONICLE

Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Continued) Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks-(Continued)Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Mar
Feb 24
25 21
24
24
Internat Textbook._ _ _100
Cooper-Bessemer Corp
14% 6,200 10% Jan 14% Mar
13
137%
Jan 3215 Jan Interstate Equities corn..'
200 28
•
Common
305e 31
2.350 4014 Jan 4534 Feb
45
44
45
Convertible preferred__*
Feb
Jan 42
500 38
41
•
40
$3 pref A with war_
9% Jan
Mar
8
400
8%
8
8%
Interstate Hosiery Mill...
Copeland Products cl A_.*
Feb
25
Mar
100 24
24
24
7% Mar Iron Firemen Mfg corn vtc• 24
Jan
5
500
6% 77%
Without warrants
17% Mar
16% 17% 1,900 1235 Jan
69,500 114 Jan 147% Mar Irving Air Chute corn--• 177%
11% 147%
5 147%
Cord Corp
48% Feb
Jan
1,000 44
* 477% 4714 4811
16% 2,800 127% Jan 167% Feb Jefferson Elec Co
15
Corroon & Reynolds com •
500 281‘ Jan 434 Feb
39% 40%
• 40
500 7155 Mar 767% Feb Johnson Motor Co com
* 75
717% 75
$6 preferred A
Jan
20
Feb
Klein(H L)& Co pref___20 1915 15% 19% 4,600 15
Coty Societe Anonymered
300 397% Feb 417% Mar Kolster-Brandes, Ltd
Amer dep rats bear shs__ ______ 41% 41%
35 Jan
3,800
134 Jan
1
%
1
£1
American shares
15,600 187% Feb 287% Feb
• 27% 24% 27%
Crocker Wheeler com
Gas & Coke
Koppers
Crosse & Blackwell Inc
Mar 100 !Mar
50 97
97 10035
100
6% preferred
200 3555 Feb 397% Jan
34% 34%
$3.50 pref with warr *
1,700 35% Jan 4335 Jan
40%
40
Feb Lackawava Securities---* 40
Feb 20
100 15
15% 15%
Cuban Tobacco com v t c *
Feb
300
835 Jan 12
10%
10
Mar Lakey Fdy & Mach corn__*
5
2% Jan
2,700
4% 5
Curtis Airports v t c
Mar
Mar 70
100 70
70
70
Mar Landers Frary & Clark 25
515 Jan 10
1,100
10
9
Curtiss Flying Service corn*
255 Mar
151 Jan
600
2
2
*
351 Mar Land Co of Florida
17% Jan
2% 3% 16,700
Curtiss-Wright Corp warr_
Jan
Mar 29
500 22
24
22
•
400 187% Jan 227% Feb Lane Bryant Inc
21
Davenport Hos Mills com •
217%
Jan
3
834 Feb Lazarus(F & R) & Co
1,400
4% 511
4%
Dayton Aeropl Eng Corn._*
Jan 933-4 Mar
100 92
931i 9314
100
Feb 13115 Jan
63.4% preferred
119 129% 17,800 113
Deere & Co new corn w I_ _* 124
2,000 14% Jan 23% Feb
23%
Jan Lefeourt Realty Corn-• 22% 22
Jan 650
1,350 435
100 615
600 635
Old common
Jan 3735 Jan
600 29
* 353/s 3514 36%
Preferred
24 Jan
49-i Mar
4% 4% 4,000
415
De Forest Radio com_ __•
Feb
100 3855 Jan 45
41% 41%
Lehigh Coal & Nay new •
De Haviland AircraftJan 132
Feb
100 103
126 126
50
6% Jan
Old stock
6% Feb
300
_£1
6% 6%
Am dep rats ord reg
89% 12,800 7535 Jan 8951 Mar
83
• 88
Mar Lehman Corp
Feb 22
600 19
Diesel-Wemtner-Gilbert_ _*
207% 22
Mar 40
Feb
300 32
3415
32
* 32
734 Jan Leland Electric Co
Jan
5
6,600
5% 6
Detroit Aircraft Corp.._ -•
Jan
500 3835 Jan 55
* 48% 45% 48%
Star Lerner Stores Corp
100 2414 Feb 27
27
27
Detroit Gasket & Mfg corn •
Jan 2054 Jan
400 18
20%
19
30 162% Feb 165% Feb Libby, McNeil & Libby_10 19
164 165
Dixon (Jos) Crucible_ _100
534 Jan
4% Feb
600
435 515
Jan Liberty Baking corn
19
800 1655 Jan
Die-Casting coin_* 18% 18% 1851
Doehler
5 Feb
300 174 Feb 221
2055 21
•
Jan
Lily-Tulip Cup Corp
Feb e32
100 28
* 30% 30% 3011
Donner Steel
3% Jan 15% Mar
Feb Loew's Inc stock purchwarr 15% 12% 15% 4,900
Feb 101
100 98
100
1011
common__-101
First preferred
5
Feb
Jan
3
,
332 14,500
3
355
183.1 Mar Louisiana Land & Explor_•
23,400 124 Jan
Douglas Aircraft Inc
• 17% 16% 18%
Feb 2451 Jan
900 18
20
18
Jan Macalarr Stores com
•
Mar 75
100 71
71
71
Dow Chemical common.*
1535 Feb
700 13% Mar
1355 1455
100 627% Mar 64% Jan Mangel Stores common..'
Draper Corp
62% 637%
7714 Feb
Feb
400 75
75
75
Feb
655% pf with warr_ _100 75
Jan 41
Dresser (13 R) Mfg Co el A • 397% 39
39% 1,100 31
Jan
Feb 39
200 37
38% 39
Jan 667% Feb Shapes Consol Mfg
1,400 41
Driver-Harris Co com_ _ _10 59% 5955 647%
4351 28,900 3254 Jan 444 Feb
Marine Midland Corp_ _ _10 42% 41
8% Feb 137% Jan
7,500
Dubiller Condenser Corp_*
955
915 11%
Jan 15% Feb
1,500 10
15
1534
corn * 15
Jan
Marion Steam Shovel
7
4% Jan
4% 57% 8,900
•
Durant Motors Inc
5
* 483-4 4811 50% 12,400 48% Mar 5355 Feb
Marshall Field & Co
Durham Duplex Razor
Jan
Mar 45
400 33
343.4
Mar Massey-IIarris Co corn_ _* 3415 33
Mar 20
200 20
20
20
$4 prior prof with warr_*
2% Mar
Jan
1
134 2% 159,300
2
197% Jan Mavis Bottling Co of Am.'
2,300 137% Jan
Duval Texas Sulphur__-• 187% 14% 18%
Feb
Jan 65
1,600 48
Feb Mayflower Associates Inc.' 0434 6311 65
15
73-i Jan
900
East (Ail Invest corn A_ •
12% 13
Mar
100 2354 Feb 24
24
24
McGraw Elec Co
Educational Pictures
Mar
2,200 55% Feb 61
61
58
Mar Mead Johnson & Co corn.. 61
Jan 20
125 13
20%
8% pref with warr _ _ _100 207% 20
Mar Merritt-Chapman & Scott
Jan 23
134,400 14
Eisler Electric corn
• 21% 19% 23
Jan
200 83% Mar 87
83% 85
400 4414 Mar 477% Mar
834% pref series A_ _100
Eke Household UM _ _ _ _10 47% 44% 47%
255 Jan.
1,600
1% Jan
2
2
2
•
Elec Pi.wer Associates corn* 33
31% 36% 4,600 2431 Jan 363-4 Mar Mesabi Iron
12
Feb
1,100
8% Jan
107% 11
Feb Metal & Min Shares com_* 11
Jan 34
Class A
• 317% 31% 33% 8,200 2251
100 36% Feb 4154 Jan
38% 38%
Elec Shareholdings com • 29% 28% 32% 31,900 1555 Jan 327% Mar Metal Textile partic pref_* 3314
Jan
Mar 30
1,500 19
22
19
Mar Metropol Chain Stores...• 19%
Jan 103
2,600 82
Cony pref with
• 9915 98 103
2
Mar
100
Mar
2
2
2
COM B *
3354 Feb Met 5 & 50c. Stores
200 307% J a n
33%
Emer.on Brom. Seltzer..A*
warr--33
Feb
1635 16 15 100 13% Jan 20
Feb
137% Jan Midland Royalty $2 pref.•
1,100 10
1015
Empire Steel Corp
10
* 10
Mar
Feb 22
2,500 20
22
1,400 227% Jan 2515 Mar Midland Steel Prod 2d PI-* 2034 20
Employers Re-Ins Corp_10 2415 2414 25%
200 22
Jan 2934 Feb
2615 27
Feb
Midland United Co corn..' 27
Europ El Corp Ltd cl A w I
185i 19% 16,100 187% Feb 20
197%
Jan
32
Fel
3012 1,700 28
28
303-4
Mar Miller (1) & Sons corn
9
8% Mar
1,600
8%
Warrants
8% 9
Jan 2751 Mar
27% 5,100 13
25% 21
5% Feb
Jan
Miss Riv Fuel Corp wart'..
2
5,700
5
Fabrics Finishing corn._ •
300 194 Jan 254 Jan
23%
23
•
54 Feb Mock. Juds & Voehringer.
214 Jan
200
_10
Fageol Motors corn
2% 2%
200 41
4351 Jan
Feb
42
42
614 Feb Moody's by Serv part pf_•
Jan
3
Fairchild Aviation com___•
555
591 651 2,600
100 374 Feb 4355 Jan
Feb 6854 Mar Morrison Flee Supply....' 38% 38% 38%
400 48
6811
Fajardo Sugar
55
Feb
200 50% Mar 75
50% 55
Jan Murphy (G C) Co com * 55
15 Mar
700
Fandango Corp common_*
55
2,700
755 Jan 12% Jan
8% 994
8%
Mar Nat American Co
18
Jan
300 15
18
18
Fan Farmer Candy Shops.* 18
855 Jan 174 Mar1715 11,900
13
• 167%
Feb Nat Aviation Corp
13
Jan
7
200
11% 11% 12
Fansteel Products
Feb
175 5951 Jan 65
100 614 61% 65
Jan Nat Baking pref
10
Jan
9
100
10
10
• 10
Fedders Mfg class A
Mar
900 105
Jan 106
387% Jan Nat Dairy Prod prof A_1(lo 10534 105 106
200 3311 Jan
34
•
34
Federal Screw Works
1914 Jan
1,500 174 Jan
1854 183-4
,
700 177% Jan 207% Feb Nat Family Stores com _• 1855
19%
Fiat. Amer dep receipts-19
19
Jan
alar 26
400 22
22
22
Jan
6
3% Jan
$2 pref with warr_ _ _ _25 22
200
4% 4%
Finance Invest Corp._..10
Feb
7,800 124 Jan 30
• 2651 2551 277%
Nat Investors coin
800 254 Feb 277% Jan
26
Flintkote Co coin A
•
26
2
Feb
900
115 Jan
115 2
2
Mar National Leather corn__ _10
6,700 137% Jan 23
Fokker Air Corp of Amer_• 2155 20% 23
15% Feb
200 13% Jan
1315 1315
* 1355
Mar
5
77% Jan
Nat :Mfrs & Stores
700
Foltis-Fisher Inc corn_ _ _••
6
5
5
20
Mar
600 1815 Jan
18% 20
Not Rubber airteh'y corn •
Ford Motor Co Ltd
Mar
2,700 50
Jan 65
157% Mar
Nat Steel without warr-- _* 62% 6234 65
Amer dep rcts ord reg.£1
14
1354 15% 35,800 107% Jan
Jan 33% (Jan
• 3111 307% 3234 3,700 29
Feb 337% Jan Nat Sugar Reitz
Ford Motor of Can cl A-- •
28% 29% 5,400 28
814 Feb
1,100
715
355 Jan
7
7
•
Jan Nat Union Radio com
Jan 58
125 36
Class B
• 493/, 48% 49%
500 1354 Feb 1615 Jan
1534 13% 153-4
731 Mar
Neet Inc class A
67% Jan
Ford of France Am dep raft
711 7% 1,300
1,500 16% Jan 2454 Mar
233-4 2415
• 24
107% Jan Nehl Corp common
83/, Mar
100
Foremost Dairy Prod corn •
815 815
500 27% Jan 314 Feb
Jan
18
(Herman) Corp_..5 3015 3015 31
15% Feb
Nelson
100
Cony preferred
16
16
200
85-4 Jan
Mar
6
6
6
Nestle LeMur Co class A.
Foundation Co
Jan
120 40
Jan 44
40
40
754 Jan Newberry (J J) Co corn..• 40
2% Jan
600
Foreign shares class A..
5% 6
5%
Feb
100 95
Jan 101
100 100
10
Fourth Nat Investors Corp
7% preferred
Feb
32
1,000 24
Jan
29% 3191
•
Jan 49
Feb Newport Co corn
Corn (wit), purch. warr)• 4
6/1 4555 46% 10,000 33
500 18% Feb 22 15 Feb
21% 227%
•
934 Jan New Haven Clock corn
234 Jan
Fox Theatres class A corn..•
715 8% 41,700
751 Feb
1,900
315 Jan
65-1 7
63-1
Jan New Sfax & Ariz Land _ _ _1
300 1431 Jan 24
Franklin (II II) Mfg corn_ t
19%
19
• 257% 257% 2611 3,400 22% Jan 2715 Jan
Jan 80
Feb
25 75
7% preferred
N Y Investors corn
100
75
75
500 12
15%
Jan 184 Feb
15
15
Maryland
Niagara Share of
French Line41% 9,100 27% Jan 4135 Mar
Feb Niles-rieml-Pond corn_ _ _• 397% 39
100 41% Jan 45
Amer shs for oorn 13 stock
42% 4215
,
1655 213/, 11,000 1255 Jan 2135 Mar
Jan 27
Feb Norma Eke Corp corn _ _ _• 163I
300 20
Garlock Packing corn
_•
25% 2615
Mar
10
65,000
8% 10
54 Jan
•
934
455 Jan North Amerkan Aviation.
2% Mar
80.500
General Baking corn
•
2%
3
600 214 Jan 29% Mar
2935 295.4
Preferred
35% 3955 15,000 35% Mar 6415 Jan Northw Engineering corn.'
• 3915
300 22% Jan 294 Feb
27% 28
common_ •
Gen Elec Co of Gt Britain
Novadel Agana
Jan
300
9
811 84
8% Feb
811
11% Jan 011stocks Ltd el A
•
American deposit rcta_ .£1
11% 10% 11% 5,300 10% Mar
Mar
36
300 29
36
Jan
35
36
Jan 2554 Feb Orange Crush Co
900 21
General Empire Corp_ _ _ _• 23% 2355 24%
Jan 8314 Feb
• 78% 7714 823-1 8,200 69
Jan Otis Elevator corn
400 31% Jan 34
General Fireproofing corn
33%
33% 33
735 Feb
900
7
84 Jan
6% 7
100 1015 Jan 14% Jan Outboard MotCorp corn B•
Gen Indust Alcohol v t o •
11% 11%
Feb
500 104 Jan 15
13% 14
• 137-1
Jan 10% Jan
8
300
Cony pref ci A
Gen Latin(' Mach corn
_•
815
8
8%
100 15% Feb
197% Feb
•
1534 1534
Mar 48
Feb Overseas Securities
200 44
Gen Printing Ink com____* 44
44
44
Mar
2,700 49
79
Jan 79
6115 61
935 Jan 1415 Jan Pacific Coast Biscuit
Gaol Realty & Util com__• 1411
1455 14,700
1214
14% Jan
100 13
13
13
Feb
Jan 8434 Feb Pacific Commercial
700 69
Pt with corn purch war
82
80
9%
8
94 9,200
Mar 13% Jan
8
5
Feb e235 Jan Paramount Cab Mfg corn.'
1,100 20
Gerrard (S A) Co corn _ _ __•
20
20
3755 3715
100 36% Feb 427% Jan
33
Jan
Mar Parke Davis & Co
1,400 21
Gleaner Comb harvester.' 32% 32% 33
8,400 102% 'Mar 121% Jan Pennroad Corp corn v t c_• 143-4 14% 1555 36,100 13% Jan 1654 Feb
Glen Alden Coal
• 105
102 114
Feb
300 43
45
43
Mar 49
16% Feb Peoples Drug Store Ina_ •
Globe Underwrit Exch...' 14%
1514 3.300 11;1 Jan
14
Feb
90 94
Jan 105
100 100
100
Jan 4354 Mar Pepperell Mfg
Goldman-Sacha'Trading * 42% 395,1 43% 102.700 35
Mar
10
2,000
64 Jan
7% 10
10
411 Jan Perryman Elec Co Inc_ __*
Feb
2
Gold Seal Electrical Co--..•
254 3% 8,000
314
'ii
54 Jan
55 Jan
34 6,100
Jan 35
91
100 30
Jan Phil Morris Con Inc corn.
34
Gorham Inc S3 of with warr
34
Mar
Mar 75
100 75
75
75
114 Jan
800
355 Feb Pie Bakeries 7% pref. _100
Glotharn Knitbac Mach....
2%
2% 2%
Jan
11
954 Mar
200
9% 9%
Jan
915 Mar Pierce Governor corn_
•
7
400
Grand Rap Varnish
•
8% 915
1314 Feb
15,200 1051 Jan
3155 Jan 39% Mar Pilot Radio & Tube CIA..' 13
11% 1334
Oraymur Corp
• 3935 38
3915 4,100
Mar
1,400 41
Jan 45
4215 45
Jan Pines Winterfront Co_
5
120 115% Jan 122
11654 117%
CR ALI & Pac Tea 1st pf 100 117
19( 23015 Feb 254
Jan Pitney Bowes Postage
Non vol corn stock
235% 240%
• 238
Jan 151( Jan
18% Mar
• 1311 12% 13% 3,000 10
100 12% Jan
Meter CoGreenfield 'rap & Die corn*
18% 18%
Jan 118% Feb
150 111
Mar 90
Jan Pittsb & L Erie Rlt corn 50 11531 1153-41157%
100 85
Gray Telep Pay Station_ _* 855i 58
85
12
2,800
Jan 15% Jan
9
1255 Mar 1235 Mar Polymet Mfg
131.2 13% 14
200
•
Greyhound Corp
12% 1215
57% Jan
100 55% Jan
56
56
•
500 s1215 Mar 14% Feb Pratt & Lambert
Grocery Stores Prod v t c_• 1251 .312% 13
Jan 23% Jan
200 22
Feb 2755 Jan Pressed Metals of Amer •
23% 2355
2,100 24
Ground Gripper Shoe corn • 247% 24
243-1
g Jan
8,900
Jan
84
9% 10
$3 preferred
300 26% Jan 32% Feb Prince &Whitely Trad corn. 10
2811 30
Jan 46
200 38
Feb
Guardian Fire Aassurance10 41% 41
• 38% 37% 38% 5,400 354 Jan 38% Mar
$3 vonv pref A
41%
7% Mar
74 Mar
200
3
100
•
Jan
7% 7%
455 Jan Process Corp corn
Guardian Investors
351
394 351
800 16% Mar 18% Mar
100 2834 Feb 29
Jan Propper & McCallum
167% 164 18%
Guenther (Rue') Russ Law5
28% 28%
Jan 19%1 Feb
17
181i 12,800 14
Handley-Page, Ltd
Prudential Investors corn.' 17%
215 Feb
700
311 Mar Public Utility Holding Corp
Amer dep rct for pref_ _ _
2% 311
351
n155 Feb
% Jan
100
Happiness Candy St corn.'
• 20% s20% 21% 26,900 175( Jan 2254 Feb
corn with warrants
1
1
Mar
9
600
1,100 1814 Jan 30
7/1 Jan
9
8
Feb FYrene Mfg cam
8%
10
Hazeltine Corp
•
2715 29%
Mar
27
Jan
24,400 16
5
6% Jan Radio Prod Corp com
Jan
200
Helena Rubinstein Inc.
_* 2614 25% 27
..5
551
5
200
Feb 144 Feb
Mar 23
8
300 20
1415
14
IIeyden Chemical Corp* 20
Jan Ry & Utilltie.s Inv Corp A.
20
20
14% Feb
Jan
1,000
854
300 2415 Feb 25% Jan RainbowLuminous ProdA •
1015 11%
Hires (Chas Itl) class A.- _*
24% 25
755 Feb
2,200
3% Jan
200 20
Feb 21
Holt (Henry) & Co A_ -_ _•
Feb
•
55i
434
Common class B
2051
20
4
:M Mar
200 5055 Mar 5
1,300 4111 Jan 46
Horn Hardhart
50% 50%
Mar Raymond Concr Pile corn *
46
44
Mar
Jan 52
100 50
•
52% 52%
* 46
• 45% 4251 46% 14.400 37% Jan 46% Mar
Hydro-Elec Sec corn
Preferred
Feb
Jan 30
400 26
13
Feb
• 2615 26% 26%
Hygrade Food Prod corn _• 1113 10% 11% 3,100 10
Jan Reeves (Daniel) Inc
194 Jan
Feb
100 17
Imperial Chem Industries1735 17%
• 1715
Reliable Stores Corp
Feb
54 Mar
400
1.900 16% Jan 22
7
Ant (let) vita ord reg
1915 2114
Feb Reliance Management...' 20
554 531
Jan 24% Feb Repub Steel Corp (new co)
Indus Finance corn v t c..10 22
21% 2314 2,200 17
Jan 78% Feb
3,500 71
150 60
Feb 64
7% cum pref
• 75;5 72% 76
Feb
100
Corn when Issued
63% 64
8,200 9051 Feb 9555 Feb
100 93% 93% 95
Instill Utility Investm
Feb
6% cum pref w I
67% 6755 6815 2,700 54% Jan 71
Jan
7
400
150 8255 Jan 98
551 Jan
595 554
$6 pref 2d series
59i
Feb Reynolds Bros hoc.._37.50
•
94% 96
24% 32% 6,500 22% Jan 32% Mar
1,000 69% Jan 79% Feb Reynolds Metals corn _ _• 30
Insur Co of North Amer_10
79%
79
Jan
3
Feb
100
Feb 201$ Jan Richmond Radiator, com_•
Insurance Securities_ _--10 18%
19% 3,200 17
1734
17% 17%
100 17% Mar 19% Feb
500 204 Jan 23% Feb Rich's, Inc. corn
•
Intercoast Trading
• 20% 2034 21%
43-I Mar
4%
1,000
455
2,500
Jan
2
•
Internat Holding & corn_4% Feb
Mar Roosevelt Field Inc
C
Invest'
451
6%
1
•
I%
1,700
4,300
654 Mar
Intermit Products corn__ _•
Inc
51 Feb n2ki Jan
7% Jan Ross Stores
655 635
*
64%
400 55% Feb 64% Mar
59
100 67
Feb 71
$6 cum preferred_ ___100
Jan Royal Typewriter corn
70
70
Feb
53
53
100 5214 Jan 68
100 53
200 11% Jan
Int Safety Razor B
11% 1155
137% Jan Ruberold Co
•




1632

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Cyntinued) Par. Price. Low. High. Shares.

Range for Year 1929.
Low.

High.

Russeks Fifth Ave Inc- •
16
164
Safety Car Ht & Ltg__ _100
126% 127
Safeway Stores 2d ser war _
126 126
St Lawr Pap Mills corn_ *
954 94
St Regis Paper Co corn__10 234 23
25
100 109
ID 7% preferred
109 109
Schiff Co. corn
* 29% 29
2931
Savannah Sugar corn
87
87
Schletter & Zander v t c •
714
74 7%
Cum cony prof
•
23
23%
Schulte-United Sc to $1 St *
37
A
2% 3%
Segal Lock & Hardware_ _•
5%
5% 5%
Seinerling Rubber
• 15
15
1514

200 14% Jan 174
50 120% Feb 137
10 126
Mar 210
100
Mar 104
9,800 19% Jan 254
100 106
Jan 109
300 2714 Jan 31
10 87
Mar 87
1,200
74 Mar 12%
200 224 Feb 25
2,500
Jan
4
200
5% Feb
714
200 104 Jan
174

Selected Industries corn •
Allot ctfs 1st & 2nd paid
Prior preferred
•
Selfridge Provincal Stores
Ordinary
£1
Sentry Safety Control....'
Seton Leather corn
Sheaffer (NV A) Pen Co'
Shenandoah Corp corn...'
8% cony pref
50
Sherwin-Wms Co Canada *
Siemens & Halske (A G)
American dep rots
Sikorsky Aviation corn .....5
Silic,a Gel Corp com v t c_ *
Singer Mfg
160
Singer Mfg Ltd
£1
Slat° Financial Corp
Skinner Organ corn
•
Smith (A 0) Corp corn_..'

8,300
800
400

711
66
59

Jan
Jan
Jan

1011
76
87

Jan
Jan
Mar

2%
400
7% 2,500
12%
100
200
5714
29,500
18
42% 8,500
100
80

254
4%
12
514
84
33
80

Mar
Feb
Feb
Jan
Jan
Jan
Mar

84
13
5914
18
4334
80

Jan
Feb
Jan
Feb
Mar
Feb
Mar

10 407
Mar 473
200 20
Mar 20
1,500 18
Jan 30
10 465
Jan 530
4% Jan e754
2,300
900 164 Jan 2434
100 30
32
Jan
180 13711 Jan 179

Feb
Mar
Feb
Feb
Feb
Feb
Feb
Mar

9,100
1,000
8,700
100
1,800
200

Sonora Products Corp
*
South Coast Co corn
•
Southern Corr corn
•
Southern Ice & Util cl A. •
Class B
Southwest Dairy Prod_ •
Spanish & Gen Corp Ltd
Amer dep rcts ord reg £1
Am dep rts ord bear_ _.£1
Stand Cap & Seal Corp_ _10
Stand Mot Construct- _100
Standard Screw
100
Starrett Corp corn
•
6% cum preferred__ --50
Stein Cosmetics corn
•
Stein (A) & Co corn
64% preferred
100
Steinite Radio
Sterchl Bros Stores corn...*
Stern Bro.( corn v t c
•
Stetson (John B) corn_
•
Stinnes (Hugo) Corp....'
Strauss-Roth Stores Inc. •
Stromb'g-Carls'n Tel Mfg*
Stroock (al) & Co
•
Stutz Motor Car
•
Sun investing corn
•
,
$3 Com preferred
•
Superheater Co
•
Swift & Co new
25
Swift International
16
Syrac Wash Mach B corn..
Taggart Corp
•
Technicolor Inc
Thermold Co corn
•
Third Nat Investors com_•
Tobacco & Allied Stocks_ _*
Tobacco Prod Export
Transamerica Corp
25
Transcont Air Transp_ _ _.•
Trans
-Lux Pict Screen
Class A common
•
TrI-ContinentalCorp corn •
6% cum pref
100
Warrants
Triplex Safety Glass
Amer dep receipts reg_ £1
TM-Utilities Corp
•
Preferred
Truns Park Storm_._ _ _ _•
Tubise Artificial Silk c113.•
Tung Sol Lamp Worka___•
$3 cum cony pref
Ulen & Co com
•
Ungerielder Final] Corp..'
Union Amer Investing...'
Union Tobacco corn
•
Union Twist Drill
5
United-Carr Faraner cont.•
United Chemical pref_
•
United Corp warranta
United Dry Dorks corn_ __•
United Founders
United Milk Prod Corp- •
7% cum pref
100
Unit Retail Chem cunt itt
United Shoe Machinery _26
Preferred
25
United Stores Corp
Un Wall Paper Factories.*
US Dairy Prod clam A.. •
Claw) B
•
U S Finishing corn
•
u s Foll class B
•
U S Gypsum common_ 20
S ar Int Sec Corp al ctfs..
let pref with warr
•
S Lines pref
U El Radiator common_ •
Common v t c
•
U S Shares Financial Corp
With warrants
•
Universal Pictures
•
Utah Radio Pr.:mats
*
Utility Equities Corp.....'
Utility & Ind Corp corn....'
Preferred
•
Van Camp Packing ___•
7% preferred
_ 25
Veeder-Root Inc_
•
Vick Financial Corp..__10
Waitt & Bond Inc clB •
Walgreen Co common____•
Warrants
Walker(Hiram) Gooderham
at Worts common
•
Watson (John W) Co
•
Wayne Pump common..'
Welch Grape Juice
•
Western Air Express_ __ _10
West ald Hy 1st pref. _100

9%
73
67
6%
17%
42%

9% 9%
74%
73
6534 67
214
64
12%
57
134
40%
80

407

407
9
0
27%
505
6%
6
22%
32
32
178
17115

407
20
28%
505
64
23
32
179

11
8
74

34
954
84
755
74
9

2714

84
731

7
9

4

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

3i
5
44
44
4%
9

Jan
Jan
Jan
Jan
Jan
Feb

14
17
8%
74
74
124

Jan
Feb
Feb
Feb
Feb
Jan

Jan
Jan
Feb

Mar
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar

1%
614
y114
134
140
264 23%
3814 37%
15
1614
19
8434

231
14
6214
1%
140
26%
38%
16%
194
85

5,600
100
1%
300 el
2,500
25 120
6,000 20
700 34
1,800 10
200 16%
300 82

Jan
Jan
Jan
Jan
Jan
Feb

214
1%
624
14
140
26%
394
16%
1914
85

2%
15
8
70
8
15
2734
23
254
16
40
434
3234
3211
814

24
15
8
70%
9%
17
28%
23
2%
1934
44%
44%
3234
33
84

300
300
100
50
.500
900
400
100
2,800
1.000
1,600
8,000
1,600
4,200
200

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

24 Mar
18% Jan
814 Feb
70% Mar
10
Jan
17
Mar
29
Jan
2514 Jan
434 Jar
19% afar
44 (LMar
44% Mar
3444 Jan
35% Jan
834 Jan

21
7914
224
41
38
134
444
9

21
100
11,625
86
234 9,500
1,900
42%
900
39%
1,500
14
454 12,000
1,800
9%

174

15
854
2734
214
19%
4334
44

8534
23
4134
384
1%
45%
911
6
16
8714

1,500
54 6
1534 164 16,900
8274 874 6,000
614 731 4,100

7
7%
50
4734 50
48% 45
4614
25
25
25%
136
132 139%
26
23
26
3514 334 35%
32
36%
34
134
2011
7
43%

1834
25%
4814
77

20
32
36
34
31
134
40
1934
7
42%
314
55
8
63
30%
44
12
58
17%
22%
234
4554
77
75

1
15
8
66
7
955
274
23
1%
144
39
38
3211
314
8

Jan

19
Jan
7851 Feb
104 Jan
28% Jan
24
Jar
34 Jan
41% Jan
Jan

234
85
24
45
3914
14
47%
10%

411
11%
75

74 Feb
16% Jan
874 Mar
8
Feb

200
634
2,800 40
200 45
500 24
450 1:30
2,000 20
600 3314

Jan
Jan
Jan
Jan

Feb
Feb
Feb
Feb
Feb
Mar
Feb
Feb

nS
Feb
Jan
Mar
Jan 50
Mar 4614 Mar
Jan 28
Jan
Feb 1784 Jan
Jan 26
Mar
Mar 3534 Mar

31
1534
40
2134
7%
44
315
55
8

1,200
5,300
900
9,800
100
3,200
200
6,100
700
67,500
300
25
100

1734
264
27%
54
31
11
32
14%
7
424
3%
50
74

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

2451
3634
36%
1
40
16%
44
22%
8%
44
4%
55
85:

63
31
534
13
58
18%
2254
25%
48%
80
75

100
200
3,900
500
200
2,500
100
9.500
1,900
4.600
100

60
30%
34
10
52
134
20
1754
42
8054
604

Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb

654 Feb
31
Mar
Jan
14
Feb
59
Feb
18% Feb
Jan
25
2534 Mar
49% Feb
Mar
80
Mar
75

244
34%
3614

Mar
Feb
alar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Feb

17

1534 174 14,900
47
400
474
47
400
47

Jan
14
424 Jar
Jan
42

1754 Mar
48
Feb
Feb
49

811
14

8% 8%
11
14

1674
2011
25

17%
1914 2214
25
27%

800
1,400
100
6.700
6,700
1,800

Jan
7
Feb
9
511 Ma
10% Jan
174 Jan
24% Jan

934
14
5.1
18%
2331
29%

Feb
Mar
Mar
Fet
Feb
Feb

104

104
13
41%
84
11
47%
284

10%
13
43
84
114
53%
3014

900
100
700
4,700
700
9,400
600

Feb
10
lag Feb
373£ Feb
Jan
8
854 Jan
474 Mar
Jan
25

1414
14%
43
914
14
81
35

Jan
Feb
Star
Jan
Feb

9
234
134
59
38
95

9% 45,100
3,000
144
800
594
300
404 1,500
95
100

Feb 11
9
34
14 Jan
854 Jan 14%
Jan 66
52
1851 Jan 42
90
Feb 100

Jan
Feb
Mar
Jan
Feb
Feb

874
51%
3034
9%
134
38




Jan

Jan

[VOL. 130.

Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
West Tablet & Stat v t c__.
Wilson-Jones Co
Winter (Ben)) Inc corn___•
Winton Engine
Worth Inc cony class A..'
Zonite Products Corp corn •

3051
5
58
18%

Rights
Associated 0& El deb rts_ 1014
Chic R I & Pacific Ry__
Consol 0 E L & P (Balt) _ _ --Eisler Electric
Flat
Loew's Inc deb rights
41;4
New Eng Telep & Teleg- -,
831
Newport Co
Pacific Lighting
37
A
Pacific Tel & Tel
Transamerica Corp
Public Utilities
Allegheny Gas Corp corn.'
Am Cities Pw & Lt el A _50
Class B
•
Am Com'with P corn A-.
Common B
•
Warrants
Amer & Foreign Pow warr_
Amer Gas & Elea corn....'
Preferred
•
Amer Lt & Trac corn_ _ _100
Amer Nat GAS COW V I C- -•
Am States Pub Bent cl A.*
Amer Superpower Corr.
Corn, new
First preferred
$6 corn pref
Arkansas Pow & Lt $7 pf.'
Amor Gas at Flee class A .•
Bell Telephone of Can.100
Brasillian Tr I,t & Pow ord'
Buff Niag & East Pr pt. _25
Cables & Wireless
Am dep rats A ord sh_ £1
Am dep rata B ord shs_.£1
Am der) rots pf sirs.. .C1
Cent All States Serv v t c..•
Cent Hod G & E vtc new..
Cent Pub Sera corn
•
Class A
Cent az Southwest Util_ •
Cent States Elec com-- •
Cony prof
ioo
Warrants
Cleveland Dee Iii com
•
Com'watb Edison Co.
.100
Comm'wealth dr Sou CorpWarrants
Community Water Serv--•
Cons0 F L& T Bait corn _•
Preferred class A __In°
Cont'l 0& E 7% Pr pf.100

•

304
52
4%
58
2
18%

30%
52
54
58
214
19%

100
300
1,300
200
200
500

914 1151 12,500
19,800
3.4
1
4% 5m 16,500
3.4
TA 49,200
254 3
1,000
334 43% 2,700
8
8% 1,700
las
518 8,900
411 21,000
19% 204
1,400
lc
2c 25,700

8%
64 934
46
49
26% 25
2854
26% 25%, 274
39
38
39%
44 4%
44
67% 664 70%
134
134 142
107% 1074 108
264 2684
264
10%
9% 104
24% 24
25

Range Since Jan. 1.
Low.
304
51
34
58
2
174
7
34
334
31
1%
124
7%
7re
3%
19%
le

26,700
4
1,100 3711
30,400 14
23,500 234
1,600 3414
2,100
354
15,000 6551
18,500 113%
500 105%
50 225
1,300
714
1,100 18

294 314 137,400 23%
98
99
2,100 94%
95
95%
900 87%
107 1084
260 102
414 454 53,000 364
45
156 156
50 1594
39% 37% 404 12,100 3574
25% 25;1 2534
700 244
29%
99

234 231
500
254
14 1% 5,100
434 4%
100
4%
44
414 511
800
4%
33
304 30
600 30
32
3054 32
2,800 2551
394 83834 394 24,000 3491
274 294
300 225£
34
47,400 19
3134 35
165 1724
50 94%
4931 50
200 25
82
800 63
8454
27534 280
410 234
280
134

High.

Mar
Jan
Jan
Mar
Jan
Feb

Feb
33
Jan
55
€334 Feb
Mar
58
3
Feb
2034 Jan

Jan
Mar
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Jan

Mar
Feb
Mar
Feb
Feb
Mar
Feb
•r, Mar
4% Mar
24
Feb
10c
Jan
114
14
514
9-4
334
43%
814

Jan
94 Mar
Jan 49
Mar
Jan 284 Mar
Jan 27% Feb
Jan 40
Feb
Jan
554 Feb
Jan 7651 Feb
Jan 1424 Feb
Jan 108
Mar
Jan 274
Feb
Jan 10% Feb
Jan
Feb
26
Jan 3254
Jan 99
Jan 95%
Jan 10814
Jan 464
Jan 1574
Feb 44%
Jan 25%

Feb
Mar
Mar
Mar
Jan
Feb
Jan
Feb

Mar
334 Jan
Feb
Jan
2
Mar
Jan
Mar
654 Jan
Mar 33
Mar
Feb 32
Mar
Jan 39% Mar
Jan 31% Feb
Jan 35
Mar
Jan 1724 Mar
Jan 50
Mar
Jan 8434 Mar
Jan 233
Feb

54 6
58,000
354 Jan
134
15% 14% 1514 3,600 124 Jan 154
112
1.500 904 Jan 118%
111341133-4
100 100
100 100
Feb 102
104 104
10 101% Feb 104
104

Dixie Gas & UM]corn__• 14% 14% 15% 2,20( 104 Jan
Duke Power Co
20 145
1.60 197% 186 197%
Jan
Eastern Gas & Fuel Assn_• 32% 31% 33% 3,000 2514 Jan
East States Pow 13 corn_ _.• 2631 2534 2734 2,400 1834 Jan
Elec Bond & eh Co corn_
100% 9934 104% 300,400 8054 Jan
Preferred
• 10714 105% 107% 4,300 1034 Jam
Elec Pow & Lt 2d pref- - *
10151 104%
1,400 9914 Jan
Option warrants
46% 42% 49% 6,900 28% Jan
864 86%
ErnpireGasr&F7% pf _100
100 8611 Mar
Empire Pow Corp part etk• 58
54
58
2,500 40
Jan
Empire Pub Sera corn cl A• 21;4 21% 224 2,100 194 Jan
Engineers P 13 opt warr__
8,600 16
27% 31
Jan

Feb
Mar
Feb
Feb
Mar

17%
200
85
2854
1013.4
107%
104%
49%
87%
GO
25
31

Jan
Jan
Feb
Feb
Mar
Mar
Tel ar
Mar
Feb
Feb
Feb
Mar

Gen Gas & El el A
• 1374 13% 14% 11,200 13
Jan 1554
Convertible preferred '
200 85
86% 86%
3
Feb 89
Gen Water Wks dr El A-' 22
21
22
400 20
Feb 22
Internal Superpower
• 38% 37% 3931 3,300 3254 Jan 89%
International UM! cl A_ - -• 4114 39
44
3,500 3451 Jan 44
Class B
1334 1034 1534 75,200
634 Jan 1554
Participating prof
85
85
50 7934 Jan 85
Warrants
2
4
0,500
334
154 Jan
4
Italian Super Power cl A _ -• 14
13a4 154 3,900
9% Jan 1654
Warrants
634 714
600
5
Jan
054
K C Pub Serv pref A v t c
254
25
300 25
Jan 284
Long Island Light corn- •
4854 5011 2,600 40
Jan 5354
7% preferred
110 Ill
100
20 107% Jan 111
Marconi Internat. alarine
Common Am dep rats_ _
1034 114 1,700
954 Feb 13
Marconi Wire! T of Can_ _1
554 74 116,900
534
34 Jan
7%
Memphis Nat Gas
• 17% 164 1854 47,600 1054 Jan 1854
Middle West Util com _ _ • 3354 32% 3334 29,300 254 Jan 34%
$8 cony pref series A.. •
103% 10654
600 97
Jan 10654
A warrants
3% 44 1,000
1% Jan
4%
B warrants.
614 64
100
Jan
8
Molt & Bud Pow 2d pref_*
1074 108
175 1034 Jan 110
Municipal Service
•
891 914
600
9%
831 Jan

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

Nat Pub Serv corn clam A.
25
24
800 2234
•
Common class B
50
50
100 50
New Engl Pow Assoc corn •
96
98
140 02
6% preferred
91
90
90 8851
100 91
New Eng Tel & Tel.._ _100
144% 145%
250 144
N Y Pow & Lt
1054 108%
pref_100
50 105%
NY Telep 654% pref....100
115 115
7: 114
Niag Hudson Pr com___ _10 1554
154 164 33,700 11%
Class A opt warr
6,000
434 5
4%
3
B warr (1 warr for 1 sh)- 954 1054 3,300
64
9
Nor Amer UM See corn •
30(
755 74
5
Nor Ind Pub Ser 6% p1_100
30 054
9534 9511
Nor States P Corp oom_100
174% 179% 3,500 170
7% preferred
10
107 107
100
9554
Pacific Oas & El 1st pref_25
400 2134
2631 26%
Pacific Pub Sexy CIA corn.
4,200 2754
38
• 36% 36
Pa Gas & Elec class A....-' 18% 1814 18%
50
17
Pa Pow & Lt $7 pref
200 109
110% 11034
Peninsular Telep corn
100 26
26
26
Pa Water & Power
400 73
85%
85
•
Peoplee Lt & Pow com A • 36
2,500 32
37
32
Phila Elea Co S5 pref _
150 9911
99% 99%
Puget Sd P ar L8% Df--10
991i 99/4
100 99
0
Railway & Light Sec corn.' 75
550 89
7531
75
Rochester Cent Pow corn.* 35
35
100 :35
35
Rockland Light & Power 10 2215
1,500 193£
2254 2314
Shawinigan Water & Pow_* 7411 74% 74%
100 7431
Sierra Pacific Elea corn_100 76
1.200 41
6754 76
67 preferred
97
94
30 92
100 97
Sou Calif Edison 8% pf B25 26
26
500 24%
26
534% preferred al C..25
100 '224
234 2354
Sou Cities Mil corn A
100 52
52
52
*
Southern Colo P w cl A..25
600 23
2554 2654
Sou West Gas Util corn_ _.
• 124 1151 13% 11,900
754
Sou'west Pr & Lt 7% pf 100
1114 11131
100 108
Standard 0 & E 7% P1-100
100 1064
109% 1099-1
Stand Pow & Lt new
1,300 62
70
77%
70
Series 11
75
1,500 61
70
Preferred
200 9931
• 10234 102 10251
Tampa Electric Co
71
1.800 544
69
• 69
Toledo Edison 6% pref_ 100
101
101
50 1(11

Feb
Mar
Mar
Feb
Mar
Feb
Feb
Feb
Feb

Jan 25%
Mar 50
Jan 08
Jan 9154
Feb 158
Jar 108%
Jan 116
Jan
1754
Jan
534
Jan
10%
Jan
9%
Mar 9834
Jan 18334
Jar i073-4
Feb 2834
Jan 39%
Fel) 18%
Jan 110%
Mar 2634
Jan 89%
Feb 37
Feb 100
Jan 100

Jan
Mar
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Fob

Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jai)
Mar
Jan
Jan
Jar
Jan
Jan
Jar)
Jan
Jan
Mar

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

77
3834
2414
794
76
97
28%
24
56
264
1534
1114
109%
79)4
774
103
82
101

MAR.8 1930.]

FINANCIAL CHRONICLE

Friday
Sales
Last Week's Range
for
Public Utilities (Concl.) Sale
Week.
of Prices
Par. Price. Low. High. Share:.
Union Nat Gas of Can..... 29
27% 2934
United Elec Serv parch war
1.ze 1
• 35
3334 37%
United Gas corn
United Lt & Pow corn A.__• 3934 383/ 4234
i
•
Corn class B
89
90%
• 108
6% com 1st pref
107 10931
•
United Pub Serv coin
18
18
U S Elec Pow with warr. 1934
1834 2114
• 24
24
UM Pow dr Lt com
2434
• 5414 50
ClassB v te
5431
Western Pow pref
100
102 102
Former Standard 011
Subsidiaries
Pa*
Anglo-American OilVot shs (Ars of dep _£1
Non-vot ctfs of deposit
Contin 011 (Me) v t c_ _ _10
Humble Oil& Rtinfing_26
Illinois Pipe Line
100
Certificates of deposit
Imperial Oil(Canada)_ ___•
Indiana Pip Line
10
National Transit_ __ _12.50
New York Transit
10
Ohio 011
25
Penn Mex Fuel
25
Solar Refining
25
South Penn 011
25
Southern Pipe Line
10
Standard Oil (Indiana)--25
Standard Oil (Kansas).-25
Standard Oil(Ky)
10
Standard Oil (Neb)
25
Standard 011(0) coEn _ _25
Vacuum 011
25

Range Since Jan, 1.
Low.

1,000 25
600
M
174,000 19%
60,300 27%
300 8434
3,200 97%
100 15
22,800 18%
42,200 1414
400 n34
50 1004

High.

Jan 30% Feb
Jan
Feb
1
Jan 374 Mar
Jan 42% Feb
Jan 95
Jan
Jan 109% Mar
Jan 19
Jan
Jan 22% Feb
Jan 2431 Feb
Jan 65
Jan
Feb
Jan 104

100 15
1514 1514
100 1535
1515 1555
700 12%
1254 13%
83
93% 16,400 78
350 305
30954 311
50 307
307 307
23
24% 6,200 22%
700 38%
3934 39%
19% 20% 2,400 19%
200 1734
17% 17%
800 68%
69
6914
400 1951
20
20%
100 28
28
28
3814 4155 5,100 3731
300 13
14
15
5014 52% 35,700 49%
27% 28% 1,300 2735
5,300 3314
3534 36
200 44%
47
4715
300 81
84
86
9014 9331 6,400 88%

Feb 17A
Feb
1734
Feb 15%
Jan 93A
Jan 311
Mar 307
Feb 27%
Jan 41
Mar 22%
Mar
1814
Feb 71%
Jazz 22%
Mar 33
Feb 41%
Jan 1831
Feb 54%
Feb 30
Jan 37%
Jan 48%
Jan 88%
Feb 96%

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

Other OH Stocks
15
Amer Contr 011 Fields_ _ _ _1
3i 3/16 7,900
115
Amer Maracaibo Co
2,100
5
2
2
2
Arkans Nat Gas Corp com • 14% 1231 15% 59,100
834
Claaa A
8%
• 14% 12%, 1555 204,500
Atlantic Lobos Oil pref 50
114
100
1% 1%
Carib Syndicate corn
54
1%
2% 8,900
1A
5%
Colon(MCorp common...
1,700
7
014 7
Coaden Oil common
•
100 50
50
50
5%
Creole Syndicate
•
554 615 9,900
14
Crown Cent Petroleum_
6,200
1
Darby Petroleum Corp_ •
300
734
715 8
Derby Oil & Ref coin
434
•
800
4% 454
General Petroleum new_
700 32
32% 33
Gulf MCorp of Penna--25 13834 1314 14035
5,700 1314

Jan
irs
Jan
33(
Jan 1535
Jan 15%
Jan
135
Jan
215
Jan
81(
Feb 744
Feb
655
Jan
1
Feb
834
5%
Mar
Feb 3434
Feb 144

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

13
92%
234
2055
69%
4054
52
3535
47
85
924

17
4114
35
20
214
235
20

Nat Fuel Gas
•
New Bradford 011 Co_ -5
New Engl Fuel Oil (new)_ _
N Y Petrol Royallty
•
North Cent Texas 011_
•
Pacific Western Oil
•
Panden Oil Corp
Pantepec 011 of Venezuela •
Petroleum Corp of Amer..
Plymouth Oil Co
Reiter Foster 011 Corp_ _ _
Root Refining corn
Ryan Consol Petrol
•
Salt Creek Consol Oil
10
Salt Creek Producers_ _ _10
Southland Royalty Co...'
Sunray 011 corn
5
Taxon 011 & Land
•
Transcont 011 now W W _1
Venezuela Petroleum _ _ _ _5
“Y" 011 dc Gas Co
•

30%

Mining Stocks
Arizona Cornz»ercial
5
Arizona Globe Copper....)
Bunker 11111 dr Sullivan- _10
Bwana M'Kubwa Cop Mln
American shares
Carnegie Metals
10
Chief Consol Mining
1
Comstock Tun & Drain 10c
Como! Copper Mines- _5
Copper Range Co
25
Cortez Silver Minos
1
Cresson Consol 0 M & M1
Cusi Mexicana Mining...)
Dolores Esperanza Corp_ _2
Engineer Gold Min Ltd __5
Evans Wallower Lead cora•
Falcon Lead Mines
1
Gold Coin Mines
Golden Centre Mince_ ___5
Goldfield Congo' Mince..!
Recta Mining
25c
Hollinger Consol G M
_5
Bud Bay Min & Smelt__ _•
Iron Cap Copper Co
_10
Kerr Lake Mines
5
Kirkland Lake G M Co_ _1

34
24%

3
11
13%
234
234
20%
2%
4
114
915
6
84
3%

1,200
16% e18
4054 4314 68,500
7,600
1
54
7,400
18% 20
500
2
211
134 255 3,900
300
20%
20
4,100
38
39
'Is 2,900
2314 24% 10,400
800
3-4
%
700
8% 8%

934
29%
34
17%
1%
1
1815
34%
14
1835
A
8

Jan e18 '
Jan 4334
1%
Mar
Feb 22
Jan
2%
Feb
2%
Jan 22
Jan 39%
Jan
.34
Jan 2434
Jan
54
Jan
9%

30%
234
3
11
74
13%
1%
134
20%
24
235
10
4
2
1115
9
5%
8%
16%
3

31% 1,500
100
231
100
3
200
11%
600
814
800
1435
24 54,100
335 3,800
27,400
22
2555 1,200
255 2,300
300
12
400
oi
400
2
600
114
9% 2.600
1,900
614
600
8%
1,200
17
314 2,600
100

2534
234
3
11
6%
12%
1
1%
19
24
214
10

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

1%

Houston Gulf Gas
•
Indian Ter III Oil
1
Intercontinental Petrol_ _10
Internat Petroleum
•
Kirby Petroleum
•
Leonard Oil Db velopml_25
Lion Oil Refining
•
Lone Star Gas Corp
•
Magdalena Syndicate.._ _1
Mo Kansas Pipe Llne_ _5
Mountain he Gulf OIL...)
Mountain Prod Corp_ 10

100
1,600
400

13.4

11

80

134
31
SO

500
5
534
600
6
631
100
134
134
u
700
1,800
73-4 754
100
16
16
51•
15 2,600
14 2,000
34
900
1% 1%
1,500
14
14
700
115
155
4,600
4% 6
34
34 8,400
48,600
$1.
16,200
% 2,900
1,800
11;4 12%
1,100
515 554
12% 1355 5,900
700
234 255
100
'16
116
% 1,800

2
10
9
534
855
16
214
34

70%

Jan
Jan
Jan

434 Feb
Jan
5
1% Mar
35 Jan
5
Jan
1434 Jan
lic Jan
'is Jan
134 Jan
1-16 Jan
% Jan
34 Feb
% Jan
34 Jan
Jan
3
he Jan
1134 Mar
Jan
5
8% Jan
2% Feb
'is Jan
54 Jan

Feb
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
10
Jan
1935 Jan
414 Jan
1% Feb

3531
231
334
16%
8%
15%
234
4
2334
2734
3
12
4%
255
1255
18

1% Feb
34 Jan
95% Jan
5%
714
1%
1

14%
3
els
35

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

Newmont Mining Corp.10 132
12,700 10514 Jazz 134
119 134
New Jersey Zinc
25 8555 84
8615 5,200 663-1 JAI, 8615
New Quincy Mining
400
1
55 Feb
54
55
N V& Honduras Rosario 10 12
Mar
1,000 12
16
14
12
Nipisaing Mines
115 Jan
1,000
1%
5
114 1%
114
Noranda Mines Ltd
• 41
40% 453.4 5,000 3455 Jan 4515
74 Feb
Ohio Conner
10,400
155
1
1
4 1
7
Premier Gold Mining....)
Mar
1%
134
134 111 5,200
Quincy Mining
Feb 3415
100 28
25
3415 34%
Red Warrior Mining
1-16 Mar
1
3-16
1-16 1-16 1,000
Roan Antelope C Min Ltd_
700 2635 Jazz 33
26% 28
St Anthony Gold Mines..!
800
34 Jan
%
11
31
11
Shattuck Denn Mining. _•
734 Mar
955
934
715 9% 5,900
1% Feb
So Amer Gold dr Plat....!
234
1% 14 1,400
131
44 Jan
Teck Hughes
6%
1
600
6
6%
614
United Verde Extension 50c 12% 12% 12% 3,200 11
Jan
124
Utah Apex Mining
5
200
234 Jan
254
2% 214
Wenden Copper Mining..!
400
3'5 Feb
%
7
15
15
M
Yukon GoldCo
100
5
3-6 Jan
54
'DS
516

Mar
Mar
Jan
Jan
Feb
Mar
Jazz
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Feb

Bonds
Abbots Dairies tis_ _1942
tosbama Power 4%6..1967 9515
5s
1968
5.4
1956
Aluminum Co s f deb 5s '52 102

Jan
Jazz
Mar
Jan
Jan

5

)5
34
131
5%
316
535
,
31
11%
1215

514 5%
16

14

874

1655
14
55
2
2%
6
ii
%
7
34
14

5v,

131




100
9415
10134
10114
10114

Jan
1,000 100
100
Feb
9515 103.000 03
Jan
27.000 99
102
Jan
10134 5,000 100
27.000 10115 Feb
102

100
95%
102
102
el0215

Bonds (Conlinved)-

1633
Fri day
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High. Week.

Range Since Jan. 1.
Low.

High.

Aluminum Ltd 5s
1948 9714 97% 9754 15,000 973.4 Feb 99
Amer Aggregates 6s 1943 84
7,000 83
84
84
Feb $8515
Amer Com'lth Pr 6s_ _ _1949 10315 103 106 123,000 100
Jan e10634
Amer & For Power 5s_2030 9015 90
Mar 9014
9015 68,000 90
Amer0 he El deb 5*.._2028 944 934 944 136,000 9334 Jan 964
American Power & Light
Jan 107
68,000 105
2016 106% 106% 107
6s, without warr
Amer Radiator deb 431*'47 97% 97
Feb 98
97% 2,000 97
Amer Roll Mil deb 5s_1948 98% 9815 9914 85,000 96% Jan 994
4,000 6715 Jan 81
Amer Seating Corp 65_1936 75
75
74
Amer Solv & Chem 615s '36
Jan 100
With warrants
2,000 95
9615 100
Jazz 9414
Without warrants
93% 94% 3,000 91
Appalachian El Pr 58_1956 97
96% 97
Arkansas Pr & Lt 5s._1956 95
944 95
Arnold Print Works 5s 1941 93% 9355 9314
Associated Gas he Electric
Cony deb 41is w war1948 117% 114 117%
Without warrants.... 9154 90 n92
5s
1968 8034 7814 8055
5%s
s100 101
1977 101
Assoc'd Sim Hard 615s 1933 86
86
86
Assoc Telep UtIl 5153_1944 10215 102% 10414
Atlas Plywood 534s...1943 84
84
84
Bait & Ohio RR 4 %s_1960
Bates Valve Bag Corp
6s with warrants_ _ _1942
Beacon 0116s with war 1936
Bell Tel of Canada 58_1955
1st 58 series B
1957
Boston Con.sol Gas 5s.1947
Boston & Maine RR 681933
Burmeister & Wain(Copen)
15
-year 6s
1940
Canadian Nati fly 75_1935
Can Nat S S 5s
1955
Canadian Pacific fly 551954
Capital Admin deb 5sA1953
With warrants
Carolina Pr he Lt 5s...1958
Cent States Elec 5*._ _1948
Deb 5555--Sept. 15 1954
Cent States P he Lt 534s '53
1st lien 535s new _1953

9934

95A Jan
93% Jan
90
Feb

9814 994 4920000

Garlock Packing deb 6s '39
Gatineau Power 5s__ _1956
1941
ed
Gelsenkirchen Min 6s_1934
Gen Indus Alcohol 615s '44
General Rayon 6s A _ _1948
Gen Theatres Eq 6s__1944
General Vending Corp
6s with warr Aug 15 1937
Gen Water Wks Gas & El
1944
6s series 13
Georgia Power ref 5s...1967
Godchaux Sugars 735s 1941
Goodyear T & R 515s_1931
Grand Trunk fly 610_1936
Guantanamo he W fly 6s58
Gulf Oil of Pa 5s
1937
Sinking fund deb 5s_1947
Gulf States UtIl 5s--..1956

Mar
Mar

97% Jan
96% Jan
94
Feb

98% Mar 103
Jan
Feb
Jan
Feb
Feb
Jan

Feb

107
Feb
104
Feb
101% Jan
n102
Jan
101% Jan
101% Jan

Jan 101
Jan
9,000 98
9915 100
16,000 107% Jan 108% Jan
10755 108
99% 100% 15,000 9935 Mar 100% Mar
101% 100% 10155 106,000 99% Jan 101% Mar
100
108

90
10015 100
8014 7814
83
8115
90
8954
8935

9635
68
8755
9455
9854

90
10055
s82
8355
90
90

1,000
45,000
39,000
174,000
27,000
21,000

97
68
98%
82%

Jan 102
Feb
Feb 76
Jan
Mar
9934 Feb
Jan
Jan 90

13,000 62%
59,000 82%
8.000 834
9,000 90
46,000 81
15,000 106
1,000 101
1,000 100
3,000 90

Jazz 8334 Jan
Jan
85
Jan
Jan 84 34 Jan
Jan 94
Jan
Jan 88
Jan
Jan 108
Jan
Jan 102% Jan
Jan 102,4 Jan
Jan 97
Feb

100
69%
98%
87%

4,000
101
704 4.000
9915 1026000
7,000
87%

77
824
8414
91
8555
106%
10115
101
95

80
8315
8414
91%
87
107
10115
101
95

77,000
8634 87
s95
97% 26,000
106% 1064
1024 102%
9634
68
96%
86
9414
98
108
96
9954

83
Jan 90
Mar
08,4 Jan 109% Mar
71
Jan 82}i Feb
72% Jan 84% Feb
884 Jan 91
Feb
Feb
89% Mar 90

8115 Jan
933.4 Feb

87
98

Mar
Jan

1,000 106
Jan 106,1 Feb
Mar
1,000 101% Feb 102

1,000
96%
2.000
70
96% 5,000
87% 105,000
7,000
94%

96%
67
9135
8454
94

Feb
Feb
Feb
Feb
Feb

an
98
Jan
72
96% Mar
95 x54 Jan
8
953-4 Jan

Mar 98% Feb
985.4 137,000 98
1,000 10735 Jan 108% Feb
108
Feb
9615 12,000 95% Jan 97
Jan
9954 8.000 9815 Jan 100

3,000: 9254
93
93
Delaware Elec Pow 53 '66 93
4c
3,000 72
83
81
Deny he Salt L Ry 6s_ _1960
63 series A
1950 9951 9914 9954 5,000 9951
Det City Gas 6s ser A _1947 10555 105% 10555 6,000 104%
9955 9934 20,000 973.4
5s series 13
1950
18,000 73%
7515 77
Detroit Int Bdge 6555_1952 77
20,000 50
5435 55
1952
25-yr s f deb 78
Dixie Gulf Gas 6155..1937
89% 105,000 68
With warrants
87% 81
10054 100% 47,000 99A
Edison El (Boston) 53_1933
Electric Pow (Ger) 6155'53 92% 91
92% 5,000 87
Elec Power he Light 54_2030
92% 92% 48,000 92%
El Paso Natural Gas
1,000 98
103 103
1943
6155 series A_
1,000 98
106 106
_1938
615s
Empire 011 & Reig 5
'42 8451 84
8451 33,000 83%
Ercole Marelli El Mfg
3,000 78
80
80
.
1953 80
635s with warr.
European Elec 654.s...1965 100% 100 101 372,000 100
10,000 83
85
EuropeMtge&IistirC'67
86
1,000 99
102 102
715s series A .....1950
..
Fairbanks Morse Co 581942
Federal Water Serv 515554
Finland Residential Mtge
1961
Bank (3s
Firestone Cot Mills 55_1948
Firestone T & R Cal 5s 1942
First Bohemian Glass Wks
7s without warr_ _ _ _1957
Fisk Rubber 5315
1931
Florida Power he Lt 55_1954

Feb
Jan
Feb
Feb

Jan
12,000 10115 Jan 124
10,000 87% Jan 94% Jan
Jan
113,000 78% Mar 88
14,000 98% Feb n10214 Jan
Mar 864 Feb
11,000 86
Jan 108
177,000 98
Feb
Jan 85% Jan
8,000 82

10314 102 10314 18,000 102
2,000 103
103 103
13.000 100
101
1003-4101
79.000 100
1003-4 10054 101
10055 10054 1,000 1003-4
4,000 100%
101 101

Chic Pneu Tool 545_1942
Chic Rys
ctfs dep. 1927
Chic It I he Pac Ry 435s'60 9935
Childs Co deb 5s
1943
Cigar Stores Realty
5555 series A
1949
Cities Service 5s
1968 8354
Cities Service Gas 51531942 84%
Cities Serv Gas Pipe L 63'43 91
Cities Serv P & L 53491952 86%
Cleve Elect Ill deb 78_1941 107
Gen 5s series A
1954
General 5s series B _1961
Cleve Term Bldg 6s...1941 95
Commerz und Private
Bank 531s1937 8654
Com'wealth Edison 431s'67 9735
Como!GEL&P (Balt)530 series E
1952
5s series F
1965
Consol Publishers 654s 1936
C08201 Textile 88
1941
Consumers Power 434s.'58
Cont'l0& El 58
1958
Continental Oil 545
-1937
Crown Zellerbach 6s_ _1940
With warrants
Cuban Telephone 73551941
Cudahy Pack deb 55481937
5e
1946

75,000
52,000
1,000

Feb
Jan
Feb
Mar
Jan

Feb 93% Jan
Jan
85
Feb
Jan
Feb 102
Jan
Feb 106
Feb 99% Jan
Feb 80% Jan
Jan
Jan 65
Jan 8954 Mar
Jan 100% Mar
Jan 92% Mar
Jan
Jan 93
Jan
Jan 198
Feb
Jan 109
Jan 84% Feb
Feb 80
Feb 101
Jan 88
Jan 102

Jan
Mar
Feb
Feb
Jan
Jan

94
9334

94
9415 8,000
9155 933-4 24,000

93
90%

Jan
Jan

96
95

8415
9214

12,000
82% 85
90
9034 27,000
9255 9315 11,000

75%
89
92%

Jan
Jan
Jan

Mar
85
9154 Jan
Jan
95

543.5
88

80
80
5415 60
87
88

Feb
80
Jazz
44
82% Jan

84
Jan
72% Feb
88
Mar

102%
91
95%
9355 9355
80
73
13115 s138
92%

25%

1029.4
9255
96
9414
81
73
135%

25% 25%

95
95
97% 59615
397
10034 100
106%
4915
100% 10054
10155 101
94% 94

95
9714
97
100%
10654
50
100%
10114
94A

2,000
22,000
67,000
1,000
115.000
11,000
6,000
2,000
13,000
227,000
2,000

94% Jan 10234 Feb
Jan
91
Feb 93
944 Jan 96% Jan
Jan 95% Feb
90
Jan
80
Feb 90
57
Jan 7335 Feb
Feb
9755 Jan 144
21

Jan

34

Feb

69,000 91% Feb e9515 Feb
147.000 95% Jazz 9854 Jan
1,000 s97
Mar
Mar 97
6.000 9915 Jan 10055 Jan
14,000 10555 Jazz 106% Feb
12.000 45
Jan 50
Feb
19,000 99% Jan 101
Feb
24,000 100
Jan 101% Mar
40,000 9254 Jan 95
Jan

100% 101
3,000 100
1935
Hamburg Elec 78
Jan 102
Hamburg El he Und 5158'38 8615 8534 8634 52,000 84% Jan 87
13,000 96% Jan 99
Hanover Cred Lust 68_1931 • 99
9854 99
80
1,000 80
80
Hood Rubber 53.48-.1936
Jazz 83
90% 9055 2.000 8835 Jan 93%
1936
7s
Houston Gulf Gas 6155 '43 84% 77% 85 194,000 64
Jan 85
1943 84
84% 97,000 6715 Jan 84%
79
68
Hungarian Ital Bk 7358 '63 8515 8451 8615 9,000 76
Jan 8634
1949 6354 6315 66
rlYnrade Food 6*
48,000 58% Jan 69
59
1949
59
6s series B
3,000 59
Feb 623.4

Jan
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Feb

Bonds (Continued)
-

[Vol,. 130.

FINANCIAL CHRONICLE

1634

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

Range Since Jan. 1.
Low.

Ill Pow & Lt 53.8 ser B '54
97% 98% 3,000 97%
5,000 88%
89
89
Deb 5%s
1957
Indep Oil & Gas deb 6s 1939 102% 101 102% 23,000 100
97% 40,000 96%
Ind'polis P & L 5s ser A '57 97% 97
1934 98% 98% n100 44,000 98%
Inland Utilities 6s_
Instill Utility Investment
108% 665,000 99
Gs ser B without warr '40 10614 8106
37,000 93%
Int Pow Sec 7s ser E_1957 97% 96% 98
Inter-State Nat Gas 6s 1936
101% 101% 5,000 100%
Without warrants
Internat Securities 5s_1947 83% 82% 83% 44,000 80
46,000 83
88% 90
Interstate Power 5s__ A957 90
10,000 80%
1952 86
864 90
Deb 6s
96% 4,000 86%
Invest Co of Am 55 A_1947 96% 96
4,000 76%
Without warrants
78;4 79
Investors Equity 5s_ _ _1945
4,000 70
75
76
Without warrants_
90% 91% 11,000 90%
Iowa-Neb L & P 5s _ _..1957 91
Isarco Ilvdro Elec 7s_ _1952 91% 90% 91% 1,600 83
Isotta Fraschini 7s_ __1942
4,000 80
84
83
With warrants
83
76% 76% 6,000 75%
Without warrants
Italian Superpower of DelDebs Os without warr '63 76% 876% 76% 47,000 69
102 102
Kansas Gas & Elea 6s2022
1936
Kelvinator Co 6.5
79% 82
82
Without warrants
98
99
Koppers G & C deb 58_1947 99
1950 101% 101 101%
5%s
100 100
1935 100
Laclede Gas 5%s
Lehigh Pow Secur 6s_ _2026 104% 103% 104%
1946
Leonard Tietz 7%s
95
95
Without warrants
91% 92%
Libby, McN & Libby 5s'42
98%
Lone Star Gas Corp 5.3 1942 98% 97
105% 105%
Long Island Ltg 68_ _ _1945
Louisiana Pow & Lt 58 1957 93% 93% 94%
Manitoba Power 5%s_1951
Mans Min &- Smelt 7s_1941
Without warrants
Mass Gas Cos 5 As__ _1946
McCord Rail Mfg 6s_1943
Memphis Nat Gas 68_1943
With warrants
Metrop Edison 4%8_1968
Minn Pow & Lt 4%s..1978
Miss Riser Fuel 6sAug15'44
Without warrants
Montreal L II & P col 5s'51
1930
Morris & Co 7%s
Munson S S Lines 6318 '37
,
With warrants

97%

Feb 100
Feb 90%
Feb 103%
Jan 99%
Jan 100

Jan
Jan
Jan
Jan
Jan

Jan 111%
Jan 99%

Feb
Feb

Jan 101% Mar
Jan 88% Jan
Jan
Feb 90
Mar
Jan 90
Jan 98% Feb
Mar
Jan 79
Jan
Mar
Jan

Feb
76
92% Jan
Mar
91

Jan
Feb

84
80

Jan
Jan

Jan

78%

Feb

9,000 100%

Jan 102% Feb

3,500 69%
34,000 95%
9,300 99%
1,000 97%
60,000 102%

Mar
Jan 82
Mar
Jan 99
Jan 101% Mar
Jan 101% Feb
Jan 104% Feb

Jan
Feb 95
20,000 93
Jan 92% Jan
11,000 91
35,000 96% Jan 98% Mar
Feb
6,000 103% Jan 106
Jan
Jan 96
48,000 02

96% 97% 20,000

98% Feb

99%

Jan

92% 92% 3,000 87%
103% 103 103% 32,000 101%
7,000 75
77%
77
77

Jan 92% Mar
Jan 103% Mar
Jan 82
Jun

72,000 95
16,000 95%
27,000 89%
375,00(1 102
222,000 924
6,000 98%
54,000 99%

Jan 100% Mar
Feb 97% Jan
Jan
92
Jan
Jan 121
Mar
Feb 98
Jan
Jan
9931 Feb
Jan 101
Feb

98% 100%
100
95% 97
97
90% 90% 91
120% 114 121
93% 95
94
9911
99
10034 100% 101
100

Narragansett Elea 58 A '57
99%
Nat Power & Lt 68 A_2026 105% 104%
76%
Nat Public Service 58_19714 78
Nat Trade Journal 6s _19.ss 39% 35
892
Neisner Bros cony 6s Olt,
NE Gas & El Assn 5r _1947 87
85%
1948
5s
86%
N Y az Foreign Invest
87
5%s A, with warr 1948 88
92%
NYP&L( orp let 451s'67 93
Niagara Fails Pow 68_1950
105
Nippon Elec Pow 6%8 1953
90%
North American Edison
1989 95% 94;g
68 series C w I
North Texas Util 78_1935 98% 98%
99%
North Ind Pub Serv 58 1966
1969 100
99%
5s series D
102%
No Sts Pow 6%% notes '33
Northwest Power 6s A 1960 99% 99

Pittsburgh Steel Os.._1948
102%
1939 10511 105
Poor & Co 8s
Potomac Edison 58__ _1956
96%
Power Corp of N Y 5%s'47
PowCorpofCan4 YOB _1959
83%
96%
Proctor & Gamble 4%8.'47
99%
Pub Ser of Nor Ill 5s_ _1931
100
Puget Sound P & L 5%s'49 101
Reliance Bronze & Steel
Cony deb 65_ _Apr 1 1944
77%
Reliance Manage't 58_1954
83%
With warrants
77
Rochester Cent Pow 5.s_ '53 78
82%
1953
Ruhr Gas 6%8

99%
105%
78
39%
93%
87
87%

Jan 99% Jan
25,000 97
Jan 1064 Jan
24,000 104
Jan
65,000 71
Mar
78
jun
10,000 31% Jan 40
5.000 90
Jan 94
Feb
Jan 89% Jan
32,000 85
10,000 85
Feb 91
Jan

Jan 88% Mar
88% 41,000 79
Feb 93% Jan
93
90,000 91
Jan 106% Feb
105% 3,OJO 105
Feb
90% 5,000 88% Feb 91
94%
98%
100%
100
102
100

241,000 94% Mar 96%
Feb el00
1,000 97
15,000 97% Jun 100%
20,000 97% Jan 100
9,000 100% Feb 103
49,000 98% Jan 100
18,000
53,000
11,000
5,000
20,000
19,000
31,000
5,000
255,000
8,000
12,000
2,000
12,000
8.000
2,000
10,000
1,000

Jan
Jan
Mar
Feb
Feb
Mar

Jan
98% Jan 101
Jan 93% Jan
91
98% Feb 101
Mar
99
Jan 100% Mar
93% Feb 95% Jan
Feb 80
Feb
79
Jan 88% Mar
81

99
90
93%
99%
99%
s74
105%
105%
101%
89;
,
5

Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Mar

102%
99
98
101%
102%
83
10611
106%
105%
93%

Mar
Mar
Feb
Jan
Jan
Jan
Feb
Mar
Jan
Jan

28,000 96% Mar 97%
2,000 100% Mar 102%

Jan
Jan

102% 17,000 101% Jan 102%
Jan 11031
37,000 :104
106
98% 8,000 94% Jan 9831
95% Jan 06%
Feb 844
83% - 1,000 81
97% 8,000 95% Feb 99%
99% 10,000 99% Feb 100
63,000 99% Jan 102%
101

Mar
Feb
Mar
Feb
Feb
Jan
Feb
Jan

77%
85
78
83

1,000
3,000
23,000
67,000

12,000
71% 74
92% 93% 4,000
1,000
9935 9931
,
,

70
90
66%
91'4

70
90
66
91%
91
98%

99

Jun

10,000 100

74
93%

101

Feb 103

100

Ohio Power 58 ser B1952 100% 100 100%
1956 93% 92% 93%
4%s series D
99% 101
Ohio River Edison 1st 5551
99% 100%
Oswego River Pow 08_1931
Pac Gas & El 1st 4%8_1957 94% 93% 94%
Pan Investing deb 5s...1948
79
80
Pacific Western 0118%8'43 88% 86
88%
Penn-Ohio Edison 6s 1950
Without warrants
102% 102%
5As
1959 98
95% 99
98
Penn Dock & V, Os w w '49
97
Penn Pow & Lt 58 B 1952
100% 101%
1st & ref 58 ser D
1953
100 100%
Peoples Lt & Pow 5s 1979 82
75% 82
Phila Electric 5%s _ _ _1947 106
105% 106%
1953
5%s
106% 106%
Phila Elec Pow 5%8-1972 104% 104% 104%
_1962
Phil Rap Tran 6s
89% 89%
Phila & Suburban Counties
NA 97
G & E 1st & ref 43.s'57 97
Pittsburgh Steel Gs_ 1948
wog um%

St Louis Coke ac Gas 8s_ '47
San Antonio Pub Serv58'58
Sanda Falls 1st 55_ _ _1955
Schulte Real Estate 68 '35
Without warrants
Scripps(E W)5%s_ ..1943
1948
Serval Inc Is
Shawinigan W & P 4%s '67
1968
44s series B
1st 5s ser C when issued_
Silica Gel Corp 8As 1932
With warrants
Snider Pack 6% notes_1932
Southeast P & L Os._2025
Without warrants
Sou Calif Edison 5s_ _ _1951
Refunding 58
1952
Gen & ref Is
1944
Sou Cal Gas 38
1937
5s
1957
Southern Dairies 65_ 1930

High.

3,000
70
3,000
90
86% 2,000
91% 14,000
18,000
91
31,000
99

18,000
100% 101
71% 5,000
71

77% Mar

77% Mar

Jan
Feb
Jan

85
Feb
81% Jan
84% Jan

77
77
80

Feb 70
70
91
Jan 95
99% Mar 100%
53
Jan
85
Jan
Feb
64
903-1 Feb
Feb
90
Feb
98
97
59

104% 104% 104% 83,000 103
101% 101 101% 27,000 993-i
101% 101 101% 24,000 99%
101% 101% 3,00‘) 100
91% 91% 91% 10,000 90%
3,000 98%
99 100
100
100% 100% 3,000 99%

75
Jan
90
Feb
70% Jan
93
Jan
92
Jan
99
Mar

Jan 101
Jan 72
Feb
Jan
Feb
Feb
Feb
Jan
Feb

Jan
Jan
Jan

Feb
Feb

104% Feb
1013.1 Jan
102
Jan
102% Jan
92% Jan
99
Mar
100% Mar

sou Gas 8%s w warr_ _1935
Jan 1034 Feb
101% 101% 1,000 97
Mar
Jan 97
Sou Nat Gas Os
1944 97
93% 97 163,000 87
Jan 94% Jan
S'west0& E Is A
1957
92% 92% 5,000 91
Jan
So'west It & Pow 5s A 1957 91% 91
91% 6,000 90% Feb 05
Mar
Jan 105
S'west Pow & Lt 68_- _2022 104% 104% 105
28,000 103
Jan 99
Jan
Staley Mfg Co 1st 6s_ _1942
97%
:97% 98%
Standard Invest 5%8_1939 90% 85% 90% 40,000 81% Jan 90% Mar
Stand Pow At Lt Os_ _ _1957 98% 98% 98% 78,000 9731 Ian 98% Jan




Bonds (Concluded)-

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

Stbanes (Tinge)) Corp
75%
78 1948 without warrants
7s Oct 1 '30 without warr 86% 85%
Sun Maid Raisin 6;0_1942
87
Sun Oil 53-18
1939 101% 101%
Swift & Co 5s Oct 15 1932 100% 100%
Texas Cities Gas 5s_ __1948 82%
Texas Power & Lt 55_ _1056 97%
Thermold Co 6s w w_ 1934
Tri Utilities Corp deb 55'79 87%
1944 89
Ulan Co 6s
Union Amer Inv 5s_ _ _1948 93
Union Elec Lt & Pow (11
40)
5s series B
1967 101
United El Serv (Une,$) 78'56
With warrants
Without warrants_ _ United Indus Corp 6%s '41 -United Lt & Rys 53.18_1952 89%
1952 100%
Os series A
Unit Itys (Havana)7%s '35
United Steel Wks 6%8 1947
88%
With warrants
U S Rubber
Serial 831% notes__1931 100
Serial 63170 notes_ 1932
Serial 6 A % notes_ _1933
Serial 6 A % notes_ _1934 95
Serial 6%% notes 1935
Serial 631% notes_ _1936 94
Serial 631% notes_ _1937 94
Serial 631% notes_ _1939
Serial 631% notes__1940 94
Utilities Pr & Lt 58__ _1959 84%
1937
Valvoline Oil 7s
1940
Valspar Co, 6s
1948
Van Camp Pack 6s
Virginia Elec Pow 55_ _1955
Waldorf-Astoria Corp
1st 7s with warn_._.1954
Warner Bros Pict 6s 1939
Wash Wat Pow 58 w1_1900
Webster Mills 8%8_1933
West Texas Util 5s A_1957
We3tern Newspaper Union
1944
Cony deb (Is
Western Power 5%s 1957
WesternUnionTele; Is 1960
Westvaco Chlorine 53-18 '37
Foreign Government
and Municipalities4gric(1/ Mtge Bk Rep of Col
..1946
20
-year 7s A & 0.
1947
7s J & J
(laden (Germany) 7s 1951
Bank ofPnissia Landowners
_1930
Ass'n 6% notes
Buenos Aires(Prov) 7%8'47
1952
7s
Cauca Valley (Dept) Rep of
Columbia, extl. s 1 7s_'48
Cent Bk of German State &
Prov Banks 6s B. _1951
1952
1st Os series A
Cuba (Rep.) 5%s w 1_1943

881
97
92
84
88
93
101

Range Since Jan. 1.
High.

Low.

Jan
764 3,000 75
Feb 79
87
10,000 8234 Jan 89% Jan
87
1,000 75
Jan 87% Feb
102
Mar
27,000 100
Jan 102
100% 52,000 79% Jan 100% Feb
82%
97%
94
8731
89%
93
101

Mar
Jan
Feb
Jan
Feb
Mar

9,000
54,000
25,0)0
281,000
17,000
2,000

80
95
82%
78
83
84

Jan
Jan
Jan
Jan
Jan
Jan

1,000

9931

Jan 101% Feb

82%
98
95
89%
90
93

101% 101%

1,000 98% Jan 101% Mar
90
00% 17,000 89% Jan 91% Jan
87
89
49,000 84
Jan
Jan n89
88% 89% 12,000 83% Jan 89% Mar
100% 101
20,000 100% Jan 102
Jan
101% 101% 2,000 100% Jan 102% Feb
88% 89% 10,000
100
96%
94%
94%
94%
94
94
93%
92%
84%

100
7,000
96% 15,000
94% 6,000
95
14,000
9431 5,000
94
1,000
94
5,000
94
2,000
94
4,000
85% 123,000

87

Jan

98%
95%
94
93%
94
93
92
92%
92%
81

Jan 100
Jan 97
Feb 0631
Jan 95
Jan 953-1
Feb 95
Jan 94%
Feb 94
Feb 94
Jan 85%

90% Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb

102% 102% 102% 17,000 102% Jan 1034 Jan
98% 98% 98% 10,000 98% Mar 99% Feb
80
80
1.000 80
Feb
Jan 81
99% 6,000 97% Jan 09% Jan
99% 99
94% 71,000
94
94
105% 108 974,000
108
100% 99% 100% 105,000
92% 94
19,000
94
91
33,000
90% 890
DO
117% 8116
100%
102
102% 102%

85

86
89
98%
854
89%

Jan 103% Jan
Mar
Jan 108
Jan 100% Mar
Jan 94
Feb
Feb 93
Jan

Jan 92
3,000 80
90
124 418,000 1114 Jan 125
102 443,000 100% Feb 102
Feb 103%
102% 4,000 101

82
85
79% 79%
93% 94

6,000
1,000
8,000

9931
90

99% 99% 2,00
99% 99% 26,000
06% 15,000
96

98

80
79
98

79% 80
81
82
98

100 100
Danish Cons Munic 5%8'55 100
94% 95
1953 95
Is
Danzig P & Waterway Ba
80% 82
1952
Extl s f 6518
91
92
Frankfort (City) 83.18_1953
93
93%
German Cons Mimic 78 '47 93
1947 84% 83% 85
Os
96
9631
Hanover (City) 7s w L1939 06
86
89
Hanover (Prov) 6%s.1949
Indus Mtge of Finland
99% 99%
1st mtge coil s f 7s_ _1944
79
81%
Maranhao(State) 7s..1958 79
84
85
Medellin (Colombia) 7s '51
Mendoza (Prov) Argentine
Extl 731s sink fund g '51 85% 85% 8831
Mortgage Bank of Bogota82% 82%
7s issue 01 1927. _1947
Mtge Bank of Chile 08_1931 98% 98% 98%
Os
1982 88% 87% 88%
96% 98
Mtge Bk of Denmark 58'72 98
1972 103% 10331 104
Netherlands Os
77% 78
Parana(State)Brazil 7
s1958
87%
86
Prussia (Fee State) 68_1952 87
Exti 8 As(of'26)Sep 15'51 93% 892% 93%
74% 75
Rio de Janeiro 8 Lis_ _ _1959 75
83% 84
Rumanian Mono Inst 78'59
Russian Governments
5
6
5
1921
531s
5
5%
5
1921
53is ctfs
8
8
1919
6%s
5
5%
1919
8518 ctfs
OS
98
Saar Basin 7s
1935 98
98
99
1935
Saarbruecken 7s
Sante Fe (City) Argentina
90
91%
1945
external 7s
97% 899
Santiago (Chile) 78-1949

4,000
25,000
5,000
133,000

Mar
82
72% Jan
91
Jan

Jan
Feb
Mar
Jan

94% Jan
704 Mar
95% Jan

98
97%
94%

Jan 99% Feb
Jan 101
Fob
Jan 98
Jan

68

Feb

76% Jan
77% Jan
98
Feb

80

Jan 100
Jan 06

27,000
13,000

9731
9031

2,000
9,000
72,000
49,000
10,000
7,000

78% Jan
89% Jan
Jars
91
7911 Jan
95% Jail
Mar
86

Feb

82% Feb
Jan
82
98% Feb
Jan
Jan

82
Feb
92% Jan
94
Feb
85% Jan
97% Jan
90% Feb

2,000
3,000
5,000

97
86
75

Jan
Jan 100
Jan 81% Feb
Jan 86
Jan

6,000

85

Jan

90%

Jan

4,000 71
Jan 82% Mar
20,000 96% Jan 984 Feb
89,000 84% Jan, 88% Jan
21,000 95% Jan
ja
2,000 104
Mar 1Jan
4
9
9,000 65
Jan 98s Mar
73
167,000 81% Jan 87% Mar
28,000 80% Jan
18,000 67
Jan
4b
I ar
Fe
8,000 80% Jan 85% N a
7
14,000
21,000
10,000
24,000
1,000
5,000

5
5
5,1
5
93
98

8
Mar
Feb nil
8
Jan
Mar z7
119
.11Ln
Feb 101

Jan
I'd)
Jan
Jan
Feb
Jan

5,000
4,000

88
90%

Jan 92
Jan 899

Feb
Mar

• No par value. / Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
a Option sales. 1 Ex-rights and bonus. w When issued. z Ex-div. y Ex-rights
e "Under the rule" sales as follows:
Aluminum Co. of Amer. 5s, 1952, Jan. 30, $1,000 at 103%.
Amer. Commonwealth 6s, 1949, Jan. 22, $300 at 106(4)107.
Arcturus Radio Tube, Feb. 6, 100 corn. at 1531.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Burco Co., Jan. 26, 50 warrants at 431.
Central States Elec., Feb. 6, 3,300 shares 6% Pref. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works & Elec. 6s, 1944, Jan. 29, $1,000 at 9631.
Gerrard (S. A.) Co., Jan. 2, 105 shares corn. at 24.
Houston Gulf Gas, Mar. 3, 2 shares at 19.
Lackawanna Securities, Jan. 27. 300 shares at 41%.
Mohawk & IIudson Power, Fe 6, 75 shares 2d pref. at 112.
Neisner Bros. Realty Os, 194 Feb. 6, $11,000 at 931.
North Texas UHL 78 1933, Jan. 3, $1,000 at 102%.
Russian Govt. 831s, 1919 ctfs. web. 20. $4,000 at 731.
Russian Govt. 5315, 1921 ctfs.. Feb. 7, $6,000 at 7.
Singer Mfg., Feb. 18, 100 shs. at 8.
United Zinc Smelting, Feb. 5, 200 shares at 3%.
z "Optional" sale as follows:
American Aggregates deb. 63. 1943, Jan. 3, $1,000 at 863-I
Bellanca Aircraft corn vot trust ctfs. Mar. 4, 200 shares
Del. Elec. Pow. 53-4s, 1059, Feb. 19, $1,000 at 923-1
Montreal Lt., Ht. & Pow. Cons., Feb. 10, 100 share
Sou. Calif. Gas 5s, 1937, Feb. 15, $1,000 ay 9031

MAR.8 1930.]

FINANCIAL CHRONICLE

1635

Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'f".
Ask: Chain Store Stocks Par Bid. Ask. Investment Trust Stocks'
(Concld.) 892
Railroad Equip.
Public Utilities
.29
and Bonds (Cocci.) Par Btd. Ask.
60
Schiff Co corn
Par Bid. Ask._
94
General Trustee common__
MinnStP&-SSM48&58 5.25 5.00
Cum cony prof 7%_-_100
__
Amer Public Util com_..-100 60
2312
23
New units
93
Equipment 6Ms & 78---_ 5.60 5.15 Shaffer Store corn
7% prior preferred_ _--100 89
50
6% bonds
.5.25 5.00 Silver (Isaac) & Bros com-t 40
100 85
89
Missouri Pacific
Partic preferred
94
Greenway Corp corn
5.40 5.05 7% cum cony pref_ -100 89
- - 362K
Appalachian El Pr pref _100 108 110
Equipment 6s
45
Preferred without wart _
54
4.80 4.65 Southern Stores 6 units
Associated Gas & Else
Mobile & Ohio 5s
7
9
Warrants
*C5
S Stores
New York Central 4s & 5.8 4.65 4.55
$5 Preferred
59
Guardian Investment
24
First preferred 7% _ _100 54
5.30 5.00
75
Equipment Os
Cleve Elec Ill cons
__
Preferred
4.80 4.65 Young(Edwin 11) Drug units 100 102
100 111 113
6% preferred
Equipment 78
Guardian Investors
Norfolk & Western 45s-- -- 4.65 4.55
Col El & Pow 7% Pf
100 107
Standard Oil Stocks
$6 units
95
5.10 4.80
80
4012 Northern Pacific 7s
Eastern Util Assoc com___t *40
_-16
$3 units
30
40
3.00 4.75 Anglo-Amer 011 vot-stock £1 *14
*14
Convertible stock
1412 Pacific Fruit Express 78_
£1 *14
Non-voting stock
$7 preferred
1612
90
4.65 4.55
t *83
Can Public Util $7 pref
86
Pennsylvania RR equip 5s
25 *435 43 4 Incorporated Equities
31
34
8
5.40 5.00 Atlantic Ref corn
LssLssippi Riv Pow pref 100 *103Pittsb & Lake Erie 6
3
25 *22
5912
25
Incorporated Investors
57
4.65 4.55 Borne Scrymser Co
9912 16617 Reading Co 4As & 5s
First rntge 5s 1951___J&J
2
50 64
_
66
Industrial Collateral
96
Deb 55 1947
M&N 94
St Louls & San Francisco 5s 4.90 4.65 Buckeye Pipe Line Co
.25 *155 163
Industrial & Pow SecAssn---- - 2713
Co
25
National Pow & Lt $7 Prof-t *109 110
5Ms & 6s 6.00 5.40 Chesebrough Mfg Cons.
Seaboard Air Line
14
16
4.65 4.55 Continental Oil(Me) v t c 10 *1214 1334 Insuranshares Ctrs Inc
*10134 10212 Southern Pacific Co 4As1 412 _
$6 preferred
46
51
5.00 4.80 Continental Oil (Del)
2114 2112 Inter Germanic Trust
North States Pow 7% pref_
Equipment 78
4.70 4.60 Creole Petroleum
6
614 tat Sec Corp of Am corn A
60
Ohio Pub Serv 7% pref-100 102 10412 Southern Ry 4%s & 5s
65
-.100 44
Common B
48
29
32
5.40 5.05 Cumberland Pipe Line..
93
6% preferred
9612
Equipment 6s
Pacific Gas & El 1st pref_ _25 *2612 27
Allotment certificates_
139
5.40 5.10 Eureka Pipe Line Co_....100 46
50
Toledo & Ohio Central
7% preferred
89
Puget Sound Pr & Lt $6 Pf-t *99 101
3
4
5.00 4.85 Galena w
Union Pacific 7s
Galena Signal 011 c.o.d. 100
85
61-*8912 9012
3
4
61u% Preferred
65 Preferred
Preferred old c.o.d___100 77
80
6% preferred
so 88
1st & ref 51s 1949__J&D 10012 10112 Aeronautical Securities
Preferred new c.o.d _ --100 77
52
Internet Share Corp Inc_ _ - 47
Say El & Pow 6% pf_--100 89
80
91
3334 Interstate Share Corp
10 8 1212 General Petroleum WI
5
Sierra Pac El Co 6% pf_100 95
33
- -- AeronauticalInd without war
Humble Oil & Refining-..25 .92
15
8 2
Stand Gas & El $7 pr pf-100 108
9212 Invest Co of Amer corn _45
Warrants
100 307 313
s5 s Illinois Pipe Line
3
'Bonn Else Pow 1st pref
8712
_ 10814 10912 Air Investors common
7% preferred
_-Ctf of dep
Invest Fund of N J
100 9912 1134312 Airstocks Inc
306 310
738 8
6% Preferred
Imperial Oil
17
8 2
Toledo Edison 5% pref____
Investment Trust of N Y
87
5235 24
8
89
113 1218
s
Alexander Indus corn
Indiana Pipe Line Co
34
102 10.312
Invest Trust Associates_
39
6% preferred
*3912 40
participating pref_ _
8%
International Petroleum -t .1958 1978 Joint Investors class A
6
7% preferred
_
35
100 109 11012 American Airports Corp.12.50 20
National Transit Co.
7
04
Utilities Pow & L 7% pf_100 9614 97
Convertible preferred- 100
203
4
Aviation Corp of Calif
New York Transit Co___100
10
5
16
181. Keystone Inv Corp class A_
Avistion Sec Co of N E
Northern Pipe Line Co__100 45
Short Term Securities
278 3
50
Class B
Bellanca Aircraft Corp
25 .6314 6912 Leaders of Industry
Ohio 011
5
n3
1114 12
Central Airport
Preferred
1
5
Allis Chal Mfg 5s May 1937 10014 10012 Cessna Aircraft new com
Massachusetts Investors... 4658 49 8
5
103 107
25 20
s2111 12218 Penn Mex Fuel Co
Alum Co of Amer 58 May '52 10112 1013 Consolidated Aircraft
. 66
71
4
2012 Mohawk Invest Corp
25 *45'12 46
Amer Red deb 4%s May '47 963 9712 Consolidated Instrument-t
10
4
3412 845 Prairie Oil& Gas
Mutual Invest
113
8
8
25 .547 55
Prairie Pipe Line
Am Roll al ill deb 5s_Jan '48 9814 99
8
12
8
Nat Re-Inv Corp
1312 1412
Curtiss Flying Service
25 .2612 3112 North Amer Util Sec
Solar Refining
Bell Tel of Can 5s A_Mar'65 10012 100 4 Curtiss Reid corn
n2
.5
3
50 *13.. 16
Southern Pipe Line Co
40
Bethlehem Steel
30
Preferred
Curtiss-Robertson corn
25 .40
South Penn 011
414 5
Sec 5% notee_June 15 '30 9978
958 icifs
403 North Amer Tr Shares
4
Dayton Airpi Engine
3
518 512 Southwest Pa Pipe Line_50 50
Sec 5% notes June 15 '31 10018
North & South Am B corn
60
Detroit Aircraft
Standard Oil (California)--t *5934 603 Oil Shares units
Sec 5% notes June 15 '32 10018
41
6
6 12
40
s
Fairchild Aviation class A
Standard Oil(Indiana)..._25 .5134 52
15
Commer'l Invest Trust
17
Old Colony Invest Tr corn.. 15
Federal Aviation
Standard Oil (Kansas)- -25 .27
23
5% notes
May 1930 993
20
414% bonds
86
89
8
2812
Fokker Aircraft
Cud Pkg deb 5%s_Oct 1937 96
17 Standard 011 (Kentucky)_10 *3518 3512 Old Colony Tr Associates.. _
8
138
45
43
9612 Kinner Airpl & Motor
Standard Oil (Nebraska)_25 *46
Edison El Ill Boston
6
n3
1948
Overseas 58
48
Lockheed Aircraft
25 .623 6212 Pacific Invest Corp corn____
Standard Oil of N. J
_
12
4% notes
Nov 1930 993 10014 Maddux Air Linea corn
4
8
17 25 *323 3212
Empire Gas & Fuel
-1534 157 Standard Oil of N Y
- Preferred
8
8
National Aviation
25 84
Standard 011 (Ohio)
10
58
Power & Light Secs Trust
June 1930 9912 100
86
- - - 63
66
New Standard Aircraft_ _
100 *119 121
Preferred
Fisk Rubber 5 kis__Jan 1931
912
58
Public Utility Holding
61
North Amer Aviation
Standard Oil Export pref _ _ _ 1003 101
14
General Motors Accent
12
Common with warrants
4
201s 205
Sky Specialties
8
25 *8
Swan & Finch
5% ser notes
10
5
Mar 1931 9952 10018 Southern Air Transport_
10
Warrants
65
8 67s
Union Tank Car Co
5% ser notes_ Mar 1932 9918 997 Swallow Airplane
5
3
3278 33
86
Research Inv Corp corn.... 33
8
25 *92
Vacuum Oil
5% ser notes
rt5
8
Mar 1932 9814 9s14 Warner Aircraft Engine
93
Units
73
80
6
5% ser notes
Mar 1934 98
Royalties Management_ _ _ _
9834 Whittelsey Mfg
712 1012
Investment Trust Stocks
5% ser notes
Mar 1935 9712 9834
Seaboard Coot Corp units..
and Bonds
5% ser notes
Mar 1936 9714 9812
Common
Water Bonds.
Gulf 00 Corp of Pa
Second Financial Invest
Amer Capital Corp B
95
Debenture 5*.__Dee 1937 100 10012 Ark \Vat 1st 5s A '56....A&O 92
10
2nd Found Sh Corp units...
8
Amer Common Stocks Corp_
Debenture 5s ___Feb 1947 101 10114 Birm WW lat 5 SisA'54 A&O 9912 101
____
Class A
Amer & Continental
Koppers Gas & Coke
1812 20One hundredths
1st M 5s 1954 ser B_ _J&D 95
Amer St For Sh Corp units-- 85
Debenture 5s June 1947 98
90
99
- - - 44
46
Second Internet Sec Corp
City W(Chat)5 SisA'54J&D 9812
Common
Meg Pet 4 sis_Feb 15 '30-'35 94 100
96
J&D 93
45
21
Common B
40
19
1st M 58 1954
1938 96
53.0% cony debs
Mar Oil 5% notes J'n3 1530 0978 00
98 2 _
,
44
40
98
City of New Castle Water
6% Preferred
Amer Founders Corp cornSerial 5% notes J'ne 15'31
__
__
J&D 90
8
28'ss 295 Second Nat Investors
58 Dec 2 1941
Cony preferred
Serial 5% notes J'ne 1532 9712 9812 Clinton WW let 5s'39_F&A
1312 14 91
89
Select Trust Shares
6% prefsrred
Miss Gas Cos 53.,s Jan 1946 103 10312 Com'w'th Wet 1st 5148A'47 97
Bit 187
8
4312 if 2 Shawmut Association corn
17% Preferred
Pacific Mins 5%8--Feb 1931
25
28
52
Shawmut Bank Inv Trust
43
993 --_ Con'llsv W 5s Oct2'39 ASE0 90
8
1-40ths
Peoples Gas L & Coke
92
1942 82
'42 J&J
59c 63c
E St L & lot Wat 5s
4S4s
87 .
l-70ths
41.8
Dec 30 0914
99 100
1952 85
390 43c
90
5s
let M Os 1942
Warrants
Proc & (lamb 4s July '47 9512 663 Huntington 1st as '54_.1&S 99 10112
1952 176
4
14
Os
Amer & General Sec 6% pref 40
Swift & Co
1954 92
44
5s
Southern Bond & Share
Class A
5% notes__ -_Oct 15 1932 10014 10013 Monm Con W Is158'56 J&D so
92
24
33
21
30
Common A
Class B
98
Common B
12
16
Monm Val W 55sjs '30_J&J 96
Amer Insurance Stock Corp_
Tobacco Stocks
Par
1)3
1414 17
Preferred
35
Muncie WW 5sOct2'39 A&O
Amer & Overseas pref
91
A&O
St Jos Wet 5s 1941
Standard Collateral Trust-- -- 14 1514
106 110
14American Cigar Pref.- 100 00 100
_ Amer Ry Tr Shares
2112 227
8
8
Shenango Val W 58'513_A&O 87
157 163 Standard Corporation
8
Astor Financial
British-Amer Tobac ord__£1 *26
28
Standard Investing Corp
14
So Pitts Wat 1st 58 1960 J&J 93
15
Atlantic Securities corn
Bearer
£1 *26
95
F&A
28
82
1st M 58 1955
514% Prof with warr__ _ _
Warrants
Imperial Tob of0B & held *22
24
1014 1112
Standard 011 Trust Shs_ _ _ _
Terre H WW as '49 A_J&D 99
112
Preferred
lot Cigar Machinery._ _ _ 100 100 125
10
1st M 5s 1956 ser B_F&D 92
44-2 if- Trustee Stand Oil Sits
1012 1114
Bankers Financial Trust.Johnson Tin Foil & Met_100 55
65
United Founders Corp corn
Wichita. Wat 1st as '49_111&S 99
Bankers Investmt Am units..
Union Cigar
18
1,
34
1-70ths
1st M 55 1956 ser B_F&A
61c 65c
Bankers Sec Trot Am corn...
6
Union Tobacco Co Class A. *3
5
2
United Trust Shares A
__
Bankinstocks Holding Corp.
Young (J 5) Co com____100 100 110
9
Chain Store Stocks.
S F.lec Pow Corp
19
1 1- 2
6
BanksharesCorp of U S Cl A
Preferred100 102
2
- -_ Berland Stores units new_ n95 100
Warrants
Bankstocks Corp of /sid cl A
62
67
_
Bohaek(H C) Inc corn....t
U S Shares class A
1358
Class B
Indus. 8c Miscellaneous
100 101 104
_
Class A 1
7% 1st preferred
1334 1134
Preferred
n3
7
111e 1234
Butler (James) common____
Class A 2
Basic Industry Shares....
(t)
Aeolian Co prof
25
100 n10
98
Preferred
- - ; - -5S7
Class C 1
2734
British Type Investors
Aeolian Weber P & P__-100
_ i6 - Diamond Shoe common____
30
3
-5
Z153 1714
Class C 2
29
.1
Cent Nat Corp A
American hardware
2 *62
- - - 65
94
OS
Preferred with warr
50
46
Class C3
22
2438
Class B
Babcock & Wilcox
100 129 134
14
16
24
Edison Bros Stores corn
Class D
1614
20
Colonial Investor Shares_
Bliss (E W) Co
t .2812 29
90
95
Preferred
Class F
167 1838
8
2
Commonwealth Share Corp. 25, 2612
Preferred
50 50
3112 34
- ___ Fan Farmer Candy Sh pt_t
Class H
1134 13
corn___
Childs Corp pref
100 108
4 43 ContinentalShares
4
Fed Bak Shops corn
t *33
-_
18
U 8 & Brit Interna.t class B. 13
Cony pref
Dixon (Jos) Crucible.. _100 162 165
Feltman & Currne Shoe
86
33
82
Class A
30
Continental Securities Corp_
Safety Car III & Ltg
100 123 130
_ 50
100
40
Stores A 7% pref
55
5812
Preferred
44
Preferred
Binger Manufacturing_ 100 495 515
18
43
Fishman (H M) Stores corn If
76
-40
Er S Else Light ar Power... 2
Corporate Cap Corp units... 70
Singer Mfg Ltd.
95 103
£1
*6
014
Preferred
21
1713 1812
U S Overseas Corp com
Deferredstock
(t) 19
Gt All & Pee Tea pref_-100 n115 111)
_
Credit Alliance A
Railroad Equipments
13
_Howorth-Snyder Co A
Sugar Stocks
f7
-172
Corporate Trust Shares....
90
Knox Hat
300 60
65
918 97 Fajardo Sugar
8
Crum & Forster InsurAtlantic Coast Line Os
t 28
34
5.40 5.05 Kobacker Stores corn
Godchaux Sugars Inc
t .15
18
ance shares corn
Equipment 6;is
..100
95
4.80 4.65
Cum pref 7%
100 76
75
so
72
Preferred
Preferred
7%
Baltimore & Ohio 6s
*5
9
5.40 5.05 Kress (S H) 6% pref
10
99
Hayttan Corp Amer
10
Deposited Bank Shares B-1. 97
Equipment Cis & 5s
4.75 4.60 Lane Bryant Inc 7% P w w.
100
86
4
Holly Sugar Corp corn---t .30
Diversified Trustee Shares.. 103 12
Buff Roch & Pitts equip 68_
99
5.15 5.00 Lerner Stores 6)-% Pr w w. 95
231.
100 74
80
Preferred
SharesB
Canadian Pacific 44s es Os_
1001 n325 400
5.00 4.85 Lord & Taylor
21
2134 National Sugar Ref.- _ _100 311c 32
Series C
Central RR of N J as
0
5.40 5.05
First preferred 67 _100 n95
._l00 12
16
834 914 New Niquero Sugar..
Domestic & Overseas
Chesapeake & Ohio Gs
6.40 5.05
Second preferred 8%-100 n100
Savannah Sugar coin
t .87
90
5
3
Eastern Bankers Corp corn_
Equipment6 kis
5.10 4.85 MacMarr Stores 7% pf w w 99 uif
100 35 100
Preferred
Units
Equipment 58
4.80 4.60 Melville Shoe Corp
14
Sugar Estates Oriente 0_100
Equit Investing Corp units_
Chicago & North West 6s
5.40 5.05
92
1st pref 6% with warr-100 85
21
26 Vertientes Sugar prof..-100 35 45
-Equity Invest Corp com
Equipment 6)-4s
4.80 4.65 Metropolitan Chain Stores
3212
30
Units
Chic R I & Pee 41-is & 3s
100 n83
4.80 4.60
88
New preferred
Rubber Stocks (Cleveland)
76
69
Federal Capital Corp
Equipment Gs
5.50 5.10 Miller (I) & Sons com____t *29
31
Aetna Rubber corn
23
t .7
18
New units
Colorado & Southern 6s
100 nS0
5.60 5.30
88
Preferred 6Si%
Falls Rubber cons
t
-4
First Holding & Trad
Delaware & Hudson as
5.40 6.05 Mock Judson & Voeringer pr 90
94
25
Preferred
Fixed Trust Shares ci A- -(t)
Erie 44s & 58
•50
5.50 5.20 Murphy (0 C) Co com---t
05
2 8
t *34
35
Class B
(t) --13- ___ Faultless Rubber
Equipment 08
__ 5.60 5.25
100 100
8% cum pref
140
Founders Holding corn cl A. 1858 ___ Gen'l Tire & Rub corn--_25
Great Northern Os
5.40 5.15 Nat Family Stores Inc wart n2
100
Preferred
co
0% Preferred
Equipment 58
4.70 4.60 Nat Shirt Shops corn
1612
Goody'r T & Rot Can pf.100 10714 108
New 140the
Hocking Valley 58
4.70 4.60
10
0
Preferred 8%
India Tire & Rubber
t *121, 14
Foundation Sec corn
Equipment Rs
5.40 5.05 Nedick's Inc corn
t
*8
11
Miller Rubber pref
100 31
Preferred
341,
Illinois Central 4).s & 5s
4.70 4.55 Neisner Bros Inc Pref 7%100 115 135
. _ Mohawk Rubber
100 10
Founders See Tr pref
12
Equipment Os
5.40 5.05 Newberry (J) Co 7% p1100 95 101
Preferred
100
Founders Shares
60
Equipment 7s & 61s.__ 5.70 4.80 N Y Merchandise corn
t *21
23
Seiberling Tire & Rubber-- t *0-111- 15
..
General Equities A
Kanawha & Michigan (ks_
5.50 5.20
First preferred 7%---100 90
Preferred
10
100 635 75
Can Pub Serv 6% pref
8
Kansas City Southern 53.. 5.60 5.20 Peoples Drug Stores com-t
94
90
Louisville & Nashville 6s
5.40 5.05
100 101 103
6l'% cum pref
Equipment 64s
5.25 5.00 Piggly-Wiggly Corp
t n10
Michigan Central 5s
4.75 4.60
100 n85
Preferred 8%
Equipment Os
5.10 4.80 Reeves (Daniel)preferred100 92
97
100 120 133
Rogers Peet Co com
share.
t No par value
• Per
b Beets.
d Purch also pays acLr. div
k Last sale
y Ex-rights
n Now in.
S hi-d1v.
r Canadian 0801.
s Sale Price.




8.1112

inittestment and. gaiirciati intelligneec

1636

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of February. The table covers four roads and shows
21.23% decrease under the same week last year:
Fourth Week of February.
Canadian Pacific
Minneapolis & St Louis
St Louis Southwestern
Western Maryland
Total (4 roads)
Net decrease (21.23%)

1930.

1929.

$2,913,000 $3,929,000
204,775
218,727
490,500
536,639
366.303
369,755
$3,978,030 $5,050,669

Increase.

Decrease.
$1,016,000
13,952
46,139

$3,452
$3,452 $1,076,091
1.072.539

In the table which follows we also complete our summary
of the earnings for the third week of February:
Third Week of February.
Previously reported (6 roads)
Canadian National
Georgia & Florida
Total (8 roads)
Net decrease (13.21%)

1930.

1929.

Increase.

Decrease.

$7,394,811 $8,490,033
4,107,395 4,766,892
27,900
31,950

$4,632 $1,099,854
659,497
4,050

$11,534,156 $13,284,825

$8,682 $1,759,351
1.750,669

In the following table we show the weekly earnings for a
number of weeks past:
P7

.

1st week Nov. (7 roads)
2(1 week Nov. (8 roads)
lid week Nov. (7 roads)
4th week Nev. (7 roads)
let week I)ec. (6 roads)
2n41;week Dee. (8 roads)
3d week Dec. (7 roads)
4th week Dec. (6 roads)
let week Jan. (7 roads)
2d week Jan. (8 roads)
3d week Jan. (8 roads),
4th week Jan. (7 roads)
let week Feb. (8 roads)
2d week Feb. (8 roads)
3d week Feb. (8 roads)
4th week Feb. (4 roads)

Current
Year.

Previous
Year.

Increase or
Decrease.

Per
Cent.

10,016,835
13,321,885
9,461,558
16,167.720
12,513,496
12.570.553
9,444.380
10,087.804
6,803,011
10.755,827
11,532,884
16,464,287
11.443,076
11,782,113
11,534,156
3,978,030

11,582.851
17,436,765
11,553.954
21,192,292
15,718,973
15.524,333
10.803.703
11,840.065
7.657,759
12,059.865
12,989.338
19,001,026
12,901,809
13,544,975
13,284,825
5,050,669

--1,576,216
--4,114,880
--2,082,396
---5,024,572
--3,205,478
--2,953,780
--1,360.323
--1,752,261
---854,748
--1,303,018
--1,456.454
---2.536,739
--1.488.743
--1.462,862
--1,750,669
--1,072,639

12.53
23.18
18.11
23.71
20.40
19.03
12.59
14.80
11.17
10.81
11.21
13.37
11.32
11.95
13.21
21,23

--Grossfrom Railway-- -Net from Railway-- --Nei after Tazes--1929.
1930.
1929.
1930.
1930.
1929.
$
Chicago & Alton
307,161
237,269
January ___ 2,013,843 2,275,567
350,855
412,144
Chic Burl & Quincy
January ___11,536,744 12,882,806 3,281.570 4,346,589 2,340,059 3,142,341
Chicago Great Western
187,153
280,894
January ___ 1,818,533 1,885,557
364,461
270,232
Chicago & Illinois Midland
53,691
44,348
252.016
52,683
January -- 266,026
61,626
Chicago Ind. & Louisville
226,895
191,045
January.._ 1,296,016 1,414,527
267,343
299,695
Chicago & nai th Western
:
860,622
544,672
January ___10,474,129 10,848,504 1,624,170 1,636,975
Chic R I & Pacific
662,850 1,651,341
January ___ 9,582,451 10,963,347 1,208,832 2,377,246
Chic R I &
204,207
591,588
99,139
January ___
531,916
127.670
231,108
Clinchfield173,117
156,042
611,188
226,053
248,156
January ___
576,069
Colorado & Southern
172,584
224,004
294,130
252,851
January __
978,378 1,005,481
Ft Worth & Denver City
349,139
173,204
220,496
January ___ 842,541 1,033,369
419,228
Trinity & Brazos Valley
12,574
225,447 -38,745
185,756
20,333 -46,967
January ___
Wichita Valley
57,184
10,839
143,437
75,545
17,913
66,035
January ___
Columbus & Greene
27,255
30,444
170,242
38,449
31,154
163,663
January _
Denver (lc Rio Grande
653,909
707,615
507,398
818,912
January ___ 2,691,827 2,748,929
Denver & Salt Lake
206,396
216,772
396,675
230,780
216,356
407,092
January ___
Detroit Terminal
61.142
18,338
35,247
221,319
81,137
143,563
January
Det & Tol Shore Line
220,823
193,6'28
454,019
225,946
56,202
422,182
January ___
Dul Missabe & Northern
179,954 -511,740 -503,957 -633,305 -624,086
198,487
January ___
Dul So Shore & Atlantio72
8,731
39,732
32,072
375,567
January ___
346,676
PSI
Elgin Joliet & East438,108
346,411
462,699
544,911
January ___ 1,910,409 1,961,520

Galveston Wharf
228,931
148,798
January ___
Georgia Sr Fla
112,578
100,296
January ___
We also give the following comparisons of the monthly Green Bay & West
149,758
146,326
January ___
totals of railroad earnings, both gross and net (the net before Gulf Mobile & North599,600
524,085
the deduction of taxes), both being very comprehensive.
January ___
Gulf & Ship IslandThey include all the Class 1 roads in the country.
261,768
215,911
January ___
Illinois Cent System
Length of Road.
Gross Earnings.
January _ _13,640,927 15,147,617
Month.
Illinois Cent Co
Inc.(+1 or
January .._ _11,556.009 12,994,365
1929.
Dec.(-)
.
1928.
1928.
1929.
Yazaoo & Miss ValleyMiles.
Miles,
January ___ 2,068,165 2,137,424
$
486,201,495 457,347,810
1-28.853,885 240.833 240.417
January
Illinois Terminal+18.292,585 212,884 242,668
474,780,516 458.387,931
February
625,190
577,392
January ___
516,134,027 505,249,550 + 10,884,477 241,185 240,427
March
Internat(3t North-513,076,026 474,784,902
+38,291,124 240.956 240,816
April
January _- 1,263,191 1,496,233
536.723.030 610,543,213 4-26,120,817 241.280 240,798
May
.
Kansas City Southern
531,033,198 502,455,883 4-28,577.315 241,608 241,243
June
Texarkana .4,:Ft Smith+43,884,198 241,450 241,183
556.706,135 512,821,937
July.
260,712
190,467
January ___
+27,835,272 241,026 241,253
585,638,740 557,803,468
August____
+9,812,986 241,704 241.447
565,816,654 556,003,668
ptember
Kan.slOkla & Gulf-- $A
-9.890,014 241.622 241.451
301,464
607,584,997 617.475.011
October
286,520
January
498,316,925 531,122,999 -32,806,074 241.695 241,326
November
Lehigh & Hudson River-468,182,822 495,950,821 -27,767,999 241,864 240,773
December
216,729
190,733
January ___
Louisiana & Ark-Inc.(+) or Dec.
Net Earnings.
608,142
545,958
January ___
Month.
Amount.
Per Cent. La Ry Sr Nay Co of Tex
1929.
1928.
82,572
85,373
January __Louisville & Naahv-$
8
11,037,209
+23.578,213
January
+25.01
117,730,186
94,151,973
January _..10,600,9l1
+17,381.398
February
+15.95 Midland Valley-108,987,455
126,368,848
+7.516,400
Mara'
132,122.638
+5.68
139,639,088
313,329
231,700
January _
+25.937.085
April
+23.39
110,884,575
136,821,660
+17,754,001
May
+12.09 Mississippi Central-129,017,791
146,798,792
133,305
118,433
January _ _
+22,659,557
June
+17.77
150,174.332
127,514.775
+30,793,381
'
July
+22.37 Missouri
137,635.367
168,428.748
163,426
144,830
January
+16,758,860
174,198.644
August
+9 62
190,957,504
+2,612,246
178,800,939
September
+1 46 NIc, nstas re7418 181,413,186
Ica
,
-12,183,372
216,519.313
201,335,941
October
-5.63
January ___ 3,653.066 4,578,782
-30,028.982
-19.11 Mo & No Ark-157,192,289
November
127,163,307
-32,186.071
-23.12
138,501,238
December
106,315,167
137,691
128,036
January ___
-The table Missouri Pacific-Net Earnings Monthly to Latest Dates.
10,857,963
January
following shows the gross, net earnings and net after taxes Nash Chatt___10,131,231
& St Louis
for STEAM railroads reported this week to the Inter-State
January ___ 1,662,256 1.818,023
Nevada Northern
Commerce Commission:
113,083
79,329
January ___
-Grossfrom Railway- -Net from Railway- -Net after Taxes
New Orleans Gt North
1930.
1929.
1929.
1929.
1930.
1930.
253.317
242,903
January
$
$
$
$
$
8
New On Tex Sr MexAnn Arbor
231,586
January ___
246,831
49.688
96.448
68,954
467,776
75,941
January ___ 399,772
Beaumont So Lake & W
Atch Topeka & Santa Fe
273,044
January ___
320,207
January _14,756.225 16,260,665 3,510.152 4,964,751 2,308,821 3,522,311
St L Browns & MexGulf Col & Santa Fe
733,882
56,962
January- 956,547
695,439
614,931
153,489
January ..__ 1,942,314 2,395,659
New York Central
Panhandle dr Santa Fe
230,927
466,684
Indiana Harbor Belt
396,603
282,839
January ___ 1,255,224 1,416,886
994,852
930,252
January ___
Atlanta & West Point
36,849
45,574
30,281
Michigan Central
51,292
234,872
January _- 219,828
7,591,666
January
6,549,200
Atlantic City
200,153 -67,403 -74,433 -107,403 -113.733 Northwest Pacific
January __
206,923
384,477
362,890
January ___
Baltimore & Ohio
Penna. SystemII & 0 Chic Terminal
-421 -28,023
Penna Co
27,779
65,240
313,768
January ___
311,973
January _ _ _48,351,408 51,664,804
Bangor & Aroostook
337,975
238,632
Long Island
297,757
410,537
747,059
January _ __
926,683
January ___ 2,929,253 2,904,424
Belt Ry of Chicago
105,178
114,313
W Jersey & Seash164,830
January ___
158,035
637,728
629,155
677,163
January ___ 626,923
Bingham & Garfield4,282
5,089 Peoria & Pekin Union
13,172
January ___
11,459
43,518
35.316
152,997
January ___
147,665
Buffalo & Susquehanna
2,801
36,854 Pere Marquette
38,954
January ___
4,876
151.276
175,549
January ___ 3,065,730 3,280,305
Canadian National Rye
Quincy Omaha &KG
All & St Lawrence
53,311
January ___
50,904
January ___
-2,836 -25,817 -17,736 -40.717
190,789
175,179
Reading Co
Canadian Pac Lines in MeJanuary..,.. 7,603,633 8,021,935
14,312
68,683
83,183
January.....228,202
28,812
391,749
St Louis-San Fran
Canadian Pac Lines in VtSt Lou-San Fran of Tex
6,991
186
January ___
158,563
4,206
159,304
11,011
153,991
January ___
130,789
Ft Worth & Rio Grande
Central of Georgia
270,444
112,943
85,012
January ___ 1,839,684 1,913,177
367,592
260,465
January __
390,670




51,439

114,167

20,439

97,167

-20,657

-5,749

-30.346

-15,474

38,466

20,031

30,466

12,031

161,251

64,120

121.204

47,7081A147,873 ia 16,574

15,383

93,629

2,531,887

3,645,861

1,597,543 2,667,856

2,030,374

3,214,083

1,316,857 2,307,201

447,671

429,623

278,022

259,421

155,461

£[200,442

L11131,461

179,100,

124,671,111242,049

ur'2781,631

199,789

56,91f

113,107

:L 71,631
148,615
29,440

130,034
136,622

127,5872 116,383

69.659 12118.919

54,914

113,310

159,683

68,308

105,654

-7,377

2,939

-11,402

- 30,22

1,856,175

2,139,828

1,273,513

1,533,727

84,649

140,376

70,158

123,570

19,989

36,703

13,585

1. 27,277

26,249

45,898

19,449

35,331

845,831

1,339.182

635,382

1,069.267

9,606

-508

7,142 •;:, -2,999

2,303,770 2,602,908

1,864,820 2,146,792

216,865

325,518

152,795

243,404

39,691

70,638

28,736

54,562

yor 62,142

79,865

47,199

61,996

53,972

49,945

33,007

28,583

118,387

56,961

114,002

52,644

389,714

203,076

369,151

182,845

209,583

259,081

160,233

201,043

1,730,539 2,182,913

1,312,980

1.052.741

-69,944

-70,322 -106,400 -108,561

9,660,087 11,591,700 7,258,962 9,299,039
582,354

640,076

482,882

544,973

87,441

105,933

86,638

105,693

33,287

45,024

15,968

28,024

256,175

858,092

38.279

642,612

-3,168

2,652

-7,869

-2,205

1,143,615

1,762,083

846.198

1,377.279

26,904 ;;i., 14,133

24,010

--1,926

15,151

17,560
2.708

19,325

MAR.8 1930.]

FINANCIAL CHRONICLE

-Grossfrom Railway- -Net from Railway- -Net after Taxes
1930.

1929.

1930.

3

1929.

1930.

St Louis Southwest,
222,403
509,930
450,148
252,783
January ___ 1,229,920 1,502,521
-W of T
St Louis B
611,183 -87,495 -115,647 -116,353 -143,329
January .._- 566,088
San Diego & Arts
25,277
36,769
30,883
January -- 107,464
30,654
117.705
San Ant Uvalde & Gulf
113,964
8,247
24,062
January ___
19,895
150,408
12,873
Seaboard Air Line
921,526 1,005,531
January ___ 4,917,246 5,220,692 1,252,210 1,331,410
South Pacific System
Sou Pacific Co
January -15.082.840 16,791,725 3,023,582 4,148,303 1.797,826 2,803,140
Tex & New Orleans
439,253
January ___ 5,267,627 5,618,296
972,565
671,168
791,351
Spokane Internat'lJanuary ___
80,005
4,883
7,773
2,309
81,025
10,040
Spokane Portl & Seattle
64,905
January __- 593,810
137,123
222,409
651,090
151,998
Tenn Central
January ___
245,232
36,025
33,467
41,780
253,495
39,267
Texas & PaeifioJanuary _-_ 3,144,423 3,760,816
399,715
890,893
585,152 1,093,375
Texas Mexican
January ___
-8,989
81,550
13,840
18,918
-3,987
109,717
Toledo Peoria & West
-1,459
150,215
January _-_
52,284
60,282
185,041
-755
Utah
January ___
272,971
98,638
111,174
129,866
121,438
266.974
Western Maryland
January ___ 1,562,927 1,501,929
439,343
457,570
377,470
529,343
Western Pacific
January ___ 1,139,837 1,263,432
97,493
201,000 -69,592
32,300
Western Ily of Ala
January ___
240,313
38,358
33,001
15,396
53,986
236,066
Wichita Falls & South
January ___
71,320
5,970
33,584
28,106
85,475
11,467

Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Canadian Pacific Ry.
-Month of January- -12 Mos. End. Dec. 311928.
1929.
1930.
1929.
Gross earnings

Working expenses

12,671,403
11,935,620

15,865,599 209.730,955 229,039.296
13,969,667 166,586,411 177,344.845

735,782

1,895,932 43,144,545 51,694,451

Not profits

Fonda Johnson & Gloversville RR. Co.
-Month of January- 12 Mos. End. Dec. 31,
1928.
1929.
1930.
1929.
$
$
$
$
89,222 1,025,933 1,036,155
94,674
760,871
749,352
64,785
68,018

Operating revenues
Operating expenses

Not revenue from oper_ _ _ _
Tax accruals

26,656
4,800

24,437
7,840

265,061
70,775

286,803
75,963

Operating income
Other income

21,856
5.257

16,597
2,444

194.285
122,767

210,839
101,705

Gross income
Deduct, from gross income

27,113
31,013

19,042
31,615

317,053
381,130

312,545
382,786

-3,899

-12,573

-64,077

-70,240

Net i morns

Gross
Revenue.

1929.

3

Georgia & Florida RR.

1637

Compa nits
Oct '29
43,930
Manhattan & Queens
'28
(Rec)
44,137
169,721
4 mos ended Oct 31 '29
'28
169,928
Manhattan Bridge Three Oct '29
18,569
'28
Cent Line
19,466
71,229
4 mos ended Oct 31 '29
72,126
'28
84,213
Oct '29
New York & Harlem
98,292
'28
293,735
4 mos ended Oct 31 '29
307,814
'28
79.340
Oct '29
New York & Queens
'28
76,636
305,334
4 roes ended Oct 31 '29
'28
302,630
New York Rys
525,978
Oct '29
569,792
'28
4 mos ended Oct 31 '29 2,145,776
'28 2,270,949
New York Rap 'Fran
Oct '29 3,142,465
'28 3,093,174
4 mos ended Oct 31 '29 12,219,863
'28 11,676,377
South Brooklyn
86,355
Oct '29
99,448
'28
4 mos ended Oct 31 '29
416,705
454,597
'28
Steinway Rys
71,126
Oct '29
71,810
'28
4 mos ended Oct 31 '29
262,506
263,190
'28
Surface Transportation Oct '29
163,816
Corp
160,290
'28
4 mos ended Oct 31 '29
660.537
615,698
'28
Third Avenue
Oct '29 1,320,170
'28 1,365.099
4 mos ended Oct 31 '29 5,136,505
'28 5,196.596

Gross
Income.

Deduction.,
from Inc.

Net Corp
Income.

8,025
9,954
27,108
29,037
671
928
2,753
3,010
-9,154
-9,917
-71,698
-72,461
5,440
8,775
22,114
25,449
77,644
102,085
344,525
401,369
1,079,987
1,121,452
3,923,179
3,740,781
21.342
20,760
132,581
139,655
-5,102
5,767
-27,818
-16,949
-10,134
-866
24,391
35,147
215,813
239,672
798,621
802,627

10,393
10,189
41,089
40,885
500
456
2,000
1,956
26,505
24,579
105,134
103,208
23,113
23,421
92,533
92,841
175,967
178,288
704,281
715,854
575,060
534,425
2,322,738
2,114.611
15,556
19.054
58,944
75,452
5,330
4,564
21,544
20,778
14,392
10,279
53,956
38,713
232,518
230,834
938,397
917.573

--2,368
--235
-.13,981
-.11.848
171
472
752
1,053
-.35,659
-.34,496
-.176,834
-.175.671
-.17,673
-.14,645
-.70,419
-.67.391
-.98,333
--76,203
-.359,756
-.314,485
504927
587,027
1,600,441
1,626,170
5,786
1,706
75,637
64,203
-.10.432
1,203
-.49,360
--37.725
--24,526
-.11,145
--78,347
-.73.860
-.16,705
8,838
-.139,776
-.114,946

-Month of January- -12 Months Ended Jan. 31
Surplus
Net Oper.
Constituents of
Net Oper.
Revenue. Aft. Chgs.
Enginners Public
Gross.
Revenue.
Gross.
Service Co-Baton Rouge Electric Co
351,357
455,703
1930
50,024 1,268,080
137,170
341,449
1929
51,450 1,119,144 • 417,145
121,184
East Texas El Co (Del) & Sub Cos
293,691 9,872,530 4,125.490 2,231,811
1930
797,650
1929
274,704 8,133,440 3,324,868 1.677,755
703,647
El Paso Elec Co (Del) & Sub Cos
138,254 3,542,679 1,516,971 1,252,809
1930
312,516
126,902 3,215,343 1,301,524 1,082,393
1929
298,183
Puget Sound Pr & Lt Co & Sub Cos
1930
667,107 16,499,557 6,572,606 4,089,568
1,532,846
1929
570,174 15,247,323 6,626,872 4,069,030
1,458,825
Savannah Elec & Power Co
90,334 2,205,827 1,021,091
579,228
1930
194,537
1929
97,347 2,236,216 1,007,054
558.535
200,088
Virginia Elec & Pr Co & Sub Cos
722,675 17,140,844 7,794,767 5,992,688
1,525,485
1930
1929
681,882 16,297,227 7,092,016 5,208,039
1,476,130
Other Companies
Cape Breton Elec Co, Ltd93,641
162,655
689,620
20,190
70,050
1930
73,604
142,167
670,561
1929
16,973
64,830
Eastern Utilities Associates
1930
386,970 9,357,883 3,750,313 2,955,174
869,392
864,118
381,084 8,646,498 3,267,651 2,562,541
1929
Fall River Gas Works
255,615
280,914
27,398 1,019,415
91,528
1930
206,274
226,314
21,597 1,022,923
89,998
1929
Galveston-Houston El Co & Sub Cos
855,734
124,397 5,228,610 1,698,568
419,775
1930
825,243
136,496 5,254,430 1,706,082
436,062
1929
Haverhill Gas Light Co
167,148
737,418
163,209
19,514
74,527
1930
150,404
701,620
142,195
61,417
8,026
1929
Jacksonville Traction Co
4,525 1,138.597
92,045
.66,055
94,815
1930
10,012 1,192,756
114,895
.48,303
97,358
1929
Northern Texas El Co & Sub Cos
64,370 2.691,653
223,782
832,199
389,649
1930
66,185 2,842,893
886,368
441,144
234,779
1929
Sierra Pacific El Co & Sub Cos
121,432
35,899 1,431,918
600,073
1930
530,093
45,924 1,397,654
124,237
644,116
1929
586,854
Tampa Elec Co & Sub Cos
422,046
153,580 4,595,286 1,513,737 1,465,920
1930
423,189
149,984 4,638,632 1,444,123 1.405,520
1929
- Deficit.

-Month of January- 12 Mos. End. Dec. 312
1929.
1928.ge,
1930.
1929.
st4 s ddirs
$
S
$
Railway oper. revenues
112,578 1,673,596 1.616.576
100,296
Net revenue from ry. oper
201,891
-5.758
-20,656
245,265
Railway tax accruals
114,724
9,672
117,683
9,700
Uncollectible ry. revenues_ _ _
140
25
15
404
Railway oper. income_ _ _ - -30,346 -15,473
87,027
127,176
Equip. rents, net bal.-Cr
49,095
5.818
4,305
29,328
Joint fac. rents, net bal.-Dr
22,167
994
2,825
9,841
Net ry. open income
113,955
-28,865 -10,649
146,664
Non-operating income
19.994
2,114
1,860
17,651
Gross income
133,949
-8,535
27,005
164,315
Deductions from income.. _ _ _
13,937
1,116
1,116
14,270
Surplus applicable to int_ - -28,121
120,012
-9,651
150,044
American Telephone & Telegraph Co.
Total interest charges
311.681
16,516
33,393
199,168
-Month of December- 12 Mos. End. Dec. 31
Net loss
1929.
1928.
1928.
1929.
191,669
26,167
61,514
49.123
Note.-Month of January- -May 31 to Dec. 31Gross earnings
9,789,579 9,541,709 111890,241 100583,826
Int. chargeable to construe- 1929.
1929.
1928.
1928.
2,940,659 2,480,008 39,109,516 37,500,300
tion funds for Greenwood
Operating income
Extension
$74,211 $120,189
$13,063
Interest on securities issued for construction of Greenwood Extension
American Water Works & Electric Co., Inc.
included in "Total interest charges" for January 1930.
(And Subsidiary Companies)
Electric Railway and Other Public Utility Earnings.
-Month of January- 12 Mos. End. Jan. 31
-Below wo give the returns of ELECTRIC railway and
1929.
1930.
1930.
1929.
$
$
other public utility companies making monthly returns which Gross
4,789,012 4,563,586 54,344,429 51,245,203
earnings
have reported this week:
Oper. exp., maint. & taxes.._ 2,360,589 2,277,584 27.265,292 26,061,917
New York Street Railways.

Companies
Brooklyn & Queens

Oct '29
'28
4 mos ended Oct 31 '29
'28
Eight & Ninth Ayes (rec) Oct '29
'28
4 mos ended Oct 31 '29
'28
Fifth Ave Cone% Co
Oct '29
'2
4 mos ended Oct 31 '29
'28
interborough Rap 'Isran Oct '29
(Subway Division)
'28
4 mos ended Oct 31 '29
'28
(Elevated Division)
Oct '29
'28
4 cpos ended Oct 31 '29
'28




Gross
Revenue,

Gross
Income.

1,947,412
2,019,658
7,611,136
7,747,995
87,391
85,600
334,892
333,101
525,185
585,673
2,199,958
2,321,584
4,658,207
4,400,150
16,395,422
15,147,566
1,696,050
1,705,855
6,365,883
6,249,254

353,261
236,441
1.237,936
856,626
4,041
4,902
13,370
14,231
76,769
106,130
409,325
432,853
1,933,728
2,077,586
6,396,890
6,418,057
228,685
195.291
848,332
376,476

Deduaions
from Inc.

Net Corp•
Income,

126,109
227,152
244,764
-8,323
506,536
731,400
974,694 -118,068
8,114
-4,073
8,084
-3.182
31,885
-18,513
31,855
-17,622
727
76,042
2,490
103,639
2,565
406,759
9,959
422,893
1,617,208
316,520
1,099,083
978,503
5,075,730
1,321,160
4,411,128
2,006.929
463,998 -235,313
468,114 -272,823
1,849,660 -1,001,328
1,866,623 1,490,147

Gross income
2,428.423 2.286,002 27,079,137 25,183,285
Less int, and amortization of discount of subsidiaries 8,296,997 8,069.683
l'referred dividends of subsidiaries
5,330,563 5,139.732
Minority interests
34.569
22,548
Total

13,650,109 13.243,985

Balance
13,429,027 11,939,299
Interest and amortization of discount of American
Water Works & Electric Co., Inc
1,389,265 1,302,208
Balance
Reserved for renewals, retirements and depletion
Net income

12,039,762 10,637,091
4,167,228 4.269,921
7,872,533 6,367.169

Barcelona Traction, Light & Power Co., Ltd.
-Month of January- 12 Mos. End. Dec. 31.
1930.
1929.
1929.
1928.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from operation_ 10,138,427 9,169,162102,175,201 91,088,183
Operating expenses
3,359,772 2.467,691 36,809,283 27,185,018
Net earnings
6,778,655 6,701,471 65,365,918 63,903,165

[VOL. 130.

FINANCIAL CHRONICLE

1638

Federal Light & Traction Co.

Arkansas Power & Light Co.

(And Subsidiary Companies)
-Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1929.
1928.

(Electric Power & Light Corp. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31.
128.
1929.
1928.
1929.
S
$
$
$
Gross earns,from operation__ 736,8.36
645,752 8,503,461 7,200,702
Oper. expenses and taxes_ _ _ _
344,785 4,342,934 3,788,504
392,271

Gross earnings
Operating expenses (not incl.
Federal income taxes)

801,000

762,479 8,515,666 7,912,158

443,312.

412,920 4,855,288 4,506,716

Net earns, from oper
Other income

344,565
33,504

300,967 4,160,527 3,412,198
280,628
270.124
14,826

Total income
Fed. inc. & profits tax (est.)_

357,688
17.000

349,559 3,660,378 3,405,442
180.000
15,000
204,000

Total income
Interest on bonds
Other int, and deductions_

378,069
109.184
33,519

315,793 4,441.155 3,682,322
109,184 1,310.210 1,188.960
252.213
13 027
0
6,906

Net income from oper
Interest and discounts

340,688
112,677

334.559 3.456,378 3,225.442
96,355 1,243,901 1,085.816

Balance
Dividends on preferred stock

235,366

199,703 2,878.732 2,3 814 5
6. 4!.5
720.895

228,011
Balance
Preferred stock dividends:
Central Arkansas Public Service Corp
New Mexico Power Co
Springfield Gas & Electric Co

238,204 2,212,477 2,139.626

2,157,837

Balance

1,678,650

-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1929.
1930.
$
$
$
$
Gross earnings
184,382 2,110,159 1,984,258
208,148
908,291
955,721
83,182
Operating expenses & taxes
93,463
101,200 1,154,438
211,453
19,544
942,985
270.701
128,006

822,829
255.464
123,678
443,687
243,177

141,184

Net income
Preferred stock dividend
Depreciation

1,075,967
253,138

544,278
403,094

114.685
18.979

200,510

81,656

95.706

Balance
Common stock dividend
Balance

(National Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
Gross earns, from operation_
Operating expenses & taxes__

801,060
531,920

981.206 9,442,597 10,723.010
594.134 6,146.871 6,713.968

Net earns, from operation_
Other income

269,140
5,987

387,072 3.295,726 4,009,042
2,939
351,937
30.374

Total income
Interest on bonds
Other interest & deductions_

305,127
76,636
4,690

390.011" 3,647.663 4,039,416
925,448
77.273
838,035
68,720
6,497
172,529

Balance
Dividends on preferred stock

223,801

306,241

Balance

2.653.495 3,028,852
412,948
397,203
2,240,547 2,631,649

Carolina Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31
1929.
1929.
1930.
1928.
$
$
$
$
Gross earns, from operation_ 767,222
804,995 9,317,211 9,010,866
Oper. expenses and taxes- _ - _
317,370 4.302,658 4,318,431
322.054

1,966,075

68,742

Florida Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1928.
1929.
$
$
$
$
987,051
Gross earns, from operation_
972.082 11,209,697 11,228,792
516.959
Oper. expenses, incl. taxes__
519,193 5.921,852 6,210,941
Net earnings from oper'n__
Other income

470.092
100,718

452,889 5,287,845 5,017,851
106,458 1.203,297 1,740,590

Total income
Int. on mortgage bonds
Int. on debs. (all owned by
Amer. Pow. & Lt. Co.)_ _
Other interest & deductions_

570,810
216.667

559,347 5,491,142 6,758.441
216,667 2,600.000 2,600,000

110,000
8,961

110,000 1.320,000 1,320.000
133,756
6,613
84,200

235,182

226,067 2,486.942 2,704,685
1.130,971 1,131,031

Balance
Dividend on preferred stock

Birmingham Electric Co.

104,809

2,036,632

Balance after charges

Bangor Hydro-Electric Co.

Gross income
Interest, &c

104,850
1.204
69,791

Balance

1,355,971

1,573,654

Honolulu Rapid Transit Co., Ltd.
-Month of January- 12 Mos. End. Dec. 31
1930.
1928.
1929.
1929.
$
$
$
$
86,856
88,606 1,052,273 1,076,433
Gross revenue from transp'n_
54.506
51,591
630,341
608.420
Operating expenses•
32.349
37.014
443,852
446,091
Net rev.from transportat'n
1,240
1,221
Rev,other than transportat'n
13,338
12.906
Net rev. from operations__
Taxes assignable to ry. oper_
Interest
Depreciation-_
Profit and loss
Replacements

33.589
8,819
550
11,084
192

38,236
12,861
550
10,477
192

456.759
105.832
6.600
125,939
2,471
2,195

459,430
147,277
6.600
57.668
6,407
22.000

Total deductions from rev..
Net revenue

20,646
12,943

24.082
14,164

243,038
213,720

239,3.53
220,077

Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
$
$
$
$
642,465 7,993,734 7.199,797
Gross earns, from operation_ 735,966
352,540 4,172.226 4,087.422
Operating expenses & taxes-- 369,608

Net earns, from operation_
Other income

445,168
96,580

487,625 5,014.553 4,692,435
50.987
975,524
675,777

Total Income
Interest on bonds
Other int, and deductions

541,748
194.102
11,144

538.612 5,990,077 5,368,212
160,808 2,197,279 1,835.643
258,975
19,726
223,726

Net earns, from operation_
Other income

366,358
3,788

289,925 3,821,508 3,112,375
2,779
32,209
34,835

Balance
Dividends on preferred stock

336,502

358,078 3,533,823 3.308.843
1,259,557 1.112,452

Total income
Interest on bonds
Other interest & deductions..

370.146
78.346
7,289

292,704 3,853,717 3,147,210
70,012
902.928
760,398
8,923
126,009
135,643

Balance
Dividends on preferred stock

284,511

213,769 2,815,146 2,260.803
253,833
210,000

Balance

2,274,266 2,196.391

Central Arizona Light & Power Co.

Balance

Chicago Surface
Gross earnings
Operating expenses, renewals and taxes
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%

31,196,608
30,525
256,834

51,164.610
44.214
232,552
$887,843

Engineers Public Service Co.
(And Constituent Companies)
-Month of January- 12 Mos. End. Jan. 31.
1930.
1930.
1929.
1929.
$
$
$
$
Gross earnings
4,595,921 4,310,872 51,095,637 34,512,712
Operations
1,986.911 1,876,264 22,347,091 14,771,166
Maintenance
295,967 3,742,817 2,561,617
315,601
181,569
Depreciation of equipment....
14,464
14,936
28,965
Taxes
325,170 3,426,571 2,601,808
334,122
Net operating revenue_ .._ 1,944,348 1,799,006 21,397,586 14,549,154
Income from other sources
833,238
48,520
68,602
221,734
Balance
2,012,951 1,847,526 22.230,824 14,770,889
Interest and amortization_
583,089 6,945,970 4,375,974
612,294
Balance
1,400,656 1,264,436 15,284,854 10,394,914
Dividends on preferred stock of sub. cos. (accrued) 4,078,342 2,347,755
Balance
11,206,512 8,047,159
Ann. appllc. to com.stk. of subs, in hands of public
93,470
70,996
Bal. applicable to res. and to Engineers P. S. Co_ 11,113,041 7,976.162




Interborough Rapid Transit Co.
(Net Earnings of the Interborough System "Plan.")
-Month of January- -7 Mos. End. Jan. 311930.
1929.
1929.
1930.
$
$
II
$
Gross rev, from all sources__ 6,407,365 6,081,211 42,157,170 39,743.556
Exp.for oper. & maint. prop. 3,885.013 3,801,916 26,381,006 24,884.036
Taxes: City, State and U. S.

2,522,351 2,279,295 15,776,164 14,859,520
210.522
203,735 1,412,955 1,402,830

2,311,829 2.075,559 14,363,208 13,456,689
Available for charges
Rentals payable to city for
221,492
221,500 1,547,249 1,547,284
original subways
Rentals payable as interest on
150,686 1,054,806 1,054.806
Manhattan Ry. bonds- 150.686
944,714
712,841 Div, rental at 7% on Manhattan Ry. stock not assenting to "plan of reLines
25,380
177,665
25,380
177,665
adjustment
-Month of January.
2,947,966
-- Rental, contract No.3
737,996
1930.
145,952
23,532
21,708
1929.
176,361
Miscellaneous rentals
$5,239,755 $5,400,639
421,099 5,873,640 2,956,119
1,157,266
4,043,147
4,236,029

$909,248

Balance

2,561,313 2,050,803

Balance

(American Power 8c Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1929.
1928.
S
$
3
Gross earns, from operation.. 300,643
2!2,512 2,948,049 2,279,255
Oper. expenses and taxes____. 180,599
144,873 1.788,264 1,385,212
Net earnings from oper-._
120,044
97,639 1,159.785
894,043
Other income
56,535
2,972
3,056
34,354
Total income
100,611 1,216,320
123,100
928.397
Interest on bonds
154,273
12.953
12,798
155,694
Other int. & deductions
27,692
1,825
4,988
8,208
Balance
85,833 1,034.355
105,314
764,495
Dividends on preferred stock
89,641
51,654

1,154.563

1,654,459 8,849,567 10,500,570

Int. pay. for use of borrowed
money and sinking fund
requirements:
hit. on I. R. T. 1st mtge.
704.420
5% bonds
I. R. T 7% secured notes 190,165
48,411
I. R. T.6% 10-yr. notes
Equip trust certificates
Sinking fund on I. R. T.
174,083
1st mortgage bonds
15,941
Other items

•
699,359 4,916,632 4,879,268
192,355 1,336,357 1,351,941
48,428
336,125
338,651
2,850
45,975
11,400

1,133,022

1,144,205 8,005,980 8,023,490

Balance before deducting
5% Manhattan dividend
rental
Div. rental at 5% on Mania.
By. modified guarantee
stock (pay. if earned)----

21,541
231,870

193,852
7,358

510,253

1,296,029
106,908

1,362,583
47,595

483,587 2,477,079

231,870 1,623,095

1,623,095

Balance after deducting
278,382 -1,139,508 853,983
5% Manh. div. rental.._ -210,329
Notes.
-1. The operating expenses include a tentative reserve for depreciation at the rate of $50.000 per annum for the Manhattan division and
$1,000,000 per annum for the subway division.
2. The balances above shown are limited as to the subway to the amounts
the company is entitled to retain for the periods. On the basis of the
present accounting there are no past due subway preferentials which the
company may collect from future subway earnings.

MAR.8 1930.1

1639

FINANCIAL CHRONICLE
Idaho Power Co.

Nevada-California Electric Corp.

(Electric Power 8c Light Corp. Subsidiary).
- 12 Mos. End. Dec. 31
-Month of December
1928.
1929.
1928.
1929.
S
$
285,253 3,871,039 3,508,797
329,990
Gross earns, from operation_
158,327 1.880,887 1,657,116
199,096
Oper. expenses and taxes_ _ _ _

(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1930.
1929.
1929.
1930.
$
$
$
$
412.009 5.693.519 5.480,502
Gross operating earnings_ _ _ _ 430,828
210.219 2,796.867 2.389.816
215,114
Operating expenses & taxes__

Net earns, from operation_
Other income

130.894
5.996

126,926 1,990,152 1,851,681
71,845
75,869
8,754

Operating profits
Non-operating earns. (net)

215,713
7,268

201.790 2,896.652 3,090,685
8,111
195,308
133.861

Total income
Interest on bonds
Other interest & deductions_

136,860
54,167
7,518

135,680 2,061,997 1,927.550
650,000
650,000
54.167
69,328
81,312
7,726

Total income
Interest

222,982
125,205

209,902 3,091,960 3,224,547
122,295 1,490,140 1.472.774

Balance
Dividends on preferred stock

75,175

73,787

1,330,685 1,208.222
314,297
342,083
988.602

Balance

893,925

Kansas Gas & Electric Co.
(American Power 8c Light Co. Subsidiary)
- 12 Mos. End. Dec. 31
-Month of December
1928.
1929.
1928.
1929.
$
$
$
Gross earns, from operation.. 552,882
492,116 5,886.435 5,418,182
Operating expenses & taxes.. _
236,499 3,089,795 2,967.873
273,499
Net earnings from oper_-_
Other income

279.383
13.964

255,617 2,796,640 2,450.309
247.308
413.407
41.163

Total income
Interest on bonds
Other int. & deductions

293,347
85,000
5,393

296,780 3,043,948 2,863.716
85,000 1,020,000 1,020.000
66,444
131.716
5,436

Balance
Dividends on preferred stock

202,954

206,344

1.957,504 1.712,000
464,578
460,846
1,496,658

Balance

1,247.422

Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1928.
1929.
$
S
$
$
Gross earnings from oper____ 642,
567,955 6,148,487 6,019,933
254
Oper. expenses and taxes_ _ _ _
337,232 3,711,335 3.477,163
376,231

Balance
Depreciation

97,777
49.703

87,606
48,804

1,601,819
629,623

1,751,772
604,056

Balance
Disct. & exp. on sec. sold_ _ _
Misc.add'ns & ded.(net cr.)_

48,073
7,963
175

38,802
7,958
Dr369

972,196
96,634
130,058

1,147,715
97.155
43,782

Surp. avail,for redempt.of
bonds, dividends, &c

40,285

30.473 1,005,619 1.094,342

Portland Electric Power Co.
-Month of January- 12 Mos. End. Jan. 31.
1930.
1929.
1929.
1930.
$
$
$
$
1,123,298 1,143,925 12.718,538 12,570.718
Gross earnings
655.071 7,716,278 7,499,606
708,376
Operating exps. and taxes..
414,922
213,740

488,854 5.002.260 5,071,112
216,236 2.530,352 2,573,566

201,182
Net income
Divs. on stock: Prior preference
First preferred
Second preferred

272,618 2,471.908 2.497.546
455,806
468.203
816,431
764,249
329.973
327.508

Gross income
Interest, &c

869.698
782,230

937.594
777,893

87.468

Balance
Depreciation

159.701

Balance

Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31,
1929.
1928.
1928.
1929.

Net earns, from operation_
Other income

266,023
45,353

230.723 2,437,152 2,542,770
315,832
274,698
115,930

Gross earnings from oper____
Oper. expenses and taxes_ _

385,576
210,339

430,281 4,519.212 4.486,196
268,117 2,908,538 2,927.308

Total income
Interest on bonds
Other int, and deductions_ __

311.376
52.952
14,259

346,653 2,711.850 2,858.602
656,256
598,957
58,256
101.271
122,360
1,199

Net earnings from oper___
Other income

175,237
3,102

162,164 1,610,674 1,558,888
8,350
53,850
52,746

Balance
Dividends on preferred stock

244.165

287.198

1.954,323 2.137,285
285,119
249,519

Total income
Interest on bonds
Other interest & deductions_

178,339
40,606
4,286

170,514 1,664.524 1,611,634
40,606
487,250
478,375
4,016
56,032
86,384

1.669.204

Balance
Dividends on preferred stock

133,447

125,892

Balance

1.887.766

Minnesota Power & Light Co.
(American Power & Light Co. Subsidiary).
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1928.
1929.
S
S
54$
$
1,500 6,229,714 6.037.634
Gross earns.from oper
555,555
Operating expenses & taxes.... 193,567
183.032 2,280,130 2359.509
PriNet earnings from oper__
Other income

361
10,909

358,468 3.949,584 3.878,125
117,918
220,644
22,682

Total income
Interest on bonds
Other interest & deductions_ -

372,897
128.233
5,258

381.150 4,067,502 4,098,7f9
129,363 1,540.983 1,586.600
58,890
64,145
4.287

0Balance

239,406

247,500 2.467,629 2348,024
974,605
817,544

Dividends on preferred stock

1,493,024

Balance

1.630,480

Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of December- 12 Mos. End, Dec. 31.
1929.
1928.
1928.
1929.
$
$
$
$
Gross earns,from oper
300,607 4,124,286 3.218,871
452,709
Oper. expenses and taxes_ _ .._
190,024 2,650,792 2,119,040
278,169

__

739,678

Balance

665,404

(The) Pullman Company
Sleeping Car OperationsBerth revenue
Seat Revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue
-Dr
Contract revenue

-Month of January- -Jan. 1 to Dec. 311929.
1929.
1928.
1930.
$
$
$
$
6,569,503 6,640,210 77.511.162 76,352,088
840,640 9,803,911 9,930,763
826,734
171,103 2,438,881 1.972,248
148.250
176,169
15,700
169,882
13,488
69,237 1,157,466 1,024,977
159,220
703.823 8,703.819 8.603,916
574,209

Total revenues
Maintenance of cars
All other maintenance
Conducting car operations_
General expenses

7,142,988 7,033.069 82,383,772 80,846,043
2,491,478 2,365.056 29,621,408 28,211,357
537,599
41,457
82,831
526,659
3,136,897 2,954,420 26,190.956 34.935.421
242,394 3,140,206 2.982.092
3 13,260

Total expenses
Net revenue
Auxiliary Operations
Total revenues
Total expenses

6,024.467 5,603,328 69,490,169 66.655.530
1,118.520 1,429,740 12,893,602 14,190.513
134,669
114,541

116,700
91,994
24,705

20,128

Net revenue

1.457,039 1,403,083
1,334,203 1,225,740
122,836

177,342

174,540
88,921

110.583
15.228

1,473.494 1,099,831
241.343
114,499

Total income
Interest on bonds
Other int. and deductions.._ _

263.461
39.979
42,248

125,811
37,500
11,974

1,714,837
452,479
360,209

181,234

76,337

902,149
150,000

646,629
150.000

752.149

496,629

1,138,648
271,851

1,454,446 13,016.439 14,367,856
367,874 3,831.240 3.429,797

866,797

1,086,572 9.185,199 10,938,058

1.214.330
450,000
117,701

Balance
Dividends on preferred stock

Total net revenue
Taxes accrued
Operating income

Net earns, from oper
Other income

Balance

1,121,242 1,046,875
381,564
381,471

Nebraska Power Co.
(American Power 8c Light Co. Subsidiary)
-Month of December-- 12 Mos. End. Dec. 31
1929.
1928.
1928.
1929.
$
S
$
$
519,773 5,983,870 5,330,169
Gross earns,from operations_
553,254
249,4 2 3,020,169 2,760,584
Oper. expenses & taxes
245,832
2,963,701 2,569,585
204.998
189,537

Bet earnings from oper_ ___
Other income

307,422
17,008

270.321
13,368

Total income
Interest on bonds
Other interest & deductions

324,430
67,250
22,236

283,689 3,168,699 2,759,122
807,000
67,250
807,000
228,018
17,288
188,562

Balance
Dividends on preferred stock

234,944

199,151

2,133,681
364.000

1,763,560
364,000

Balance ____________________________________

1,769.681

1,399,560

Railway Express Agency, Inc.
-Month ofDecember- -12 Mos. End. Dec. 311928.
1928.
1929.
1929.

$

S

$

$

23,390,295 25,816,838 283,308,044 281,533,883
10.758
876
11,682
1,348

Express-Domestic
Miscellaneous

Charges for transport_ 23,391,643 25,817,714 283,319,727 281,544,641
Express privileges-Dr_ 11,750.293 13,441,718 146,145,029 141,288.099
Revenue from tran.sp_ 11,641,350 12,375,996 137,174,697 140,256.542
3,536.089 3,620,121
282,633
342,791
Op. other than transp
Total oper.revenues _ 11,923,983 12,718,787 140,710,786 143,876.664
Expenses
8,530,974
721,138
740,760 8,641.601
Maintenance
257,743
329.401
22,390
30,213
Traffic
10,697,633 11,060,269 122,620,824 124,502,244
Transportation
7,384,043
6,502,794
602,127
293,667
General
Operating expenses-.._ 11,742,652 12,425,466 138.094,622 140.675,005
181.331
1,001
96,364

293,321
2,002
169,954

2.616,164
19,102
1,669,726

3,201.658
17,820
2,038,008

83,965

Net operating revenue
Uncoil, rev, from trans_
Express taxes

121,363

927.336

1.145,829

Operating income

Pacific Power & Light Co.

Utah Power & Light Co.

(American Power & Light Co. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31
1929.
1928.
1928.
1929.
$
$
$
$
Gross earnings from oper_ _ _ 441,077 423,202 4,765,594 4,594,350
166,547 2,437,412 2.408.325
Oper.expenses & taxes
138,218

(Including The Western Colorado Power Co.)
-Month of December- 12 Mos. End. Dec. 31
1928.
1929.
1929.
1928.
$
$
$
$
from operation.. 1,068.294 1,046.912 11,743,132 11,057,748
Gross earns,
450,829 5,955,074 5,349,013
Oper. expenses and taxes_ _ _ _ 478,211

Net earnings from oper- -Other income

302,859
919

256.655 2,328,182 2,186,025
38,135
8,921
36,754

Net earns,from operation_
Other income

590,083
35,701

596,083 5,788,058 5,708,735
429,111
37,809
368,623

Total income
Interest on bonds
Other interest & deductions,,,,

303,778
37,996
68,458

Totalincome
Interest on bonds
Other interest & deductions

625,784
161,654
24,072

633,892 6,156,681 6,137,846
161,654 1,939,850 1,961.019
174,718
15,325
221,295

Balance
Dividends on preferred stock

197,324

265.576 2,366,317 2,222,779
455,950
37,996
455,950
813,981
70.694
703,044
158,888 1,096.386 1,063,785
406,123
406,459

Balance
Dividends on preferred stock

440.058

456,913 3,995.536 4.002.109
1.647.982 1.619,724

Balance




690,263

657.326

Balance

2.347,554 2,382.385

1640

FINANCIAL CHRONICLE
Southern California Edison Co.

[Vol,. 130.

STATEMENT OF EARNINGS AND EXPENSES FOR CALENDAR
YEARS.
(American Telephone & Telegraph Company.)
1929.
1928.
1926.
1927.
$
$
$
$
35.658,110 Dividends
140,611,591 119,176,197 99,956,735 91,963,935
8,662,871 Interest
21,563,035
3,417,641 Telep. oper. revenues_ _111,890,241 15,420,239 15,998,396 14,155,209
_
100.583.826 99,866.791 91,323,925
1,331,040
601,715
467.897
702,902
12,080,513 Miscel. revenues
Total
275,695,907 235,781.978 216,524,824 197,910,966
23,577,596 Expenses (incl.
provi6,058,588
sion for dep & all taxes) 81,873,035 70,513,929 66,140,930 58,979,579
17,519,007
Net earnings
193,822,872 165,268,049 150,383,895 138,931,387
Deduct interest
27,633,114 22,097,558 21,768,985 21,940,986

-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1929.
1930.
Gross earnings
Expenses
Taxes

3,360,082 3,022,921 40,662,626
762,340 9,180,082
760.614
321.635 4,086,571
391,726

Total expenses and taxes

1,152,340

Total net income
1?1xed charges

1,083,975 13,266,653

2,207,742 1.938,945 27,395,973
542,640 6.733,533
566,017

Balance

1,641,724

1,396,305 20,662,439

Virginia Electric Power Co.

(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1930.
1929.
1929.
1930.
1,525,484 1.476,130 17,140,843 16,297,226
540,259 6,489,862 6,304,740
554,325
126,255
129.108 1,520,329 1,510,330
122,228
124,879 1,335,885 1,390,140

Gross earnings
Operation
Maintenance
Taxes

Net operating revenue_ _ _ _
* Income from other sources

722,675

681,882 7,794,766 7,092,016
21,963
25,147

Balance
Interest and amortization

7,816,729 7,117,163
1,824,041 1,909,124

Balance
* Interest on funds for construction purposes.

5,992,687 5,208,039

York Utilities Co.
-Month of February- -2 Mos. End. Feb. 281929.
1930.
1930.
1929.
Operating revenue
Operating expenses
Net revenue
Non-operating income
Gross income
Deductions
-Coupon interest
Miscellaneous interest_ __ _
Taxes
Total deductions
Net income
Surplus
Surplus from previous year
Total surplus

8,847
8.439

10,667
9,228

19,301
17,367

22,900
19,335

407
8

1,438
3

1,933
8

3,564
8

415
3,392
6
293

1,442
3,392
24
321

1,941
6,784
72
587

3,572
6,784
56
644

3,691

3,738

7,443

7,484

--3,275

--2,296

--5,501
--3,912
-5,501
-3.912
-239,778 -188,320
-245.279 -192.233

FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first 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
Mar. 1. The next will appear in that of Apr. 5.
Crucible Steel Company of America.
(29th Annual Report-Year Ended Dec. 31 1929).
The remarks of Chairman H. S. Wilkinson, together with
income account and balance sheet as of Dec. 31 1929 will
be found in the advertising pages of to-day's issue. Our
usual comparative income account and balance sheet for
Dec. 31 1929 were given in V. 130, p. 1106.
American Telephone & Telegraph Company.
(Annual Report-Year Ended Dec. 311929.)
The remarks of Pres. W. S. Gifford, together with income
account and balance sheets for the year 1929, also other
statistical tables, will be found under "Reports and Documents" on subsequent pages.
HOLDINGS OF STOCKS OF ASSOCIATED AND OTHER COMPANIES
DECEMBER 31 1929 (a).
Par Value % of Total
Stocks of Associated Companies
of Holdings Outstand'g.
-CommonNew England Telephone & Telegraph Co
$68,589,300
61.94
Southern New England Telephone Co
11,670,200
33.34
New York Telephone Co
280,600,000
100.00
New Jersey Bell Telephone Co
100,395,200
100.00
Bell Telephone Co. of Pennsylvania
90,000,000
100.00
Diamond State Telephone Co
2,500.000
100.00
Chesapeake & Potomac Telephone Co
13,000,000
100.00
Chesapeake & Potomac Telephone Co.of Bait. City_ 26,824,300
100.00
Chesapeake & Potomac Telephone Co. of Virginia
13,200,000
100.00
Chesapeake & Potomac Telephone Co. of W. Va
16,200,000
100.00
Southern Bell Telephone & Telegraph Co
124,997,600
99.99
Ohio Bell Telephone Co
99,998,900
99.99
6,535,300
Cincinnati & Suburban Bell Telephone Co
29.71
Michigan Bell Telephone Co
84,987,607
99.99
Indiana Bell Telephone Co
29,999,100
99.99
Wisconsin Telephone Co
28,000,000
100.00
Illinois Bell Telephone Co
(b)109,018,000
99.11
Northwestern Bell Telephone Co
65,000,000
100.00
Southwestern Bell Telephone Co
154,998,900
99.99
Mountain States Telephone & Telegraph Co
27,990,000
72.82
Pacific Telephone & Telegraph Co
79,045,700
85.00
Stocks of Associated Companies-Preferred
Ohio Bell Telephone Co
(c)15,389,000
54.52
Pacific Telephone & Telegraph Co
64,042,700
78.10
Stocks of Other Companies
-Common
Bell Telephone Laboratories, Inc
50.000 (d)50.00
Bell Telephone Securities Co
1,000,000
100.00
Bell Telephone Co. of Canada
18,749,800
30.56
Cuban American Telephone & Telegraph Co
270,000
50.00
Western Electric Co., Inc. (no par value)
(e)5,162,664
98.34
195 Broadway Corporation
2,100,000
70.00
205 Broadway Corporation
2,500,000
100.00
Stocks of Other Companies-Preferred
Cuban American Telephone & Telegraph Co
371,000
50.00
(a) All stocks have voting rights unless otherwise indicated. (b) Does not
include installment payment amounting to 319,851,650. (c) Has no voting
rights except in certain contingencies. (d) Remaining 50% owned by
Western Electric Co., Inc. (e) Number of shares.
Note.
-In addition to the above-mentioned associated companies there
are three such companies all of whose stock is owned by The Pacific Telephone & Telegraph Co.: the Bell Telephone Co. of Nevada, the Home
Telephone & Telegraph Co. of Spokane and the Southern California Telephone Co.




Net income
Deduct dividends

166,189,758 143,170,491 128,614.910 116,990,401
116,378,771 103,821,440 97,379,934 86,496,346

Balance
49,810,987 39,349,051 31,234,976 30,494,055
Carried to res.for cont'g.
4,000.000
Special div. from W. El_
Cr47,938,865
Carried to surplus
49,810,987 39,349,051 79,173,841 26,494,055
Average number ofshares
outstanding (par $100) 13,113,746 11,823,745 10,932,420 9,790,262
$12.11
Earned per share
$11.76
$12.67
$11.95
BELL SYSTEM INCOME STATEMENT FOR YEARS ENDED DEC. 31.
(Inter-Company Duplications Excluded.)
1929.
1928.
1927.
1926.
691,358,926 644,209,046 604,266,112 557,489,795
Exchange revenues
Toll revenues
354,285,899 309,334,350 271,174,270 248,086,768
Miscellaneous revenues- 25,149,674 21,883,427 19,258,791 17,640,172
Total oper.revenues.1,070,794,499 975,426,823
164,376,990 153,875,717
Depreciation
Current maintenance_ _ _179,698,948 154,455,282
228,066,039 212,046,089
Traffic expenses
Commercial expenses_ _102,166,689 88,802,497
Gen. & miscell. expenses 58,674,901 50,880,236

894,699,173
141,758,926
139,456,582
203,049,940
79,412,964
43,017,342

823,216,735
127,605,695
125,798,424
197,653,650
71,362,726
32,419,840

Total oper. expenses_ _732,983,567 660,059,821 606,695,754 554,840,335
Net oper. revenue_ __ _337,810,932 315,367,002 288,003,419 268,376,400
7,161,202 6,189,656 5,711,964
5,289,008
Uncollectible revenues
Taxes
83,467,947 81,259,679 76,012,254 69,688,202
Operating income_ _ _ _247,181,783 227,917,667 206.279,201 193,399,190
Non-oper. revs.-Net_ _ 43,965,939 27,621,433 21,887,749 21,329,492
Total gross income_ _ _291,147,722 255,539,100 228,166,950 214,728,682
Rent & miscell. deduc's_ 14,461,058 12,816,666 11,596,350 9,858,333
59,581,792 51,634,795 50.511,448 49,809,330
Interest deductions
217,104,872 191,087,639 166,059,152 155,061,019
Net income
132,223,835 119,348,612 112,401,125 100,614,437
Deduct dividends
5,048,000
Miscell. appropriations _
Speical dividend
Cr47,938,865
84,881,037 71,739,027 101,596,892 49,398,582

Balance

BALANCE SHEET DECEMBER 31.
(American Telephone & Telegraph Company).
1928.
1929.
1927.

1926.
Assets
Stocks of associated cos- _1,589,327,375 1,498,895,557 1,347,823,036 1,173,871,374
91,663,691
80,342,690
79,900,323
Stocks of other companies 138,158,953
Bonds & notes of & net
advs. to associated cos. 305,783,933 190,210,873 202,449,711 217,684,078
Stocks, bonds & notes of
32,499,000
8,550,000
& adv. to other cos_ _ _ _
9,075,000
9,695.800
Long lines plant & equip_ 349,533,183 262,233,248 215,248,144 183,447,053
44,985,331
Telephones
Real estate
1,399,037
Office furniture & fixtures
1,042,363
1,285,059
1,202,905
18,934,933
16,913,064
13,736,633
Accounts receivable
14,270,713
91,949,981
58,463,854
Temporary cash invest'ts. 20,591,189 122,880,924
20,795,948
Cash
20,695,267
24,789,173
20,814,034
2,477,023,551 2,213,327,685 1,949,690,057 1,841,102,088
Totals
Ltabi2ilies1,322,339,800 1,289,691,400 1,103,415,600 1,064,327,800
Capital stock
57,870,063
48,468,879
38,873,600
Capital stock installments 72,155,612
521,445.700 388,605,912 384,097,900 385,190,400
Total funded debt
9,872.603
Notes payable
28,991,317
23,947,360
Dividend payable Jan- 29,752,456
24,826,784
Bills payable
624,269
19,048.671
10,806,868
8,905,732
Accounts payable
5,719,145
lnt.& taxes accr., not due 17,373,768
13,337,308
12,166,978
13,236,526
Res. for empl. ben. fund7,000,000
6,902,030
Res. for depr. & conting's 114,652,404 106,619,402
99,558,221 102,099.037
Surplus (inchcapital stock
370,382,536 317,405,415 272,435,982 188,995,902,
premiums)
Total

2,477,023,551 2,213,327,685 1,949,690,057 1,841,102,088

BELL SYSTEM BALANCE SHEETS,DECEMBER 31.
1929.
1928.
1926.
1927.
Assets$
3,871,099.689 3,275,686,848 3,013,985,120 2,783,023,059
Telephone plant
73,841,666
110,874,388
87,874,623
76,395,240
Supplies, tools, ito
232,928,595 182,167,491 169,944,923 168,708,432
Stocks and bonds
142,665,648 107,915,673
94,537,207
91,150,292
Receivable
58,463,854
93,224.121
Temporary cash investm't 22,086.502 126,268,518
44,140,967
48,775,266
46,770,431
46,688,540
Cash
4,228,430,088 3,826,683,584 3,457,467,311 3,256,636,110
Total
LiatrUitiesAm.Tel.& Tel. Co.stock 1,322,339,800 1,289,691,400 1,103,415,600 1,064,327,800
99,024,793
89,715,293
Assoc. cos, common stock 106,339,943 106,260,793
Pref. stock assoc. cos_ _ -- 110,824,447 110,815,347 110,602,947 109,659,847
57,870,063
48,468,879
38,873,600
Install. A. T. & T. Co.. 72,155,612
6,515
22,900
202,450
709,365
doAssoc. companies_ _Mtge. bonds assoc. cos-- 559,445,579 531,290,140 535,831,470 536,158,270
Collateral trust bonds-_
Am.Tel.& Tel. Co---. 79,371,000 154,806,500 158,746,400 159,535,900
414,330
414,330
414,330
414,330
Associated companies-Convertible bonds
218,952,200
Am.Tel.& Tel.
Debentures and notes
Am.Tel. dr Tel. Co- _- 232,584,103 233,278,412 224,997,500 225,414,500
44,994,318
Associated companies- 57,772,472
553,200
377.700
863,075
Bills payable
7,046,158
93,352,580
78,043,488
57,043,236
63,597,120
Accounts payable
88,823,683
Accr. liabilities not due- 117,594,722 101,099,388
91,115,456
35,519,438
35,103,847
Employees' benefit funds.
1,256,527,650 1,117,735,192 988,875,390 839,982,494
Surplusand reserves
Total
-V. 130, p. 465.

4,228,430,088 3,826,683,584 3,457,467,311 3.256,636,110

Reading Company.
(32nd Annual Report-Year Ended Dec. 311929.)
Extracts from the remarks of President Agnew T. Dice,
together with income account andlcomparatve balance sheet
for the year 1929 will be found in the advertising pages of
this issue.

-YEAR ENDED DEC. 31
TRAFFIC STATISTICS

1929.
1,459
Average miles operated_
Number of tons of mdse.
31.592,867
freight carried
Number tons anthracite
13,510,493
coal carried
Number tons bitumin20,020,970
ous coal carried
Number tons all freight
65,124,330
carried
Average revenue per ton
1.203 cts.
per mile
Number pass6n. carried.. 16,340,726
Number passengers car300.596,445
ried 1 mile
Average distance per
18.40
passenger (miles)
Total passenger rev
39,621,119
Average fare per pass2.356 cts
enger per mile

1928.
1,426

1927.
1.139

1926.
1.138

29,459,829 29,574,739 32,414,703
14,347,727

12,876,969

1926.
1927.
1928.
1929.
Operating Revenues$44,707,056 $43,844,106 $46,431,658 $48,858,190
Freight

13,089,144

2.1,786,425 22,886,375 25,253,774
64.593,981

65,338,083 70,757,621

1.165 cts.
1.193 cts. 1,190 cts
19,663,554 22,498,579 24,338,283
335,520,821 366,449,555 403,347,107
16.57
16.29
17.06
$10,426,679 $8,922,777 $9,794,351
2.397 cts. 2.435 cts. 2.428 cts.

1926.
$37,485,247 $39,094,474 $38,200,799 $40,824,725
Coal
Merchandise
45,237,747 42,684,090 40,374,801 43,196,361
9,794,351
Passenger
7,080,682 8,041,229 8,922,777
1,906,490
,898 358
i900166
Mail and express
2,075,257 2,242,860
2,285,692
Miscall. operations
2,420,604
1,325,350
1,118,443
& it. facility_ 2,897,379 2,449,238
Incidental
.075,296

9

9

$97,196,955 $96,454,889 $92.590,436 $99,290,136

Ry. Oper. Expenses-

Maint.of way & struct
14,097,108 13,563,852 12,661,838 13,744,846
.Maint. of equip
22,000,823 20,801,316 20,879.846 21,642.240
939,247
970,219
1.056.672
Traffic
1,144,655
Transportation
35,698,864 35,879,756 34,894.429 34,958,858
163,345
188,751
442,101
376,942
-Miscell. operations
2,445,874 2.235,982
-General expenses
2,652,633 2.630,371
175.767
160,888
174.633
•Transp. for invest.-Cr.
41,230
Total
$75,929,795 $74,199,435 $71,880,069 $73,508,751
Net rev,from ry. oper
21,267.159 22,255,454 20,710,366 25,781,386
4,837,406 5,184,747 5,531,266
Railway tax accruals_ - _ 4,439.921
5.740
9.683
Uncollectible ry. revs_ _ _
14,206
2,928
Total ry. oper. income$16,824,310 $17,403,843 $15,515,937 $20,244,378
Non-Operting Income
-

Hire of freight cars-net
Other equip. rents-net.
Joint facility rents-net.
Total
Net ry. oper. income.. _ _

104,052
131,587
136,577
$372,210

21,500
202,323
109,260

1,415.769
317,713
55.002

$333,084 $1,274,184 $1,788,484
16,790,121 22,032,863

Other Non-Oper. Income
-

Macon. rent income_ _ _ _
$370.406
Misc. non-op. phYs. prop
308,489
,Separ. oper. Prop. profit
89,238
Dividend income
4,448,227
Inc. from funded secnrs_ 1,241,926
Income from unfunded
securities & accounts_
434,396
Inc. from sink., &c. fds_
43,689
Release of premiums on
funded debt
16,972
Miscellaneous income_ _ _

839,955
317,489
116,740

$513,415
331.677
105,739
3,605,841
1,060,671

$738,727
295,086
161,233
2,398,848
1,035,731

$635,387
313,700
258,624
2,431.778
761,486

887,475
25,744

416,337
31,089

383,758
30,393

3,902
18,243

5,203
13.206

5,203
16,356

Tot,other non-op.inc. $6,953,343 $6,552.709 $5,095,461 $4,836,688
Gross income
24,149,865 24,289,635 21.885,582 26,869,551
Deductions

Rent for leased roads
3,337,245
Miscellaneous rents_ - _ 133,208
Misc. tax accruals
165,794
Int. on funded debt__ - _ 4,690,887
Int. on unfunded debt
22,188
Amortization of discount
on funded debt
Misc, income charges....
291,801
Total deductions
Net income

3.260,966
115,692
184,265
4,820,472
85,069

2,824,932
2,740
158,126
4,874,333
195,719

2,829,032
1,445
169.720
4,972,058
37.235

20,256
317,095

27,007
306,063

27,007
301.931

$8,641,124 $8,803,814 $8,388,922 $8,338,429
15,508,741 15.485,820 13.496,660 18,531,122

Disposition of Net Inc.
-

Inc. applied to sinking,
&c., reserve funds_ _
54.720
Inc. approp. for invest.
in physical property
8.895,819

42.144

47,489

46,793

3,170,000

3,620,000

4.670,000

$6,558,202 $12,273,677 $9,829,170 $13,814,329
1,120,000
1,120,000
1,120,000
1,120,000
1.680.000
1,680,000
1,680,000
1.680,000
5,597,602 5.600.000 5,600,000
5,597,602
Balance, surplus_ _ _def$1,839,400 $3,876,075 $1,429,170 $5,414,329
1,399.782
1,399,782
Shs.com. outst.
(par $50) 1,399,782
1,399,782
$7.64
$11.23
Earns, per share of com_
$9.06
$9.08
comparative purposes
-The 1928 figures are restated for
Note.

Income balance
First pref. diva.(4%)- -Second pref. diva.(4%).
Common diva.(8%)_ _ _ _

GENERAL BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
Assets
Liabilities
Invested in road
1st pref. stock- 27,991,200 27,991.200
& equipment _300,794,870 294,532,862 2nd pref. stock-- 41,970,650 41,970,650
Common stock__ 69,989,100 69,989,100
Impts. on leased
ry. property__ 34,596,327 30,152.150 Long-term debt _116,564,912 119,122,679
Traffic & car serDeposited in lieu
vice baits. Pay- 2,234,807 2,192,147
of mtge. prop.
763,127
sold
769,117 Audited accts. &
wages payable 7,349,488 6,068,038
Misc. phys. prop 12,625,266 13.938.860
50,871
130,053
Misc. accts. Pay.
Inv. in affil. cos.:
1,399,947
Stocks
23,030,823 22,611,482 Int. mat'd unpd.. 1,475,051
58,688
52,214
Bonds
14,540,214 12,753,864 Divs.mat'd unpd.
Advances....
8,385,487 8,112,528 Funded debt ma57,889
57,888
tured unpaid__
Other investm'ts 40,022,865 39,028,348
.
Cash
2,874,870 6,520,853 Unm at d Iva.decl. 1,819,489 1,819,489
588,295
723,079
Special deposits38,745 Unmet.int. accr.
37,700
264,029
Loans & bills rec. 2,317,637
331,537 Unmet. rents seer. 325,661
43.980
67,071
Traffic & car serv.
Other curr. nab_
604,651
645,785
bats. received_ 1,090,663 1,163,885 Deferred Bab_ _ Unadjxst. credits 71,381,561 65,912,832
Net bats. receivable from agts.
Add'ns to prop.
through inc. &
& conductors_ 2,212,158 2,282,838
102,902,912 93,980.339
surplus
Misc. accts. rec. 1,854,309 1,898,203
Materials & supp 8,693,193 7,650,149 Fund.debt retied
through Inc. &
Int. & diva. rec..
961,002 1,005,497
1,738,000 1,738,000
Deferred assets
surplus
826,436
835,428
Unadjust. debits 1,002.132 1,743,577 P. & L. balance_ 9,461,854 11,245,366
Total
456,609,060 445,389,906
-v. 129, p. 2067.

Total

456,609,060 445,369,906

Seaboard Air Line Railway.
(Preliminary Report-Year Ended Dec. 311929.)
The remarks of Chairman W. H. Coverdale and President
L. R. Powell Jr. together with income account and balance
sheet are given under "Reports and Document" on subse- quent pages.




7,239.320
1,679,069
2,412,446

7,958.388
1,113,306
2,162,379

Other transportation_ j
Other than transport'n_ _1 2,114.017

2,167,028

Passenger
Mail
Express

RESULTS FOR CALENDAR YEARS.
1927.
1928.
1929.
R . Oper. Revenues-

Total

1641

FINANCIAL CHRONICLE

MAR. 81930.]

9.714,728
1.067,174
2,281,507
1 612,641
11,682,442

12.213.237
1,085,971
2,347,101
823.409
1.696,946

Total oper. revenues_ _$58,151,908 $57,245.207 $61.790,150 $67.024,854
Operating Expenses-

Maint.of way zc struct__
Maint. of equipment_ _ _
Traffic
Transportation
Miscellaneous operations
General
Transp. for investment_

8,984.654
7,637,801
6,877,967
7,272,643
9,638,958 10.122,639
9,554,022
10,224,458
2.371.539
2,531,359
2,396,062
2,382,759
20,161,359 21,193,862 23,765,351 24,850.183
979.568
991,170
.803,308
762,312
2.290,096
2,500,859
2.200,771
2,143,916
Cr.359,890 Cr.123,028 Cr.180,581 Cr.357,279

Total oper. expenses442,587,557 $442.902,964 $46,873,315 $49.253,002
Net operating revenues_ 15,564,350 14.342,243 14,916,835 17,771,852
3,715,004 3,536,270 3,567,049 3.472.001
Taxes
33,436
18,953
20,885
18,937
Uncollectle railway rev.
Operating income_ _ _ -$11,830,410 $10.785,088 $11.316.350 $14.280,898
1,998.948
2.349,240
2,408.434
1,211,456
Other income
Gross income

$13,041,866 $13.193,522 $13,665,590 $16.279,846

Deduct

-Dr. bal_
Hire of equip.
Joint facility rents
Interest on funded debt_
Int. on equip. oblig'ns
Rent for leased road..
Miscellaneous

751,271
113.414
7,351,491
1,343,519
2,206.852
263,656

644,900
84,771
7,299.444
1,465,629
2,273,239
245,256

814,955
226,345
6,919,950
1.556,320
2.728,791
137.652

2,129.363
236.360
6.359,380
1.217,782
1,494,057
89,125

$1.011,663 $1,180,283 $1,281,577 $4.753.779
Net surplus
1.250.000
1.250.000
Int. on adj mtg'e bonds
Annual allotments of dis325,109
count securities
$1,011,663 $1,180,283
Surplus for year
Shares common stock outx370,191
2,599.691
standing (no par)
Nil
Nil
Earnings per share
x Par $100 each.

$31,577 $3.178.670
x370.191
Nil

x370.191
$6.00

GENERAL BALANCE SHEET DECEMBER 31.
:1929.
1928.
x1929.

1928.
MN/Wes$
Assets
Common stock_ 61,213,850 37,019,100
Invested in road
and equip't--237,859,716 239,963,634 Pref. 4-2% stock 23,894,100 23,894,100
37.300
37,300
725 Pref.6% eap.stk
740
Sinking funds..
Equip. oblige'ns 24,448,000 27,424,000
Depos. in lieu of
142,936 Mtge. bds. pro43,330
mtg.prop.sold
prietary cos-- 32,536.000 32,536,000
Misc.phys.prop_ 4,369,570 4,243,511
S. A. L. bonds__104,143.500 115,372,500
Inv. in affil.cos.:
Tress,
Sas., pledged 9,169,639 9,189,641
es_ 14,443,888 14,443,888
U.
t El.
144,181 Sec; &189,181
Stks.,unpledg.
6,658,135 Director-Gen. of
8,939,758
Bds., pledged
RRs.-Notes
2,000,000
1,705,156
Bds., unpledg. 1,239.156
1,285,322 U. S. C. Co. deNotes, pledg_ 1,334,022
ferred paym't 1,188,300
1,188,300
468,404
466,404
Notes,unpledg
68.160
Advances.. ___ 6,418,019 11,276,540 0th. mIsc. oblig.
1,648,552 Non-negot. debt
Other investm'ts 3,834,595
555,695
570,696
to affil. cos_ __
2,694,928
6,926,979
Cash
2,050,000
I;ns & bills pay_
314,278
Tirce dr. & dep. 5,100.000
Traf. & car serv.
Demand loans &
1,051.319
775,701
bal. payable....
6,000,000
deposits
977,560 Audited acc'ts &
973,072
SPecial deposits_
5,315,380
wages payable 6,695,514
1.836,640
193,281
Loans & bills rec.
364,437
Misc. accts. Pay.
309.664
Traf. & car serv.
810,196
808,757
1.939,462 Int. mat'd unpd.
bal. ieceivable 1,630,667
Grants in aid of
Net bal. receiv'le
8.507
11,099
construction__
from agents &
382,363 Funded debt ma417,277
conductors......
152,000
148,000
tured unpaid..
& cos... 2,486,876 2.051,985
2,178,734
206.400 Unmat.int.accr. 3,268,744
223,133
U. S. Governm't
ama
Un r ured rents
Other companies
790,051
788.690
83,879
accrued
68,543
for clairrs_ _
92,379
101,352
Mat'la & supplies 3,812,670 3,979.867 Other curr. liab_
55.365
685,732
464,464 0th. def'd Habil_
300,638
Int. & diva. rec.
2,761,559
4,479 Tax accruals.... 3,023,751
4,244
Rents receivable
,
100,888 Accr'd depre n
443,001
0th. cum assets
on equipment 11,858,940 11,254,671
69,350
72,237
Work. fund adva
182,186 Res. for oi tateg
199,301
Oth. def'd as.sets
19,226
19,026
stk. prop. cos_
88,940
75,516
Rents prpaid _
1,647,800
139,622 0th. unadj. cred 3,269,855
201,366
Ins.prem. prep'd
'
sn nsto
169,367 Add rplus prop.
140,107
Claims in susp_
685,676
744,890
thr. inc. & sur
646,007
865,825
0th. unadj. deb.
Fund, debt ret'd
4,166
4,181
thr. inc. & sur
Profit and loss
8,629,006 8,110,770
303,998.863 292,723,124
Total
303,998,863 292,723,124
Total
-Accumulated and unapid interest on adjustment mortgage (InNote.

come) bonds amounting to $593.133 and payable out of future income or
otherwise, or at the maturity of the bonds, is not comprehended in the
above balance sheet.
x Preliminary balance sheet adjusted to give effect to the company's
refinancing plan relating to its adjustment mortgage bonds which was
consummated on Jan. 14 1930.-V. 130, P. 1454.

Crane Company, Chicago.
(Annual Report-Year Ended Dec. 31 1929.)
The remarks of President R. T. Crane Jr., together with
a balance sheet as of Dec. 31 1929, will be found in the
advertising pages of this issue.
RESULTS FOR CALENDAR YEARS.

1926.
1927.
1929.
1928.
x$11,558,085 $7,151,198 $6,693,160 $9,250.957
Net income
1.004,087
1,003,814
Preferred dividends_ _ _ _ x4,509,862 11,021,409
13,521,928 3,328,215 3.028,005
Common diva.(cash) _ _ _
$7,048,223 $2,610,861 $2,361.131 55.218,865
Surplus
:Profit & loss surplus _$27,491,499 $20,443,376 $17,832,415 $21,014,783
Shs, com, stock out2,348,925 2,348,925 2.139,615
standing (par $25)_ --- 2,376,708
$3.85
$2.42
$2.61
$4.42
Earned per share
:After deducting stock
3,182.368 4,829,225
dividends paid
x Estimated,figures not officially reported.
CONSOLIDATED BALANCE SHEET DEC.31.
1928.
1929.
1928.
1929.
$
$
Liabilities3
Assets-

Preferred stock.. 14,790,000 14,962,000
Rest eat., mach.
& equipment-x54,261,234 50,353,345 Common stock..z60,221,600 58,695,625
6,445,906
Inv. in 0th. co.'s 1,864,709
3,429,450 Accts. payable_ _ 5,631,882
Inventories _ _ _ 35,167,431 29,909,238 Res. for Fed.
2,026.077
taxes, &e_ _ _ _ 3,055,405
Cash
4,245,190
5,789,177
3,110,313
Canting. res__ __ 4,448,769
Notes & accts.
receivable_ __y 14,692.148 13,578,746 Min. stkhldrs.
279,703
277,717
intIn sub co.'s
U. S. Govt. secs 3,481,872
4,444.945
27,491,499 20,443,276
Surplus
Subscrip. to esp.

stk. on dot.
Tot.(ea. side)115,918,859 105,960,916
882,487
Day. plan_
x After deducting 325,525,884 for depreciation reserve. y After deducting
$859.829reservefor doubtful accounts. z Includesstock valued at 8803.900
subscribed for but not used.
-V.128. P.3519.

1642

FINANCIAL CHRONICLE

[vol.. 130.

American Smelting & Refining Co.
The Borden Company and All Subsidiaries.
(31st Annual Report-Fiscal Year Ended Dec. 311929.)
(11th Annual Report-Year Ended Dec. 31 1929.)
The remarks of President Simon Guggenheim, together
The remarks of President
with a comparative income account and balance sheet and with the income account andArthur W. Milburn, together
balance sheet, will be found
other tables, will be found under "Reports and Documents" under "Reports and Documents"
on subsequent pages of
on subsequent pages.
this issue. The year 1929 marked another period of progress
CONSOLIDATED INCOME AND PROFIT & LOSSSURPLUS ACCOUNT
of the company and one in which record sales and earnings
FOR CALENDAR YEARS.
were established and the company's financial position further
1926.
1927.
1928.
1929.
Net earns. mines, smelt.
strengthened. A list of the acquisitions during 1929 are also
ref. & mfg. plants _ _ __$32,659,728 $29,037,465 $26,133,602 $28,655,133 given.
Other income (net)_ _ _ _ 1,803,144 2,064,298
1,837,004
1,496,160
Total net earnings.._.. _334,462,872 $31.101,763 $27,970,606 $30,151,293
General & admin.exp___ 1,757,050
1,458,114
1,576,114
1,592,012
Research & exam. exp_ _
180,416
162,924
302,929
336,637
aCorporate taxes
2,314,369 2,421,345 2,287,567 2,388,874
Int. on ser."A"59 bds_ 1,886,982
1,998,864
1,947,600
1,903,339
Int. on ser."B"6% bds _
569,078
559,297
285,482
Deprec. & obsolescence._ 4,663,559 4,566,696 4,312,366 4,037,217
1,646,967
Ore depletion
1,443,754
1,672,692
1,758,009
Net income
$21,831,583 $18,586,204 $15,477,770 $17,760,721
Preferred dividends_ __ _ 3,500,000 3,500,000 3,500,000 3,500,000
Common dividends__
7,319,760 5,489,820 4,879,840 4.574,850
Surplus for period_ _ _ _$11,011,823 $9,596,384 $7,097,930 $9,685,871
Previous surplus
35,282,584 27,047,224 24,197,294 19,511,423
Total surplus
$46,294,407 $36,643,608 $31,295,224 $29,197,294
Reserve forExtra.obsol.,cont.,&c. 1,119,901
125,160 2,625,000
2,700,000
Mine & new bus. inves
735,863
893,338
238,000
103,000
Employees' pension_ _
500,000
628.000
500,000
1,020,000
Metal stock
1.434,000
Profit & loss, surplus_3.44,281,168 $35,282,584 $27,047,224 $24,197,294
Shares corn. stock outstanding (no par)_ _ .._ 1,829,940
1,829,940
x609,980
x609,980
Earnings per share
$10.02
$19.64
y$8.24
$23.38
a Incl. estimated U. S. and Mexican income taxes. x Shares of $100 par
-for-1 split-up.
value. y Giving effect to 3
CONSOLIDATED BALANCE SHEET DEC.31 (INCLUDING SUB. COS.)
1929.
1928.
1929.
1928.
LiabilitiesAssets$
$
$
50,000,000 50,000,000
Property acct. _ _ _122432,472 118479,777 Pref.stock
24,170,319 21,546,839 Common stock_ _x60,998,000 60,998,000
Investments
Prep. tax. & ins_ _ _ 1,877,856 2,342,192 Bds. outstanding:
1st M "A"
36,981,500 37,782,100
Deferred notes rec. 413,931
67,887
Inter-plant accts
Accts., notes &c.,
24,603
39,430
In transit
payable
14,204,940 13,548,778
Cash
4,943,924 3,528,659 Int. on bonds
506,154
524,396
Cash on dep
540,367 Divs. payable__ _ _ 2,784,903 2,763,128
19,052
Call loans
2,500,000 5,600,000 Accr. tax, not due
U. S. and Can.
(Fed. tax. est.)- 4,744,090 4,669,700
18,058,600 18,093,827 Res. for obsol'ce
Govt. sec
Accts. & notes rec. 10,780,609 13,966,357
conting., &c_ .....10,000,000 10,000,000
Materials and sup_ 6,902,763 6,801,715 Res. for mine &
Metal stocks
47,617,204 40,043,422
new business inEmployees' penvestig
1,000,000 1,000,000
sion fund
1,311,696 1,985,317 Due holders of B
19,052
bonds
540,367
Empl. pen. res
5,760,300 5,324,635
Res.for metal stk. 8,670,000 9,002,379
Misc. susp. cred.
accounts
1,117,750 1,584,894
44,281,168 35,282,584
Surplus
241.067,856 233020,964
Total
Total
241,067,856 233020,964
x Represented by 1,822,311 no par shares, and 2,543 shares of $100
par value. When the exchange of no par shares for $100 par shares has
been completed there will be 1,829,940 no par shares outstanding.
V. 130, P. 138.

Barnsdall Corporation (and Subsidiary Cos.).
(11th Annual Report-Year Ended Dec. 311929.)
The remarks of M. C. Brush, Chairman, together with
income account and balance sheet are given in the advertising
pages of this issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1927.
1928.
1926.
Gross sales and earnings $31,285,004 $29,084,831 $28,580,259 $30,344,856
Oper. & general expenses 16,049,408 16,298,634 17,123,109 19,196,582
Gross income
Other income

$15.235,596 $12,786,197 $11,457,150 $11,148,275
324,679
71,104
294,180
112,434

Total income
$15,560,275 $13,080,377 $11,528,254 $11,260,709
Interest paid
203,967
1,717,365
1,738,159
1,723,391
Federal taxes
1,028,805
645,920
304,697
Depreciation & depletion 4,436,473 4,780,198
5,560,299
3,225,135
Intang. develop. costs
1,889,478
2,686,705
Prof. applic. to min.int_
7,553
Cr.837
Net income
$7,205,162 $4,039,861 $4,229,796 $6,007,485
Previoussurplus
6,258,933 14,450,265 13,349,048 10,253,257
Prem.on sale of cl.A stk..
563,700

CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
FOR YEARS ENDED DEC. 31.
1929.
1928.
1927.
1926.
Gross sales
328.466,989 180,849,995 132,046,779 124,912,098
Net oper. profit (after
deduct, all oper. chgs..
in
deprec., insur. &
property taxes)
22,378.986 12,025,994
7,528,467
7,700,821
Interest received (net)
557,708
811,980
544,202
741,150
Gross income
22,936,694 12,837,974
8,072,669
8,441.971
Federal tax (estimated)-2,532,969
1,483,642
1,218,928
1,287,526
Net income
20,403.725 11,354,331
7.154,445 6,853,74/
Common dividends
10,047,637
5,217,945 4,194.601
3,154.479
Rate
12%
12%
10%
y13%
Balance, surplus
10,356,088 6,136,386
3,699,262
2,959,844
Previous surplus
30,313,609 20,234,164 16,387,960 12,211,335
Profit on sale of property
and securities
1,591,840
Earnings applicable to
prior period, &c
31,549
Prem.on sale cap.stock..
4,309,030
1,974,960
625,180
Total
40,669,697 30.679,580 21,564,824 17,917,107
Approp. to reserves
x1,139,255
61,938
1,366,803
1,182,897
Good-will reduction.. _ _ 64,676
Int. on subs, to cap.stk..
163,236
28,798
147,763
Loss on prop. & sec. sold
323,802
140,796
68,868
P. & L.surp. Dec. 31_ 39,206,640 30,313,609 20,234,165 16,387,960
Shares corn, stock outstanding (par $25)
3,706,724 z1,251,775
z630,896
z693,414
$5.50
Earned per share
$9.07
$10.86
$10.32
x Including as in previous years provision for profit sharing amounting
for 1929 to $999,255. y Dividends declared and paid during the year,
43,154,480; declared Nov. 1 1927 and payable Mar. 1 1928 to holders of
record Feb. 15 1928, applicable to shares of capital stock outstanding Dec.
31 1927, $1.040,121 (this dividend declaration applies also to 189,839
additional shares of capital stock issued between Jan. 1 and Feb. 1 1928).
z Par 350.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
(Including All Subsidiary Companies.)
1928.
1929.
1929.
1928.
Liabilities
Assets
Property ac 't_a101,732,211 66,162,072 Capital stock_ _ _b92,668,100 62,588,750
Cash
8,750,764 13,546,195 Mortgages
611,157
Receivables_ _ __ 17,648,958 8,905,738 Ac 'Is payable 14,033,431 9,092,873
8,548,600
Marketable sec.. 11,354,864 10,243,642 Notes payable
Finished goods_ 19,580,546 7,634,308 Accr. sects (est.
taxes, &c.)...._ 6,350,075 4,108,770
Raw mat'l & sup. 6,862,078 3,998,791
392,840 Deferred credits
112,371
426,095
Deferred assets., 1,116,916
Insur., conting.,
Tr. mks., pats.
& good-will.... 7,000,000 7,000,000 &c., reserves_ 12,202,237 11,667,214
Surplus
39,206,640 30,313,609

174,046,337 117,883,588
Total
Total
174,046,337 117,883,588
a After deducting mortgages of $1,400,000 on Madison Ave. office building properties and depreciation of $46,013,711. b On Jan. 15 1930 111,201
additional shares were issued as a stock dividend of 3% to stockholders
of record Dec. 30 1929.-V. 130. P. 1463.

Rio Grande Oil Company.
(Annual Report-Year Ended Dec. 311929.)
The remarks of Pres. L. E. Lockhart together with an
income account and balance sheet as of Dec. 31 1929 will
be found in the advertising pages of to-day's issue.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1926.
1927.
$23,308,468 $10.146,663 $5,999,797 $6,347,802
Sales
6,743,323 3,887,971
Cost ofsales114,888,4241
4,829,582
467,320
402,438
Marketexpense
860,917
382,487
218,371
General & admin.exp_
289,157
Profit from operations $8,420,043 $2,553,531
Other income,miscell_ 369,437
Profit,sale of leases..- --

$961,753
782

$897,401
41

$8,420,043 $2,922,969
$897,452
$962,535
Total,earnings
93,462
165014
56147,0160
192,500
:3
Bond
th
232,751
t& expense_
67,831
58,530
Total surplus
$13,464,095 $18,490,126 $17,578,844 $16.824,442
162,260
189,000
} 2.044,8891
Depletion reserves
Loss on mining property
215,407
256,406
302,164
written off
986,251
992,288 Depreciation reserves_ -- - 621.750 I
425
225,000
2,500
Federal inc. taxes paid__
Stock disc. & prem. on
bonds called
169,650
$5,659,943 $1,649,600
$225,423
5256,954
Netincome
Cost of bd. retire. & red.
2,380,980
39.184
115,698
Dividends paid
2,007,894
of treasury stock
Income tax refund, &c.... Cr136,361
$3,278,963 $1,649,600
$186,239
$141,256
Balance,surplus
Surp. applic. to minority
Shs. corn,stks. outstand.
stkholdings in sub.cos.
48,856
1,200,000
1,236.270
x120,680
x12(0
.
(a
(no par)
Prod. drill capital, prior
$1.37
$4.58
$1.87
Earns, per share
5,556,383
to Jan. 1 1928
x Par $25.
Adj. of unprod. prop.
918,797
5,207,696
value
CONSOLIDATED BALANCE SHEET DEC. 31.
Divs, paid minor, stock1928.
1929,
1928.
1929.
38,285
holders subsid. cos__ _
Liabilities$
t
$
$
Assets4,831,191 x1,418,258
2,142,328
2,275,172 Property, plant &
Dividends
Capital stock
..y39,703,374 38,538,745
204,300
equipment...._x42,788,149 39,379,651 Funded debt
Profit & loss surplus.. _ $5,842,574 x$6,258,933 $14,450,265 $13,349,048 Cash
154,176 Notes payable_
311,008
1,150,000
429,738
Shares of capital stock
2,053,503 1,333,700
Accts.& notes rec 3,416,164 2,071,936 Accts. payable
1,169,850
1,405,426
1,137,661 Invests. & advs_ _ outstanding (par $25) 2,247.602
84,847 Purchase notes.....945,907
73,936
$2.87
$3.20
$3.61
$5.28 Crude & refined _ 2,186,388
Earns.per sh.on cap.stk_
637,320 Accr. taxes, int.,
oil
x Includes $731,261 paid in stock on Feb. 16 1928.
5.863 &c
228,955
649,542
9.566
Material & sups
210,540 Gas tax
BALANCE SHEET DECEMBER 31.
173.538
164,620
Stk. dep. for cony_
1929.
1928.
45,613 Deferred credits
1928.
1929.
18.756
Prepaid charges__ _ 103,672
Liabilities$
Earned surplus.... 4,321,911 1,799.700
5
Assets$
$
56,424,800 44,809,425
x52,739,873 53,665,279 Class A stock
Property
Tot.(each side)_49.007.613 42,589,946
326,225
33,375
Invest. in affil. cos. 575,788
673,499 Class B stock
x After depreciation and depletion of $5,097,885. y Represented by
5,229
Adv. to Mill. cos_ 385,000
270,000 Div.scrip outst
21,837
-V.130, p. 479.
118,902 21,537,627 1,236,270 no-par shares.
Bk. ids. for debs_
9,971,914 Bonded debt
Sink. fds. for Ms_
75,000 Stock of subs. not
42,500
Deferred charges.... 171.876
891,376
178,482 owned by Barns. 750,045
Richfield Oil Co. of California (and Subsidiaries).
Cash
576,420
2,832,886 3,431,888 Accr. int.,taxes,,ic 922,933
Barnsdall stock in
965,383
Bills & accts. pay_ 1,512,501
(Annual Report-Year Ended Dec. 31 1929.)
treasury
5,842,573 6,258,933
1,045,625
274,375 Surplus
Bills & accts. rec__ 2,407,734 2,391,927
Chairman James A. Talbot says in substance:
Inventories
5,409,077 4,454,861
The basis of stock to be exchanged by Richfield for several of the largest
Total
65,610,361 75,387,227 Eastern acquisitions has not yet been finally determined, but they will
65,610,361 75,387,227
Total
x After deducting depreciation and depletion of $28,552,960.-V. 129 be worked out on a basis that will yield a highly satisfactory return to
P. 3014.
the California company. It is expected that transactions covering al




Men.8 1930.]

FINANCIAL CHRONICLE

pending deals will be closed in ample time to permit the inclusion of Richfield Oil Corp. of New York in the June 30 1930 report.
The California company's sales of gasoline increased 41% over 1928,
excluding more than 145,000,000 gallons sold by Richfield Oil of New
York. Production of crude oil and casinghead gasoline totaled 14,515,000
barrels, an increase of 33% over 1928, not including 3,555,000 barrels
produced by Universal Consolidated Oil Co.
An appraisal of the company's underground reserves made during the
summer of 1929 estimated total oil in the ground at 364,865,000 barrels.
On this basis Richfield's reserves are carried on the books at approximately
14 cents a barrel, this latter figure including the depletion cost of all
lands and leases as well as all oil wells, machinery and equipment of the
producing division.
The company has been enabled to operate its properties on a very economic basis, especially since the consolidation of Pan American properties
under Richfield operation. The company's average daily production,
excluding Universal Consolidated Oil Co., is slightly more than 30,000
barrels a day, with 14,000 additional barrels a day shut in in accordance
with the conservation plan in effect at Dec. 31 1929. At the end of the
year the company had 598 producing oil wells, 156 of which were shut in
for curtailment or to conserve resources.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
b1926.
b1927.
b1928.
a1929.
Netsales (incl. produc'n)$83,430,834 $52,021,190 S38,611,891 $32,070,868
Cost of sales, oper. and
gen. & admin. exPs-- 65.844,295 39,258,192 31,139,075 27,738,267
Operating profits_
Other income

-$17,586,539 $12,762,998 $7,472,816 $4,332,601
47,073
183,959
462,222
807,917

Total income
$18,394,456 $13,225,220 $7,519,889 $4,516,560
Interest
990,871
691,944
541,081
2,396,391
Deprec., deple., &c_ _ _ _ 6,868,571
4,541,063 2,586,134
890,780
Federal taxes
200,000
289,444
325,000
575,000
Net profit
$8,554,494 $7,818,076 $3,742,884 $2,644,392
Preferred dividends_ _ _ _
241,435
752,554
699,825
Common dividends
1,223,990
952,271
3,845,423 2,721,666
Balance, surplus
$4,009,246 $4,343,856 $2,277,459 $1,692.121
Shs. com.stk.(par $25)_ 1,947,241
1,169.293
1,131,626
1,887,123
Earnings per share
$2.81
$1.91
$3.80
$4.03
(a) Including and (b) excluding Pan American Petroleum & Transport
Corp.
Including company's 51% interest in Universal Consolidated 011 Co.,
net profit for 1929 was $9,396,859, which, after preferred dividends and
allowing for additional common shares issued in the acquisition, is equal
to $4.26 a share on 2,040,132 common shares. Earnings of Richfield Oil
Corp. of New York amounted to approximately $400,000 from Aug. 15
1929 to Dec. 311929.
CONSOLIDATED BALANCE SHEET DEC. 31.
(Including Pan American Petroleum & Transport Corp.)
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
Properties
x94,450,748 89,323,105 Preferred stock...._ 9,997,500 9,997,500
Claim for refund of
Common stock-..48,681,031 47,178,081
Federal income
Capital surplus___ 3,847,122 4,317,199
taxes
421,403
320,318 Earned surplus_ _11,351,718 9,503,857
Funds for retirem't
Min. int. in subs_
841,000
of gold notes and
Reserve for U. S.
bonds
Gov't claim_ __ _ 5,000,000 5,000,000
124,830
Investments and
37,097,900 28,624,200
Funded debt
advances
8,122,189
885,072 Adv.from affil.co_ 769,540
Cash
2,262,125 7,677.285 Def. pay.on purch.
Customers' acets
contr. obliga'ns. 356,064 1,858,466
and notes reedyNotes payable
able
4,750,000
5,101,103 5,406,935
banks
Sundry Reels and
Other notes pay•
notes receivable 536,941
600,000
873,688 (secured)
Inventories
20,141,872 12,764,508 Trade notes and
Deferred charges &
3,047,841
accepts. payable
Prepaid expenses 938,434 2,481,836 Trade & oil purch.
acc'ts payable.- 5,512,402 5,730,731
Current purchase .
652,584
contr. obliga'ns. 1,110,934
954.897
State gasoline taxes 1,216,624
Accrued for int..
wages. taxes,&c. 872,691 1,132,033
174,960
174,956
Divs. payable_ _ _ _
Prov. for Federal
325,000
income taxes___ 452,236
Total(eathside)-131,974,816 119,857,577 Def.(red. to Inc__ 184,083
519,230
z After depreciation, depletion, &c of $35,964.966.-V. 130,P. 1478.

Pacific Lighting Corp.
(Annual Report-Year Ended Dec. 31 1929.)
The income account and balance sheet for the year 1929
will be found in the advertising pages of to-day's issue.
Our usual comparative tables were published in V. 130, p.
1107.-V. 130, p. 1458.
Eisler Electric Corp.
(Annual Report-Year Ended Dec. 31 1929.)
The remarks of President Charles Eisler, together with.
balance sheet as of Dec. 31 1929, will be found in the advertising pages of to-day's issue.
-V. 130, p. 1283.
Chrysler Corporation.
(Annual Report-Year Ended Dec. 311929.)
The income account and balance sheet, as of Dec. 311929,
together with commentary on the year's operations, will be
found in the advertising pages of this issue.
-V.130, p. 1121.
Central States Electric Corp.
(Annual Report-Year Ended Dec. 31 1929.)
President C. F. Stone Feb. 18 wrote in part:
Results.
-The investments are to a large extent in companies which pursue the policy of paying dividends in stock, thereby financing in part the
growth of their business through reinvestment of earnings. Stock dividends
have therefore continued to constitute an important part of the income of
corporation. Its established practice is to take stock dividends into income
at market prices following the dividend record dates. However, in view
of the unusual decline in market prices during the last quarter of the
$6,434,668 (the amount by which stock dividends received during theyear,
year
decreased in value, based on Dec. 31 1929 market prices) was deducted
from 1929 income and applied in reduction of book value of investments.
The net income of $17,594,821 for 1929 is after such deduction.
Income, including stock dividends received and profits realized on sale of
securities, for the past six years, has been as follows:
b Bal, for
b Bal.for
a Income.
a Income.
Corn. Stk.
Corn. Stk.
1924
$2,223,572 $1,479,954
1927
$4,978,143 $3,823,957
1925
3,881,637
1928
2,941,306
10,083,017
7,880,021
1926
1929
19,604.505 16,433,315
a Before interest and preferred dividends after deducting all expenses and
'
charges (other than interest). b After deducting interest and
preferred
dividends.
Deductions in 1928 and 1929
common stock issued as optionalinclude amounts capitalized in respect of
dividends on preferred stocks.
Income for 1929 including valuation of stock dividends reduced
by
$6,434,668, and realized profits, was equivalent to 8.13 times the.maximum
'




1643

cash interest requirement on t he total outstanding funded debt; and after
deduction of such interest requirement, was equivalent to 11.45 times the
maximum cash dividend requirement on the total outstanding preferred
stocks. The balance of income available for common stock for the year
1929, amounting to $16,433,315, was equivalent to $2.11 per share on the
7,783,724 monthly average number of shares outstanding during the year,
treating stock outstanding prior to payment of special stock dividends as.
if increased thereby. If dividends on optional preferred stocks had been.
paid entirely in cash, the balance would have been equivalent to $2.07
per share.
Surplus or undivided profits at Dec. 31 1929 amounted to $18,483,746,.
an increase of $6,032,664 during the year.
A substantial amount of capital surplus resulted from the issue of common
stock in connection with its acquisition of common stock of Shenandoah
Corp., upon organization of that company in July 1929. This capital'
surplus, together with additional capital surplus arising mainly from a
contribution to capital, was applied as of Nov. 30 1929 to write down the
book value of the investment in Shenandoah Corp. and to absorb capital
losses, including that resulting from surrender, for retirement of preference
stock of Shenandoah Corp. at a price below cost.
-During the year new securities were issued by the
Capital Structure.
corporation as follows: Convertible preferred stock, optional series of 1929
-$11,550,000, issued July 1929; optional 5M% debentures, serial due
1954-125,000,000, issued September 1929.
Also during the year,$226,000 5% convertible debentures,series due 1948
were retired through operation of the purchase fund; $3345,000 thereof was
converted into serial preferred stock,6% series; convertible preferred stock
to the aggregate par value of $11,640,100 were converted into common
stock; and serial preferred stocks to the aggregate par value of $5,743,900
were acquired and are held in treasury pending retirement.
Common stock outstanding at the end of 1928, amounting to 1,148,881
shares, became equivalent to 6,893,288 shares as a result of the special
stock dividends of 100% paid April 25 1929 and 200% paid July 25 1929.
A further 1,620,140 shares were issued during the year, expressed in terms
of common stock as n effect increased by the special stock dividends,
bringing the common stock to a total of 8,513,428 shares at Dec. 31 1929.
The 1,620,140 shares were issued as follows:
In exchange for securities
384,616 shs.
Upon conversion of preferred stocks
464,241 she.
Dividends on preferred stocks paid in common stock
27,668 she.
743,615 she.
Quarterly common stock dividends
At the end of 1929, on the basis of then market value of investments, the
ratio of the total capital of the corporation (represented by all stocks and
funded debt) to equity capital (represented by the balance of capital applicable to the common stock, after deducting principal amount of funded
debt and par value of preferred stocks) was 1.18 to 1. Common stockholders
are thus in the favored position of enjoying the entire earning power of'
$1.80 for each $1 of equity they have in the business, after deducting thefixed and limited cash interest and dividend rates payable on 80c. of senior
capital. Their advantageous position in this respect is apparent in even
greater degree when we also take into account the capital structures of four
.
companies affiliated with the corporation, namely, American Cities Power
& Light Corp., Electric Shareholdings Corp., Shenandoah Corp. and Blue
Ridge Corp. A computation based upon the combined capital resources of
this group of companies indicates that the owner of common stock of Central
States Electric Corp., for each $1 of equity capital applicable to his stock,
is the residual beneficiary of the earning power of $2.51.
The value of the corporation's investments at Dec. 31 1929, based on
closing market prices on that date, was $45,290,199 in excess of book value.
-Corporation is developing more and more the characteristics
Holdings.
of a holding company. The larger part of its assets is concentrated in
situations which it controls,either itself or jointly with some other interest,
or in which its holdings constitute an important factor.
The principal investments of the corporation have been made from the
long-term viewpoint and are held quite irrespective of temporary fluctuations in their market prices. The holdings in the four affiliated companies
mentioned above, and the controlling or influential positions which they
represent, are regarded by the management as worth materially more to
the corporation in its plans for developing the business of such companies
over a period than the amount for which they could be sold as indicated
by current market prices.
The management believes that great assurance of steady growth in value
and earning power, as well as a high degree of stability and safety, are
afforded by well-selected electric power and light equity stocks. Accordingly
the corporation and several of its affiliated companies have not only maintained but increased substantially their holdings of this character during
the past year.
INCOME ACCOUNT FOR THE YEAR 1929.
Stock dividends, valued at market prices following respective
dividend record dates
$17,305,854
Cash dividends and interest
801,338
Profits realized on sale of securities (net)
8,887.964
Total income
$26.795,157
Operating expenses, taxes. interest and discount
2,765,666
Reduction in valuation of stocks acquired in 1929 as stock divimarket prices
dends,to Dec. 31 1929
6,434,688
Net income for the period
Balance, January 1 1929
Profit on debenture purchase fund operations, &c

617,594,822
12,451,083
33,262

Total surplus
$30,079,167
Commission and discount on cony. pref. stock, optional series
of 1929
613,250
Special common stock dividends paid in common stock: 100%
April 25 1929 and 200% July 25 1929
6.363.178
Dividends on preferred stocks: 7% pref. stock, issue of 1912.- _
486,403
Pref. stock, 6% series
601,729
Convertible pref. stock, optional dividend series, paid in cash
and common stock (capitalized at $1 per share)
33.585
pref. stock, optional series of 1929, paid in cash
Convertible
and common stock (capitalized at $1 per share)
39,787
Common stocks: Cash
2,596.061
Paid in common stock (capitalized at $1 per sh.) 234% quer
511,423
Transferred to reserve for contingencies
350,000
Balance, Dec. 31 1929
$18.483,747
The corporation received a substantial contribution to capital, applied
to enhancement of the equity values in affiliated companies. The beneficial
interest therein (approximately $15,000,000) applicable to the holdings of
the corporation has been used to absorb realized capital losses; and the
corporation's investments in an affiliated company have been written down
out of capital surplus created principally in respect of capital stock issued
for stock of such affiliated company.
BALANCE SHEET, DEC. 31 1929.
Liabilities
Assets
b$109,463,327 5% convertible dabs, series
Investments
due 1948
Cent. States Elec. Corp.stk:
$19,080,000
678,940 Optional 5)4% debs., series
$800,0005% cony. debs_ 607,800 due 1954
6,078 shs. 7% pref. stock_
25,000,000
2,203,399 Notes payable
Cash
8,000,000
237,186 Accounts payable
Securities sold undelivered__
365,753
Mlscell. accrued liabilities__
Loans and accts. receivable,
1,016,956
1,117,828 Divs. payable Jan. 1 1930,
secured by collateral
105,842 in cash and in com. stock
Miscellaneous accts.receiv'le
Unamortized disct. on debs_ 2,622,769 (214,580 shares)
1.376.484
Reserve for contingencies_.550.000
Capital
a43,164,151
Surplus
18,483,747
$117,037,092 Total
Total
$117,037,092
a 7% preferred stock, issue of 1912, cumulative (par $100), 75,433 shs.;
stock (par $100), preferred stock 6% series, 105,860 she.;
serial preferred
convertible preferred stock, optional dividend series, 39,903 she.; convertible preferred stock, optional serues of 1929, 65,300 abs.; common
stock (no par), 8,513,428 she. b At average cost, including vaitution
placed by directors (a) upon stocks of Shenandoah Corp. as of Nov. 30
1929 and (b) upon stock dividends (those acquired in 1929 being valued at
closing market prices on Dec. 31 1929)•
-The corporation is obligated to deliver 16,913 shares of North
Note.
American Co. common stock at $82 per share upon the exercise of outstanding purchase warrants exercisable on or before May 1 1933. An

1644

FINANCIAL CHRONICLE

[VOL. 130.
• ^•-

•
-

dividends reoption extending to July 31 1937 exercisable at $50 per share has been . Income for the period under review In 1929, including stock to 4.21 times
valued as explained above and realized profits was equivalent
granted on a further 26,939 shares.
the maximum cash dividend requirement for such period on the $6 preferred
Companies in Which Common Stock Investments Were Held Dec. 31 1929. stock outstanding Dec. 31 1929. The balance of income available for com[By corporation or one or more of the four affiliated companies: American mon stock amounting to 53,813.403 was equivalent to $2.80 per share on
Cities Power & Light Corp.; Electric Shareholdings Corp.; Shenandoah the 1,364,090 monthly average number of shares outstanding during the
year. If dividends on the $6 preferred stock had been paid entirely in cash,
Corp.; Blue Ridge Corp.]
The balance for common stock would have been equivalent to $2.38 per
Kraft-Phenix Cheese Corporation
American Gas & Electric Co.
share.
Co. The Lambert Company
American Telephone & Telegraph
During the year there were issued 148,768 shares of common stock upon
The Mathieson Alkali Works (Inc.)
Bethlehem Steel Corp.
conversion of 59,507 shares of $6 preferred stock, 28,120 shares as dividends
The May Department Stores Co.
Chain Store Stocks, Inc.
on $6 preferred stock and 56,136 shares as dividends on common stock.
Corporation
McCall
Commercial Investment Trust Corp.
More than 95% of the investments of corporation are in common stocks
McKesson dr Robbins, Inc. (Maryland)
Commonwealth Edison Co.
of public utility holding and operating companies. The largest single inConsolidated Gas. Electric Light cir Power Men ILL-Chapman dr Scott Corporation
vestment is The North American Co. of the common stock of which it owned
Stores, Inc.
Metropolitan Chain
Co. of Baltimore
over 250,000 shares. Other public utility holding and operating companies,
National Dairy Products Corp.
Consolidated Gas Co. of New York
in the common stocks of which investments were held on Dec. 31 1929.
The Newport Company.
The Curtis Publishing Co.
follow:
The North American Co.
The Detroit Edison Co.
The Pacific Tel & Tel. Co.
Commonwealth Edison Co.
Pacific Gas Or Electric Co.
Electric Bond dr Share Co.
The Peoples Gas Light dr Coke Co.
Consolidated Gas Co of New York.
Pacific Lighting Corporation
Elektrizitaets A. G. Lahrueyer
Southern California Edison Co.
C,onsol. Gas Elec. L.& P. Co. of Balto.
The Pacific Telephone dr Telegraph Co.
Follansbee Brothers Co.
Pacific Gas & Electric Co.
Pacific Trust Co.
Car Corp.
General American Tank
Co.
The Peoples Gas Light & Coke
General Cigar Co., Inc.
INCOME ACCOUNT FROM MARCH 8 1929 TO DEC. 31 1929.
Rheinische Elektrizitaets A. G.
General Foods Corporation
Stock diva., val. at market prices following reap. div. record dates$2,139,264
Southern California Edison Co.
General Realty dr Utilities Corporation
966,652
Cash dividends and interest
Standard Cap at Seal Corporation
Gillette Safety Razor Co.
4,348.394
Profits realized on sale of securities (net)
Stone & Webster, Inc.
The Goldman Sachs Trading Corp.
Corporation
Hamburgische Elektrizitaets-Werke A.G. The Texas
$7,454,310
Total income
Tide Water Associated 011 Co.
Hayes Body Corp.
880,686
Operating expenses, taxes and interest
Truax-Traer Coal Co.
Insuranshares Corp. of Delaware.
Red. in val. of stocks acquired as stock diva.. to Dec: 31 1929
United Biscuit Co. of America
International Shoe Company
540,656
market prices
Warner Bros. Pictures, Inc.
International Teleph. & Teieg. Corp.
1,916.204
Res. applied in red. of book value of investments
-Intercompany holdings, and investments of less than $100.000,
, Note.
-Y. 130, p. 1272.
not Included.
$4,116,764
Net income for the period
Dividends: On $6 ctun. cony. pref. stk. (optional stock div. series)
303,361
diva, paid in cash & corn. stock (cap. at $10 per share)
Cities Power & Light Corp.
American
701,704
On common stock: Paid in cash
561,363
Paid in corn.stock (capitalized at $10 per share)

-Year Ended Dec. 31 1929.)
(Annual Report
President L. E. Kilmarx Feb. 18 wrote in substance:

The net income of the corporation for 1929, including profits realized on
sale of securities, amounted to $9,899,172.
The investments of the corporation are to a large extent in companies
which pursue the policy of paying dividends in stock, thereby financing
in part the growth of their business through reinvestment of earnings.
Stock dividends therefore constitute an important part of the income of
corporation. Its established practice is to take stock dividends into income
at market prices following the dividend record dates. However, in view
of the unusual decline in market prices during the last quarter of the year,
$805,259 (the amount by which stock dividends received during the year
decreased in value, based on Dec. 31 1929 market prices) was deducted
from 1929 income and applied in reduction of book value of investments.
The net income of $9,899.172 for 1929, as stated above, is after such deduction.
,
Income for 1929, including realized profits and vP lir don of stock dividends, as explained above, was equivalent to 12.07 times the maximum
cash dividend requirements on the outstanding convertible class A (preferred) stock, optional dividend series. The balance of income available
for class B (common) stock, amounting to $9.437,359, was equivalent to
$4.24 per share on the 2,222,708 monthly average number of shares outstanding during the year. If dividends on the option d class A stock had
been 'paid entirely in cash, the balance for class 13 stock would have been
• equivalent to $4 per share.
Net assets, based on Dec. 31 1929 market prices, were 348.357,404, represented by 273,368 shares of $50 par value class A stock trial 2.436,422 shares
of no par value class B stock.
The value of assets behind each share of $50 class A stock increased from
$97.89 per share, based on total capital paid in for stock, to $176.89 per
share at Dec. 311929.
Upon organization of the corporation in 1928, 400.000 shares of class A
MOM ($50 par) and 2.000,000 shares of class B stock (no par) were issued.
In Feb. 1929 an additional 25,000 shares of each class were issued and sold
for cash. There were also issued during the year 216,617 shares of class B
stock upon conversion of 151,632 shares of Class A stock, 40.013 shares
as dividends on class A stock and 154,792 shares as dividends on class B
stock.
On Dec. 31 1929 the stock records of corporation showed 3,689 holders
of class A stock and 10.437 holders of class B stock.
Approximately 70% of the total investments of the corporation are in
common stocks of public utility holding and operating companies. The
largest investment of the corporation continues in the North American
Co., of the common stock of which it owns more than 290,000 shares. At
Dec. 31 1929 the corporation also had investments of over $100,000 in
the common stocks of each of the following companies:
Hamburgische Elektrizitaets-Werke A. G.
American Gas & Electric Co.
Insuransbares Corp. of Delaware.
Chain Store Stocks, Inc.
Consolidated Gas Electric Light & Power Merritt-Chapman & Scott Corp.
Metropolitan Chain Stores, Inc.
Co. of Baltimore.
The Newport Co.
The Detroit Edison Co.
Pacific Gas & Electi lc Co.
Elekti izitaets A. G. Lahmeyer.
Rheinische Elektr izitaeta A. G.
Follansbee Brothers Co.
Standard Cap dr Seal Corp.
General Realty & Utilities Corp.
The Goldman Sachs Trading Oorp.
Balance Sheet Dec. 31 1929.
Assets
$1,000,000
a$52,967,632 Notes payable
Investments
95,399
678,668 Accounts payable
Cash
867,558
495,241 Accr'd liab., incl. Fed. taxes.
Accounts receivable
150,000
116,998 Reserve for contingencies_ _ _
Dividends dr interest receivle
b43,526,316
Capital
Surplus,per statem't attached 8,619,266

$2,550,336
Balance, Dec.31 1929
CAPITAL SURPLUS ACCOUNT DEC. 311929.
Cash received for capital stock issued in excess of amount cap$12,500,000
italized with respect thereto
Credit arising from acquisition & retirement of 4,993 shares $6
48,451
preferred stock
$12,548,451
Total
Transfer to stated capital of $6 pref. stock, increasing the
798.958
amount thereof to $100 per share
4,558,039
Reserve applied in reduction of book value ofinvestments
$7,191,454
Balance, Dec.31 1929
BALANCE SHEET DEC. 311929.
LtabilittesAnd:
$2,000,000
0149,794,501 Notes payable
Investments
13,457
1,052,973 Accounts payable
Cash
613,610
109,010 Accr. Habil., incl. Fed. taxes..
Divs.& Interest receivable - _ b48,329,418
Capital and surplus
$50,956,484
$50,956,484 Total
Total
a Valued at closing market prices, Dec. 311929. b Pref. stock (no par):
195,500 shares $6 cum. cony. pref. stock (optional stock dividend series)
319.550,000; common stock (no par): 1,483,024 shares $19,037,627; capital
surplus $7.191.454; operating surplus, per statement attached $2,550,335.
-V. 130. p. 472.

Corn Products Refining Co.
(Annual Report-Year Ended Dec. 311929.)
COMPARATIVE INCOME STATEMENT FOR CALENDAR YEARS.
1927.
1928.
6
192
9,
Profits for operation----$16,919 38 9 313,802,114 $12,938,757 $14,267,101
1 92
654,045
525,241
637,372
799.110
Int. on dep., loans, &c__
1.473,278
1.781,245
1,884,433
Int. & diva, on secure.... 1,811,300
584,073
921,679
1,667,126
Income affiliated cos__ 1,948,492
376,356
1.305,017
661,964
447.435
Profit on securs. sold_ _ _
$22,140,257 $18,438,482 $17,516,940 $17,354,853
Total income
122,497
119,194
118,523
118,006
Int. on bonded debt_ _ General, State,corp. and
2,101,298
2,295,555
1.967,643
2.552,766
Federal taxes
2,977,095
2,940,665 2,942.583 2,969,561
Depreciation
220,082
216.757
227,341
219.168
Insurance
$16,309,652 $13,192,974 $11,905,289 $11.933,881
Net income
1,750.000
1,750,000
1,750.000
Preferred diva. (7%)..._ 1,750,000
10,120.000 8,855,000 7,590.000 7,590,000
Common dividends
12%
14%
12%
16%
Rate
Surplus
Previous surplus

$4,439,652 $2,587,974 $2,565,289 $2,593,881
17,843,553 15,255,578 12,690,290 10,096,409

Profit & loss surplus_ _$22.283,205 $17,843,553 $15,255,579 $12,690,290
Shares of common out2,530.000
standing (par $25)._ _ 2,530,000 2,530.000 2,530,000
$4.03
$5.76
$4.01
$4.52
Earn, per share on corn_
COMPARATIVE BALANCE SHEET DEC. 31,
1928.
1928.
1929.
1929.
LtabUtti4s-Assets
Preferred stock_ 25,000,000 25,000,000
Real est., bldgs.,
machinery. are 40,351,880 42,507,161 Common stock_ 63,250,000 63,250,000
$54,258,539 Inv. In attn. cos_ 23,195,598 20,343,468 First mtge. 5s- - 1,822,000 1,822,000
Total
$54,258,539
Total
266,620 National Starch
151,405
a Average cost, including valuation placed by the board of directors upon Mtges. recely'le
544,500
518,500
1st &a
2,116,449 1,782,601
stock dividends (these acquired in 1929 being valued at closing market Cash
624,597
567,580
6,847,310 Aud. vouchers.prices Dec. 31 1929). The aggregate market value thereof Dec. 31 1929 Ac 'to receivable 7,719,667 1,306,960 Ace't-s payable... 2,150,151 2,179,133
A stock, par value $50, 273,368 shares Notes receivable 1,235,133 3,200,000 Accrued interest
was $49,179,454. b Serial class
4,650,000
Demand loans
convertible optional dividend series, cumulative. Class B stock (no par), Time
15,183
15,183
2,450,000 2,400,000 on bonds_ _ _
loans
129. p. 3632.
2,436,422 shares
4,232,500 4,232,500
Marketable secs. 32,091,889 32,215,872 Divs. payable
288,300 Outatand'g stook
244,354
Accrued int., &o
4,300
4,300
of merged cosDue fr. affiLeos_ 3,914,013 2,038,817
Electric Shareholdings Corp.
6,882,436 5,811,385
Mdse.& supplies 8,283,721 7,837,162 Reserves
22,283,205 17,843,553
Dec. 31 1929.)
292,880 Surplus
(Annual Report-Year Ended
321,744
Deferred charges

President L. E. Kilmarx Feb. 18 wrote in substance:
Total
126,725,855 121,327,152
Corporation was organized in Delaware under the sponsorship of Central -V. 129, p. 4143.
Electric Corp. and Hydro-Electric Securities Corp. The sponsor
States
companies acquired the 1.250,000 shares of common stock issued at or- •
The Studebaker Corporation, South Bend, Ind.
ganization for $25,000.000 cash. There were also issued at the time of and
shortly after organization 260,000 shares of $6 cum. cony. pref. stock (op(Annual Report-Year Ended Dec. 311929.)
tional stock dividend series) of which 4,993 shares have since been acquired
President A. R. Erskine, South Bend, Ind., March 4
by purchase at favorable prices and retired.
Net assets at Dec. 31 1929, based on closing market prices on that date, wrote in part:
amounted to $48,329,417, represented by 195,500 shares of $6 preferred
During the year we acquired 129,014 shares of Pierce-Arrow class A
stock and 1,480.024 shares of common stock. The value of assets behind
shares in the open market at a cost of $3,each share of $6 preferred stock increased from $193.94, based on total stock by purchasing 103.700Studebaker common, under the offer of June
335,576, and by exchanging
capital paid in for stock, to $247.21 on Dec. 311929.
B
advisable to adjust 19, for 25,314 shares. This ownership of class A stock, plus our class in
In closing the books for the year, directors deemed it
an interest of 89.62%
the book value of all investments of the corporation to closing market prices stock purchased in 1928 for $2,000,000. gives us
for dividends
adjustment, $4,558,038 was appropri- the Pierce-Arrow net profits, after providing is considered aon the 6%
on Dec. 31 1929. Incident to such
subsidiary
ated from capital surplus and $2,456,859 was deducted from income, of preferred stock, and therefore Pierce-Arrow
which $540,655 represents the excess of value at which stock dividends were company.
In view of Studebaker's earnings from Pierce-Arrow in 1929, amounting
based on Dec. 31
taken into income at the time of receipt over their value
to 81.983,878, it is evident that Studebaker's holdings of Pieree-Arrow
1929 market prices.
were
After the special deductions from income mentioned above, net income of stock have a real value greatly in excess of the cost at which they
accounts
-month period of its operations, acquired: viz., $5,740,599. Nevertheless,in merging Pierce-Arrow its other
the corporation for the approximately 10
In the consolidated balance sheet of the Studebaker Corp. and
Including profits realized on sale of securities, amounted to $4,116,764.
these
It is the regular practice of corporation to take stock dividends into in- subsidiary companies, the directors deemed it advisable to give to
Piercecome at market prices following the dividend record dates. Stock dividends stockholdings only the book value at which they are shown on the
authorized
Accordingly, the
received during the year were, however as stated above, revalued to Dec. Arrow balance sheet: viz.,$1,362,498. surplus to write directors
Studebaker's
31 1929 closing market prices incident to the general adjustment of book an appropriation of $44,378.100 from purchase coat to downnominal book
this
investment in Pierce-Arrow from its
value of all investments mentioned above.




FINANCIAL CHRONICLE

MAR.8 1930.1

1645

value, without any goodwill or intangible value attached to such
investment.
a
Net sles of the consolidated companies in 1929 amounted to $145,303,833
as against $177,128,878 in 1928, a decrease of 18.0%, and the net profits
were $11,928,261 as compared with $12,654,155, a decrease of 5.7%. After
reserves for the Pierce-Arrow class A minority stockholders' interest, and
after deducting the preferred dividends paid on the Studebaker and PierceArrow preferred stocks, there remained $10.846,578 net profits of 1929
applicable to Studebaker common stock. This was $5.53 per share on the
stock outstanding at Dec. 31 1929,or $5.69 per share on the average number
of shares outstanding during the year. The corporation's net profits in
1928. excluding Pierce-Arrow, were $13,947,181, or $7.16 per share on
1,875,000 shares outstanding.
On July 23,the Pierce-Arrow directors voted to call the remaining balance
-year 8% gold debentures outstanding, amounting to $2,755,200.
of the 20
The bonds were paid for Sept. 1 at $110, and the premium, $270,534, was
charged to profit and loss. In 1928 Pierce-Arrow paid off $594,000 of these
bonds and retired $1,288.442 of purchase money obligations, and therefore
a grand total of $1,637,642 debt retirement was accomplished in 16 months,
with the result of a saving of over $250,000 per annum in fixed charges.
CONSOLIDATED INCOME ACCOLNT FOR CALENDAR YEARS.
[Includes sub-companies and Pierce-Arrow Motor Car Co.]
1928.
1929.
142,696
107,653
Number of vehicles sold
$145,303,834$177,128,879
Net sales, in the U. S. and abroad
Net earns,from sales, after deduct, cost of manufacturing, selling & general expense, but before
depreciation, repairs and replacements to plant
$21,258,316 $22,979,989
and property, and other net income
Reserves for depreciation
1,992,619 2,258,694
Charges to repairs and replacements
6.460,581 6,857,919

BALANCE SHEET. DEC. 31.
1929.
1928.
1928.
1929.
$
3
Liabilities-Assets
Telephone plant 265,597,542 245,533,572 Capital stock_ __110,738,400 110.661.000
General equipl. 4,903,815 4,388,449 *4% deb. notes_ 1,000,000 1,000.000
Invest't secur's- 1,848,715 1,660,569 *5% deb. notes.. 10,000,000 10,000.000
*1st M.5% bds_ 35,000,000 35,000,000
Advances to sys855,357 *1st mtge. 4%s- 40,000,000 40.000.000
tem corp'ns__ 1,163,613
64,558 Note secured...... 2,820,000
174,545
80.000
Misc. investmls
Cash & deposits_ 1.261,773 1,029,352 Adv. from sysNI •
7,645 tern core
17,450,000 5,700,000
8,337
Marketable secs.
4,080,317 3,224.790
Accts.& bills rec. 9,328,311 8,155,745 Bills payable
5,099,044 3,74.5,872
Accts. payable
Materials & sup900,299 Accr.11ab.not due 2,614,899 2,499,831
1,010,103
plies
48,846
51,780
Deferred items_ 5,667,342 6,065,596 Deferred credits
Deprec'n reserve 54,319,630 50,926,720
Res.for amortiz.
401,304
intangl. prop_
371,688
Total(each side)290,964,099 268,661,141 corp.sur.unappr 7.388,725 4,662,393
-V. 130, p. 620.
* AU issues are equally secured by mortgage.

Balance of earnings
Interest received, less paid

-YEARS ENDED DEC. 31.
CONSOLIDATED INCOME ACCOUNT
1926.
1927.
1928.
1929.
$513,297
$452,996
$296,469
$444,556
revenue
Interest
808,286
919,593
1,114,248
1,974,556
Dividends
631,260
787,988
2,103,687
Profit on sales of secure.. 8,264,747
Profit on syndicate and
153,628
65,353
168,107
152,388
credit participations....
25,615
173,371
8,592
12,160
Miscellaneous income......

$12,805,117 $13,863,376
223,088
202,049

Total income
$13,007,166 $14,086,465
Debenture premium and expenses, Pierce-Arrow..
42.692
270,535
Reserves for income taxes
808,371
1,389,617
Net profits for year
$11,928,261 $12,654,156
Minority stockholders' interest in Pierce-Arrow
class A stock
229,733 1,293,026
Dividends paid on Studebaker Corp. pref. stock_
515,462
499,450
Dividends paid on Pierce-Arrow Motor Car Co.
preferred stock
352,500
Balance net profits applicable to Studebaker
common stock
$10,846,578 $13,431,710
Surplus account Jan. 1
36,681,039 38,574,319
Total surplus
$47,527,618 $52,006,038
Dividends paid on Studebaker Corp.,common
stock ($5)
9,536,230 9,375,000
Appropriation for stock div., Studebaker Corp.._
3,051,520
Appropriation to reduce the cost of Studebaker
Corp.'s invest, in the Pierce-Arrow Motor Car
Co. to book value
4,378,100
Losses and expense incidental to centralizing
5,949,998
factory operations at South Bend
a Surplus account, Dec. 31
$30,561,767 $36,681,039
$7.16
$5.53
Earnings per share common stock outstanding--a Includes special surplus of
$7,290.000 $6.885,000
Note.
-For statistical purposes the results from operations of the Studebaker Corp. and the Pierce-Arrow Motor Car Co. have been combined for
the year 1928.
CONSOLIDATED BALANCE SHEET DEC. 31.
1928.
1929.
1929.
1928.
Liabilities
Assets
Cash
5,113,307 13,466,401 Notes pay., Pierce-1,400,000
Sight drafts and
Arrow
accept. outst'd'g
Accounts payable.. 4,746,235 10,290,223
685,813
domes. dr foreign 1,575,849 2,316,632 Dep.on sales coutr 694,864
Investments
325,060 3,223,158 Sundry creditors &
Notes and accounts
res., incl. accrued
2,240,231 3,685,502
receivable
payrolls
a2,930,171 3,960,48.5
Inventories
26,083,129 27,843,644 Reserves for U. S.
Deferred charges.- 554,665
730,533 & Canadian inBranch house real
come taxes-....- 906,395 1,431,506
estate & lease20-year 8% sinking
holds & prop, not
fund gold debs.
presently used in
2,755,200
Pierce-Arrow..
mfg,operations b14.067,287 14,305,862 Perch. money oblig
358.000
Studebaker corn. &
Pierce-Arrow__ - 346,000
pref. stock, &
Minority stockPierce-Arrow pf.
holders' int. in
stock, Incl. that
Pierce-Arrow
held for empl.
Motor Car Co.._ 7,887,510 8,456,083
and retirement_ 3,770,444 1,917,419
cumul. pref.stk 6,970,000 7,300,000
Real estate contr.
Common stock_ _d78.454,320 75,000,000
rec. & home sites
Res. for Detroit
held for sale to
1,970,000
plant liquidation
e30,561,767 36.681,039
employees
903,110
999,428 Surplus
Cap.stk. of PierceArrow Fin. Corp
1,261,986
Mfg. plants & prop.
at South Bend,
Ind.; Buffalo,
N.Y.,& Walkervllle, Ont
c59.077,022 57,841,734
Trade name, goodwill and patent
rights
Tot.(each side)134,207,328148,613.367
19,807,278 20,743,084
a After reserve for doubtful accounts of $194,111. b After reserve for
depreciation of $3,888,437. c After reserves for depreciation of$15,050.297.
d Represented by 1,961,358 no par shares. c Includes special surplus of
87,290,000.-V. 130, p. 1298.

New England Telephone & Telegraph Co.
(Annual Report-Year Ended Dec. 31 1929.)
OPERATING STATISTICS CALENDAR YEARS.
1927.
1926.
1928.
1929.
1,162,866
1,183,438
1,129,793
No. of owned stations... 1,219,847
94,234
92,341
97,177
98,724
Miscellaneous stations._ _
1,257,100
1,280,615
1,222,139
Total stations
1,318,571
4,037,463 3;877,266
4,241,077
No. of miles of wire..- - 4,583,887
481
484
481
No. of central offices......
486
20,744
21,588
21,027
No. of employees
21,987
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1926.
1928.
1929.
873,339,178 $69,393,295 $65,294,060 $62,638,104
Operating revenues
48,343,506 45,316,306 44,057.646
50,671,736
Operating expenses
Net operating rev_ _ - _$22,667.442 $21,049,789 810,977,755 $18,580,458
5,209,748 4.732,675
5,530.843 5,520,894
Taxes
533.755
415,069
617.523
323,984
Uncollectibles
Operating income_ _ _ _$16,812,616 $15,113,825 814,234,252 $13,220,260
415,810
399,277
682,974
519,734
Non-operating revenue_
Gross income
$17,332,350 $15,513,102 $14,650,062 $13,903,233
4,205,930 4,043,168
4,424,008
5.207,111
Interest
573,732
618,828
552,602
659,760
Rent & miscell. deb._
166,306
166,304
133,163
166,306
Debt discount & exp_ _ _
Net income
Dividends

$11,499.172 $10,303,960 $9,704,096 $9,174.300
8,855,456 8,852,278 8.851,748 8,838,903

Balance, surplus
$2,643,716 $1,451,682
$9.31
Earn, per share on stock
$10.38




8852.348
$8.77

$335.397
$8.29

American International Corp.
(Financial Statement-Year Ended Dec. 31 1929.)
The remarks of President M. C. Brush together with an
income account and balance sheet as of Dec. 31 1930 were
published in last week's "Chronicle" under "Reports &
Documents."

Total
Deduct-Expenses
Taxes
Interest

$10,848,408 $3,691,1C4 $2,399,302 $2,132,086
327,328
342,168
472,555
432,778
19,782
14,533
53,127
70,873
5.071
27,359
104,581
1,305,723

$9,039,033 $3,060,840 52,015,242 $1,779,906
Net earnings
Surp. at beginning of yr.. 14,408,988 12,328,149 11,292,907 9.899,721
$23,448,022 815,388,989 $13,308,149 $11,679,627
Gross surplus
a375.000
Special provisions
11,719
Miscellaneous (net) _ _ _ _ Cr128.305
980,000
980,000
1,979,771
Dividends
593,995
Divs. paid (stock)
Add. prov.for res. for sec -1,100,000
Profit & loss, surplus316,902,631 $14.408,989 $12,328,149 $11.292,907
Shs. common stock out490,000
490,000
490,000
standing (no par)_ _ _ _ 1,019,757
$3.63
$6.45
$4.11
$8.86
Earned per share
a Provisions for completing liquidation of proprietary companies.
GENERAL BALANCE SHEET DEC. 31.
1929.
1928.
1928.
1929.
Liabilities-Assets
1,944,135 1,064,570 Common stock.. _ y15,296,362 14,700,000
Cash
4,200,000
20-yr.conv.glcidebts24,987,000
Call loans
Acc.int.pay.on deb 645,893
Miscell. invests...... 338,143
129,485
338,285 Accts. payable__ _ 129,445
Accts. receivable_ _ 639,472
credit
Deferred
Proprietary cos.
14,671
14,797
675,000 items
wholly owned_ _ 675,000
577,108
_ 577.108
Securities owned _x50,696,802 27,730,070 Res.for taxes_
16,9C2,631 14,408,989
22,328 Surplus
59,685
interest
Accrued
58.553,236 29,830,254
Total
58,553,236 29,830,254
Total
x At Dee. 31 1929 the market value (based on published quotations) Of
.
amour red to $10,218,907 and $42.406,607,
bank stocks and listed securities
respectively. The market value on unlisted securities (based on "last sale
$2,119,113. y Represented by 1,019,757 shares of no
or "bid price" was
-V.130, p. 1462, 1447.
Par value.

The Pierce-Arrow Motor Car Company, Buffalo, N. Y.
(Annual Report-Year Ended Dec. 31 1929.)
Net sales amounted to $27,962,857 as compared with $19,436,672 in 1928,
a gain of 43.8% and a record for the company. Net profits derived from
sales and other net income, amounted to 52,566.111, against a loss of
$1,293,025 in 1928. Dividends on the 6% cumulative pref. stock of 8352,500 were paid,commencing June 1,and the remaining net profits were added
to surplus account which showed a credit of $3,306,512 at the close of the
year.
Some other important events of 1929 were these:
9,840 passenger cars were sold, against 5,492 in 1928, a gain of 79%,and
6,037 in 1927, the previous record. The old line of commercial cars and
trucks was liquidated and the development of a new line was begun.
Pierce-Arrow distributors expended over $3,000,000 in buildings and
equipment to handle the growing business: the number of distributors in the
United States was increased from 217 to 525 and foreign connections were
established on a broad scale.
On July 23 the directors voted to anticipate and retire the balance of
-year 8% gold bonds outstanding, which with payments
$2,755,200 of the 20
in 1928 of $594,000 and retirement of $1,288,442 purchase money Obligations, made a grand total of $4,637,642 debt retirement in 16 months.
The bonds were paid off Sept. 1 at 110 and the premium was charged to
profit and loss account. As a result of these retirements,the company saves
over $250,000 per annum.
The company sold its investment in the Pierce-Arrow Finance Corp., at
a profit, to the Commercial Investment Trust Corp. and retired from the
finance business.
The directors made a contract on June 19 with the Studebaker Corp.under
which Studebaker offered Pierce-Arrow class A stockholders one share of
Studebaker common n exchange for 2 shares of class A stock. Under
this offer, which expired Dec. 12,25,314 shares of class A were exchanged and
with purchases in the open market of 103,700 shares Studebaker now owns
129,014 shares of class A stock which, together with its holdings of all of the
class B stock, entitles the Studebaker Corp. to 89.62% of all Pierce-Arrow
earnings, after its preferred dividend.
CONSOLIDATED EARNINGS FOR CALENDAR YEARS.
1928.
1929.
6,491
10,347
Number of vehicles sold
27,962,857 $19,436,672
Net sales
$
Cost of sales, incl, sell., advertising & administra95,422,649 20,371,469
tive exps..& all cost of manufacturing,&c
274.018
244,335
Reserve for depreciation
Net profits on sales
Interest, discount on purchases,&c
Income from investments

$2,295,873=1.208,815
219,213
315,459
79,764
440,043

Total profits
Interest on debentures, notes payable, &c
Debenture bond premium & expenses

$3,051,376 dfS909.838
$3340,495
$214,729
42,692
270,535

Net profits
Dividends paid on preferred stock

$2,566,112df$1,293,026
352,500

ferred to surplus account
Balance tran,
Surplus account Jan. 1 1929

$2,213,612df$1,293.026
1,092,901

Surplus account Dec.31

$3,306,513

1646

FINANCIAL CHRONICLE

CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
$
3
Cash
826,679 2,781,497 Notes payable_
1,400,000
Sight drafts outstg 356,261
Accts. payable_ _ _ _ 1,260,616 1,622.045
Investments
302,387
172,309 Deps. on sales cons 167,497
105,066
Notes & accts. rec_ a585,101
867,542 Sundry creditors &
Inventories
5,434,971 3,621,006
res., incl. seer.
Deterred charges.. 134,817
69,903
payrolls
513,447
945,040
Other assets
838,163 1,264,986 Amt. pay, to pref.
Land.bldgs..mach.
stockholders of
equip.,&c66,449,367 6,606,323
old co. upon surGood-will, patents
render of shs.not
-marks
dic trade
1
1
yet exchanged__
6,300
77,940
Purch.money oblig 346,000
358,000
20-yr. 8% sinking
fund gold debs
2,755,200
6% cum. pref. stk_ 7,500,000 8,000,000
Class A stock
c197,250
197.250
Class B stock
d230,125
230,125
Tot.(each side).14,927,748 15,383,567 Surplus
3,306,513 1,092,901
a After reserve for doubtful accounts of $116,000. b After depreciation
of $4.123,822. c Represented by 197,250 no par shares. d Represented
by 230,125 no par shares all owned by Studebaker Corp.
-V. 130, p. 1477.

The Brooklyn Union Gas Co.(and Subsidiaries).
(Annual Report-Year Ended Dec. 311929.)
President James H. Jourdan reports in substance:

The privilege of conversion of the $11,800,000 of convertible debenture
bonds became effective on Jan. 1 1929. The conversion was on the basis
-of 2 shares of stock for each $100 of bonds surrendered. Up to Dec. 31
1929, the holders of $11,273,200 of bonds had availed themselves of the
privilege, receiving in exchange 225,464 shares of stock. Bonds of the par
value of $526,800, equal to 10,536 shares of stock remain unconverted on
Dec. 311929.
Of the previous issues of convertible debenture bonds, the issue due 1929
have all been converted and only $12,700 of the 7% bonds due 1932 remain
unconverted.
The conversion of bonds has increased the company's capital stock from
511,146 shares on Jan. 1 1929, to 736,718 shares on Dec. 31 1929. The
average outstanding stock for 1928 was 511,116 shares and for 1929 was
724,754 shares.
Reference was made in the 1928 report to the contract with the Kopper
Co., which provided for the purchase of the coke oven plant at the GreenPoint Works by that company or a subsidiary company to be formed and
the sale of gas and coke to this company. The subsidiary company, namely,
the Brooklyn Coke & By-Products Corp., was formed and on Feb. 211929.
a contract was executed for the sale to that company of the coke oven plant,
this company to be reimbursed for all expenditures made in connection with
this plant. A contract was also made with the same company for the sale
o9 to this company, together with its requirements of coke for generator
as
f.
Application was made to the Public Service Commission for its consent to
the sale and transfer of the coke oven plant under the terms of the contract.
Hearings are being held by the Commission upon the application.
CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS.
1929.
1928.
1927.
1926.
Sales of gas, misc. rev.
& non-oper. income__$25,939,680 $25,915,105 $25,778,912 $27,641,173
Oper. & non-oper. exps.
(incl. taxes and retirement expenses)
17.623,785 19,817.158 19,918,519 21,717,346
Gross corp. income-.... $8,315,895 $6,097,947 $5,860,393 $5,923,827
Deduct-Int.on fund. dt. 1,179,829
1,760,626
1,762,238
1,741,571
Int. on unfunded. debt 1,568,672
182,140
165,534
170,662
Amort., &c., miscel.
deductions (net)
14,127
20,455
21,063
15,583

[VoL. 130.

common shareholders was 54.241 on Dec. 31 1929 as against 9,155 on Dec.
31 1928. The figures as at Dec. 31 1929 include holders of stock which
was issued in exchange for stock of the Mond Nickel Co., Ltd.
Outlook.
-During 1929 company procured the greatest volume of business
in its history notwithstanding that sales of nickel for the manufacture of
ordnance and armor plate were negligible.
The world's consumption of primary nickel in all forms reached a total
of 136,000,000 pounds, exceeding the corresponding figure for 1928 by
16 and the peak of the war period by 29%.
With the inclusion of the Mond Nickel Co., Ltd., the scope of company's
activities has been materially expanded. Research and sales staffs have
been reorganized and company's proved sales policy now inaugurated by
Mond in Great Britain and Continental Europe is already showing appreciable results.
CONSOLIDATED GENERAL INCOME ACCOUNT.
Calendar Years1929.
1928.
y 1927.
y 1926.
Earnings of all properties
ke,(mfg. & selling exp.,
&c.,deducted)
$29,353,072 $16,076,596 $8,861,895 $8,195,141
Other income
1,800,587
629,999
123,729
167,621
Total income
$31,153,660 $16,706,595 $8,985,625 $8,362,762
General expenses
1,846,316
967,479
603,029
560,775
Federal franchise, &c.,
taxes (estimated)....._ 2,682,395
1,188,679
614,498
610,704
Depreciation of plants
3,054,835
1.594,354
1.595,396
1,528,861
Int. paid and accrued_ _ _
448,066
Retirement system
886,051
556,765
108,156
106.155
Net income
$22,235,997 $12,399,317 $6,064,545 $5,556,267
Preferred dividends_ _ _ _ 2,040,501
557,034
534,756
534,756
Common dividends
12,375,704
4,331,095
3,346,768
3.346,768
Balance, surplus
$7,819,792 $7,511,188 $2,183,020 $1,674,744
Shares of common stock
outstanding (no par)- 13,758,208 11,258,208 x1,673,384 x1,673 284
Earned per share
31.47
$1.05
$3.30
$.00
x Par $25. y International Nickel Co. of New Jersey & subsidiaries.
CONSOLIDATED GENERAL BALANCE SHEET DEC.31.
1928.
1929.
1929.
1928.
Assets
Liabilities
Property account
7% cum. pf. stk_ 27,627,825 8,912,500
(less deprec'n)_136,298,257 59,860,442 Common stock„a57,360,541 46,909,200
Sundry invest _ 2,910,339 2,058,897 Deb. stk. of British subs.)
Inventories
17,109,312 7,278,429
7,626,672
Acc'ts & bills me_ 8,487,682 4,622,874 10-yr. serial 5%
Gov't securities__
745,675 2,730,100
our. mon. notes 1,500,000 1,800,000
Loans on call (seAcc'ts Payable dr
Payrolls
13,962,900 17,600,000
6,101,324 2,245,734
cured)
Cash
2,432,433 1,848,667 Taxes accrued_ _ _ 3,921,367 1,214,893
Res. for pref. div.
pay. Feb. 1_ _ _
483,473
155,969
Ins. dr cont. res.. 2,837,764 1,245.603
Retire. syst. ma_ 1,100,033
345,689
Capital surplus__ 48,428,730 16,030,642
Earned surplus__ 24,958,970 17,139,178
Total
Total
181,946,699 95,999,408
181,946,699 95,999,408
a Represented by 13.758,208 no par shares.
-V. 129, P. 3176.

Certain-teed Products Corp.
(Annual Report-Year Ended Dec. 311929.)
Pres. George M. Brown, March 1 1930, reports ill substance:

During the year company canceled under the sinking fund $800,000
bonds. No more bonds will be due for cancellation until March 1931, when
$200,000 will become due. During the year the trustees' common stock
was completely paid for and it is still being held under the same conditions
Net corporate income. $5,553,268 $4,134,726 $3,911,558 $3,996,011 as indicated in the last annual report. We charged off during the year
Dividends declared
3,611,192
2,555,580
2,425,781
2,037,180 $1,486,841 for depreciation, obsolescence and depletion of mining propShares of capital stock
erties, and $1,270,889 for maintenance and repairs, totaling $2,757,731,
outstanding (no par)_
736,718
516,912
511,024
510,076 all of which was charged into cost of goods. We expended for additions to
Earns. per sh.on cap.stk.
$7.54
$8.00
$7.65
$7.83 plants $481.697 and sold or scrapped equipment amounting to $474,386.
In the 1928 annual report we referred to the unsatisfactory price condiCONSOLIDATED BALANCE SHEET DEC. 31.
tions at that time, and announced that we were then abandoning some of
1929.
1928.
1929.
1928.
our efforts to get better prices and were returning to a competitive and
AssetsLiabilities
Fixed capital_ _ _112,073,837 108,826,008 Capital stock_ _ _x36.835,900 25,557,300 aggressive selling campaign in two main divisions of our business. DurCash
3,834,819 4,874,403 Funded debt__ _y21,539,500 32,821,700 ing the year it appeared that practically all manufacturers became less
inclined to a continuation of price wars. Tendencies toward fair trade
Notes receivable
128,922
38,712 Mat. long term
practices and better selling conditions were apparently welcomed by all
Accts. receivable 2,446,861 2,105,867
debt unpaid__
300
Int. dr diva. rec.
10,223
4,533 Acc'ts payable__ 2,750,689 2,886,710 concerned. Probably the only good result of the price wars was the elimiMaterials dr sup_ 3,111,324 3,020,203 Notes payable_ _ 23,000,000 23,000,000 nation of many of the trade abuses and secret bad practices that had crept
Prepayments- - 300,531 Contr. for ext'ns
333,716
491,778
452,440 into the various lines. Practically all of these appear to have been elimiInvestments_ - 155,000
160,000 Mts. unadi.cred.
50,117
45,321 nated and they should not return.
Special deposits_
212,227 Consum. depos_ 2,636,161 3,037,197
203,178
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Unamort. debt
Misc. accr. liab.
25,548
25,164
1929.
1928.
1927.
1926.
diset. dr exp
60,127
142,234 Mat'd int. unpd.
35,121 xGross oper.
35,763
$3,914,287 $4,176,587 $6,173,517 $6,077,775
profit
Suspense(gas tinInt. accrued_ _ _ _ 1,171,655 1,455,294 Inc. from
72,812
122.120
other sources_
68,553
21,371
billed. arc.) _ _ _ 1,376,159 2,413,157 Taxes accrued__
761,478
654,788
Misc. curr. nab_
36,451
37,557
$3,987,099 $4.298,707 $6.242,070 $6,099,146
Total income
924,693
Divs. declared__
640,997 Sell., adm. & gen. exp.
Res.for retire'ts,
and bank interest_ _ _ _ 4,466,706
4,122,668
3,537,816
3,471,962
conting., Ate__ 15,392,216 16,000,532 Interest
743,137
599,175
Unamort. prem.
34.300
Income
26,441
319,000
356,000
83,200
on debt
88,000 Sundry taxes (net)
Dr25,543
Cr26,644
Cr23.052
Dr7,920
adjust.
Tot.(each side)_123,734,1(36 122,697,879 Surplus
17,997,611 15,360,863
x Represented by 736.718 shares of no par value in 1929 and 516,912 abs.
def.$1,282,587 def$426,525 $2,340,334 $2,334,828
Net income
In 1928. y 5% 1st consol. mtge. bonds due 1945. $14,736,000 Citizens Previous surplus
548,289
1,489.779
2,160,163
1,714,980
Gas Light Co. 5% consol. mtge. bonds, due 1940, $264,000 1st lien & ref. Sur. previously apProP.
mtge. 6s, due 1947, $6,000,000 77. cony, debentures, due 1932, $12,700
for red, of old pref...
1,630,000
% cony. debentures, due 1936, $526,800.-V. 128, p. 4320.
SurP. created through
177,325
redemp. of def. bds
The International Nickel Co. of Canada, Ltd.
def$556,973 $3,363,638 $4 055,314 $3,824,608
Total surplus
1st pref. dividends1,776
288,400
301,000
{
460,961
(Annual Report-Year Ended Dec. 311929.)
2d pref. dividends
187,250
187,500
}
1,228,000
1,228,000
1,107,000
Common dividends__ -.
President Robert C. Stanley, March 3, wrote in part:
191,500
103,447
199,877
This report deals jointly with the affairs of the International Nickel Co. Approp.for red.of 1st Pt.
170,000
of Canada, Ltd., and all of its subsidiaries, which now include the Mond Spec. prov, for had dts_
Prem. on old pref. stocks
Nickel Co., Ltd.
1,073,500
redeemed
Sales.
-Sales of nickel from the Port Colborne (Can.) and Clydach
(Wales) refineries amounted to 95,394,808 pounds, compared with 75,468,- Additional Federal inc.
70,443
taxes prior years
100 pounds in 1928, an increase of 26.40%. Sales of products produced
193,501
at the rolling mills in Birmingham (Eng.) and Iluntington (W.Va.), Plant abandoned
and the foundry in Bayonne(N. J.) totaled 41,094,851 pounds, as compared
$548,288 $2,160,164 $1,714,980
Earned surp. Dec. 31.def$728,749
with 31,957,368 pounds in 1928. an increase of 28.59%. The sales of Ear
400,000
. corn share
400,000
307,000
307,000
.r
nickel in all forms, including alloys, amounted to 125,577,789 pounds. Shs ned pe stock outst'g_
Nil
Nil
$6.07
Copper sales, inclusive of copper in sulphate, increased from 53,139,367
x After deducting repairs, maintenance (and depreciation and depletion
2
pounds to 81,833,776 pounds, an increase of 54%.
-Company now has proven ore reserves of 202,620,000 of $1,486,842 in 1929).
111 Ore Reserves.
short tons. This tonnage includes Frood Mine low grade, 91,111,000 tons;
BALANCE SHEET DEC. 31.
CONSOLIDATED
1929.
Frood high grade, 43.562.000 tons; Creighton Mine, 5,503,000 tons:
1928.
1928.
1929.
Levack Mine. 19,062,000 tons; Garson Mine, 3,193,000 tons; Murray
Liabilities
Assets
-$
$
$
-3
Mine, 22,490,000 tons; Stobie Mine, 13,712,000 tons; Crean Hill Mine,
Land, bldgs., ma7% cum. pref.stk. 6,302.430 6,302,430
3,028,000 tons; other mines, 959.000 tons.
stock of sub.
drc a_ _ x25,532,057 26,556,604 Cap.
tr_ de_
0- Capital Expenditures.
-Capital expenditure for 1929 was $21,497,608.
Notespayable_ __ _ 200,01)
37.900
Distribution of this amount was as follows: Sudbury District, $16,190,190; Good-will,
1 Common stock_ _y17,370,000 17,370,000
marks, dm1
Port Colborne, $3,388,710: Great Britain, S1,324,033; Huntington, $562,746,043 1,069,555 Funded debt
12,900,500 13,732,500
809; Bayonne, $10.532; New York office and foreign development com- Cash
Notes receivable
270,266 Interest accrued
235,841
346,590
panies, $21,331.
250,987
ntreies
41,974
24,920
In addition to the foregoing capital expenditure there was invested in Acc'ts orceivable 3,271,681 3,755,232 Due to ann. cos._
679,105
6,695,942 6,157,145 Acc'ts payable_ _ _. 767,361
affiliated companies 31,031,566.59. This amount is made up of $100,000
900,000 Dividends payable
112,000
in Horseshoe Lake Mining Co., Ltd., and $931,566 in Ontario Refining Co., Demand loans
207,570 Accrued local and
Ltd. There is a further commitment of $15J,0i0 for the former and Other investments 228,836
cithh to trustees.ees
Adv.
Federal taxes... 172,367
450,000
233,819
iat
815,868
$2,_300,000 for the latter.
6
868:041 Surplus
3 6 690
z685,895 1,962,646
-As a result of the plans of exchange of stock of company for
• Financial.
stock of the former The International Nickel Co. (New Jersey) and stock Inv. In other cos- 652,897
Total (each side)38,660,014 40,723,363
322,258
of the Mond Nickel Co., Ltd., $27,627,825 of 7% cumulative preferred Exp. paid in adv.. 370.099
x Land, buildings, machinery and equipment at manufacturing plants.
stock and 13,758,298 shares of common stock without par value are issued
warehouses and offices, at sound value as determined by apix*aisal, plus
or are iasuable upon completion of the exchanges.
Shareholders.
-The number of preferred shareholders was 14,119 on subsequent expenditures at cost (less reserve forldeprociation of $13,034,263)
Dec. 31 1929 as compared with 1,232 on Dec. 31 1928. The number of $20,407,843; water power right,kat Marseilles, Ill., at appralsal_value (lees




MAR.8 1930.]

amortization of 823,090), $646.589: gypsum deposits at appraisal value,
plus subsequent expenditure at cost (less depletion of $306.388), $3,573,874;
timber lands at cost, $903,753. y Common stock, 400,000 shares of no par
value declared under laws of Maryland or at issue price. z Includes capital
surplus of $1,414,357 and net deficit of $728.749.-V. 129, P. 3172.

Lehigh Coal & Navigation Co.
(109th Annual Report-Year Ended Dec. 31 1929.)
PRODUCTION OF COAL BY COMPANY AND ITS TENANTS.
1927.
1926.
1929.
1928.
Gross Tons. Gross Tons. Gross Tons. Gross Tons.
Mined by Lehigh Coal &
.Nav.Co.from its lands 3,119,185 3,194,230 3,569,386 3,500,551
Recovered from its culm.
244,790
banks by co
114,486
318,760
73,543
Total produced by co.
from its lands
3,192,728
Less fuel coal produced
by co. from its lands
and culm. banks
114,830

3,308,716

3,814,176

3,819,311

132,378

138,105

111,738

3,176,338
330,759

3,676,071
282,591

3,707,573
218,164

9,152

5.193

16,495

372,877

339,911

287,784

234,659

47,024

47,393

45,002

37,779

325,853

292,518

242,782

196,880

359,799

385,259

242,700

Commercial coal produced by co. from
its lands & culm.
banks
3,077,898
Mined by lessees of co_ _
346,008
Recov.from cuhn. banks
by lessees of co
26,869
Total produced by
lessees of co
Less fuel coal produced
by lessees of co
Corn.coal produced by
lessees of co
Mined by co.from leased
lands
Recov. by co. fr. leased
culm banks
Total produced by co.
from leased lands &
culm banks
Less fuel coal prod, by
co. from leased lands
& culm. banks

1647

FINANCIAL CHRONICLE

24,438

359,799

385,259

267,138

11,521

18,175

14,672

367,084

252,466

3,524,989

3,851,977

Commercial coal produced by co. from
leased lands & culm
banks
348,278
Summary
Total mined by co. & its
lessees from its lands.. 3,465,193
Total recov. fr. its culm
banks by co. & its
lessees
100,412

123,638

249,983

Tot. prod. by co. & its
lesseesfrom its lands
& culm banks
3,565,605
Less total fuel coal prod.
by co.& its lesseesfrom
its lands & culm banks
161,854

3,648,627

4,101,960

179,771

183,107

Tot. comm. coal prod.
by co. & its lessees
from its lands & culm
banks
3,403,751
Comm.coal prod. by co.
from leased lands &
culm banks
348,278

3,468,856

3,918,853

367,084

252,466

The company and subsidiaries earned a net profit for the year 1929, o
$9,028,661 which was transferred to surplus account.
On or about July 1 1929, pursuant to a plan of reorganization and agreement between Continental Oil Co. (Maine) and Marland Oil Co. (Del.)
the properties and assets of the former were transferred to Marland Oil
Co., and the name of the latter company was changed to Continental Oil
Co. (Del.) The integrated activities of the two companies have proved
that the merger was logical and promoted that economic efficiency so
needed and sought in the petroleum industry to-day.
Aside from the merger and necessary internal readjustments in the
company's organization,some of the important occurrences of the year were:
The acquisition of the assets and properties of Prudential Refining Corp.,
Including a refinery at Baltimore, Md. and marketing properties along the
Eastern seaboard. In the acquisition of Prudential Refining Corp., the
company also acquired the Gladstone Transportation Co. (now Continental Steamship Co.), owning and operating three tank steamers, which
were subsequently augmented by the purchase of three additional tankers.
Company fleet now consists of six tankers of 51,454 dead weight tonnage
with a carrying capacity of 382,000 barrels, together with a seagoing barge
of 14,000 barrels capacity:
The development and expansion of the company during the year 1929
in the various branches of the oil business in which it is engaged, are shown
by the following table:
In Barrels of 12 Gallons
1926.
1927.
1928.
1929.
Net production of crude
oil (incl. Mexico)
22,112,715 13,470,853 15,832,557 13,137,048
Net prod. of crude oil by
Texon Oil & Land Co.
2,170,917 3,317,389
of Delaware subs
2,673,212
2,820,972
Pipe line runs ofcrude oil 13,063,551
9,097,689 18,084,085 21,658,305
Crude oil run through re7,601,315 7,823,782 7,528,196
fineries
9,893,448
5,603,317
3,118,982 6,464,848
Inv.ofcrude oil at Dec.31 11,902,546
Inv.of refined prods. at
2,671,751
1,702,320 2,018,706
Dec.31
3,717,427
Sales of crude oil (incl.
Mexico)
18,889,849 15,476,669 17,777,460 16,337,966
Crude oil sales byReagan
County Purch. Co.
7,114,020 8,224,590 9,778,054
6,528,274
(51% owned)
7,816,428 8,410,222 6,698,906
Sales of refined products 10,960,684
Casinghead gasoline production (gallons)
20,767,322 23,561,412 34,100,662 27,807.716
Natural gas sales (M.
cubic feet)
10,160,406 10,934.289 11,183,306 11,138,604
Oil leases owned (acres):
25,099
33,929
34,335
Producing
153,873
1,539,423
2,377,648
1,806,207
Non-producing
1,901,290

1,564,522
2,411,577
1,840,542
Total
2,055,163
Oil & gas wells at Dec.31:
918
1,061
1,096
Producing
2,864
3,718,715
166
46
40
37
Drilling
Aver, net daily crude oil
35,992
43,377
36,806
60,583
production, year
335,255
The company closed the year 1929 with an inventory of 11,902.546
barrels of crude oils, as compared with 3,118,982 barrels at the end of
1928. Of the amount on hand at Dec. 31 1929. 2,931,567 barrels resulted
4,053,970 from the merger with the Continental Oil Co. of Maine. property account
The capital investment of the Company for additions to
during the year 1929, aside from properties acquired by the merger, am
149,517 mated to $22,310,664, as compared with additions of $6,513,029 during the
year 1928.
CONSOLIDATED INCOME STATEMENT YEARS ENDED DEC. 31.
1928.
1929.
$81,893,797 $50,758,379
3.904,453 Gross earnings
29,940,544 19,987,143
Operating and administrative expenses
23,923,911 18.776,393
Merchandise costa

Tot. comm. coal prod.
by co. & its lessee.. _ 3,752,029 3,835,940 4,171,319
3,904,453
INCOME ACCOUNT FOR YEARS ENDED DEC.31.
1927.
1926.
1929.
1928.
Revenue (coal)
$19,516,972 $21,492,788 $20,614,029 $20,067,581
Expenses (coal)
17,237,996 19,093,858 16,958,318 15,320,503
Taxes (coal)
1,150,220
1,045,607
1,166,643
1,134,837
Depletion (coal)
313,520
331,792
255,652
248,407
Deprec. & 0th. res.(coal) 1,108,281
1,548,610
1,419,226
1.486,964
Net rev, from coal_ __loss$212,550 loss$510,330
$643,361 $1,950,45
Canals revenue
220,478
218,941
185,552
217,492
Canal exp.,tax.,dep.,&c.
343,304
290,298
310,132
282,331
' Canals not loss
$122,825
$71,357
$96.70-$92:640
Lehigh & Susq. & other
railroad rentals rec'd_ 2,342,900
2,335.403
2,340,021
2,302,773
Rev, from investments.. 1,739,709
1,216,518
1,682,872
1,683,025
All other revenue
350,383
343,770
170.519
340,233
General exp., taxes, &c_ deb,64,115
65,009
73,687
65,092
Net miscel. revenue__ $4,358,727 $4,301,573 $3,837,291 $4,082;629
Summary-Gross revenue
24,125,367 26,076,946 24.736,812 24,442,838
Gross expenses
17,569,823 19,454,497 17,350,101 15.665.892
Taxes-operating
1,158,407
1,143,239
1,175.120
1.054,230
Depletion
313,521
255,653
331,792
248,407
Deprec. & other reserves 1,114,498
1,556.952
1,493,072
1,429,200
Net revenue
$4,049,398 137698,663 1i:357:830 15,961,725
general admin. expenses
201,378
204,304
215,566
231,425
,377
Iltx.e'oVuenTidreal,000
758
,000
.
788,289
debt.. _ _ _
782,997
782,570
793.659
36,491
38
Other interest
37,008
19,435
Net income
$2,975,088 $2,525,430 $2,9327296 $4,17f,
447
Dividends
(8%)2.571,840(8)2.513,739(10)2924,340(10)2924,340
Balance, surplus
$7,955 $1,253,107
$11,691
$403,248
Shares of capital stock
584,868
outstanding (par $50)642,960
642,960
584,868
Earn. per sh. on cap.at
$5.01
$3.93
$4.62
$7.14
BALANCE SHEET DECEMBER 31.
1929.
1929.
1928.
1928.
Assets
$
3
Coal lands, mining
32,148,000 32,148,000
Capital stock
& markTg prop.45,556,039 43,955,167 Funded debt........b21,647,000 17,755,000
Canal property _ _a3,347,524 3,350,261 Audited vouchers
Real estate
2,149,229 2,117,050 & payrolls
1,109,750 1,100,470
RR. physical prop.16,051,400 16,051,400 Sundry creditors_
37,531
46,891
RR.secs. pledged- 7,853,721 7,862,271 Accrued taxes......_ 1,401,552 1,659,996
RR.secs.unpledged 5,168,373 2,312,713 Matured int. on
Adv. to affil. cos 1,223,329
707,028 funded debt _ - 395.857
392,803
U. S. securities.. _ - 1,999,687 2,499,687 Mat't & seer. rents
1,516
1,177
Cash
869,566 1,628,745 Divs. unclaimed- 9,772
8,969
Customers accts_ - 3,304,171 3,604,095 Susp. credit Recta_ 424,160
276,976
Sundry debtors..- - 710,596
536,724 Deplet'n, deprec'n
Coal stocks
3,062,964 2,797,468
&c., reserves_ .e15,345,388 14,872,265
Materials & supp- 706,663
817,859 Reserve for workAccrued int. rec....
24,662
men's compen'n. 963,571
23,648
990,019
Workmen's comp'n
Profit & loss surp _20,559,753 20,598,119
Insurance fund_ 888,169
914.617
Snap. debit sects 1,127,753
671,950
Total
94,043,852 89,850,686
Total
94,043,852 89,850,686
a Canal property consists of: Physical property $2,285,196; securities
pledged, $1,047,911; securities unpledged, $14,417. b Funded debt,
$27,362,000, less treasury bonds pledged, $5,000,000; unpledged $715.000.
c Depletions, $4,537,638; depreciation and other operating reserve, $10.807,750.-V. 130, p. 473.




Continental Oil Co. (and Subsidiary Companies).
-Year Ended Dec. 31 1929.)
(Annual Report
President J. D. Moran, Feb. 26, wrote in part:

$28,029,342 $11,994,843
Net earnings
1,000,000 1,000,000
Other income: Dividends-Comar Oil Co
10,000
73,539
-other companies
Dividends
476,717
617,010
From earnings of Reagan County Purch. Co........
1,000,000
From earnings of other subsidiaries
736,295
784,900
Interest earned
Gross income
Int. & amort. of disc. & exp. on funded debt

$31.504,792 $14,217,856
1,744,376
1,886,146

$29,618.646 $12,473,479
Net income before capital extinguishments
7,878,430 6,006,586
Provision for depreciation
378,499
1,959,132
Provision for depletion on lease bonus costs
8,236,513 5,187,761
drilling costs
Intangible
2,190,752 3,329,548
Leases cancelled, &c
300,000 2,558,649
Prov. for operating losses of foreign subsidiaries......
Net operating income
Applicable to nainoriy interests
To surplus
Deficit at beginning of period
Capital surplus June 30 1929 (less adjustment
$5,058,104)
Losses Mexican companies, prior periods
Sundry adjustments,net

$9,053,8201oss$4987,565
25.159
$9,028,66010gs/4987565
1,585,453
6,556,898
25,066,358
4,825,000
1,591

16,120

$22,714,712def$6556,898
Surplus balance at end of period
Nil
Earnings per share on 4,743,103 (no par shares)....$1.90
AS AT DEC. 31
CONSOLIDATED BALANCE SHEET
1928.
1928.
1929.
1929.
i
Liabilities$
Assets
Net prop. acc'tx109,217,806 49,903,807 Capital stock.. _y129,027.222 85.305,345
22,714,712 def6,556,898
Net Inv. & adv.. 22,715,348 12,688,372 Surplus
525,055
18,405
Minority ints_ _ Funds dep. for
697,363
265,547
Def. credit items
red. of bonds,
174,494
367,996 Res. for cont...... 1,238,805
107,030
interest, &c._
495,879
Res.for annuities
Una,d1. debits &
sundry assets_ 3,071,044 1,530,180 Serial 5% gold
20,616,000 21,467,000
notes
PrePd. & def.
2,252,081 1,105,464 54% gold debs 10,552,000
charges
943,000
Cash in banks &
1st M.6A% bds
15,027,385 8,272,949 Mtges. payable.. 1,390,140
on hand
1,000,000
Prime bk. accpt. 4,022,275
Notes payable..
172.425 13,663,322 Unredeemed int.
Marketable sec_
107,030
32,996
coupons, &c__
246,996
Notes receivable
414.085
Accts. receiv_ _ 9,185,757 4,402,813 Notes payable.... 1,000,000
Accts. payable_ 6,501,374 3.825,211
Divs.rec. Comae
1,000,000 Accr. int., taxes,
011 Co
& insurance.... 1,210,927
371.497
Divs.rec.Reagan
969,000
Co.Purch.Co.
Invent, crude oil 19,052,694 4,804,306
Refined prods. 10,938,633 3,600,841
Mat. & supplies 1,737,156 2,199,998
107,093
2,722
Int. rec. accrued
40,462 Total (ea side) 198,019,507 104,903,599103,064
Misc.dem. items
x After deducting depreciation, depletion &c. y Represented by 4,570,
shares issued and outstanding, and 172,419 shares to be issued upon
684
-V. 130, p. 140.
surrender of shares of Continental Oil Co. (of Me.)

GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Baltimore et Ohio Renews Differential Plea.
-1.-S. C. Commiseoner
asked to reopen case in conjunction with New Jersey hearing in April.
" "Times" March 7, page 44.

1648
FINANCIAL CHRONICLE
1.-S. C. Commissioner Seeks Profitsfrom161 Railways.-Chairman Lewis's Dated March 1 1930.
statement of its
York. "Times" maturity.

[VOL. 130.

Due March 1 1932. Not redeemable before
plan for 1931 interests railroad men in New
Guaranty Trust Co., New York, trustee. Interest payable
M. & S. Denomination $1,000, $5,000, $10,000 and $25,000, each in
March 2, section 2, page 9.
Freight Cars and Locomotives on Order Higher.
-The railroads of this bearer coupon form with the privilege of registration as to principal.
Notes
$1,000
country had more freight cars on order on Feb. 1 this year than on any notes. of denominations larger than of the may be exchanged for $1,000
Both principal and interest
in gold
similar date since 1926, the Car Service Division of the American Railway coin of the United States of America of the notes will be payablefineness
standard of weight and
Association announced. Freight cars on order on Feb. 1 this year totaled existing March 1 1930.
33,924. This was an increase of 3,708 cars above the number on order on
The proceeds of this issue of notes will be applied to the retirement of
Feb. 1 1929, and an increase of 14,876 cars above the same day two years
ago. It was, however, a reduction of 16,712 cars below Feb. 1 1926. $3.425,000 6% notes due March 1 1930.
by the deposit and pledge with the trustee,
Of the freight cars on order on Feb. 1 1930, reports showed 19,873 were ofThe notes are to be secured bonds, series B,
$3,125,000 53% prior lien
due May 1 1961.-V. 128,
box cars, an increase of 6,022 compared with the same date last year. P.3822.
Coal cars for which orders have been placed numbered 11,353, an increase
of 398 compared with the number of such cars on order on Feb. 1 1929.
Chesapeake Corp.
-Earnings.
-Refrigerator cars on order totaled 967, flat cars 1,357; stock cars 274 and
Calendar Years1929.
1927.
1928.
other miscellaneous freight cars, 100.
Dividends
$7,124,300 $6,000,000 $3,500,000
Locomotives on order on Feb. 1 this year numbered 441, compared with
163,610
91,640
165,300
278 on the same day in 1929, and 173 in 1928. The number of locomotives Int. earned & miscellaneous income
on order on Feb. 1 this year was also greater than the number on order on
Total
$7,287,909 $6,165,300 $3,591,640
any corresponding date since Feb. 1 1926, when there were 493.
2,354,082
1,420,000
2,385,172
New freight cars placed in service in January this year totaled 8,659, Bond interest
199,026
40,505
compared with 1,129 in the same month last year and 2.899 in January 1928. Other interest expense
34,740
13,439
24,377
New locomotives placed in service in January, 1930 totaled eighty com- General expense
pared with 48 in January last year and 154 two years ago.
Net profit for period
$4,700,060 $3,755,751 $2,117,696
Freight cars or locomotives leased or otherwise acquired are not included
Dividends
4,049,618
1,350,000
2,700,000
in the above figures.
Surplus Freight Cars.
-Class 1 railroads oa. Feb. 15 had 395,039 surBalance
$650,443
$767,696
plus freight cars in good repair and immediately available for service, Shares cap. stock outstand.(no par)_ 1,799,745 $1,055,751
900,000
900,000
the car service division of the American Railway Association announced. Earnings per share
$2.61
$2.35
$4.17
This was an increase of 21,214 cars compared with Feb.8,at which time
Comparative Balance Sheet Dec. 31.
cars on Feb. 15 totaled 136,436
there were 373,825 cars. Surplus coal
1928.
cars, an increase of 19,678 cars within approximately a week, while surplus
1929.
1929.
1928.
box cars totaled 205,936, an increase of 2,116 for the same period. Reports
Assets$
also showed 25,456 surplus stock cars, an increase of 665 over the number Cash_ _
194,125 2,358,492 Capital stock_ _ _b74,242,042 54,000,000
reported on Feb. 8, while surplus refrigerator cars totaled 13,113,a decrease Dividends recle 2,065,750 1,500,000 5% cony. coll.
of 120 for the same period.
Investments__ _a138,474.188 105,248,467
trust bonds__ 46,748,000 47,389,000
2,525 Accr. int. on bds
Accrued interest .
296,266
292,175
Loans&accts.pay 9,203,285
Baltimore & Ohio RR.
-Consolidation Plan Dismissed.
- Tot.(each
side)_140,734,063 109,109,488 Surplus
10,248,561 7,424,219
The I. C. Commission, March 3. dismissed the consolida-S.
a Consists of (1) 814,600 shares common stock of Chesapeak & Ohio Ry.,
tion application of the company at the request of the carrier. 19,500 shares common stock Pere Marquette Ry. and $424,000 par value,
30
-year 5% cony. coll. trust bonds of Chesapeake Corp. b Represented by
Controls Third of Reading Company's Stock.
.-V. 129, p. 2854.
Understandings between the New York Central and Baltimore & Ohio 1,799,745 (no par shares)
with reference to equal holdings of stock in the Reading Co. "are no longer
Erie RR.
-Asks Authority to Issue Bonds.
in existence and the Baltimore & Ohio's present interest in the Reading is
Permission to issue $50,000,000 of ref. & impt. mtge. 5% gold bonds,
approximately 34%," the 1.-S. C. Commission was advised Feb. 28 by
series of 1930, has been asked by the company in an application filed with
brief filed by the B. & 0. in connection with its application to acquire the
I.
-S. C. Commission Mar. 3. The bonds are to be placed in the road's
control of the Buffalo & Susquehanna RR. Corp.
The Baltimore & Ohio's declaration was made in answer to contentions treasury pending their sale.
In connection with the proposed $50,000,000 bond issue, the company
of counsel for the Delaware & Hudson Co., made during hearings in the
case, to the effect that the Buffalo & Susquehanna was not desired by the asked authority to issue and deposit permanently with the trustee, under
Baltimore & Ohio except because of its availability in the creation of a Its ref. & impt. mtge., $29,071,750 of its general lien 4% gold bonds.
proposed new short low-grade line from Chicago to Philadelphia and New Proceeds from the sale of the improvement mortgage bonds will be used
1 ork, and therefore it would be of interest to know the relationship be- to provide for maturities during 1930, to reduce interest charges, to retween the Baltimore & Ohio and the Reading and Central of New Jersey imburse the railroad's treasury for past expenditures in acquiring matured
obligations, to reimburse the treasury for past expenditures on additions
roads.
The brief declared that the Baltimore & Ohio for many years has had and betterments, to refund certain bonds of the road held n its treasury.
a substantial interest in the Reading through ownership of a large stock and to provide funds for general corporate purposes.
The application stated that the company proposes to sell the $50,000,000
interest. For many years, it was said, the New ork Central, under
understandings then in effect, had an equal interest in the Reading. These of bonds as soon as the securities market permits them to be sold on favorable
terms.
-V. 130, p. 1452.
earlier understandings are now terminated.
Continuing, the brief declared "the Reading in turn has for many years
Great Northern Pacific Ry.-Acquisition of Great
had a substantial interest in the Central RR. of New Jersey, represented
-In our issue of Feb.
by its ownership of about 52% of that company's capital stock. These Northern and Northern Pacific Roads.
lines are essential in the effective carrying out of the proposed low grade 22 we briefly referred to the approval by the I.-S. C. Comroute."
"The dependence of the Baltimore & Ohio upon the Reading and the mission of (1) the operation and acquisition, by lease, by
Central of New Jersey for access to the City and Port of New 'York, and the company of the lines of railroad of the Spokane, PortIn respect of its terminal situation there is a matter of public knowledge,"
land & Seattle Ry. (2) acquisition by the company, by lease
said the brief.
It was pointed out that when the Balttmore & Ohio originally became and stock ownership, of control of the Great Northern Ry.
interested in the Reading, it was thought that negotiations contemplated and the Northern Pacific Ry., and its operation of their
acquiring the entire block. Subsequently, however, under other arrangements, the Baltimore & Ohio took over and paid for 25% and the New properties. The text of the Commissions' report follows
York Central took the balance. The B. & 0. now owns 34%
.-V. 130, in part:
p. 1451.
On July 8 1927, the Great Northern Pacific Ry., and the Spokane,
Portland & Seattle Ry., filed a joint application under section 1 (18) and
Boston & Maine RR.
-New Officers.
George F. Glacy has been elected Comptroller, succeeding William S. section 5 (2) of the Interstate Commerce Act for a certificate and order authorizing the new company to operate and to acquire by lease for 99 years
Trowbridge, who recently was appointed Vice-President in charge of finance the lines of railroad and other properties of the Spokane company.
and accounting. Mr. Glacy has been with the company since 1918 and new company proposes to operate the Spokane company's lines, but The
not
has been Deputy Comptroller since 1926.-V. 130, P. 1451.
those of its subsidiaries, the Oregon Electric Ry., Oregon Trunk Ry. and
United Railways. The application is made with the consent and approval
Brimstone RR. & Canal Co.
-Commission Orders of the Great Northern Ry. and the Northern Pacific Ry., which own substantially all the capital stock and all the bonds of the Spokane company.
Refund of Excess Earnings.
In a tentative report, the first handed down since the U. S. Supreme In a separate application, made under section 20a of the act, authority is
sought by the new company to issue 10 shares of its common stock (no par
Court issued its decision in the St. Louis & O'Falion valuation, the I.
-S. C.
of perfecting its organization under the laws of
Commission, March 4, ordered the company, a subsidiary of the Union value), for the purpose liability in respect
of securities to the extent that
Delaware, and to assume
Sulphur Co., to refund $217,793 in excess earnings to the Commission.
Tile Commission found that the earnings of the Brimstone road were such liability is involved in the terms of the proposed lease.
On the same date, the new company, the Great Northern Ry., and the
$520,871 in excess of a return of6% upon the value of the property devoted
Northern Pacific Ry. filed a joint application under section 5 (2) of the act
to transportation service for the 1920-25 period, one-half of the excess being for
an order authorizing the new company to acquire by lease and stock
payable to the Commission for use of the general railroad contingent fund.
ownership control of the properties of the Great Northern and Northern
No excess earnings were found for 1926-28.
Pacific, pursuant to a certain plan and deposit agreement. The leases are
In reporting the matter the New York "Times" says:
essentially the same, and are for a term of 99 years. A separate application
The company already had paid voluntarily $42,642. The order, March 4, s
made by
directed the payment of the balance and allotted 30 days in which to accept ssue not tothe new company, under section 20a of the act, for authority to
exceed 4,970,976 shares of its common stock, without par value,
the findings, which will then become final if a protest is not filed.
report indicates that the Commission took full cognizance of the represented by certificates in definitive form, or in temporary form exThe
changeable for definitive certificates when prepared. This stock is to be
current reproduction cost of the property, less depreciation. This was con- Issued in
for share, for stock of the Northern companies as
sidered significant in view of the decision of the Supreme Court in rejecting delivered exchange, share
company under the plan. Authority is also sought
to
the Commission's finding in the O'Fallon case, holding that the Commission under sectionthe new
new company to assume liability in respect ofsecur20a
had not given sufficient weight to current reproduction cost in determining ities to the extentby the
that such liability is involved in the terms of the proposed
the value for recapture.
leases.
The Brimstone road, built in 1906, is about nine miles long, connecting
All these companies, except the new company, are carriers by railroads
with the Kansas City Southern near Lockport Junction, La. At one time subject to the Interstate Commerce Act. The new company expects to
it°mated three locomotives and 106 freight cars.
common carrier upon the granting of the application,
acquire the
The company now has pending an application for authority to abandon in Finance status of a 6409,for authority to lease and operate the Spokane
the line owing to the end of its usefulness through depletion of the sulphur company. Docket No.
mine.this condition accounts for deficits in net railway operating income
The several applications are considered together as interdependent Parts
since 1926.
of a proposal for the unified operation and management of the Northern
The report found the current reproduction cost, of the property of companies and the Spokane company. A hearing upon them has been had,
$569,910 and this cost less depreciation $422,196 as of Feb. 20 1920, and briefs have been filed, and the cases have been argued orally.
reproduction cost $457,325 and this cost less depreciation $321,425 as of
The predominating expression of approval of the proposal from territories
Dec. 31 1925, the termination of the period covered by the refund order which are largely served separately by the Northern lines, should be conto-day.
sidered along with the fact that over 96% of all stations on these lines are
The final value of the road for the six recapture years was found to be: local to one or the other of them. Thus, where direct rail competition is not
1920, $338,000; 1921, $398,550; $1922, $370,600; $1923, $385,250; 1924, a prominent factor, public sentiment seems to be generally favorable to the
$377,900; 1925, $346,000.
proposal. The total population which is purely local to one or the other
The findings in the Brimstone case are expected to be followed by in- line was given as 1,235,519, while that which is served by other roads as
creased activity of the Commission in this phase of its work, for which well is 2,013,330. Opposition to the plan was presented by such important
an additional appropriation of $1,500,000 annually for the next three years interveners as the Farmers Grain Dealers associations of North Dakata and
is now before Congress.
-V.126, p.3749.
Montana, the State commissions of Washington, Wisconsin, Iowa, South
Dakota, Minnesota and Nebraska, the chambers of commerce, or other
-Equipment Trusts.
Central RR. Co. of New Jersey.
- commercial bodies, of Duluth, Minn., Fargo and Grand Forks, N. Dak.,
The I.
-S. C. Commission Feb. 19 approved the issuance of $480,000 Omaha, Nebr., and Tacoma, Wash., the Southern Minnesota Mills, the
equip. trust of 1926 4%7 equipment-trust gold certificates to be issued by receiver of the Minneapolis & St. Louis RR., and the Chicago, Milwaukee,
the Hudson Trust Co. of Hoboken, N. J., under an equipment-trust agree- St. Paul & Pacific RR. The most serious opposition to the granting of the
ment dated July 15 1926, and to be sold at not less than 99.192 and diva. applications is found in the representations made by the Milwaukee, which
in connection with the procurement of 200 steel gondola cars.
contends that the proposed unification would be detrimental to its welfare
The report of the Commission says in part:
and would not be in the public interest. The views of the interveners will
Bids for the certificates were solicited by the applicant from 35 banking be more fully discussed later. . .
firms or institutions, and 10 bids were received. The highest bid, 99.192
An attempt to unify the Great Northern and Northern Pacific was made
of par and divs., was submitted both by the Mellon National Bank, of between 1893 and 1896, and again in 1901. Both projects failed because of
Pittsburgh, and Kountze Brothers of Now York, and, subject to our ap- adverse decisions ofthe Supreme Court ofthe United States, based upon conproval, one-half of the certificates will be sold to each of these bidders. sideration of the competitive nature of the lines. In Northern Securities
On this basis the average annual cost to the applicant will be approximately Co. v. United States, 193 U. S. 197, decided March 14 1904, the court held
4.65%.-V. 139, p. 1109.
that the arrangement was an illegal combination in restraint of Interstate
of July
commerce and fell within the prohibitions and provisions of the
Chicago & Eastern Illinois Ry.-Notes Offered.
-Kuhn 2 1890. The Northern Securities Co. had issued its stock Uponact agreed
an
Loeb & Co. have placed privately $2,500,000 2-yr. 5% basis in exchange for more than 9-10 of the stock of the Northern Pacific and
more than
of the stock of the Great Northern. Following the decision
secured gold notes.
above cited, the Northern Securities Co. called in 99% of its outstanding




MAR.8 1930.]

FINANCIAL CHRONICLE

1649

[Figures submitted show an estimated saving of $10,142,811 annually]
the stock of
stock, the holder of each share surrendered to receive $30.17 ofPacific. In
It was contended by the Milwaukee that less than 50% of the tota
the Great Northern and $39.27 of the stock of the Northern
by the applicants is dependent upon unification. NV'
Northern Securities Co., 197 U. S. 244, the Supreme Court savings estimated
Harriman v.
these carriers but we are no'
temporary injunction against recognize the affiliation existing between rearrangement as extensive 0434
affirmed an action of the lower court denying a
convinced that a program of change and
of the Northern Securities
the pro rata distribution of the stock holdings case before us that, as a re- the one prepared by the applicants can be successfully carried out without
with the
Co. It is worthy of note in connection
cases, complete unification, and single control of all the facilities. Again, ut was
sult of the rulings by the highest court in the Northern Securities Co. was contended that an impairment of efficiency in operating management
ownership
a common control of the Northern companies through stock
would accompany the creation of so large a system. We see no reason to
created.
of treat this suggestion as other than a remote contingency. In fact, the
It was stated that Dec. 31 1926, the same persons owned about 63%
record shows that it is proposed to divide the combined Northern roads
stock, and 59% of Great Northern stock, or. collectively, into two major divisions having approximately equal mileages east and
Northern Pacific
same
that 619k of the total capital stock of both companies was held by the
west of the Montana-North Dakota line, the eastern division to have its
stockholders. Excluding stock held in brokers names, approximately 46% headquarters at St. Paul and other division its headquarters at some western
the persons ultimately entitled to
was so held. The applicants believe, if
of the point. By this arrangement the inspection of lines by general officers
the stock held by brokerage firms are considered, that more than 50%
1901 the would be more advantageously made than at present. Efficient operation
stock of each company is held by the same stockholders. In & Quincy of the proposed system, and close contact between operating officials and
Northern lines acquired joint control of the Chicago, Burlington
the local public, reasonably may be expected from such a plan.
RR. Approximately 97% of the Burlington s capital stock was purchased,
The applicants' proposal to reduce the expense of operation is entirely
and is owned in equal parts by the Northern companies. Expenditures sound in principle, and is entitled to serious consideration as a step toward
and
exceeding $230,000,000 have been made in constructing the Spokane or ultimately reducing the cost of transportation, thus tending to prevent
other connecting lines, and in providing joint facilities to be used by two
increased rates if not to lower existing rates, and aiding in the development
more of the three major systems.
and prosperity of the territory. . . .
The new company was incorporated in Delaware, June 18 1927, with the
In the practical working of the unified system all the advantages which
Delaware. Prior to effecting the
power to operate in any State other than
may be the applicants offer to their local public may not be realized, and yet there
proposed leases, it proposes to secure such additional authority as
the is ample evidence to show that substantial benefits in the respects just
required to enable it to operate in each of the several States where new considered would be afforded. On the whole, we thiak that the plan,
Spokane and the Northern lines are situated. At the present time the
in these respects, would be in the public interest.
company is not a common carrier. Its authorized capital stock is substantiWith respect to the maintenance of existing routes and channels of trade
ally equal to the combined capital stocks of the Northern companies. new and commerce, the applicants refer, in support of their plan, to the long
to the
The terms of the proposed leases of the Northern companies
standing community of interest between the Northern lines, and between
company are similar. The demised properties include all rail lines owned them and the Burlington. Special attention was called to the large sums
and all interest of the lessors in leased lines,easements,trackage and terminal which have been expended in constructing connecting lines and joint
and afterrights, lines jointly owned, equipment, franchises, real estate, interest in facilities. Statistics showing the number of cars interchanged were preacquired property. Assignment is made of all right, title and
sented. Testimony of the President of the Burlington in the early conshares of stock, bonds and other securities owned and held. Current solidation proceedings was admitted in evidence. As much of this showing
proassets, claims and material and supplies are also included, with amade had to do with the traffic relations between the Burlington and the Northern leases. Exception is
the unification proposal.
vision for an accounting at the expiration of the
by the Lines, it is largely immaterial in our present view of
in the case of lands granted to the lessors in aid of constructionand the Whether the more complete amalgamation of the Northern Companies
Government or by the States, claims which can not be assigned,
and the numerous connecting
to be paid would disturb the flow of traffic between them primary question to be congeneral books and corporate records of the lessors. The rental
roads not involved in the unification is the
by the new company consists of interest on equipment trusts, bonds and sidered here. According to the exhibits introduced, the Great Northern
notes of the lessor companies, including extensions and future issues, and interchanges traffic with 58 connections and the Northern Pacific with 42.
provision for unextinguished discount on the lessors' funded debt. Subject During 1926 the Great Northern's interchange with the Milwaukee was
to its obligation to account to the lessors at the termination of the leases for 68,851 loaded cars, and with the Minneapolis & St. Louis, 34,389 loaded
such amounts as have not been distributed in dividends, the lessee reserves cars. The Northern Pacific's interchange with these roads was respectively,
to itselfcomplete and obsolute discretion as to the use ofsurplus accumulated 61,983 and 22,196. Between the Great Northern and the Northern Pacific
out of income from the operation and use of the demised properties during 84,341 loaded cars were interchanged. None of the roads with which
the terms of the leases, but agrees to pay non-assenting stockholders of the important interchange is carried on, except the M. & St. L., intervened in
Northern companies the same dividends as are paid to its own stockholders these proceedings or expressed any concern as to a possible curtailment of
and,further, to purchase stock of the non-assenting stockholders, after the their traffic. The M.& St.L.professes to believers that the Great Northern
execution of the leases, at a fair value. In the event of failure of the parties Pacific, if it controlled the Burlington, would find it advantageous to
to agree as to the fair value, the leases provide that it shall be determined divert through traffic from Minnesota Transfer, a terminal facility at the
by us or by arbitration. The lessors are obligated for capital expenditures, Twin Cities of Minneapolis and St. Paul, Minn., to the Burlington via
fiand will issue their securities to refund outstanding obligations and toare the Billings gateway, causing thereby a loss in the amount of interchange
nance or reimburse the lessee for capital expenditures. Such securities a between the Northern Lines and the M. & St. L. at Minnesota Transfer.
by the lessee at fair value which, in the case of stock having
to be accepted
The traffic manager of the Southern Minnesota Mills expressed the view
par value, shall be not less than par.
that more traffic would be routed over the Burlington than is now so routed,
The proposed leases were duly authorized by the boards of directors of the but Nebraska interests were of the opposite opinion. Such evidence is inlessor companies and the new company. The attitude of the stockholders adequate to discredit the applicants' assertion that existing routes and
70%
of the Northern companies is expressed by the deposit of approximatelyThis, channels would not be disturbed under the plan as proposed. Without
of the stock of each of these companies with the deposit committee.
control of the Burlington, the unified Northern Lines would appear to be
of the
the committee and the applicants consider, assures approval vote ofplan still less objectionable in this respect. Reciprocal relations with connecting
the roads, the large proportion of traffic which is routed by the shippers, and
and authorization of the proposed leases by an affirmative
our jurisdiction over the cancellation of joint meta. all act as protective
requisite amount of stock of each of the Northern companies.
Under the plan, the securities owned by the Northern companies will be forces. It would be understood by us, and the public would have every
for a term of 99 years. As proposed, right to expect, that, so far as lies within the powers of the applicants,
held and enjoyed by the new company
the new company would control the Burlington by virtue of its acquisition existing routes and channels of trade and commerce heretofore established
company. among the lines of the proposed system and other carriers would be preof 1,660,232 shares, or about 97% of the capital stock of that
11,473
With its subsidiaries,the Burlington operates a total ofapproximatelyas well served, and existing gateways for the interchange of traffic with other
carriers would be maintained.
miles of line, reaching Chicago, St. Louis, Denver and Kansas City,
controlled Colorado & Southern Ry.
The protestants sought to show that the proposed rerouting of freight
as important points in Texas via the
traffic, such as the diversion of Northern Pacific through trains between
and its subsidiaries.
so funda' Certain preliminary questions raised by the protestants are this point. Sand Point and Casselton to the Great Northern's main line, would affect
shippers adversely in the matter of diversion privileges. It was suggested
mental in character that we may appropriately dispose of them at
Our jurisdiction to grant the applications as presented was challenged, a that other features of the rerouting program would tend to benefit Seattle
of supporting evidence was alleged, even if our jurisdiction be assumed. at the expense of Tacoma. In the light of all the circumstances described
lack
and the illegality of the deposit agreement was represented to be such as to in the record, we are unable to give much weight to these objections. . . .
For the purpose of demonstrating the relative competitive strength of
warrant a dismissal of the applications. Under section 1 (18) of the act,
in many instances we have issued certificates of public convenience and the major roads directly affected, the Milwaukee introduced a series of
necessity permitting corporations organized for the purpose of engaging in studies covering certain of the Northwestern States. The Northern Lines
transportation by railroad, but not so engaged, to operate existing lines. are shown as comprising approximately 36% of the total miles of class 1
When dealing with the application in Finance Docket No. 6409, wherein railroads operated in Minnesota, 67% of the total in Northern Dakota,
the new company seeks authority to lease and operate the Spokane, we are 68% in Montana, and 62% in Washington. Considering these States as
not denied by the anti-trust laws the power to grant a certificate, or hindered a single area, the Northern Lines operate approximately 55% of the total
-North Western 9.6%
by a lack of evidence to show the effect, on the public interest, of the pro- rail mileage, the Milwaukee 17%, the Union Pacific
posed lease and operation. As the change of control of the Spokane will be the Minneapolis St. Paul & Sault Ste. Marie Ry. (Soo Line) 9.9%, and
in form only, and as its ownership will remain with the Northern companies, other roads smaller amounts. In the matter of freight tonnage originated
in whose interest it operates, there can be no violation of any laws designed on the line of each road, the Northern Lines, combined, in 1926 handled
to prevent restraint of trade through the acquistition of a carrier by a parallel 32.5% of the total in Minnesota (27.3%, excluding ore), 74.4% in North
and competing line.
Dakota, 71.6% in Montana, and 70.8% (excluding logs, poles, posts. &c.)
In regard to the sufficiency of the evidence, we consider that the record, in Washington. It is pertinent at this point to remark that, although the
reflecting a hearing held upon both applications together, may be used with figures just quoted indicate predominance of the Northern Lines as to
propriety where applicable to Finance Docket No. 6409. And, where mileage and freight traffic in most of the States mentioned, the average
dealing with matters particularly associated with the application in Finance amount of originated freight on the Milwaukee in the four.States, excluding
Docket No. 6410, the evidence is material, inasmuch as the lease of the ore, logs, poles, &c., was 1,810 tons per mile of road operated, while that of
Northern lines to the new company is the main objective sought and, in- the Northern Lines was 1,643. Thus it would seem that in these States as
deed, may be the determining factor or controlling consideration in Finance a whole, excluding ore, the Milwaukee excelled the Great Northern and
Docket No. 6409. Upon an affirmative showing in favor of the plan em- the Northern Pacific in the tonnage of freight originated, on a proportional
braced in the two applications, as it affects the Northwestern lines, a cer- mileage basis. Moreover, if the operations of the entire Milwaukee system
tificate of public convenience and necessity under section 1 (18) may be be compared with those of the Northern Lines, it is found that the total
issued to the new company to permit it to operate the Spokane.
operating revenues per mile of road on each system are substantially equal.
When operation by virtue of such auhtority has begun we may, by an This is also true of freight traffic density, expressed in net ton-miles per mile
appropriate order under section 5 (2), authorize the new company to acquire of road for the complete systems, although west of St. Paul and Sioux City,
control of the Spokane by lease, and we may further authorize it, under the Iowa, the Milwaukee's traffic density was but 75% of that of either of the
same provision of the act, to acquire control of the Northern companies. Northern Lines. . . .
To issue a certificate under section 1 (18), and to follow it by successive
Opposition to the proposed unification because of its tendency to restrict
orders under section 5 (2), according to the formal carrying out of each step competition was presented in the State of Washington principally by the
in the program, would be an unnecessary and over-technical procedure. Department of Public Works and by the city of Tacoma. On the other
By concurrently issuing our certificate and orders, we would be following hand, 22 smaller communities and several representatives of lumber, fruit,
an expeditious and reasonable course which we deem fully within our power and other industries in the State signified their approval of it. . . .
adopt. In regard to the status of the deposit committee, its powers appear
When considering the preservation of rail competition in the Eastern
in some respects exceedingly broad, but its effective control of the Northern part of the territory served by the Northern Lines, cognizance should be
lines, in any sense adverse to the anti-trust laws, is forestalled by the con- taken of the preponderance of eastbound freight on the northern systems.
dition of the deposit agreement which subjects the committee's action to our From the study of competitive traffic already mentioned it is seen that, so
approval in respect of the arrangement to be adopted. To compare the far as this portion of the total traffic is concerned, the Great Northern
deposit committee with the Northern Securities Co. is fallacious. The de- moved 1.8 times as much tonnage eastward as it did westward, and on the
posit committee is an appropriate means chosen to accomplish a certain Northern Pacific the relation was 1.5. Through the North Pacific Coast
•
legitimate end,rather than the end itself.
gateways in 1926, the two roads handled 180,349 carload shipments eastA motion was made by counsel for the Milwaukee to dismiss the applica- bound and 71,018 westbound, or over 2.5 timer; as much eastbound. Altions on the grounds that no application had been presented by the new com- though it was suggested that the routing eastbound is somewhat controlled
pany specifically asking authority to acquire control of the Burlington; that from Eastern points, there is clearly a more localized form of competition
if the present application in Finance Docket No.6410 be considered to cover in the western terminals, from which the bulk of originated competitive
such acquisition it does not conform to our rules in such cases, nor has an traffic moves, than at the eastern terminals. Significant, also, is the testiadequate showing been made in the record that the acquisition by the new mony of the Great Northern's director of traffic to the effect that transcompany would be in the public interest. These matters are disposed of by continental shipments from Wisconsin, Chicago and the East, exceed those
our conclusion that the public interest requires an ultimate separation of the from the Twin Cities of St. Paul and Minneapolis and from the Head of the
Burlington from the control of the Northern lines. On Dec. 9 1929, we Lakes district. The protestants are not greatly concerned with the effect
announced the adoption of a plan, under section 5 (4) and (5) of the act, of the unification at these eastern terminals. At the Twin Cities, the prowhich provides for the consolidation of the railway properties of the con- posed system would meet the competition of the Soo Line, a subsidiary of
tinental United States into a limited number of systems. 159 1. C. C. 522. the Canadian Pacific, the Chicago St. Paul Minneapolis & Omaha Ry., a
Under this plan the Northern lines and the Spokane are placed in System part of the Chicago & North Western system known as the Omaha, and
No. 12, while the Burlington and its subsidiaries are placed in System No. the Milwaukee. The Omaha and the Union Pacific form a through route
14. Although the applicants' plan does not contemplate actual consolida- to the Pacific coast which is somewhat longer from this territory than the
tion, it is of such permanent character that our approval of it, with control route of either Northern Line. On the other hand, the Soo,in recent years,
of the Burlington passing into the same hands that would control the Nor- has built important extensions in Minnesota, Montana and the Dakotas.
thern lines, would be clearly incomPtaible with our consolidation program. At Superior the proposed system will encounter the same lines and, i n
This is not to say that the Northern lines should be denied a permanent addition, the Duluth Winnipeg & Pacific Railway, a subsidiary of the
entrancei nto the Chicago district; that question we are not deciding now. Canadian National. At Duluth there will be the Milwaukee, the Soo and
The discussion of the applicants' proposed unification which follows will the Duluth Winnipeg & Pacific.
have to do with the merits of the plan without reference to the Burlington,
The breadth of field in the East from which traffic may flow to the Northand our findings will be model n the light of conclusions reached in our study ern Lines is such that many transcontinental systems are of necessity in
of the general consolidation scheme.
INI competition for the long haul. The transportation situation in the Northos Foremost among the considerations in aver of the proposed unification west has undergone an important change since the time when former
is the feasibility of makingl arge operating economies. Studies presented by mergers of the Northern Lines were undertaken. This has been caused by
the applicants show that the possibilities in this direction are very great. tne extension of the Milwaukee to the Coast, the building of new lineal n




FINANCIAL CHRONICLE

[Vol,. 130.

Washington by the Union Pacific's subsidiary companies, and the access to
(1) The Burlington shall be divorced from control by the Northern
Tacoma and Seattle acquired by them through trackage agreements, the companies within a reasonable period
of time, such period to be stated as
new construction of the Spokane International and the Soo Line, and the nearly as may be practicable.
building of the Panama Canal. An extremely competitive situation has
(2) A bona fide and feasible plan for the acquisition and operation of all
been developed. We are persuaded that the unification of the Great North- the so-called short lines of railroad
ern and Northern Pacific will not so affect this situation as to impair rail- solidation plan, except such thereof as named in System No. 12 of the conmay be found by us, upon this record
road service or generally to operate against the public interest in so far as or from a subsequent showing, not
rail competition is concerned. This conclusion is predicated upon the public convenience and necessity. to be required by the present or future
continued ability of the other carriers to function effectively on all their
((3) A comprehensive program and statement of proposed policy in
lines in competitive territory. It is desirable to consider this question in the matter of the
the light of contentions made by the Milwaukee road, but by no other before explained. unified operation of terminals, or its equivalent, as herein
major carrier. Doubtless the Milwaukee's recent financial experience
_(4) Suitable assurance that the Chicago Milwaukee St. Paul & Pacific
would cause the managers of that property to be especially apprehensive RR.,upon fair terms,
may have access from Spokane to Portland and interof any act of its competitors wnich might strengthen them.
vening points,
The position of the Milwaukee in this matter is substantially set forth in provided in theover the lines of the Spokane Portland & Seattle Ry., as
said plan of consolidation.
the claim that the size and resources of the Great Northern Pacific, its
Upon the facts presented, and subject to the fulfillment of the foregoing
banking influence, purchasing power and superior distributive territory, conditions, as
conditions precedent, we find that the present and future
would cause its competitive strength to grow increasingly great and that public convenience
and necessity require the operation and acquisition by
of the Milwaukee to become less and less. Fear is entertained that the lease of the
lines
present competitive efforts of the Great Northern and Northern Pacific Northern Pacific of the Spokane, Portland & Seattle Ry. by the Great
Ry. in the manner described in the application filed in
would be concentrated against the Milwaukee, and the competition whicn Finance
Docket
the latter could furnish after the unification takes place would be ineffective. tions involved No. 6409, and that the considerations, terms and condiin such acquisition and operation are just and reasonable.
It is insisted that the unbalanced condition in the transportation field of We further
find that the issue of 10 shares of capital stock, without par
the Northwest would become intensified as time goes on, tending, among value, by the new
other things, to nullify the purpose of the Act with respect to the equaliza- in said application company for the purposes and considerations set forth
is (a) for lawful objects within its corporate purposes,
tion of rates. In seeking to meet these contentions, the applicants claim and compatible
with the
that the geographical location of the Milwaukee system its access to im- priate for and consistent public interest, which are necessary and approportant terminals and producing territories, its large mileage in Wisconsin, the public as a common with the proper performance by it of service to
carrier and which will not impair its ability to
its favorable grades and distances, the extensive electrification carried out, Perform that
service; and (b) is reasonably necessary and appropriate for
and other circumstances, make it the most complete and self-contained such purposes;
and that the assumption of liability by the new company in
system in the West, north of the Atchison Topeka & Santa Fe. Taking respect of securities
to the extent that any assumption of such liability
advantage of the fact that the revenue of the Milwaukee system as a whole, within the meaning of section 20a of
the Inter-State Commerce Act is inwhen compared with its mileage or its estimated valuation ,were respectively volved,in the
terms of the lease indenture,is for lawful objects, and reasonthe same as, or greater than, those of the Northern Lines in 1926,the ably necessary
and appropriate for such purposes.
applicants hold the opinion that the Milwaukee's competitive opportunity
We further find that the
and command of traffic are equal to theirs. Attention is called to the lease and stock ownership, acquisition of control by the new company, by
of the Great Northern Ry. and the Northern
estimates of the road's future earnings and the indications of the inherent Pacific Ry.
strength of the system shown by the evidence in the Milwaukee Reorganiza- tion filed inand its operation of their properties as described in the applicaFinance Docket No.
tion case, 131 I. C. C.673. It is suggested that the tendency of shippers that the considerations terms 6410, will be in the public interest, and
and conditions involved in effecting such
,
to distribute their business equally among competitive carriers might work control
to the Milwaukee's advantage in connection with the unification, inasmuch issue ofand operation are just and reasonable. We further find that the
not exceeding 4,970,976 shares of common capital stock, without
as the number of available railroads would be reduced.
par value, by
in exchange
While the testimony which we have outlined in the preceding paragraph, Northern lines the new companyshare issued for the capital stock of the
at the rate of one
for each share of these stocks
and other evidence of the same nature, is forceful on either side of the con- transferred
and delivered to it, is (a) for lawful objects within its corporate
troversy, we are not convinced that a closer union of the Northern Lines purposes, and
presages injury to the Milwaukee system. The record fails to show that appropriate compatible with the public interest, which are necessary and
for
the
the friendly relations between the Northern Lines in the past has injured to the public and consistent withand proper performance by it of service
which will not impair its ability to
as a common carrier
the Milwaukee in obtaining through traffic. The effect of this closer union, perform
that service; and (b) is reasonably necessary and appropriate for
If it affects other carriers at all, will probably be lost in the general growth such
purposes; and that the assumption of liability by the new company
and development of the Northwest. The experience ofthe Milwaukee prior in respect of
to receivership is assuredly no criterion in forecastirg the futiure of that the meaning securities to the extent that any assumption of liability within
of section 20a of the Inter-State Commerce Act is involved in
property. In authorizing the reorganization we had faith in the road's the terms
prospects. It is impossible to accept the grounds of the protestant's con- reasonably of the proposed indentures of lease, is for lawful objects and
necessary and appropriate.
tentions and to find that the competitive activities if the Great Northern,
No order will be entered, and no certificate will be issued at the present
Northern Pacific and the Spokane company as a single system would, in
practice, prove more pronounced or more difficult to contend with than time upon these findings. The record will be held open for a reasonable
those of the constituent roads in the aggregate. It is, therefore, our view time, subject to the entry of such order as may be found appropriate.
that the ability of the Milwaukee to provide effective competition would not
Commissioner Lewis concurring says in part:
be materially impaired as a result of the proposed unification. A similar
I neither favored the unification here proposed nor that part of the
view is held with regard to the other systems competiting with the Northern
Lines.
consolidation plan which would .combine the Northern Pacific and the
Great Northern lines as the trunk of System No. 12. It is my conviction
Vigorous opposition to the applicants' proposal was offered by the
testants, particularly by the Milwaukee interests, on the theory thatpro- that public interest would best be served by maintaining the status quo and
the
grouping of strong roads contemplated would create a system that would close community of interest of the Northern Pacific, Great Northern and
dominate the Northwest, and would effectually prevent any subsequent Burlington. So long as the two northern lines remain competitors,the
grouping of comparable size and strength. The protestants sought to have Burlington, whose stock and control are divided between them, is, to all
us consider the Burlington as an integral part of the proposed system, which practical purposes, an independent carrier. Unconditional approval of
would then have nearly 27,000 miles of operated road, and to confine our this application would mean unification of control of the Burlington or
comparisons to the northwestern region. It appears that the Spokane, the creation of a system of some 26,000 or 27 000 miles—in mileage, at
Northern Lines and the Burlington would comprise over 20% of the total least, the greatest railway system in America. The Milwaukee, the
class 1 railway mileage in the western district, and approximately the same paralleling competitor across the Northwestern States, has appeared to
proportion of investment, revenues and income. Together they woulde me to be too weak to afford that competition contemplated by the consoliexceed the combined Southern Pacific and Atchison Topeka & Santa Fe dation policy of Congress. .
•
systems in mileage operated, and have nearly 80% of the combined net
railway operating revenues of those roads. The Great Northern PacificCommissioner Brainerd concurring in part says:
Burlington would have a mileage of 26,711 miles, operating revenues of
The majority have found the granting of these applications
$416,582,573, net railway operating income of $94,115,028, and a rate of public interest. With this conclusion I am in accord. But to be in the
while I concur
return of about 5.15% without allowing for the estimated economies. in this finding, I am obliged to dissent from the
requirement of the majority
The evidence introduced in connection with the size and strength of
that the control of the Burlington be divorced
proposed Great Northern Pacific, with and without the Burlington,the as a condition precedent to their unification. from the two northern lines.
as
compared with other systems and with the western district as a whole, was
For more than 28 years the northern lines have had acommunity of
very comprehensive. In view of the consolidation plan which has
interest
amounts of
been promulgated, this evidence need not be further discussed. . . now 97%, ofthrough the ownership in equal Burlington, a large part, now over
the total capital stock of the
.
and for more than
As might be expected in a unification of this magnitude, many
years a community of interest through the ownership in equal amounts 22
of
lesser lines of railroad are affected, and a considerable number of them of the all the capital
interstock and bonds of the Spokane company. For many years
vened in the proceedings. Of chief importance, by reason of its mileage, is the northern lines have treated the Burlington
as a
the Minneapolis & St. Louis RR. The position of the receiver in opposing especially to Chicago and in doing so have establishedpreferred connection
the proposed unification was that such unification would be inimical to the channels of trade and commerce of great importance through routes and
to the public. The
public interest and would result in financial injury to the M. & St. L. majority nevertheless requires the northern lines to
dispose of their control
The latter consideration is based on the view that the M.&St. L.
of the Burlington,
line affords this important connection, and over
petitor of the Burlington for business between the Twin Cities is a com- which line for many which through trains from Chicago
and the
to the North Pacific
East: that should control of the Burlington be centralized in the new com- Coast have operated years
via both the Great Northern and the Northern Pacific.
pany the routing of traffic through Billings would be greatly increased, and There appears to
be no substantial competition between the Burlington
the interchange between the Northern Lines and the M. & St. L. greatly and either of
diminished. Such an evatuality is disclaimed by the applicants, who dependent, the northern lines. The roads are complementary and interrather than competitive.
suggest that the reciprocal traffic relations existing between the Northern
It is clear that any disassociation of the Burlington from the northern
Lines and the M. & St. L. are not likely to be disturbed. It
companies is likely to be accompanied by a serious impairment of earning
that the greater part of the traffic is routed by the shippers. was testified capacity on the
Burlington company built up through years of
part
The receiver of the M. & St. L. did not ask that the road be taken into effort and planning of the
in the expectation of the continuance of the relationship
the proposed system. The applicants, however, representing that unless between the
In addition,
three
the road be absorbed by some large system portions of it may be abandoned, change purposes companies. dry up and connecting lines built for interother extensive improvements
are likely to
and with some expectation of operating it advantageously as a part of their made by the Burlington
development of
system, offered to acquire the property. This offer was contingent upon companiesfrom whom in the be disassociatedits business with the northern
may become non-productive.
it would
the consummation of the general plan, and cohtemplated a payment repre- Such disassociation would for the same reasons
involve an impairment of
senting an annual interest return of X600,000 for the physical property and the earning capacity
of the northern lines.
assets of the M. & St. L., free of all liens and encumbrances. The offer
The separation of the control of the Burlington from the northern lines
was categorically rejected by the receiver and by the committees of the will deprive the shippers in the Northwest, in Idaho
and in Montana, of a
bondholders, who apparently preferred a reorganization of the company. unified one-system
line from their territory via the Billings
Our consolidation plan provides for the inclusion of the M. & St. L. in important established markets at Omaha, Kansas City, St. gateway to the
Louis, Denver,
System No. 10—Illinois Central.
Fort Worth, Dallas and the Gulf ports; it will disturb commercial relations
Evidence was introduced concerning 19 railroads which may be classed of long standing, impair railroad strength and to this extent the public
will
as short lines. Of these, 11 intervened in the proceedings, and 9 which not get the full benefit which was inherent in the original applications.
intervened expressed a desire to be taken into the proposed system. The
I am authorized to state that Commissioner Woodlock concurs in this
applicants have offered to assume provisionally the operation of 5 short opinion.
lines, turning over to the owners any net railway operating income earned,
or making up any deficit incurred. Such operation would continue until
Chairman McManamy dissenting says:
we found it to be no longer justified by the requirements of public conThe majority finds that the present and future public convenience and
venience and necessity. In the case of another short line the anplicants
necessity require the Great Northern RR. to acquire by stock ownership,
propose to take over certain portions at their reproduction value. All
and by lease for a period of 99 years, and to operate the properties of the
these offers were refused. . .
The applicants also included in their proposal an offer to operate the Great Northern, the Northern Pacific and the Spokane Portland & Seattle
Montana Western Ry., a 20
-mile line connecting with the Great Northern RRs.,and that such acquisition and operation will be in the public interest.
at Conrad, Mont., and the Nez Perce & Idaho RR., a line about 14 miles What is here outlined is therefore, for all practical purposes, a complete
in length which makes connection with the Camas Prairie RR.at Craigmont, consolidation of these properties into one corporation for ownership, manIdaho. Both lines are, under the consolidation plan, included in System agement, and operation. To my mind the facts shown in the report upon
which the action here taken is based falls far short of justifying the conNo. 12.
The applicants' proposal has, in our opinion, important advantages. clusion reached and the action taken, and fails in the following important
The economies in operation from it are well assured and are large in aggre- particulars to meet the requirements of the Act.
(1) It is not responsive to any proceeding before us.
gate amount. Such means of lowering the cost of rail transportation and of
(2) The consolidation here authorized goes far beyond any power that
ultimately reducing rates should be adopted wherever possible. By the
use of shorter routes, one-system movements, common terminals, and car is given us by Paragraph (2) of section 5 under which the application
supply, the public may confidently look for substantial benefits from this was filed.
(3) The consolidation of these two lines is in complete disregard of the
unification, notable among which are savings in time due to rerouting, elimination of interchange, and increased access to markets. Efficient opera- specific mandate of Congress that "competition shall be preserved as fully
tion and management of the unified property is indicated by the evidence. as possible."
A material loss of competition has not been shown. The plan is free from
(4) In my opinion the majority has erred in the weight given to the eviadverse criticism on the score of stock manipulation and financial com- dence upon which the finding of public interest is based.
plications. Such objections as have been presented to the consideration,
terms and conditions involved can not, in our opinion, be deemed serious.
Commissioner Eastman dissenting says:
The issues which were raised in the transportation features of
To a
been substantially met by the applicants, and the objectionsthe plan have reachedconsiderable extent my reasons for disagreeing with the conclusions.
based on
by the majority in this case are covered by the separate expressions.
inclusion of the Burlington in the proposed system have been disposed the of
of by
other Commissioners. I shall, therefore, summarize them very breifly.
our recent action in the plan for railroad consolidation.
(1) The unification proposed is not to my mind a mere acquisition of
The record will be held open for the submission to us by the applicants, control
within the purview of section 5 (2). It is to all intents and purposes
for our consideration and approval, of a supplemental plan or proposal a
consolidation of the railroad properties in question into one system for
which, while not altering the recorded applications in other respects, shall
ownership and operation, and hence is within the purvuew of section 5 (6).
give acceptable assurances and provide that:
If this is not so, the distinction between the two forms of unification falls.




MAR.8 1930.]

FINANCIAL CHRONICLE

Obshort of a difference, and is a matter of form rather than substance. pure
5 (2) is
viously, the attempt to bring this unification under section with the law.
trifles
subterfuge, such as we ought not to countenance. Itto have been unable
Incidentally, those who devised this subterfuge seem
will actually
to utilize the corporation laws of any State in which the system
from
operate. Instead they had recourse to little Delaware, far removed and
themselves of one of those loose
the theatre of action, and availed
extraordinary charters which are granted for use in every State but Delajudgware, and which make a mockery of State corporation laws. In mysound
ment it is quite arguable that we would be justified on grounds of of a
policy in refusing every application which involves the use
publlc
Delaware charter, except in the rare event that it is to tbe employed in
that State.
(2) The condition attached to the authority to consolidate the two Northern Lines, to the effect that they shall divest themselves of their interest
In the Burlington, is, so far as I am aware, unsupported by any evidence
of record. For many years the Burlington has been treated by the Northern
Lines as a preferred connection, and its development has been shaped to
fit that purpose. As I see it, the present situation is a highly satisfactory
one. The Northern Lines are in keen competition, and while they jointly
control the Burlington neither one can dominate it. For that reason its
management is largely independent, and yet it fits in with and supplements
the operations of each of its joint proprietors. The western termini of
the Burlington lines in Montana are not large points, but merely junctions
with the Northern Lines.
So important has the Burlington been to its two proprietors that there is
every reason to believe that the present unification project was the outgrowth of a fear, inspired by our tentative consolidation plan, that an effort
might be made to divorce the Burlington from one of them. Its importance
to both was emphasized by the applicants throughout the present record.
The practicability of really divorcing the Burlington from the Northern
Lines is in itself a matter of grave doubt. Its stock is now pledged under
mortgages of both roads. Apparently it can be released from these mortgages and sold, but only provided it is soid in its entirety at full and fair
value and the trustees under the mortgages so certify. . . .
What would this involve? There is $170,839,100 of Burlington stock
outstanding and during the past eight years it has paid regular dividends
of 10% annually. Vrobably the stock is worth as much as $200 per share.
A sale of it would, therefore, mean a $341,000,000 transaction, and in all
probability, according to the President of the Northern Pacific, a cash
transaction. Our consolidation plan does not provide any railroad company to which this stock can be sold. Where, then, is the purchaser to
put up this $341,000,000 of cash? My own belief is that if such a purchaser
is found, it will be some creation, no doubt in the form of a holding company, devised by friendly interests.
Before such a divorce is precipitated, its practicability and wisdom and
effectuality should surely be the subject of consideration at a public hearing.
(3) As I have already indicated, I see no reason for such a step and no
good reason for changing the present situation. I agree entirely with what
Commissioner McManamy has to say as to the competition existing between the Northern Lines and the inconsistency of their consolidation with
the preservation of competition "as fully as possible."
Substantially the only plausible reason offered for the consolidation is
the hope of certain promised economies. I am not over-impressed by the
paper demonstration of these economies. Some of them can be accomplished through co-operation without consolidation. Others are of the
type which is dependent upon the elimination of competition. Undoubtedly
certain operating economies can be effected by the union of any two parallel
and competing lines, and the maximum in this direction could be attained,
on paper at least, if railroad competition were wholly eliminated. But,
rightly or wrongly, I think that it is clear that the country wishes competition preserved, and is convinced that the advantages outweight the
disadvantages, actual or theoretical. First in importance in attaining
maximum economy in operation is an alert, progressive and intensive management. Whether such a management will characterize the consolidated
systems as fully as it has the present two sharply competitive systems only
time can tell.—V. 130, P. 1270.

1651

Kentucky & Indiana Terminal RR.—Notes.—

-S. C. Commission Feb. 17 approved the issuance of $298,400 of
The I.
promissory notes payable to the order of the Lima Locomotive Works, Inc.
in connection with the procurement of eight locomotives.—V. 129, p. 1436.

Louisville & Nashville RR.—Abandonment of Operation.

-S. C. Commission Feb. 17 issued a certificate authorizing the
The I.
company to abandon operation of freight service over that portion of the
Louisville & Interurban RR. extending from a point 841 feet east of the
east line of Pipe Line Ave., near Louisville, in a general easterly direction
to Prospect, 7.7 miles, all in Jefferson County, Ky.—V. 130, p. 1453.

Maryland & Pennsylvania RR.—Dividend.—

The directors have declared an initial dividend of $4 a share, payable
April 10 to holders of record March 31.
President 0. H. Nance said that while he was unwilling to make any
forecast with relation to the future, the general principle the directors had
in mind was if earnings justify, to continue the company on an annual
dividend basis of $4 a share.—V. 128, p. 2800.

New York New Haven & Hartford RR.—Equip. Trusts
Offered.—First National Bank and Salomon Bros. & Hutzler,
New York, are offering $4,545.000 44% equip. trust
4
4
certificates at prices to yield from 41 % to 43 % according
to maturity. Issued under the Philadelphia plan.

Dated Mar 15 1930; to mature semi-annually $151,000 each Sept 15
and $152,000 each Mar 15,from Sept. 15 1930 to Mar. 15 1945. Dividend
warrants (M. & S.) payable in N. Y. City. Denom. $1,000.00.
Issuance.—Approved by the I. S. C. Commission.
These certificates are to be issued to provide approximately 75% of
the cost of standard railroad equipment consisting of: 70 steel passenger
coaches; 24 steel smoking cars; 10 steel dining cars; 15 steel baggage and
mail cars; 6 steel smoking and baggage cars; 23 steel passenger train M. U.
motor cars; 6 steel passenger train M. U. trailer cars; 1 steel business car;
1 steel club car; 10 steel transformer cars; 95 steel underframe caboose
cars; 25 steel underframe flanger cars; 25 steel underframe milk cars.
This equipment will cost approximately $6,070,046 of which not less
than 25% will be paid by the company.—V. 130, p. 618.

Paulista Ry. (Companhia Paulista de Estrados de
Ferro, Brazil.)—To Redeem Bonds.—
under the loan, have

Ladenburg, Thalmann & Co., as fiscal agents
drawn by lot and called for redemption on Mar. 15, $82,000 of Paulista
total
By. 1st & ref. mtge. 7% sinking fund gold bonds, series A, making a made
of $1,032,000 bonds redeemed by the sinking fund. Payment is to be 129.
& Co., N. Y. City.—V.
at 102 at the office of Ladenburg, Thalmann
p. 1590.

Pennsylvania RR.—To Vote on Lease.—See West Shore
and Seashore RR. below.
Investment in Road and Equipment Increased $53,869,776
in 1929. An official statement March 2 says:

Great Northern Ry.—President Budd Discusses Merger
Decision.—President Ralph Budd is quoted as follows: itself
resolves

The Great Northern-Northern Pacific merger situation
primarily into two questions. The first question is whether it would be
possible to sell the Burlington at this time the second is whether it would
be desirable for the Northerns to divest themselves of the Burlington.
Neither of these questions has been answered. Representatives of the
Northerns have had numerous discussions of the situation, but no conclusions have been reached.
We agree that an entry into the Chicago gateway is essential to the
future well-being of the Northerns. I believe that the Burlington line
from St. Paul to Chicago is the best for our purpose. It has the best grades,
which makes it preferable for freight traffic.
The question of whether it is possible for us to divorce the Northerns
-S. C. Commission
from the Burlington now and meet the desires of the I.
Is not a simple one. It is a common saying that "where there's a will
there's a way." I do not know in this case whether the difficulties will
prove serious or not, and it remains to be determined whether the sale
of the Burlington is feasible.
If it is, then it must be decided whether the Burlington should be disposed of. Provided we receive a satisfactory entrance into Chicago, the
transfer of the Burlington from the Northerns control would not, I think,
affect our general flow of traffic seriously.
The Billings gateway is a natural one. That is the interchange of traffic
between the Burlington and the Northerns there would continue as at
present, even though we had no control of the Burlington.
There are numerous aspects of the Burlington ownership which must
be considered, however.

Asked if the plan which has been considreed of offering
Burlington stock to shareholders of the Northerns is still
thought practical, in view of the Commerce Commission's
views on common ownership, Mr.Budd said:

Personally I think such a plan would effectually separate the Burlington
from the Northerns. A separate company, with separate directors and
officers, would operate independently, I have no doubt.
An excellent example of this is the present operation of the Great Northern
and Northern Pacific. Although there is a large common ownership of
the stocks of these companies, they carry on their business, independently
of one another, and are active competitors between certain points.

Mr. Budd said he anticipated no gerious trouble in satisfying the four conditions attached to the Commerce Commission's approval of the merger, with the exception of the
Burlington clause. He says:

Investment in road and equipment, amounting to $1,185,279,620.
which has
is shown by the general balance sheet of the Pennsylvania RR.
as of
just been completed, giving the financial condition of the company
year was $53,869,776.
Dec. 31 1929. The increase over the previous
of the largest
This great advance Inroad and equipment expenditures,onethe extensive
recorded in any one year in the Company's history, reflectsthe railroad's
program of additions, improvements and betterments to
physical property carried on (luting 1929.
These figures, however, include only expenditures made on the directly
company
owned lines of the company and those leased lines on which the property
bears the cost of certain improvements. They do not embrace the
the entire
investment of the other leased and affiliated lines which make up
Pennsylvania RR.
fact that its
The strong cash position of the company is indicated by the available for
immediately
quick assets, consisting of cash or its equivalentcurrent assets were $110.to $62,631,383. The
corporate use, amounted
307,035, as against current liabilities of $86,399,227. amounted to $38,Materials and supplies on hand at the end of the year
economy in the pur401,815. The extent to which greater efficiency and
from the fact that
chasing and stores work has been carried may be judged
same item stood at $98,443,616. The working capitalon Dec. 31 1920, this
more than three-fifths.
reduced by
tied up in that form has therefore beensheet, the capital stock at the close
On the liabilities side of the balance
over Dec. 31
of the year stood at 3574,756,400, an increase of $13,082,450
employees who sub1928. The increase reflects chiefly stock issued to instalments during
completed payments on their monthly
scribed and
does not include any
1929 under the terms of the allotment of 1928. It
authorized by the
portion of the increase of $89,836,050 capital stock, thereon were not
part of 1929, as payments
board of directors in the latter
has been allotted
due until Jan. 15 1930. Of this total increase,$71,836,050
be allotted to employees
to stockholders. The balance $18,000,000 will annual meeting, April 8
at the
subject to approval by the stockholderswill be used primarily to pay off
1930. The proceeds of the entire issue bonds, due April 1 1930, in the
-year 7% secured gold
the company's 10
this y3ar
amount of $50,000,000; to redeem other obligations maturing
and to provide for additions and extensions to the property.
of the present $700.As a result of these stock sales, about 331,000,000
sufficient
000,000 authorized capital stock will remain unissued, which is not
as already anto meet the company's future requirements. Therefore, annual meeting
the
nounced, there will be submitted to the stockholders atincrease the capital
the question of authorizing the board of directors to
$870,000stock to the extent of $170,000,000, making the total authorized but it is
000. No issue of any part of this new stock is now contemplated, capital
authorization available so that the company's
essential to have the
as
requirements may be met either through the issue of stock or bonds
financial conditions may justify.
by several items.
During 1929 the company's indebtedness was reduced
including the paying off of $5,800,000 of equipment trusts.
The total
The profit and loss balance as of Dec. 31 was $L30,834,073.
corporate surplus, which includes the profit and loss balance, was $528,130, P. 1453.
286,456.—V.

Pere Marquette Ry.—Bonds.—

-S. C. Commission for authority
The company has applied to the I.
and upon
to procure authentication and delivery of, and to issue in lieu of series A.
bonds,
cancellation of $14,000,000 of its first mortgage 5% gold bonds, series C.
to sell $14,000,000 of its first mortgage 43 % gold March 1 1980.
and
The series 0 bonds are dated March 1 1930, and mature bonds, but it is
No contract has yet been entered into for the sale of the
the best
proposed to sell them, subject to the Commission's approval, at
price obtainable.—V. 130, p. 1271.

As to short lines, we have made a strong offer and there should be no
great trouble on that score. Provision for giving the St. Paul road entrance
Seattle also is a concession to
Into Portland over the Spokane Portland
Sprucemont Nevada RR.—Construction.—authorizing the
which the Northerns have agreed.
-S. C. Commission Feb. 15 issued a certificate
The I.
In matter of unification of terminal facilities, the condition is not very company to construct a line of railroad extending from Ventosa in a general
specific, but I believe that what the Commission has in mind is a joint southerly direction to Sprucemont, a distance of 23.5 miles, all in Elko
operation of terminals. I hardly believe it contemplates organization ofsep- County, Nev. Permission to retain excess earnings derived from operation
arate terminal companies or dumping all terminal properties into a common of the proposed line was also granted.
Sept.
pot. Unless I am mistaken in my construction of this condition, I believe
The company was incorp. in Nevada and received its charter on a line
a satisfactory solution can be worked out.
1929. Pursuant thereto it now proposes to construct and operate
will be I do not know. Ap- 30standard gauge railroad extending southerly from a main-line connection
Just what the procedure of the Northerns
of
parently the Commission desires us to develop solutions or answers to the with the Western Pacific RR. at Ventosa, through a sparsely settled
four conditions attached to the merger decision and present them as sup- mountainous region. to Sprucemont, a settlement in the Spruce Mountain
plemental matter in the case.
mining district. While the line is designed to stimulate the mining inWhether the Commission would reopen the case to public testimony I dustry generally in the region south of its terminus, the company's chief
cannot say. That might be determined by the nature of our answers purpose is to provide rail facilities for the immediate transportation of lead
to the conditions.—V. 130, p. 1453.
silver ore produced by the Missouri Monarch Consolidated Mines Co..
Spruce Standard Mining Co., and the
Nevade Lead & Zinc Co., the
-S. C. the Missouri Mining Co., all of which own and operate mines in the Spruce
Hocking Valley Ry.—Final Valuation.—The I.
Big
Commission has placed a final valuation of $33,460,000 on Mountain mining district.

the owned and used properties and the used but not owned
properties at $1,028,123, as of June 30 1917. Included in
the valuation was a value of $398,000 placed on owned
but not used properties of the Wellston & Jackson Ry. as
of June 30 1917 and a value of $628,000 on the Pomeroy
Belt Ry. as of the same date.—V. 129, p. 3630.




Wabash Ry.—Intervenes in Wheeling Consolidation.—

-S. C. Commission March 1 authorized the company to intervene
The I.
In the proceedings before the Commission on the application of the Pittsburgh & West Virginia to acquire control of the Wheeling & Lake Erie. A
conflicting application for control of the Wheeling by the Nickel Plate
also is on file.
Control of the Wheeling now is owned by the Van Sweringens but th
stock is in the hands of a trustee with the provision that it remain the

1652

FINANCIAL CHRONICLE

until final settlement by the commission of the future ownership of the
carrier.
The Commission has announced that hearings on the application of the
Pittsburgh & West Virginia for control of the Wheeling & Lake Erie and
the application of the Nickel Plate for control of the same road would be
carried over for 90 days from March 10 to June 9.—V. 130, p. 1454.

West Jersey & Seashore RR.—Lease
Special Cash Dividend of 5% to Be Paid.—

Approved—

At a special meeting of the stockholders held on Feb. 28, the proposed
lease of the company's property and franchises to the Pennsylvania RR.
was approved. Over 91% of the outstanding stock was represented at
the meeting and was voted unanimously in favor of the lease.
The terms of the proposed lease would make it effective July 1 1930,
fpr a period of 999 years, at an annual rental to fixed charges, taxes and a
6% dividend yearly upon the stock of the West J.ersey & Seashore RR.
Co.
The lease must next be voted upon by the stockholders of the Pennsylvania RR. at the annual election in Philadelphia on April 8, and it is also
subject to the approval of the I.
-S. 0. Commission.
Provided the lease becomes effective July 1 1930, a special cash dividend
of 5% is to be paid to the West Jersey Seashore RR. stockholders. This
special dividend is to clear up the situation for the first six months of 1930
before the new lease becomes effective. It will not interfere with the payment of the regular dividend in the month of April, 1930.—V. 130, P. 619.

Western Pacific RR. Co.—Bonds Authori.ed.—

The I.
-S. C. Commission on Feb. 25 authorized the company to issue
$572,800 1st mtge. 5% gold bonds to be sold to the highest bidder at not
less than 99 and interest.—V. 120, p. 1111.

Wheeling & Lake Erie Ry.—Taplins Lose Decision.—
The following is taken from the "Wall Street Journal" March 3:
Taplin interests, who for years have been competing with Van Sweringens
for control of Wheeling & Lake Erie have been perpetually enjoined from
asserting any of their alleged rights to control the road. Signing of the
journal entry. by common pleas Judge D. H. Thomas, assigned here (Cleveland) from Marietta, Ohio, terminates the lengthy and bitter fight of the
Taplins to set up their own directorate and seize control of the road.
A suit instituted by the road asking that the TapLins be restrained from
obtaining control had been scheduled for hearing before Judge Thomas
March 3. The attorneys for both sides drew up the e.ltry out of court
March 1 and presented it to Judge Thomas, who affixed his signature.
Agreement of the Taplins to abandon their fight for control of the
W.& L. E. brings to an end the situation that arose last May when the road
was in the position of having two separate boards of directors, two presidents, two chairman for its two boards and two complete sets of officers.
This condition came about from a rump session by the Taplins at the
road's annual meeting May 23.—V. 130, p. 1111.

PUBLIC UTILITIES.
Commission Reports on Massachusetts Utilities.—The special commission
has filed its report with the General Court, recommending enactment of
10 bills designed to improve condition in the industry. Boston "News
Bureau" March 4, p. 6.
Utility Legislative Commission Files Report.—The text of the report of the
special Legislative commission on the revision of the New York Public
Service Commission Law will be found in New York "Times" on pages 1920. March 4.

American & Foreign Power Co., Inc.—Debentures
sold.—Dillon, Read & Co., Bonbright & Co., Inc., The
National City Co., Guaranty Co. of New York, Lee, Higginson & Co., Harris, Forbes & Co., Chase Securities Corp.,
Bankers Co. of New York, First National Old Colony Corp.,
White, Weld & Co., Halsey, Stuart & Co. Inc., and W. C.
Langley & Co. have sold at 90 and int., to yield over
5.55% $50,000,000 gold debentures, 5% series due 2030.
Data from Letter of Vice-Chairman Floyd B. Odium, March 3.
Business.—Company incorp. in Maine in 1923. controls directly or indirectly a diversified group of companies supplying electric power and
light and other public utility services in Cuba, Argentina, Brazil, Chile.
Mexico, Panama, Guatemala, Ecuador, Colombia, Venezuela and Costa
Rica and in the International Settlement of Shanghai, China. Company
also has a one-half interest in the Tata Hydro-Electric Agencies, Ltd. of
Bombay. India (which company manages certain hydro-electric companies
in the Bombay district) and owns minority interests in companies in five
other countries.
Operating subsidiaries served as at Sept. 30 1929 a total of 724 communitiee, including 699 supplied with electric power and light service,
eight with manufactured gas. 11 with water, 41 with transportation service,
49 with telephone service and 39 with ice. Total population of the territories
served by such subsidiaries is estimated in excess of 11,000,000.
Capitalization.
Authorized.
Outstanding.
Gold debentures. 5% series due 2030
(this issue)
x
$50,000,000
Pref.stocks(cum.)—(no par value pref.
stock ($7)
900.000 shs.
y478,110 shs.
$6 preferred stock
2,000,000 shs. 137.016 65-100 shs.
2d pref.stock,series A ($7)
3,000,000 shs.
2,344,201 shs.
Common stock (no par)
10.000,000 shs.
1,624,357 shs.
Option warrants to subsc. for corn. stk. calling for _z3,433,999 80-100 shs.
Additional securities (as at Dec.31 1929) to be issued upon payment of subscriptions:
Preferred stock ($7)
890 sits.
Second preferred stock,series A ($7)
366.839 shs.
Option warrants to subscribe for com.stock calling for
z8,677,376 shs.
x Without limit, except as regards provisions contained in the indenture.
y Represents full paid shares and the equivalent in full paid shares of total
payments made up to Dec. 31 1929 under outstanding allotment certificates.
z Each option warrant entitles the holder, without limitation as to time, to
purchase one share of corn, stock for $25. Each share of the company's
2d pref. stock. series A ($7). accompanied by four option warrants, will be
accepted in payment for such common stock in lleu of $100 cash.
As at Nov. 30 1929, there were outstanding in the hands of the public
the following securities of sub. companies: Funded debt in the principal
amount of approximately $34,630,000. 842,001 shares of pref. stocks and
1,067.388 shares of common stocks.
Earnings —Consolidated earnings of the company and its subsidiaries
for the 12 months ended Dec. 31 1928 and 1929 (earnings of subsidiaries
acquired during such periods being included only from dates of acquisition)
were as follows:
Subsidiary Companies:
1928.
1929.
Gross earnings
$30,112,578 $63,709,207
Operating expenses,including all taxes
14,518,263 31,527,651
Net earnings
Other income

$15,594,315 $32,181,556
2,183,313
3,846,716

Total income
Interest to public and other deductions
Preferred dividends to public

$17,777,628 $36,028,272
3,877,213
879,207
1,602.600
2,071,049

Balance
815,295,821 $30,080,010
Renewal and replacement (deprec.) appropriations 1,720,519
3,397,773
Balance
oportion applicable to minority interests

$13,575,302 $26,682,237
42,019
406,671

Balance
$13,533,283 $26,275,566
American & Foreign Power Co., Inc.:
Bal. of sub. cos, earnings applic. to Amer. & For.
Power Co.,Inc.(as shown above)
$13,533,283 $26,275,566
Other income
1,558,834
392.811
Total
Expenses,including all taxes

$13,926,094 $27,834,400
1,732,479
702,888

Balance before deducting interest
$13,223,206 $26,101,921
Ann ml require. on $50,000,000 gold debs.5% seri. due 2930_ $2,500,000




[VOL. 130.

The above statement, which includes earnings applicable to American &
Foreign Power Co.. Inc., shows consolidated net earnings of the company
and subsidiaries, for the 12 months ended Dec. 31 1929, of $26,101,921
which, after deducting annual interest charges of the subsidiary company
obligations about to be sold as referred to below, is equal to more than 10
times the annual interest requirement on these debentures. Actual net
earnings, before deducting interest, of American & Foreign Power Co.,
Inc. (not including undistributed earnings of subsidiaries applicable to it)
for the 12 months ended Dec. 31 1929, were $19,177,829 which, after a
corresponding deduction for interest on such subsidiary company obligations. Is equal to more than seven times such interest requirement.
Of the total gross earnings of subsidiaries for the 12 months ended Dec. 31
1929. approximately 75% was derived from electric power and light service,
18% from transportation service, 4% from manufactured gas service and
3% from other sources.
Purpose.—Proceeds from the sale of this issue of $50.000,000 gold debentures. 5% series due 2030, together with funds presently to be received
from Electric Bond & Share Co. of approximately U7.000.000 in payment
in full of its subscription to 2d pref. stock. series A ($7) of the company
and in addition of $16,000,000 (plus accrued interest) in payment for the
Purchase from the company of a like principal amount of subsidiary company obligations, will be used to retire all existing interest
-bearing indebtedness of the company (which does not include substantial contract obligations
not now due incurred in connection with the acquisition of certain properties,
the earnings of which have been included in the above statement of earnings).
Description of Issue.—Dated March 11930; to mature March 1 2030, and
City Bank Farmers Trust Co. as trustee. Principal and int. (M. & S.)
payable in U. S. gold coin at the office or agency of the company, N. Y.
City. Company expects to make arrangements with respect to coupon
debentures, for collection of principal and interest thereon in London in
pounds sterling; in Amsterdam in guilders; and in Basle and Zurich in
Swiss francs; in each case at the buying rate for sight exchange on New
York on the date when such debentures or coupons are duly presented for
collection. Denom. c*S1,000 and $500. and r5$1,000 and $5,000. 5%
series due 2030 are red. as a whole, or in part by lot, at any time on 30
days' notice, at 107A % to and incl. the last day of Feb. 2010, with successive reductions in the redemption price of A of 1% during each 12 months'
period thereafter to and incl. last day of Feb. 2024, and thereafter prior to
maturity at 100%, plus accrued interest in each case.
Principal Operating Subsidiaries.—The principal operating subsidiaries
controlled as at Sept. 30 1929 were as follows:
(1) Campania Cubana de Electricidad, supplying electric power and
light service in 171 communities in Cuba. Compaity also supplies gas
service in Havana and water service in four covmunities and operates ice
plants in eight communities. Population of territory served estimated a
1,467,000.
(2) Operating subsidiaries in Argentina. supplying electric power and
light service in 134 communities. Nine communities are also supplied with
transportation service. Telephone systems are operated in two communities
and ice plants in 27 communities. Population of territory served estimated
at 1,903,000.
(3) Operating subsidiaries in Brazil, supplying electric power and light
service in 192 communities. Transportation service is also supplied in 10
communities, gas service in two communities and water service in five
communities. Telephone systems are operated in 31 communities. Total
population of territory served estimated at 2.886,000.
,
(4) Operating subsidiaries in Chile, supplying electric power and light
service in 32 communities. Transportation service is also supplied in
Santiago, Valparaiso and six other communities. Total population of
territory served, estimated at 935,000.
(5) Operating subsidiaries in Mexico, supplying electric power and light
service in 105 communities. In Tampico, Vera Cruz, Torreon and neighboring towns transportation systems are also operated. Total population of
territory served estimated at1,278,000.
(6) Compania Panamerta de Fuerza y Luz, supplying electric power and
light service in five communities in Panama; manufactured gas service in
five communities, and telephone service in four communities. Ice plants
are also operated in Panama and Colon. A subsidiary supplies transportation service in Panama City, Balboa and Las Sabanas. Total population of territory served estimated at 138,000.
(7) Empresa Guatemalteca de Electricidad, Inc., supplying electric power
and light service in 11 communities in Guatemala. Total population of
territory served estimated at 182,000.
(8) Empresa Electrica del Ecuador. Inc., supplying electric power and
light service in Guayaquil and Riobarnba, Ecuador. Total population of
territory served estimated at 130.000
(9) Operating subsidiaries in Colombia, supplying electric power and light
service in 13 communities. Telephone systems are also operated in three
communities and ice plants in two communities. Total population of territory served estimated at 365,000.
alitgh10 70
(t20s 0perating subsidiaries in Venezuela, supplying electric power and
1 )
service in and adjacent to Caracas,serving a total population estimated

(11) Operating subsidiaries in Costa Rica, supplying electric power and
light service in 30 communities. Transportation service is also supplied in
three communities, and telephone systems are operated in nine communities. Total population of territory served estimated at 159,000.
(12) Shanghai Power Co.,supplying electric power and light service in the
International Settlement in Shanghai, China, and in a part of the surrounding territory. Physical property owned includes 161.000 kilowatts installed
electric generating capacity, of which 40.000 kilowatts was placed in
operation in 1929. The International Settlement has an estimated population of 853,000. Adjacent territory which is partly served at wholesale,
has an estimated population of 730,000, including the French Concession.
Supervision.—Electric Bond & Share Co. supervises (under the direction
and control of the boards of directors of the respective companies) the
operations of the American & Foreign Power Co.. Inc., and its subsidiary
companies. Electric Bond & Share Co. also owns a substantial majority
of the aggregate of the junior securities of American & Foreign Power Co.,
Inc.
Listing.
--Company has agreed to make application in due course to list
these debentures on the New York Stock Exchange.—V. 130, p. 619.

Alaska Public Service Co.—Chairman Elected.—
William E. Vogelback, President of the American States Public Service
Co., has been elected Chairman of the Board.

Arkansas Power & Light Co.—Pref. Stock Offered.—W.
C. Langley & Co. and the First National Old Colony Corp.
are offering at $100 per share and div. an additional issue of
30 000 shares cumulative $6 preferred stock (no par value).
Transfer agents, Irving Trust Co., New York and Union Trust Co.,
T
Little Rok uleAtrtk.
Trustt
, Bankers Trust Co., New York and Bankers
Co.,
Rock, Ark.
missgu. ce.—Subjeet to authorization by the Arkansas Railroad ComIs an
CuD pta fromuLet us lectuW. Hill, Vice-Pres. of the Company.
ma any —s pplitereof E
ri
power and light service, through extensive
transmission and distribution systems aggregating 3,799 miles, to a large
part of the State of Arkansas. Among the 195 communities supplied with
electric power and light service in the prosperous agricultural, industrial
and mining regions served by the company are Little Rock, Pine Bluff
and El Dorado. Company also supplied transportation service in Little
Rock and Pine Bluff and does some natural gas, steam heating, water and
ice 3 us0 0.
b 2,7
6 1 s. The total population of the territory served is estimated
Purpose.—Proceeds from the sale of this stock and from the sale of
$
6.000.000 1st & ref. mtge. gold bonds, 5% series due 1956, recently
offered will be used to reimburse the company for expenditures made for
property additions and acquistions and will provide funds for carrying on
its large construction program and for other corporate purposes.
Earnings 12 Months Ended Dec. 31
1928.
Gross earnings (including other income)
$7,470,826 $819 4,089
,78 9.
2
Operating expenses, maintenance and taxes
3,788.504
4,342,934
Net earnings
$3,682,322 $4,441,155
Annual interest requirements on all bonds outstanding with]
the public including $6,000,000 1st & ref. 5s presently to be
issued
1,610,210
Balance
$2.830,945
Annual dividend requirements on total preferred stock presently
to be outstanding,including this issue
972,924

ailAR. 81930.]

FINANCIAL CHRONICLE

The balance of $2,830,945. as shown above, was equal to more than 2.9
times the annual dividend requirements on the total preferred stock presently to be outstaktding, including this issue. After deducting appropriations for renewals and replacements (depreciation), the balance of $2,398.493 was equal to over 2.4 times such requirements.
Supervision.—Oompany is controlled through ownership of all lots common stock (except directors' shares) by Electric Power & Light Corp.
(See also V. 130, P. 1455.)

Atlantic Public Utilities, Inc., Boston.—Dividend.—

The directors recently declared a quarterly dividend on class A common
stock, payable on Mar. 1 in additional common stock class A previously
authorized but not issued at the rate of 1-40th of a share per share of stock
held of record Feb. 21. Provision was made, however, to pay at the
election of any stockholder, and to stockholders who have heretofore
permanently so elected, the March 1 dividend and subsequent dividends,
when and as declared in cash as heretofore at the rate of 50 cents per share
quarterly. (A similar quarterly distribution was made on this issue on
Dec. 1 last.]—V. 130. P. 795.

Bell Telephone Co. of Canada.—Bonds Offered.—An
issue of $5,000,000 1st mtge. 5% gold bonds series B due
June 1 1957, has been sold privately through the Bank of
Montreal and Lee, Hugginson & Co. at par. This brings
the total series B bonds outstanding to $30,000,000. There
are $30,000,000 series A also outstanding.
Stock Increase, &c.—

1653

properties under contract to be acquired, before interest, depreciation and
Federal income tax, as reported by independent auditors, are as follows:
$2,448,141
Gross revenue
Operating expenses, maintenance, local taxes and interest on
1,665,107
underlying bonds
$783,034
Net income before interest, depreciation and Federal tax
Annual interest requirement of first lien collateral bonds, incl.
390,500
this issue
The above net income for the year ended Dec. 31 1929, before interest,
depreciation and Federal income tax, is more than twice the annual interest
requirement of the 1 t lien collateral bonds outstanding, including this
offering.
Authorized. Outstanding.
Capitalization—
First lien collateral gold bonds_x—
$4,650.000 $4.650,000
1 1956
Series A 5%%,due Nov.
2,450.000
10,000,000
Series B 5%%, due Nov. 1 1956
794.000
Underlying 5%% first mortgage bonds
1.431,500
1.800,000
Cony.6% debentures due Nov. 1 1936
1,000,000
1,000,000
7% gold notes, due Aug. 1 1932
368,500
y1.800,000
Cumulative pref. stock, series A ($100 par).— _
1.155,000
3,200.000
Series B,7% ($100 par)
Common stock (no Par)
x Additional series may be authorized, as provided In the mortgage.
y Reserved for conversion of the convertible 6% debentures. Entitled to
7% cumulative dividends for 2 years after issue upon such conversion. and
87 thereafter.
Purpose.—Proceeds will be used to reimburse the treasury of the company
for the cost of purchased property, additions and extensions, and for other
corporate purposes.—V. 129, p. 1119.

Chicago North Shore & Milwaukee RR.—No Action
The stockholders on Feb. 27 increased the authorized capital stock, par
$100.from $75,000,000 to $150,000,000. The bill to authorize this increase on Dividend on 6% Preferred Stock.—
of the House of Commons
in capital stock passed the Railway Committee
The regular quarterly dividend of 15(% was declared on the prior lien
last March, with an amendment providing that the company shall not have stock, payable April 1 to holders of record March 15. No action was
the power to make any issue of stock without obtaining the approval of taken as respects the dividend on the 6% preferred stock.
terms and disposithe Board of Railway Commissioners as to the amount,
In connection with this, the company made the following statement:
tion of the stock issue.
regular dividend on the prior lien stock was declared but no action
The shareholders also authorized the board of directors to issue additional "Thetaken on the dividend on the 6% preferred stock. The directors
was
bonds to the amount of $50,000,000.
believed it to be more advantageous to the stockholders that earnings be
J. E. McPherson, a Vice-President, has been elected a director, succeed- used at this time in adding further to the service facilities of the railroad,
ing L. B. McFarlane,—V. 130, p. 1455.
as well as in conserving cash requirements until the general business situa130, P. 1455.
Central Public Service Co.—Split-up Approved, &c.— tion Improved."—V.
To common stockholders on Feb. 19 approved the adoption of amendChicago South Shore & South Bend RR.—New
as to
ments to the certificate of incorporation as heretofore amended, so
provide that(a) each outstanding share of common stock, without par value, Directors, &c.
At the annual meeting of stockholders the number of directors was inwill be split into five shares of such common stock without par value:
Jr. Ernest Van Arsdel, Lucius B.
(b) the authorized number of shares of common stock without par value creased from 9 to 13. Samuel
At
will be increased to 1,069,230 shares; (c) no sale or other disposition shall Andrus and Hal M. Lytle were di eted new members ef the board. was
common stock of Central a meeting of the new board of directors on Feb. 28, Robert M. Feustel
be made by this company of all or any part of the
Public Service Corp. now or hereafter owned by this company except upon elected President, succeeding Britton I. Budd. Samuel Insull. Jr., was
Sauer and
certain reorganizations or by way of pledge, against the objection of the elected Chairman of the executive committee. William A. was
elected
holders of record of 25% of the common stock of this company at the time Morse DellPlain were elected Vice-Presidents. Edwin J. Booth
Comptroller and G. Corson Ellis, assistant Vice-President.
outstanding.
consists of Samuel Insull, Jr.. Chairman,
The executive committee
These amendments were recommended in connection with a general plan
company), Robert M. Feustel, President
adopted and author, by board of directors modifying capital stock structure Samual Insull (Chairman of the Thompson, Bernard, J. Fallon and Hal
of Central Public Service Corp., all of whose common stock is owned by and Britton I. Budd, Charles E.
this company, to facilitate present and future financing. Under this plan, M. Lytle, directors. officers were made to conform with the general polic
These changes in
among other things, the present rights of the common stock of Central
subsidiaries of the Midland United Co. Charles
Public Service Corp. in the common stock reserve as defined in the charter relating to officers of other
and all accrued rights thereunder H. Jones was re-elected General Manager.
of that corporation will be eliminated
business on this road in January, 1930, showed a substantial
Passenger
voluntarily surrendered and subject to the present preferences of the class
month in 1929. it is announced. Revenue
A stock of Central Public Service Corp.,the common stock of that corpora- Increase over the corresponding
1930, totaled 284,481 compared with 259,214
tion will share in dividends and all liquidation with the claaa A stock on a passengers carried in January, of 9.75%. Increases were shown in the 12
increase
in January, 1929. an
share for share basis rather than on a class basis.
periods in 1928.
Temporary certificates of new common stock of the Central Public Service months of 1929 over corresponding locomotives have been put in service
-ton electric freight
Two new 80
Co. have been furnished to the transfer agents for the convenience of the
has been enlarged.
Exchanges upon which this stock is listed. Notice will go out to stock- and the freight yard at Burnham, Ill.,
the
The new locomotives were delivered early in February. bringing -ton
holders to send in their old certificates for exchange as soon as definitive
-ton type and 2 are 50
12, of which 10 are the 80
company's total to
certificates are ready for delivery, which will be in about four weeks.
The charter amendments of Central Public Service Corp. in substance switching locomotives.—V. 130, p. 969.
eliminated the common stock reserve and changed the participation features
Consolidated Gas Electric Light & Power Co. of
so that now as to dividends the A stock first receives 434 cents per share
per quarter, and if in any current quarterly dividend period a like amount Baltimore.—Rights to Stockholders.—
per share is declared to the common stock, that thereafter in such period
The directors have authorized an issue of 106,127 shares of common stock
additional dividends may be declared payable ratably per share to the class which will be offered to present shareholders at the price of $60 per share,
A and common stocks. Upon liquidation, A stock is entitled to a prefereneach ten shares
each shareholder being entitled to subscribe to one share for S. Commission
tial payment of $30 per share, and after a like amount per share has been
has been made to the Maryland P.
paid to the common stock, any remaining balance shall be distributed owned. Application
for approval of the new financing.
ratably per share to the class A and common stocks. All the common stock
The company's construction budget calls for expenditures of $7,500,000
of Central Public Service Corp. is owned by Central Public Service Co.
deduring 1930 for plant extensions to meet the community's increasingnew
—V. 126. P. 864: V. 124, p. 919, 110.
mands for electric, gas and steam heating service. The proceeds of the
these funds and will reimburse the company's
will provide a part of
Central States Electric Corp.—Definitive Debentures financingfor capital expenditures already made.
treasury
Ready.—
The new stock issue will provide the company with $6,367,620.
subAll common stockholders of record Feb. 28 1930 will be entitled to then
The Chase National Bank of the City of New York, Pine Street corner
shares of common
of Nassau, N. Y. City, is now prepared to deliver definitive optional scribe to the extent of one new share for every ten or
about March 8,1930
to stockholders on
5%% debentures, series due 1954 (with common stock purchase warrants) held. Warrants will be mailed
1930.
in exchange for Dillon, Read & Co. interim receipts. (For offering see and the right to subscribe will expire on April 1 cash at the time of subscripPayment for the new shares may be made in
V. 129, P. 1734.).--V. 130, p. 1272.
tion, on or before April 1 or in installments. There are two plans of installCentral West Public Service Co.—Bonds Offered.— ment payment. One plan provides for a payment of $20 per share on or
the subscriber prefers,
per share on May 1.
before April 1 and
A. B. Leach & Co., Inc., and Halsey, Stuart & Co., Inc. are payments may be$40.21 in three installments.Or,ifper share on or before
$20
made
per share on June
'
offering an additional issue of $1,050,000 1st lien collateral April 1, $20 per share on May 1 and $20.31specified above, an 2. Under
allowance
second and third methods of payment
1
.
6%
, gold bonds series B at 90 and int., yielding over 6W % the been made for interest at 6% per annum on subscriber's payments from
0
has
to the respective dates of final payment and a charge
Bonds are dated May 1 1928 and are due Nov. 1 1956.
the due dates thereof
has been for dividend, at the rate of $3.60 per annum, on the stock from
Data from Letter of Frank Milhollan, President of the Company.
April 1 1930 to such dates of final payment.
Company.—Incorp. in Delaware, Owns and operates public
utilyproes
The ability of the company to finance its requirements for plant expanin Iowa, Minnesota and South Dakota: with other utility properDakota owned through sub- sion through an issue of common stock on a 6% basis is a reflection of the
ties in Illinois, Iowa Nebraska and North
strong credit position. The new issue further strengthens the
sidiaries. Ice properties in Iowa and Texas are also owned. Company owns company's capital structure by increasing the equity behind the company's
company's
all the capital stocks of the subsidiary companies.
funded obligations. The percentage of stock will be 537 and bonds 47%.
The company and its subsidiaries supply 249 communities with one or
The new shares will participate in all dividends payable on July 1 1930
more classes of utility service. Electric light and power is furnished in 55,
gas in 4, water in 1 and telephone service in 201 communities. Electric and thereafter.—V. 130, p. 1456.
Power is also supplied wholesale to 2 communities. The population served
Duke Power Co.—Correction.—
with electricity, gas, water or telephone is estimated at more than 250.000
The income statement and balance sheet appearing under this company
and the number of such customers and subscribers exceeds 66,000.
"Chronicle" are those of DucePic Power Co.. Ltd.—
The electric light and power properties include 9 generating stations and in last week's 619.
1456,
551 miles of transmission lines. Gas properties include 4 plants for the V. 130, p.
manufacture of water gas and 57 miles of mains. The telephone properties
Duke-Price Power Co., Ltd.—Earnings, &c.—
are concentrated in northern and eastern North Dakota and in a large
The income account and balance sheet statements appearing under
area extending from eastern South Dakota across southeastern Minnesota
in last week's 'Chronicle' are those of Duke-Price Peirce
and the northern and central parts of Iowa. The geographic relations of Duke Power Co.
Co., Ltd.—V. 130, p. 1456, V. 128, p. 1553.
the Central West system favor economical operation in groups.
Security.—Bonds are a direct obligation of the company and are secured
Eastern Utilities Investing Corp.—Earnings.—
(1) by first mortgage on all permanent property of the company, subject to
Income Statement 12 Months Ended Dec. 31 1928.
8144.000 of underlying bonds, (2) by first lien on all capital stocks of
$3,376,055
pledged subsidiaries, and (3) by subsidiary company bonds secured by first Income—Dividend income
276,364
Interest income
mortgage upon all the permanent property of such pledged subsidiaries,
subject to a purchase money mortgage of $4,500. All stocks, bonds, notes
$3,652,419
Gross income
or other obligations hereafter issued by any pledged subsidiary (other
71.102
than current indebtedness maturing within one year from date of issue) Expenses and taxes
1.297.917
must be deposited with the trustee and pledged as additional security for Interest on 5% gold debentures due 1954
the first lien collateral bonds.
$2.283.400
Balance
Iowa-Illinois Telephone Co. and subsidiary are not subsidiaries within
375.000
the meaning of the above paragraph and the first lien collateral indenture. Dividends: $5 prior preferred stock
380,889
$6 preferred stock
These recently acquired companies own properties having depreciated
80,803
valuation of approximately $1,250,000, subject to $650,000 of outstanding
$7 preferred stock
bonds.
Balance
$1.446,707
Valuation.—The depreciated valuation of the principal properties, based
1.560.845
on appraisals by independent engineers, plus the cost of subsequent add- Realized profit on sales of securities
Lions, extensions and of certain purchased property, is in excesscmtlny
of pa7 .
Balance for dividends on partic. pref. stock and for class A
000,000. The valuation of the properties owned directly by the
class B common stocks
upon which the Lrst lien collateral bonds are secured by a direct first
$3.007.552
mortgage, is more than 70% of the total valuation stated above.
—V. 129, p. 473.
The depreciated valuation of the properties subject, either directly or
East St. Louis & Interurban Water Co. (Ill.).—
through deposit of collateral, to the lien of the first lien collateral indenture
exceeds $15,600,000, or more than twice the amount of bonds to be out- Bonds Offered.—W. C. Langley & Co. and Halsey, Stuart
standing under this indenture.
Inc., are offering $2,500,000 1st mtge.5% gold bonds
Earnings.—The combined earnings for the year ended Dec. 31 1929,from & Co.,
the properties now owned by the company and its subsidiaries, including series "D" at 93 and int. to yield over 5.47%.




1654

FINANCIAL CHRONICLE

Dated Feb. 1 1930; due Feb. 11960. Int. payable F. & A. at office or
agency of company in New York. Red. on any interest day, in whole or
in part on at least 4 weeks' notice, at 105 up to and incl. Feb. 1 1950;
thereafter at 103 up to and incl. Feb. 1 1955; and at 100 thereafter; plus
int. in each case. Denom. $1,000 and $500 c*. Int. payable without deduction for that portion of any normal Federal income tax not exceeding
2% per annum of such interest which the company or the trustee may be
required or permitted to pay thereon or to deduct or retain therefrom. Company agrees to refund to holders of the bonds, upon proper application within
60 days after payment, the Penn. or Conn. 4 mills tax, or the Maryland
4% mills tax, or the Mass, income tax, not exceeding 6% per annum on
income drived from the bonds. City Bank Farmers Trust Co., New York,
trustee.
Issuance.
-Authorized by the Illinois Commerce Commission.
Data from Letter of W. D. Freer, Pres. of the Company.
Business.
-Company supplies water without competition for domestic,
industrial and public uses in the cities of East St. Louis, Granite City,
Belleville, and Venice, Ill. and in 11 adjoining communities. The district
supplied is situated on the Mississippi River opposite the City of St. Louis,
'
Mo., and has a total population estimated to exceed 182,000. It is the
site of many large industrial plants and meat packing establishments.
Purpose.
-Proceeds will be used to reimburse the company for expenditures made for additions, extensions and improvements to the property
of the company.
Earnings 12 Months Ended December 31.
1929.
1928.
Gross earnings
$1,280,272 $1,324,830
457,163
484,261
Operating expenses, maintenance & taxes

1

[VOL. 130. '

That the Interborough must carry out the terms of the contract and can
not impose a higher fare in violation of it was the point stressed in the
decision. Justice Ingraham finds that the city is entitled to carrying out
of the contract by the Interborough and that it devolves upon the company
as a "contractual duty" to carry out uninterruptedly the 5
-cent fare policy
provided.
Both subway and elevated lines of the Interborough are affected by this
decision, which comes as a result of the company's fighting for an increased
fare in the States courts, to which it was referred when it appealed to the
U. S. Supreme Court on April 8 1929.
The decision of Justice Ingraham finds: That the Interborough is mistaken
in its claim that the Public Service Commission has regulatory power over
fare provisions in contracts; that it was the State Legislature's belief that
the city and Interborough reached a contract which would not be subject
to future alteration except at the consent of the two parties; that contracts
between municipalities and traction companies are just as binding as contracts between individuals, and that regardless of the importance of the
Partiew or the magnitude of the issue, the terms of all contracts are alike
before the court, and,finally, that the fact that one of the two parties finds
the contract a mistake on its part has developed into a burden,financially,
this does not prove sufficient for voiding such contract. J. L. Quackenbush
general counsel for the company has announced that appeal would be made
as soon as possible from the decision of Supreme Court Justice Ingraham.
-V. 130, p. 797.

International Hydro-Electric System.
-Jan. Output.
-

This System produced 348,343,000 k.w.h of electric energy in January,
an increase of8% over 1929 and 73% over that of January 1928.
In the 12 months ended Jan. 31 the output was 3,865,246,000 k.w.h.,
38% greater than in the 12 months ended Jan. 31 1929 and 2Y1 times the
output of the System in the 12 months ended Jan. 31 1928.-V. 130, D.•
973, 466.

Net (available for interest, Federal taxes, &c.)__
823,109
$840,569
Annual interest on the company's entire funded in391,110
debtedness (including this issue)
Montreal Light Heat & Power Consolidated.
-Bond
Net earnings as shown above for the 12 months ended Dec. 31 1929,
-Wood, Gundy & Co., Inc., and The Royal Bank
were equal to over 2.1 times the annual interest charges on the total funded Offered.
debt of the company, including this issue.
of Canada are offering at 99 and int., to yield 5.03% $5,000,Capitalization Outstanding (Upon completion of present financing.)
$3,455,000 000 40-year sinking fund 5% 1st ref. & coll, trust gold bonds,
First mortgage gold bonds:5% series A,due 1942
1,556,000 series B.
6% series B, due 1942
5% series D, due 1960 (this issue)
2,500,000
Dated March 1 1930: due March 1 1970. Prin. and int. (M. & S.)
1,375,300
6% and 7% cumulative preferred stock ($100 par)
4,750,000 payable, at holder's option,in Canadian gold coin at Royal Bank of Canada,
•Common stock ($100 par)
common stock, except directors' shares, is In Montreal and Toronto, or in U. S. gold coin at the agency of Royal
Management.
-All of the
owned by American Water Works & Electric Co., Inc.
-V. 119, p. 2528. Bank of Canada, New York, or in gold coin of Kingdom of Great Britain
at Royal Bank of Canada, London, Eng., at the fixed rate of $4.86 2-3
to the £1. Denom.$1.000 and $500 and or SLOW and authorized multiples
-Div. Payable in Stock.
Electric Bond & Share Co.
thereof. Red. all or part on any int. date on 60 days'
The directors have declared a quarterly dividend at the rate of 134% prices and int. viz.: at 105 if red. on or before March 1 notice at following
1940:
on each share of common stock outstanding, payable (3-200ths of a share) 104 if red, on or before March 11950; thereafter at 103 if red,thereafter at
on
in common stock April 15 to holders of record March 11 1930. A like March 1, 1955; thereafter at 102 if red. on or before March 11960; or before
thereafter
15 and Oct. 15 1929 and on Jan. 15 at 101 if red, on or before March 1 1965; thereafter at
amount was paid on this stock on July
100% if red, on or
last. A similar dividend at the asme rate was declared payable on common before Sept. 1 1969. Montreal Trust Co., Montreal, trustee.
stock issued after March 11 1930 for common stock of Electric Investors, cumulative sinking fund commencing March 1 1931, sufficient to Annual
redeem
Inc., under the plan and agreement of reorganization dated Sept. 23 1929. by maturity one-third of bonds of series B.
-V. 130, p. 1456.
Legal Investment for life insurance companies under the insurance Act of
Canada.
-Earnings.
Foreign Power Securities Corp., Ltd.
Data from Letter of J. S. Norris, Vice-President & General Manager,
12 Mos.End 18 Mos.End
Montreal, March 3 1930.
Oct. 31 '29. Oct. 31 '28.
Company.
-Operates one of the largest public utility systems in Canada
$520,093
$341,040 and is the outgrowth of two of the earliest established Canadian public
'Revenue
416,887
122,821 utilities. Its oldest constituent company, the Montreal Gas Co., was
Profits from investments realized
founded in 1836, while the Royal Electric Co., its oldest electric subsidiary,
$936.980
$463,860 was founded in 1884.
Gross earnings
42,533
15.746
Expenses
Incorporated under the laws of the Province of Quebec in 1916 as The
2,833
4,724 Civic Investment & Industrial Co., Montreal Light, Heat & Power ConTaxes
134,950
9,073 solidated assumed its present name in 1918. Company owns over 99%
interest
of the issued capital stocks of Montreal Light, Heat & Power Co. and of
$756,665
$434,318 Cedars Rapids Manufacturing & Power Co. and, under operating agreeSurplus for year
147,538
Surplus brought forward
ments,operates their businesses and properties and receives all their revenue
for 98 years from 1916. Properties of Quebec
-New England Hydro-Electric
$434,318 Corp. are also operated by the company.
$904,203
Total surplus
300,000
286,780
Dividends on preferred stock
Directly or through its subsidiaries or associated companies, company
16,250
Discount on bonds
does all the gas business, substantially all the domestic, municipal and
24,518
Organization expenses
commercial electric light and power generating and distributing business,
and has a very important interest in the street railway system, of Greater
$563,435
$147,538 Montreal, embracing a rapidly growing community of over
Surplus carried forward
1,220,000 popu$3.65
$1.18 lation.
Earned on common
-V. 130, p. 136.
•
Authorized,
CapitalizationOutstanding.
1st ref. & coll, trust bonds
-Stock Bonds ofsubsidiary companies held by public_ $75,000,000 $34,306,000
Hackensack WateriCo., Weehawken, N. J.
(closed)
26,095,700
Minority com,shs, of subs. co.'s at par
Increased.- 0!
223,492
2,558,163 shs. 2,041,837 she.
To provide means for carrying out improvements needed in the near Common shares (no par)
future, the stockholders of the company, which serves 60 communities in
Purpose.
-Proceeds will be applied to discharging the company's indebtBergen and North Hudson Counties, N. J., have authorized an increase edness to United Securities, Ltd., under an agreement executed Feb. 24
In the common stock from $6,000.000 to $20,000,000.
1926, covering purchase by the company of all the outstanding common
The increase, according to President Nicholas S. Hill, Jr., will enable shares of Quebec
-New England Hydro-Electric Corp.
the directors in their discretion to finance these improvements as well as
Earnings.
-For the last five years, the gross income of the company*,
and the net income available for interest and dividends on all bonds and
recent additions to plant by an issue of a portion of this stock.
"The company's financial position Is sound," Mr. Hill says in a progress guaranteed minority capital stocks of subsidiaries outstanding in the hands
statement to stockholders. "The cost of reproduction of the plant new at of the public and for interest on the 1st ref. & coll, trust bonds were as
current prices less depreciation is $35,000,000. The total funded and un- follows:
funded debt is at present $11,475,000. The confidence of the stockholders
Cal Years
Gross Income, Net Income.
In the value of their holdings is amply justified."
1925
$18,282,938
$8,649,367
Adoption of a fixed County water policy is urged by Mr. Hill, who asserts 1926
18,840,700
9,369,215
that necessary improvements in the water system depend largely upon the 1927
20,215,362
10,383,676
establishment of a definite public agency with which the water company 1928
21,140,777
11,441,973
can work.
1929
22,900,134
12,997,106
"Nineteen twenty-nine was another productive year for the company,'
For the year
Dec. 311929. net income of $12,997,106 was equal to
his statement adds. "Continuing the advances made in 1928, the cora- over 4X, timesended interest and dividend requirements on the above
annual
pany strengthened its corporate position,improved its service,and enhanced mentioned bonds and guaranteed minority stocks of subsidiaries and outthe efficiency of its operating forces.
standing 1st ref. & coll, trust bonds, including this issue.
"Department reorganization and modernization of machinery and
The above net income figures are after deduction of operating expenses,
methods have produced economies and quickened the response of the depreciation and renewal reserves and all taxes except income taxes and
• water system to community needs.
after elimination of all inter-company items.
• "New construction during the year returned to a rate more nearly the
Security.
-Bonds constitute the only present funded debt of company
average of that for 1924 to 1927, indicating that the growth in 1928 was and are secured by trust deed constituting a first specific mortgage and
above normal.
charge on:
"Outstanding among the events of the year was a 20% increase in rates.
(1) all the real and immovable properties of the company;(2) the followThe larger revenue accruing therefrom, while too modest to afford a fair ing securities and shares of subsidiary and (or) associated companies:
return on the fair value of the property, will provide an income sufficient for (a) over 99% of the issued capital stock of Montreal Light, Heat & Power
future needs and we are of the opinion that the authorities Co.; (b) over 99% of the issued capital stock of Cedars Rapids Manuour immediate
and citizens of Bergen and North Hudson Counties will approach an ultimate facturing & Power Co.; (c) certain bonds and shares of the above and other
solution of the whole water supply problem with due regard to all the facts. subsidiary companies; (d) $1,290.787 par value of $5,126,172 par value
"Adoption of a clearly defined water policy in Bergen County should be Issued common shares and 3150,000 par value of $5,125,372 par value of
the first step in providing for a future water supply in the territory which we issued pref, shares of United Securities, Ltd.: (3) the operating agreements
serve. Any forward action by the County must vest responsibility in a defi- of the company with Montreal Light, Heat & Power Co. and Cedars Rapids
nite public agency with which the Water Company can work.
Manufacturing & Power Co.; (4) Power contracts with Shawinigan Water
"During 1930 the orderly development of the company's plant will re- & Power Co.
quire the financing of several important additions to the distribution
The bonds will be additionally secured by the floating charge of the
system. Further extensions of the system, which in the public interest trust deed covering all the company's assets not covered by the specific
should not be delayed, depend largely upon the establishment of fixed charge. The specific and floating charges will cover all of the company's
willing to co-operate in all Interest in
County policy. The company is ready and
assets acquired after the execution of the trust deed.
measures for the common good.
-Jointly with Shawinigan Water & Power
Montreal Tramways Contract.
"It will be the aim of the company, in co-operation with such agencie
Bergen County, Co., the company controls United Securities, Ltd., which through stock
as may be created to secure an additional water supply from
ownership controls Montreal Tramways Co. which owns and operates,
to maintain the efficiency and usefulness of its plant to the end that the under favorable long-term contract with the City of Montreal, the street
public may be well and cheaply served and the equity of ,the holders of railway system in the City and in the suburban municipalities on
the common stock fully protected in the event that a consolidation of the of Montreal, embracing 304 equivalent miles of single track. the Island
Montreal
sources of supply under county and municipal ownership shall be deemed Tramways Co. is a large consumer of electric power, purchasing 45,000 h.p.
-V. 129, P. 3325.
advisable at some time in the future."
annually from the company and its subsidiaries.
Power Contract.
-Company has recently entered into a long-term contract
-Preferred Dividend.
Inland Utilities, Inc.
with 13eauharnois Light, Heat & Power Co. (a subsidiary of 13eauharnois
The directors have declared the regular quarterly dividend of 42%c. per Power Corp., Ltd.) for the purchase of 150,000 h. p. hydro-electric power.
share on the participating class A stock, no par value, payable April 1 to -V. 130, p. 798.
holders of record March 14. Holders have been given the right at their
option, to apply the dividend toward the purchase of additional shares
Northeastern Power Corp.- To Redeem Class A Stock.
The corporation has called for redemption on April 1 1930, the entire
thereof at the rate of 1-40th of a share of said stock for each share held.
(See offering in V. 129. p. 1120.) A like amount was paid on Oct. 1 1929 issue of class A stock, at 100 and divs. Payment will be made upon surrender of the stock certificates therefor at the Equitable Trust Co. of
-V.130. p. 136.
and on Jan. 1 last.
-V. 129, p. 1911.
- New York, 115 Broadway, N. Y. City.
Interborough Rapid Transit Co. -Cent Fare Valid.
-5
Northwestern Elevated RR.
-Tenders.
Supreme Court Justice Phoenix Ingraham in a ruling made Feb. 28 upThe Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City.
-cent fare contract between the company and the City of New
held the 5
York. The decision comes as the first court ruling on the fare question until 12 o'clock noon. March 10, will receive sealed bids for the sale to it
of 1st mtge. 5% bonds, dated Sept. 1 1911, to an amount sufficient to exItself and established the city's right to fix the fare rate in the contract
haust $62,632, at prices not exceeding 102 and int.-V. 129, p. 1739.
which Is to remain in effect during the life of such contract.




MAR.8 1930.]

FINANCIAL CHRONICLE

-Earnings.
New York Telephone Co.

1926.
1927.
1928.
1929.
$
$
$
$
oper. earns_199,642.411 180,908,592 186,495,378 183,855,467
Telephone
Telephone oper. exp____144,569,542 129,493,917 134,052,206 134,278,788
4,247,070
4,665,194
4,779,540
5.461,604
Rentals
12,692,132 13,164,313 14,189,548 13,591,590
Taxes
856,065
1,250,844
Uncoil, operating revCalendar Years-

Net earnings
Other income (net)

35,668,290 32,614,757 33,588,430 31,738,018
3,646,040
5,059,126
5,245,298
3,653,276

39,321,566 37,860,055 38,647,556 35,384.058
Total earnings
8,682,356
9,454,235 8,691,035 10,334.770
Interest
3.532.403
x Surcharge N. Y. City_
998,000
Approp. to employ. res_
& expense
211,788
Debt discount
Net income
29,655,543 29,169,020 28,312,786 22,171,299
1,625,699
1,625,000
1,625,000
Pref. dividends (6% %)_ 1,625,000
Common divs. (8%)
22,448,000 22,448,000 22,448,000 22,448,000

1655

--Rights.
Pacific Lighting Corp.
.The common stock holders of record March 15 will be given the right to
shares of common stock

subscribe on or before May 1 for 146,189 additional
at $50 per share on the basis of one new share for each 10 shares held.
Certificates of stock will be issued only for full shares. Combinations of
warrants for fraptional shares to permit subscriptions for full shares may
be made through their purchase and sale.
Payment of the purchase price must be made to the American Trust
Co.. 464 California St., San Francisco, Calif., or to the Pacific Trust Co.,
51 Broadway, N. Y. City, either in full with subscription, or in two installments, as follows: The first installment of $25 per share due with subscription on or before May 1 1930, and the second installment of $25 per
share due on or before August 1 1930.-V. 130. P. 1458.

-Suit Against Merger
Standard Gas & Electric Co.
Filed by Minority Stockholders.
Co.

have
Four minority stockholders of the Standard Gas & Electric
filed suit in the New York Supreme Court against that company and its
Ladendirectors, the Standard Power & Light Co., H. M. Byllesby & Co.,restrain
burg, Thalman & Co. and the United States Electric Power Co. to
the defendants from carrying out an agreement by which control of the
of Standard Power.
df1,902,400 Standard Gas passed to the control, The Adamant Corp., Frederick W.
4,239,786
5,096,020
Balance, surplus
5,582,543
The plaintiffs are Alfred Hei
Shares corn, stock outsimilar action has been filed in
2,806,000 Thabold and Raymond H. White. A
2,806.000
2,806,000
standing (par $100)-- 2,806,000
$7.32 Wilmington, Del.
$9.51
$9.81
Earned per share
$9.99
of both companies, at recent meetings in Wilmington. De.,
Stockholders
x Subject to possible refund.
-V. 130, p. 1275.
approved the transaction.
J. O'Brien, Pres. of Standard Gas & Electric Co., in commenting
- onJohnsuit, says: "This action is entirely without merit and will be defended
-Earnings.
Subs.).
the
Niagara Hudson Power Corp.(&
Consolidated Summary of Operations and Income-Year Ended Dec. 31 1929. by our attorneys."
With reference to the suit brought by the Adamant Corp., W. C. La gley
[Combining the operations of the parent company from the date of its
merit
Inception and those of the subsidiary companies, including the St. Lawrence & Co. state they are familiar with .t and it is without foundation or
-V. 130. P. 1458.
Securities Co., for the entire year.]
$79,722,803
Operating revenues
28,318,262
Operating expenses
United Light & Power Co. (Md.).-Larger Class A
5,277,581
Retirement provision
10,055.072 and B Common Dividends.
Taxes
The directors have declared the regular quarterly dividend of $1.50 a
$36,071,887 share on the $6 cum. cony. 1st pref. stock, payable April 1 to holders of
Operating income
2,712,926 record March 15; a dividend of $1.25 a share on the old class A and class B
Non-operating income
stocks, and a dividend of 25c. a share on the new class A and class B
$38,784,813 common stocks, payable May 1 to holders of record April 15. Previously
Gross income
common
10,827,090 the company paid quarterly dividends of 60c. a share on the old common
Interest on funded debt
637,584
-V. 130, P. 138.
Miscellaneous deductions
and 15c. a share on the new common stocks.
12,058,265 stocks
Dividends on preferred stocks of subsidiary companies
Balance_______________________________________________$15,261,872
495,885
Special income, less special charges
Consolidated income for the year, before deducting share
$15,757,757
thereof applicable to minority interests
169,218
Share of income applicable to minority interest

-To Retire Preferred Stock.
United Securities, Ltd.

The company announces that all of its outstanding 6% curnul. pref. stock
Payment
has been drawn for redemption on April 1 1930, at 105 and divs. Montreal
will be made in the City of Montreal. Canada, at the office of the
-V. 129, P. 2228.
Trust Co.

-1930 Dividends.
Utilities Power & Light Corp.

provide
$15,588,539
The directors on Feb. 27 voted to set aside a sum sufficient to remainConsolidated net income of the group for the year
3
for dividend requirements on the outstanding class A stock for theHarley L.
by President
ing quarters of 1930, according to announcement
Arising prior to formation of and acquisition by Niagara Hudson
$7,133,096 Clarke.
Power Corp
on
Regular quarterly dividends for the first quarter of $1.75 per share the
Arising subsequent to formation of and acquisition by Niagara
share on
8,455,442 the 77 preferred: 50c. per share on the class A stock; 25c. per declared, all
Hudson Power Corp
and 25c. per share on the common were also
$0.61 class B stock
Per share on common stock
of record March 10.
The balance sheet shows properties carried at $629,136,225, cash and payable April 1 to holdersshares have the privilege of receiving 1-40 of a
Holders of the class A
call loans of $56,618,601, and miscellaneous investments. $24,720,359.
Likewise
share of additional class A stock in lieu of their cash dividend. of addi-V. 130, P. 1275.
class B and common stockholders may each take 1-40 of a share of these
common stock in lieu of the cash disbursements on each
tional
-Earnings.
Ohio River Edison Co. (& Subs.).
-V. 130, p. 1459.
classes of stock.
1929.
1928.
12 Mos. Ended Dec. 31-Bonds Offered.
$1,810,758 $1,694,507
Washington Gas & Electric Co.
Gross earnings
19,298
27,198
Expenses & Taxes
offering at 96M and int. to yield
764.539
511,902 A. C. Allyn & Co., Inc. are
Fixed charges
mtge. gold bonds
Net income ________________________________ $1,026,921 $1,155,407
322,000
322,000
Dividends on preferred stock
Balance ___________________________________
-V. 129, p. 2682.

$704,921

$833,407

-Bonds Offered.
Pennsylvania Water & Power Co.
Public offering of an additional isuse of $1,750,000 1st ref.
mtge. series B 4 2% gold bonds is made at 91 and int. to
yield over 5% by Chase & Co., Boston; Joseph H. Goss &
Co., Philadelphia and Minsch, Monell & Co., Inc., New
York. Bonds are dated March 1 1929 and are due March 1
1968.
Data from Letter of Chas. E. F. Clarke, Pres. of the Company.
Business.
-Company owns and operates on the Susquehanna River at
Holtwood. Pa a hydro-electric power development consisting of one of the
largest low head water power plants in the United States, of 150.000 h.p.
capacity, together with an adjacent steam generating station burning pulverized coal and having a present capacity of 30,000 h.p., which is capable
of being increased to an ultimate capacity of at least 135,000 h.p. This
steam station with all the other assets of the Holtwood Power Co., a wholly
owned subsidiary, was acquired In 1927. Company, under contract with
the local light and power companies, supplies a large portion of the electric
current used In Baltimore. Md. and York, Pa.; also nearly all of that used
in Lancaster, Pa. and vicinity and in Coatesville, Pa. and vicinity. The total population served by these customer companies is in excess of 1,000,000.
In co-operation with the Consoildated Gas Electric Light & Power Co. of
Baltimore, the company recently has organized the Safe Harbor Water Power
Corp. to develop water power at a site on the Susquehanna River approximately 8 miles north of the present Holtwood development. Preliminary construction work is being started, and plans call for an initial installation of approximately 231,000 h.p. and a final total plant capacity of
about 500,000 h.p.
Authorized.
Outstanding.
CapPalization$11,307,000
1st mtge. (closed) 5% bds., due 1940_b$12,500,000
50.000,000
1st refunding mtge. bonds
a7,750,000
Series B,4 Yi %
540,000 she.
429,848 shs.
Capital stock (no par)
$1.193,000 have been retired by sinking
a Series B, 43.5%. b Of which
fund.
Security.
-Upon completion of the present financing, $7,750,000 series B
bonds and the $11,307,000 1st (closed) mortgage 5's, due Jan. 11940, will
constitute the sole funded debt of the company. The 1st refunding
mortgage covers all the company's property now owned or hereafter acquired (except securities acquired subsequent to Oct. 1 1923, other than
securities made the basis of issue of additional bonds). The book value of
the company's fixed assets. Including certain securities, is 832.168.666 a
figure greatly below the depreciated replacement value of the properties.
The company's total bonded debt upon completion of the present financing
will be at the low rate of $105.87 per h.p.
Purpose.
-Proceeds will reimburse the treasury for expenditures made in
extensions to plant, property and equipment.
Earnings Years Ended Dec. 31.
Ratio Net
Bond
Gross
Earns. to
Net Earnings
Interest.
Bond Int.
Earnings.
After Taxes.
Balance.
$528,550
2.54
1920
$1,867.870
$1.343,960
$815,410
2.72
535.144
1922
2,003.478
1,456.400
921,256
2.95
648,133
1924
2.686,466
1,912.107
1.263,974
745,100
2.88
1926
3.103.674
2,146.953
1.401.853
905,300
2.74
1927*
4.103,665
2,480.088
1,574.788
855.000
3.34
1928
2.853.060
4,388.087
1.998.060
3.65
840.200
1929
4,755,757
3,069,683
2,229,483
* The 1927 figures represent the consolidated statement of the company
and the Holtwood Power Co. for that period, the assets of the latter company havinF been acquired in that year.
Sinking ?Ind -Commencing Oct. 1 1933, the company is obligated to
make annual payments to the trustee as a sinking fund for the retirement of
these series B bonds.
-V. 130. p. 964.




4% $2,000,000 1st lien & gen.
about 61
6% series due 1960 (to be accompanied by stock purchase
warrants).

deduction
Dated Feb. 1 1930; due Feb. 1 1960. Int, payable withoutwill refund
for normal Federal Income Tax not to exceed 2%. Company
imposed by California, not exceeding 4 mills.
the personal property taxes
-Each bond will be accompanied by a stock
Stock Purchase Warrants.
evidencing the
purchase warrant, non-detachable except when exercised,
2 1935 (or
right of the holder to purchase at any time on or before Feb. such date.
if these bonds are called or the company dissolved, prior to
not after such redemption or dissolution date) 2
then on or before but
American Gas
shares of the Class A stock, $1.60 dividend series, of North prices: to and
& Electric Co. (Del.) for each $100 bond at the followingFeb. 2 1934 at
to and incl.
incl. Feb. 2 1932 at $20 per share, thereafter
$25 per share.
incl. Feb. 2 1935
$22 per share and thereafter to and the Chicago Stock at
Exchange.
-These bonds are listed on
Listed.
B. Shaw, Pres. of the Company.
Data from Letter of Phillips
-Will presently own or control through subsidiaries a group
Company.
water
of properties supplying electric light and power, manufactured gas or
of
States of Washington, Utah and Oregon, and in the Province to
in the
population served is estimated
Saskatchewan, Canada. The total
is
exceed 270,000 and the number of gas, electric and water customers
in excess of 30,000.
of all common
-Bonds will be secured by pledge with the trustee
Security.
of the
capital stock of Oregon Gas & Electric Co. and more than 99A % Power
'
common capital stock of Dominion Electric Power Co. and of Dixie all of
on
Co. These bonds will be further secured by a direct mortgage
Co., subject to
the fixed property owned by Washington Gas & Electric
created
bonds which may be secured by any prior lien now or hereafter
bonds are
existing on the property, and of which $3,596.000 1st mtge.
or
outstanding with the public.
-For the 12 months ended Oct. 31 1929 the consolidated
Earnings.
were as
earnings of Washington Gas & Electric Co. and its subsidiaries
follows:
$1.830,09
earnings, all sources
Gross
and
Operating expenses, maint. & taxes (other than Federal)
1,190,2,31
subsidiary fixed charges
$639.865
Net earnings available for interest and depreciation
197,780
Annual interest requirements on 1st mtge.;gold bonds
$442,085
____ _ ____ ____ _ ____ _ _ _ ___________ _ _____
Balance
gen. motge. gold
Annual interest requirements on 1st _____ ________
120,000
_____ _
bonds (this issue)
company's properties Is
of
-The general supervision
Management.
-V. 129, p. 2387.
under the direction of Loeb & Shaw. Inc.

-Payment,
Wilkes-Barre & Hazleton RR.

the (1) 1st Col.
The Guaranty Trust Co., New York, as trustee under
-year 5% terminal
-year 5s and (2) Coll, trust mtge. 40
trust mtge. 50
separate sales at public
bonds, having on default thereunder sold under
notice that upon
auction the collateral securities held thereunder, gives N. Y. City, topresentation of the bonds at its office, 140 Brodaway, the case of the
gether with all coupons appurtenant thereto (maturing in
-mentioned issue on May 15 1929' and subsequently, and in
first above
Apr. 1 1929
the case of the second above-mentioned issue, maturing on the amounts
subsequently), It will pay to the holders of such bonds
and
the net proceeds of such sales.
respectively distributable thereon out of
behalf of the
In the case of each sale the collateral was purchased on
-mentioned
respective committees representing. In the case of the first above case of the
and In the
Issue approximately 85% of the outstanding bonds
The trustee
second above-mentioned issue 98% of the outstanding bonds. two separate
is advised that these respective committees have organized
respectively been
corporations to which the bids of the committees have corporations, and
assigned in exchange for all the capital stock of such depositing bondthat such capital stock will be distributed ratably to the
committees
holders under the plan of reorganization in each case. These who have
Issue
have advised the trustee that any bondholders of either committee may
not heretofore deposited their bonds with the appropriate share of capital
do so on or before Apr. 1 1930 and receive their pro rata
130.
stock in lieu of their distributive share of the purchase price in cash.-V.
p. 1460.

1656

FINANCIAL CHRONICLE

[VOL. 130.

Alexander & Baldwin, San Francisco.
-Stock Div.
-

INDUSTRIAL & MISCELLANEOUS.
Price of Sugar Reduced.
-The following companies reduced the price on
refined sugar 10 points to 4.85c. a pound, effective March 4: Arbuckle
Bros., National, M'Cahan, Eastern, California Hawaiian, Southern &
Western, Great Western, Revere, Colonial, SavannahlGodchaux and
Henderson. "Wall Street News" March 4.
Lead Prices Reduced.
-American Smelting & Refining Co. has reduced
price of lead 15 points to 5.85 cents a pound. "Wall Street Journal"
March 6. page 1.
Refuses Wage Increase.
-Cleveland labor union declines boost and work
continues. "Vira11 Street Journal" March 4, page 11.
Mill Strike Fails.
-Rayon workers of Elizabethton, Tenn., refuse to
obey orders to quit. N. Y."Sun" March 3, page 24.
Union War Grips Coal Fields.
-United Mine Workers split by revolt in
Illinois bituminous district. N. Y. "Sun" March 3, page 4.
Corporate Incomes Up 15.28% in 1929.
-Accounts report results of
study of 1,258 companies in various lines. N. Y. "Times" March 2,
section 2. page 17.
Matters Covered in the "Chronicle" of March 1.-(a) The trust companies
in New York and elsewhere. p. 1340. (b) New Bedford (Mass.) silk mill
moves to Lebanon, Pa.; high wages reason for change, p. 1361. (c) Silver
output off at American mines; January production lower than same month
in 1929 by 38,000 ounces; Canada reports increase; world output for November 21,086.000 ounces, p. 1367. d) Banking group completes liquidation of stock holdings taken over at time of stock market crisis last October, p. 1372. (e) Stock yards Act held valid by U. S. Supreme Court,
P. 1378.1

Abitibi Power & Paper Co., Ltd.
-Earnings.
--

The directors have declared a 33 1-3% stock dividend and have voted
to increase the capital stock from $7.500,000 to $10,000,000 in order to
provide for the dividend.

Almar Stores Co. Phila.-Stock Increased, &c.-

The stockholders on March 3 increased the authorized
500.000 shares to 2,000,000 shares, no par value. At capital stock from
present there are
360,000 shares outstanding.

Rights to Stockholders
-New Directors.
-

Following the shareholders action, the directors voted to
additional shares and to give rights to stockholders of record issue 360.000
March
subscribe for one new share for each share then held at $3 per share,30 to
payable in three equal installments. Arrangements are being made to have
the new issue underwritten, the company announced.
Frank Haveron, a member of J. A. Sisto & Co. and Jacques Moos, of
Philadelphia, have been elected additional directors of the company.
King A. Harvie, of the Sherman Corp., has been elected Chairman.
M. C. Wachtel reported that 1929 net sales were more than $10,250,000
and that 250 stores are now being operated.
-V. 130, p. 623.

American Can Co.
-Loses Tax Dispute.
-

The company and its subsidiaries lost its suit in the U. S. Supreme Court
against the Government involving tax refunds of $2,719,159 on 1917 incomes.
The lower court upheld the companies contention that their tax liability
should be computed on the cash receipts and disbursement basis after the
Government rejected the accrual basis of accounting used by company.
The subsidiaries involved in the controversy were Missouri Can Co. and
Detroit Can Co.
-V.129, p. 3013.

Calendar Years1929.
1928.
1927.
1926.
Operating profit
$8,377,246 $7,380,964 $4,213,490 $4,254,595
Interest
2,552,231
2,818,108
American Chain Co., Inc.
762,493
539,781
-Files Suit.
Deprec. & exhaustion__ _ 1,713,211
1,716,815
546,422
The company has brought suit against the Gamble Stores, Inc., in the
597,819
Appropriated for taxes
155,000 U. S. District Court in Wilmington, Del. charging unfair competition.
The suit alleges that Gamble Stores, Inc., operating approximately 10 chain
• Net income
34.111,804 $2.846.041 $2,904.574 $2,961,995 stores in middle western States, attempted to undermine the distribution
Pr, ef. dividends (7% _
)
70,000
70,000
70,000
70,000 of American Chain Co.'s Weed tire chains in unfair competitive methods.
Pref. dividends (6%)--- 2,092,908
1,459,325
-V. 130, P. 1278.
Common dividends
2,255,416
1,250,000
1,062,500
Shs. of sub. cos. outst'd
American Cigar Co.
-Earnings.
but since red
179,436
Calendar Year's1929.
1928.
1927.
1926.
a$1,899,958 $2,767,079 $2.877,944 $2,666,681
Balance,surplus
$1,948,896def31118,136 $1,584,574 $1,829,495 Net earings
330,000
Previous surplus
344,952
59,145,391 a59,719,007
7,847,894 6,984,106 Pref. diva. (6%)
389,910
389,955
Tran.sf. to deprec.reserve
1,092,492
965,707 Common dividends__(8)%1,600.000(8)1.600,000(8)1,600,000(8)1,200,000
Adjustments Co
544,520
Balance, surplus
def.$30,042
$822,127
$888,034 $1,076,726
Profit & loss surplus_ _361,094,288 $59,145,391 $8,339,976 $7,847,894 Profit & loss, surplus.... x4,052,911
3,917,973 3,160,826
2,300,871
of corn,
Shs. corn, out. (no par)_
988,117
988,117
250,000
250,000 Shares $100) outst'd'g
(Par
200,000
Earn. per sh. on com___
200.000
$1.98
$1.33
200.000
$11.34
200,000
$11.57 Earn, per
share on corn.
$7.35
$12.11
$12.44
a Including undistributed profits of companies now consolidated of
$11.38
x After deducting $164,979 for adjustment of prior years. a Net earn$16,801,768, after deduction of bond discount and premiums on securities
ings of company and those companies all of whose stock is owned by Ameriredeemed, &c.
-V. 130, p. 290.
can Cigar Co. after deducting all charges for expenses, management and
Aero Underwriters Corp.
Federal taxes, &c.
-Progress--Expansion,
' -V.130, p. 290.
annual
Theannual report of this corporation, formed in 'the latter part of 1928,
and for which Barber & Baldwin, Inc., is the subsidiary underwriting
American Founders Corp.
-United Founders Corp.
agency, has been made public by President Horatio Barber. This report. Makes
Offer to Exchange Stock.
-See United Founders Corp.
which is the second made by the corporation and subsidiaries, shows total
income (excluding premium income flowing to reinsurers) for the 12 months below.
-V. 130, p. 615.
ended Dec. 31 1929 of $1,051,402. and total disbursements amounting to
3846,970, leaving a net trade profit of $204.432, in addition to which
-Balance Sheet Dec. 31.American Express Co.
the Corporation's equity in the premium reserves, calculated on customary
1928.
1929.
1929.
1928.
basis, amounted on Dec. 31 1929 to $77,824. This makes a total net trade
Assets
Liabilities
profit of $282,256. Furthermore, Mr. Barber stated that the corporation Real
Capital
x18,000,000 18,000,000
has recovered since the end of last year over $70,000 of the loss written Cash prop.& equip. 8,053,222 6,033,520 Reserves
3,650,670 3,502,644
4,562,321 4,808,887
off as a disbursement last year in connection with market depreciation Demand loans_ _
_25,449,656 5,960,000 Res. for deprec.,
of listed securities.
Due from banks 2,405,597 5,894,264
taxes, losses dr
Among the most important of the investments of the Aero Underwriters Working funds.- 1,791,233 1,424,779 other items.3,480,438
Corp. are those represented by its subsidiaries, the Aero Insurance Co. U. S.
36,475 Divs. payable__ - 270,000
36,475
270,000
and Aero Indemnity Co. These companies have been under the customary Othersecurities... _ 29,203,078 41,021,166 Due to bank,
investments
&c 9,856,011 9,282,840
necessity of setting up large reserves to meet the statutory requirements of Accep.& let'rs of
1,367,052 1,048,879
the New York Insurance Department to cover the unearned portions of Bank guarantees Cr. 4,385,301 4,642,876 Travelers'checks&
credit
the premiums on outstanding policies. These reserves are eventually Accr.int.&accts.rec 2,422,292 1,945,969 Money letters__ _25,666,186 25,997,184
orders,
transferred to surplus as the policies expire and the claims thereon are paid. Other assets
280,523 drafts, &e
158,001
6,776,905 8,500,785
The market value of the listed securities held by the corporation and its
Accep.&let'rs of cr. 1,387,052 1,048,879
subsidiaries on Dec. 31 1929 was $3.111,233, and cash on hand amounted
Other liabilities_ 1,044,918 1,283,037
to $462,908. The net value of assets, after deducting all liabilities,
Total (ea.side) 78,922,578 71,781,097 Surplus
5,898,745 4,809,522
amounted, on Dec. 31 1929, to $31.93 for every share of Aero Underwriters
x Represented by 180,000 shares of no par value.
Corporation stock issued.
Our usual comparative income account for the year ended Dec. 31 1929,
"Taking into account that the foregoing figures have been arrived at
after writing off loss from market depreciation in listed securities, amounting was published in V. 130, p. 1461.
to $216,116. and taking into consideration also the expense of the very
American Machine & Metals, Inc.
-New Name.
considerable amount of constructive and non-recurring initial development
See Manhattan Electrical Supply Co., Inc., below.
work which has beenfaccomplished during the year 1929. I am of the opinion
thatfthe final result can be regarded as satisfactory," said Mr. Barber.
American Safety Razor Corp.
The companies now associated with Aero Underwriters Corp. are as
-Earnings.
follows. Liverpool & London & Globe Insurance Co. Star Insurance Co.
Calendar Years1929.
1928.
1927.
1926.
of America, Fire Association of Philadelphia, The Reliance Insurance Co., Total revenue
Not
$3,626,965 $3,263,533 $5,555,134
Northern Assurance Co. The Pennsylvania Fire Insurance Co., The Cost of operation
The
Stated
x2,379,672 x2.094,296 4,325.889
Mercantile Insurance Co. of America, The Commonwealth Insurance Co.
'
of New York, Globe Indemnity Co., Federal Union Insurance Co., ConOperating income_._ _ $1,918,423 $1,247.293 $1,169,237 41,229,245
stitution Indemnity Co., Victory Insurance Co., The London & Scottish Other income
3,855
13,290
33.166
105,084
Assurance Corp., North British & Mercantile Insurance Co., The Home- MI 4. MO
Insurance Co. of America, and, in addition, the corporation's subland
Total income
41,922,278 $1,260,583 $1,202,403 $1,334,329
sidiaries, Aero Insurance Co. Aero Indemnity Co., Barber & Baldwin, Depreciation
177,442
179,486
Inc. and Aero Engineering and Advisory Service, Inc.
-V. 127. P. 2367. Foreign & Fed.inc. taxes
201,570
127,000
155,000
140,000

Affiliated Investors, Inc.
-Income Account.
-

Net profit
Dividends

Years Ended Jan. 31Profit on sales of securities, net
Interest on bonds
Interest on call loans
Interest on bank balances
Dividends on stocks

1930.
$130,207
24,139
5,210
945
15,079

1929.
$56,070
16,411
1,091
307
4,106

$1,543,267 $1,133,583 $1,047,403 $1,014,843
1,080,669
1,040,560
719,210
600.000
Balance
$462,598
$93,023
$328,193 $414 843
Earnings per share
$7.22
$5.44
1.07
$5.03
x Including depreciation.
-V. 130, P. 976.

Total
Total expenses
Interest charges
Federal income taxes
Bond discount and expense written off
Adjustment of profit on sale of securities
Organization expense written off

$175,581
5,955
13,987
19,792
27,217

$77,986
1,349
5,085
8,104

The annual report of the company discloses that the claims of George
Carson against the American Smelting & Refining Co. have been settled
for $1,059,584.-V. 130,p. 138.

Net profits
Balance beginning of period

$125,007
25,019

$40,447

Total
Dividends on preferred stock

$150,027
50,608

$40,447
15,427

*23,000
6,622

23,000

Balance end of period
$99,518
$25,020
* Addition to profits, year ending Jan. 311930.
Balance Sheet Jan. 311930.
Assets
Liabilities
Cash in banks
$200,528 Bank loans (secured)
$300,000
Accounts receivable
604 Stock loaned
9,000
Accrued interest receivable_
5,581 Accrued interest payable
8,961
Securities owned at cost
a1,621.667 Reserve for, Federal tax
25,500
Accounts payable
5,903
53i% convertible debentures. 281,500
$8 preferred stock
b800,000
Common stock
c22,000
Paid-in surplus
278,000
Total(each side)
$1,828,382 Earned surplus
99,518
a Aggregate market value $1,306,944. b Represented
10,000 shares
series A. c Represented by 110,000 shares. In addition by
42,225 shares of
corn. stock have been reserved for the exercise of purchase and conversion
privileges in connection with the issuance of the outstanding bonds and
32,775 shares are to be reserved upon the delivery of bonds now under
contract of sale. A portion of the stock above has been reserved under the
terms of the management contract. This
provides that the sole
compensation of the management consistscontractmanagement's right to
of the
purchase one share of corn. stock at the issue price for each share thereof
otherwise issued.
-V.129, p. 1740.




American Smelting & Refining Co.
-Settles Claim.
---Equip. Trusts Qffered.
American Steel Car Lines, Inc.
-First Illinois Co., Chicago, are offering at prices ranging
from 92.56 and int. to 99 and int. to yield 6% for all maturities $500.000 5% equip. trust gold certificates series E.
Issued under the Philadelphia plan.
Principal and dividends to be unconditionally guaranteed by endorsement by the American Steel Car Lines, Inc. Old Dearborn State Bank,
Chicago, trustee.
Dated March 11930; payable semi-annually in serial installments,$26,000
each, March 11931, to Sept. 1 1938,both incl. and $28,000 each March 1
1939, to March 11940. both incl. Denom. $1:000c*. Both principal and
dive. are payable without deduction of the nornal Federal income tax not
in excess of 2% per annum, and corporation agrees to reimburse certificate
holders resident in Penn. for all taxes (other than succession or inheritance
taxes) and the Mass, income tax not in excess of 6% per annum, upon
application. Red. all or part on any div. date at 101 and dive. Dividend
warrants (M. & S.) payable at office of the trustee.
Data from Letter of Chas.E. McSweeney,President of the companySecurity.
-These certificates are to be issued ageing 1400 all-stee lstandard
tank cars, as follows: 150 tank cars of 10,000 gallon capacity, and 250 tank
cars of 8,000 gallon capacity.
An appraisal of these cars has been made as of Feb. 1 1930, placing a
valuation on this equipment of $667,000 or approximately 125% of the
Principal amount of this entire certificate issue.
American Steel Car Lines, Inc.
-Is an operating company engaged in the
,
ownership, leasing and renting of steel tank cars to railroads, refiners,
manufacturers, and all classes of shippers requiring steel tank cars. The
cars are used in the transportation of edible and inedible products,including
molasses, syrups, cocanut oil, cottonseed oil, gasoline, gas oil, fuel oils,
chemicals, acids, paint products, &c.
With the acquisition of this additional equipment company will own and
operate a fleet of 1,279 tank cars, and in the number of cars engaged in

MAR.8 1930.)

FINANCIAL CHRONICLE

1657

the transportation of various liquid products will rank as one of the major
Atlantic Gulf & West Indies SS. Lines.
-Div.
tank car lines.
The first 1X,% quarterly dividend, declared on Feb. 26, will be payable
Upon completion of this financing there will be outstanding $1,527,000
equipment trust certificates. Company agrees not to place any mortgage on the 5% cumul. pref, stock on March 31 to holders of record March 12
on its properties while any of the present series of certificates are outstanding (not March 11 as previously reported)
.-V. 130, p. 1463.
Earnings.
-Net income available for dividend charges for the year ended
Auburn Automobile Co.
-2% Stock Dividend.
Dec. 311929, was approximately 2.65 times average dividend requirements
The directors have declared a 2% stock dividend and the regular quarterly
on all outstanding equipment trust certificates.
Total assets $1,494,848. Car trust certificates outstanding $1,055,000. cash dividend of $1 per share, both payable Apr. 1 to holders of record
Mar. 21. Like amounts were paid,in each of the nine preceding quarters.
Capital and surplus $399,713.-V. 129, p. 3638.
Previous stock distributions were 5% each made on Aug. 1 and Nov. 1 1926.
American Utilities & General Corp.
-Exchange Offer -V. 130, p. 1463.

Made to Cle..ss A Stockholders
-To Simplify Capital Structure.
-

The directors have authorized an offer to the class A stockholders to issue
in exchange for every five shares of class A stock held by them two shares
of $3 cumul. pref. stock, without par value, and three shares of class B
stock without par value, the latter to be represented by voting trust
certificates issued under voting trust agreement dated Feb. 1 1929.
Each share of $3 cumul. pref. stock will have attached thereto a warrant
entitling the holder to purchase one share of class B stock, without par
value, represented by voting trust certificate, at $6 per share, up to and
including June 30, 1930: at $8 per share thereafter, and up to and including
Dec. 31, 1930; at $10 per share thereafter, and up to and including June
30, 1931: and at $12 per share thereafter, and up to and including Dec. 31
1931. Warrants will be detachable from the certificates for $3 cumul.
pref. stock after June 30 1930.
Such exchange must be effected by surrendering certificates for
stock to Chatham Phenix National Bank & Trust Co., transfer class A
agent,
149 Broadway, N. Y. City, on or before March 20 1930.
No fractional shares will be issued, but in lieu thereof there will be delivered scrip certificates representing fractions of a share exchangeable,
together with other similar fractional scrip certificates aggregating one or
more full shares, for shares of the $3 cumul. pref. stock or voting trust
certificates for class B stock as the case may be.
It is expected that the $3 cumul. pref. stock and class B stock, represented by voting trust certificates, to be issued in exchange for
stock, will be ready for delivery by April 1 1930.-V. 130, p.the class A
1279.

American Window Glass Co.
-Defers Preferred Div.
-

The directors have voted to defer the semi-annual dividend
due
March 1 on the 7% cum. pref. stock. The last distributionof 33i% rate
at this
was made in September 1929.-V. 129, p. 2854.

Baldwin Locomotive Works.
-To Increase Debt.

The stockholders on March 6 approved a proposal to increase indebtedness to 815,000,000.-V. 130, P. 1463.

Bethlehem Steel Corp.
-Pensions Paid in 1929.
-An official statement says:
The corporation, under its pension plan, paid $548.970 to 1,214 pensioned
employees last year, according to a report just compiled. There were 1,105
retired employees remaining on the pension roll Dec. 31 1929, receiving
an average pension of $504.96 a year. The average age of these employees
when pensioned was 65 years, 11 months.
Bethlehem's formal pension plan has been in operation seven years. The
total amount of pensions paid during this period was $3,036,948.
The corporation had 1.105 active pensioners at the end of 1929. 244
of whom had individual service records of over 45 years to their credit.
This figure includes 102 having in excess of 50 years service, 26 of whom had
more than 55 years of service, 2 of the latter having records of more than
60 years.
During 1929, 137 new pensioners were added and 109 were terminated.
-V. 130, p. 1463, 1280.

Bickford's, Inc.
-February Sales.1930--Feb.-1929.
$434,403
$403,136
-V. 130, p. 119.

Increased 1930-2 Mos.-1929.
831,26715914,423
$830,906

Increase.
$83,517

Bridgeport Machine Co. Wichita, Kan.
-Dividends.-

The directors on Feb. 25 declared the 35th regular quarterly dividend
of $1.75 per share on the outstanding pref. stock to holders at the close
of business March 20 1930, payable April 1.
The directers also declared a dividend of 25c. per share on the common
American Woolen Co.
-Changes in Personnel.
President A. 0. Pierce announces the following changes: William B. stock to holders at the close of business April 20 1930, payable May 1
Warner,President of the McCall Co., New York, has been elected a director 1930.-V. 130, p. 626.
to fill the vacancy created by the recent death of Frank H. Carpenter.
Briggs Mfg. Co., Detroit.
-Closes Plant Temporarily.
Wheaton Kittredge, General Counsel, has been moved up from 2nd
The company makes the following announcement:
President to Vice-President in place of Mr. Carpenter, and Parry C. ViceWigWe have temporarily closed our Cleveland plant but are not dismantling
gin, Comptroller, from 3rd Vice-President to 2nd Vice-President.
Raymond S. Bartlett has resigned as general manager, effective March 8 It or moving equipment. This move was deemed advisable inasmuch as
we are able to meet production requirements at the Detroit plants with
1930.-V. 130, P. 1118.
night shift in some departments and with consequent reduction in costs.
Because of concentration of production in our largest plants we may find
American Writing Paper Co., Inc.
-Dividend Dates.
The quarterly dividend of $1 per share, declared last week on the $6 It advisable to dispose of one or possible two of our smaller plants some
preferred stock, is payable March 31 to holders of record March 20. See time in the future, but no plans have as yet been made in this connection.
V. 129, p. 3171.
also V. 130, p. 1462.

Ansbacher-Siegle Corp.
-Initial Preferred Dividend.
-

The directors have declared an
quarterly
on the pref. stock, payable Aprilinitialholders of dividend of 60c. a share
record March 20. The
1 to
dividend, covers the quarter ending Mar. 31 1920.-V. 129, p. 1915.

Briggs & Stratton Corp.
-Business Good.
-

President S. F. Briggs said: "Business so far this year has been satisfactory considering conditions prevalent in the automotive and machinery
Industries. Others from the Ford and Chevrolet companies have been
particularly good."
-V:130, p. 1281.

Butte & Superior Mining Co.
-Omits Dividend.
-

Armour & Co. (Ill.).
-Hears Pleas by Packers.
The directors have voted to omit the quarterly dividend of 5% which
Justice Stafford of the District of Columbia Supreme Court Feb.
ordinarily
March 31
heard arguments on an application of the Swift and Armour group 28 1929,incl.,would have been payable on 20% were next. From 1925 to
dividends at the annual rate of
of
paid.
-V.130. p.1120.
packers for modification of the consent decree against the "big five" packers,
underwhich it was agreed that they would divorce the packing industries
Celanese Corp. of America.
-Earnings.
from unallied industries. Counsel for the group contended that economic
Calendar Years1929.
1928.
conditions have so changed since the signing of the decree that there is no
1927.
$5.075,565 $44,012,895 $4,036,389
reason for continuing it in force. The modification was asked to offset the Net profit from operations
Income tax, deprec.. invent.. adj. &
rapid development of chain stores and increased meat sales in these stores.
other deductions
2,123,243
1,655,918
Justice Stafford took the matter under consideration.
1,282.317
-V.130, p. 1118.
Net income
$2.952,322 $2,356.916 $2,754,072
Asch, Ltd., Montreal.
-New Control-Exchange Offer. Previous surplus
2,074,506
1,481,790
President J. C. Asch in a circular letter to
362,886
"Pursuant to negotiations which have been the shareholders. states:
proceeding for
Total surplus
$5,026,828 $3.838,766 $3,116.958
Claude Neon General Advertising Ltd. has acquired (a) 65% some time,
of the out- Prior preferred dividends
803,726
578,828
standing common shares of Asch Ltd; (b) 100% of the outstanding
1,037.253
shares of E. L. Ruddy Co., Ltd. (less the directors' qualifyingcommon 1st preferred dividends
1,037,253
1,635,168
shares); Panic. div.(10% ofsurp. profits)_- _ _
74,090
(c) over 98% of the outstanding common shares of Claude Neon Light
148,179
Co.
of Canada, Ltd.;(d) over 97% of the outstanding preferred shares of
Claude
Earned surplus at Dec 31
53.111.759 $2,074,506 $1,481.790
Neon Light Co. of Canada, Ltd.
-V. 128, p. 2997.
"Claude Neon General Advertising, Ltd. has thus acquired
control of
Asch Ltd., E. L. Ruddy Co., Ltd., and Claude Neon Light Co. of
Chatham Phenix Allied Corp.
-Appreciation in Assets.
Canada,
Ltd.
The corporation announces that as of the close of business Feb. 28 1930,
"When acquiring a controlling interest in the common shares
of Asch valuing all securities at closing prices as of that date, the liquidating value
Ltd., the new company agreed to allow the registered holders of
of its stock was $51,880,946 or approximately $25.94 per share. This
ferred shares and of the remaining common shares of Asch. Ltd. to the pre- compares
with $50,000.000 or $25 per share received for the stock on
exchange
their holdings for shares of the new company on the following terms
and Oct. 8 1929 and is an appreciation of $1,880,946 in approximately five
subject to the following conditions: All registered holders
exchange preferred or common shares of Asch Ltd., must desiring to months since the funds were received.
The corporation's assets, in addition to cash, call or time loans, consist
deliver the
certificates representing such shares to the new company at the
office of mainly of income producing investments in railroad, public utility and
Montreal Trust Co. on or before March 15
1930.
industrial companies. The corporation has no indebtedness.
-V.130.P.293.
"Shares of the new company shall be issued in exchange on the
following
basis:
Cities Service Oil Co. (Mich.).
-Acquisitions.
"(1) Each fully Paid 7% cumulative preferred share of Asch
Recent purchases in Michigan by this company,a
Ltd.
(par $100) shall entitle the registered holder to receive in exchange therefor. Service Co.,give the company 90 new retail outletssubsidiary of the Cities
in that State. it is an(a) One fully paid 7% cumulative preferred share, $100, and a fractional nounced by Henry L. Doherty & Co. Fifty of the stations
are company
warrant for 3-40ths of one such
owned and operated. The purchases include
preferred share
properties of the Dean
company. Dividends will accrue fully paid preferred shares of the new Fuel & Supply Co. of Jackson, L. H. Cole Oilthe Gas
&
of
Co. of Pontiac and
company from March 1 1930; (8) on such paid common sharethe new Lincoln Petroleum Products of Flint.
one fully
without
par value of the new company.
Expansion of Cities Service 011 marketing activities in
"(2) Each fully paid common share without par value of Mich Ltd. taken to care for the output of the organization's new Michigan, underrefinery in East
shall entitle the registered holder to receive in exchange therefor five fully Chicago, began last fall with the acquisition of the Mutual Oil
Co. of Adrian
paid common shares without par value of the new company.
and Grimes-Madigan Co. of Grand Rapids. These two
"The financial Interests which have become shareholders in the new merged and on Jan. 1 the name was changed to Cities companies were
Service Oil Co.
company represent the strongest grouping of financial support which has C. A. Shierson, former president of Mutual Oil Co.. is Vice-Pres
ident and
ever been enjoyed by any Canadian undertaking of this nature.
General Manager of the new company.
financial structure of the new company has been designed to provideThe
for
Claude Neon General Advertising Ltd.
extensive expansion.
-Acquisitions.
Capital structure of Claude Neon General Advertising Ltd.:
See Asch, Ltd. above.
Authorized.
Issued.
Coleman Lamp & Stove Co.
-Smaller Dividend.
Collateral trust gold bonds
$5.000,000 $1,614,000
The directors have declared a quarterly dividend of 50c. a share on the
7% cumulative preferred stock, par $100
2,500.000
359,400 common stock, compared
Common stock without par value
a share
600,000 sha. 377.782 shs. April 1 to holders of recordwith $1 18.-V. in previous quarters, payable
March
"The directors and officers of the new company will include,
128, p. 3832.
among
others,the following: Julian C. Smith, Chairman of
Congress Cigar Co. Inc.
-Extra Dividend.President; J. C. Asch, Vice-president and managing the board; S. Godin Jr.,
Director; J. R. RobertThe directors have declared an extra dividend of 25 cents per share in
son, Vice-President; J. W. McConnell, M. A. Thomson, Howard
Murray, addition to the regular quarterly dividend of $1.25 per share on the capital
O.B.E. and Russell D. Bell.
-V. 125, P. 1976.
stock, no par value, payable March 31 to holders of record March 14.
Like amounts were paid on July 1, Sept. 30 and Jan.2last.
-V.129, p.3478.
Auto-Strop Safety Razor Co., Inc.
-Earnings.
Container Corp. of America.
Calendar Years-To Increase Stock.
1928.
• 1929.
1927.
Net income from operations
$1,521,499 $1,299,777 $1,122.156 A The stockholders will vote March 27 on increasing the authorized class
Other income
stock, no par value, from 600,000 shares to 2,000,000 shares.
102,360
88,673
-V. 130,
-70,603 P• 1466.
Total income
$1,623,859 $1.386,449 51.192.759
Continental Gin Co., Birmingham, Ala.
Other deductions
-Earnings.
70,202
62,384
55.020
Income Account Year Ended Nov. 30 1929.
Interest paid
5,330
15,550
1.399 Operating profit
Provision for depreciation
$988,897
191,619
175,358
109.411 Interest, dividends and miscellaneous income
Income tax
313,060
173.818
153,573
159,775
Portion of earns. applic. to minority
Total income
holdings of Auto-Strap Safety Razor
$1,301.957
Federal income tax
Co., Ltd., London
117,855
134,502
144,278
123,831 Amortization of premium paid on redemption of7% pref. stock
60,000
Net profit for period
$1,065,035
$845,083
$743,323
Net income ___------------------------------------Dividends predecessor company
---51,097,679
169,548 Preferred dividends
Dividend on class A stock
262,500
262,500
300.000
131,250 Common dividends
400.000
Balance surplus
$582,583
$442,525
Surplus for the year
Earns, per sh. on 87,500 class "A" $802,535
397,679
Surplus at beginning of the year
stock (no par)
$12.17
$9.65
2,948.115
$8.49
-V. 130, P. 1463.
Surplus at end of year
$3.340.794




FINANCIAL CHRONICLE

1658

Condensed Balance Sheet, Nov. 30 1929.
Liabilities
Assets$44,685
Real Estate, plants & equip $4,370,877 Accounts payable
175,000
429,953 Dividends payable
Cash
144,278
4,059,124 Accrued income tax
Notes receivable
300,000
361,164 Gen. res. for contingencies..
Accounts receivable
5,000,000
Inventories1,773,065 Preferred stock
2,500,000
120,000 Common stock
Prem. 7% pref. stock red__ _
3,340,794
390,574 Profit & loss account
Continental Gin Co. pref. stk.
$11,504,757
Total
-V. 122, p. 3610, 2197.

Total

$11,504,757

-New President, &c.
Continental Motors Corp.

PresiAt a meeting of the board of directors, W. R. Angell was elected years,
dent of the company. He has been with the company for manyfinance
having served as Secretary, Vice-President, and Chairman of the
committee. He succeeds R. W. Judson, who has been made Chairman
of the board. Roger Sherman and James H. Ferry, both of Chicago, and
both large stockholders of Continental, were elected Vice-Presidents.
B. F. Tobin Jr., is the new Treasurer, succeeding R. M. Sloane, resigned.
Leo M. Butzel, Detroit attorney, was elected a director. It is understood that other changes in the directorate and staff are contemplated in
-V. 130, p. 628.
the near future.

-Protective Committee.
Continental Sugar Co.

Formation of a protective committee to represent holders of first mortgage bonds has been announced. A letter sent to the bondholders by the
committee said the coupons on the issue due Feb. 1, had not been paid
be
and that the committee had been informed that the company would are
unable to meet sinking fund obligations March 1. The bondholders &
urged to deposit their bonds immediately with the Continental Bank
Trust Co., Chicago, depositary.
that the
The letter said that in view of these circumstances and the factwas concompany on Feb. 20 was placed in the hands of a receiver, itpromptly.
essential that vigorous and concerted action be taken Hornby,
sidered
The committee is composed of Arthur G. Deane, Frederick H.
Franklin,
Darragh A. Park, Henry S. Parker and Josiah Macy. Cotton,as counsel
Wright & Gordon of 63 Wall St., N. Y. City have been retained
-V. 130, p. 1283.
by the committee.

[VOL. 130.

Secretary E. I. McClintock, Feb. 20, says in part:
The directors of this corporation have deemed it advisable and have so
declared by resolution that the capital stock be increased from 3,000,000
shares without par value to 5,000,000 shares without par value. There are
at the present time issued and outstanding 2,743,713 shares of capital stock
of Drug Inc., and the increase is deemed advisable in order to provi e for
future corporate requirements, as well as the acquisition of the assets and
property of Household Products, Inc., referred to below.
The directors have (subject to the approval by the stockholders) approved
a plan of reorganization under which Drug Inc. will acqure all the assets
and property of Household Products, Inc., in consideration of the issue to
Household Products. Inc., of shares of the capital stock of Drug Inc. and the
assumption by the latter company of all the liabilities and obligations of
Household Products, Inc.
Household Products, Inc., was organized in 1923 and substantially
27% of its capital stock is owned by Sterling Products (Inc.), a wholly
owned subsidiary of Drug Inc.. and many of its stockholders are stockholders of Drug Inc. It owns The Centaur Co., manufacturer and distributor of the well-known product "Fletcher's Castoria," Pepsin Syrup Co.,
B. Caldwell's Syrup of Pepsin and Herb Laxative
manufacturer of
"Dr.W'
Compound," Mum Mfg. Co. Inc., manufacturer of the deodorant"Mum".
and Scott & Turner, Ltd., an English business, manufacturing and selling
in Great Britain and on the Continent "Andrews' Liver Salts"
It is contemplated that subject to the approval of stockholders, there
will be issued to consummate the entire transaction 410,715 shares of Drug
Inc. for the assets and property of Household Products, Inc. The acquisition on the basis of one share of capital stock of Drug Inc. for each 1 2-5
shares of capital stock of Household Products, Inc.
All of the products manufactured and distributed by the subsidiaries of
Household Products, Inc. are outstanding in the drug trade and have wide
distribution, and it is believed that upon acquisition economies can be
effected in the operation of the properties which will increase their value.
Notwithstanding the fact that under the charter of Drug Inc., power
to issue shares in a transaction of this kind is lodged in the directors, the
authorization and approval of the stockholders is requested by reason of
the fact that 27% of the stock of Household Products, Inc. is already owned
by Sterling Products (Inc.). three of the directors of Household Products,
Inc. are directors and (or) officers of Drug Inc.; and several of the directors
-V .130,p. 1467.
of Drug Inc. are stockholders in household Products,Inc.

-No Div. Action.
Durant Motors Co. of California.

The directors on March 4 took no action on the declaration of a dividend.
An initial dividend of 20 cents a share was paid on Oct. 20 and was genThe directors have declared a dividend of $3 a share,
erally construed at that time to be a quarterly distribution, but the board
of record Feb. 28. This is the first dividend since Jan. 15 1927, has decided to await more conclusive indications of motor sales for the
to holders
-V.128, p. 2275.
when a distribution of the same amount was made.
early months of this year before giving consideration to dividend action.
- -V. 129, p. 2690.
-New Director.
Distributing & Management Corp.
elected a
Arthur Deane of Singer, Deane & Scribner, Inc., has been
-Warrant Agent.
Eastern Bond & Share Corp.
-V. 130, P. 628.
director.
Chatham Phenix National Bank & Trust Co. has been appointed warrant
-Reorgan- agent for warrants attached to stock certificates representing right to subDetroit Railway & Harbor Terminals Co.
scribe to not exceeding 250,000 shares of $10 par capital stock, and separate
ization Plan Declared Operative.
detached options representing right to subscribe to not in excess of 250,000
respective committees additional shares of $10 par capital stock.
The bondholders and creditors are advised by their
that the reorganization plan dated Sept. 3 1929 has been declared opera-Initial Cash Div.
Eastern Steamship Lines, Inc.
tive. For full details of plan see V. 129, p. 1948.
The directors have declared an initial quarterly dividend of 50c. a share
-A banking group on the common stock, no par value, the regular quarterly dividend of $1.75
-Notes Sold.
Dow Chemical Co.
stock and 87 sic. a share on the no par preferred
a share
headed by The Union Cleveland Corp., Watting, Lerchen. & stock allon the 1st pref. to holders of record March 14.
payable April 1
Three months ago the company paid a dividend of 1% in stock on the
Hayes, Detroit, and Hayden, Miller & Co., Cleveland,
-year 6% common shares.
announce the sale at par and int. of $3,500,000 10
The company reports a net loss in January of $60,898 after charges, as
sinking fund gold notes.
compared with a net loss of $54.068 in January 1929.-V. 129, p. 3641.
Dated Feb. 11930; due Feb. 1 1940. Denom. $1,000 c*. Principal and
-Sales.
Edison Brothers Stores, Inc.
int. (F. & A.) payable at Union Trust Co., Cleveland, trustee, without
Increase.
Increased 1930-2 Mos.-1929.
-Feb.-1029.
1930
deduction for normal Federal income tax not to exceed 2%. Company will
$402,301
$120,288
$72,1861 $522,589
$214,416
Penn. 4 mills tax upon proper application. Red. all or part, and
$286,602
refund the
for sinking fund purposes, upon 30 days' notice, on any int. date, prior to -V. 130, P. 980.
and
Feb. 1 1932 at 1023 on Feb. 1 and Aug. 1 1932 at 102, on Feb. 1 date
-Earnings.
Electric Storage Battery Co.
Aug. 1 1933 at 101M ,and thereafter at 101 until maturity, plus int. to
1926.
1928.
1927.
1929.
of redemption.
Calendar YearsFund, payable annually, provides for redemption, beginning Gross sales
$48.412,420 $46,219,193 $45,640,291 $54,199,150
Sinking
Feb. 11932, of over 65% of the issue before maturity. Sinking fund will Cost of manufacturing.
40,886,247 40,087,641 39,913,474 48,318.269
be payable in cash or notes at the redemption price, and to the extent that
oper. exps., &c
on any payment date notes are not tendered by the company,any remaining
$7,526,173 $6,131,552 $5,726,816 -7 5,880,881
3
Prof. from sales inc
cash will be applied by the trustee to the redemption of notes by lot at the Fed. inc. taxes (est.)
808.000
731,000
Prevailing redemption price.
$6.718,173 $5,400,552 $5,726.816 $5,880,881
Balance
Data from Letter of Dr. Herbert H. Dow,President of the Company. Other income
934,533
1,192.732
852,900
774,610
Authorized. Outstanding,
Capitalization$7,910,905 $6,335,085 $6,501,427 $6,733,781
Net income
gold notes (this issue).. $3,500,000 $3,500,000
-year 6% siialdng fund
10
4,118,262
4,542,154
4,090,375
4,065,327
Dividends
3.000.000
3,000,000
7% cumulative preferred stock
$3,368,751 $2,216.823- $2,411,051 7I2,668,454
1,000,000 shs. 630,000 shs.
Balance, surplus
Common stock (no par)
20,930,812 22,206,657 20,894,225 19,191,144
Based upon prevailing quotations for preferred and common stocks, the Previous surplus
196,222
Sundry credits
indicated market value of the equity is in excess of $40,000,000.
-Is a large producer of basic chemicals, mainly for pharma$24,299,563 $24,423.480 $23,305,276 $22,055,820
Company.
Total surplus
441,231
300,452
ceutical and industrial uses. The pharmaceutical products include bro- Other adjustments
150,210
100,000
98,895
75,000
mides, salicylates, chloroform, epsom salt, phenacetin and many other Pension fund
100,000
compounds. Included in the list of industrial chemicals are acetic anhy- Prey. year Fed. tax
772.784
848,410
1,086,595
dride, aniline oil, carbon bisulphide, carbon tetrachloride, caustic soda, Stock dividend
(10%)2178651
magnesium chloride, and phenol U. S. P. (carbolic acid): as well as a Distrib. of Exide Sec.
10,071,105
number of important dyes, including indigo, and a large number of interCorp. shares
mediates entering into the manufacture of a wide line of synthetic dyes
Profit & loss surplus-$13,829.111 $20,930,812 $22,206,656 $20,894,225
and perfumes.
com, stock outThe industrial chemicals are used in the manufacture of numerous prod- Shares
900511
809.131
801 699
805 181
par)
standing
ucts, including rubber goods, photographic films, artificial silk, dyes, Earned per(no
$A.77
$A.39
$7.81
SA.07
share
synthetic drugs, cotton goods, food products, stucco and flooring, and -V. 130, p. 981.
many others.
choloride is produced and sold in use for allayA large tonnage of calcium
-Report.Equitable Investing Corp.
ing dust in the maintenance of roads, treating of bituminous coal and as a
President Donald J. Smith March 4 wrote in substance:
brine in refrigerating plants.
full year of operations on Feb. 15 1930. Having
Mich., is adjacent to
Company closed its
The principal plant of the company at Midland,
worst decline in the history of this country,
the most important known brine field in the United States, containing successfully passed through thethe results achieved. The liquidating value
bromine and other important elements in commercial quanties. Recent the directors are gratified withall operating, organization expenses, &c., as
additions to the plant have been necessitated by large contracts for ethylene of the units, after writing off $29.67 as compared with $29.50 a year ago.
ciibromide (for Ethyl Gasoline), aniline oil (for dyes and rubber), Dowmetal shown by the balance sheet, is has been a further increase in the liquidating
magnesium alloys (for airplane and automotive parts), phenol (for artificial As of this date (March 4) there of some of company's principal investments
resins), and raw materials used in the manufacture of Rayon. 3 years and value. If the liquidating value
in the stocks of the strongest and most capably managed investment trusts
-Based upon an audit by Haskins & Sells, for the
Earnings.
net earnings after were used instead of present deflated market values, the present value of the
6 months ended Nov. 30 1929, the company has shown follows:
investments would be increased approximately 15%. The actual realized
available for interest and Federal taxes, as
depreciation,
Net Earnings as Above. net income of company, as shown by the annual audit, amounted to $1.78
Year Ended
$1,671,448 per share on the average amount of A stock outstanding during the year.
May 31 1927
1,917,175
The directors Feb. 28, declared the regular quarterly dividend of 13i%
May 31 1928
2,752.912 in class A common stock, on the class A common stock, payable March lb.
May 31 1929
1,530,335
Portfolio as of Feb. 15 1930.
Nov.30 1929(6 months)
Maximum interest charges on this issue of notes will be $210,000 per Allegheny Gas Corp. commom.
Internat. Superpower Corp. common.
annum.
Internat. Tel. dr Tel. Corp. common.
Securities Corp. corn.
that the company has shown an Amer.
Based on the foregoing, it is indicated 3 years and 6 months of approxi- Amer. European
Lehman Corp. common.
Natural Gas Co. common.
average annual net earning for the period this issue, and for one year and Amer. Power & Light Co. common.
Middle West Utilities Co. corn.
times interest requirements of
mately 11
Middle West Utilities Co. A wart.
average earning of approximately 13 Associated Gas & Elec. Co. Cl. A corn.
6 months ended Nov. 30 1929, an
Co. corn, rights. Middle West Utilities Co. B warr.
Associated Gas & Elec.
times such requirements.
common. Niagara Hudson Power Corp. corn.
distributed cash dividends on its common stock in Byllesby, II. M. & Co. class B
The company has
North American Co. common.
stock Central States Electric Corp. common.
every year, with one exception, since 1901, and on the preferred
North & South Amer. Corp. cl. B corn.
Central Tr. & Say. Co. Phila. cap. stk.
regularly since issue.
Pacific Gas & Electric Co. common.
sheet as of Nov. 30 1929, and Commonwealth &Southern Corp. corn. Pacific Lighting
-Based on pro forma balance
Assets.
Corp. common.
New York, corn.
to the sale to Consolidated Gas Co. of
adjusted to give effect to the proceeds of this financing, and share (since Eastern Gas & Fuel Associates common. Pennsylvania Co. for Insurances on Lives
per
stockholders of 30,000 shares no par common stock at $50
and Granting Annuities capital stock.
tangible assets of Eastern Utilities Investing Corp. corn.
consummated) the company had as of that date, net
Prudential Investors, Inc. common.
Electric Bond & Share Co. commom.
$18.600,676, equivalent to $5,314, for each $1,000 note and net current Electric Shareholdings Corp. commom. Public Utility Holding Corp. common.
-V. 129.
assets of $3,641,691, equivalent to $1,040 for each $1,000 note.
Real Estate-Land Title & Tr.Co. cap.stk.
Empire Corp. common, warrants.
D. 2689.
Empire Public Service Corp. common. Shenandoah Corp. common.
-To Fourth National Investors Corp. corn. Smithco Realty Co.common.
Products, Inc.
Drug Inc.
-To Acquire Household
Standard Brands, Inc. common.
General Public Service Corp. corn.
Standard Gas & Electric Co. common.
Increase Stock.
Goldman Sachs Trading Corp. corn.
increasing the capital stock, Great Britain & Can. Invest't Corp. corn. Third National Investors Corp. corn.
The stockholders will vote March 11 on
Tr -Continental Corp. common.
without par value, from 3,000.000 shares to 5,000,000 shares and on ap- Guardina Investors Corp. common.
Ungerleider Financial Corp. common.
proving a proposed plan of reorganization approved by the board of di- Hamilton Gas Co. common.
United Founders Corp. common.
rectors, under and by the terms of which Drug Inc. shall acquire all the Hydro-Electric Securities Corp. corn.
United Gas Improvement Co. new corn.
assets and property of Household Products, Inc. (Del.), in consideration Interlake Iron Corp. common.
United States Electric Power Corp. corn.
Products, Inc. of 410,715 Internat. Carriers, Ltd. common.
of the issuance by Drug Inc. to Household
shares of capital stock, without par value, and the assumption by Drug Internat. Holding & Inv. Co., Ltd. corn. U. S. & Overseas Corp. common. A_com
Utilities Power & Light Corp. cl.
-V.129. p. 3641.
and obligations of Household Products, Inc.
Inc. of the liabilities

-Resumes Dividend.
Davis Coal & Coke Co.
payable March 15




FINANCIAL CHRONICLE

MAR. S 1930.]
Exchange Buffet Corp.—Sales.—

Sales for Month and 10 Months Ended Feb. 28.
1930—February-1929
Increase.
1930-10 Mos.-1929
$493,549
$38,5151$5,488,822 $4,888,516
$532,064
—V. 130, P. 1468.

Inecrease.
$600,306

Federal Theatres Co.—To Succeed National Theatres
Corp.—
See latter company below.

(M. H.) Fishman & Co., Inc.—Sales.1930—Feb.-1929.
S81,271
$50,673
—V. 130, p. 1123.

Increase.' 1930-2 Mos.-1929.
$89,240
$30,5981$164,165

Increase.
$74,925

Ford Motor Co. Ltd., England.
-10% Dividend.—
The Guaranty Trust Co. of New York as depositary has received cable
'
advice from London to the effect that a dividend of 10% less British income
tax of 20% has been declared on the ordinary shares. The equivalent of
this dividend will be disbursed to holders of American depositary receipts,
issued by said depositary, on or about March 17 to holders of record March
7, which distribution will amount to approximately $.373..6 per American
depositary share.—V. 130, P. 1469.

1659

since persistently refused in any manner to give any co-operation or to
give them access to the books and accounts.
With regard to the reiterated references which have been made by Mr.
Fox of our intention to place his companies in receivership, the fact is that
the trustees were obliged to make many concessions to Mr. Fox's desires
in order to forestall his avowed purpose of placing the company in the
hands of a receiver which he repeatedly and constantly threatened to do.
Mr. Fox has repudiated the trust agreement. He has likewise repudiated contracts which entitle us to preferred rights to finance these properties. He indicates that he intends to repudiate another contract to pay
us compensation which we earned and which he voluntarily agreed to pay.
In conclusion, we wish forcibly to impress on the stockholders as we did
in our letter, that they are confronted with the extraordinary situation
of a man, who by the ownership of approximately only 67 of the aggregate
shares of these two great companies, has placed himself in a position
whereby he arbitrarily exerts absolute control over properties having a
value of approximately $300,000,000. and, who, in spite of the fact that
he has imperilled the investment of 94% of the aggregate shares of these
companies by mismanagement, still insists upon exerting this control in
dictating the plan of refinancing that shall be carried on regardless of the
terrific cost to stockholders.
Our actions have at all times been prompted by a desire to protect the
interests of our customers who have large investments in the properties
as well as the interests of stockholders and creditors, to the end that the
companies, future developments may not be hampered and that the companies will be left with a financial structure which will permit of proper.
healthy development.

Fox Film Corp.—Stockholders Favor Fox Plan—Trustees
Trustees Refinancing Plan.—The plan presented by the
File Protest on &crow Stock Voted Over Court Ruling.—The
following is taken from the New York "Herald-Tribune" trustees, prepared by Halsey, Stuart & Co. at the suggestion
of the trustees was rejected by the stockholders. A synopsis
March 7:
Final results of the voting of the stockholders of the Fox Film and Fox of the plan follows:
Theatres Corps., announced March 6, gave at least an outward indication
that William Fox, President of these $300,000,000 enterprises, had won
a distinct victory in that skirmish of his legal battle to maintain control of
the world-wide motion picture business which he began in 1905. [The stockholders meeting convened March 5, but was continued to March 6.1
In the voting of the Theaters corporation. 987,516 shares of class "A"
common stock, out of the total of 1,583,000 shares, were cast in favor of
the $65,000,000 refinancing plan drawn up and underwritten by a group of
bankers composed of Bancamerica-Blair Corp., Lehman Brothers, and
Dillon, Read & Co., which had been approved by Mr. Fox and a majority
of the board of directors. Only 99,338 shares were voted in opposition.
The entire 100,000 shares of class "B" common stock of the Theaters
corporation was voted by Mr. Fox himself despite the fact that this stock
is held in escrow by the Bankers Trust Co. in compliance with a trust
agreement made last December by Mr. Fox, Harry L. Stuart, Pres. of
Halsey, Stuart & Co., and John E. Otterson, Pres. of Electrical Research
Products, Inc. The action of Mr. Fox was in direct conflict with the
decision of Justice Aaron J. Levy, of the Supreme Court, vacating an injunction designed to give Mr. Fox control of this stock.
Mr. Fox, moreover, under the same conditions, voted the certificates for
50,101 shares of class "B" common stock in the Film corporation, thus
enabling the Fox faction to muster 93,745 of the 99,900 shares outstanding
in favor of his refinancing plan. Of the 820.660 shares of class "A" common
stock of the Film corporation outstanding. 664,577 were cast in favor
of the Bancamerica group plan, and only 32,025 against it.
The reason given by the tellers, who checked up the proxies and counted
the votes, for allowing Mr. Fox to vote the escrow stock was that Mr. Fox
was the owner according to the companies' records as of March 1 1930, and
that, although Mr. Otterson and Mr. Stuart—two of the three trustees,
Mr. Fox being the third—held proxies that had been delivered to them by
the Bankers Trust Co., no ballot had been cast by them.
Immediately following the announcement of the results of the stockholders' votes, the directors of the Theaters corporation met and took the
necessary steps to put into effect the Bancamerica group plan. Later they
appeared, with Samuel Unterrnyer, chief Counsel, for the Fox interests,
before Federal Judge Frank J. Coleman. Mr. Uatermyer reported the
action of the stockholders and made a motion that the petitions for receiverships be vacated. Judge Coleman adjourned the meeting without
setting a date for a hearing on Mr. Untermyer's motion.
Those conversant with the Fox tangle indicate that Mr. Stuart and Mr.
Ottorson. as co-trustees with Mr. Fox in the agreement which Justice Levy
has declared valid and binding, have not said their last word in their fight
to force Mr. Fox to respect the agreement. According to them, the trust
agreement provided, among other things, that any refinancing plan proposed
during the life of the agreement must have the approval of a majority of the
trustees. The agreement was to extend until June 3 1930.
• Mr. Stuart and Mr. Otterson have been sponsoring a plan of refinancing
offered by Halsey, Stuart & Co., bankers, of which Mr. Stuart is President,
on the ground that it will save several million dollars to the stockholders and
place the companies on a more solid financial basis.
What steps they will take, in view of the results of the stockholders'
meeting, a as not disclosed, although it was pointed out that if Justice
Levy's decision stands, after the appeal already taken by the Fox interests,
they can block the Bancamerica group plan througa the mere fact of their
constituting a majority of the trustees.
The first action indicating their intention to continue the fight was made
by Mr. Stuart and Mr. Otterson when they had inserted in the companies'
records their formal protest against Mr. Fox having voted the escrow stock
in defiance of Justice Levy's decision.

Statement by Halsey, Stuart & Co.—Protection of stockholders and creditors of the Fox organizations is the only
interest which Halsey, Stuart & Co. has in the plans for the
refinancing of Fox Film Corp. and Fox Theatres Corp.,
according to a statement made by the bankers previous to
the stockholders' meeting. The statement says in part:

(1) Trustees' plan provides initially an excess over the plan of Bancamerica-Blair, Lehman Brothers and Dillon, Read & Co.of $9,050,000 cash.
(2) Assuming that all the warrants and conversion privileges under
the two plans are exercised, trustees' plan will retire $20,000,000 more
debt than theirs, and will require 100,000 less class A shares, even after
taking into account the bonus of 200,000 shares under their plans.
(3) These 100,000 less class A shares are worth at $28 per share (Bankers'
underwriting price), $2,800,000. Therefore, total advantage in cash or
equivalent is $31,850,000.
(4) No preferred stock.
(5) No bankers bonus stock or option.
(6) Average per share realized on class A stock after all conversion and
exercise of all warrants.
Bancamerica-Blair plan, $18 per share; trustees' plan, $29 per share.
(7) Debentures under trustees' plan call for interest at rate of 6M %
per annum-under Bancamerica-Blair plan interest at 7% per annum, or a
yearly saving in interest in favor of the trustees' plan of $200,000.
Summary.
Saving in Capitalization.
Stock under conversion debentures trustees' plan _ _
Warrants under debentures Bancamerica-Blair plan
(at 20)
Bancamerica-Blair plan—Bankers bonus

Shares. Realization.
1,200,000 $40,000,000
1,000,000 20,000,000
200,000

1,200,000 $20,000,000
Total
20,000.000
Saving
Common stk.sold trustees' plan (cl. A corn. at 28)_ 1,150,000 32,200,000
Preferred stock conversion Bancamerica-Blair plan,
1,250,000 25,000,000
$25,000,000 par value (at 20)
100,000 $7,200,000
Summary.
(Benefits to be derived from trustees' plan as compared with Bancamerica-Blair plan.)
Cash benefits after all conversions
$31,850,000
Derived as Follows:
Immediate additional cash raised
$9,050,000
Additional saving upon conversion
20,000,000
100,000 less shares class A common to be outstanding at 28 (bankers' underwriting price) 2,800,000
31,850,000
Indebtedness:
Debentures remaining unpaid upon completion
of conversion under Bancamerica. plan
20,000,000
Debentures remaining unpaid upon completion
of conversion under trustees' plan
Saving

Advantage of trustees' plan in reduction of debentures
$20,000,000
Capital Stock—Class A:
Increased outstanding under Bancamerica-Blair plan over
present(average realization to company 18 plus per sh.) 2,450,000 shs.
Increase outstanding under trustees' plan over present
(average realization to company 29 plus per share)____ 2,350,000 shs.
Reduction in number of shs. outstanding under trustees'
plan-per above

100.000 shs.

Halsey, Stuart Statement says Situation not Clarified.—
Halsey, Stuart & Co. stated that they did not see how the Fox situation
was clarified by the action taken at the stockholders' meeting. They
doubt that the Bancamerica plan, which provided a voting trust radically
different, could be made effective as long as the trust agreement between
Fox, Stuart and Otterson was a valid agreement. The New York Supreme
Court had held the trust agreement of Dec.3 1929 to be valid.
Halsey, Stuart questions the right to make any plans effective, except
the plan approved by the trustees under that instrument. The trustees
have not approved the Bancamerica-Blair plan, but on the contrary have
approved the plan submitted by Halsey, Stuart & Co.
Halsey, Stuart further stated the belief that they doubted if the class
A stockholders and their committee fully understood the situation and that
by voting for the Bancamerica-Blair plan, the stockholders and their
committee may have produced a situation fraught with more legal difficulties than any result which would have followed the adoption of the Halsey
Stuart plan.

Any assertion that there is a fight for control of the company is not
based upon facts. There are, however, millions of dollars at stake which
were invested in good faith and it is our intention to protect this money
by every means at our command.
Furthermore, all statements emanating from Mr. Fox that we are trying to cause him injury as a class B stockholder are false. On the contrary, any plan which we contemplate must be of benefit to all class B stock'
holders for the plan will protect the company from dangers of receivership.
Our own position in the matter was made clear when a trusteeship
agreement was drawn up on Dec. 3 1929, under which John E. Otterson,
William Fox and 11. L. Stuart became trustees. This was formed purely
Telephone Co. Denies Fox Offer.—
for the purpose of making it possible to work out a clearly defined plan
in regard to Mr. Fox's statement that the telephone interests had
for rescuing the Fox companies from the danger of receivership, which offered him $33,000,000 for his stock, the management of the American
was serious because of the heavy load of short term obligations which Telephone & Telegraph Co., reiterates that it has never contemplated or
the Fox companies had incurred without making any arrangements what- considered taking any share interest in any amusement company nor will it.
ever for their payment. •
Messrs. Stuart and Otterson, acting as trustees at the urgent request of
Bancamerica-Blair Plan Revised.—
Mr. Fox and themselves stipulating that they would accept no compensaAt a meeting of the directors, March 5, just prior to the
tion for their services, took steps immediately upon the formation of the stockholders' meeting the proposed refinancing plan putconvening of the
forward by
trusteeship to relieve some of the most pressing obligations, $4.000,000 Bancamerica-Blair group and approved by Mr. Fox was revised. the
The
being advanced immediately by ourselves and associates. This, with other
changes, which eliminated the necessity for stockholders' approval of the
credits, was sufficient to liquidate debit balances with brokers incurred
plan, were the substitution of 1,250,000 shares of common
revisedsy
by Mr. Fox or his nominees and which Mr. Fox claims were for the account stock to n dicate $20 instead of 250,000 shares of pref. stock to be
be sold at
sold at
of Fox Theatres Corp.
nature of the $40,000,000 worth of debentures to be
Upon the formation of the trusteeship, Mr. Fox refused to deliver the $100, and a change in
resignations of officers and directors in flagrant violation of his trustee issued. Instead of being convertible they are to bear warrants.
agreement. This is tho customary procedure in a situation such as this,
Justice Levy Decision Rules Against Fox.—Supreme Court
and in fact was one of the first measures agreed upon in the refinancing
plan which has already been accepted by the directors of your corporation. Justice Aaron J. Levy in a decision handed down, March 5,
Mr. Fox, however, after availing himself of the large financial assistance denied the petition of Mr. Fox which sought to enjoin
John
which was immediately needed, arbitrarily refused to deliver those resigE. Otterson and Harry L. Stewart, co-trustees under the
nations.
It should be emphasized that there was a constant effort made by Messrs. voting trust agreement of December last from voting
the
Stuart and Otterson to provide such financial assistance and accommodation as would meet the immediate financial needs pending the development class 13" stock owned by Mr. Fox. Justice Levy in a long
of permanent financial arrangements not only in order to prevent a re- ,:
in other id
opinion saw
ceivership but, of great importance to the stockholders, to prevent the
words, having derived a substantial part of the
disposal of valuable assets at sacrifice prices,which Mr. Fox was repeatedly would flow from the agreement, he was prepared to repudiate benefit which
his side of the
insistently intent upon.
and
bargain."
Mr. Fox has publicly referred to the efforts of Halsey, Stuart & Co. to
Justice Levy noted that Mr. Fox's holdings amount
submit a plan for refinancing as a mere gesture, with the implication that Film corporation and about 11% of the Theaters stock to only 5M % of the
and that
it was not being made in good faith. Before any other plan had been Public holds the balance, besides $90,000,000 in debts held by the general
the investn
submitted, Messrs. Stuart & Otterson endeavored to form a plan for re,The Hceourcotntisinued
Mr. Fox made this impossible by refusing to co-operate public.:at all impressed by his
financing, but
not
disingenious charges that the
with his trustees in giving them necessary information and data and has agreement wasinduced by fraud and that it was violated
by them."




1660

FINANCIAL CHRONICLE

New Suit Begun in Brooklyn.—

A show cause order against Mr. Fox and others involved in his amusement enterprises was granted by Supreme Court Justice Dunne, March 5,
upon application of the owners of non-voting class A stock. The petitioners
were Isadore Weiss of Brooklyn and Henry F. Otto of Irvington, N. Y.
The order directs Mr. Fox and his co-defendants to show cause why all
the stock bought by the defendants in Loew's, Inc., should not be resold.
It furtner orders them to show cause why the Electrical Research Corp.,
Inc. should not be enjoined from taking any steps to collect $15,000,000
'
which it provided to facilitate the purchase of the Loew stock; and to show
cause why Halsey, Stuart & Co. should not be similarly enjoined from
attempting to collect $12,000,000 advanced for the same purpose.
The order further njoins the defendants from attempting to collect
$1,000,000 as a fee and calls upon them also to show cause why the defendants should not be required to make an accounting of *9,000,000
secret profits from this deal.
Weiss and Otto charge a "gigantic conspiracy" to achieve for Fox control
of the amusement business of the nation and a "plot to mulct non-voting
stockholders."
Defendants, in addition to Mr. Fox, are Fox Theatres Corp., Fox Film
Corp., Halsey, Stuart & Co., Electrical Research Products, Nicholas
Schenck and David Bernstein.

Stock Not Ex-Rights, March 10.—

[VOL. 130.

(F. & W.) Grand-Silver Stores, Inc.—Sales.Increase. I 1930-2 Mos.-1929.

1930—Feb.-1929.
$1,860,663 $1,616,058
—V. 130, p. 983.

$244,6051$3,613,229

$3,076,908

Increase.
$536,321

Grand Union Co.—Sales Expansion.
7 Weeks Ended Feb. 15—
Increase.
1930.
1929.
Sales
$686,839
$4,640,981 . $3,954,142
The company announces the purchase of the Elkhorn Markets with
headquarters at Watertown, New York. The Elkhorn chain consists of
11 large food markets which handle a complete line of fresh meats, fruits
and vegetables, baked goods and groceries. It operates its own bakery and
sausage factory. Gross sales of the Elkhorn Markets for last year were in
excess of $1,600,000. The markets are loeated in Watertown, Carthage.
Deferiet and Sacketts Harbor.—V. 130, p.475.

(W. T.) Grant Company.—February Sales.1930—Feb.---1929.
$3,911,272 $3,516,008
—V. 130, P. 983.

Increase.' 1930-2 Mos.-1929.
$395,264 I $7,694,863
$6,845,497

Increase.
$849,366

Great Lakes Steel Corp.—Detroit Plant Construction.—

The National Steel Corp. Is utilizing the latest developments in the application of electric power to the production •.- o. finishing of steel in the
z
construction of the Detroit plant of Great Lakes Steel Corp., a subsidiary,
said E. T. Weir, Chairman of the board.
"The Detroit plant," said Mr. Weir, "will be the last word in modern
steel works. Embodied in the new plant, which involves an expenditure
of $20,000,000, is an initial battery of six large open hearth furnaces, so
French Line (La Compagnie Generale Transat- constructed that It may be increased to eight, when needed. A continuous
strip and sheet mill of most modern design and a continuous bar mill with a
lantique).—Dividend on "American Shares."—
wide diversification of production is also being constructed. The plant will
The Equitable Trust Co. of New York, as depositary of certain common also turn out-a considerable tonnage of sheet bars.
under agreement dated March 15, 1928,
stock B shares of the company,
"While the output of the Great Lakes Steel plant will largely go into Michhas received a dividend for six months on the common stock so held by it of igan, its output will be so diversified that there will be a satisfactory outlet
12.30 francs per share of the par value of 600 francs each. The equivalent for its products in other markets as well
thereof, distributable to holders of"American shares" under the terms of the
The Great Lakes plant, which will start operating in August, is being
agreement, is 47 4-10 cents on each "American share". The dividend will constructed on a 160
-acre site on the Detroit River,just outside of the city.
be distributed by the trust company on March 17, 1930 to the registered —V. 130. p. 1470.
holders of "American shares" of record March 10, 1930.—V. 130,p. 1287.
The committee on securities of the New York Stock Exchange having
received word from the Fox Film Corp that holders of clam A common
stock of record March 10 will receive rights to subscribe to additional stock
and to debenture bonds rules that the stock shall not be quoted ex-rights
on March 10, and not until further notice, and that all transactions in the
Issue beginning March 10 must carry due bills.—V. 130, p. 1469.

(The) Greyhound Corp.—Notes Offered.—Foreman-1% Stock Div.—
General American Tank Car Corp.
State Corp., Lane, Piper & Jaffray, Inc., and Northern
National Corp., are offering at 99 and int. to yield 6%%,
-year 6% collateral trust gold notes (with war$4,000m0 3
rants).
Dated March 1 1930; due March 1 1933. Foreman-State Trust & Savings.
Bank Chicago,trustee. Each $1,000 note carries a non-detachable warrant.
General Foods Corp.(& Subs.).—Earnings.—

The directors have declared a 1% stock dividend and the regular quarterly cash dividend of $1 per share on the common stock, no par value,
both payable April 1 to holders of record March 10. Like amounts were
paid quarterly on this issue from April 1 1929 to Jan. 1 1930 incl.—V. 129,
P. 3174.
[Including Certo Corp. since date of acquisition, May 1 1929, Bluepoints
Co. since July 1 1929, and Diamond Crystal Salt Co. since Oct. 2 19294
12 Mos.
3 Mos.
Period End. Dec. 31 1929—
$32,479,302 $128,036,792
Sales to customers
71,693,242
18,470,285
Cost ofsales, incl. all manufacturing expenses_
Gross profits
Miscellaneous income

$14,009,017 $56,343,550
44,228
1,635,242

$14,053,245 $57,978,792
Gross profits & miscellaneous income
Selling, distributing, adminstrative & general exps 9,168,929
36,268,869
302,254
Provision for income taxes
2,287,609
$4,582,062 419,422,314
Net profits
x Equals $3.68 per share on 5,274,527 shares of no par common stock
outstanding at Dec. 31 1929. This is comparable with $14,555,683 for
1928, equivalent to $3.10 per share on 4,682,736 shares outstanding at
Dec. 31 1928.
Combined Statement of Profit & Loss.
[Including profits prior to date of acquisition of subsidiary
companies acquired during theyear.]
1929.
1928.
Years End. Dec. 31—
Combined profits & income for the year after deducting manufacturing,selling, administrative &
general expenses & after providing for inc. taxes-$20,519.047 $19,672,708
On the total number of shares outstanding Dec. 31
$3.89
$3.73
1929 (5,274,527) this is equivalent per share to.._
—V. 130, P. 1469.

General Motors Corp.—Approves Formation of General
Motors Management Corp.—
At a special meeting held Mar. 5, the stockholders approved a plan which
involved the formation of the General Motors Management Corp. This
new corporation is to replace the Managers Securities Co., formed in 1923
for the purpose of interesting men then occupying important managerial
positions in becoming partners with the stockholders of the corporation.
Details of the new General Motors Management Corp. Plan were given
in the "Chronicle" of March 1. See V. 129,p. 1469.

General Motors Management ,Corp.—To Replace Managers Securities Co.—See General Motors Corp. above.
General Realty & Utilities Corp.—Earnings.—
The corporation and subsidiaries report for the first fiscal period (from
inception of business Jan. 31 1929 through Dec. 31 1929), net profit after
all charges and provision for Federal tax, of $3,480,611, equivalent after
cash dividends paid or accrued to Jan. 15 1930 on $6 optional dividend
preferred stock and capitalized value of stock dividends paid or accrued
thereon, to $1.64 per share on 1,546,678 shares of no par common stock
outstanding Dec. 31 192a, incl. shares payable as stock divs. Jan. 15 1930.
Ascertained profits from coatracts for the sale of real estate consummated in 1929 but upon which title will not be transferred until 1930.
approximating $2,425,000, have not been included in the 1929 profits.
As of Dec. 31, depreciation in market value below cost of security invtstments amounted to $1,314,269, but such depreciation had been reduced
to $292,454 as of March 1 1930. Reported profits for 1929 do not include
undistributed earnings represented by the corporation's holdings in Thompson-Starrett Co., Inc., and Tishman Realty & Construction Co., Inc.,
which are carried at $3,100,000, the value set upon them at the time of
their acquisition upon organization of the corporation. Further, they
exclude deferred income of $1,222,135 resulting from mortgage loans, &c.,
the major advances of which take place in 1930 and which will be included
in the report for the current year.

To Finance R. C. A. Victor Corp. Building.—

entitling the holder to purchase 10 shares of common stock at $15 per shareon or before March 1 1931; or thereafter at $17.50 per share on or before
March 1 1932; or thereafter at $20 per share on or before March 1 1933.
Authorized $4,500,000; presently to be issued $4,000,000. Principal and
int. (M. & S.), payable at the office of the trustee. Denom. $1,000e5
.
Red. all or part, upon 30 days' notice at the principal amount and int,
plus a premium of 34% for each 6 months or fraction thereof between,
the date of redemption and maturity. Interest payable without deduction.
for normal Federal income tax not in excess of 2% per annum. Refund,
of certain Minn., Penn., Conn., Kansas and Calif. taxes not to exceed;
4 mills, Maryland tax not to exceed 434 mills, Kentucky Virginia, West
'
Virginia and District of Columbia taxes not to exceed 5 mills, Michigan.
exemption tax not to exceed 5 mills, and Mass, tax measured by income not.
to exceed 6%,to resident holders upon written application within 60 daya
after payment, all as provided in the Trust Agreement.
Data from Letter of 0. S. Caesar, President of the Corporation.
Business.—Corporation (formerly Motor Transit Corp.) was organized in.
Delaware in 1926 to act as a holding company in the field of motor bus
transportation. Corporation's subsidiaries operate practically all of theImportant long distance bus lines in the territory between Chicago and'
New York.
In 1929 the corporation acquired substantial minority interests in bus
companies operating in other sections of the United States, with which
companies it has advantageous operating arrangements regarding the
interchange of passengers at connecting points,the co-ordination ofschedules
group purchasing of equipment and supplies, and the use of the common
Greyhound Lines. The Greyhound Lines form the largest bus transportation system in the United States, serving most of the important cities in
the country on daily schedules.
Earnings.—Consolidated net income of the corporation and its present
subsidiaries available for interest and Federal income tax, after deducting
depreciation of $700,669 and eliminating profit from sale of bus lines or
interests therein, for the year ended Dec. 31 1929, as certified by publicaccountants, was $1,549,964, equal to more than 4 times the combined
charges for interest on subsidiaries' debt, minority stock interests in subsidiaries, and annual interest on this issue of notes. After deducting
subsidiary interest and charges for minority stock interests, such net Incomewas over 5.8 times the annual interest requirement of this issue of notes.
Security.—These notes are the direct obligation of the corporation and
are secured by pledge with the trustee of stocks in affiliated bus companies.
The cost of the collateral to The Greyhound Corp. was $6,576,140. The
annual dividend income from the pledged securities, based on dividends
declared in 1929, is $433,727.
Capitalization.—Upon the completion of present financing, this issue of
notes will be the only funded debt of the corporation. The total amount
of subsidiaries' funded debt, pref. stock and common stock in the hands of
the public as at Dec. 31 1929 was $1,590,368. Based upon the quotations.
of Feb. 27 1930, the pref. and corn. stocks of The Greyhound Corp., presently to be outstanding, had a market value in excess of 316,500,000.
Corporation's common stock is listed on the Chicago Stock Exchange.
Ownership & Management.—Stock of the corporation, representing.
control of the corporation, is owned by the following: Automotive investments Inc., Pennsylvania RR., Southern Pacific Co., Insull interests.
Goldman Sachs Trading Corp. and the officers and directors of The Greyhound Corp. The management of the corporation is in the hands of men,
who have operated bus lines successfully since 1915.
Purpose.—Proceecis will be used to refund maturing indebtedness, to..
reimburse the treasury of the corporation for capital expenditures in the
acquisition of new properties, and to provide additional working capital.
New Director.—A. G. Newcomet, Vice-President of the Pennsylvania.
R. has been elected a director.—V. 130, P. 1470.

Gulf States Steel Co.—Debentures Offered.—Hallgarten,
& Co. are offering at 98 and int., to yield over 5.70% an
2% sinking /Lind'
additional issue of $2,000,000 15-year 5Y
gold debentures. Dated June 1 1927; due June 1 1942,
Authorized $6,000,000.

The General Realty & Utilities Corp. will finance, during the period of
-story office building being erected by the R. C. A.
construction, the 50
Victor Corp. a subsidiary of Radio Corp. of America. The building will
be located aethe southwest corner of 51st St. and Lexington Ave., N. Y C.
Data from Letter of W. H. Coverdale, President of the Company.
The cost ofthe land and building will approximate $8,000,000. The R. C. A.
Company.—Formed in 1913, the business having been established in
Victor Corp. and affiliated companies will occupy about one-half of the 1809. Is now the second largest steel company in the South,and the largest
rentable area of the building.—V. 128, P. 1063.
independent in that region. Since its organization it has greatly increased'
its plant and property holdings, these now including coal and iron ore mines,
Glen Alden Coal Co.—Smaller Dividend.—
limestone quarries, iron and steel mills, blast furnace, and by-product coke
The directors have declared a quarterly dividend of $2 Per share payable ovens, there having been reinvested in the property during this period out
of surplus earnings alone, about $8,000,000. Properties are all located in
March 20 to holders of record March 10. Previously, the company paid
the State of Alabama, within a radius of 60 miles of Birmingham. Plant
quarterly dividends of $2.50 per share.—V. 129, p. 4146.
properties cover 588 acres, while its iron ore properties (self
-fluxing) have
Goldblatt Bros., Inc.—Dividend.—
reserves estimated to last well over 100 years, even at production considerThe company has declared quarterly cash dividend of 3754c. a share ably in excess of that now current, and its coal reserves over 50 years,
on the common stock, no par value, payable April 1 to holders of record exclusive of the extensive coal reserves recently acquired. Company is
March 10. The stockholders have the privilege of accepting additional in a position to compete and is competing successfully for business in the
common stock at the rate of6% per annum (1A % quarterly) in lieu of cash. southern and southwestern states from Florida to the West Coast and from
A like amount has been paid quarterly since and incl. April 1 last. the Ohio River and Missouri River south to the Gulf, as well as for export
—V. 129, p. 3807.
business to the West Indies, Central and South America.
Purpose—Proceeds are to be used to bring the ingot capacity of the steel
Goldman Sachs Trading Corp.
-134% Stock Dividend.— plant up to the added requirements of the new plate and sheet mills now
The directors have declared a quarterly stock dividend of 1X %,payable under construction, by increasing the capacity of present open hearth
on April 1, to holders of record March 14 in shares of capital stock of the furnaces from 75 to 90 tons and for the construction of two new 125
-ton .
corporation to the extent that full shares are issuable and in cash in lieu furnaces with auxiliary equipment and appurtenances, thus putting this
of fractions of shares, calculated at the closing bid price of the stock on department in balance with the requirements of the enlarged plant; and
A like amount was paid on April 1, July 1 and Oct. 1 1929 for other corporate purposes. The expenditure of these funds is expected
March 14.
and on Jan. 2 1930.—V. 130. P. 1124.
to add substantially to the earnings of the company.




MA.n. 81930.]

FINANCIAL CHRONICLE

Earnings.
-Net income of the company after depreciation and depletion,
but before Federal taxes, for the 4 years ended Dec. 31 1929 have been as
follows:
1926.
1927.
1928.
1929.
Average.
$919,761
$1,010,359
$1,277,565
$1,722,502
$1.232,547
Maximum annual interest requirements on the total issue will amount
to less than $313,000. No allowance has been made for increased earnings
anticipated from application of the proceeds of this financing, nor do the
earnings shown reflect the application of the more than $4,000,000 obtained
since April, 1929, through sale of common stock, except as to interest
received thereon in that year.
Sinking Fund.
-Company will make payments to the sinking fund agents
(liallgarten & Co.) on each June 1 and Dec. 1, sufficient to retire on each
following semi-annual interest date, debentures in an annual principal
amount of $187,500 ($93,500 to be retired June 1 and $94,000 Dec. 1),
the fund operating through purchase at current redemption price or below,
or through call at such price. The sinking fund is calculated to be sufficient to retire over 40% of the entire issue by maturity.
Listed.
-Outstanding debentures of this issue are listed on the New York
Stock Exchange and application will be made to list these additional debentures thereon.
Balance Sheet Dec. 31 1929.
[After giving effect to proceeds received from $2,000,000 debentures.]
Assets
Liabilities
Works & properties
$20,240,106 Capital stock:
-7% 1st pref.
Cash
2,425,491
stock
$2,000,000
Call loans on collateral
3,500,000 Common stock (197.500 sirs.
U.S. bonds and mark. secur_
no par)
403,877
16,850,000
Accts. & notes rec
1,153,100 Funded debt (incl. this Issue) 5,750,000
Inventories
4,199,124 Accounts payable
952,801
Investments
112.659 Accr. taxes, wages & int
132,104
Sinking fund
62,500 Fed. taxes (eat.)
183,724
Prepaid expenses
360,169 Reserves
696,007
Capital surplus
1,294,587
Earned surplus
4,597,804
Total
$32,457,027
Total
$32,457,027

To Amend Certificate of Incorporation.
-President W. H.
Coverdale, Feb. 25, says:
A special meeting of stockholders will be held March 24
purpose of voting on a proposed amendment to the certificate1930, for the
of incorporation. The amendment proposed is an addition to the certificate of incorporation of a new clause reading as follows:
No sale, lease or exchange of all or substantially all of the property
and assets of the corporation shall at any time be made except when and
as authorized by the affirmative vote of the holders of two-thirds of the
stock of the corporation issued and outstanding having voting power given
at a stockholders' meeting duly called for that purpose, or when authorized
by the written consent of the holders of two-thirds of the voting stock
Issue and outstanding."
The laws of Delaware provide that in order to authorize the consolidation or merger of one company with another the vote or consent of the
holders of two-thirds of the outstanding stock is necessary, but that, in
the case of a sale, lease or exchange of all the property and assets of a
company, such sale, lease or exchange may be authorized by the vote or
consent of the holders of a majority of the outstanding stock unless tne
certificate of incorporation requires the vote or consent of the holders of
a larger proportion. As the certificate of incorporation in its present form
does not contain any such requirement, it would be possible to
the sale, lease or exchange of all of the property and assets of the authorize
company
'with the vote or consent of the holders of a majority of the outstanding
stock, A situation might therefore arise where a sale, lease or exchange
of all of the assets of the company might be voted by the holders of 51%
of the stock which might not be for the best interests of the remaining 49%.
In the opinion of the directors there is no reason why a sale, lease or exchange of all or substantially all of the property and assets of the company should not require the vote of the holders of the same proportion of
the stock as would be required in the case of a consolidation or merger,
namely two-thirds, and it is with this object in view that the above amendment has been proposed to be acted upon at the special stockholders'
meeting which has been called for that purpose.
-V. 130. p. 1288.

1661

Hartford Fire Insurance Co.
-New Investment Co.
-

This company has formed the Hartford Assets Corp. for the purpose of
providing facilities for the purchase and holding of securities of insurance
companies in which the Hartford Fire Insurance Co.is now or may hereafter
be interested. The Hartford Assets Corp. now holds the stock of the Citizens Insurance Co. of New Jersey and has a capitalization of $500,000,
represented by 5,000 shares having a book value of $2,005.,000.-V. 130.
P. 1288.

Household Finance Corp.
-Extra Dividend.
-

The directors have declared the regular quarterly dividend of 75c. a share
and an extra quarterly dividend of 123c. a share on the partic. preference
stock, payable April 15 to holders of record April 1. Like amounts were
paid on this issue on Jan. 15. An extra of 10c. a share was paid on Oct. 15
last.
-V. 129, p. 3643.

Household Products, Inc.
-Proposed Sale.
-

The stockholders will vote March 10 on authorizing the sale and conveyance of all of the assets, property, business and good-will of this corporation
to Drug, Inc., in consideration of the assumption by the latter of all of
the liabilities and obligations of Household Products, Inc., and the issue
to the Household corporation of one share of capital stock of Drug, Inc.
without par value, for each 1 2-5ths shares of Household stock outstanding.

Secretary Frank A. Blair, Feb. 21, said in part:
Drug, Inc. is a holding corporation organized in 1928 as a consolidation
of the businesses of United Drug Co and Sterling Products (Inc.). Through
its subsidiary companies, the corporation is the largest manufacturer and
distributor of proprietary products, remedies, and drug store products in
the world. Its proprietary products, all of which are nationally advertised
and distributed. include Bayer's Tablets of Asperin, Phillips' Milk of Magnesia, Cascarets, California Syrup of Figs, Sal Hepatica, Ipana Tooth
Paste, Ingram's Shaving Cream, Three-in-One Oil and Life Savers.
United Drug Co., a wholly owned subsidiary of Drug, Inc., manufactures and distributes drug store merchandise and accessories under the
Rexall and Puretest brands. It owns Louis K. Liggett Co., which owns
and operates a chain of 560 retail drug stores located in the principal cities
of the United States, and 38 in Canada, and distributes through more than
10,000 Rexall agents in the United States, England, and Canada. It
also owns a controlling Interest in Boots Pure Drug Stores, Ltd.,of England,
which owns and operates 860 retail drug stores in Great Britain.
The present capitalization of Drug, Inc., is 3,000,000 shares of capital
stock without par value, of which there are outstanding 2,743.713 shares.
The directors of Drug, Inc., have adopted a resolution declaring advisable
the increase of its authorized capital stock from 3,000.000 to 5,000.000
shares, to provide for the proposed transaction with Household Products.
Inc., and for future corporate purposes. Its capital stock Is listed on the
New York Stock Exchange and dividends at the rate of $4 per share
annually have been paid since organization.
Substantially 27% of the outstanding stock of Household Products, Inc..
Is owned by Sterling Products (Inc.), a wholly owned subsidiary of Drug.
Inc.
.and many stockholders of Drug, Inc., are stockholders of your company. The directors believe that the adoption of the proposed plan is to
the advantage and best interests of the stockholders, and accordingly
unanimously recommends its approval. Drug, Inc., reports earnings of
$6.90 per share for 1929 on the average shares outstanding during the
year, and there is not reflected in its earnings the equity which Drug,
Inc., has in the undistributed net earnings of certain subsidiary companies
(whose earnings are not consolidated into such reported earnings of Drug,
Inc.) in excess of their earnings actually distributed in the form of dividends
on their stock, and the addition of such undistributed net earnings would
increase materially the reported net earnings of Drug, Inc. The plan
offers to Household Products, Inc.,stockholders the opportunity to become
stockholders in an enterprise with large tangible assets, earnings increasing
at a satisfactory rate, diversified activities in the drug field, and prospects
of substantial future development.
Under the existing Federal income tax laws, the officers are advised that
there will be no taxable gain realized by the stockholders of Household
Products, Inc., with respect to the shares of capital stock of Drug, Inc..
to be received by Household Products, Inc., and to be distributed to its
stockholders under the proposed plan.

Mr. Blair further states:

The corporation has acquired for cash the exclusive manufacturing and
selling rights of the toilet preparation "Mum" and organized a subsidiary
Rudolph Guenther,Chairman of the Board,says:
Mum Manufacturing Co., Inc., to carry on the business.
During the past year, which was the most successful one since its incorThe corporation has also acquired all the issued capital stock of Scott &
poration in 1919, the company duplicated
accomplishment of 1928 by Turner, Ltd., of Great Britain, engaged in the manufacture and sale of
placing more financial advertising than anyits
Andrews Liver Salt, one of the best known proprietary products in Great
other agency in the New
"Times," New York "Herald-Tribune," New York "Sun," New York Britain. This acquisition was also for cash in the course of which the
York
"Evening Post," and the "Wall Street Journal."
corporation created a temporary indebtedness as against the permanent
PA The results of the company's operations as certified to by Arthur Andersen financing of the purchase price of this business. The stock of Scott &
& Co., adjusted to give effect to the elimination of special compensation, Turner Dec. 31 was carried as an investment.
The dividends
since discontinued, and interest on mortgages, since retired, and to the have been included in the net profits shown, but the earnings received
are not
deduction of New York State franchise and Federal income taxes have consolidated in the profit and loss surplus statement.
-V. 130, p. 1288.
been as follows:
12 May. EndedHouston Oil Co. of Texas.-Bal. Sheet Dec. 31.
Dec.31 '29.
-Netincomefrom opers - - $692,211 June 30'29. June 30'28. June 30'27.
(Including Houston Pipe Line Co.)
$565,751
$446,490
$314,036
Miscell. deductions (net)
3,493
4,580
3,727
1928.
1929.
1,588
1929.
1928.
AssetsLiabilities$
Net inc. before taxes-$441,910
$562,024
$312,448 Property acct _x42,600,931 42,265,098 Preferred stock.._ _ 8,947,600 8,947,600
*State franchise & Fed. $688,718
Due from South
Common stock_ _ _24,968,600 24,968,600
Income taxes
103,268
70.529
89,699
West'n Settlem't
Funded debt..--- 7,075,000 8,000.000
49,867
& Develop. Co.. 5,467,581 5,282,012 Vendors lien note
Net profit
$371,381
$472,325
$262,581 Sinking fund cash
52,858
for land purch_
120.000
Net profit per sh. on $585,450
Timber notes rec
600,000 Notes payable_ --- 115,819
285.050
150,000 shs. corn. stk..
$3.90
$2.47
33.15
483,159 Accts. payable_ _ _ 613,043
451,262
$1.75 011 on hand
397,865
* Federal income taxes computed at 12% for years ended June ;30; at Mat'l & supplies_ _ 561,170
548,786 Accr. taxes & int. 640,435
361,900
11% for calendar year 1929.
Advances
414,559
555,785 Res. for addl Fed.
Notes & acc'ts rec_ 1,603,714
Balance Sheet, Dec. 311929.
828,165
taxes
77,000
185,000
Employees' funds."
8,417
10,307 Surplus
Assets
10,898,401 9,879,925
Liabilities
1,804,883 1,923,677
Cash
$555,797 Accounts payable
$370,192 Cash
Deferred charges
490,522
528,951
Acc'ts & notes rec. (less res.)Total(each side)53,455,899 53,025,942
. 578.496 Due to officers and employees_
9,232
Deferred charges, &e
x After depreciation and depletion of $11,612,767.
2,466 Accrued salaries and wages
2,941
Miscell. investments, &c
Our usual comparative income account for the year ended Dec.31.1929
17,908 Reserve for rate adjustments_ _
13,594
Cash for construction
60,000 Mar. N. Y.State french. taxes
1,550 was published in V. 130, p. 1472.
Land, building & equipment_ 288,325 Reserve for Federal taxes_ _
55,000
Hudson Motor Car Co.
750,000
Capital stock
-Shipments.
Earned surplus
300,482
Month ofFeb. 1930. Jan. 1930. Feb. 1929.
Shipments (number of cars)
19,983
18.848
Total
36,482
$1,502,991
Total
$1,502,991 -V. 130, p. 1124.
-V.129. P. 3643.

(Rudolph)Guenther-Russell Law,Inc.
-Ann.Report.
-

Honolulu Consolidated Oil Co.
-Listing. (tc

Humble Oil & Refining Co.
-Earnings.
-

Calendar Years1929.
1928.
1927.
Gross operating income
$199,357,302 $169.653,139 $158,662,979
Costs, operating & gen. expenses.. 133,634,123 118,556,097 122,871,005
Taxes
x5,444,845
3.636,319
2,014,909
Account for Calendar Years.
Intangible development costs.. _ _ _ 10,083.473
4,352,854
4,434,845
1928.
1929.
1927.
Depletion & lease amortization.._
4,070,729
5,184,169
Gross operating income
4,057,677
$5,033,200 $5,209,320 $5,823,068 Depreciation, retirements & other
Operating Charges:
amortization
17,862,992
17,645,428
Costa, operating and gen. expenses. 1,525,305
16,716,203
1,453,301
1,513,671
Taxes
204,351
186,631
182,041
Net operating income
$28,261,141 $20,278,273
Intangible development costs
$8,568,340
431,876
317,209
230,820 Non-operating income (net)
Depletion
6,857.580
1,733,107
1,203,677
117,841
113,431
133,352
Depreciation and retirements
760,222
735,225
673,733
Total income
$35.118,721 $22.011,379
$9,772,017
Interest & discount on funded and
Net operating income
$2,137,679 $2,259,448 $3,089,450
long term debt
2,581,464
2,718,273
Non-operating income
2,397,937
266,900
163,083
349,045 Other interest
2,176
15,960
262,341
Net income
$2,300,762 $2,526.348 $3,438,495
Net profit
$32,535,081 $19,277,146 $ 7,111,738
Federal taxes for the year, estimated
100,000
175.000
275,000 Previous surplus
60,361,295 46,997.344
45.760,211
Adjustment of earned surplus_ _ _ _
524,407
Profit for the year
Earned surplus-beginning of year $2,200,762 $2,351,348 $3,163,495
5,456,051
5,959,861
5,631,066
Total surplus
$93.420,783 $66,274,490 $52,871,949
Adjustments of earned surplus (net) _ _ cr. 44,959 dr. 20.458
Dividends paid
5,937,816
5,913.195
5,874,605
Totals
$7,701,773 $8,290,751 $8,794,561
Earned surplus, Dec. 31
Dividends on capital stock
$87,482,967 $60,361,295 $46,997,344
2,362,250
2,834,700
2,834,700 Shares capital stock outstanding
(par $25)
Earned surplus-end of year
2,974,645
2,964,136
$5.339,523 $5,456,051 $5,959,861 Earnings per share
2,947,428
Earnings per share
$10.93
$2.32
$2.49
$2.41
$3.35
x In addition to the amount of taxes shown above, $6.50
-V. 129, p. 3482.
there
accrued) for State gasoline taxes the sum of $1,562,520.-V. was paid (or
129, p. 3643.
The Los Angeles Stock Exchange has authorized the listing of 944,900
shares of common stock of $10 par value.




FINANCIAL CHRONICLE

1662

[VOL. 130.

--Calendar YearsDecember
1928.
1929.
1928.
1929.
Country1,695,040 20,384,548 19,895,677
1,700,808
Colombia
9,503,720
887,611 10,821,116
926,307
Peru
Total both countries...._ 2,627,115 2,582,651 31,205,664 29,399,397
During the year 1929 the company completed 123 wells in Colombia
having an initial daily average production of 787 barrels, while in Peru
the company completed 177 wells with an initial daily average production
Dated March 1 1930; due March 1 1940. Denom. $1,000 and $5000, of 147 barrels.
-r. 129, p. 3483.
1st payable M. & S. at First Wisconsin Trust Co., trustee, Milwaukee,
without deduction for normal Federal income tax not exceeding 2% per
-Earnings.
International Silver Co.
time, as a whole or in part, upon 60 days' notice, at
annum Red. at any
1926.
1928.
1927.
1929.
Calendar Years105 and int.
$19,600,590 $18,945,948 $19,840,959 $20,351,445
Net sales
Data from Letter of President Morton R. Hunter Feb 27.
2,363,769 2,912,848 • 2,362,346
2,154,584
Net earnings
87,743
102,824
259,533
193,084
.-In 1916 company was organized as a Wisconsin Other income
History & Business
corporation with an initial capital of $5,000 (increased from time to time).
$2,347,667 $2,623,302 $3,015,673 $2,450,089
was organized as an affiliate.
Total income
In 1926, Hunter Machinery Co. (Mich.)
228,682
171,703
57,763
In December 1929, the business of the Ward Equipment Co. of Pittsburgh Bond interest
577,206
668,730
719,946
724,694
was acquired. These three organizations will presently become the Hunter Depreciation
173,553
Rapids, Federal taxes
317,385
184,021
191,441
Machinery Co. (Del.), with plants located in Milwaukee, Grand
Detroit and Pittsburgh, having a total net worth of $301,096 before this
$1,436,280 $1,656,824 $1,857,855 $1,470,648
Net income
financing.
422,002
422,002
422,002
422,022
Handling products of some 35 manufacturers in prescribed territories, Preferred dividends_ _ _ _
(8%)729,584 (6)501,589 (6)364,806 (6)364,806
the company sells, rents, services and handles parts for, a complete line of Common diva
new and used contractor's equipment for building and public utility con$683,840
$733,213 $1,071,047
$284.693
Balance
struction, street and road work,sewers and excavations. It deals in labor
5,220,658 4,362,755
6,248,105 6,045,180
saving machinery and equipment, capable of handling any solid matter, Profit and loss
60,801
91,197
91,197
60,798
No. of corn. shs. outst'g
water or air, in the construction or industrial field.
$17.24
$11.12
$13.54
$23.61
-To defray in part cost of establishing the recently acquired Earns. per sh. on corn
Purpose.
branch in Pittsburgh and for working capital made necessary to take care -V. 130, p. 810.
of the large increase in business.
Authorized. Outstanding.
-New PortInvestment Shares Corp. San Francisco.
Capitalization$200,000
$200,000
-year 6%% sinking fund debentures
70
folio.
-President Guy Colvin, Feb. 17, says in part:
140,000
250,000
8% cumulative pref. stock
36,600 shs. 28,060 shs.
During 1929, until November, all the funds of this Trust were in cash.
Common stock (no par)
-The combined net earnings of the Hunter Machinery Co. The trustee, at the behest of the management, kept these funds as actively
Earnings.
year
(Wis.) and the Hunter Machinery Co. (Michigan) for the years 1928 and employed in the call money market, as was possible. During the$2.31
1929 as certified by Lybrand, Ross Bros. & Montgomery, together with $2,316.29 per unit was earned of which you have received $2,310 or
company's estimate for 1930, which includes the Pittsburgh operation and per share in dividends.
In November 1929 the market offered several stocks, eligible to the Trust,
which is regarded as conservative, are:
1930 (est.) at prices commensurate with their long term investment value, as appraised
1929.
1928.
Year Ended December 31by the managers of the Trust. A new portfolio was started and that portNet earns, after deprec. but before
$67,825
$150,000 folio now contains the following stocks:
$45,523
income taxes
Chain and Department Stores
Annual int. charges on $200,000 6 %
Railroads
$13.000 The Atchis., Topeka & Santa Fe Ry. The May Department Stores Co.
$13,000
$13,000
debentures
Sears, Roebuck & Co.
Ratio of above earns, to annual deben.
The Baltimore & Ohio Railroad
11.54 The New York Central Railroad
5.22
3.50
Oils
interest requirements
Standard 011 Co. of California.
Net earns, after deducting income
The Pennsylvania Railway
The Texas Corp.
taxes and fixed charges on present
The Southern Ry.
Food Products
capitalization and after adding back
Public Utilities
$114,176
$40,597
$19,302
int. on obligations to be retired_ _ _ _
American Telephone & Telegraph Co. California Packing Corp.
General Foods Corp.
Net earns, per share on the 18,000shs.
Electric Co.
$6.34 Pacific Gas &
62.26
$1.07
of corn,stk. to be presently outat'g_
Miscellaneous
The United Gas Impt. Co. (Phila.)
Allied Chemical & Dye Corp.
-Beginning March 1 1932, and annually thereafter, the
Sinking Fund.
Metal Products
company will pay or deliver to the trustee, as a sinking fund, for the pur- American Smelting & Refining Co. E,I. DuPont de Nemours & Co.,Inc.
or debentures equivalent to10% The Baldwin Locomotive Works.
chase or redemption of debentures, cash
General Motors Corp.
of the first $100,000 of net profits (as defined in the trust indenture) earned Kennecott Copper Corp.
Mack Trucks, Inc.
in the preceding calendar year, after interest, depreciation and taxes; The Timken Roller Bearing Co.
profits so earned
20% of the second $100,000 so earned; and $30% of the
United States Steel Corp.
in excess of the first $200,000.
At the present time about 3i of the funds are invested. Limit orders
-Each $1,000 debenture will carry a warrant,
Stock Purchase Warrants.
still unfilled for shares in Southern Ry. Co.,
non-detachable except upon exercise thereof, entitling the holder to pur- have been placed, but are
American Power ,SE Light Co. and R. J. Reynolds
chase 20 shares of the common stock of Hunter Machinery Co., at $17.50 the North American Co.,
&
amounts
redemption or maturity Tobacco Co., and also for additional Works andof American Smelting
per share, at any time prior to 10 days before the
California Packing Corp.
Locomotive
of the debenture. Each $500 debenture will carry a similar warrant for Refining Co., The Baldwin
V. 126, p. 1048.
10 shares of common stock.

Hunter Machinery Co., Milwaukee, Wis.-Debentures
-Morris F. Fox & Co., Milwaukee, Wis. are offering
Offered.
$200,000 10-year 63/2% sinking fund gold debentures (with
non-detachable common stock purchase warrants). at 100
and interest.

Hupp Motor Car Corp.-Skipments.Feb. 1930. Jan. 1930. Feb. 1929.
Month of4,161
2,255
x2,029
Shipments (number of cars).
-V.130, P. 983.
x Of which 245 were export.

Imperial Tobacco Co. (of Great Britain & Ireland).
1925-26.
1926-27.
1927-28.
Ann.Rept. Oct.31 Yrs. 1928-29.
Net after deprec., &c_ _ _ £9,977,098 £9,599,705 £9,227,796 £8,968,355
250,000
250,000
250.000
Pensions
500,000
500,000
500,000
497,925
To general reserves
Net income
£9,479,173 £8,849,705 £8,477,796 £8,218,355
Dividends on272,759
272,759
272.759
272,759
Pref. A shares (53-s %)
315,628
315,628
315,628
315,628
Pref. B shares (6%)_ _
263,822
263,822
263,821
263,821
Pref. C shares (10%)
7,487,924 7 188,407
8,619,593 7 787,441
Ordinary shares
173%
116%5?
Ord.divs.-Regular
(15%%)
(7%%)
(7%7o)
Extra
ls. 6d.

Inc.
Investors Trustee Foundation of United
States,
-John McGuire, Inc., are offering at mar-Stock Offered.
ket (about $19% per share) an additional block of Investors
Trustee Shares, series A.
The original offering of these shares was made May 25 1927 to investment
dealers throughout the country. The certificates which are issued are
secured by deposit with the trustee of a definite fixed list of common stocks.
Due to split-up of stocks in the portfolio, the original list of 122 shares of
deposited stocks in 1927 has increased to 170 shares. No power of substi-V. 129,
tution in the deposited stocks is provided in the trust indenture.
P. 807.

-Extra Dividend.
(Mead) Johnson & Co.

The directors have declared an extra dividend of 25c. per share and
the regular quarterly dividend of 75c. per share, both payable April 1 to
holders of record March 15. Like amounts were paid on Jan. 1 last.
V. 130, p. 632.

-Earnings.
Jones & Laughlin Steel Corp.(& Subs.).

1926.
1929.
1928.
1927.
Calendar Yearsx$27,639.769 $21,659,953 $16,559,320 $21,210,206
Total earnings
850,481
748,021
641,738
594,705
Interest charges
1
-To Increase Stock. '
Indian Motocycle Co.
Deprec.& depletion_ _ _ _ 6,196,315 5,449,528 4,572,359 5,210,631
The stockholders will vote March 14 on increasing the authorized corn.
.-V.130,p. 1289.
$20,848,748 $15,568,687 $11,238,940 $15,149,094
Netincome
stock (no par value)from 200,000 shares to 500,000 shares
Pref. divs. paid(7%)_ _ _ 4,110,015 4,104,375 4,079,338 3,990,919
4,610,560 3,457,920 2.866,600 2,579,940
-Stock Inc.
Oil Co.
Common dividend
Indian Territory Illuminating
At a special meeting of the stockholders held on Feb. 28, approval was
$12,128,173 $8,006,392 $4,293,002 $8,578,235
Surplus for year
9,500,000 shares to 15,000,000
given to the proposed capital increase from
61,219,464 53,413,072 49,270,070 40,941,835
shares. This increased capital will be represented by 9,500,000 shares of Previoussurplus
class B no par stock and 5,500,000 shares no par value class A stock. The
Totalsurplus-$73,347,637 $61,419,464 $53,563,072 $49,520,070
oting, of which 1,250,new issue of 5,500,000 shares of class A stock is non-v
000 shares will be used for the acquisition of the properties of the Foster Less-Approp. for pen250,000
150,000
450,000
200,000
sion fund, adjust.,&c_
Petroleum Corp.
The stockholders also voted to waive their rights to subscribe for the
Profit & loss, surplus-$72,897,638 $61,219,464 $53,413,072 $49,270,070
additional shares of either class of stock which may be issued and sold for
outstand.
such consideration as the board of directors shall from time to time de- Shs. corn. stk.
573,320
573,320
576,320
576,320
(Par s100)
-V. 130, p. 1289, 970.
termine.
$19.47
$12.49
$29.04
$19.89
Earns. per share
x After deducting all expenses incident to operations, incl. repairs and
-United Founders Corp. maint. of plants and est. provision for all local, State and Federal taxes.
Insuranshares Corp. of Del.
-See United -V. 130, p. 984.
Acquires Large Block of "A" Common Stock.

Surplus for year
-V. 130, P. 983.

£7,370

£210,058

£137,663

£177.740

-V. 130, p. 810.
Founders Corp. below.
Judea Life Insurance Co. of New York.-Stockj0f- fered.-Moses & Co., Inc., recently offered 130,000 shares
-Initial Dividend.
Re-Insurance Corp.
International
The directors have declared an initial quarterly dividend of 50c. a share capital stock (par $5) at $15.75 per share.
129, p. 2547.
payable May 1 to holders of record April 15.-V.

Transfer Agent, Chatham Phenix National Bank & Trust Co., New
York. Registrar, Chase National Bank of the City of New York.
The issuance and sale of this stock by the company has been authorized
1926.
1927.
by the Insurance Department of the State of New York.
1928.
1929.
Calendar Years
$639,508
$834,496
$731,451
$980,382
Totalincome
Data from Letter of President Jacob S. Strahl Feb. 10 1930.
45,313
32,117
17,168
23,735
Adm.& legal exp.tax.&c.
-Organized at the instance of the Judea Industrial Corp. of
281,000
280,262
Company.
274,663
268,838
Bond interest,&c
843 New York in November 1926, and its certificate of authority from the
108
23
42
Applic. to minor.interest
Insurance Department of the State of New York was issued on April 5 1927.
415
Adj. underly.stks.bought
Company is authorized to issue insurance upon the lives and health of
$327,021
$507,340 persons, and to grant annuities and to exercise the general powers provided
$439,181
$687.767
Net income
(6)364,627 (6)364,627 under Subdivisions 1 and 2 of Sec. 70 of the Insurance Law of the State
Dividends
(4% %)273,471 (13)91,157
of New York, Toe Insurance company is a stock company doing a non$142.712 participating business exclusively.
$348,024 def$37,606
$414,296
Balance, surplus
Company began business with an authorized capital and surplus of
Shares of capital stock
60.771
60,771 $200,000 which was subsequently increased by an additional $100,000.
60,771
60,771
outstanding (par $100)
$8.35 all of which was subscribed and paid in by the Judea Insurance Co., Ltd..
$5.38
$7.23
$11.31
Earnings per share
of Palestine, a wholly owned subsidiary of the Judea Industrial Corp. of
-V. 130, p. 984.
New York.
-Output.
Capitalization.-The present authorized Capital consists of 200,000 shares
Ltd.
International Petroleum Co.,
the Judea Insurance Co.,
The company produced 31,205,664 barrels of crude petroleum in Colom- (par $5) of which 30,000 shares are to be issued to of the old stock of $100
daily average of 85,500 barrels, ; Ltd., of Palestine in exchange for 1,500 shares by
bia and Peru, South American in 1929, a
the Judea Industrial
shares are to be purchased
compared with 29,399,397 barrels or 80,400 barrels daily in 1928 according par value. and 40,000
to O'Shaughnessy's Oil Report. In December 1929 production in the two Corp. of New York in connection with this financing.
-Upon completion of this financing and after giving
Assets and Income.
84,687 barrels against
countries totaled 2,627,115 barrels, a daily average of
effect to the sale of the increased capital stock, the Insurance company
2,582,651 barrels or 83,312 barrels daily in December 1928.
balance sheet
The following table shows total and daily average production of the will have a capital and surplus of $1,484,099, based upon the the value of
take into account
company in the two countries for December 1929 and December 1928, of Dec. 31 1929. This does not, however,
developed agencies, nor of insurance in force.
and the 12 months of 1929 and 1928. (Figures in barrels.)

-Earnings.
International Salt Co.




MAR.8 1930.]

FINANCIAL CHRONICLE

1663

The company's gross income from premiums and investments has steadily power motor-driven appliances; (3) E. D.
Anderson, Inc., manufacturers
increased as indicated by the following table:
of automatic packing, wrapping and cartoning machinery: (4) Trout
1927 (about 7 months)
$138,385 Mining Co., producers of manganese, silver and other ores, and (5) United
1928
306,240 States Manganese Corp., miners of metallurgical manganese ore and
1929
399,335 quartizite stone.
The total paid for insurance issued to Dec. 31 1929 was $17,425,115
"It
the
the company had net insurance in force on the same date $13,388,997. which is proposed that only company's electrical supply jobbing business,
and
now constitutes
a relatively small part of its total interests,
Purpose.
-At present the company is licensed in the District of Columbia be incorporated
under the name Manhattan
and 14 States, including New York. With this additional capital it will not Electrical Supplyas a separate subsidiary preserve
Co., Inc., (in order to
the goodwill of that
only be in position to increase its business in these States but will also be name) this
enabled to extend its operations into other populous States, wherein the corporation.subsidiary also to be whollly owned by the new Delaware
The latter will thus be a holding corporation whose business
Judea Life Insurance Co. is already well and favorably known.
It will be to control the operations and assist in the financing of its various
subsidiaries.
Kaybee Stores, Inc.
-February Sales.
"In setting up the books and accounts of the Delaware reincorporation,
Month of February1930.
1929.
Increase. the directors may deem it advisable and conservative practice to write
Sales
$60,705
$81,735
$21,030 off the good-will amount."
-V.130, P. 296.
The new corporation will be called American Machine St Metals, Inc. or
some similarly descriptive name.
-V. 130. P. 3975.
Kaynee Co., Cleveland.
-Extra Dividend.
The directors have declared an extra dividend of 1234c. per share and
Manufacturers Finance Co.
-Transfer Agent.
the usual quarterly dividend of 50c. per share on the common stock, both
The Bankers Trust Co. has been appointed transfer agent for the voting
payable April 1 to holders of record March 20. Like amounts have been
trust certificates.
-V. 130, p. 1126.
paid quarterly since and incl. Oct. 1 1927.-V. 130,P. 296.

Kraft-Phenix Cheese Corp.
-Proposed Merger.
-

See National Dairy Products Corp. below.-. 129, p. 3176.

Kreuger & Toll Co.
-January Shipments of Affil. Co.
The Grangesberg Co., a Swedish iron mining corporation in which the
Kreuger & Ton Co., holds a substantial interest, shipped 708,000 tons of

ore in January 1930. This compares with 464,000 tons in the first month of
1929,486,000 tons in 1928 and 665,000 tons in 1927.
Inasmuch as Swedish ore contains
iron the January shipments
this year represented about 460,00060 to 70% metal. The Grangesberg
Co. with its affiliated companies istons of the producer of iron
the largest
ore in
Europe.
-V. 130, P. 1472.

Lamson & Sessions Co., Cleveland.
-New Stock Placed
on a $2 Annual Dividend Basis.
-

Marmon Motor Car Co.
-Sales.
Month ofSales (number of cars)
-V. 130, p. 985.

Feb. 1930. Feb. 1929.
16,551
29,000

Increase.
12,449

Massey, Harris Co., Ltd.
-Changes in Personnel.
J. N. Shenstone has been elected Chairman of the Board; Thomas
Bradshaw, formerly Vice-President, was elected President to succeed Mr.
Shenstone.
Four new directors have been elected they are: R. W. Gifford, 0. H.
Shenstone, George White, Vice-President of Massey-Harris Corp., Racine,
Wis., and B. S. Harris.
Personnel for the forthcoming .year follows: T. Bradshaw, President;
T. A. Russell, G. Valentine and C. L. Wisner, as Vice-Presidents, and J. N.
Shenstone, Chairman of the Board -V. 130, p. 1292.

The directors have declared an initial quarterly dividend of 50c. a
share
on the new common stock, payable March 15 to holders of record March
Mead Paperboard Corp.
-Transfer Agent.
5.
On Nov. 20 the authorized common stock was increased from
The City Bank Farmers Trust Co. has been appointed transfer agent
100,000
shares of $25 par value to 350,000 shares of no par value. The stockholders of certificates of deposit representing 3,000 shares of 6% $100 par value
received 1,725 shares of new stock for each of old stock held. The old
pref. stock, 29,699 shares of 7% special pref. stock of $100 par; and 150,000
stock shares
received last year $2.50 in regular dividends and $1.25 in extras.
of no par common stock, of the Mead Pulp & Paper Co.: also of the
At the annual stockholders' meeting, T. King retired as a director
and certificates of deposit representing 30,000 shares of 7% $100 par value
H. 0. Smith, D. S. Donahue and A. M. Foster were elected as
pref. stock and 50,000 shares of no par common stock of the Mead Papermembers
of the Board.
board Corp. (See also Mead Pulp & Paper Co. in V. 130. p. 1474.)
-V.129, p. 3176.

Lancaster Mills, Clinton Mass.
-To Liquidate.-

The stockholders on March
and
of the company. They voted 5 voted to liquidate the property New assets
as agent in liquidation. Mr.also to employ J. P. Maguire ofthe York
is Treasurer of
Textile
Banking Corp. of New York, Maguire, whoco-operation with Treasurer
will
Inches and the directors of the mill. work in p. 1472.
-V. 130,

Leath & Co.

Mead Pulp & Paper Co.-Trsnfer Agent.
See Mead Paperboard Corp. above.
-V. 130, p. 1474.

Merchants Finance Corp.
-Proposed Merger.
See Pacific Finance Corp. below.
-V. 129, p. 3645.

Merck Corp.
-Larger Dividend.
-

-Common Dividend No. 2.
The directors have declared a quarterly dividend of $2 a share on the
The directors have declared the regular quarterly dividend of 87
share on the $3.50 pref. stock, payable April 1 to holders of record 1c. per preferred stock, compared with $1 a share in previous quarters. The diviA regular dividend (No. 2) of 25c. per share will be paid on the Mar. 15. dend is payable April 1 to holders of record March 17.-V. 129, P. 3939.
common
stock on Mar. 31 to holders of record Mar. 20. An initial quarterly
disMortgage Bond & Title Corp.
-Listing.
tribution of 25c. per share was paid on the latter issue on Dec. 31 last.
V. 129, p. 3644.
The Baltimore Stock Exchange has authorized the listing of 42,883.
additional shares of common stock (no par value).
(The) Lehigh Coal & Navigation Co.
Company
-Sale of Coal mortgage was incorp. June 27 1929,in Delaware, to engage in real estate
loans and title
Mining & Marketing Properties Approved.
-President S. D. at a meeting of the boardinsurance. The additional stock was authorized
of directors held Feb. 4 1930, and has been sold
Warriner Feb. 28, said:
to the Chemical Bank & Trust Co. of New York, and to the officers of the
Mortgage Bond & Title Corp.
Effective March 1 1930 the Lehigh Navigation Coal
by purchase from the Lehigh Coal & Navigation Co. all Co. will acquire
Financial Statement as of Dec. 31 1929 (Incl. Subs.).
and marketing properties, coal accounts receivable, and the coal mining
other
Assets
Liabilities
personal property owned by this company and heretofore used inreal and
connec- Cabs
8817,063 Capital
84,622,050
tion with the conduct of its coal business.
Accounts receivable
106,270 Surplus
1,523,533
All accounts payable to this company for coal heretofore sold
and
865,407 Reserve for contingencies_ _ _ _
135,752
livered shall be paid to the new company, at its office 1421 Chestnut de- Interest receivable
St., Mortgages
41,799,326 Minority interest in subs._
454,717
Philadelphia.
U.S.4th Liberty 434 bonds
150,000 Collateral trust bonds
37,706,600
It is believed that the concentration of mining and marketing
activities Real estate
1,385,023 Collateral trust notes... _ _ _
412,500
in a single unit will result in added service
to
256,335 Notes payable
1,090,000
many years used "Old Company's Lehigh." our customers who have for Office building
-V. 130, p. 1473.
Title plants
1,023,907 Int., taxes, accts. pay.. acc_ 760,055Miscellaneous investments__
213,396 Deposits in connection with
Lehigh Navigation Coal Co.
-Acquisition.
-See Lehigh Deferred charges
375,676 settlements
287,197
Coal &
Navigation Co. above.
President J. B. Warriner March 1, said:

Total
$46,992,403 Total
$46,992,403.
-V, 130 P. 634.
The Lehigh Navigation Coal Co.,
has taken over, as of this date, the
mining and marketing of "Old Company's Lehigh."
Mexican Petroleum Co., Ltd.
-Special Dividend of
In the territory formerly covered by the New York district of
Coal & Navigation Co., arrangements have been made for the the Lehigh $20 Per Share Declared.
-A special cash dividend of $20 per
sale of "Old
Company's Lehigh" through a new company, Old Company's
of which John It. Morris, formerly New York district sales Lehigh, Inc., share has been declared on the outstanding 457,290 shares of .
Lehigh Coal & Navigation Co., will be Vice-President and agent of the common stock, par $100, payable out of surplus, in addition
G. W. Seiler,
General Sales Manager.
sales office of Old Company's
will be at 143 Liberty St.,TheY. City, until further notice. Lehigh, Inc. to the regular quarterly dividend of $3 per share. The PanN.
American Petroleum & Transport Co. owns

1930
-February
-1929
Increase. j
Mos.-1929
$2,906,891__ $2,844,227 --$62,6641$51930-2 --$5,535,237 Increase.
,601,458
--$66,221
-V. 130, p. 985.

about 98%
of the common and preferred of the Mexican Petroleum Co.,
Ltd. Both dividends are payable April 21 to holders of
record March 31.
The last previous special distribution was one of $40 per
share, made on April 20 1929.-V. 129, p. 1755.
Montgomery Ward & Co.
-February Sales.
-

Managers Securities Co.
-To Be Succeeded by General
Motors Management Corp.
-

1930
-February-1929
$18,405.885 $18,655,270
-V.130, p. 986.

Lerner Stores Corp.
-February Sales.-

1930-Fcbruary-1929
$1,518.177
$984,862
-V. 130. p. 984.

Increased 1930-2 Mos.-1929.
$533,3151$2,983,063 $1,929.075

Increase.
$1,053,988

McCrory Stores Corp.
-February Sales.
-

See General Motors Corp. above.
-V. 126, p. 1674.

Manhattan Elec. Supply Co., Inc.
-To Reincorporate,&c.

The stockholders on March 25, will vote
the proposal of directors to
organize a new corporation under the laws on
Delaware with an authorized
capital of 500,000 no par shares to take the of
place of the present
Electric Supply Co., now organized under Massachusetts laws.Manhattan
The plan provides that the present company sell its property to the
new
Delaware corporation and exchange its
The present company will be voluntarilystocks on a share for share basis.
dissolved.
In his letter to stockholders, President Richard H. Brown stated:
"After careful consideration, the
have unanimously decided to
recommend that the company, whichdirectors corporation of
is now
be taken out of that State and reincorporata in Delaware. Massachusetts,
ed
The company
has no business office in Massachusetts and does no business there
such business, in inter-State commerce, as is done from sources except
outside
the State. For years, the maintenance a the company as a
Massachusetts
corporation has subjected it to heavy Massachusetts taxation
and
expenses involved in contesting taxes regarded by your company as to the
and to the expense and inconvenience of maintaining the required excessive
statutory
office and records in Boston and of holding stockholders' meetings
there.
"Reincorporation in Delaware will save the company the greater
part
of this taxation and expense, will enable stockholders' meetings to
at the principal business office, will provide the occasion for a more be held
flexible
and up-to-date charter and by-laws, and will further benefit
stockholders
by reason of the fact that Delaware imposes no inheritance tax in
respect
of stock of a Delaware corporation owned by non-resident decedents.
"Since the sale of the company's battery business in 1926,
the vote of holders of three-fourths of the company's stock, thepursuant to
the company has so changed in character that the adoption of abusiness of
new name
for the new corporation seems to the directors advisable: a name which
indicate that the corporation is more truly a company holding the will
stock
of a number of subsidiaries engaged in the manufacture and
chinery and the production of manganese and other minerals. sale of ma"The company's present subsidiaries, which are wholly owned are:
(1)
Troy Laundry Machinery Co.,Inc., whose business is what its name
implies.
(2) Halliwell-Shelton Electric Corp., manufacturers of fractions horse-




Decreased 1930-2 Mos.-1929.
$249,3851$36,736,998 $36,784,106

Decrease.
$47,108-

Nachmann-Springfield Corp.
-Decreases Dividend.
-

The directors have declared a quarterly dividend of 50c. a share compared with 75c. a share in previous quarters. payable April 1 to holdersof record March 17.-V. 129, p. 1925.

National Candy Co.
-Larger Dividend.
-

The directors haie declared a quarterly dividend of 50c. a share on the
common stock, placing the issue on a $2 annual basis, compared with $1.75previous annual rate. The directors also declared the regular quarterly
dividends of $1.75 a share on the first and second preferred stocks. All
the dividends are payable April 1 to holders of record March 12.-V. 128.
P. 1243.

National Dairy Products Corp.
-To Acquire Kraft
Phenix Cheese Co.
Arrangements have been completed by this company for the acquisition
of the assets of Kraft
-Phenix Cheese Corp. on the basis which is equivalent to about $25 in 534% debentures at par plus one-half share of National
Dairy common stock for each share of Kraft common stock. The National
Dairy will Issue $33,175,000 debentures, $6,400,000 in cash and 663,500
shares of common stock in exchange for the assets of the Kraft company.
The purchase also will carry with it control of the Southern Dairies Corp.,
which is owned by Kraft Cheese, thus giving National Dairy company
representation in a large and important new territory.
This purchase together with other recent purchases made by National
Dairy will bring the company's annual sales volume to over
$400,000.000.
Contracts have also been signed for the purchase of D. H. Ewing,
8
Sons Creamery, the Sugar Creek Sanitary Milk Co., and Gray-Va
Co. of Louisville, adding about $20,000,000 annual sales to n Allmen
National
Dairy's business.
The merger terms are subject to ratification by stockholders of
the
corporations. The regular annual stockholders' meeting of Kraft-Ph twoenix
will be held March 28 and it is expected that proposals will be
presented
to the Kraft holders at that time. The annual meeting of National
Dairy
.
Products is scheduled to be held April 17. It is assumed a
special stockholders meeting of National Dairy will be held prior to that
time to act
on the merger.
-V. 130, p. 1293.

1664

FINANCIAL CHRONICLE

National Shirt Shops, Inc.—February Sales.—
Increase.
1930-2Mos.-1929
Increase.
''1930—February-1929
$153,817
$491,656
$248,498
$361.608
3113,1101$645,473
—V. 130, p. 1126.
National Sugar Mfg. Co.—Defers Dividend.—
The directors have decided to defer the quarterly dividend of $1.50 Per
share due April I on the preferred stock.—V. 119, p. 2889.

[vol.. 130.

The committee, therefore, considers this plan to be an exceptionally
favorable one from the standpoint of the bondholder, and asks for their
approval. Under the deposit agreement, any depositor who does not agree
to the plan has 15 days in which to file notice of dissent and withdraw his
bonds. Any such depositor who gives notice of dissent will be required
to pay his pro rata of the expenses, obligations and liabilities of the committee, plus such amount as he received out of the loan made by the committee to advance to depositing bondholders the equivalent of the Dec. 1
1928 interest, as provided in the agreement, before being allowed to withdraw his bonds.
Protective Committee.—C. E. Morrow, Chairman; Frederick Peirce,
Frederick A. McCord, with C. IT. Walker, Sec, and Chapman & Cutler.
Counscl, 57 William St. ri. Y. City. Depositary, Guaranty Truss Co..
140 Broadway, New York.—V. 126, p.4096.

National Theatres Corp.—Reorganization Plan.—After
Innumerable delays the committee for the 1st & refund. 63's
has announced a plan for the reorganization of the properties
Nedicks, Inc.—February Sales.—
of the corporation, which it is believed will meet with the
Increase.
1930.
1929.
Month of February—
unanimous approval of the bondholders. ,This plan, if Sales
$1t,666
$149,132
$137,466
.accepted, will obviate the necessity of proceeding further —V. 130, p. 1126.
foreclosure of the mortgage securing the bonds.
with the
Neisner Bros., Inc.—February Sales.Under it the receiver will be discharged, the foreclosure
Increase.
1930—February-1929. Increase.' 1930-2
-suit will be dismissed, the bonds will be reinstated, the $867,256 $715,938 $151,318 I $1,686,763 Mos.-1929.
$384,230
$1,302,533
modified to meet existing conditions, —V.130, P. 1475.
mortgage will be
and the operation of the theatres by a capable and experienced
New Jersey Bankers Securities Co.—Receivership
management will be assured. [It is understood that this Continued.—
where, in a reorganization, bonds are
is the first instance
Vice-Chancellor John H. Deckles indicated at a hearing in Newark Feb.
reinstated and returned to their owners without an assess- 28 that he might be induced to end the receivership of the company and to
holn rs.
for the 'expenses of the bondholders' turdeits affairs over to the directors elected at a recent meeting of stockment or any charge
protective committee or for the reorganization.]
After hearing pleas by Isadore Glaubermann of Union City, counsel for
board: Roscoe L. Strickland of Newark,chosen as president
The Committee in a letter dated March 1 to the holders the reorganized and four other directors-elect, Mr. Deckles said he was
by the board,
% says:
deposit for the
of certificates of
favorably impressed by them, but that he was not satisfied with the manner
The possibility of such a favorable reorganization has been brought
about through the purchase at bankruptcy sale of the properties of the
National Theatres Corp., subject to the lien of the mortgage, by new
interests under the corporate name of Bird Theatre Corp. and by the
consummation of an agreement between the bondholders committee and
these new interests. The plan proposes that the latter will form a new
corporation in Delaware, to be called Federal Theatres Co. with not to
exceed 8,000 shares presently outstanding (authorized 10,000 shares) of
$4 dividend 1st pref. stock (no par) but with a stated value of $65 per share
and with 150,000 shares (no par) common stock. Corporation will have
no bonded debt, other than the present bonds of National Theatres Corp.
This new company will take title to all the property formerly owned by
the National Theatres Corp. in fee. It will also own all of the stock, which
will be nominal in amount, of a separate company which has taken over
the leases of all of the leased theatres with the exception of one theatre,
the operation of which proved unprofitable and was discontinued by the
receiver. It will agree with the trustee not to dispose of any such stock
so long as any of the leased theatres remain subject to the lien of the mortgage. The subsidiary company holding the leased theatres will specifically
assume, by an agreement in writing with the trustee, the due and punctual
payment of the principal and interest on the 1st & ref. mtge. 634% gold
bonds, series A, according to their tenor, and likewise all the covenants
and provisions of the mortgage securing such bonds, but otherwise will
have no bonded debt or preferred stock.
The new company will enter into a contract for the management of all
of the theatres with James E. Coston, who has handled them so successfully
for the receiver.
If the plan is declared operative the new company will also jointly and
severally with the subsidiary company specifically assume, by an agreement in writing with the trustee, the due and punctual payment of the principal and interest on the 1st & ref. mtge.6H% gold bonds,series A, according to their tenor, and likewise all the covenants and provisions of the
mortgage securing such bonds, as it may be modified. It will also assume
and pay all of the expenses of the receivership including the fees and expenses of the trustee and its counsel and of the bondholders' committee.
It will pay all coupons due Dec. 11928, thus liquidating such coupons and
the advance by the committee to the holders who assented, of the amount
equivalent to their interest which was due Dec. 11928.
The deposited bonds thus will be returned to their owners without the
deduction of any charge or expense. The new company will also provide
working capital for the operation of the properties, and will transfer to the
holders of deposited bonds voting trust certificates representing a portion
of its common stock (the entire issue to he represented by voting trust
certificates) free of cost, in the ratio of 2 shares for each $1,000 bond deposited.and 1 share for each $500 bond deposited. There will be outstanding
only 150,000 shares of this common stock in place of a much larger capitalization of the predecessor company. The new stock has much greater
possibilities than had the old.
Also, it is to be noted that unsecured creditors with claims aggregating
large amounts, which claims not only came ahead of the old stock but
hampered the operation of the properties and absorbed the current earnings,
have been eliminated.
In return, the new company will require certain concessions from the
bondholders necessary to enable it to become soundly established and to
operate the properties without undue handicaps. These concessions comprise the following:
1. The detaching and cancelling of the coupons from the deposited 1st
& ref. mtge 63 % gold bonds, series A, of National Theatres Corp, maturing Dec. 1 1928, against the liquidation of the loan procured by the committee to advance to holders of deposited bonds who assented, an amount
equivalent to their Dec. 1 1928 interest, and against payment by the new
company of all interest due Dec. 1 1928.
2. The detaching and cancelling of all June 11929, Dec. 1 1929, June 1
1930 and Dec. 1 1930 coupons from the deposited bonds before the latter
are returned to their owners. In lieu of these coupons, there will be given
the holders of deposited bonds (at the time of the return of their bonds)
$4 dividend 1st pref. stock at the rate of 2 shares of $65 stated value for
each $1,000 bond and 1 share of $4 dividend 1st pref. stock for each $500
bond. This ratio of pref. stock equals the amount represented by the
coupons to be cancelled. The preferred stock will be cumulative from and
after March 1 1930.
3. The fixed sinking fund payments provided for in the mortgage are
to be eliminated and all past sinking fund defaults are to be waived: in lieu
thereof (a) beginning Jan. 11931, a percentage sinking fund is to be craated
equal to 25% of the aggregate annual net earnings of the properties after
the deduction from gross income of the properties of all operating expenses
and maintenance (but without deduction for depreciation), interest and
amortization of the two underlying mortgages, interest on mortgage, and
all taxes other than Federal income taxes* and (b) beginning Jan. 1 1932,
the same percentage sinking fund but with the added condition that the
annual sinking fund payment shall not be less than $60,000.
4. The paragraph restricting the payment of dividends, is to be amended.
to the end that dividends may be paid on the new stocks under certain
conditions.
5. The section of the mortgage, providing for the control of the Coston
eliminated.
booking circuit, which was never effective, is to be under said mortgage.
6. The waiver and elimination of all existing defaults mortgage and force
complete the foreclosure of the
The committee could
the sale of the properties thereunder; however, there is, under the laws of
a foreIllinois, a right of redemption which continues for 15 months after bought
closure sale, and if the properties should be sold in this manner and
in by the committee without purchasing the equity of redemption, this
right org•edemption would prevent their refinancing and prevent bondholders
from receiving any interest during this 15 months period. This 15 months
Is a longer period than that from the date of this plan during which, under
this plan, bondholders are asked to forego their interest and take pre,. stock
in lieu thereof. Furthermore, if the properties should be so sold and bought
in by committee, several hundred thousand dollars in cash would have to
be raised by the bondholders to liquidate the expenses of the receivership
and the reorganization and existing claims against the properties, and to
provide working capital for a new company, which the committee would
then have to form.
These necessities will still have to be met and these funds raised if the
plan of reorganization is not approved by the bondholders and such nonapproval results in a foreclosure sale at which there is no other bid. To
raise such a sum of money might require that the bondholders take pref.
stock in place of their bonds in order to permit the creation of a new mortgage)
to provide the funds mentioned or else subject themselves to heavy assessment to protect their original investment.




of their elections and that there were many points to be cleared up before he
would approve the proposed reorganization.
The Vice-Chancellor said that he opposed liquidation and that he thought
the $2,000,000 liquid assets of the company could be handled so as to increase the market value of its stock. He felt, however, that a strong
financial manager was necessary to handle the assets.
John J. Stamler, one of the two receivers for the company, urged the
court not to turn the company over to the new board of directors. He said
they were not qualified to handle its affairs successfully. Meyer E. Ruback of counsel for the receivers said the stockholders who voted for these
directors had done so without being properly informed as to the situation.
Three proposals by financing interests willing to take over the company
were reported to the court. Wallace R. Chapin of W. R. Chapin & Co..
150 Broadway, New York, explained his group's plan for using the money
to finance home building. Two banking groups asked for more time.
The Vice-Chancellor continued the case to Mar. 11, to permit presentation of the proposals. He advised Mr. Glaubermann to consult Mr.
Ruback and draw up a letter to be sent to the 10,000 stockholders, explaining
the various alternatives to them, and asking them for approval for the
directors-elect.—V. 129, p. 3811.

Niles
-Bement-Pond Co.—Extra Distribution of 25c. a
Share—Dividends.—
quarterly dividends of 50c.

The directors have declared four regular
a share and an extra dividend of 25c. a share. The extra is payable
March 31 to holders of record March 21 and the regular dividends are
payable March 31, June 30, Sept. 30, and Dec. 31 to holders of record
March 21, June 20, Sept. 20, and Dec. 20, respectively. These are the
first cash dividends on the common stock since 1921. A stock distribution
of 2% shares of United Aircraft & Transport Corp. for each share of NilesBement stock owned was made on March 9 1929.
Net earnings in 1929 totaled $1,309,421. Charles K. Seymour has been
elected President to succeed Leonard S. Horner.—V. 129, p. 3336.

Ohio Oil Co.—Plan Declared Operative.—

Shareholders owning more than 92% of the outstanding capital stock of
the Illinois Pipe Line Co. have deposited their certificates for exchange
under the offer of three shares of Ohio Oil pref. for each share of Illinois
Pipe Line Co.. and the directors of the Ohio Oil Co. have declared the plan
of exchange operative. Preferred shares of the Ohio 011 Co. will be issued
as of March 15 1930, in exchange for Illinois Pipe Line Co. stock on the
basis mentioned. Depositories named for the offer of exchange have been
directed to discontinue exchanging stock of the Illinois Pipe Line Co. after
15
March
The Illinois Pipe Line Co. has declared an adjustment dividend of $4.50
a share on the 200,000 shares of its capital stock, payable on or before
March 25 to holders of record March 15.—V. 130, p. 1127.

Otis Elevator Co.—Split-up of Stock Approved.—

The stockholders on Feb. 11 voted to change the authorized capital stock
from 500,000 shares, par $50 to 2,500,000 shares, no par value, four new
shares to be issued in exchange for each share outstanding. The balance
of 500,000 no par shares will be held in the treasury.—V. 130, p. 1294.

Pacific Finance Corp.—Proposed Acquisition.—

The company will take over the business of the Merchants' Finance
Corp., through an exchange of stock, according to an announcement by
Lee A. Phillips, Chairman of the Pacific Finance Corp. Completion of
the deal is being handled through an escrow opened with the Citizens'
National Trust & Savings Bank, Los Angeles, Calif.
The terms of the escrow provide that the Merchants' Finance Corp.
stockholders are to deposit shares of that company's capital stock in escrow
in exchange for common stock of the Pacific Finance Corp., yet to be issued.
If 75% of the outstanding stock of Merchants' Finance Corp. is deposited
on or before March 14 next, the deal will become immediately effective
and all the stock deposited on or before that date will share in the current
Pacific dividend, payable April 1 to holders of record March 15.
The escrow will remain open for an additional 30 days for the convenience of nonresident Merchants' Finance stockholders who might be
unable to get their certificates deposited prior to March 14.
The Merchants' Finance stock deposited under the terms of the escrow
will be exchanged for Pacific Finance common in the following ratio:
For each share of Merchants' Finance class A $8 pref. stock, 2.8 shares
of Pacific Finance common: for each share of Merchants' Finance class B
$7 pref. stock, 2.5 shares of Pacific Finance common; for each share of
Merchants' Finance class C $7 pref., 2.5 shares of Pacific Finance common, and for each share of Merchants' Finance common, 1.25 shares of
Pacific Finance common stock.—V. 130, P. 636.

Paramount Cab Mfg. Corp.—To Increase Stock.—

The stockholders will vote March 17 on increasing the authorized common
stock, no par v6 ue, from 250,000 shares (no par value) to 300,000 shares.
v
—.13 p. 63 .
0,
a1

Paramount Famous Lasky Corp.—Earnings.--

The corporation in its consolidated statement which includes earnings
of subsidiary companies, reports combined net profits of $4,600,906 for
the 3 months, and $9,731,883 for the 9 months ended Sept. 28 1929, after
income and
deducting all charges and reserves for Federal for the three other taxes.
months and
The above earnings amount to $1.74 per share
common stock outstanding.—V. 130, p. 1127.
$4.11 for the 9 months on the

(D.) Pender Grocery Co.—Gross Sales.-

Increase.
1930-2 Mos.-1929.
Increase.
1930—Feb.-1929,
$179,667
$43,938$2,5l5.113 $2,335,446
$1,227,362 $1,183,424
At the end of February 1930. the company had in operation 419 stores
and 60 meat markets, compared with 393 stores and 18 meat markets at
.
the end of February 1929.—V. 130. P. 1476

-75c. Common Dividend.—
(J. C.) Penney Co., Inc.

The directors have declared a quarterly dividend of 75c. a share on the
common stock and also the regular quarterly dividend of $1.50 a share on
the pref. stock, both payable Mar. 31 to holders of record Mar. 20.
Prior to the offering last year of new common stock in the ratio of two
an ualnew shares fer each one held at $7 a share the common stock was on a 37
aab sis.ree

MAR. 81930.]

FINANCIAL CIIRONICLE

1927.
1926.
1929.
1928.
-Ca,. YearsEarns.
1927.
1928.
1926.
1929.
$209,690,417$176,698,9898151.957,865$115,683,023
Sales
Gen. exp., deprec., &c.,
incl. res. for Fed. tax_198,494,404 166,714,327 143,707,967 107,522,298
Gros; profits
$11,196,013 89.984,662 $8,249,898 $8,160,725
Other income
604,310
833,579
698,801
757,547
Profit of subsidiaries__ _
383,786
Total income
812,413,378 $10,588,972 88,948,699 $8,918,273
1st pref. dividends
140.595
Class A pref. divs
508,116
Preferred dividends___ - 1,133,514
1,067,754
965,868
Corn. dividends (cash) . 4,772,746
4,837,088
4,134,350
3,153,775
Balance, surplus
Surplus Jan. 1
Sundry additions

86,507,118 $5,386,867 83,145,743 85,115.786
19,081,106 13,445,671 13,673,793
9,460,063
Dr8,351
110.452
23,891
Dr13,770

Total surplus
825,574,454 $18 942 990 $16 811 185 $14 599 740
Common stock div
521 709 3 365 515
(18 682
925,947
Trans. to res. for conting
500,000
500,000
Profit & loss surplas..-$25,005,772 S17,921,281 $13,445,670 $13,673,793
The 1929 earnings available for the common stock is equal to $4.66
per share on 2,399,661 no par shares, as compared with $3.93 per share
n 1928 calculated on a similar share basis.
Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
AssetsLiabilities
Furn. & fixtures__ 8,768,555 5,690,473 6% cum. cl. A pfd_19,692,100 17,795,900
Land & buildings_ 2,360,571 1,466,255 Common stock__y21,916,058 5,915,743
Improve. & lease__ 4,508,785 3,410,282 Accounts payable_ 7,599,415 4,127,803
Treasury stock_ _ _ 1,466,564
Mtge. payable_ _ _ _ 136,500
140,500
Cash
7,133,070 5,415,058 Federal tax reserve 1,665,222 1,622,709
Merchandise
49,901,781 30,906,814 Reserve for fire
Etnpl. notes rec_
1,234,531
980,240
25,943
losses
Stk. subscrip. held
1,300,000
Res, for conting
800,000
for employees__
70,184
25,005,772 17,921,280
172,650 Surplus
Accts. receivable,
advances, &e.._ _ 2,745,979 2,166,698
Inv. in sub. cos._ 1,594,108
Tot.(each s1de)_78,549,598 49,304,176
50,000
y Classified common stock (authorized $5,000,0001, $540,167; unclassified common stock, 2,399,661 shares, no par, (authorized 3,000,000
shares), $4,760,077.
Period End. Feb. 28- 1930
-Month-1929. 1930-2 Mos.-1929.
Sales
$11,196.696 $9,377,897 $21,805,845 $18,393,514
February sales for 1930 showed 1,396 stores reporting, compared with
1,115 stores reporting for Feb. 1929. Comparative gains made by the
1,115 stores in February showed an increase this year of $695,999, or 7.45%
Comparative sales for the first two months of this year of the 1,115 stores
showed a gain of $1,221,072, or 6.66% over the similar period of 1929.
-V. 130, P. 1127.

Perfect Circle Co.
-Stock Increased.

The stockholders on March 3 approved an Increase in the authorized
capital stock from 162,500 shares to 250,000 shares, no par value. The
increase is for the purpose of having stock available for the purchase of
additional properties as opportunities arise.
-V. 130, p. 1295.

Pettibone Mulliken Co.
-Earnings.
Income Account, Period Oct. 27 1928 to Oct. 31 1929.
Sales ____________________ $4,342,561
Cost of sales
3,408,828
Selling expenses
278,369
General administrative expenses
126.324
Operating income
Other income

$529.039
38,689

Total income __________________________________________
Interest on funded debt
Miscellaneous deductions
Extraordinary expenses
Provision for Federal income tax

$567,729
273.870
2.229
115,064
19,449

Net income
Preferred dividends

$157,115
97,800

Balance, surplus ___
Earnings per share on 100,000 shs. corn, stock ____
-V. 129, p. 3646.

559.315
$0.59

Phillips-Jones Corp. (& Subs.).-Earnings.
Calendar Years
Net sales
Cost of sales, oxp.,

1927.
1929.
1928.
1926.
$10,433,011 $9,214,170 $9,873,001 $10,110,350
9,535,207
8,755,667
9,892,315
9,858,423

Gross profit
Other income
Total income
Interest
Federal taxes

$540,696
18,891

$458,503
137,244

$337,794
235,279

$251,928
329,902

$559.587
94,330
46,460

$595,747
65,933
62,022

$573,073
25.176
49,173

$581,830
24,220
66,760

Not profits
$498,721
$418,795
$467.792
84'40,850
Pref. dividends(7%)
126.938
123,891
125,538
137,595
Common dividends_ ___ ($3)255,000(3.25)276,250 (4)340,000 (4)340,000
Balance, surplus
$31,783
$67,651
$38,257
$13,255
Shares of common outstanding (no par)85,000
85,000
85.000
85.000
Earn per share on corn
i1.37
$3.94
$3.45
$4.16
Consolidated Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
A ssetsLiabnitiesFixed assets
x2,204,293 2,258,626 7% pref. stock ___ - 1,765,900 1,805,900
Trade name,goodCommon stock ._ _y2,000,000 2,000.000
will, &c
2,648,3511 1,894,598
1
1 Notes payable
Cash
619,824
363,459 Accts. payable.. _ _ 437,278
Accts. & notes roc_ 2,872,897 2,652,002 Dep. on leases, &c
14,928
16,566
Investments
153,341
119,704
362,686 Royalties pay., &c
105.537
Inventories
20,189
3,819,367 3,201,692 Taxes payable__ _86,274
Due fr. assoc.Stores 353,705
Accrued taxes.. -_56,471
Advs. to salesmen_
54,572
21,291
52,214 Res. for pref. div__
22,167
Deferred charges _ 347,365
z3,341,251 3,332,696
373,058 Surplus
Total
Total
10,425,367 9,263,738
10,425.367 9,263,738
x After deducting depreciation of $962,412. y Represented by 85,000
shares of no par value. z Subject to undetermined loss in realization of
amount due from associated stores in liquidation or to be liqudated.-V.
129. P. 1299.

Pirelli Co. of Italy.
-12% Dividend for 1929.

According to cable advIces received by the National City Co.,the
of the Pirelli Co. have declared a dividend for 1929 of 12%, equal directors
to
$3.14 per "American" share and payable toward the end of March. about
This
is subject to the approval of the shareholders at the annual meeting to be
held March 19. The previous dividend was 11%, or $2.88 per "American"
share.
Net profits of the Pirelli Co., the parent company, for 1929 amounted
to 27,500,000 lire, against 21,500,000 lire the previous year, an increase
of 28%. The consolidated dfigures of the parent company and subsidiaries
will not be available for several weeks. These figures are expected to show
approximately the same proportion of increase.
-V. 130, p. 1477.

Pirnie, Simons & Co., Inc.-Pref. Stock Offered.
-Public
offering is being made of 40,000 shares of cumulative and
participating pref. stock of Pirnie. Simons & Co. The
stock, which carries cumulative dividends of $1.80 per share
per annum, is priced at $25 per share, to yield 7.20%.




1665

-- -- After preferential dividends have been paid, the preferred issue is entitled
to share equally with the common on a share for share basis in any further
dividends declared, including dividends declared in stock or securities of
other corporations owned by the company. In any liquidation or dissolution the preferred shares are entitled to $37.50 per share plus accrued
preferential dividends.
Proceeds of the financing will be used to provide funds for the recent
national expansion of the company's investment banking business. In
this connection fully equipped offices have been opened in Philadelphia,
including a staff of 24 retail and wholesale securities salesmen. In continuation of this expansion program Pirnie, Simons & Co. plan to open
offices for wholesale distribution in the other important financial centres
of the country.
Since its establishment 43 years ago (1886) the company has developed
many sources for the origination of securities, particularly for the account
of these corporations in which it has substantial holdings.
Pirnie, Simons & Co. own more than two shares of Empire Corp. common
stock for each share of participating preferred to be outstanding. The
company also owns control of the Cheney Bigelow Wire Works and has a
-V. 130, p. 815; V. 129, p.
large interest in Atlantic Gas & Elcetric Corp.
3812.

Phoenix Hosiery Co., Milwaukee.-Earmings.Calendar YearsNet income
Interest paid
Federal & State taxes_ _ _
Depreciation for year_

1929.
$544,523
78,890
50,501
93,197

1927.
1928.
1926.
$624,326 $1,045,719 $2,221,111
66,460
93,253
66,456
158,738
66,700
415,033
93,197
93,197
93,197

Net income
Divs. on 7% pref. stocks

$321,935
234,289

$371,176
268,444

Surplus
887,646
Previous surplus
6.995,789
Profit from purch. of 1st
preferred stock
2,123

$102.732
6.939.248

8451,087 $1,364,042
5,144.975
6,481,803

Total surplus
$7,085,558 $7,041,980
Adjust prior years
Dr.92,746 Dr.48,826
Res. for comp. insurance
prior years
Profit on redemption of
Cr2,635
preferred stock
Prey, for conting
200,000

$6,932,890 $6,509,017
Cr8.280 Dr.39,874

$727,324
276.236

81,646,424
282,382

Cr.11,189
Dr.1,921

Cr.1,471

Profit & loss surp us _ $6,792,811 $6,995,789 $6,939,248 $6,481,803
175.000
Corn.shs. outst. (par 85)
175.000
175.000
175,000
$7.711
$2.58
Earns, per share on corn_
$0.59
$0.50
Sheet Dec. 31. 1929.
19n.
Consolidated %alance
1928.
1928.
LiabilitiesAssetseum. pf. stk
3,121,500 3,266,400
Land, buildings,
mach.& equip_x5,520,341 5,616,567 7% cum. 2d pf. stk 500.000
500,000
797,457 Common stock ___ 875,000
Cash
756,760
875,000
Pur. mon. notes __
Customers' accts.
60,000
80,000
1,973,919 2,068,505 Notes payable........800,000
& notes roc
Accts. payable, &c 380,725
Other accts. &
420,821
49,424 Bank acceptances_ 351,229
69,826
notes receivable
559:303
22 254
Res. for pref. diva_
Cash value of life
309,613 Res. for taxes
332,729
218,844
Instr. policy
295,434
4,012,221 5,295,521 Res. for conting_ - 200,000
Inventories
138,731
135,260 Say. ctfs. & depos_ 314,417
Deferred charges
467,345
10,000 Surplus
10,000
6,792,811 6,995,789
Sundry investm'ts.
Total
12,814,527 14,282,347
12,814,527 14,282,347
Total
-V. 128, p. 1571.
x After deducting $3,851,288 for depreciation.

-Earnings.
Pressed Steel Car Co.
Calendar Years1929.
Oper. profit after taxes__ $2,272,721
Other income_x
172,894
Federal tax refund
Total income
Maintenance
Depreciation, &c

$2,445,617
407,005
309,277

$1,729,336
Net income
Pref, stock dividends_ -- 1,006,142

1928.
$68,531
156,289
397,171

1927.
1926.
$1,215,756 loss$275,626
101,187
121,180

$621,991 $1,316,943 loss$154,446
179,805
466,226
266,357
292,733
311,503
200,000
$149,452
1,040,959

$539.213 def.$620.801
1,045,506
y113,335

$723,194 def$891,507 def$506,293 def$734,138
Balance, surplus
15,834,730 16,726,237 16.432,529 14,286,478
Previous surplus
Conting. rec. acct. transf
800,000
816,557,924 515,834.730 $16,726,236 z$16,334,548
Total surplus
Nil
Earn. per sh. on corn_
$1.84
N
Nil
x After deducting interest charges. y In addition $875.000 was charged
against reserve set up in 1925 for payment of preferred dividends in 1926.
z The profit and loss account for 1926 follows: Deficit for year 1926,
$734.138; previous surplus, $14,286,478; surplus and undivided profits of
Western Steel Car & Foundry Co. at April 11926. $1,278,917 (see merger
plan in V. 122, p. 623): net surplus from revaluation of assets, $4,003.2911
total, $18.834,548; preferred stock issuable upon exchange of old common
stock, $2,500,000;surplus and undivided profits, Dec. 311926,816.334.548.
Consolidated Balance Sheet December 31.
1929.
1928.
1928.
1929.
Liabilities
Assets
Common stock__ y13,549.500 13,549,500
Plant, equipment,
x39,240,763 38,961,495 Pzeferred stock_ _ _14,430,500 14,430,500
etc
Mortgages
Securities & stocks
195,296
195,296
3,987,901 3,321,802 Stock of sub. co.._ _
owned
23,500
23,500
Notes & acets rec.
5% bonds 1933_. _ 5,031,500 5.039.000
998.335 15-year 5% cony.
from subsidiaries 863,208
2,716,223
827.004
gold debentures_ 488,500
Cash
481,000
3,000,000 Equip. trust ctts__ 1,020.000 1,140,000
Secured loans
737,452 Bankers accept.. _ _ 1,299,233 1,145,752
Notes receivable_ _ 1,455,198
Unmat. acc'ts rec_ 1,272,009 1,423.511 111. Car & Eo. bds_ 411.000
411.000
Acc'ts receivable__ 5,076.139 2,940,052 Equip.
g. notes 220,000
437,000
3,483,080 3,056,320 Accounts payable_ 5,138,121 2,930.413
Inventories
351,721 Surplus & profits.. 16,557.924 15,834,730
Prepaid expenses.. _ 270,552
58,365,075 55,617,692
..5S.365,075 55,617,692
Total
Total
x Includes $38.961,495 for plant, land, buildings, equipment and fran
chises Jan. 1 1929; additions and betterments during 1929, 3588.544, lee$309,276 for depreciation, obsolescence, &c. charged off at close of years
y Represented by 394,684 shares (no par value).
-V. 128. p. 1415

Producers and Refiners Corp.(& Subs.).
-Earnings.
Calendar Years1927.
1929.
1928.
1926.
Gross sales & earnings_ ..$12,682,966 $14,693,559 $14,002,430 $22,066,956
Prod., oper., gen'l and
adminis. expenses_ _ _ _ 9,765,632 10,072,632 11,968,632 16,474,722
Gross earnings
Other income

$2,917,334 $4,620,926
112,998
65,777

S2,033,798 $5,592,234
57 512
73,669

$3,030,332 $4,686,703 $2,091,310 $5,665.903
Total earnings
Deduct-Depreciation__ a3,451,294 a2.831,870
2,350,254 a2,314,840
715,665
Int. & bond expense....
920,349
927,347
1,042,364
$934,484 -$1186,291 $2,308,699
Net Inc. before depl_defS1,136,627
df22,417,275 df2,903,857
Previous surplus
140,446
7,102
df$23,553,903 df$1,969,373 $1045,845 $2,315,801
Total surplus
surplus due to
Adjust of
appraisal
Dr20,447,903
Loss on sale of cap. assets
281,870
Invest. & accts written off
124,143
1,039,388
Loss on account of surrender of leases. &c__
1,733,869
854,097
Total surp. Dec.31 _df$23,553,903df$22417,276 df$2,903 857
8140.447
a Includes depletion.

[VOL. 130.

FINANCIAL CHRONICLE

1666

Condensed Balance Sheet Dec. 311929.

Balance Sheet December 31.
1929.

1928.
$
19,831,422
11,765,604
45,606
191,208
79,347

Assets
x18,355,615
Wised assets
6,968,833
Investments
48,114
Deferred charges..
Due from MM.co's 143,999
73,035
prepayments
•Acc'ts receiv. pay1,025,176
able from prod
376,446
636,770
'Cash
24,169
8,383
Notes receivable
615,647
585,866
Acc't,s receivable__
2,392,793 2,684,023
Inventories
23,553,903 22,417,276
Deficit

1929.
Liabilities
2,845,350
Preferred stock
Common stock _37,438,950
253
Minority interest_
571,516
Funded debt
Notes payable_ _10,008,800
Accounts payable_ 824,165
Note & accts. Payable to MM. co's 1,813,527
243,452
Accruals
Tax,Instr. & cont.
46,498
reserves

1928.
2,845,350
37,438,950
253
2,004,395
10,011,000
730,727
4,543,913
232,419

Liabilities
Assets
$59,734
$1,801,616 Sundry accounts payable____
Cash and call loans
y13,750,000
1,414 Preferred stock
Due from for'n bks. & bank'rs
x1,375,000
44,215 Common stock
Accrued int. receivable
2,708,730.
Inv.(market val.$14,835,609) 16,046,219 Surplus
Total

$17,893,464

(1) Domestic Bonds
Par Value.
$100,000 Balt. Sr Ohio ref. & gen. 5s, ser.
A, 1995
53,792,510 58,030,749
150,000 Can. Nat. Ry. gtd. 58, 1969
Total
53,792,510 58,030,749
Total
150,000 Can. Pac. Ry. coll. 5s, 1954
development of $24,x After depreciation, depletion and intangible
125,000 Chesapeake Corp cv. co11.5s,'47
.568.988.-V. 129, p. 981.
100,000 C. M. St. P & Pac. RR. mtge.
58, ser. A, 1975
-Registrar.
Polymet Mfg. Corp.
102,000 C. M. St. P. & Pac. RR. cv.
adj. 5s, ser. A, 2000
The Central Hanover Bank & Trust Co. has been appointed registrar
-V. 129, p. 3812.
239,000 Chic. & N. W. Ry. cv. 4Us,
for 300,000 shares of the capital stock.
ser. A, 1949
-Earnings.
75,000 Chic. R. I. & Pac. Ry. secured
Porto Rican American Tobacco Co.
1926.
43is, ser. A, 1952
1927.
1928.
1929.
Calendar Years$404,348
20,000 Commonwealth Edison Co. 1st
income__ _ $2,127,683 $1,153,554 $1,111,803
Consolidated
241,528
coll. 5s, ser. B, 1954
502,533
537,831
478,757
Interest, taxes, &c
100,000 Erie RR. ref. dr imp. 58. 1967
$162,820
3,000 Hudson & Manhattan RR. 1st
$609,270
$615,722
$1,648,927
Net profit
& ref. 5s, ser. A, 1957
534,846
178,282
713,125
Class A dividends
35,000 International Teleph. & Teleg.
$162,820
874,424
Corp. deb. 430, 1952
8437,440
$935,802
Surplus
b63,155
51,000 Milwaukee Electric Ry. & Lt.
al01,875
al01,875
al01,875
Shs. Cl. A stk. outstand'g
$2.58
$5.98
Co. ref. & 1st 5s, ser. B, 1901
$6.04
$16.28
per share
Earned
-K.
28,000 M. -T. RR. pr. lien 5s, 1962
a Shares of class A common stock (7% cumul.) par $100. b Capital
44,000 Mo. Pac. RR. 1st & ref. 58,
stock of $100 par.
ser. F, 1977
Balance Sheet Dec. 31.
Consolidated
50,000 Mo, Pac. RR. 1st dr ref. 58,
1928.
1929.
1928.
1929.
ser. G, 1978
$
Liabilities8
8
Assets
100,000 National Dairy Products Corp.
Class A corn stk. _ _10,187,500 10,187,550
Land, buildings,
deb. 54s, 1948
&c-- y855,996 y982,383 Class B corn. stk__x5,000,000 2,061,000
machinery,
5,000 N. Y. Central RR. ref. & imp.
6,993
7,042
2,269,275 2,729,931 Scrip
Inventory
55, ser. C, 2013
6,995,500 7,087,000
Accts. & notes rec. 647,905 1,319,402 6% bonds
50,000 N. Y. Central RR. eq.434e. '35
300,084
183,417
534,872 Accounts payable_
593,597
Cash
101,000 N. Y. Chic. & St. Louis RR.
178,282
Dividends payable 356,562
343,330
Dividends rec
6% notes, 1932
Accrued interest,
Cap. stk. Waitt &
25,000 N. Y. Steam Corp. 1st 6s, ser.
282,411
287,306
taxes, &c
2,577,250
Bond Inc
A, 1947
1,406,813 1,216,932
Surplus
Stock of Congress
46,000 N. Y. Telep. Co. deb. 68, 1949
Cigar Co., Inc__15,128,950 13,150,000
175,000 Nor. Pac. Ry.. ref. & imp. 6s,
605,607
60,248
Inv. in other cos__
ser. B, 2047
39,254
Mtges.& oth.invest
200,000 Phila. & Reading Coal & Iron
Good-will, &c__ 1,500,000 1,500,000
Co. cv. deb. 6s, 1949
Total(each side)24,404,142 21,320,253
498,055
388,336
Deferred charges__
-San Francisco Ry.
100,000 St. Louis
x Represented by 200,000 shares of no par value. y After depreciation
cons. 43.s, ser. A, 1978
of 8680,535.-V. 130,p. 1127.
31,000 Southern Bell Teleph. & Teleg.
1st s. f. 58, 1941
-Plans New Skyscraper.
RCA Victor Co., Inc.
50,000 So. Calif. Edison ref. 55, 1954
Plans for a new skyscraper towering 50 stories high to be erected at the
30,000 Southern Ry. devel. & gen.
southwest corner of Lexington Ave. and East 51st St., were disclosed this
634s, ser. A, 1956
week by President E. E.Shumaker. The new office structure is to be built
250,000 Texas Corp. cv.s.f.deb.5s, 1944
of face brick and Indiana limestone, and will be known as the RCA Victor
50,000 Texas & Pacific Ry. gen. & ref.
Building. No expense is to be spared to make the new building what is
5s, ser. C, 1979
believed will be the most modern and finely constructed edifice in the up150,000 United Drug Co. gold 58, 1953
town area, Mr. Shumaker said.
100,000 Youngstown Sheet & Tube Co.
The contract for construction of the new building has been let to the A. L.
1st s. f. 55, ser. A, 1978
(2) Foreign Dollar Bonds
Hartridge Co. and demolition of the old buildings now occupying the plot
will be begun immediately. The plot measures 111 feet by 155 feet, com- Par Value.
prising the balance of the block now occupied by the St. Bartholomew's $95,000 American I. G. Chemical Corp.
Church and Cathedral High School, and including the premises from 566
gtd. cv. deb. 5s, 1949
25,000 Berlin City EIO'ctrie Co. deb. s. 1.
to 574 Lexington Ave. and 122 to 132 East 51st St. The plans call for com”is, 1951
pletion of the building by May 1931.
21,000 Framerican Industrial DevelopThe executive afides of the RCA Victor Co. will occupy approximately
ment Corp. deb. 7345. 1942
half of the 310.000 square feet of avialable office space.
25,000 Rep. of France ext. 7348, 1941
The entire project for the RCA Victor Building is being handled by the
25,000 City of Frankfort s. f. 6345, 1953
Bartholomew Building Corp. organized jointly by the RQA Victor Co.,Inc.
24,000 Hungarian Consolidated Municiand the A. L. Hartridge Co. Mr. Shumaker heads the officers of the new
pal 'flis, 1945
company as President; A. L. Hartridge and I. E. Lambert are Vice-PresTreasurer, and F. T. Pratt is Secretary. The
55,000 Prussian ext. s. f. 6s, 1952
dents, E. C. Grimley is
25,000 Rhine-Westphalia Electric Power
board of directors of the Bartholomew Building corp.include Mr.Shumaker,
Corp. cons. 68, 1953 (with wart.)
E. W. Harden, Mr. Hartridge, J. L. Ray, Mr. Lambert, Congreve Jack25,000 Saxon Public Works, Inc., gen.
son, J. II. Manning, E. C. Grimley and Mr. Pratt. Mr. Manning, who is
& ref. gtd. ext. 63.is, 1951
Vice-President of Stone & Webster and President of the Stone & Webster
25,000 Siemens & IIalske A.G. and SieEngineering Corp., is the latest addition to the board.
mens-Schuckertwerke G.m.b.H.
The plot on which construction is to begin, was assembled by the Tishman
Realty & Construction Co.last September and sold to the Stanhope Estates
6345, 1951
Building Corp.
(3) Domestic Preferred Stocks
Inc., who in turn resold it to the Bartholomew
The announcement of the RCA Victor Building follows closely the dis- Shires.
(a) Industrial:
500 Am. Car & Fdy. Co.7% Pref.
closure of plans just made public by Mr. Shumaker of an expansion and
500 Am. Locomotive Co. 7% Pref.
building program in Camden, N. J., which call for an additional expend400 Assoc. Dry Gds. Corp.6% 1st pref.
iture of $7,500,000 for the construction and installation of enlarged manu500 Childs Co. 7% pref.
facturing facilities.
500 Du Pont (E. I.) de Nemours &
-V. 130, p. 1128.
See also General Realty & Utilities Corp. above.
Co. 6% debenture.
500 Endicott Johnson Corp. 7% Pref.
-Merger Plan Assured.
Republic Steel Corp.
500 General Cigar Co., Inc. 7% Pref.
Sufficient percentages of stocks of the constituent companies to be in500 Gold Dust Corp. 86 pref.
cluded in the proposed Republic Steel Corp. have been deposited under the Shares.
(b) Railroad'
proposed plan of consolidation, according to an announcement mailed to 1,000 Internat. Match Corp. pref.
500 Loose-Wiles Biscuit Co. 7% 1st of.
stockholders by the committee having the consolidation in charge. The
500 Mathieson Alkali Works, Inc., 7%
announcement further states that the committee proposes to declare the
plan operative as soon as the requisite corporate proceedings have been,
preference.
170 National Supply Co. of Del.7% Pf.
taken by the boards of directors and stockholders of the constituent companies.
(b) Railroad:
223,742

In order to comply with the requirements of the New York Stock Exchange that the opportunity to deposit under the plan must extend for at
committee
least 30 days after the listing of the certificates of deposit, the March 10.
has extended the time for further deposits to and including
-V. 130. p. 1478.

-Annual Report.
Reliance International Corp.

President Morton II. Fry in the annual statement, says in part: funds
Although the corporation began business on Aug.30 1929, its initial
were not received until Sept. 25. The total funds paid into the corporaamounted
tion,less organization expenses,from Sept. 25 to Oct. 16 inclusive,
corporation, taking
to $17,966,033. On Dec. 31 1929 the net assets of the a decline of 7.5%.
to $16,623,120,
investments at market value, amounted
pref.
The net asset value of the units, consisting of one share of cum.
common stock,
stock, $3 cony, series, together with one share of class A
value, was $60.44.
as of Dec. 31 1929, taking investments at market
President Morton H. Fry, Feb. 1 says:
the corIn order that stockholders may be informed of the results of the corporation's activities since Dec. 31 1929, it may be stated that
1930 indicated tne assets, taking investments
poration's books as of Jan. 31
decline
at market value, of approximately $17,391,000, which represents a
to
of 3.2% from the total amount paid in. These net assets were equal
consisting of one share of cum. pref.
approximately $63.24 for each unit,
stock, $3 cony, series, together with one share of class A common stock.

Earnings for Period from Aug. 30 to Dec. 31 1929.
Interest received and accrued
Cash dividends received

8133,167
44,492

$177,659
Total income
30,245
Expenses (including management fee)
132,158
Loss from sales of securities
Net income ______________________________________________ $15,255
____ 2,841,033
Capital surplus
$2,856,289
Total
147,558
Dividends paid on preferred
Balance, surplus




$2,708,730

Total

$17,893,404

x Represented by 275,000 shares class A stock and 550,000 shares class B
stock. y 275,000 shares $3 series.
Investments as of Dec. 311929.
500 Borden Co.
500 Canada Dry Ginger Ale, Inc.
2,000 Congoleum-Nairn, Inc.
1,500 Continental Can Co., Inc.
1,500 Drug, Inc.
600 Du Pont (El.) de Nem. & Co.
1,100 Eastman Kodak Co.
2,000 First National Stores, Inc.
500 General Amer. Tank Car Corp.
1,100 General Electric Co.
500 General Ry. Signal Co.
2,050 Gillette Safety Razor Co.
1,500 Gold Dust Corp.
1,000 Goodyear Tire & Rubber Co.
500 Gulf Oil Corp. of Pennsylvania.
1,000 Humble Oil & Refining Co.
1,200 Internat. Harvester Co.
2,000 Internat. Nickel Co. of Can., Ltd.
3,000 Internat. Petroleum Co., Ltd.
600 Johns-Manville Corp.
1,000 Kennecott Copper Corp.
2,000 Kreuger & Toll Co.
500 Lambert Co.
1,000 Liggett & Myers Tobacco Co. B
500 Loose-Wiles Biscuit Co.
5,000 Lorillard (P.) Co.
1,000 Mathieson Alkali Works, Inc.
300 Mead Johnson & Co.
500 Nat. Biscuit Co.
1,000 Nat. Cash Register Co. A.
1,500 Nat. Dairy Products Corp.
500 Nat. Sugar Ref. Co. of N. J.
2,000 Pan-Am. Petr. & Transp. Co. B
1,000 Remington Rand, Inc.
1,000 Royal Dutch Co.
1,500 Safeway Stores, Inc.
3,100 Shattuck (Frank G.) Co.
1,020 Standard Oil Co. of California.
2,000 Standard 011 Co. of Indiana.
2,000 Standard 011 Co. of New Jersey.
2,000 Standard Oil Co. of New York.
1,000 Texas Gulf Sulphur Co.
320 Tubize Artificial Silk Co. of Amer.:
class B voting trust certificates.
500 Underwood Elliott Fisher Co.
1,100 Union Carbide & Carbon Corp.
500 United Fruit Co.
1,000 U. S. Industrial Alcohol Co.
1,000 U. S. Steel Corp.
1,500 Vacuum Oil Co.
3,000 Walgreen Co.
1,500 Westinghouse Electric & Mfg. Co.
(b) Railroals:
Shares.

800 Alabama Great Sou hern RR. Co.
1,000 Alleghany Corp.
San.a Fe Ry. Co
1,000 Atch. Topeka

1,000 Atlantic Coast Line Ry. Co.
500 Baltimore & Ohio RR. Co.
500 Canadian Pacific Ry. Co.
1,000 Chicago R. 1. & Pacific Ry. Co.
1,000 Delaware & Hudson Co.
2,000 Missouri Pacific RR. Co.
1,000 Norfolk & Western Ry. Co.
1,200 Pennsylvania RR. Co.
500 Southern Ry. Co.
1,000 Union Pacific RR. Co.
(c) Public Utility:
Shares.
1,500 Am. Gas dr Electric Co.
500 Am.Power & Light Co.
2,000 Am. Teleph. & Teleg. Co.
2,000 Columbia Gas Sr Electric Corp.
2,000 Consol. Gas Co. of New York.
2,500 Electric Bond & Share Co.
1,500 Electric Power ar Light Corp.
2.000 Engineers Public Service Co.
1,000 National Power & Light Co.
2,000 Public Service Corp. of N. J.
500 United Corp.
1,000 United Light dr. Power Co. A.
500 Western Union Telegraph Co.
(5) Bank and Investment:
Shares.
350 Bank of the Manhattan Co.
200 Central IIanover Bank & Tr. Co.
200 Chase National Bank.
1,000 Commercial Invest. Trust Corp.
1.067 Equitable Trust Co. of N. Y.
500 Lehman Corp.
200 New York Trust Co.
125 Old Colony Trust Co. of Boston:
Mass., certificates of deposit.
(6) Foreign Common StocksReichsmarks,
Par Value. (a) German:
60.000 Allgemeine Elektri:3.-Gesellsch.
42,000 Darmstaedter und Nationalbank
RR. pref.
170 Ala. Great Southern
-G. a. A.
K.
500 C. R. I. & Pac. Ry. 7% prof.
66,000 Deutsche Bank und Disc. Gesell.
1,700 Mo. Pac. RR. 5% prof.
66,000 Deutsche Continental-Gas-Ge500 N. Y. N. H.& H. RR.7% Pref.
sellschaft, Dessau.
500 N.Y. Chi. & St. L. RR.6% Pref. A
66,000 Elektrische Licht-und-Kraftan(c) Public Utility:
Shares.
lagen A. G.
500 Am. Gas & Electric Co. $6 pref.
500 Am. Power dr Light Co. $5 pref., 56,000 Elektrizitaets A. G. vorMalii
Schuckert & Co.
ser. A, stamped certificates
500 Consol. Gas Co. of N. Y. $5 pref. 60,000 Gesellschaft fuer elektrische Unternehmungen.
Lt. Corp. $7 pref.
1,000 Electric Pow. &
500 Electric Bond & Share Co.6% prof. 78,000 Hamburgische ElectricitaetsWerke A. G.
500 Long Island Ltg. Co. 6% prof. B
60,000 I. G. Farbenindustrie A. G.
500 P. S. Corp. of N. J. 7% pref.
102,000 "Phoenix" A. G. fuer Bergbau
500 United Gas Impt. Co. $5 pref.
und Huettenbetrieb.
500 United Lt. & Pr. Co. $6 1st pf.cl.A
42,000 Rheinische A. G. fuer Braun(4) Domestic Common Stocks
kohlenbergbau und Brikettfabr.
(a) Industrial:
Shares.
48,000 Rheinisch-Westfaelischen Elek1,700 Air Reduction Co., Inc.
trizitaetswerk A. G.
600 Allied Chemical & Dye Corp.
66,000 Schlesische Elektrizitaets-und
3,000 Am. Can. Co.
Gas A. G.
500 Am. Rail. & Stand. Sanitary Corp.
35,000 Siemens & Halske A. G.
2,000 Am. Smelting & Refining Co.
Shares.
(b) Other Foreign.
1,000 Am. Steel Foundries.
2,000 Brazilian Trac. Lt. & Pr. Co., Ltd.
1,000 Am. Tobacco Co. B
318 Royal Bank of Canada.
1,000 Anaconda Copper Mining Co.
1,000 Bethlehem Steel Corp.

V. 130, P. 479.

-Assets Increase.
Reliance Management Corp.

President Morton H. Fry, in a letter to stockholders Feb. 6, says:
In order that stockholders may be informed of the results of the corporation's activities since Dec. 31 1929 it may be stated that the corporation's
books as of Jan. 311930, indicated net assets, taking investments at market
value (except the investment in Reliance International Corp. class B common stock valued at cost of $1 per share), of approximately $8,886,000, as
compared with $8,381,343 on Dec. 31 1929. These net assets on Jan. 31
1930 were equal to approximately $1,777 per $1,000 debenture and, after
deducting outstanding debentures, to $17.65 per share of common stock.

-MAR.8 1930.]

FINANCIAL CHRONICLE

Annual Reportfor Year Ended Dec. 311929.
President Morton H. Fry, in the report for 1929, says in part:
Although the corporation began business on Jan. 25 1929, a large proportion of its funds was not received until Feb. 20. The total funds paid into
the corporation,less organization expenses, prior to Dec. 311929. amounted
to $10,064,351, while net assets, before decucting outstanding debentures
and taking investments at market value, amounted on that date to $8,381,343, a decline of 16.7%. These net assets were equibalent to $1,676 per
$1,000 debenture and, after deducting outstanding debentures, to $15.35
per share of common stock.
On Sept. 5 1929 the corporation entered into a contract with Reliance
International Corp. to act as manager and receive as compensation
of
1% of the average aggregate resources of that corporation. Besides, the
corporation owns 275,000 shares, or 50%,of the class B common stock of
Reliance International Corp., which is included at cost of $1 per share in
computing market values, although the indicated market value is substantially higher.
Summary of Income Period from Jan. 25 to Dec. 31 1929.
Interest received and accrued
$249,499
Cash dividends received
161.960
Management fee
23,893
Total
Expenses

$435,352
29,232

Balance
Profit on sales of securities (net)

$406,120
69,387

Total
Interest on debentures
Provision for Federal income tax

$475.507
215,972
9,000

Net income

-'

-$250,535
Condensed Balance Sheet as of Dec. 31 1929.
Assets
Liabilities
Cash & call loans
$708,763 Accts. pay. & accr. exp. incl.
Due from foreign banks
$59,264
Federal tax
11,209
Account receivable
104,167
6,105 Accrued int. on debentures
Accrued interest receivable
2,218 5% debentures, due 1954_ _ _ _ 5,000,000
Investments at cost
a9,750,021 Capital stk. (220,210 shs.) &
5,064,351
paid-in surplus
Total
250,535
$10,478,316 Earned surplus
a Market value $7,816,479. $275 000 shares of Reliance International
. class II common stock are included at cost of $1 per share in comCorpng market values.
puti
Investments as of Dec. 311929.
(1) Bonds
(b) Belgian.
Shares.
Par Value.
300 Societe Internationale d'Energie Hy.£3,000 Allied Iron Founders, Ltd. 6%
dro-electrique (privilegiees).
cony. deb. stock.
(c) Canadian.
$75,000 Canadian Pac. fly. coll. 55
400 Royal Bank of Canada.
228,000 Chic. & Nor. West. cony. 41s,
(d) Dutch.
series A
*37,300 N. V. Philips' Gloellampenfab10,000 Rudolph Karstadt, Inc. 1st coll.
rieken.
s. f. 6s,(with 36 Amer.shares).
(e) English.
(2) Preferred Socks
3,400 Carreras, Ltd., Ordinary A.
Shares.
2,400 Harrods (Buenos Aires) Ltd. def.
'955 Ala. Great So. partic. pref.
3,600 Marks and Spencer. Ltd.
250 Gold Dust Corp. $6 convertible.
4,000 N. V. Margarine Unie.
-500 Helena Rubinstein, Inc. $3 cony.
5,000 Primitive Holdings, Ltd.
-500 Missouri Pacific 5% convertible.
2,000 Turner and Newell, Ltd.
(3) Domestic Common Stocks
(f) French.
Shares.
(a) Industrial.
450 "L'Air Liquide" (Societe Anonyme
900 Air Reduction Co., Inc.
pour l'Etude et l'Explottation
500 American Can Co.
des Precedes Georges Claude).
200 American Manufacturing Co.
25 13anque de France.
1,000 Amer. Smelting & Refining Co.
200 Banque de Paris et des Pays-Bas.
500 American Tobbacco Co., B
375 Citroen(Societe Anonyme Andres)B
500 Babcock de Wilcox Co.
100 Credit Fonder de France.
500 Bethlehem Steel Corp.
190 Credit Lyonnais.
400 Borden Co.
425 Energie Electrique du littoral Medi1,111 Carnation Co.
terraneen.
500 Case (J. 1.) Co.
500 Energie Electrique du nord de la
1,000 Childs Co.
France.
1,000 Consolidated Retail Stores, Inc.
2,000 Ford (Societe Anonyme Prancalse)•
2,000 Corno Mills Co.
175 Generale d'electricite (ComPagele)•
.-600 Drug, Inc.
(Cora
500 "Establissements Kuhlmann"
500 General Railway Signal Co.
pagnie Nationale de Nlattleres
505 Gillette Safety Razor Co.
Colorantes et Mf. de Produits
1,000 Johns-Manville Corp.
Chimiques du Nord Reunies).
500 Kennecott Copper Corp.
200 Norvegienne de l'Azote et de Forces
500 Lambert Co.
Hydro-electriques (Societe).
4,400 Libby-Owens Glass Co.
175 "Pechiney" (Compagnie de Pro500 Liggett & Myers Tobacco Co., B.
duits Chimiques et Electro-Me5,600 Lorillard (P.) Co.
tallurgiques Alais, Froges et Ca800 Mead Johnson & Co.
margue).
800 Mercantile Stores Co., Inc.
1,200 Phosphates Twaisiens (Societe des).
200 National Biscuit Co.
(g) German.
Reichsmarks.
300 Owens-Illinois Glass Co.
Allgemeine Elektricitaete-Gesell1,000 Pan-Amer. Petrol. & Trans. Co..B. 96,000 schaft.
1,400 Safeway Stores, Inc.
150,000 Darmstaedter und Nationalban.k
600 Sears, Roebuck & Co.
-G.
K. a. A.
1,000 Shattuck (Frank G.) Co.
474,000 Deutsche Bank und Disconto
1,500 Shepard Stores, Inc.
Gesellschaft.
2,000 Standard Brands, Inc.
192,000 Deutsche Continental -Gas -Ge1,500 Standard Oil Co. of New Jersey.
sellschaft, Dessau.
800 Tubize Artificial Silk Co. of Amer., 186,000 Elektrische Licht -und -ICraftanclass B v. t. c.
lagen A. G.
150 Union Carbide & Carbon Corp.
175,000 Elektrizitaets A. G. normals
$OO United Fruit Co.
Schuckert & Co.
1,500 Walgreen Co.
174,000 Gesellschaft fuer elektrische Un160 Weill (Raphael) & Co.
ternehmungen.
1,000 Westinghouse Elec. & Mfg. Co. 252,000 I. G. Farbenindustrie A. G.
(b) Railroads.
180,000 Rudolph Karstadt A. G.
4,000 Allegheny Corp.
66,000 "Phoenix" A. G. fuer Bergban
1,000 Atchison, Topeka & S. Fe fly. Co.
und Huet-tenbetrieb.
400 Buffalo & Susquehanna RR.Corp.. 114,000 Reichsbank.
certificates of deposit
164,700 Rheinische A. G. fuer Braun1.000 Chic., Rock Is. & Pac. Ry. Co.
kohlenbergbau und Brikettfab500 Delaware & Hudson Co.
rikation.
500 Missouri Pacific RR. Co.
Rheinisch-Westfaelisches Elektri252,000
1,600 Norfolk & Western fly. Co.
zitaetswerk A. G.
1,500 Union Pacific RR. Co.
Elektrizitaets-und
54,000 Schlesische
(c) Public Utility.
Gas A. G.
1,000 Amer. Gas & Electric Co.
154,000 Siemens & liab3ke A. G.
1,000 Amer. Power & Light Co.
(h) Hungarian.
Shares.
1,000 Amer. Tel. de Tel. Co.
1,500 Hungarian Discount and Exchange
1,500 Consolidated Gas Co. of N. Y.
Bank (American shares).
3,900 Electric Power & Light Corp.
1,840 Hungarian General Creditbank.
3,000 United Corp.
(I) Swedish.
(4) Bank, Investment and Insurance
- 550 A. B. Elektrolux, B shares.
1,000 Atlantic Securities Corp. warr. 576 SkandinavLska Kreditaktiebolaget,
100 Equitable Trust Co. of N. Y.
750 A. B. Svenska Kullagerfabriken (S.
375 Fidelity Trust Co. of N. Y.
K.F.), B shares.
533 Home Insurance Co.
450 Svenska Taendsticks A. B. (Swed275,000 Reliance International Corp., B.
ish Match) "B" shares.
(,5) Foreign Common Stocks-.
(I) Swiss.
Swiss Francs.
Shares.
(a) Argentine.
21,000 Internationale Gesellschaft fuer
1,500 Sociedad Anonima " Manufacture
Chemische Unternehmungen A.
de Tabacoa Piccardo y Cia, Ltd."
G.(20% paid).
•Guilders par value.
-V. 129, p. 1757.

Reo Motor Car Co.
-Shipments.
-

Month of
Shipments (number of cars)
-V. 130, P. 1296.

Feb. 1930. Jan. 1930.
2,034
2,568

Feb. 1929.
3,250

ps Russell

Manufacturing Co., Middletown, Conn.
New Detroit Factory Branch and Warehouse.
-

The company announces the opening of a new branch and warehouse at
411-414 Interim Warehouse Building, Detroit. Mich., on April 1. The
States of Ohio, W. Virginia, Kentucky,Southern Illinois, Indiana, Michigan
and part of Pennsylvania will be served with Rusco Products from this
branch.
-V. 129, P. 2872.




1667

Roxy Theatre Corp.
-Earnings.
Income Account for 52 Weeks Ended Oct. 25 1929.
Profit, year (52 weeks) ended Oct. 25 1929 before Fed. inc. taxes $753.048
Provision for Federal taxes
110.000
Balance
Balance, Oct. 27 1928

$643,048
709.549

Total surplus
Dividends paid on 125,000 shares of class A capital stock

$1,352,597
437,593

Balance, Oct. 25 1929
$915.005
Condensed Balance Sheet Oct. 25 1929.
Liabilities
Assets
$1,404,138 Current liabilities
Current assets
$247,411
Fixed assets
9,967,329 1st mortgage 6).% bonds_ _ _ 3,987,000
Cash in hands of trustee
-year secured 63 % notes__ _ _ 2,050,000
12,000 5
Value of life insurance policies
44,200 Capital stock
a6,017,181
Bond dr note discount, &c _
610,788 Earned surplus
915,005
Organization expenses
178.141
Total (each side)
Contracts and goodwill
1.000,000
.$13,216,596
a Shares of no par value authorized and issued: Class A, 125.000:
ommon, 350,000.-V. 130, P. 816.

(E. L.) Ruddy Co., Ltd., Toronto.
-New Control.
See Asch, Ltd., above.
-V. 127, p. 2103.

Scovill Mfg. Co.
-Earnings.
Calendar Years1927.
1928.
1929.
1926.
Gross profits from sales.. $8,375,181 $6,331,905 $5,221,948 $5,926,898
Other income
664,849
560,514
442,487
440,174
Total income
$ 8,815,355 $6,774,392 $5,782,462 $6,591,747
Exp.for maint.& repairs 2,594,931
1,802,334
1,868,761
2,230,653
Provision for deprec_ _ _ _
899.410
784,636
822.154
837,402
Miscell. charges
176,797
74,841
4,143
85,464
Taxes,&c
1,177,470
848,279
763,486
941,677
Netincome
$4,120,087 $2,698,508 $2,253,219 $2,979,701
Previoussurplus
4,583,170 9,246,396
4,350,507
9,299,636
Miscell. credit adjust_
12,042
36,368
919
Trans.from reserves_ _ _ _
4,772,871
Totalsurplus
813,420,643 $11,821,885 $6,872,757 $12,238.139
Elim, of sub. cos. gd-will
574,968
Cash dividends
2,655,000
2,522,250
2,522,250
3,495,750
Stock dividend
4,425,000
Profit and loss surplus
Dec.31
$9,924,893 $9,299,635 $4,350,507 $4.583.170
Shares of cap. stk. outstanding (par $25)- - 885,000
885,000
885,000
885,000
Earn, per share on cap.
stock
$2.54
$3.05
$4.65
$3.37
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
LiabilUies-Assets$
$
$ '
$
Land, bldgs. &
Capital stock
22,125,000 22,125,000
machinery__ _ _x12,563,494 12,212,309 Reserves
1,701.326 1,467.245
Cash & call loans__ 1,656,386 2,670,788 Acc'ts payable_
329,730
697,533
U. S. Govt. secs_ - 2,517,076 2,706,442 Div. declared_ _ _ _ 885,000
663,750
Other mktble sec__ 3,626,438 3,755,622 Accrued wages &
Accts. & notes rec. 2,204,246 2,910,542
salaries
172,689
244,085
Mdse.inventories _11,537,623 9,284,610 Other liabilities_ _ _
9,082
8,088
Other assets
971,023
899.270 Surplus
9,924,893 9,299,636
Def. charges
71,434
65,752
Total
35,147,720 34,505,338
Total
35,147,720 34,505.338
x After deducting $19,027,908 depreciation.
-V.130, p. 148.

Sears, Roebuck & So.
-Sales.
Sales fir 4 Weeks and 8 Weeks Period Ended Feb. 26.
1930-4 Weeks 1929Increased 1930-8 Weeks-1929
Decrease.
$27,624,978 $26,776,500
$848,4781$54,445,143 $51,277,508 $3,167,635
-V.130, p. 1478.

Sheffield Steel Corp.
-Regular Stock Dividend.
The directors have declared the usual quarterly dividends of 1% In stock
and 50c. in cash on the common stock, both payable April 1 to holders of
record March 8. Like amounts were paid in each of the five preceding
quarters.
-V. 130, p. 1478.

Sherwin-Williams Co. of Canada, Ltd.
-Extra Div.
The directors have declared an extra dividend of Sc. per share in addition
to the regular quarterly dividend of 40c. per share on the common stock, no
par value, both payable March 31 to holders of record March 15. Like
amounts were paid on June 30, Sept. 30 and Dec. 31 last -V.130, p. 3488.

Shubert Theatre Corp.(& SUbs.).-Earnings.Six Mos. End, Dec. 31- 1929.
1928.1926
Operating profit
loss$324,700 $1,049,354 $1,309;283 $1.113,746
167,431
Prov.for depr. & amort_
161,709
174,391
155,923
371,101
Int. on mtge.& debens
485,646
404,265
212,842
Federal tax reserve
40,000
100,000
100.000
Net income
Dividends ($2.50)

loss$972,055

$470,823
456,262

$630,626
426.987

$644,981
398,742

Balance
loss$972,055
$14,561
$246,239
$203,639
Shares cap. stk. (no par)
218,160
214,900
159.920
178,990
Earn. per sh. on cap.stk.
Nil
$2.19
$4.03
$3.52
Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Liabilities
Assets$
$
$
Real est. & equip_20,659,782 16,255,017 Capital stock and
58,781,186 11,237,469
surplus
Bldg. adv. & lease,
423,946 Gold debentures 6,360,000 6,900.000
377,500
secur. dep
Rights, tr.-names,
Real estate mtges_ 9,489,562 5,857.250
1
1 Acc'ts payable..
520,114
good-will, &c_ _ _
429.940
1,456,973 3,031,926 Mtge. payments.. _
Cash
640.125
66,125
756,176
Acc'ts receivable
868,749 Accr. taxes, mtge.
743,080
interest, &o_._1, 397,499 (220.415
Productions
845,376
1 79.760
Adv, pay,for prodFederal taxes pay_ J
451,041
115,978
120,587 Deferred credits
151.825
rights
9.079
Reserve for taxes_ 195,207
262,562
Mans & supplies_
8,
56,942
Life insur. policies
65,656
1,798,316 3,738,962
Investments
422,422
286,907
Total(each side) 26.260,734 25.779,347
Deferred charges
-V. 129, p. 3338
Represented by 218,160 shares of no par value.

Sisto Financial Corp.
-Reportfor 1929.
President J. A. Sisto says in substance:
This report, covers operations for period from Aug. 16 1929 to Dec.
311929. Corporation has 56.3% of its funds invested in securities listed
on the New York Stock Exchange; 31.5% on the New York Curb Exchange
and 12.2% are unlisted. 24.4% of its funds are invested in bode listed on
either the New Yrok Stock Exchange or the New York Curb Exchange.
The book value of the capital stock of the corporation at closing prices
on Jan. 31 1930 shows $37 per share in values.
-Stockholders Feb. 18 authorized a reduction in
Reduction in Capital.
the stated value of the stock from $50 per share to $25 per share. Such
restatement of capital will not reduce the book value of the shares in any
way, but will establish a surplus of $1,085,155 as of Dec. 31 1929 (as shown
in the attached pro forma balance sheet).
The proposed change does not affect in any way the corporation's present
management contract with J. A. Sisto & Co., which will continue to provide
that J. A. sito & Co., will receive no compensation whatsoever, except
standard commissions on brokerage transactions, unless the corporation
earns at least 8% and pays dividends annually a at least 8% (or $4 per
share) on its original stated issued capital based on $50 per share.
J. A. Sisto & Co. have increased their holdings of corporation's stock
by about 70% through open market purchases, since its original offering.
from 20,000 shares to approximately 34,000 shares, as of Feb. 3.

1668

[VOL. 130.

FINANCIAL CHRONICLE

Income from Date of Starting Business, Aug. 16 1929 to Dec. 31 1929.
$88,176
Interest and dividends earned
78,200
Profits arising from participations ins yndicates

the trustee are redistributed pro rata to holders of trustee Standard Oilshares twice yearly-March 1 and Sept. 1.-V. 130, P. 480.

$166,376
21,061
303
395,302

The stockholders on March 6 approved the proposal to increase the
authorized capital stock from 18,000,000 to 20.000,000 shares, par $25.
the additional shares to be used for corporate purposes.
The stockholders also voted to change the annual meeting date hereafter
to the first Thursday in May.
W. A. Pealce, who recently resigned as President of the Dixie Oil Co.
to organize the production department of the Standard 011 Co. of Indiana,
has been elected a director, succeeding T. S. Cooke. Mr. Peake was
also elected an additional Vice-l'resident.-V. 130, p. 1129.

Total
Interest paid and accrued
Registration and transfer fees and expense
Net loss on securities sold

$250,290
Net loss from operations from Aug. 16 to Dec. 31 1929
Pro Forma Balance Sheet as at December 31 1929.
amount of capital.]
[After giving effect to proposed reduction in
Liabilities
Assets
$10,226
$5,944,483 Accrued items-payable
Investments
681,926
5,000 Accounts payable
Syndicate participation
1,892,209
167,825 Secured loans payable
Cash
2,500,000
52,209 Capital (100,000 shares)
Accrued items-receivable _ __
1,085,156
Surplus
$6,169,517
Total
$6,169,517
Total
Book value of capital stock on above basis (as at Dec. 31 1929) $35.85

-V. 129, p. 1301.
Per share.
-First Wisconsin
Sivyer Steel Casting Co., Milwaukee.
Co., Milwaukee, recently offered 20,000 shares no par value
common stock at $34 per share.

Transfer agent, First Union Trust & Savings Bank, Chicago. Registrar,
Harris Trust & Savings Bank, Chicago. Stock listed on Chicago Stock
Exchange.
Data from Letter of Chairman C. R. Messinger, Feb. 14.
-A Wisconsin corporation, incorporated in January 1909 for
Company.
the purpose of manufacturing small steel castings of high quality In
1916 it installed its first electric furnace, becoming one of the earliest producers of electric steel castings in this country. Company specialized in
the manufacture of small steel castings, later developing many alloy steels
which have now become the major part of its output. It has had an unusually successful history. and through its pioneer work in developing now
and improved methods of manufacture and research into special steels for
special purposes has maintained an outstanding position in its industry.
In Feb. 1930, the company will acquire the business and assets of Nugent
Steel Castings Co. of Chicago and will conduct the business under the name
of Sivyer Steel Casting Co.
Authorized. Outstanding.
Capitalization100,000 shs. 80,000 shs.
Common stock (no par)
-Company Is acquiring all of the net assets and business of the
Purpose.
Nugent Steel Castings Co. (Del.) by the issuance of shares of the new no
par common stock pursuant to a plan of reorganization in connection with
which the present 20,000 shares are made available to the public.
-The company has shown a profit in every year since 1909
Earnings.
with the exception of the year 1921 when a small loss was sustained. The
net earnings of the company including the earnings of Nugent Steel Castings
Co., for the five-year period ended Dec. 311929, after all charges including
depreciation, Wisconsin State income taxes, Federal taxes at the current
rate of 11%, have been as follows:
Ner Earnings Per Share
of Corn.
as Above.
$285,322
$3.56
1925
373,805
4.67
1926
325,432
4.06
1927
348,012
4.35
1928
356,045
4.45
1929
Average annual net earnings for the period given above were equivalent to
$4.22 per share of common stock to be outstanding.
Dieidends.-Directors have signified their intention of placing the corn.
stock on a $2 annual dividend basis with payment of an initial quarterly
dividend of 50 cents per share on June 11930.
Pro Forma Consolidated Balance Sheet, Dec. 31 1929.
Liabilflies
Assets
$95,336
Cash on hand and in banks_ _ $129,682 Accounts payable
73,396
Notes and accounts receivable 285,326 Provision for taxes
144,130 Res. for State inc. & surtax....15,8C9
Inventories
147,577 Capital stock (80,000 shares).. 1,200.000
Securities
329,255
2,937 Earned surplus
Accrued interest receivable_
1,686,994 Surp., arising fr. appraisal val. 717,613
Fixed assets
23,351
Other assets
$2,431,410
Total (each side)
11,411
Deferred charges

Standard Commercial Tobacco Co.-Ontits Corn. Div.
The directors have omitted the regular quarterly dividend of 25 cents a
share ordinarily declared at this time on the common stock.
The directors issued the following statement: "The directors omitted the
common stock dividend to conserve working capital. Results for 1929
have not been profitable due to a narrow market for leaf tobacco. However,
our cigarette factory in Germany Is makiag satisfactory progress and it is
-V. 129,
hoped that the future business of the company will be good."
p. 142.

-To Inc. Stock.
Standard Motor Construction Co.
The stockholders.will vote March 25 on increasing the authorized common
stock from 234.000-shares without par value to 650,000 shares.
Pres. Benj. C. Smith, Feb. 28, said: "For the past six years the company
has specialized in Diesel engines for marine and industrial use. During
that time it has spent substantial sums in the development and perfection
of a line of engines ranging from 15 h.p. to 500 h.p. The cost of developing
these engines has been charged to operating expense and has resulted in an
annual net loss as shown in the annual reports for the fice years ended
Dec. 31 1928. For the fiscal year ended Dec. 31 1929, the company has
shown a profit with a large volume of business in sight.
In order to finance the business now in sight and to provide the additional
working capital, the directors, if the increase in common stock is authorized,
propose to offer additional shares of common stock to all holders of preferred
ad common stock of record March 8 for subscription at $2 per share on
the basis of one additional share of common stock for each share of preferred and common stock outstanding. Payment shall be made in full
on or before Mar. 31 1930 at The Corporation Trust Co., 120 Broadway,
-V. 130. p. 303.
N. Y. City.

Standard Oilshares, Inc.-Seric.s B Shares Offered._
Dwelly, Pearce & Co., Inc., announce the beginning, of a
Standard Oilshares.
second series known as series B, Trustee

Bearer coupon certificates, registerable as to principal, in denom. of
10, 15, 20, 25, 40, 50, 100, 200, 500 and 1,000 shares semi-annual distributions payable at the principal office of the trustee in New York City.
-Trustee Standard Oilshares is a common stock investment
Security.
trust of the non-discretionary type based exclusively on Standard Oil
securities and created by a trust agreement dated as of Feb. 1 1930. Units
consisting of 332 shares of the common stocks of 23 of the Standard Oif
companies of the "Standard Oil Group," are deposited with the Empire
Trust Co., as trustee. Against each deposited unit the trustee authenticates
certificates representing 2,000 Trustee Standard Oilshares. All such shares
are identical and each represents an undivided 1-2000th participating
non-voting ownership in a unit consisting of the following stocks:
Underlying Trustee Standard Oilshares Series B.
Shs.
Shs.
4 Chesebrough Mfg. Co. (Cons.)
4 National Transit Co.
4 Internat'l Petroleum Co., Ltd.
4 Standard Oil Co., (Kan.)
4 Solar Refining Co., The
8 Standard Oil Co.(Neb.)
8 Buckeye Pipe Line Co.
12 Indiana Pipe Line Co.
8 Union Tank Car Co.
12 Prairie Oil & Gas Co.
12 Ohio Oil Co.
16 Atlantic Refining Co.
12 South l'enn Oil Co.
16 Standard Oil Co. (Ohio)
16 Humble Oil & Refining Co.
20 Vacuum Oil Co.
20 Prairie Pipe Line Co.
24 Standard Oil Co. (Ky.)
24 Standard Oil Co. of Calif.
32 Standard Oil Co. of N. Y.
32 Standard Oil Co. (Ind.)
36 Standard Oil Co.(New Jersey)
4 Imperial Oil, Ltd.
The trustee holds the deposited stocks in trust, receiving all regular and
extra cash dividends paid thereon. The trustee also receives all stock
dividends, subscription rights and other property and converts same into
cash. Under the terms of the trust agreement the amounts so received by




Standard Oil Co. of Indiana.
-Stock Increased, &c.

State Street Investment Corp.-Inconte Account.Calendar Years1929.
Net gain from sale of sec.
$3.404,361
less interest paid
495,211
Dividends,int., &c., rec.

1928.

1927.

1926.

$1,672,993
169,788

53
75:4 6
$37 653

$159,169
55,520

$3,899,572 $1,842,781
Total
Res. for Federal & States
491,799
314,709
taxes
Salaries
Fee pd. to Managem't
212,657
75,872
Corp
12,611
452
Other expenses

$151,089

$214,689

70,658
17,399

38,786
9,291

9,323

7,811

Net earnings to corn.
$3,182,505
stock_ a
503,030
Dividend paid

$1,451,748
203,618

$353,709
92,571

$158,171
58,020

To surp.& div. reserve $2,679,476

$1,248,130

$261,138

$100,151

$17,397,924 $12,200,749 $3,372,967 $1,372,917
Net worth, Dec. 31
63,186
b197,833
18,512
No.ofshs. outstdg
31,154
Net worth per sh., Dec.
31 (for comparative
purposes the figs. for
yrs. prior to 1929 have
been adj. for 100%
$87.94
$96.54
c$37.08
$54.12
stk. div. pd. Jan. 1929)
a The difference between cost and market value of securities held is not
reflected in the statement of earnings above, but is of course given effect
in computing net worth. b After 100% stock dividend. c Liquidating
value at time of organization, Aug. 1924, $12.50 per share.
Comparative Balance Sheet, Dec. 31.
Liabilities1928.
1929.
1929.
1928.
Assets
$3,690 Notes pay.(see'd) $905,000
$747.392
Cash
Acc'ts payable to
Acc'ts rec. fr. brkrs 1,818,356
$303,008
Amt. due fr. subscr
brokers(secured)
18,953 Other acc'ts pay.
to class B stock
& accr. expenses
65,925
30,697
a Scours. at cost_ _18,788,391 9,055,436
Res. for Fed. &
State taxes
491,799
301,629
Res. for divs. decl. 148,375
203,812
Corn.stk.(no par).J5,703,242 6,619,820
Tot.(ea,side) $21,354:139 $9,078,079 Earned surplus.._ 4,039,799 1,619,113
a Market value of securities held was $16,294,900 at Dec. 31 1929 and
$12.813,440 at Dec. 311928.-v. 130, p. 638.

-Special Stock Div.
(H. 0.) Stone & Co., Chicago.

The directors have declared a special dividend of 5% in stock on the
common stock, payable July 1 to holders of record June 16. A similar
dividend of the same amount was paid in the last three quarters.
The directors also declared the regular quarterly dividends of 43 Nc.
a share on the common stock and $1.75 a share on the preferred stock,
Payable April 1 to holders of record March 15. A stock dividend of 5%
on the common stock, which was declared some time ago, carries the same
dates
.-V. 129, p. 983.

--Contract.
Stone & Webster Engineering Corp.
The Stone & Webster Engineering Corp.. subsidiary of Stone & Webster,
Inc., has been authorized by the Potomac Electric l'ower Co.(North American Co. System) to proceed with the design and construction of an extension to its Bennings Station at Washington, D. C. This construction,
costing about $3,000,000. will include an addition to the station building
and the installation of a 30,000 kilowatt turbine generator.
McClellan & Junkersfeld, Inc., an engineering and construction sub. of
Stone & Webster Engineering Corp., has been engaged by the San Joaquin
Light & Power Corp. (North American Co. System) in connection with a
new steam plant to be built in the San Joaquin Valley of California at a
cost of approximately $3,500.000.-V. 127, p. 562.

(S. W.) Straus & Co., Inc. (& Subs.).
-Balance Sheet,
Dec. 311929.Liabilities
Assets$16,913,885 Deposits for bonds and
Cash & call loans
495,544
coupons
$15,463,559
Called & sinking fund bonds_
527,000 Balances on issues underShort term real estate bonds_
written
3,244,795
Govt. utilit. & other secur_ __ 5,830,383
2,234,911
2,716,340 Accounts payable
Straus underwritings
Adv. on underwrit. agreement_ _1,050,000 Accrued interest, taxes and
1,071,451
2.259,199
dividends payable
Secured loans
358,900
Accounts & accrued int. retch' 2,469,728 Interim receipts outstanding_
Liabilities to be liquidated by
Sundry stocks, bonds, loans &
9,450,594
deposits with corp. trustees 12,035,982
other assets
Capital, surplus & reserves__ 28,252,259
Bonds held for delivery against
355,900
Interim receipts outstand
Deposits with corporate trust.
12,035,982
for specific liabilities
x7,878,799
Bank buildings
$62,661,857
678,501
Total (each side)
Prepd. exps. & defer. charges
x After deducting mortgage and debenture obligations to the amount
of $17,386,500.-V. 129, p. 650.

-Bondholders'
Stutz Motor Car Co. of America, Inc.
Committee Appointed To Solve Company's Problems.
(below)

The holders of debenture bonds are advised that the committee
has been appointed by a group of bondholders representing $175,000 of these
bonds, or more than 25% of the amount outstanding. The primary purpose
of the formation of the committee is to secure the co-operation and consent
of bondholders to an agreement, dated Jan. 31. entered into between the
committee and the company so that the officers of the company may be
solved. A circular letter issued by the committee says in part:
Certain reorganization plans are under consideration, causing situations
that must be met, and the assurance that the bondholders are behind the
company in its effort to carry on is absolutely necessary.
Due to the world-wide publication of the action in bankruptcy filed
against the company on Dec. 30 1929, and even though the U. S. District
Court promptly dismissed this action, the damage done to the company
necessitates either a reorganization of the company or its merger with some
other company before public confidence in the Stutz car can ho restored
or the operation of manufacturing the Stutz can be made profitable.
Plans for the reorganization of the company are under way.and merger
negotiations with other automobile companies actually are, under consideration. In the reorganization or merger negotiations the new parties
interested have demanded an opportunity to talk with somebody representing the bondholders.
Manifestly since these bonds are scattered among a great number of
people, in many sections of the country, no discussion can be held with each
and every bondholder. Therefore, it becomes to your best interest to concentrate your rights in the hands of a committee, who can meet with the
interested companies In the merger or re-financing negotiations.
If your action be quick it is the opinion of the committee that the chances
for rehabilitating Stutz are good and that your best interests will be promoted.
Incidentally, the reception that the Stutz car has had at the automobile
shows so far this year has been phenomenal, and the actual placing of orders
has been as great, if not greater, than in any normal year. However,
tb,aler deliveries are being held up, in that a large number of people who
have placed orders will not take delivery of their cars, oven though they want
them, until a proper announcement of the future plans of the Stutz company

MAR. 81930.1

1669

FINANCIAL CHRONICLE

can be made to the public. It is evident e therefore, that there should be no
Union Investors, Inc.
-94% of Stock Deposited.
delay in carrying forward negotiations for reorganization or a merger. The
See Yosemite Holding Corp. below.
-V. 130, 1)• 1131.
co-operation of bondholders is necessary to the conclusion of any plan now
being considered.
-25c. Extra Dividend.
Union Metal Mfg. Co.
Approximately 75% in amount of the merchandise creditors have acepted
The directors have declared an extra dividend of 25c. per share and the
the provisions of an agreement authorizing a committee appointed at a regular quarterly dividend of 50c. per share on the common stock, both
meeting held Jan. 3 1930, to act for that class of creditors. Bondholders payable April 1 to holders of record March 20. Like amounts have been
have no rights superior to those of merchandise creditors, and in the event paid quarterly since and incl. April 2 1928. An extra dividend of 20c. per
of receivership or bankruptcy, the bonds, not being secured, will stand on share was paid on Jan. 1 1928, while in each of the preceding four quarters
a parity with ordinary trade creditors.
-V.129.
an extra dividend of 25c. per share was paid on the common stock.
Committee.
-R. F. Davidson, Indianapolis; William J. Levy, Pittsburgh; p. 2093.
Eugene H. Iglehart, Vice-Pres. & Trust Manager, Fletcher American
National Bank, Indianapolis. Bondholders are requested to sign the
Corp.
-Receives Order.
United Aircrafts & Transport
agreement and return same with bonds attached to the latter.
The company, through its export subsidiary, has signed a contract with
Government for 26 airplanes and 15 spare Pratt & ,Whitney
Balance Sheet October 31 1929.
the Peruvian
engines for a total value of approximately $850,000. This order calls for
LiaMlitiesAssets
-powered
$728,919 12'Wasp-powered Corsairs made by Chance Vought, three Hornet
Net receivables
$982,432 Accounts payable
Inventories
78,574 joint mall and passenger planes made by Boeing, one seaplane made by
1,198,749 Notes payable
510,000 Hamilton Metalplane Co., and 10 training planes made by Stearman
Branch Investment
5,847 Owing to stockholders
Land
175,622 Sundry accruals & res. & deps_ 594,118 Aircraft Co., all subsidiaries of the United Aircraft & Transport.
Francis H. Love, President of United Aircraft Exports Co., reports that
590,000
Bides.& equipment
1,474,203 Bonded indebtedness
1,483,705 not only Peru, but practically all South and Central countries are inDeferred expense
127,221 Capital stock
Patents
2,197,892 tensely airminded and look at aircraft a,s the solution of the transport
1 Surplus
problems.
-V. 129. p. 3490.
Good-will
2,100,000
Other assets
17,807
United Cigarette Machine Co., Lynchburg, Va.$6,183,206
Cash
Total(each side)
101,324

Stock Reduction Approved.

Swift & Co.
-25c. Div. on New Shares.
The reduction of the capital stock by calling in 80% of the 471.000
The directors have declared the regular quarterly dividend of 2% on the shares, was unanimously voted by the stockholders at the special meeting.
outstanding capital stock, payable April 1 to holders of record March 10 This will mean a distribution of approximately 31.845,000 in cash or
1930, as follows: 50c. Per share to holders of new certificates of $25 Par cash and securities to shareholders shortly after March 10. The new
stock $2 per share to holders of old certificates of $100 Par stock.
capital of the company will be $470,000, instead of $2,335,000. The sale
This places the new $25 par stock on a $2 annual basis, equivalent to the of the company's branch plant at Dresden, Germany, was also approved.
-V.130, The company will retain its Lynchburg plant. ("Wall Stree., Journal.")
$8 rate on the old $100 stock which was recently split four for one.
p. 1298.

Timken Detroit Axle Co.
-Quarterly Dividend Rate
Increased-No Extra Declared.
The directors deClared a quarterly dividend of 20c. per share, payable
Apr. 1 to holders of record Mar. 20, placing the stock on an 80c. annual
basis. The company previously paid regular dividends of 15c. and an
extra of Sc. quarterly.
Calendar Years1929.
1928.
Gross income
$4,257,894 $4,518,057
Expenses
2,085,966
2,239,096
Operating profit
Other income

$2,171,928 $2,278,961
255,892
276,731

Total income
Depreciation
Federal taxes
Other deductions

$2,427,820 $2,555,692
528,665
432,516
225,052
235,000
161,674
149,839

Net profit
Preferred dividends
Common dividends

$1,513,029 $1,738,337
245,368
257,633
771,657
645,105

Surplus
$496,004
Shares com. stk. outstanding (par $10)
992,096
Earnings per share
$1.28
Balance Sheet Dec. 31.
1929.
1929.
1928.
AssetsLiabilities
$
Land, bldgs., &c_x7,730,232 5,990,101
preferred stock 3,697,000
-7%
Goodwill & pat'ts_
1
1 Corn. stk.(par $10) 9,920,960
Cash
962,082 1,103,977 Federal tax (est.). 260,400
Ctfs. of deposit
140,912
Accounts payable
Call barns
1,257,299
1,000,000
not due
Notes & accts. rec _ 1,762,879 2,112,681 Accrued dividends
Inventories
19,963
4,788,279 4,889,658
and expenses__
Sinking fund
274,900
229,000 Other reserves_ _- 513,717
Munici.& Gov.sec 1,576,618 2,537,231 Deferred income....
20,950
Other assets
4,233,358
1,438,315 1,719,192 Surplus
Deterred assets_ _ _ 249,627
277,527

$835,599
834,596
31.77
1928.
3,842,100
8,345,960
331,598
1,187,578
21,076
302,015
658,817
4,150,221

-Changes in Personnel.
United Dry Docks, Inc.

Joseph W. Powell, who has been chairman of the committee, has been
elected President, succeeding E. P. Morse, who has been elected Chairman
of the board. Mr. Morse, who owns a large interest in the company, will
-V.129. p. 144.
continue active in the management of the company.

-Capitalization.
United Fruit Co.
In our issue of Feb. 22, page 1299, we stated that the outstanding stock
is 2,500,000 shares. On Dec. 31 1929 (see V. 130, P. 615), the figure was
2,625,000 shares and due to the issuance of 300,000 shares for the assets
of the Cuyamel Fruit Co. (see V. 129, p. 3649) the figure will be 2,925.000
-V. 130, p. 1299.
shares outstanding.

-Makes Offer to Exchange Stock
United Founders Corp.
-President Louis H.
for American Founders Corp. Stock.
Seagrave in a letter to the holders of common stock of
American Founders Corp. dated March 4 says:
One of the announced purposes of the formation in February 1929, of
United Founders Corp. was to acquire a substantial minority interest in the
common stock of American Founders Corp., so as to insure continuity of
management and investment policies thereof. United Founders Corp. gas
acquired and at present owns over 36% of the outstanding common stock
of American Founders Corp.
The board of directors has deemed it advisable to acquire a majority of
the common stock of American Founders and has decided to offer to all the
stockholders of that coproration an opportunity to exchange common stock
of American Founders for common stock of United Founders.
Two shares of United Founders common stpck will be given for each
three shares of American Founders common stock exchanged. In addition
as an adjustment of the dividend payable May 1 1930, on the American
Founders common stock) scrip will be delivered representing 2-70the of one
share of United Founders common stock for each three shares exchanged.
For example, if the holder deposits three shares of American Founders common stock (which held would be entitled to a scrip dividend of 3-70ths of a
share on May 1) he will receive in exchange two shares of United Founders
common stock, and in adjustment of the American Founders dividend.
scrip for 2-70ths of a share of United Founders common stock. The stockholders making the exchange therefore, will receive in scrip the equivalent
of dividends on both stocks for the month of April; for, the stock of United
Apunderl9 i11
Fo rii l s w0 bear dividend payable July 1 1930,for the quarter commencing
3

Shareholders making the exchange will continue to have, through their
ownership of shares of United Founders, a large interest in American Founders and, in addition, will acquire a substantial interest in the important
public utility and other companies in which United Founders has holdings.
Transcontental Oil Co.
-Listing.
The growth of United Founders and its close association with American
The New YocIZ Stock Exchange has authorized the listing of 3.339.150
(new)shares of capital stock (no par)(of a total authorized issue of 8.000,000 Founders have led to the conclusion that a closer affilitation of the two comshares) on official notice of issuance in exchange for certificates of (old) panies is desirable and will tend to simplify the structure of the group as a
common stock (no par) on the basis of one share of new stock for each 2 whole. This step will result in completely consolidated financial statements
shares of old stock outstanding and upon the exercise of outstanding stock of United Founders and its subsidiaries. It should be emphasized that
American Founders Corp. retains its individual identity in the investment
purchase warrants._ _
The stockholders Mar. 4 voted to reclassify the capital stock by reducing company field.
All but one of the directors of United Founders are also directors of
the authorized 7,000,000 shares to 3.500.000 and issuing 1 new share for
each 2 old shares. The stockholders then voted to increase the stock as American Founders. Upon the acquisition of a majority of the stock of
reclassified from 3,500.000 shares to 8.000,000 shares (no par value). American Founders, no change in the board of directors of American
The directors Jan. 14 1930 appointed Chase National Bank New York Founders is contemplated, and it is expected that United Founders will inregistrar for the capital stock (new). It is proposed that the present crease the number of its directors to include additional directors of American
registrar of the common stock (old) will continue to act as registrar for that Founders,so that the management ofthe two corporations will be practically
the same.
stock.
This offer expires April 1 1930, but is subject to withdrawal at any time
The stockholders of this company have increased by 45% in the last six
months. It is announced. Figures compiled as of Feb. 8 show the company prior thereto at the option of United Founders Corp. upon delivery to The
had 20,742 stockholders, against a total of 14,245 on July 1 1929. The Equitable Trust Co. of New York by United Founders Corp. of written
average holding on Feb. 8 last was 315 shares. There are 6,544,219 shares notice to that effect.
In the event that the aggregate number of shares of common stock of
outstanding.
-V. 130. p. 1299.
American Founders Corp. delivered by any stockholder shall be a number
Transue & Williams Steel Forging Co.
-Stock Increased that is not divisible by 3, United Founders Corp. will not return the one or
two shares, as the case may be, remaining after dividing the total number of
-Reincorporates in Delaware.
The stockholders on Feb. 18 approved an increase in the authorized shares delivered by 3, but will retain the same and purchase such one or two
common stock, no par value, from 110,000 shares to 500,000 shares, and shares (but not exceeding such one or two shares from nay one stockholder)
ratified a proposal to reincorporate under Delaware laws instead of those at a price of $29 per share. A check for such purchase price will be delivered,
of New York. Both of these actions will be preliminary moves in the ex- together with the certificates for shares of common stock and scrip of
United Founders Corp.
pansion plans.
No financing is involved in connection with the expansion and acq-ui
Purchase 250,000 Shares Class A Common of Insuranshares
sitions will be accomplished through exchange of stock.
-V.130, P. 1299.
Corp. of Delaware.
Total
19,923,646 18,839,367
19,923,848 18.839.367
Total
x After $5,442,199 reserve for depreciation.
-V. 129, P. 3490.

Tr -Continental Corp.
-Listed on London Stock Exchange.
The United Founders Corp. has purchased 250,000 class A common
Preferred and common stock of the corporation have been admitted to shares of Insuranshares Corp. of Delaware from Insuranshares Management
trading on the London Stock Exchange. Outstanding securities of cor- Co. The purchase represents one-third of the outstanding A stock. Repcorporation consist of 433.650 shares of 6% ($100 par) preferred stock, resentatives of United Founders will be elected to the boards of Insuran2,020,150 shares (no par) common and detached warrants to purchase shares Corp. of Del. and Insuranshares Management Co.
1,008,650 shares of common.
-V. 130, p.305.
The Insuranshares Corp. stock thus acquired constitutes, it is stated, the
largest single block outstanding and to consummate the transaction InTruscon Steel Co.
-Listing.
suranshares Management Co. recently purchased from the Goldman Sachs
The New York Stock Exchange has authorized the listing of 38,315 ad- Trading Corp. its entire holdings in the Insuranshares group.
ditional shares common stock ($10 par) on official notice of issuance as
Common Di? idend No. 2.follows. 35,815 shares, representing a 6% stock dividend on the common
stock outstanding on Jan. 6 1930, exclusive of fractional shares, on which
A dividend of 1-70th of a share on each share of common stock has
stock dividends are not restricted; 280 shares, representing a 6% stock been declared, payable April 1 to holders of record March 12. An initial
dividend on stock outstanding but restricted both as to original issue and distribution of like amount was paid on Jan. 2 last.
-V. 130, p. 615.
stock dividends to be listed on official notice of release from restriction:
United Profit-Sharing Corp.
-Earnings.-1,064 shares, representing total of fractional shares to be issued as part of
S% stock dividend; 1,156 shares, representing the stock required to take
Calendar Years1929.
1928.
1926.
1927.
up fractional shares under the terms of the offer of the company, making Net profit
$237,918
$333,055
$374,694
$312,771
the total amount applied for listing 663,704 shares.
Federal taxes
19,300
23,200
-V.129, p. 3648
49,800
20,400
Union Mills Inc.
-Balance Sheet Dec. 31AssetsLiabilities1929.
1929.
1928.
Real estate. maPreferred stock --$1.500,000
chinery, &c.---$3,032,429 $3,026,673 Common stock ---x3,420,496
Merchandise
299,480
321,230 Accts. payable___ 135,876
Cash
858,898
938,343 Res,for bad debts.. 253,186
Accts.receivable
494,185
489,854 Reserve for demodation
639.739
II.18. bonds. am639,739
1,438,648
Othei investmla....
14,873
14,873
Union Mills pt stk_ 1,408,500 1,408,600
LOS
$6.748,105 56.839.213
Total
$6,748,105
x Represented by 100.000 no par shares-V.128. P.4023.




1928.
31.500,000
3,559,871
130,330
258,964
1,390,048

$6,839,213

Net income
Pref. dividends
Common dividends

$218,618
19,925
141,931

$309,855
19,914
283,853

$292.371
19,893
141,912

$324,894
19,868
190,108

Balance, surplus
Previous surplus

$56,761
751,062

$6,086
744,976

$130,566
636,940

$114,918
563,924

Total
Com, stock dividend_

$807,824

$751,063

$767,506
22,530

$678,842
41,902

Profit & loss surplus
Shares of common outstanding (no par)__.
Earns, per sh. on corn...

$807.824

$751.063

$744,976

$636,940

236,895
$0.84

236,548
$1.22

236,847
$1.15

214,938
$1.42

1670

FINANCIAL CHRONICLE

Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets$
Liabilities
$
$
Furniture & int__
19,089
12,339 Preferred stock___ 199,270
199,150
Cash
69,061
150,833 Common stock... y473,790
473,745
Investments
1,537,025 1,453,302 Cap. distrib. bal._
155
156
Inventories
148,259
76,573 Accounts payable_ 179,230
133,288
Unexpired insur
1,059
487 Notes payable____ 115,000
Accts.receivable_ _ 367,571
361,489 Divs. payable____
141,929
Coupon accounts_24,627,172 24,012,250 xProv. accounts_ _24,993,968 24,367,945
Surplus
807,824
751,063

[VOL. 130.

With mere than 80% ofsales confined to three States,the Lorraine Corp.
in 1929, sold approximately 70,000 lights with a net profit of more than
$200,000.-V. 130, p. 1131.

Veeder-Root, Inc.
-Earnings.
-

Year Ended 8 Mos.End.
PeriodDec. 28 '29. Dec. 31 '28.
Profits from operations
$492,948
$277,337
Prov. for depreciation
98.392
67,319
Net profits
$394,556
$210,018
,
Income from investments
16,741
30,811
Total income
$226,759
7 8
2 :76
6
$445 3 0
Total
26,769,237 26,067,275
Total
26,769,237 26,067,275 Prey. for Federal
taxes
32,098.
x For contingent liability on coupons, taxes, fixture depreciation, &c.
Net income
$377,586
$194,661
y 236,895 shares, no par value.
-V. 129, p. 4151.
Dividends paid
188,125
93,750
United States Electric Light & Power Shares, Inc.
- Balance surplus
$189,461
$100,911
Earns, per share on capital stock
$5.01
$2.61)
68c. Dividend on Series A Certificates.
-V. 129, p. 652.
It is announced that a quarterly dividend on the trust certificates series
"A"was distributed on March 1. This distribution in cash totaled $693,600.
Venezuelan Oil Concessions, Ltd.
-To Increase Stk.,&c.
equivalent to 68 cents per share on the 1,020.000 shares outstanding as of
See V.0. C. Holding Co., Ltd. above.
that date. Dividends paid on the "A" certificates during 1929 were
$2.89 per share. A total of $90,339 was carried to the reserve fund,
(The) V. 0. C. Holding Co., Ltd.
-To Liquidate Assets.
bringing this fund up to $705,666, or approximately 69 cents per share.
Under a plan of reorganization through which this company (controlled
Total income for the quarterly period ending March 1 was $785,068.
by Royal Dutch-Shell group) is to be liquidated and all of its assets with the
Total cash dividends paid from incorporation on April 23 1927 through exception of its share holdings in the Venezuelan Oil Concessions,
March 1 1930, amounted to $5,378,447. Total income of the trust during to the last mentioned company, the stockholders of the HoldingLtd.,sold
company
this period was $6,086,953.08. The "A" dividend is based upon an annual will be offered the right to subscribe to one new share at par for every three
rate of 6% on the market value of the underlying stocks computed as of shares of either preference or ordinary stock held. The funds derived from
two days' prior to the quarterly dividend date plus one-half of any excess the exercise of these rights will be used for further development work to be
over and above such 6% annual rate. Any balance remaining is credited made after the passage of the reorganization plan.
to reserve fund. Dividends represent all distributions made upon the
The capitalization of the Venezuelan Oil Concessions, Ltd., will he inunderlying stocks during the quarterly period including regular dividends, creased from 1,000,000 shares of Ll par to 7,200,000 Ll shares in
extra dividends, proceeds from the sale of rights and warrants and stock carry out the plan. The present capitalization of the V. 0. C. order to
Holding
dividends up to and including 10%. Capital profits remain in the fund. Co. is 5,400,000 shares, which calls for an additional 1,800,000 shares to
-V. 130, p. 1299.
provide for the subscription rights. These new 1,800,000 shares of the
Concessions company will rank in dividends from Jan. 1 last.
-Earnings.
United States Gypsum Co.
Of the 1,000,000 £1 shares of Venezuelan Oil Concessions, Ltd., capita)
Calendar Years1929.
1928.
1927.
1926.
authorized, the V.0. C. Holding Co. owns 999,553 shares, 500,000 of which
Net earnings
$7,415,620 $8,325,322 $9,961,466 $10,763,219 were purchased and 499,553 acquired through exchange of one preference
Depreciation & deplet'n_ 1.766,082
1,517,082
1,307,998
1,063,380 and three ordinary shares of Holding company stock for each Concessions
776,605
Federal taxes
547,232
1,114,960
1,324,092 share.
The Venezuelan Oil Concessions, Ltd., is the operating company and is
Net income
$5,102,304 $6,031,635 $7,538,508 $8,375,747 the largest single oil producer in Venezuela, its output during the year 1929
Pref. dividends (7%)_ _
541,503
554,552
528,090
567,563 totaling 45,627,532 bbls. It was registered on May 22 1913, and owns oi1
Common dividends
1,376,025 x2,544,702
1,793,545 x6,116,089 concessions until 1957 (with option to renew) of over 3,000 square miles in
districts of Bolivar and Maracaibo, State of Zulia. Arrangements were
Balance, surplus
$3,198,189 82,945,430 $5,190,411 S1,692,095 made for the Caribbean Petroleum Co. to purchase the company's output
Profit & loss surplus_ _ _ _$30,684,764 $27,193,274 $24,233,219 $18,804,982 until June 30 1936, and consequent upon negotiations between a shareShares com, stock outholders' committee of Venezuelan Oil Concessions Holding Co., Ltd., ant)
standing (par $20)_ _ _ 1,149,290
760,436
691,198
687,875 the Royal Dutch Shedl group, contracts between this company and the
Earnings per share
$7.22
$10.10
$3.98
$11.35 group were revised in September 1924.
x Includes stock dividends.
The new sales contract was made for the sale of 4.000,000 bbls. per
Consolidated Balance Sheet Decebmer 31.
annum to Caribbean Petroleum Co. until June 30 1936, at new prices
effective from Jan. 1 1924, and the period for which Royal Dutch-Shee)
1929.
1929.
1928.
1928.
group are managers of the company was reduced from 1915 to 1939. In
AssetsLiabilities$
$
$
$
Plant & prop__ - _y47,639,426 38,491,702 Preferred stock.... 7,541,700 7,841.700 addition the pooling contract and perpetual royalty payable to the group
Const., contr. rec_ 643,822
749,169 Common stock_ _ _22,985,800x22,810,820 were cancelled and the group relinquished the right to appoint a majority
Investments
196,698 Res, for conting__ 1,437,971 1,324,151 of the board of this company.
209,646
The contract for the sale and purchase of the company's production was
Deferred charges
750,571 Accts. payable_ __ 644,090 1,139,715
856,675
Cash
715,193 1,491,516 Accruals
1,090,356 1,817,444 assigned by Caribbean Petroleum Co. to Asiatic Petroleum Co., Ltd., in
Stk. purch. contr_ 1,393,977 6,411,395 Surplus
30,684,764 27,193,274 January 1927. In June 1927, a committee was appointed to act on behalf
of the company in connection with arbitration proceedings in regard to a
Accts. & notes rec. 3,441,165 3,453,969
revision of the price payable under the terms of the sales contract. ("Wal)
Govt.securities__ 5,433,220 7,497,096
Inventories
-V. 128. p. 3371.
4,051,556 3,084,988 Total(each side)_64,384,682 62,127.104 Street News.")
x Includes $7,602,100 subscribed on warrants. y After reserves for
Vulcan Detinning Co.-Bal. Sheet Dec. 31.depreciation and depletion of $8,992,611.-V. 130, p. 1131.
1928.
1929.
1928.
1929.
AssetsU. S. Industrial Alcohol Co.
-Earnings.
Plant dr equip_ _ _ _$2,257,148 $1,199,372 Preferred stock..11,344.400 $1,500,000
903,400
919,400
Patents & goodwill 3,288,369 4,361,637 Pref. A stock
Period End.Dec.31
-6 Mos.-1928.
- 1929
1929-12 Mos.-1928.
645,227 Common stock_ _ _ 2,000,000 2,000,000
662,036
Operating income
$4,041,623 $3,445,926 $6,569,819 $5,285,950 Cash
50,120 Corn. A stock_ _ _ _ 1,225,800 1,225,800
203,574
Investments
Depreciation
664,531
548,137
1,265,396
1,038,043
354,480 Accts. payable, &e 249,123
225,489
217,92)
Federal taxes
352,286
308,092
583,566
470,106 Accts. receivable_ _ 698,875
634,778 Res. for taxes and
Inventories
7,656
conting. liabil__ 260,751
9,352
174,385
Net profit
$3,024,806 $2,585,697 $4,720,857 $3,777,801 Advances
Cont. & def. llab__
27,580
Preferred dividends_ __ _
212,232
482,616
Dividends payable 129,249
66.533
1,232,020 1,121,656
Total(each side)S7,345,343 $7,253,278 Surplus
Surplus
$3,024,806 $2,377,464 $4,720,857 $3,295,185
Our usual comparative income account for the year ended Dec. 31 1929
Shs. corn. stk. outstanding (no par)
373,846
320,000
373,846
320,000 was published in V. 130, P. 1496.
Earnings per share
$8.09
$7.43
$12.63
$10.29
-February Sales.
Waldorf System, Inc.
-V. 130, p. 150.
Increase. I 1930-2 Mos.-1929.
Increase..
-1929.
1930
-Feb.
United States Lines, Inc.
-Expansion.
-$29,1831$2,637,207 $2,526,580
$1,227,845
$110,627
$1,257,028
The company has established a number of passenger and freight offices: -V. 130, p.1132.
in the Middle West during the past few months, Joseph F. Sheedy, Executive Vice-President, announced recently. "Sales of our passenger business,
-New Chairman, &c.
Ward Baking Co.
Europe-bound, has shown an increase of 1634% over the comparable
New Rochelle, N. Y., has been elected Chairman
period of the previous year since the expansion of our domestic sales organi- ofWilliam C. Evans ofvacancy caused by the death of the late Charles A.
the board to fill the
zation," said Mr. Sheedy, "and further gains are in prospect. "Mnny
Ward, a brother of the late Charles A. Ward and a
manufacturers and exporters have welcomed private operations, and our Ward. Howard B.
over a year, has been elected Vice-President.
export tonnage is steadily increasing. Our policy of doestic expansion will director of the company for
Ralph S. Kent, President, Harry Kehoe, Vice-President, John M. Barber
carried out further during the remainder of 1930."-V. 130, p. 1299.
be
Secretary-Treasurer and George Zacharias, Comptroller were all re-elected.
-V. 128, p. 3206.
United States Rubber Co.
-Earnings.
The report of the company and its subsidiaries for 1929, shows a profit
-Smaller Dividend.
of $576,009 after depreciation, interest, subsidiary dividends and deduction
Warner-Quinlan (Asphalt) Co.
of $2,721,326 for inventory adjustments, but before extraordinary charges.
The directors have declared a quarterly dividend of 25 cents per share on
After provision of $1,490,421 for additional depreciation and of $2,464,000 the common stock, payable April 3 to holders of record March 14. Prefor extraordinary expenses incident to concentration and reorganization of viously the company paid;quarterly dividends of 50c. per share on this issue.
operations, there was a deficit for the year of $3378,412. In 1928 net -V. 130, p. 1300.
loss after depreciation, interest, taxes and deduction of $15,0300,304 for
-To Split-up Stock.
Warren Bros. Co.
Inventory adjustments was $10,781,255.-V. 130, p. 1299.
The directors have voted to recommend to the stockholders the adoption,
United States Worsted Co.
-Sale Urged.
of a plan of recapitalization by which the capital stock of the company,
B. Loring Young as receiver in his report filed in the Massachusetts both common and preferred, will be split three-for-one. A special meeting
Court at Boston states that the liabilities of the company are $3,501,323 of stockholders has been called following the annual meeting on April 8.
and that the assets are $1,157,579. He urges that the entire property of the to act on this plan.
-V. 129, p. 2875.
company be immediately sold.
The directors declared the regular quarterly dividends of $2 a share
on the common, 75c. a share on the 1st pref. and 873c. a share on the,
-Court Halts Stock Sales. 2d pref. stock, all payable April 1 to holders of record March 17.-V. 129.
Universal Oil &Gas Co.(Okla.).
Justice Harry E. Lewis signed an order in the Broolkyn Supreme Court P. 3026.
Feb. 24 temporarily restraining Hazel Christmas, individually and as the
-Initial Common Dividend.
(George) Weston, Ltd.
Securities Service Co. and the Sectuserv, Inc., from further dealings in
The directors have declared an initial quarterly dividend of 25c. per
the stock of the Universal Oil & Gas Co. Miss Christmas is directed to share on the common stock, no par value, payable April 1 to holders of'
appear before Justice Lewis on March 5 to show cause whey the restraining record March 20.-V. 127. p. 277.
order should not be made permanent and a receiver appointed.
--Judgement.
The order was based on an affidavit submitted by Deputy Attorney
West Virginia Coal & Coke Co.
General Abraham N. Davis, who charged that the defendants had frauduA deficiency judgment of $544,943 has been awarded in a receivership.
lently sold stock of the Universal company. The offices occupied by Miss case in Federal Court at Charleston, W. Va. to the First National Bank,
-V. 129, p. 2701.
Christmas are at 10 East 40th Street.
New York, against the company.

-Subsidiary Acquires Motor ImproveVan Sicklen Corp.
ment, &c.

-$G Liquidating Dividend.Wills-Sainte Claire, Inc.

The directors have declared a liquidating dividend of $6 per share on the
1st pref. stock payable March 17. It will be necessary for shareholders
to present their certificates to the transfer department of the National
-V. 129.
Shawmut Bank, Boston, to have this payment stamped thereon.
1.• 652.
7

The facilities of a nation-wide sales organization, with 18,000 sales and
service stations in more than 5,000 important cities and towns throughout
the United States, has been acquired by Lorraine Corp., of Elgin, Ill.,
maker of controllable automobile lights, through an arrangement just
-Sales.
(F. W.) Woolworth Co.
effected through courtesy of Motor Improvement, Inc., of Newark, N. J.,
Increase.
Increased 1930-2 1tfos.-1929.
manufacturer of Purolator, an oil filter for all types of internal combustion
1930
-Feb.
-1929,
$651,518'$38,436,942 $37,035,386 $1,401,556motors.
$20,029,799 $19,375,281
The Lorraine Corp., which was recently acquired by Van Sicklen Corp., -V. 130, p. 1132.
an associate company of Allied Motor Industries, Inc., holds patents on
-Plan Operative.
Yosemite Holding'Corp.
its lights covering more than 300 claims and so dominating the field of
The directors have declared operative the plan for the acquisition of Union,
controllable automobile lighting that other manufacturers of spot-lights
exchange of stock it was announced by Luther D.
Investors, Inc., by
operate on a royalty basis under license from Lorraine.
In announcing the arrangement by which Lorraine distribution is sup- Thomas, President of the holding corporation. Of the Union Investors
plemented by the facilities of Purolator sales and service representatives, stock 94% has already been deposited. The plan only required 75%•
N. H. Van Sicklen, Jr., President of the Lorraine company said: "Lorraine
This announcement marks the completion of the first step in the plan or
agencies and service stations will continue to be established as they may be the Yosemite Holding Corp. to finally control a nation-wide group of investneeded in any localities but association with Purolator's distribution system ment companies of the general management type.
gives Lorraine immediately the facilities of a force of 18,000 distributors and
Negotiations for other acquisitions are under way and further announce-V. 130, P. 1494.
ment of this nature may be expected shortly.
service stations covering the whole of the United States."




1671

FINANCIAL CHRONICLE

MAR.8 1930.]

o vts awl
PUBLISHED AS ADVERTISEMENTS

AMERICAN TELEPHONE AND TELEGRAPH COMPANY
ANNUAL REPORT FOR THE YEAR 1929.
New York, March 3 1930.
To the Stockholders:
The year 1929 has been one of distinct progress throughout
the Bell System in the improvement and extent of communication by telephone. About 900,000 telephones—the largest
number in any year—were added. Approximately 1,600,000,000 more local telephone calls and 100,000,000 more toll
and long-distance calls were handled than in the previous
year. At the same time, the quality and speed of service
were not only maintained but definitely improved.
To provide for growth and to improve service,$588,000,000
was spent on construction of new telephone plant and $45,000,000 on construction of new manufacturing facilities.
These expenditures for additions, betterments and replacements were the largest in any one year and furnish a basis
for still further progress. It is expected that the expenditures for construction in 1930 will be over $700,000,000 as
compared with the 1929 total of $633,000,000.
The use of the telephone in the United States is so universal
that it exceeds that of any other country in the world. With
the development of the telephone art it became possible a
few years ago for the telephone users in the United States
to communicate with those in Europe and other parts of
the world. Extensions of such international communication
to additional countries were made during 1929 and a new
service of telephone communication between shore and ships
at sea was inaugurated.
At the end of the year there were more than 20,000,000
telephones interconnected in and with the Bell System in
the United States. Approximately 4,400,000 of these were
telephones of independent connecting companies—about
7,700 different companies and 30,000 rural lines. Practically any one of these 20,000,000 telephones can be connected promptly, not only with any other telephone in the
United States but with 9,000,000 telephones in Canada,
Cuba, Mexico and Europe.
The rapid growth in the business during 1929 necessitated
large additions to the forces, and the total number of employees at the end of the year, including those of the Western
Electric Company, Incorporated, was 454,000 as compared
with 395,000 Dec.31 1928, an increase of 59,000—comprised
of 39,000 men and 20,000 women. To provide for this
growth and to take care of normal turnover, it was necessary
to train more than 175,000 new employees.

SERVICE IMPROVEMENTS.
During the past five years the average time required for
completing a long-distance connection has been cut more
than in half, the average speed of long-distance connection
being reduced from t.5 minutes to 2.4 minutes. The errors
in local calls, which were only two in 100 calls, have been
substantially reduced. The quality of transmission has
been improved. The proportion of customers, orders currently subject to delay because of lack of facilities and equipment has been reduced from 10% to 2%. The average
elapsed time between receipt of a customers' order and installation of service has been reduced from 4.7 days to 2.7
days. The system of inbtalling telephones on definite dates
set by the customer has been greatly extended and where
it is in effect, in 96% of the cases during the past year the
customers' wishes were met.
Five years ago on an average there was trouble on a subscriber's line once in every 13 months as compared with
trouble only once in every 20 months now. To-day 87% of
the troubles are corrected on the day reported.
It was formerly necessary on practically all long-distance
calls for the subscriber to hang up the telephone after putting
in the call and to be recalled when the connection was ready.
In 1925 operating methods were developed which made it
possible to handle long-distance calls with speed approaching
that of local calls. In 1929 more than 70% of the longdistance calls were handled while the calling subscriber
remained at the telephone.
The mere publishing of telephone numbers is a large
undertaking in itself. In 1929 there were 18,000,000 listings




and 35,000,000 directories were issued. Steady improvement is being effected in the appearance, ease of reference
and accuracy of telephone directorips.
It is realized that service which is good on the average
may not be satisfactory service to the individual who may
at some time, for one reason or another, receive service
much below the average. Every effort is therefore constantly being made not only to reduce the number of errorsand imperfections in the service, but also to locate and
remedy temporary abnormal conditions.
Each telephone call is a transaction by itself and each
customer is an individual. Although the calls are numbered
by the billions and the customers by the millions, it is the
aim to treat the customer and his requirements on the basis
of personal consideration in each instance. Service
satisfactory in every respect to each user is the ultimate
goal.

RATES.
The aim of the Bell System is not only to furnish the best
possible telephone service, but to furnish this service at the
lowest cost consistent with financial safety.
Beginning in the latter part of 1926 there has been a seriesof reductions in long-distance rates amounting to a saving
of many millions of dollars a year to telephone users. A
telephone call from New York to San Francisco, which a
little over three years ago cost $16.50, now costs $9.00, and
corresponding reductions for lesser distances have been
made. For instance, a telephone call from New York to
Chicago, which formerly cost $4.65, now costs $3.00.
Within a year two of these reductions in long-distance
rates were made effective—Feb. 1 1929 and Jan. 1 1930—
each of them resulting in a saving to the telephone users of
approximately $5,000,000 annually.
While the quality and extent of local service have improved
it has, generally, been possible to carry on without increases
in exchange rates. During 1929 such increases as were
made in a few places were substantially offset by decreases.
elsewhere. Early in 1930 exchange rates were increased in
New York State. The New York Telephone Company's
application for increased rates was initiated in 1920 and this
increase, therefore, more properly is to be associated with
the period when it was necessary to increase exchange rates
in order to care for the post-war change in the value of the
dollar.
To maintain exchange rates is, in effect, to reduce them.
The result of the growth of the business is that the telephone
user receives more valuable and extensive service for the
same money. A 10% increase in the number of telephones
in a local exchange area means that a subscriber may at the
same price talk to any one of 10% more telephones. This
factor of growth and the resulting complication affect thecost of giving local service in that the cost tends to increase
as the extent of the service increases. It is only by constant
advances of the telephone art and improvements in operating
methods that continually increasing service in local areas can
be furnished without increases in rates.
In part because long-distance calls are not subject in the
same degree to this tendency of increasing costs, and largely
because of developments in the art which have lessened the
cost, it has been possible to make substantial reductions in
long-distance rates. These reductions are more obviousin
that they are measured in dollars. In the case of exchange
rates changes favorable to the user are in fact taking placealthough they are not so obvious in that for the most part
they are measured by improved, more extensive and more
valuable service for the same money.
During 1929 certain local rates and charges have been
reduced in many parts of the Bell System. Installation
charges, moving charges, mileage charges, charges for directory listings, etc., have been reviewed and, where financial
conditions permitted, have been reduced and simplified.
Earnings must be sufficient to assure the best possible
telephone service at all times and to assure the continued
financial integrity of the business. Earnings that are less

FINANCIAL CHRONICLE

1672

than adequate must result in telephone service that is something less than the best possible. Earnings in excess of
these requirements will be spent for the enlargement and
improvement of the service furnished or the rates charged
for the service will be reduced. This is fundamental in the
policy of the management.
SERVICE EXTENSIONS.

Besides the 900,000 telephones added to the Bell System
in 1929 in the continental United States, there was added
by extension of the service access to 340,000 telephones in
Italy, Ireland, Gibraltar, Luxemburg, Isle of Man and portions of Austria and Czechoslovakia. Including the telephones added in this country and those added in countries
with which telephone communication is established, the
telephone user in the United States could, at the end of the
year, communicate with 1,670,000 more telephones than at
the end of the previous year.
During the year two additional short-wave transatlantic
radio telephone channels were put in operation. The transatlantic telephone service is now being furnished over one
long-wave and three short-wave radio telephone channels.
Work is going forward on the new transatlantic telephone
cable which will supplement the present radio channels and
add a connecting link that is not subject to the inherent uncertainties of radio. Early in 1930 it is expected to inaugurate telephone service by short-wave radio with the
Argentine, and plans are under way for the establishment of
a short-wave telephone station on the Pacific Coast for
radio telephone communication with Hawaii and other
points in the Pacific.
In December, ship-to-shore service was inaugurated to
and from the steamship "Leviathan" and it is expected that
due course this service will be extended to other steamships.
Marked progress has been made during the year in the
development of telephone communication with airplanes.
A large number of trials and demonstrations have shown
that satisfactory two-way telephony is possible between
airplanes and any telephone connected in or with the Bell
System. In several of the tests commercially satisfactory
communication was maintained between an airplane here
and telephone stations in Europe. This involved radio
transmission from the airplane to the Bell telephone wire
system in the United States, the transatlantic radio and the
regular telephone wire system in Europe. The successful
demonstrations of our development of two-way plane-toground telephony have caused several of the larger air
transport companies and several of the Government departments to request us to equip a considerable number of planes
and ground stations with apparatus. This equipment of
airplanes with telephones for navigational purposes will
add greatly to the safety and efficiency of transportation
by air. Ultimately it is expected that telephone service will
be established between airplanes and any telephone anywhere that is connected with the Bell System.
While these somewhat spectacular extensions of telephone
service are taking place, the telephone plant of the Bell
System in the United States is being largely rebuilt in order
that it may provide for growth and embody the latest developments of a rapidly improving art. Over one-half of
the present telephone plant of the Bell System has been
constructed during the last five years. Recent changes
include the introduction of dial telephones, the hand-set
telephone, the rapid extension of toll cables replacing open
wire lines, and an accelerated program of placing toll wires
underground.
Over 4,000,000 Bell-owned telephones, or 26%, are now
on a dial basis and it is expected that by 1934 the proportion
will be close to 60%. About 74% of the toll wire mileage
is now cable as compared with 53% five years ago.
In this extension and rebuilding the Bell System is not only
utilizing the latest developments but is endeavoring to build
its plant with due consideration for the increasing appreciation on the part of the public of attractiveness in appearance
as well as utility.
In the administration buildings and in the many equipment buildings now being constructed to provide for growth
and for the dial system, attractiveness of design is given
consideration as well as utility, and the new buildings have
contributed materially to the architectural beauty of the
cities in which they are located.
The striking increase in the use of the telephone for longdistance calls, so noticeable in 1928, has continued during the
past year, reflecting the public's response to the steadily increasing speed and quality of service and the reductions in
charges for the service. While the use of long-distance has
been increasing so rapidly, the telephone user, stimulated in
part by the telephone companies' efforts, is equipping his
office and particularly his, residence with more celephones,
with a view to greater convenience and utility.
DEVELOPMENT AND RESEARCH.

ir During- the year there has been a considerable increase
in the size of the group engaged on research and development
problems designed to produce new and improved equipment
and systems for telephony and telegraphy. At the present
time there are in the Department of Development and Research of the American Telephone and Telegraph Company,
and in Bell Telephone Laboratories, Incorporated, more than
5,400 scientists, engineers and assistants engaged on this
work.




[VOL. 130.

The results of the work of this group during 1929 have
emphasized again both the wisdom and the necessity of
adequate expenditures for fundamental research and development if our policy of enlarged and improved service
at minimum cost to the user is to be maintained.
The fundamental physical conditions which underlie
efficient telephone and telegraph operation are such that
large expansion either in volume of service given or in range
of distance covered cannot be made economically—frequently
cannot be made at all—merely by an enlarged use of existing
instrumentalities.
For example, the commercial necessity for very long circuits in storm-proof cable and the need for a higher grade of
transmission over such circuits, have required an entirely
new adaptation of physical principles many of which are
themselves new and therefore applicable only in the hands
of those who are highly trained. Due to the fact that the
telephone plant is a complex interconnected structure, all
parts of which must function harmoniously on every connection if satisfactory results are to be assured, the introduction
of new and improved facilities in one part of the plant
frequently requires modification of existing plant which
would otherwise be satisfactory.
During the past year, in addition to completing a large
number of important developments connected with central
office and outside plant equipment,.noteworthy progress has
been made in extending the range, improving the quality of
transmission and cheapening the cost of the long-distance
plant, particularly that part involved in the longer distances.
Initial designs of commercial two-way radio telephone equipment for use in airplane-to-ground and ship-to-shore service
were completed and put in production. On the transatlantic
telephone cable project the final development work, both on
the cable itself and on the very intricate terminal apparatus
required, has progressed and is rapidly nearing the point
where final manufacturing specifications can be prepared.
Increase of the research and development activities has
necessitated an enlargement of our laboratory facilities.
New laboratories for work on radio problems and outside
plant developments have been established. Land adjacent
to the present laboratories in New York has been purchased
and a large addition to these laboratories is under way.
WESTERN ELECTRIC COMPANY, INCORPORATED.

The requirements of the Bell System for equipment increased very substanaally during 1929 over the previous year
and greatly exceeded the capacity of the Western Electric
Company's manufacturing plants. This situation was met
by temporarily expanding facilities through the rental of outside quarters; and this expansion, combined with the rapid
up-building of the force and the utilization of overtime and
night work on a large scale, enable the company to increase
its production by 67% over that of 1928. Total sales for
the year amounted to $411,000,000, the largest in the company's history, and during the year the number of employees
increased from 56,324 to 84,848.
At the same time provision was made for the permanent
expansion of Western Electric manufacturing facilities, involving large additions to the Hawthorne and Kearny plants,
and the starting of a third plant at Point Breeze, Baltimore,
Maryland, where a tract of 180 acres was purchased early in
1929. Construction was started in the spring on the Point
Breeze Works, to provide initially facilities for making cable,
insulated wire, and telephone apparatus; and the first cable
was produced on the last day of the year.
At the beginning of 1929 the company's Hawthorne and
Kearny Works had a combined floor area of 5,160,000 square
feet, and during the year the additions made at these plants,
together with the new construction at Point Breeze, increased
this area to 6,520,000 square feet. In 1930 this will be further
increased to 9,190,000 square feet. This expansion program,
started early in 1929 and scheduled for completion about midyear, 1931, involves an expenditure of $110,000,000. When
the three plants are fully developed to capacity they will be
about equal in size, with an aggregate floor area of 15,000,000
square feet, and will employ on a normal operating basis
110,000 people.
Although the heavy demands of the Bell System for
Western Electric products necessitated intense effort being
applied to increasing production throughout the year, there
was no slackening of effort to reduce costs, and prices were
reduced to the extent of $11,250,000 for the 1929 volume.
of output.
ELECTRICAL RESEARCH PRODUCTS, INCORPORATED.

Reference was made in last year's report to the formation of Electrical Research Products, Incorporated, as a
wholly-owned subsidiary of the Western Electric Company,
for the purpose of making commercially available the developments and inventions of the Bell Telephone Laboratories applicable onside the telephone field.
The most noteworthy of these developments has been the
talking motion picture, a new form of entertainment which
has taken hold of the imagination of the American public and
is now rapidly spreading throughout the world.
The Western Electric recording system is being used, under
licenses granted by Electrical Research Products, by the
majority of the motion picture producers; it is installed in
about 70 studios and used for the production of about
90% of the talking pictures being made to-day. Electrical
Research Products has installed Western Electric reproducing
apparatus in 3,300 theatres in the United States and in

MAR.8 1930.]

FINANCIAL CHRONICLE

1,100 theatres abroad. These installations are inspected
and maintained by Electrical Research Products, in order
that there may be continuity and reliability of operation.
In addition to talking motion pictures, Electrical Research
Products is concerned with the commercial development of
such contributions to the progress of electrical science as
modern high-speed submarine telegraph cables and the
recording and reproduction of sound for use in connection
with phonographs. The business of Electrical Research
Products is limited to making arrangements for the commercial use of these developments by concerns operating in the
fields in which they are applicable. The American Telephone
and Telegraph Company neither directly nor indirectly,
through Electrical Research Products or otherwise, owns
any stock in any motion picture enterprise or- any other
commercial undertaking operating in these fields.
While the business of Electrical Research Products is of
great importance in its own field, its earnings obviously cannot be a material factor in an enterprise of the size of the
Bell System.
FINANCIAL.

In 1929, the Bell System revenues from local exchange
service increased $47,000,000, or 7.3% over the previous
year, and revenues from toll and long-distance service increased $45,000,000, or 14.5%. The increase in total
operating revenues was $95,000,000, or 9.8%. Due in
part to additional expenditures for better service, the total
expenses increased 11% and investment in plant and other
assets increased 10.5%. The total plant and other assets
at the end of the year amounted to $4,228,000,000. The net
earnings for the year were at the rate of 6.8% on the cost
of plant and other assets.
On April 30, 1929, the American Telephone and Telegraph
Company offered to its stockholders an issue of Ten-Year
Convertible4) Gold Debenture Bonds dated July 1 1929.
,
6%
Stockholders of record on May 10 1929 were entitled to
subscribe for $100 principal amount of these convertible
bonds for each six shares of stock then held. Subscriptions
for $218,007,200 were received out of a possible total subscription of $219,112,700. The conversion privilege attaching to these bonds became effective on Jan. 1 1930; and
thereafter, until Deg' 31 1937, bondholders, subject to the
terms of the inden*e under which the bonds are issued,
may surrender their bonds in exchange for capital stock of
the Company. During 1930, the conversion price, subject
to adjustment as stated in the indenture, at which stock
will be issued in exchange for bonds is $180 per share; during
the years 1931 and 1932 it is $190 per share; and during the
years 1933 to 1937, inclusive, $200 per share. It is expected
that these bonds will ultimately be exchanged for capital
stock.
As of July 1 1929 the Company retired an issue of $78,000,000 of Collateral Trust 4% Bonds then due.
In January 1930, the American Telephone and Tetegraph
Company sold an issue of $150,000,000 Thirty-Five Year 5%
Gold Debentures, dated Feb. 1 1930. This issue of debentures will provide in part the funds required by the Bell
System for additions and betterments and other capital ex-

1673

penditures during 1930. After giving effect to this issue of
debentures the Company's long-term debt as of Feb. 1 1930
was less than $644,000,000, or only 31% of its total capital
liabilities, and but little more than 24% of the book value of
its total assets.
These issues followed an offer of stock to the stockholders
of $185,000,000 made in 1928 on which the final payment
was received in Apr. 1920.
The number of stockholders of the Company increased
from 454,596 at the end of 1928 to 469,801 at the end of 1929.
The average number of shares held per stockholder is now 28.
No single individual holds as much as 1% of the total
capital stock. Of the total number of stockholders about
90,000 are Bell System employees.
The gratifying progress in the extent of and improvement
in telephone communication during the past year was made
possibile only by the co-operation of hundreds of thousands
of men and women in a nation-wide organization where the
work of each is accurately adjusted to tne work of all.
Great creiit is due to the individuals compoiing the Bell
System, each of whom has contributed nis or her part to the
smoothly-running, effective organization necessary to provide a vital service for the people of this country.
For the Directors,
WALTER S. GIFFORD, President.
AMERICAN TELEPHONE AND TELEGRAPH
COMPANY
STATEMENT OF EARNINGS AND EXPENSES FOR THE YEAR
ENDING DECEMBER 31, 1929.
EARNINGS
Dividends
$140,911,590.50
Dividends on stocks owned.
Interest
21,563,034.70
Interest on notes and advances, on bonds owned, and
on temporary cash investments and bank deposits.
Telephone Operating Revenues
111,890,241.42
Revenues from operation of the long-distance lines
revenues from services furnished under contracts
with the Associated Companies.
Miscellaneous Revenues
1,331,040.59
Total
-$275,695,907.21
EXPENSES
Expenses incurred in conducting the business, including
depreciation and taxes.

81,873,035.18

NET EARNINGS
$193,822.872.03
Deduct Interest
27,633,114.31
Interest on bonds, debentures and other indebtedness.
NET INCOME
$166,189,757.72
Deduct Dividends
116,378,771.00
Dividends at the rate of $9.00 per share per annum on
capital stock.
Balance Net Income carried to Surplus

$49,810,986.72

Average number of shares of capital stock outstanding during year
13,113,746
Net earnings per share available for dividends (after
interest charges)
$12.67
C. A. HEISS, Comptroller.

BELL tYSTEM BALANCE SHEET, DECEMBER 31 1929.
(Inter-Company Duplications Excluded.)
ASSETS.
INVESTMENTS:
Stocks of Associated Companies
$1,589,327,375.26
Investment, at cost, in stocks of associated telephone
companies. See page 17. (Pamphlet report.) Increase during year $90,431,818.
Stocks of Other Companies
138,158,952.98
Investment, at cost, in stocks of affiliated and subsidiary companies other than Associated Companies.
See page 17. (Pamphlet report.) Increase during
year $46,495,262.
Bonds and Notes of, and Advances to, Associated
Companies
305,783,932.88
Temporary financing of Associated Companies for the
extension of their telephone properties, including also
$1,388.000 investment in bonds of these companies.
Increase during year $115,573,060.
Notes of, and Advances to, Other Companies
32,499,000.00
Loans and advances to affiliated and subsidiary companies, comprising the Western Electric Co., Inc.,
$16,499,000; Bell Telephone Securities Company,
$9,350,000; 205 Broadway Corporation, $4,850,000,
and Bell Telephone Laboratories, Inc., $1,800,000.
Increase during year $23,949,000.
PLANT AND EQUIPMENT:
Long Lines Plant and Equipment
349,533,182.86
Cost of long-distance plant and equipment mainly for
providing interconnection between and through territories of Associated Companies. Increase during year
$87,299,935.
General Equipment
1,399,036.86
Cost of office furniture and equipment other than that
included in Long Lines Plant and Equipment.
CURRENT ASSETS:
Accounts Receivable
18,934,933.31
Current receivables, including dividends, interest,
tolls and other items.
Temporary Cash Investments
20,591,188.85
Funds temporarily invested in municipal, state and
United States Government short-term obligations In
anticipation of financial requirements.
Cash
20,795,947.88
Cash and deposits in ban
available for current
requirements.
Total Assets




12,477,023.550.88

LIABILITIES.
CAPITAL STOCK:
Stock Issued and Outstanding
$1,322,339,800.00
Total par value of shares outstanding. Increase during
year $32,648,400. See page 18. (Pamphlet report.)
Installments
72,155,611.96
Installments paid on stock subscribed for but not yet
issued. See page 18. (Pamphlet report.)
LONG-TERM DEBT:
Bonds and Debentures
Face value of debt obligations in the form of bonds and
debentures. Increase during year $141,249,700.
See page 18. (Pamphlet report,)
Notes
Notes sold to Trustee of Pension Fund.

521,445,700.00

9,872,603.48

CUURRENT LIABILITIES:
Dividend Payable January 15, 1930
Dividend declared for last quarter of 1929.
Accounts Payable
Current accounts for supplies, services, etc.
Interest and Taxes Accrued, Not Due
Interest and taxes accrued but not due and payable
until a later date.

29,752,456.50
19,048,670.68
17,373,768.32

SURPLUS AND RESERVES'
Reserves for Depreciation and Contingencies.
Provision for the ultimate retirement of plant and
equipment used up in furnishing telephone service,
and provision for contingencies.
Increase during
year $8,033,002.
Surplus (Including Capital Stock Premiums)
Accumulated surplus. including $69,335,422 received
in excess of par value for capital stock. Increase
during year, $52,977,121, comprising:
Net Income carried to Surplus
$49,810,987
Miscellaneous Additions (net)
3,166,134

Total Liabilities

114,652,403.79

370,382,536.15

$2.477,023,550.88

1674

FINANCIAL CHRONICLE
LYBRAND,ROSS BROS. & MONTGOMERY
Accountants and Auditors
110 William Street
New York

Feb. 5 1930.
We have audited the accounts of the
AMERICAN TELEPHONE AND TELEGRAPH
COMPANY
for the year ended Dec. 31 1929, and have reviewed reports
for that year rendered to the company by the associated
and directly controlled companies.
We certify that the balance sheet and income statement
as published herewith are in accordance with the books,
and, in our opinion, set forth correctly the financial position
of the American Telephone and Telegraph Company as at
Dec. 31 1929 and the results of its operations for the year
1929.
LYBRAND, ROSS BROS. & MONTGOMERY.

[VoL. 130.

BELL SYSTEM FINANCIAL STATEMENTS.
The Bell System Balance Sheet and Income Statement
which follow consolidate the accounts of the American
Telephone and Telegraph Company and its twenty-four
associated operating telephone companies, all inter-company
duplications being excluded from the combined figures. The
accounts of the Western Electric Company, Inc., The Bell
Telephone Company of Canada and of subsidiary and connecting companies in which either the American Telephone
and Telegraph Company or its associated telephone companies have investments are not consolidated. The investments in these companies are included in the accompanying
Balance Sheet under the item Investments, and dividends
and interest received from them are included in the Income
Statement under Non-Operating Revenues.

AMERICAN TELEPHONE AND TELEGRAPH COMPANY
BALANCE SHEET, DECEMBER 31 1929.
ASSETS.
$3,671,099,689
Telephone Plant
Plant and equipment used in furnishing telephone service;
comprised of land and buildings, rights of way, poles,
wire, cable, underground conduit, switchboards, telephones, etc. Increase during year $395,412,841.
110,874,388
General Equipment, Tools and Supplies
Materials and supplies, office furniture and fixtures,
automobiles, tools, etc. Increase during year $22,999,765.
232,928,595
Investments
Investments in stocks and bonds of, and advances to,
subsidiary and connecting companies, and in miscellaneous property. These i nvestments include stocks of
Western Electric Company, Inc., The Bell Telephone
Company of Canada, etc. Increase during year $50,761,104.
Accounts Receivable
Current accounts receivable from telephone subscribers,
and amounts receivable from connecting companies and
others.

142,665,648

Temporary Cash Investments
Funds temporarily invested and held available for conversion into cash as needed.

22,086.502

Cash
Cash and deposits in banks available for current requirements.

48,775,266

Total Assets

$4,228,430,088

LIABILITIES.
Capital Stock (Including Installments)
$1,611,862,252
Par value of capital stock outstanding in hands of public,
including also installment payments on stock not yot
issued. Increase during year $47,218,134.
Common Stock:
AmericanTelephoneandTelegraphCo.$1.322,339.800
339;8903
10262:390
4
Associated Companies
Common Stock Installments
AmericanTelephoneandTelegraphCo.
72,155,612
Associated Companies
202.450
Preferred Stock:
Companies
Associated
110,824,447
Long-Term Debt
1.148,539,684
Face value of funded obligations outstanding in hands
during year $183,755,984.
of public. Increase
Mortgage Bonds:
Associated Companies.
$559,445,579
Collateral Trust Bonds:
AmericanTelephoneandTelegraPhCo.
79,371,000
Associated Companies.
414,330
Debenture Bonds:
AmericanTelephoneandTelegraphCo. 222,711,500
Convertible Bonds:
AmericanTelegraphandTelegraphCo. 218,952,200
Notes
AmericanTelephoneandTelegraPhCo.
9,872,603
57,772,472
Associated Companies.
Bills Payable
Short-term obligations payable within one year.
Accounts Payable
Current bills for supplies, services, etc.
Accrued Liabilities Not Due
Interest, taxes, rents, etc., accrued but not due and
payable until a later date.
Reserves for Depreciation of Plant and Equipment _ _
Provision for the ultimate retirement of plant and
equipment used up in furnishing telephone service. Increase during year $48,413,338.
Reserves for Contingencies
Provision for contingencies. Decrease during year
S11,687,860.
Surplus (Including Capital Stock Premiums)
Accumulated surplus, including amounts received In
excess of par value for capital stock. Increase during
year $102,066,980.
Total Liabilities

553,200
93,352,580
117,594,722
699.034,674

81,628,149
475,864.827

$4,228,430,088

Note.—All items of intangible assets carried in the accounts of Bell System companies are excluded from the Bell System Balance Sheet through a corresponding reduction in the surplus.
BELL SYSTEM INCOME STATEMENT FOR YEAR ENDING DECEMBER 31, 1929.
(Inter-Company Duplications Excluded)
Exchange Revenues
Revenues from local exchange service.
Toll Revenues
Revenues from long-distance and local toll service.
Miscellaneous Revenues.
Revenues derived from directory advertising and miscellaneous sources.
Total Operating Revenues.
Current Maintenance
Cost of inspection, repairs and rearrangements required
to keep the telephone plant and equipment in good
operating condition, representing 5.3% of the cost of
the average plant in service during the year.
Depreciation Expenses
Provision to meet loss of investment when telephone
property is retired from service, based on rates of
depreciation for the different classes of property which
spread this loss of investment uniformly over its service
life. Depreciation expense during 1929 represented 5%
of the cost of the average depreciable plant in service.
Traffic Expenses
Expenses incurred in the handling of telephone calls:
principally operators' wages.
Commercial Expenses
Expenses incurrred in business relations with subscribers, keeping subscribers' accounts, rendering bills
for service, making collections, directories, advertising,
pay station commissions. etc.
General and Miscellaneous Expenses
Expenses of the Executive, Accounting, Financial and
Legal Departments, insurance premiums, sickness,
accident and death benefits, pensions and other items
of general expense incurred in operating the properties.

$691,358,926
354,285,899
25,149,674

$1,070,794,499
$179,698,948

164,376,990

Non-Operating Revenues—Net
Dividends and interest received from investments in the
Western Electric Company, Inc., The Bell Telephone
Company of Canada, and in subsidiary and connecting
companies: interest on bank balances and temporary
cash investments, minor rent revenues and other miscellaneous non-operating income.
Total Gross Income

228,066.039
102,166,689

Net Earnings-------------------------

83.467,947

43.965,939

$14,461,058

$276,686,664

Interest Deductions
interest charges on funded and other debt obligations,
including amortization of debt discount.
Net Income

$7,161,202

$291,147,722

Rents and Miscellaneous Deductions
Mainly rentals paid for the use of buildings, poles, conduits and other facilities.

$59,581,792

wg"

$217.104.872

Dividends----------------------------------------To holders of preferred stock of
Associated Companies
$7,326,523
To holders of common stock of
Associated Companies
8.518,541
American Telephone and Telegraph Co._ 116,378,771

$132,223,835

Balance ----------------------------------------

$84,881.037

58.674,901

T tal Operating Expenses

$732,983,567

Net Operating Revenues

$337,810,932




Uncollectible Revenues
Revenues earned which, based on experience, cannot
be collected.
Taxes
Federal, state and local taxes applicable to the year's
Operations.

MAR.8 1930.]

FINANCIAL CHRONICLE

1675

THE AMERICAN SMELTING AND REFINING COMPANY
AND SUBSIDIARIES
THIRTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1929.
To the Stockholders:
Your Company has again closed a year showing a satisfactory improvement over preceding years, as appears from the
following table:

Year
1924
1925
1926

Net income
after deducting all
charges, taxes, bond
interest, depreciation
and depletion
$11,186,990.71
15,190,760.28
17,760,721.16

Rate of earnings
per share on present common
stock after split-up, and
after providing dividends
on preferred stock
$4.20
6.39
7.79

Year
1927
1928
1929

Net income
after deducting all
charges, taxes, bond
interest, depreciation
and depletion
$15.477,769.99
18,586,203.85
21,831,583.22

Rate of earn1ngs111110111
per share on present common
stock after split-up, and
after providing dividends
on preferred stock"'
$6.55
8.24
10.02

Total current and miscellaneous assets on December 31 stand at $94,465,065.36, over four times current and miseellaneous liabilities of $23,376,888.15.
There was on hand at the end of the year, in cash, demand and time loans, and U. S. Government bonds and notes,
$25,502,523.51.
During the year, without additional financing, the Company added to
the property and other asset accounts the following amounts:
For new mines, plants, and improvements and
betterments at existing plants$10,323,759.60
From which there should be deducted depreelation, depletion and adjustments amounting to
6,371,065.46
Making a net increase in the property
account of
3,952,694.14
For acquisition of additional securities
2.623,480.72
Producing a net increase in the capital assets of 6,576.174.86
For additional current and miscellaneous
assets
1,470,716.74

Resulting in an increase for the year in the total assets of__ $8,046.891.60
The corresponding change for the year on the liability side of the balance
sheet is made up of:
Increase in reserves
$103,284.86
Increase in profit & loss surplus
8,998,583.98
9,101,868.84
Decrease in the amount of bonds outstanding
Decrease in current and miscellaneous liabilities

800,600.00
254,377.24
1.054,977.24 $8.943.191.60

During the year the long and hard fought Carson litigation, involving a patent for reverberatory smelting, was settled
for $1,059,584.99, of which $1,054,584.99 was apportioned to past infringement and $5,000 was apportioned for use of the
patent for the balance of its life. The amount apportioned to past infringement was charged to the reserve for extraordinary
obsolescence and contingencies, inasmuch as it applied to operations of past year, carried on when the Company believed
that it had a prior patent. Your Company has not used this patent for several years last past, is not now using it and does
not now plin to use it, but has the right to do so for the future without additional charge.
Your Company continues to be active in the acquisition of new properties and new lines of activity, as well as in expansion of its former lines. The present plans of your Company are in splendid condition and the personnel of its staff most
capable and efficient.
In recognition of the loyal and effective service of the organization, a special distribution of 10% of the year's salary
has been made to all salaried employees in the service of the Company throughout 1929.
Much to the regret of your management, Mr. Edgar L. Newhouse,for many years Chairman of the Board of Directors,
after serving your Company continuously for approximately forty years, decided to limit his business activities in the future
and resigned as Chairman of the Board of Directors at the quarterly meeting held on January 7 1930. However, we are
pleased to announce that he has consented to serve as a Director and his valuable advice and experience will, therefore, still
be at the command of your Board of Directors.
Attached are the usual accounting and other statistics.
Respectfully submitted,
SIMON GUGGENHEIM,
President.
SUMMARY OF CONSOLIDATED INCOME ACCOUNT.
Year Ended
Dec. 31 1929
Net earnings of mines, smelting, refining and manufacturing plants
$32,659,728.10
Other income—net:
Interest, rents, dividends received, commissions, etc
1,803,143.60
Net earnings before deducting general and administrative expenses, corporate taxes,
bond interest, depreciation, obsolescence and depletion
34,462,871.70
Deduct:
General and administrative expenses
1,757,049.70
Research and examination expenses
336,637.06
estimated U. S. and forein income taxes)
Corporate taxes (including
2,314,368.68
Total to deduct-------------------------------------------------- 4,408,055.44
Net income from current operations, before providing for bond interest, depreciation,
obsolescence and depletion, snd after providing for all taxes
30,054,816.26
Deduct:
Interest on First Mortgage bonds outstanding with public:
Series"A"5%-----------------------------------------------1,886,982.03
--Series "B"6%-------------------------------------------------Depreciation and obsolescence----------------------------------------- 4,663,558.66
Ore depletion----------------------------------------1,672,692.35
Total to deduct-------------------------------------------------- 8,223,233.04
Net income----------------------------------------------------------------- 21,831,583.22
Deduct:
Dividends on:
Preferred stock--------------------------------------------------- 3,500,000.00
Common stock--------------------------------------------------7,319,760.00
Total to deduct
10,819,760.00
Surplus income for period---------------------------------------------------- $11,011,823.22
SUMMARY OF CONSOLIDATED PROFIT AND LOSS SURPLUS ACCOUNT.
Balance at beginning of year
$35,282,584.08
Add:
after deducting dividends
Surplus income for period,
11,011,823.22
Total ___________________________________________________________ 46,294,407.30
Deduct:
Appropriations for:
Reserve for extraordinary obsolescence, contingencies, etc
1,119,901.26
Reserve for mine and new business investigations
893,337.98
Employees' pension reserve
Total to deduct
2,013,239.24
Balance at end of year
$44,281,168.06




Year Ended
Dec. 31 1928
$29,037,465.51
2.064,297.67
31,101,763.18
1,592,012.36
302,929.49
2,421,345.42
4,316,287.27
26,785,475.91
1,903,339.43
285.481.68
4,566,696.49
1,443,754.46
8,199,272.06
18,586,203.85
3,500,000.00
5,489,820.00
8,989,820.00
$9,596,383.85

$27,047,224.32
9,596,383.85
36,643,608.17
125,160.68
735,863.41
500,000.00
1,361,024.09
$35,282,584.08

1676

FoL. 130.

FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1929.
ASSETS.

CAPITAL ASSETS:
Property:
Cost of plants, properties of subsidiary companies and additions and improvements leas depreciation, ore depletion and property written off to profit and loss and to obsolescence reserve
Investments—Securities of and advances to affiliated companies
Total capital assets
CURRENT AND MISCELLANEOUS ASSETS:
Current:
Cash on hand and in transit
Demand and time loans
U. S. Government securities

$122,432,471.63
24,170,319.29
146,602,790.92

$4,943,923.55
2,500,000.00
18,058,599.96

Total cash, Government securities, etc
Accounts receivable
Notes receivable, duo in 1930
Materials and supplies
*Metal stocks (not including metals treated on toll basis), less unearned treatment charges
Miscellaneous:
Employees' pension fund—securities
Notes receivable, due after 1930
Prepaid taxes and insurance, unamortized bond discount and expenses, etc_ _ _ _
Cash on deposit with Central Hanover Bank & Trust Company, trustee, for
retirement of American Smelting and Refining Company Series "B" 6%
First Mortgage Bonds, 1947, called for payment (see contra)
Interplant accounts in transit

$25,502,523.51
10,551,262.94
229,346.66
6,902,763.15
47,617,204.46
1,311,695.66
413,930.51
1,877,856.43
19,052.50
39,429.54

Total current and miscellaneous assets

94,465,065343

Total assets

$241,067,856.28

*Inventories at cost or market, whichever lower, except that metals sold under firm contracts for delivery after December 31 are valued at sales
contract Price.

LIABILITIES.
FUNDED DEBT AND CAPITAL STOCK:
Bonds Outstanding:
American Smelting and Refining Company Series "A" 5% First Mortgage
Bonds, 1947
Less:
Retired through operation of sinking fund
Held in treasury

$45,790,900.00
8,008,800.00
800,600.00
8,809,400.00

Total

$36,981,500.00
Preferred Capital Stock:
7% Cumulative—Authorized and outstanding, 500,000 shares of $100 par value
Second 6% Cumulative:
Authorized-200,000 shares of $100 par value
Unissued-200,000 shares

50,000,000.00
20,000,000.00
20,000,000.00
None

Outstanding
Common Capital Stock:
xAuthorized, 4,000,000 shares without par value
x Issued and outstanding, 1,822,311 shares
Outstanding, 2,543 shares of $100 par value not surrendered in exchange for
no-par-value shares

60,743,700.00
254,300.00
60,998,000.00

Total
Total funded debt and capital stock
CURRENT AND MISCELLANEOUS LIABILITIES:
Current accounts, drafts and wages payable
Interest on bonds:
Unclaimed
Accrued, not due
Dividends:
Unclaimed
Payable after December 31 1929
Accrued taxes not due (U. S. and foreign income taxes estimated)
Due holders of American Smelting and Refining Company Series "B" 6%
First Mortae Bonds 1947 called for ament but not et res
(see contra)
Miscellaneous suspended creditor accounts
Total current and miscellaneous liabilities
RESERVES:
Extraordinary obsolescence, contingencies, etc
Mine and new business investigations
Employees' pensions
Metal stock

147,979,500.00
14,204,939.99
43,885.00
462,268.75
79,962.75
2,704,940.00
4,744,089.66
19,052.50
1,117,749.50
23,376,888.15
10,000,000.00
1,000,000.00
5,760,300.07
8,670,000.00

Total reserves ______________________________________________________________________
____________
AMD LOSS SURPLUS _________________________________________ _

25,430,300.07
44,281,168.06

Total liabilities _________________________________________________________________

$241,067,856.28

x When the exchange of no-par value shares for the 8100 par value shares has been completed, there will have been issued for the purpose of this
exchange 1,829,940 shares of no-par value common stock.

PRINCIPAL METAL PRODUCTS,
YEAR 1929.
P.'
1,461,215
Ounces gold produced
89,098,293
Ounces silver produced
545,100
Tons lead produced
619,398
Tons copper produced
54,510
Tons spelter produced




OPERATING STATISTICS.
1,765,408
30,253 Barrels fuel oil used
Number of men employed_
4,620,185 Thousand cubic feet gas used_ _5,562,375
Tons charge smelted
2,493,569
1,151,605 Tons ore mined
Tons bullion refined
809,844
415,745 Tons coal mined
Tons coal used
369,636
401,435 Tons coke produced
Tons coke used

MAR. 81930.]

FINANCIAL CHRONICLE

1677

THE BORDEN COMPANY
Established 1857

AND ALL SUBSIDIARY COMPANIES
ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1929
*DIRECTORS
Union N. Bethell
John W. McConnell
Lewis M. Borden
Albert G. Milbank
Albert T. Johnston
Arthur W. Milburn
Robcliff V. Jones
Beverley R. Robinson
John Le Feber
Henry C. Sherman
Edward B. Lewis
Wallace D. Strack
Robert Struthers

Business of the above nature is conducted throughout the
United States, Canada and in certain Export Markets.

COMMENT
The year 1929 was one of marked progress and development of your Company. It was also a year of further expansion and diversification of its activities. All conditions
considered, most satisfactory progress was made, as applying to both the old and the new business of the Company.
OFFICERS
Sales, Net Income and Earnings per Share were the largest in the history of the Company.
Albert G. Milbank, Chairman Board of Directors
Arthur W. Milburn, President
Sales and Net Income
Patrick D. Fox, Vice-President
Sales for the year amounted to $328,466,988.71 and Net
Albert T. Johnston, Vice-President
Income derived was $20,403,724.73, being 6.21 per cent on
Edward B. Lewis, Vice-President
sales and slightly more than $5.50 per share on Capital
Merritt J. Norton, Vice-President
Stock outstanding December 31, 1929. These earnings per
Wallace D. Strack, Vice-President
share compare with $4.54 per share earned in 1928 on stock
George M. Waugh, Jr., Vice-President
of corresponding par value.
William P. Marsh, Secretary and Treasurer
The shares outstanding at the close of the year included
Stephen J. DeBann, Assistant Treasurer
Everett L. Noetzel, General Controller and Assistant Secretary all stock issued up to that date in payment for businesses
acquired during the year, irrespective of the dates when
Herbert W. Dye, Controller and Assistant Treasurer
such stock was issued. The Borden income, however, only
Walter H. Rebman, Assistant Secretary
reflects the earnings of such businesses subsequent to the
George Bittner, Assistant Treasured
dates when they were respectively acquired.
* On December
two vacancies on the
31, 1929 there were
Board of
Directors occasioned by the death on December 13, 1929 of Mr. Chellis
A. Austin and the necessary resignation of Mr. Walter E. Hope following
his appointment to the office of Assistant Secretary of the Treasury of
the United States.
t Elected January 7, 1930.

EXECUTIVE OFFICES
The Borden Company
350 Madison Avenue, New York City
(Subsidiary and Territorial Offices not included)
REGISTERED OFFICE
15 Exchange Place, Jersey City, N. J.
Transfer Agents: Equitable Trust Company, 11 Broad Street,
New York City
Wells Fargo Bank and Union Trust Co.,
San Francisco, Cal.
Registrars: Bankers Trust Company, 16 Wall Street,
New York City
Bank of California, N. A., San Francisco, Cal.
Counsel: Masten & Nichols, 49 Wall Street, New York City
CORPORATE ORGANIZATION AND SCOPE
The business of your company for the year under report
falls into four general divisions. In conformity with this
and as later referred to under "Co-ordination" on page 7 of
this (pamphlet) Report, there were created during the year
1929 four major sub-holding companies to conduct and coordinate the operations of these four general divisions.
The Borden Company owns 100% of the stock of these
sub-holding companies, each of which companies, in turn,
owns 100% of the operating companies coming under its
control.
These four major sub-holding companies are as follows:
Borden's Food Products Company, Inc.
Food Products Group.—Manufacture and sale since 1857 of
Eagle Brand as well as other brands of condensed milk; also
evaporated, malted and dry milk;loaf, soft and fancy cheeses;
casein products, caramels, mince meat, dried fruit juices, etc.
Business of the above nature is conducted throughout the
United States, Canada and in Export Markets.
Borden's Dairy Products Company, Inc.
Fluid Milk Group.—Purchase and distribution by a system
of wagon deliveries of milk, cream, butter, eggs, etc.
Business of the above nature is conducted in the States of:
Arizona
New Jersey
Indiana
Pennsylvania
California
Massachusetts New York
Texas
Connecticut Michigan
Ohio
Wisconsin
Illinois
and in the Provinces of Ontario and Quebec in Canada.
Borden's Ice Cream and Milk Company, Inc.
Ice Cream Group.—Manufacture and sale of ice cream and
allied products.
Business of the above nature is conducted in the States of:
California
Michigan
Indiana
Ohio
Connecticut Iowa
Missouri
Pennsylvania
Delaware
New Jersey
Maryland
Texas
Illinois
Massachusetts New York
Wisconsin
and in the Province of Ontario in Canada.
Borden's Produce Company, Inc.
Produce Group.—Purchase, production and sale of farm
produce (butter, eggs, etc.) as a source of supply for our
own wagon distribution and at wholesale.




Net Working Capital
Net Working Capital amounted on December 31, 1920 to
$35,265,102.48 as compared with $31,127,030.73 on December 31, 1928. Current Assets as of December 31, 1929,
amounted to $2.22 for each $1.00 of Current Liabilities.
Cash on hand December 31, 1929 of $8,750,764.31 compares with $13,546,195.71 on hand at the close of the previous year.
Cash was, of course, affected by the paying off of numerous
Bond, Note and (or) Preferred Stock issues of Companies
acquired during the year, thereby leaving the Common
Stock of The Borden Company without any outstanding
securities senior thereto.
Cash was also affected by the much larger working capital
requirements, particularly as to trading assets, of a greatly
increzsed business.
Marketable Securities on hand December 31, 1929 of
$11,354,864.09 compares with $10,243,641.93 on hand at
the close of the previous year. The market value of these
securities exceeds their book value.
Inventories on hand December 31, 1929 of $26,442,624.03
compares with $11,633,098.82 on hand at the close of the
previous year. It is plainly to be seen that with the numerous acquisitions made and the larger business done during
the year, together with the nature of the business of 801120
of these acquisitions, this item must necessarily show a considerable increase. As to some items of comparatively small
importance in our operations more than a normal stock was
on hand at December 31, 1929, but on that date all Inventories were carried at cost or market, whichever was the
lower, and the general inventory position at the beginning
of the current year is a good one.
Collections have been and are good, with only normally
small credit losses, against which adequate Reserves have,
as always, been provided by charges to current operations,
with the result that Receivables are in their usual excellent
condition, but again very much increased for the same
reasons affecting Inventories.
All of the foregoing, in addition to its effect upon Cash,
resulted in the need for temporary financing, taking the form
of Notes Payable to our Banks in the amount of $8,648,600.00
on December 31, 1929. In this connection, it should be remembered that no new cash capital was put into the business by our stockholders during the year as they had done
in each of the five previous years.
Our Finance Committee always has before it for consideration and recommendation to the Board of Directors such
Stockholder financing, if any, as may be deemed advisable
to cover the before mentioned and any other additional
capital requirements.
Mortgages and Purchase Money Notes
This item of $611,157.00 at December 31, 1929 is made
up entirely of obligations assumed in connection with businesses acquired in 1929 and represents the balance of such
items after anticipations. These obligations will be paid off
on their varying due dates.
Property, Plant and Equipment
This item stands net after adequate depreciation provision,
at $101,732,210.79 on December 31, 1929 as cempared with
$66,162,072.49 on December 31, 1928.
While considerable monies were expended in the extension
and improvement of already owned plants, by far the greater
portion of this ncrease. is due to new acquisitions. All im-

1678

FINANCIAL CHRONICLE

portant plant extensions, with certain general betterment
items were treated as capital expenditures.
The Company at all times maintains its properties in
excellent physical condition and constantly studies their
needs, both as to capacity and efficiency.
Extension and improvement of existing plants and equipment • together with the construction and equipping of new
properties will be vigorously pursued on a large scale during
the present calendar year.
All property expenditures are controlled by a conservative
policy of accounting.
Expansion
The Stockholders have, from time to time, received de-.
tailed announcements as to acquisitions made, and a recapitulation of those, effected since our last annual report, which
constitute operating units under their old names or substantially similar names, and of others contracted for prior to
January- 1, 1930, which will not form a part of this Company's operations until 1930, appears further below.
Our 1929 acquisitions have accomplished a further product
and territorial diversification of the Company's business, and
have affected all branches thereof.
The business of our Cheese Division has been notably
diversified by the addition of several cheese companies engaged in the manufacture and sale of well known trade
marked brands of soft and fancy cheeses of excellent reputation having very great potentialities.
A further product diversification of the Company, but all
within the dairy industry, results from our several acquisitions engaged in the purchase, production and sale of farm
produce (butter, eggs, etc.). These businesses, in addition
to affording a supply- for our wagon distribution and at
wholesale, also afford the farmer additional outlets for more
of his products.
The close of the year finds our territorial diversification
improved and strengthened, especially on the Pacific Coast,
in the South-West, and in Canada.
. Borden Company Stock has been the consideration in
practically all transactions, except for the cash involved in
the retirement of outstanding Bond, Note and (or) Preferred.
Stock issues.
Co-ordination
" Much progress has been made during the past year in the
co-ordination of our numerous activities. Probably the most
outstanding move in this direction was the creation of four
major sub-holding companies, each being under the direction of a Vice-President of The Borden Company, whose
ability, training and experience qualify him to administer
the operating companies falling within the scope of his particular holding company. These holding companies are so
organized that all businesses of like or closely related activities fall under one jurisdiction.
The administrative heads of these divisions, together with
the other senior officers of The Borden Company, work as a
group in the formulation of major operating policies and the
consideration and disposition of all inter-company matters.
Each Vice-President, in turn, is flanked by trained assistants and territorial heads to assist in the general supervision
and co-ordination of all units within his group. Local management of individual operating companies continues undethe guidance of those who have for years prior to their becoming a Borden unit been engaged in their direction.
The four major sub-holding companies, the activities of
each of which are set forth above, are as follows:
BORDEN'S FOOD PRODUCTS COMPANY,INC.
BORDEN'S DAIRY PRODUCTS COMPANY. INC.
BORDEN•S ICE CREAM AND MILK COMPANY, INC.
BORDEN'S PRODUCE COMPANY, INC.

Co-ordination work generally and the creation of Service
Bureaus of varying nature intended to serve all Companies
and assist in the development and general application of
established best practice is receiving constant attention.
Trade Marks, Patents and Good Will.
Although the trade marks and good will of our 1929
acquisitions are most valuable, and if capitalized would
justify the use of large figures, this item remains unchanged
at the close of 1929 at $7,000,000.00. This is brought about
by the fact that while in some cases, after adjustment of
asset values, the net tangible assets were less than the cost
of the business acquired, this difference was offset by other
acquisitions having net tangibles in excess of their cost.

[VOL. 130.

The Stock outstanding December 31, 1929 was held by
17,167 Stockholders with an average holding of 215 shares
of 825.00 par value as compared with 9,482 Stockholders
with an average holding of 132 shares of $50.00 par value
on December 31, 1928. Employees held on December 31,
1929, an aggregate of 968,697 shares.
The steadily increasing number of Stockholders seems to
justify the belief of the Directors at the time that a reduction in the par value of the stock would result in a wider
distribution thereof.
Stock Dividend
On December 17, 1929 the Directors declared an inaugural
extra dividend of 3% payable in Borden Company Stock on
January 15, 1930, to Stockholders of record December 30,
1929, resulting in the issuance of 111,201 shares of stock of
$25.00 par value. This is in addition to the regular 83.00
cash dividend.
It seems probable that in such years as earnings and conditions warrant, further extra dividends will be declared at
such rates and in such form as then seems justified.
The Organization
A splendid, hard working, intelligent organization—working co-operatively, which has been still further strengthened
during the past year, continues as the Company's greatest
asset.
The united efforts of this organization are acknowledged
with grateful appreciation.
Respectfully submitted,
ARTHUR W. MILBURN,
President.
1929 ACQUISITIONS CONSTITUTING SEPARATE
OPERATING UNITS, AND NOT COVERED
IN PREVIOUS ANNUAL REPORTS
Allocated to Food Products Group
Location.
Name of Company
CHEESE
!Chicago, Illinois and
A. H. BARBER & CO., Inc
Middle West
GRUNERT CHEESE CO., INC
Buffalo, N. Y.
HASSELBECK CHEESE CO., INC
Van Wert. Ohio
THE MONROE CHEESE CO., INC
THE CASEIN MFG. CO. OF AMERICA, INC{
United States, Canada,
THE DRY MILK CO., INC
and Europe
NATIONAL MILK SUGAR CO., INC.
Fond-du-Lac, Wis.
-WEST CO.. INC
GALLOWAY
Phoenix, Aria.
MARICOPA CREAMERY CO., INC

I

Allocated to Fluid Milk Group
Akron, Ohio
l'renten, N. J.
Toronto, Canada, and
Suburbs
!San Francisco. Sacramento & Fresno,Cal.
DAIRY DALE CO., AND SUBSIDIARIES_ _ _ _
& immediate vicinity
MUTUAL DAIRY ASSOCIATION
PEERLESS CREAMERY CO., now known as SLoe Angeles, Cal.
BORDEN'S FARM PRODUCTS CO. OF
CALIFORNIA, LTD.
INC_ _Plainfield , N. J.
PLAINFIELD MILK AND CREAM
CO..
SPRINGFIELD DAIRY PRODUCTS CO..INC Springfield, Ohio, and
environs
Oakland, Sacramento,
Fresno,Stockton,SanSTANDARD CREAMERIES CO., LTD.,
ta Barbara, Taft.HayAND SUBSIDIARIES
ward & Turlock, Calif.
New York Metropolitan
LABORATORY
Area. Boston, PhDs
WALKER-GORDON
delphla, and certain
___
COMPANY,INC
other cities
TERRE HAUTE PURE MILK AND
Terre Haute. Ind.
ICE CREAM CO. INC
AVERILI_ DAIRY CO.. INC
CASTENEA DAIRY CO., INC
CAULt
7IELD'S DAIRY, LTD

Allocated to Ice Cream Group
HENDLER CREAMERY CO., INC
Baltimore. Md., and
CLOVER ICE CREAM CO., INC
adjacent territory
HORN ICE CREAM CO..INC.
SUPREME ICE CREAM CO., INC
JOHN T. CUNNINGHAM ICE CREAM 00.,
Chicago, Ill.
INC_
McBRIDE PROS. ICE CREAM CO., INC___ _
Albany. N Y.
HOSLER ICE CREAM CO. INC
!Springfield. Ohio and
THE PURITY ICE CREAM AND DAIRY
environs
COMPANY, INC
Dayton, Ohio
THE RED WING CORP
Wilmington Del., and
CREAM CO
SHARPLESS-HENDLER ICE
adjacent territory
(Troy. Glens Falls, Saratoga Springs, & HudTROJAN ICE CREAM CORP
son. N. Y.

I

Allocated to Produce Group
BUTTER, EGGS, ETC.

Capital Stock
TITMAN EGG CORPORATION
{New York, N. Y.
H. J. KEITH COMPANY, INC
During the year the Stockholders voted to increase the FOX RIVER BUTTER CO., INC
Shanghai, China
Authorized Capital Stock from two million shares of $50.00 THE AMOS BIRD COMPANY
MISTLETOE CREAMERIES,
par capital stock of an aggregate par value of 8100,000,000.00 HANFORD PRODUCE CO INC. AND SUBS Fort Worth, Texas
Sioux City, Iowa
Omaha, Neb.
to eight million shares of $25.00 par capital stock of an KIRSCHBRAUN & SONS, INC
Springfield, Mo.
WILLOW SPRINGS CREAMERY CO
aggregate par value of 8200,000,000.00
,
Newark, N. J.
M. AUGENBLICK & BRO., INC
Of this latter amount there was outstanding on December NORFOLls, POULTRY CO
Norfolk, Neb.
31, 1929, $92,668,100.00, represented by 3,706,724 Shares
of stock of the par value of $25.00 each as compared with Acquisitions Contracted for Prior to January 1, 1930, But
$62,588,750.00 represented by 1,251,775 shares of stock of
Whose Operations Did Not Become a Part of This Comthe par value of $50.00 each on December 31, 1928.
pany's Operations Until 1930, Are as Follows:
All of this increase in outstanding capital stock of the BOULEVARD DAIRY CO., INC
Albany, N. Y.
Troy, N. Y.
Company, which for the year amounts to 830,079,350.00 COLLAR CITY CREAMERY CO., INC
Bridgeport, Conn.
and 1,203,174 shares of $25.00 par value, was issued in pay- THE MITCHELL DAIRY CO., INC
{Mt. Vernon, New
Rochelle and White
inent for businesses acquired during the year since, as pre- WILLOW BROOK DAIRY, INC
Plains, N. Y.
viously stated, no additional stock was offered to Stock- CERTIFIED ICE CREAM CO
Chicago, Ill.
THE HALL ICE CREAM CO., INC_
Glens Falls, N Y.
.olders for subscription during the year 1929.




1679

FINANCIAL CHRONICLE

MAR.8 19301

Other Deductions—Income Taxes (Estimated)

9,532,969.33

THE BORDEN COMPANY AND ALL SUBSIDIARY
COMPANIES
Consolidated Balance Sheet, December 31, 1929

Not Income
Surplus, January 1, 1929

ASSETS
Property, Plant and Equipment:
Including Madison Avenue and Hue.son Street Office
Building Properties (Values are based on cost or on
field surveys by Company's engineers, supplemented
where necessary by independent appraisals, with subU49,145,922.11
sequent additions at cost)
LESS:
Mortgages
--Madison Ave. Office Building Properties
$1,400,000.00
46,013,711.32
Reserves for Depreciation
47.413,711.32

Surplus Charges:
$10,047,636.75
Dividends—Paid during the year
Loss on Property and Securities Sold
323,81)2 30
(based on cost)
1,139.255.14
Appropriations to Reserves
(Including as in former years provision for
profit sharing, amounting for 1929 to
$999,255.14. which is included with
Current Liabilities in the accompanying
Balance Sheet)

Not Property, Plant and Equipment
$101,732,210.79
Current Assets:
Cash
$8,750,764.31
Receivables—Less Reserve for Doubtful
Accounts_
17,648,957.77
Marketable Securities (at Market or Less) 11.354,864.09
Finished Goods (at the Lower of Cost or
Market)
19,580,546.29
Raw Materials and Supplies (at the Lower
of Cost or Market)
6,862,077.74
64,197,210.20
Prepaid Items and Miscellaneous Assets
1,116,915.97
Trade-Marks, Patents and Good-Will
7,000,000.00
Total _______________________________________ $174.046.336.96

$20,403,724.73
30,313,609.13
$50.717,333.86

Gross Surplus

11,510,694.19
$39,206,639.67

Surplus, December 31, 1929
HASKINS & SELLS
Certified Public Accountants
Offices in the Principal Cities of
the United States of America
and in
London,Paris, Berlin, Shanghai,
Montreal, Havana, Mexico City

76 West 39th Street
New York

CERTIFICATE OF AUDIT

THE BORDEN COMPANY AND ALL SUBSIDIARY
COMPANIES
$611,157.00
We have audited the accounts of The Borden Company
and its subsidiary companies for the year ended December
31, 1929, or, as to companies whose businesses were comduring the year, for the periods from the
28,932,107.72 pletely acquired
Deferred Credits _____________________________________
426,095.19 effective dates of acquisition to December 31, 1929.
We have verified the accounts representing cash and
Total_
_ ________________ $29,969,:359.91
securities either by examination of such assets or by obtainCapital Stock— flie ___
:
__
Reserves724 Shares Common ($25 each)_ _ _$92,668,100.00
ing certifications of depositaries.
The charges to property accounts have been controlled
SurplInsurance, Contingencies, etc
12,202,237.38
US
by a conservative policy. In our opinion, adequate reserves
39,206.639.67
havegbeenlprovided for depreciation of property and for
Totaljeapital Stock, Reserves and Surplus
144,076,977 C15
pcsstblelllosses, and full provision has been made for all
Total _______________________________________ $174,046,336.96 known liabilities.
The inventories of finished goods and raw materials and
* On January 15. 1930, an additional 111,201 shares were issued as a
supplies represent balances shown by inventory records
stock dividend of 3% to Stockholders of record December 30, 1929
which are adjusted from time to time to agree with physical
THE BORDEN COMPANY AND ALL SUBSIDIARY inventories. The inventory records were examined by us
and appear to be correct. All inventory valuations are
COMPANIES
based upon cost or market, whichever was lower.
Statement of Consolidated Income and Profit and Loss for the
We hereby certify that in our opinion the accompanying
Year Ended December 31, 1929
Consolidated Balance Sheet and Statement of Consolidated
Gross Sales_ _ _ _
._$328,466,988.71 Income and Profit and Loss correctly set forth, respectively,
Not Operating Profit:
the financial condition of the companies at December 31,
(After deducting all operating charges, which include
1929, and the results of their operations for the year (or
provision for depreciation in the amount of $7,815,
833.31, insurance and property taxes)_ _ $22,
378.985.67 lesser periods) ended that date.
Other Inoome—Interest (Net), Dividends, etc
557,708.39
New York, February 20, 1930.

LIABILITIES
Mortgages and Purchase-Money Notes Assumed
Ourrnnt Liabilities:
Notes Payable
--- $8,548,600.00
Accounts Payable
14,033,431.4t`
Accrued Accounts:
Income Taxes (Estimated)_
2,332.429.34
Other Items
4,017,646.89

Grass Income __________________________________ $22,936,694.06

HASKINS & SELLS.

—The firm of Andrews, Posner & Rothschild, 26 Broadway, N. Y. City,
which holds three memberships on the Curb Exchange, formally became
New York Stock Exchange when David Z. Andrews,
—Merrill, Lynch & Co., Investment Bankers, New York City, are dis- members of the
purchased a seat, takes his place among the traders on the
tributing their 1930 analysis of the S. S. Kresge Co. In addition to the who recently
Exchange. They will continue their policy of executing
usual chart and statistics, the analysis dwells particularly on the various floor of the
firms, institutions, and dealers only.
factors influencing 1929 results. It is pointed out that the S. S. Kresge orders for brokerage
Co. has established a singular record of growth in the history of retail
—Thomson,Fenn & Co., members New York Stock Exchange, Hartford,
merchandising. From 1909 to 1928, inclusive, stores, sales and profits Conn., announce that the name of the firm has been changed to Stevenson,
showed an increase each succeedung year over the preceding year. The Gregory & Co. The partners remain as before, namely: George S. Stevenyear 1929 was the first exception to this record of progress, net profits son, Arthur W. Gregory, R. Cleveland Hastings, Joseph R. Proctor and
before taxes showing a decrease. This slight setback in the company's H. Terry Morrison. They will continue business without change in their
record was due to two extraordinary factors—the continued bad weather present offices.
in November and December, which months are usually very profitable
—Schwabacher & Co. of San Francisco announce that they have been
for the company, and the fact that many stores were opened in 1929 which admitted to membership in the Now York Stock Exchange and to associate
had not yet begun„to show profits. In conclusion, the bankers sum up the memberep on the New York Curb Exchange. Alan M. Limburg of New
three fundamental factors in the success of the Kresge Co. as follow,: York, member of the New York Stock Exchange, and Francis D. Frost Jr.
(1) The exceptional ability of the management: (2) the constantly broaden- of San Francisco, have been admitted to general partnership.
ing line of merchandise sold, and (3) the sound financial policy which
J. G. Marshall & Co., New York, announce that, effective March 1
includes the reinvestment of a large portion of current earnings in new
1930, Louts B. Wade, now a general partner, became a limited partner,
stores, resulting in the strong entrenchment of the business.
and Charles F. Nichols, a stock exchange member and heretofore a partner
—Andrew D. Hotchkiss and Phil S. IIanna has taken over the manageof Henry Clews & Co. and Charles A. Gree, formerly associated with
ment of the Detroit office of Dewey, Bacon & Co., members of the New
E. A. Pierce & Co., became general partners.
York Stock Exchange. Mr. Hotchkiss has been vice-president of The
—Distributors Guild, Inc. announces the election of Francis L. Gould
Guardian Detroit Co. and prior to his connection with that organization
was a security salesman for Keane, Higbie &, Co. Mr. Hanna has been formerly vice-president and director of R. W. Halsey & Co., Inc., as
manager of the stock exchange department of Merrill, Lynch & Co.'s President to succeed Steele DuBosque. The offices of Distributors Guild.
New York office since last October, and for six years was Detroit repre- Inc. have been moved to 120 Broadway from 68 William St.
sentative of the "Wall Street Journal." Henry W. Salisbury has become
—Field, Glore & Co., Inc. today announce the admission to the firm
manager of the now branch office of Dewey, Bacon & Co., at 217 West of Douglas T. Johnston, formerly vice-president of the Irving Trust Co.
95th St. Mr. Salisbury was connected with the National City Bank for Mr. Johnston will continue as a member of the board of directors of Irving
about twelve years and was formerly manager of the bank's branch office
Trust Co. and Irving Investors Management Co., Inc.
at 96th St.
x
—J. A. Sisto & Co. have open- i an office in the Integrity Building,
Prince & Whitely announce the opening of a branch office in Boston on
management of Richard Van
the 7th floor of the Harris Forbes Building, 24 Federal St. The office will Philadelphia. The office will be under the
for the past twenty years
be equipped with N. Y. Stock Exchange, N. Y. Curb and Boston Stock Baalen, who has been associated with Lit Brothers
Exchange tickers and a stock quotation board giving 350 issues and will be and the last five years as Vice-President.
—C. Clothier Jones & Co., members New York Stock Exchange, anconnected with the New York office by private wires. The joint managers
of tho offices are Charles Pelham Nelson and Ray E. Southgate. Mr. nounce that Prank Lawton Childs has become associated with them in
Nelson was formerly manager of the Boston office of Shields & Co., and their New York office and that David B. Lehman, will be connected with
previously was associated with leading Boston investment houses. Mr. their Lancaster, Pa., office.
Southgate was with E. M. IIamlin & Co. in Boston for 11 years, and
F. A. Willard & Co., New York, announce the admission of Herbert
previously with Wrenn Bros. & Co. Ile has been a member of the Boston W. Grindal and Edward G. Leffler as general partners, and the retirement
Stock Exchange since 1923.
of Waldorf B. Welton as general partners. W. B. Baldwin has been
—Formation of a new Los Angeles investment banking house to be appointed sales manager.
known as Butler, Huff & Co., Inc., has been announced by Chauncey W.
—The Philadelphia investment firm of Biddle & IIenry announces the
Butler and Robert W. Huff, partners in the new organization, who were withdrawal from the firm of J. Lewis Henry. The business will be conboth previously connected with the Los Angeles office of John Nickerson tinued under the name of Biddle, Costa & Co. in the present offices at
& Co. They will onage in the distribution of high-grade bonds and pro- 1522 Locust St.
faned stocks, and will act as correspondents of A. C. Allyn & Co., Inc.
—Adams & Peek, 63 Wall Street, New York, have prepared a circular
—Lee, Iligginson & Co. announce that Robert Grant Jr. is retiring from on the railroad merger program showing the mergers recently approved
their firm as of April 1.
by the Inter-State Commerce Commission, the applications pending. &c.
CURRENT NOTICES.




1680

FINANCIAL CHRONICLE

Fou 130.

SEABOARD AIR LINE RAILWAY COMPANY.
Norfolk, Va., February 28 1930.
To the Stockholders and Security Owners of
The Seaboard Air Line Railway Company:
In order that the security owners of the Company may
be promptly informed as to the 1929 operating results and
the effect on the Company's financial position, as portrayed
by its General Balance Sheet, of the Plan relating to its
Adjustment Mortgage Bonds, consummated January 14
1930, this preliminary report is submitted in advance of
the regular Annual Report, which will later be mailed to
stockholders of the Company and to others who may express a desire to receive it.

which the Company reserved 250,000 shares of common
stock without par value.
The principal immediate advantages of the Plan to the
Company are the receipt of more than $20,000,000 of new
money from the sale of the new stock after deducting all
expenses and underwriting commissions; a net debt reduction in excess of $15,750,000 due to the reacquirement of
outstanding Adjustment Bonds with accrued interest thereon, as above described; an annual interest saving (including
interest on Adjustment Bonds) of $449,160; a further addition to annual net income resulting from the employment
of the sum of more than $20,000,000 received from sale of
Common Stock and an increase of over $35,000,000 in the
INCOME ACCOUNT FOR THE YEAR ENDED DECEMBER 31 1929,
equity in the Company's properties, represented by its
COMPARED WITH YEAR ENDED DECEMBER 31 1928.
common stock, resulting from the above net debt reduction
1929.
Increase.
1928.
Average Miles Operated
4,490.38
4,498.61
*8.23 and from the sale of common stock. A part ofhe new
Operating Revenues—
money will be expended for additions and betterments which
93
8
$
Freight
44,707,056.35 43,844,106.26
862,950.09 when completed should increase annual
net income of the
Passenger
7,239,319.86 7,958,388.22 *719,068.36
Mail
1,679,069.22 1.113,305.83
565,763.39 Company by as much as 25 per cent. on the sums so invested.
Express
2,412,446.07 2,162,378.42
250,067.65
Other
In connection with the consummation of the Company's
2,114,016.63 2,167,028.40
*53,011.77
Plan the Secretary of the Treasury has extended the ComTotal Operating Revenues__ _58,151,908.13 57,245,207.13
906,701.00
pany's notes to the Secretary of the Treasury evidencing
Operating Expenses—
Maintenance of Way and Strucloans received by the Company under Section 210 of the
tures
7,272,642.90 6,877,966.85
394,676.05
Maintenance of Equipment
10,224,457.95 9,554,021.42
670,436.53 Transportation Act, so that all of said loans, amounting to
Traffic
2,382,758.66 2,396,062.35
*13,303.69
Transportation
20,161.358.84 21,193,862.08 *1,032,503.24 $14,443,887.84, run for the maximum period of 15 years
Miscellaneous Operations
762,312.29
803,307.82
*40,995.53 from the making thereof, as provided by said Act. Under
General
2,143,915.75 2,200,771.09
*56,855.34
Transportation for Investment
this extension the first payment of principal on said Section
—Or
Cr.359,889.65 Cr.123,027.64 *236,862.01
210 loans will fall due in 1935.
Total Operating Expenses..- -42,587,556.74 42,902,963.97 *315,407.23
After giving effect to the extension of the Company's
Net Revenue from Railway
Operations
15,564,351.39 14,342.243.16 1,222.108.23 Section 210 loans, its funded debt maturities for the four
Railway Tax Accruals
3,715,003.67 3.536,270.43
178,733.24
Uncollectible Railway Revenues
18.937.88
20,884.83
*1,946.95 year period ending December 31 1933 aggregate $18,401,950,
Railway Operating Income-11.830,409.84 10,785,087.90 1,045,321.94 exclusive of currently maturing equipment trust obligaEquipment Rents—Dr
751,270.99
644,899.87
106,371.12 tions, which will be in large part provided for out of curJoint Facility Rents—Dr
113,413.78
84,771.05
28,642.73
rently accruing depreciation on equipment, which is charged
Net Railway Operating Income
10,965,725.07 10,055,416.98
910,308.09 to operating expenses before arriving at net income and
Other Income
1,211,456.53 2.408,433.63 *1.196,977.10 amounts to approximately $2,000,000
per annum. In• Gross Income
12,177,181.60 12,463.850.61 *286,669.01 cluded in the maturities aggregating $18,401,950 is an underDeductionsfrom Gross Income—
lying divisional issue of $5,910,000, due in 19'33. An exRent for Leased Roads
2,206,852.04 2,273,238.80
*66,386.76 tension of this issue similar to those arranged by
Interest on Funded Debt
the Com7,351,491.12 7,299,444.23
52,046.89
Interest on Equipment Trust
pany in the past for similar underlying issues would reduce
Obligations
1,343,519.17 1,465,628.61 *122,109.44
Interest on Unfunded Debt
209,946.69
178,049.73
31,896.96 such maturities to $12,491,950.
Other Deductions
53,709.24
67,205.88
*13,496.64
In connection with the consummation of the Plan, the
Total Deductions
11,165,518,26 11,283,567.25 *118,048.99 following
new directors have been elected: Preston S. ArkNet Income (Exclusive of Interest on Adjustment Mortgage
wright of Atlanta, President of Georgia Power Company,
[Income] Bonds)
1,011,663.34 1,180,283.36 *168,620.02
former President National Electric Light Association;
* Decrease.
Walter W. Colpitts of New York City, member of CoverOn May 27 1929 the Company announced its Plan relat- dale & Colpitts; Harvey C. Couch of Pine Bluff,
Arkansas,
ing to its Adjustment Mortgage Bonds, which provided President, Arkansas Power & Light Company,
Louisiana
for the change of the common stock of the Company from Power & Light Company and Mississippi
Power & Light
shares of the par value of $100 each to shares without par Company; William H. Coverdale of
New York City, memvalue and the delivery of (a) $500 principal amount of the ber of Coverdale & Colpitts, President,
Gulf States Steel
Company's First & Consolidated Mortgage 6% Gold Bonds, Company and Canada Steamship
Lines, Limited; Norman
(b) 15 shares of common stock without par value and (c) war- H. Davis of New York City; George S. Franklin
of New York
rants evidencing rights to purchase 10 shares of common City, member of Cotton, Franklin,
Wright & Gordon;
stock without par value not later than June 1 1934 at prices Robert Lassiter of Charlotte, North
Carolina, manufacfrom $30 to $40 per share, in reacquirement of each $1,000 turer, banker and Director of Richmond
Federal Reserve
Adjustment Mortgage Bond, with accrued interest thereon, Bank; V. Event Macy of New York
City; Oscar Wells of
deposited under the Plan.
Birmingham, Alabama, President of First National Bank
On October 11 1929 the Company entered into an under- of Birmingham, former President American Bankers Assowriting agreement with Dillon, Read & Co. and Laden- ciation; Louis H. Windholz of Norfolk, Virginia, President
burg, Thalmann & Co., by which 1,892,630 shares of com- D. Pender Grocery Company; E. A. Yates of Birmingham,
mon stock without par value were underwritten at $12 per Alabama, Vice-President Southeastern Power & Light Comshare less commissions and expenses. An offering of 1,892,- pany, Vice-President and General Manager Alabama Power
630 shares of common stock was made by the Company on Company, and Leonard A. Yerkes of New York City,
November 26 1929.
President Du Pont Rayon Co.
The Plan was consummated on January 14 1930 and the
The following, who are or have been directors of your
Company delivered (a) $11,229,000 principal amount of Company, have accepted or consented to accept election to
its First & Consolidated Bonds, (b) 336,870 shares of com- the Board, subject to any necessary approval of the Intermon stock without par value and (c) warrants entitling State Commerce Commission: Franklin Q. Brown, New
the holders to subscribe to 224,580 shares of common stock, York City; F. N. B. Close, New York City; Mills
B. Lane,
in the reacquirement of $22,458,000 principal amount of Savannah, Georgia; Robert F. Maddox, Atlanta,
Georgia;
its Adjustment Bonds, including all coupons for accrued in- Charles S. McCain, New York City; Robt. L. Nutt,
New
terest thereon. On the same day the underwriters took up York City; L. R. Powell Jr., Norfolk,
Virginia; Robert C.
and paid for the number of shares of common stock which Ream, New York City; John Ringliag,
Sarasota, Florida;
were not subscribed, resulting in the Company receiving a net' C. Sidney Shepard, New Haven, New
York; J. P. Taliaamount of cash, after commissions and expenses of the Plan, ferro, Jacksonville, Florida, and A. H.
Woodward, Woodin excess of $20,000,000. To provide for the capital stock ward, Alabama.
issuable against tie exercise of the above mentioned warWilliam H. Coverdale has been elected Chairman of the
rants, issued or to be issued, the Company entered into a Board of Directors
to succeed Robt. L.. Nutt, who hasWarrant Agreement dated as of January 2 1930, with the retired as Chairman after nearly 40
years of active service '
Guaranty Trust Company of New York, as Trustee, under with the Company.




MAR. 8 19301

FINANCIAL CHRONICLE

1681

PRELIMINARY GENERAL BALANCE SHEET AS OF DECEMBER 311929, ADJUSTED TO GIVE EFFECT TO THE COMPANY'S PLAN
RELATING TO ITS ADJUSTMENT MORTGAGE BONDS WHICH WAS CONSUMMATED ON JANUARY 14 1930.*
ASSETS.
LIABILITIES.
Investments—
Capital Stock—
Investment in Road and Equipment:
Common Capital Stock Issued (See Note)___ _$61,213,850.00
Road
Preferred 4-2% Capital Stock
$180,789,004.88
Equipment
56,527,720.16
Issued
$25,000,000.00
General Expenditures
542,991.33
Less: Pledged as Collateral_ - 1,105.900.00
$237,859,716.37
23.894,100.00
Sinking Funds
739.78 Preferred 6% Capital Stock IsDeposits in Lieu of Mortgaged Property Sold
2.273.100.00
sued
43,330.32
Miscellaneous Physical Property
4.369.569.80
Investments in Affiliated Companies:
Less: ;Pledged as Collateral_
2,235,000.00
Stocks—Pledged
$9,169,638.82
I In Treasury
800.00
Stocks—Unpledged
189,180.98
37,300.00
Bonds—Pledged
8,939.757.67
Bonds—Unpledged
1,239,156.00
Total
$85,145,250.00
Notes—Pledged
1,334,022.04
Governmental Grants—
Notes—Unpledged
466,403.60
Advances
Grants in aid of construction
6,418.019.24
11,098.80
27,756,178.35
Funded Debt Unmatured—
Other Investments:
Equipment Obligations
$49,151,254.37
Stocks—Pledged
1,370,026.00
Stocks—Unpledged
52,695.82
Less: 'Pledged as Collateral 21,208,254.37
Notes—Unpledged
754,428.97
1In Treasury
Advances
3.495,000.00
1,657,444.02
-24,448,000.00
3,834,594.81 Mortgage
Bonds Proprietary
Companies
38,586,000.00
Total ___________________________________________ 273,864,129.43
Less: Pledged as Collateral
6,050,000.00
Current Assets—
32,536.000.00
S. A. L. Railway First MortCash with Treasurer
$6,347,615.78
gage Bonds
39,775.000.00
Cash in Transit
579,363.08
Less: Pledged as Collateral
27,000.000.00
6.926,978.86
12.775,000.00
Demand Loans and Deposits
6,000,000.00
S. A. L. Railway Refunding
Time Drafts and Deposits
5,100,000.00
Mortgage Bonds
84,612,000.00
Special Deposits—Cash with Fiscal AgenLess: Pledged as Collateral
65,262,000.00
cies and Trustees
973,071.75
19,350,000.00
Loans and Bills Receivable
193,281.03
S. A. L. Ry. Co. First and ConTraffic and Car Service Balances Receivable
1,630.666.97
solidated Mortgage Bonds,
Net Balance Receivable from Agents and
Series "A"
86,582,000.00
Conductors
417,277.17
Miscellaneous Accounts Receivable:
Less: Pledged as Collateral_ 22,976,500 00
Individuals and Companies $2,486,875.82
1,629.000.00
'(In Treasury
United States Government 223,133.13
61.976.500.00
Other Companies for Claims
68,543.57
Collateral Trust Bonds
.
2.778,552.52
S. A. L. Railway Company Three-Year SeMaterial and Supplies
3,812.669.85
cured Notes
75 000.00
.00
Interest and Dividends Receivable
300.638.32
Income Bond_s:
Rents Receivable
4,243.79
S. A. L. Railway AdjustOther Current Assets
443,000.52
ment Mortgage Bonds_ __ 25.000,000.00
22,458.000.00
Less: In Trsasury
Total
28,580,380.78
2,542.000.00
Miscellaneous Obligations:
Deferred Assets—
Secretary of Treasury of United States—
Working Fund Advances
72.237.10
Notes
14.443,887.84
Other Deferred Assets
199,300.90
Union Signal Construction Company—Deferred Payments under Interlocking and
Total.............................................
271,538.00
Signal Contracts
1,188.300 00
Unadjusted Debits—
Other Miscellaneous Obligations
68.160.00
Rents l'aid in Advance
$75,516 37
Insurance Premiums Ilaid in Advance
201,365.99
Total
176.827.84,1S4
Claims in Suspense
140,107.06
Non-Negotiable Debt to Affiliated Companies
570.695-.93
Other Unadjusted Debits
865,825.43
Current Liabi/ities—
Total
314.275.50
1,282,814.85 Loaes and Bills Payable
Traffic and Car Service Balances Payable_ _
775,701.23
Audited Accounts and Wages Payaole:
Audited Vouchers Unpaid__ $5,435,809.53
Wages Unpaid
1.269,704.72
6,696,514.25
Miscellaneous Accounts Payable:
228,623.04
Individuals and Companies_
30,785.14
Agents and Traffic Drafts__
50.145.79
Claim Authorities
309.553.97
Interest Matured Unpaid:
723.572.75
Funded Debt
85,184.00
Equipment Trust Obligations
808,756.75
Funded Debt Matured Unpaid
148,000.00
Unmatured Interest Accrued:
2.936,569.72
Funded Debt
Equipment Trust Obliga282,277.50
tions
47,897.22
Unfunded Debt
3.266.744.44
Unmatured Rents Accrued
788.690.44
Other Current Liabilities
101.351.89
Total
13.208,588.47
Deferred Liabilities—
Other Deferred Liabilities
685.731.83
Unadjusted Credits—
Accrued Taxes
3,023,751.04
Accrued Depreciation—Equipment
11,858,940.05
Reserve for Outstanding Stock of Proprietary
Companies
19.026.41
Other Unadjusted Credits
3.269.855.20
Corporate Surplus—
Additions to Property through Income and
Surplus
Funded Debt Retired through Income and
Surplus
Profit and Loss—Surplus
Total
rand Total _______________________________________
$303,998.863.06

Grand Total

18,171,572.70
744,890.40
4,180.84
8.629,006.45
9,378.077.69
$303,998,863.06

Accumulated and unpaid interest on Adjustment Mortgage
otherwise, or at the maturity of the bonds, is not comprehended (Income) Bonds, amounting to $593,133.33, and payable out of future income, or
in the above balance sheet.
This Company is liable as a Guarantor of the following Securities and Obligations:
Athens Terminal C/ompany First Mortgage
$100 000.00 Raleigh and Charleston Railroad Co. Prior Lien and ConBaltimore Steam Packet Company—Notes
925.000.00
solidated Mortgages
Birmingham Terminal Co. First Mortgage—Seaboard pro550,000.00
portion % of
Richmond-Washington Co. Collateral Trust Mortgage—Sea__
1.000,000.001,940,000.00
Georgia and Alabama Terminal Company First Mortgage_
board proportion 1-6 of
10,000.000.00
Jacksonville Terminal Co. First Mortgage—Seaboard
Savannah and Statesboro Railway Company First Mortgage_
Pro185,000.00
portion 1-3 of
400.000.00 Seaboard-MI Florida Railway, Florida Western & Northern
Jacksonville Terminal Co. First and General Mortgage—
Railroad Company and East and West Coast Railway
Seaboard proportion % of
Joint and Several First Mortgage
100,000.00
33,505.000.00
Jacksonville Terminal Co. Refunding and Extension MortTavares and Gulf Railroad Company First Mortgage
gage—Seaboard proportion ki of
425,000.00
Jacksonville Gainesville & Gulf Railway First Mortgage_ _ _ _ 3,500.000.00 Tampa & Gulf Coast Railroad Company First Mortgage.._ _ _ 1,184.000.00
450,000.00 Tampa & Gulf Coast Railroad Company—Payments
Macon Dublin and Savannah Railroad Company First Mtge_
7,315.00
1.529.000.00 Tampa Northern Railroad Company—Payments
Prince George and Chesterfield Railway—Notes
9,350.00
322 000.00 The Seaboard-Bay Line Company Section 210 Notes
2,159,000.00
Wilmington Ry. Bridge Co. Consolidated Mortgage—seaboard proportion
of
$
917.000.00
NOTE.
-2,599,691 shares without par value outstanding
of the Treasury of the United States: 250,000 shares reserved in the hands of the public; 30,216 shares Pledged as collateral under notes to the Secretary
under Warrant Agreement against the exercise of warrants
to purchase common stock and 3 shares held in the Company's treasury.
evidencing rights of holders
* The credit to profit and lose resulting from the reduction in
Funded Debt accomplished by the Plan will be offset by charges to
, obsolete equipment retired, uncollectible investments in or advances
profit and loss for
to subsidiary companies and abandoned mileage of the Company
This Balance Sheet has been adjusted accordingly.
and subsidiaries.




FINANCIAL CHRONICLE

1682

In order to show the effect of the consummation of the
Plan the General Balance Sheet as of December 31 1929
appearing in this report has been adjusted to give effect to
the transactions taking place on January 14 1930, which
were involved in the consummation of the Plan, including
the payment of the Company's $2,000,000 note to the Director General of Railroads and $3,000,000 of short-term bank
loans.
The improvement in business conditions in the territory
served by the Company evidenced during the last quarter
of 1928 and mentioned in the Company's annual report
for that year continued through September 1929, the gross
revenues for the nine months ending September 30 1929
exceeding the same period of 1928 by more than $2,100,000,
as compared with an increase of $906,701 for the full year
1929. Gross revenues and net income for 1929 were adversely affected by the contraction in business occurring
in October. Beginning in the latter part of December a
marked improvement occurred in business conditions in
the territory served by the Company, as reflected by the
Company's freight loadings, but this improvement has not
been fully sustained to date. Freight revenues in 1929
increased $862,950 over 1928. Passenger revenues decreased $719,068. Passenger train miles in 1929 were reduced 312,304 miles under the preceding year. The decrease in passenger revenue is attributable to the reasons
which have been explained heretofore, viz., the more extended use of private automobiles and buses, which affect
generally most railroads.
Gross revenues for the year ended December 31 1929,
including back mail pay, were $58,151,908, an increase of
$906,701 over the preceding year. Notwithstanding this
increase in gross revenues total operating expenses were
reduced $315,407, although there was an increase of $1,065,113 in maintenance charges. The reduction in all operating expenses other than maintenance charges amounted to
$1,380,520. Transportation expenses were reduced $1,032,503. Net railway operating income in 1929 exceeded 1928
by $910,308, notwithstanding the increase of $1,065,113 in
maintenance charges. The transportation ratio for 1929
was 34.67, compared with 37.02 in 1928, a decrease of
2.35 or 6.4%. This is our lowest transportation ratio for
any year since the Adamson Eight-Hour Law became effective January 1 1917. Interest and other fixed charges decreased $118,049. Net income for the year 1929, exclusive
of interest on Adjustment Bonds, was $1,011,663, a decrease of $168,620, but in the year 1928 there was included in
income non-recurring dividends from subsidiaries and other
companies amounting to approximately $1,160,000.

[VOL. 130.

At the close of the year, of the Company's freight cars on
line 5.74 per cent. were awaiting repairs, as compared with
6.49 per cent. for 1928; of the Company's locomotives 14.01
per cent., were in need of repairs, 10.82 per cent. requiring
classified repairs and 3.19 per cent, minor running repairs,
as compared with 14.18 per cent., 10.91 per cent. and 3.27
per cent., respectively, at the close of 1928. The Company's
equipment and road property are in an improved and satisfactory condition. The condition per cent of locomotives
set forth above does not fully reflect the improvements during the year in the Company's motive power as the available unused tractive ton miles in the Company's motive
power at December 31 1929 were 25 per more cent. than at
the close of 1928. In 1929, 4,906 freight cars were given
heavy repairs compared with 2,405 in 1928.
Due to the smaller citrus fruit production in the 19291930 crop year than in the 1928-1929 crop year there will be a
decrease in the number of cars of citrus fruit handled, but
it is expected that such decrease will be substantially offset
by increases in vegetable shipments based upon the present
acreage under cultivation and normal weather conditions.
It is therefore anticipated that the aggregate number of
cars of fruits and vegetables handled in the 1929-1930 crop
year should approximate the number handled in the 19281929 crop year. It is as yet too early to forecast business
conditions that will prevail during 1930 in the territory
served by the Company but it is believed that they will be
satisfactory.
On January 16 1930 the Company opened for operation
its new line—owned by a subsidiary, the Prince George and
Chesterfield Railway—from Bellwood, Virginia, a point
8 miles south of Richmond, Virginia, on the Company's main
line, to Hopewell, Virginia, a distance of 16 miles. Hopewell and the surrounding territory is a rapidly developing
industrial center of the South. There are already located
in this area large industrial plants and the prospects are good
for further substantial development at an early date. It
is conservatively estimated that this new line will produce
approximately $800,000 of additional system freight revenues
in the first full year of operation and that progressive increases in freight revenues will thereafter accrue.
Fundamentally, business conditions in the territory served
by the Company are sound and there are many encouraging
developments in view. During the year more than 225
business industries and enterprises were located on the Company's Nile. Business is still below normal but improvement is expected in the near future of which the Company
is in a position to take full advantage.
L. R. POWELL, Jr., President.
W. H. COVERDALE, Chairman.

—Joseph A. Ryan, formerly of Dillon, Read & Co., has become associated with Lord, Westerfield & Co., Inc., 68 William St., New York.
—Edmund Seymour & Co., New York, announce that Louis H. Newkrik
—P.F. Cusick & Co., 44 Wall Street, New York, have issued an analysis
Jr. has become manager of their investment department and that Ralph on Phillips Petroleum Co.. copies of which are available on request.
associated with that
M. Glover and Herbert A. Howell have also become
—James Talcott, Inc., has been appointed factor for Dustin Pile Fabric
department.
Corp., Central Falls, Rhode Island, manufacturers of pile fabrics.
—Rutter & Co., members of the New York Stock Exchange, with offices
—Peter S. Duryee, Vice-President of The Equitable Trust Co. of New
In New York, Boston and Hartford, announce that Edgar Z. Wallower,
-Wallower Lead Co., has become associated York, has been elected a director of The New Jersey Insurance Co.
formerly president of the Evans
with them.
—Potter & Co., members of the New York Stock Exchange, New York,
—Arthur Galston, formerly Vice-President of the International Ger- announce that John F. String has become associated with them.
resident of the Normanic Co., Ltd., has been appointed executive Vice-P
—McLaughlin,MacAfee & Co., Pittsburgh, have prepared a brochure
mandie National Securities Corp., 521 Fifth Ave., New York.
on the leading securities listed on the Pittsburgh Stock Exchange.
—J.Lewis Henry,formerly of Biddle & Henry, with George J. Ourbacker,
—John J. English has been elected a Vice-President and director of
have formed the firm of J. Lewis Henry & Co. to transact a general invest- C. F.
Childs & Co. and will be in charge of their Chicago office.
ment business at 1420 Walnut Street, Philadelphia.
—Hemphill, Noyes & Co. announce that Si, Douglas Huycke has become
—Vernon H. Hall, 2nd, formerly with Harris, Forbes & Co., Inc., is
associated with them as manager of their Toronto office.
now connected with E. J. Kitching & Co., members of Boston Stock
—James Talcott, Inc., has been appointed Factor for Umkomsas Woolen
Exchange, 15 Congress St., Boston. Mass.
Co., Inc., Passaic, New Jersey, manufacturers of woolens.
—James Talcott, Inc., has been appointed factor for Hodgson Gladwin
—George H. Burr & Co., 57 William St., New 'York. have prepared for
Co. of West Medway, Mass., and Stone Mill Co. of West Medway, Mass.,
distribution a special analysis of Neisner Brothers. Inc.
manufacturers of woolens.
—Robert J. Levy has been admitted as a general partner in the firm of
—Frank E. Mulligan has become associated with the investment deYork.
partment of Millett, Roe & Co., members of the New York Stock Ex- Hano. Wasserman & Co. of Philadelphia and New
change, New York.
—Frank C. Schrader has become associated with the stock department
Richards, Philadelphia.
—Guttag Bros., 42 Stone St., N. Y., have prepared a review of the pro- of Garrison, Davidson &
gress of New York banking institutions covering a 6 year period from 1924
—Wm. West & Co., 26 Broadway, New York, are distributing an
to Dee. 31 1929.
analysis of Pennsylvania RR. Co. capital stock.
—Chatham Phenix Corp.. New York, has issued a March list of invest—Stern Brothers & Co., Kansas City, Mo., have prepared an analysis
ment suggestions in the municipa land foreign ,railroad, public utility and of the Employers' Reinsurance Corporation.
Industrial fields.
—Gerald F. Monahan has been elected Secretary of W. Wallace Lyon;
—The March "American Letter." published by John Munroe & Co., & Co., Inc., 51 E. 42nd St., New York.
New York, contains an analysis of the Baltimore & Ohio
100 Broadway,
—James 0. Willson & Co., New York and Louisville have issued a cir_
Railroad Co.
cular entitled "Aviation at the Turn."
N. Y., have issued an analysis
—J. R. Schmeltzer 8c Co., 26 Broadway,
—Charles F. Guild has become a general partner in the New York Stock
of Johns-Manville Corp., Stone & Webster, Inc., and National Power
Exchange firm, of Herrick, Berg & Co.
& Light Co.
—Knier & Co., dealers in investment securities, have moved their
—Holt, Rose & Troster, 74 Trinity Place, New York, have issued their
Walnut St., Philadelphia.
monthly circular analyzing industrial, investment trust, bank and insur- offices to 1500
ance stocks.
—Hart Smith dr Co., New York. have issued a circular on Title GuarE. N. Townsend Co., 25 Broad St., New York City, have issued a antee & Trust Co. of New York.
monthly analysis and quotation pamphlet on Long Island banks and trust
—Lord dr Widli, investment dealers, announce the removal of their
companies.
offices to 63 Wall St., New York.
—James Talcott. Inc. has been appointed factor for Rosenfeld Brothers,
—Goddard & Co., Inc., 44 Wall Street, New York, has issued an analysis
Inc.. 10 East 39th St., New York, importers of upholstery and drapery
of Wil-Low Cafeterias, Inc.
fabrics.
—Ward. Gruver & Co.. New York, are distributing an analysis o
—John Stanley Hassan announces the opening of offices in the FidelityPhiladelphia Trust Building, Philadelphia, to deal in investment securities. Associated Dry Goods Corp.
—Watson & White, members New York Stock Exchange, have prepared
—An analysis of Texas Pacific Land Trust has been issued for d1stzibua report on Rossia Insurance.
lion to investors by J. K. Rice. Jr. & Co.. 120 Broadway, New York.
CURRENT NOTICES.




1683

FINANCIAL CHRONICLE

MAR.8 1930.]

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS

COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editoriai matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."

Friday Night, March 7 1930.
COFFEE on the spot was quiet with Santos 4s 1434 to
3
14%c., Rio 7s 1034c. and Victoria 7-8s 9/i to 934c. Maraeaibo, fair to good Cucuta, 1534 to 16e.; prime to choice,
16 to 17c.; washed, 18 to 19c.; Colombian, Ocana, 153/2 to
16c.; Bucaramanga natural, 1534 to 163'2c.; washed, 1834
to 193c.; Honda, Tolima and Giradot, 1834 to 19c.; Medellin, 1934 to 20c.; Manizales, 1834 to 19e.; Mexican washed,
1834 to 1934c.; Surinam, 1334 to 1434c.; East India, Ankola,
24 to 32c.; Mandeling, 29 to 35c.; genuine Java, 28 to 29c.;
Robusta washed, 123 to 123/2c.; natural, 1034 to 110.;
Mocha, 2634 to 27e.; Harrar, 2134 to 23c.; Abyssianian,
3
17% to 183.c.; Guatemala prime, 185 to 19c.; good, 1734
to 18c.; Bourbon, 16 to 1634c. Santos cabled that there
is no doubt that the Government candidate, Dr. Prestos,
has won the election in Brazil. Z. Duuring & Zoon of
Rotterdam cabled their monthly statistics as follows: Arrivals in Europe during February, 872,000 bags, of which
403,000 were Brazilian; deliveries in Europe during Feb.,
973,000 bags, of which 490,000 were Brazilian. Stocks in
Europe on Mar. 1 were 1,431,000 bags; world's visible supply on Mar. 1,5,326,000 bags, showing an increase of 216,000
bags; last year, 4,997,000 bag.
E. Laneuville of Havre cabled the following monthly
statistics: World's visible supply Mar. 1, 5,315,000 bags,
against 5,102,000 on Feb. 1 1930 and 5,017,000 on Mar. 1
last year. Arrivals of coffee in Europe during Feb. of
Brazil were 431,000 bags, against 407,000 in the previous
month and 496,000 in the same month last year; of muds,
456,000, against 453,000 in the previous month and 496,000
last year; arrivals of muds for eight months in the United
States, 2,213,000 bags, against 2,076,000 in the same period
in 1928-29 and 1,946,000 in the same period two years ago;
in Europe, 2,354,000, against 3,042,000 in the same period
in 1928-29 and 2,625,000 in a like time in 1927-28; deliveries
of all kinds during Feb., United States, 1,021,000, against
905,000 in Jan. and 1,005,000 in Feb. last year; Europe,
989,000, against 921,000 in Jan. and 866,000 in Feb. last
year; total world's deliveries eight months, United States,
7,295,000 in 1929-30 against 7,007,000 in same period in
1928-29 and 7,705,000 in 1927-28; Europe, 7,425,000,
against 6,912,000 in 1928-29 and 7,191,000 in 1927-28;
Southern ports, 690,000, against 645,000 in 1928-29 and
748,000 in 1927-28. On the 6th inst. cost-and-freight offers
were unchanged to higher. For prompt shipment, Santos
Bourbon 2-3s were quoted at 1534e. to 163c.; 3s at 13.05
to 16c.; 3-4s at 12.80 to 15%c.; 3-5s at 1234 to 14.95c.;
3
4-5s at 123. to 13.35c.; 5s at 12 to 13.35c.; 3-6s at 11.45 to
3
123e.; 6s at 10.90 to 1234c.; 6-78 at 9% to 10.80c.; 7s at
9.85 to 10.45e.; 7-8s at 8.70 to 9.30c.; part Bourbon 2s at
14.90 to 15.20e.; 3s at 14.350.; 3-5s at 13.55 c.; 5s at 133c.;
6s at 11.45c.; Peaberry 3s at 15%c.; 3-4s at 15.45c.; 45 at
3
12.800.; Rio 7s at 9.4004 7-8s at 9.20c.
To-day cost and freight offers from Brazil were comparatively small, but at generally higher prices. For prompt shipment, the quotations on Santos Bourbon 2-3s were 1534 to
153(c.; 3s at 13.05 to 16e.; 3-4s at 12.80 to 15%c.; 3-5s at
1234 to 14.95c.; 4-5s at 123 to 13.35c.; 5s at 12 to 13c.;
5-6s at 113 to 1234c.; 6s at 10.30 to 1234c.; 6-7s at 934 to
10.85c.; 7s at 9.85 to 10.45c.; 7-8s at 8.65 to 10.30c.; part
%
Bourbon 3-48 at 143c.; Peaberry 3s at 15%c.; 3-4s at 1334
to 15.45c.; 3-4s at 1334 to 15.45c.; 4s at 21.80c.; 5s at 12c.;
Rio 7s at 9.35c.; Victoria 3s at 10.10c.; 4s at 9.80c.; 5s at
9.45e.; 6s at 9.100.; 7-8s at 8.45c. London cabled that
rumors are current that after elections in Brazil, that country
will seek a loan there. Sales of coffee for export from Santos
continue exceptionally large though shipments in Feb. were
somewhat smaller than in Jan.; exports were 1,209,145 bags
from Santos, 248,651 bags from Rio de Janeiro and 145,383
bags from Victoria. -The present Santos stocks are 1,001,205
bags, Rio 318,267 bags and Victoria 76,639 bags. Receipts
.
at Santos have averaged over 40,000 bags daily. Coffee
prices continued a slow decline until Feb. 17, when they
strengthened somewhat.
World's visible supply of coffee on Mar. 1 according to
data compiled by the New York Coffee & Sugar Exchange
totalled 5,318,877 bags against 5,119,144 bags on hand at
the start of the previous month and world visible of 5.021.939
bags on Mar. 1 1929. On the 1st inst. futures were irregular
with trading small. Santos was 5 points off to 5 points up
and Rio 5 points off to 2 points higher with no cables from
Brazil as it was election day in Brazil, and Monday and
Tuesday were to be Mardi Gras holidays. Spot trade was
small. Cost and freight offers on Mar. 1 included Santos
Bourbon 4s at 14 to 1434c.; Victoria 7-8s at 93( to 93443.;




Rio 7s at 103c. On the 3rd inst. prices advanced 13 to 35
points. The election in Brazil it was believed would result
in a victory for the administration. Santos cables were higher
up to 12:45 p. m. when that market closed. Here contracts
were scarce. Shorts covered and Brazil bought. That
clearly explained the rise. The sales were 19,000 bags of
Rio and 28,000 Santos. The technical position was better.
On the 4th inst. futures fell 1 to 15 points with the Mardi
Gras holiday in Brazil. The sales were 23,000 bags of Santos
and 10,000 Rio. On the 5th inst. a late private cable from
Santos stated that the indications pointed to the success of
the opposition in the Brazilian election. Another private
cable said that effective to-day and until further notice, the
average daily receipts at Santos will be 50,000 bags as against
the present rate of 44,000 bags. On the 5th inst. prices were
irregular within narrow limits awaiting definite election news
from Brazil. The ending was 6 to 14 points lower on Santos
with Rio 1 point lower to 5 higher. The sales were 22,000
bags of Santos and 12,000 Rio. On the 6th inst. futures
ended unchanged to 5 points lower for Santos and 2 points
lower to 1 point higher on Rio; total sales 29,000 bags.
Sao Paulo cabled: "Official returns of the Presidential
election continue to indicate that the Conservative candidate
Dr. Julio Prestes de Albuquerque, has a comfortable lead of
153,000 votes over the Liberal, Dr. Getuilio Vargas."
To-clay an opening decline was due to scattered local selling
with Rio cables off. The buying was by shorts and Brazil.
Prices ended 21 to 26 points lower on Rio with sales of
13,000 bags; 3 to 20 off on Santos, and 10 to 20 lower on
mild. Sales of Santos were 21,000 bags. Mild closed at
16.80c. for March, 16.45c. for May, and 16.90c. for July.
Final prices show an advance for the week of 18 to 79 points
on Rio except July which is 19 points lower; Santos is 3 to
24 points lower for the week.
COCOA to-day ended at 8.22c. for March, 8.52c. for
May. and 8.82c. for July or 2 to 7 points higher. Sales 90
lots. Final prices are 30 to 34 points lower for the week.
Rio coffee prices closed as follows:
7.65( --!Sept
8.13@
,
:4_ 131 0m
unoffid11 7 1 IKu
giveh
-7.47©nom
-7.85 ©nom I Dec
follows:
Santos coffee prices closed as
Spot
norn
_ga
uncifn lo6li.321K17
quiet at one time at 3.49 to 3.55e. with sales
SUGAR was
of 40,000 bags by the Cuban Single Selling Agency at 20. to a Cuban refiner. The rumor Committee seems to have given the Cuban Single Selling Agency a reprieve after
announcing its abolishment. In addition to the sale .of
40,000 bags, the agency is reported to have sold 150,000
bags to a British refiner at the basis of 1.50e. f.o.b. Confirmation was lacking. But London cabled that the agency
quoted 1.50c. f.o.b. for April, May and June shipment', and
1.56e. f.o.b. for shipments between July and Dec. inclusive.
Here 4,100 tons of Porto Ricos for loading March 10, sold
on the basis of 3.52c. delivered. Receipts at Cuban ports for
the week were 161,347 tons, against 242,759 in the same
week last year; exports 21,447 r,ons, against 113,124 last
year; stock (consumption deducted) 791,447 tons, against
947,380 last year; centrals grinding 155, against 163 last
year. Destination of exports: Atlantic ports, 3,950 tons;
New Orleans, 4,881; Interior United States, 3,837; Russia,
5,515; New Zealand, 3,205. Old crop (1928-29 exports)
24,217 tons. Destination: Atlantic ports, 7,622; Interior
United States, 3,100; West Coast Unit .d States, 3,000;
Canada, 4,341; Europe, 6,154; Stock, 23,942 tons. Receipts
at United States Atlantic ports for the week were 39,108
tons, against 53,282 in the previous week, and 81,360 last
year; meltings, 49,469 tons, against 43,456 in the previous
week, and 64,916 last year; importers' stocks, 348,118,
against 357,267 in previous week and 109,546 last year;
refiners' stocks, 156,015, against 157,227 in previous week,
and 161,780 last year; total stocks, 504,133 tons, against
514,494 in previous week, and 271,326 last year.
The stock of raw sugar in New York licensed warehouse
to-day is 2,174,905 bags against 2,380,846 bags a month ago
and 657,590 bags at the same time last year. Havana cabled:
"The Committee announced sales Feb. 24 to Mar. 1 inclusive
134,459 tons current crop at an average price of 1.524107c.
net f. o. b. Total sales to Mar. 1 393,188 tons 1928-29 crop
averages 1.89162c. f. o. b. and 384,099 tons 1929-30 crop,
average 1.62642c. f. o. b. Grand total, 777,267 tons, average
price 1.70575c. f. o. b." On the 3rd inst. futures fell 2 to 4
points with London lower and 25 notices appeared here and
the effect of liquidation and other selling was very apparent.
The sales by the Single selling agency were to a British
refiner at 7s 9d., equal to 1.50c. f. o. b., the 75,000 tons for
shipment between June and July and the 50,000 tons of
Santos Domingoes for shipment between July and Sept. It
is said a large tonnage of duty free sugar will arrive here
early next week. The present stocks in licensed warehouses

11;83

It:

11:812

1684

FINANCIAL CHRONICLE

[VoL. 130.

in New York are 2,174,905 bags against 2,380,846 bags a and hogs lower and March tenders 1,000,000 lbs. Commonth ago and 657,590 bags at the corresponding time last mission houses sold. Hog receipts at Western points were
year. On the 3rd inst. there were sales of 1,000 tons Philip- 43,000, against 38,401 on the same day last year. Futures
pines due Mar. 10 to New Orleans at 3.52e. and 3,700 tons on the 3d inst closed unchanged to 2 points higher. Hogs
due the 23rd to Philadelphia at the same price. Boston advanced 10 to 15e. A decline in grain had less effect than
bought 3,000 tons of Philippines in port there at 3.483ie. usual. The Western receipts of hogs were 121,000, against
delivered. New York took 1,500 tons for early April 143,400 last year. Lard stocks in Feb. increased 13,491,651
arrival at 3.49c. and Philadelphia 1,500 tons due the end of lbs., against 22,116,115 lbs. in Feb. last year. This gain
March also at 3.490.
had evidently been discounted. Total clearances from
Futures on the 4th inst. fell 1 to 3 points with 158 notices New York last week were 9,479,000 lbs., against some
out and Europe selling March 1931. Underlying bearishness 10,000,000 lbs. a year ago. Future market for
or unsettlement of sentiment accounted for the selling. The Chicago advanced with lightweights 11.100. for hogs at
March,
sales were 32,400 tons. The Sugar Club of Havana reported 11.400. for April, 11.75 for May. Medium, 110. for April, and
that production to March 1st was 1,730,000 tons against 11.25c. for May. Heavy was 9.95e. for March, 10c. for
last year's figure of 2,538,000 tons to the same date. Pro- April, and 10e. bid, and 10.100. offered for Sept. On the
duction is decreasing. The last half of February reported 4th inst. futures advanced 2 to 5 points despite a decline
588,000 tons against 623,000 tons for the first half. F. 0. in hogs of 10 to 150. But packers bought encouraged by a
Licht cables estimating the beet area of Europe without rise in prime Western cash to 11.05 to 11.15e. There were
Russia is somewhat larger than last year. London quoted clearances from New York of 2,682,000 lbs. largely to Great
75. 3%d. for sugars afloat; for March 7s. 3d.; for April 7s. Britain. Hogs futures were moderately active with sales of
43/2d.; for May 7s. 6d., and for June 7s. 9d. On the 4th inst. nine loads. Lightweights closed at 10.90c. for
March,
Boston announced a reduction of 10 points in the price of 11.25c. for April; 11.30c. to 11.650. for May, and 11.50c. for
refined sugar to the basis of 4.85c. It was expected that Sept. Medium weights closed 10.60c. for March and
April,
other refiners will follow. On the 5th inst. futures advanced and 11c. for May with heavyweights at 9.95 to 10.10c. for
6 to 9 points in expectation of an increase in the tariff on March, 100. for April. On the 5th inst. prices
declined
sugar. It was announced as having been carried in the 10 to 15 points with grain lower and cash lard off to 10.95
Senate; on Cuban sugar it is 2c. against 1.76c. the old rate to 11.05c. for prime Western. Total Western receipts of
and on all others 2.50c. against 2.20c. This had a striking hogs were 96,600, against 102,000 a year ago. Liverpool
reflection in sales of approximately 20,000 tons, the heaviest lard was unchanged to 6d. higher. There were deliveries of
day's trading in the raw market for some months at 3.49 to 50,000 lbs. of lard on March contracts. Stocks of lard at
3.60c. delivered, depending upon position. On the 5th inst. seven Western points as of March 1 were estimated at
Philadelphia paid 3.55c. delivered or 1 25-320. c. & f. for 63,385,000 lbs., against 119,000,000 last year, and 74,2,500 tons of Philippines for late March or early April 000,000 two years ago. There were clearances from New York
arrival. On the 5th inst. 2,000 tons Philippine raw sugar of 781,000 lbs. largely to Northern Europe. On the 6th inst.
for April
-May shipment sold at 3.60c. delivered or a point futures fell 8 to 10 points on a decline in grain and cotton,
under 1 27-32e. c. & f. On the 6th inst. 15,000 bags Porto though cotton afterwards rallied. Hogs declined 10 cents.
Rican raw sugar due the 24th inst. sold at 3.610. London on Liverpool lart, fell 3d. tc 9d. To-day futures ended 7
the 6th inst. opened on new contracts unchanged to M. points higher despite the decline in grain and cotton. to 10
higher with old contracts unchanged to %d. higher. Liver- prices show a decline for the week of 15 to 20 points. Final
pool opened 1%d. to 2d. higher. There were 7,800 tons of DAILY CLOSING PRICES OF LARD FUTURES IN
CHICAGO.
raw sugar delivered on contract. The action of the Senate on
Mon
Wed
sat
urs Fri.
March
"
1
1I.55
3
M0.52
10.45
10.35
the previous day in voting for an increased duty led to active May
10.45
10.70
10.75
10.70
10.60
10.55
10.62
covering particularly in the near months at prices unchanged July
10 9.5
10.97
10.95
10.85
10.77
10.85
Sept.
to 10 points higher.
11.00
11.10
The producers, complaining against the Single Seller
PORK steady but .quiet; Mess, $30; family, $34.50; fat
scheme point out that after six months of operation this back, $22 to $28. Ribs, 13.25c. Beef firm; Mess, $25;
Agency has shown little benefit to anyone and that for packet, $25 to $26; family, $28 to $29; extra India
this reason it is not to the advantage of planters or of mer- $42 to $44; No. 1 canned corned beef, $3.10; No. 2, Mess,
chants to have it continue any longer. It was with the pur- six pounds, South America, 816,75; pickled tongues, $5.50;
pose of preventing disastrous prices caused by weak sellers $75; cut meats, firm; pickled hams, 10 to 20 lbs., 19 $70 to
to
and to take advantage of the duty preferential of 44 points pickled bellies, 6 to 12 lbs., 193 to 203 to.; bellies 21e.;
/
clear,
granted by the United States to Cuba, that this organization dry salted boxed, 18 to 20 lbs., 15%e.; 14 to 16 lbs., 16o.
was formed. This purpose has not been obtained, prices have Butter, lower grades to high scoring, 28 to 36%o.
Cheese,
declined to the lowest level ever reached and the advantage flats,
to 26c.; daisies, 213/i to 25c. Eggs, medium to
of the preferential duty is now negligible, as domestic sugars extra,183/i to 273,c.; closely selected, 28 to
24%
283,c.; extra
are establishing a much lower market. Sales reported from fancy whites, 1 to 23c. more.
Sept. 1 to March 1: To refiners-Cubas 1929-30, 433,000,
OILS.
against 964,000 in 1928-29; to operators and other countries
-Linseed was steady at 140. for raw oil in carlots
Cubas, 310,000, against 213,000 in 1928-29; to refiners, duty co-operage basis. There was little or no improvement in
frees, 292,000, against 138,000 in 1928-29; to operators, the demand. The feeling however is that with improved
frees, 53,000, against 40,000 in the same time in 1928- weather conditions buyers will become more interested.
29. It is added that the above shows a serious reduction Paint manufacturers are preparing for a busy season and the
in sales since the Agency has been organized and increased inquiry from the linoleum trade is more active. Cocoanut,
sales of duty frees. Had Cuba obtained a good price for Manila Coast, tanks, 6% to 6%c.; spot, N. Y. tanks, 67
A
the sugar sold, opposition would not now be so general, but to 7c.; China wood, N. Y. drums, carlots spot, 11 to 113.c.;
the prices obtained are not better than last year. Havana Pacific Coast futures, 93 to 9%,c.; Soya Bean, tanks coast,
cabled: "Directors of Santa Clara Sugar Planters' Associa- 9 to 93'e.; edible, olive 2 to 2.25. Lard, prime, 133/2c.;
tion voted unanimously for the dissolution of the Single extra strained winter, N. Y., 12%e. Cod, Newfoundland,
,
Seller. It is estimated that the Agency sold from 70,000 60c. Turpentine,56 to 62e. Rosin,$7.35 to $9.25. Cottonto 150,000 tons of sugar for shipment to Europe part of seed oil sales to-day including switches 10,400 bbls. P. Crude
.,
which is for Russia." All refiners here are now said to be msSp.aorEtch 7c. bid. Prices closed as follows:
8.52§8.54(Aug
I8.25§8.6 May
0
accepting prompt or delayed shipment orders for granulated
8.90§8.95
8.55 8.65 Sept
8.25 8.55 June
9.00©
on the basis of 4.70c. that price being established by the April
8.82 Oct
8.25 8.55 July
8.99 _-_
general allowance of a freight differential of 15 points.
-Bulk gasoline prices of late were rather
PETROLEUM.
Savannah announced a decline in its basis price for reone of the larger refiners
fined sugar to 4.70c. and will advance to 5.00 at the opening easier. Rumor had it that States motor gasoline inwould
United
reduce
tank
of business Saturday. No action has been taken by local cars at the price for
Harbor refineries to 8c. And it would not
refiners but it is expected that they will take similar action. surpriseNew York
leading refiner lower the price to
On the 6th inst. prices ended 3 points lower to 6 points higher at least many to see thefuture. Gasoline was quite
8%c. in the near
plentiwith the near months making the best showing owing to ful it was
reported at 7%c. in tank cars at refineries but
covering. The sales were 56,000 tons. Refined 4.85c. buyers were
interested at that price. Export buying
not
A late rumor on the 6th inst. was that the demand was lagged.
were in fair demand. Bunker and
broader for Cuban raw sugars for March shipment at 1 8c. Diesel oil Heating oils at $1.05 for Grade C. bunker and $2
were steady
c. & f., but that the Single Seller declined to accept orders for Diesel. Kerosene was weak at
73. to 7%c. for water
at lass than 2c. To-day early prices were generally lower white in tank
cars refineries. There was a reduction of
under liquidation and some selling by houses with trade 79,898 bbls. in
daily average production of crude oil
connections with the issuance of 45 notices. Liverpool during the week the
ended March 1st, owing largely to curtailopened unchanged to %d. lower. London opened barely ment
instituted in California.. As a co-operative
steady for old contracts at 4d. decline or unchanged while move measures
3
to reduce the production of gasoline in California to
the new deliveries were unchanged to / lower. The the level required
3 t d.
meet the State's natural markets in
ending here was at an advance of 2 to 4 points with sales of 1930 the Standard to Co. of California announced
Oil
that it
52,550 tons. Final prices show an advance for the week of would adopt the suggestion of the Federal Oil
Conservation
4 to 13 points.
Board and reduce refinery runs one-seventh.
Prices were as follows:
Tables of prices usually appearing here will be found on an earlier
March
May

1.75@nomiJuly
!Sept
1.83@

i.8465

Dec
an

1.99@nom
2.00Onom

LARD on the spot was lower; prime Western, 11 to 11.109.
Refined Continent, 11c.; South America, 1138c.; Brazil,
/
12%0. Later prime Western was 11.10 to 11.20c.; Refined
Continent, 11%04 South America, 113c.; Brazil, 123o•
On the 1st inst. futures declined 10 to 15 points with grain,




Emrioileuomur

and

ament ufts..usiness Indications," in an article entitled
oc "
.p

RUBBER.
-On the 1st inst. prices fell 10 to 30 points
with sales of 532 tons. Ceylon advices.
. reported resistance
to restriction measures. The opposition of the Ceylon
producers was based chiefly on the fact that May was an
unsuitable month for cessation of tapping in that par-

MAR. S 1930.]

FINANCIAL CHRONICLE

1685

ticular territory. But Ceylon growers there opposed govern- during Jan. and Feb. follow: To the United States in Feb.,
ment restrictions of 1922-28. The present plan calling for 30,943, against 32,840 in Jan.; to the United Kingdom
complete suspension of tapping during May some think will 9,980 in Feb., against 11,274 in Jan.; British possessions
be dropped for something less likely to rouse the opposition 685, against 675 in Jan.; Continent 5,261, against 5,889 in
of laborin Malaya and the Dutch East Indies. One plantation Jan.; Japan 1,844, against 1,547 in Jan.; other countries
interest is advocating adoption of its own tapping system 143, against 105 in Jan.; total in Feb. 48,947, against
known as the A.B.C. plan, whereby one-third of the area, 52,535 in Jan. Jan. total includes 3,246 tons previously
rests for six months in rotation. This plan has the ad- reported and excludes 435 tons carryover end of Dec.
vantage of yielding a crop of between 80 and 90% from the On the 6th inst. prices advanced 10 to 20 points with a
same acreage with two-thirds of the bark consumption and better business in actual rubber. Sales of futures 517 tons.
two-thirds of the labor. New York closed on the 1st inst. London Md. higher at 73/ spot and March. March here
2d.
with March, 15.40c.; May, 15.90c.; July, 16.30 to 16.40c.; ended at 14.90 to 15c.; May at 15.30 to 15.40c.; Sept.
,
Sept., 17 to 17.10c.; Nov., 17.10c.; Outside prices: Ribbed 16.20e. To-day prices advanced 20 to 30 points owing to
smoked spot and March, 15M to 153 c.; April-June, 16 to higher cables and Malayan shipments for Feb. of only
%
163Ic.; July-Sept., 163 to 17e.; Oct.
-Dec., 173 to 173/2c.; 48,947, against 52,535 in Jan. London closed 1-16d. net
spot first latex, 16 to 163e.; thin pale latex, 163' to 18Y
8c. higher with spot-March, 7 9-16d.; April, 7YA..; April-June,
London advanced, 1-16d.; spot, 7 15-16d.; March and 73 d.; July-Sept., 8d.; Oct.-Dec. 8Vicl.
%
prices here
April, 7 15-16d.; April-June, 8Md. Singapore March, for the week show a decline of 40'60 points.
to
7 9-16d.; April-June, 7 15-16d.; July-Sept., 8 5-16d.
HIDES.
-On the 1st inst. prices advanced 5 to 10 points
On the 3rd inst. prices fell 30 to 50 points with London with
off Md. and large selling by cotton interests and others. there sales of 640,000 lbs. Some profess to believe that
is
Cotton operators were crecited with selling July and Sept. March still a fair chance of a tariff being levied on hides.
closed at 14.30c.; May at 14.70 to 14.75c.; July at
Hope of relief from restriction of output seemed to be lessening. The London stock increased last week 1,658 tons now 15.20c.; Sept. at 15.70c. to 15.80c.; Dec. at 16.20c.; Jan. at
being 64,383 against 56,616 on Jan. 6th. New York on 16.35c.; Feb. at 16.50e. The adjustment committee of
New York
the 3rd inst. closed with March at 15 to 15.20c.; May, differentia Hide Exchange on March 1 announced price
ls between the basis grade and the premium and
15.50 to 15.60c.; July, 16 to 16.10c.; Sept., 16.40c.; Oct.,
16.50 to 16.60c. Outside prices: Ribbed smoked spot and discount grades of hides deliverable against exchange conMarch, 153 to 153c.; April-June, 153 to 16c.,; July-Sept., tracts as follows: Filgorifico-Steers, 2.35e. per pound
%
premium; light steers, 70c. premium; cows, 2.6543. premium;
%
163' to 168 c.; Oct.
-Dec., 17 to 173c.; spot first latex, 15%
to 16c.; thin pale latex, 154 to 163'e., rolled brown crepe, extreme light cows and steers, 1.40c. premium. Packer
10 to 103c.; No. 2 amber, 143 to 14%c.; No. 3, 143 to hides: Heavy native steers, 1.70c. premium; extreme light
143'c.; No. 4, 13% to 14c.; Paras, up-river fine spot, 16% native steers, 55c. premium; heavy native cows, 60c. disto 163 c.; coarse, 83 to 8%c. London spot and March, count; light native cows, basis grade; heavy butt branded
%
7 13-16d.; April, 73d.; April-June, 8d.; July-Sept., 8%d.,• steers, 1.70c. premium; heavy Colorado steers, 1.10c.
premium; heavy Texas steers, 1.70c. premium; light Texas
Oct.
-Dec., 83.d. On the 4th inst. prices swung round and steers,
advancec. 10 to 20 points. Not all of the rise was held. July count; 55c. premium; extreme light Texas steers, 60c. disbranded cows, 60c. discount.
indeed at one time declined 10 points. But this was regained
New York on the 3rd inst. ended unchanged to 20 points
later. And the market in general was in a better technical
position. London ill is true fell Md. Cotton interests sold lower with a leap in sales to 1,200,000 lbs. which bore striknearby months but bought the more distant months especially ing testimony to the eagerness to liquidate. The trade
bought
September. Wall Street sold more freely than any other 25,000 on the way down. Of Argentine irigorifico steers
interest. But trade interests bought. Actual rubber was there sold at 16 7-16 to 16 9-16c. For common dry hides
was a trifle more inquiry, Country dull. Packer rather
quiet and unchanged. Spot March, 153 to 15Mc. New
York ended with March, 15.10 to 15.20c.; May, 15.50 to steadier. Common dry, Cucuta, 16c.; Orinocos, 133 to 14c.;
Maracaibo
15.60c.; July, 16e.; Sept., 16.40 to 15.50c.; Dec., 16.90 to Savanilla, , Central America La Guayra, Ecuador and
12M to 13c.; Santa; Marta, 133 to 14c.; Puerto
170. In Singapore March 7, 3-16d.; April-June, 7 9-16d.,
showing a drop of %cl. In London spot and March 7 11-16d. Cabello, 123/2 to 13c.; Packer, spready native steers, 163e.;
Singapore on the 4th inst. closed easier at %id. net lower; native steers, 14c.; butt brands, 140.; Colorados, 133'c.
No. 3 Amber crepe spot 63d. or 5-16d. lower. London New York City calfskins 5-7s, 1.65 to 1.70e.; 7-9s, 2.10c.;
on the 5th inst. fell sharply and the vise shipment figures 9-12s, 2.45c. On the 4th inst. New York fell 10 to 30 points.
showed a substantial increase over last week. The absence Outside markets were quiet. At the Exchange the sales were
of definite news from the East concerning the restriction still large reaching 1,040,000 lbs. Liquidation was the order
proposals was depressing. According to the Department of the day confined largely to September, December and
of Commerce the vise shipments to the United States for February. September sold at 15.50 to 15.70c., closing at
the week were 13,416 tons, representing an increase of 2,743 15.50c.; Dec. at 16.20e. closing at 15.80c.; Feb. 1931,
To-day,
tons for the previous week and compared with 9,909 tons 16.40c., closing at 16.05c.; March nominally, 14c. '
shipped two weeks ago. London closed 3-16 to 5-16d. prices ended unchanged to 10 points lower with sales of
lower with spot March 7%d.; April, 7 7-16d.; April-June, 16 lots. March ended at 13.90e.; May at 14.200.; July at
7/d.; July-Sept., 73/8d. and Oct.
-Dec., 83/8d. Amsterdam 14.75c.
cabled: "No further meetings of international rubber interOCEAN FREIGHTS.
-Rates for clean oil fell. Early
ests is expected. Some Dutch producers have asked post- in the week the prospects for general business looked better.
ponement of the date, March 1 whereby approval or dis- Later trading was on a smaller scale.
approval of the proposal to suspend tapping on May can be
CHARTERS included grain: Vancouver-Greece, 20s., prompt; booked
notified by those absent or unable to vote at meeting of on Saturday, 10 loads, Manchester, Is. 6d.; 8 loads to Hull, 28.; 5 loads to
Antwerp, 9s.; 33,000 qrs. St. John, 11c., or New York, 103.c., prompt.
Feb. 10. The British committee agreed to postponement March, to Mediterranean; 35,000 qrs., New York 10c., or St. John 103c.
basis, Mediterranean, prompt, March; 34,000 qrs. prompt, Gulf to United
to March 20.
Kingsom, 2s. Time: Prompt West Indies or
On the 5th inst. prices here declined 40 points with sales prompt delivery, lower Chesapeake, Canada, Canadian round, 80c.:
round. $1.25. Sugar:
Domingo, first half April, to United Kingdom-Continent,
of 2,117 tons or nearly double the business of the day before. Santo June 1-20, to United Kingdom-Continent,
13s.:
Cuba,
14s. 3d.: Port au Prince,
London dropped to 7Md. for spot and March. Singapore United Kingdom-Continent, March, 14s. Tankers: Curacao, April-May,
crude or fuel oil, United Kigndom-Continent,
was 7 3-16d. for March and 73" for April-June. Here for first 12 and $2.50 for ensuing six months; 24s.; motor, 18 months $3
2d.
clean, March-April, to United
March ended on that day at 14.80c.; May at 15.10 to Kingdom-Continent, 42s Gulf, or 40s. Curacao; orude or fuel, end March.
Gulf to Philadelphia 46c.; Southern
15.20c.; Sept. at 16 to 16.10e.; December at 16.50 to 16.70c. March through 1930,at 36%c.•, Gulf,loading ports to north of Hatteras,
March, to north of Hatteras 46c.;
London cabled to-day: "Colombo Ceylon rubber producers 18 months,dirty, prompt,78. Id.; clean, Black Sea,June-July, Vladiviistok,
April, crude, to north of Hatteras, 75c.: trips to Dec.
announced they will support Dutch-Anglo May restriction 568.; California,Hatteras,
31.
Gulf, north of
38c., with usual options and
plan which provides for stopping of tapping rubber trees in March, crude, north of Hatteras. 42c. Coal, Hampton provisions;
Roads,
that month. This cancels their former decision not to March, to Plate, $3.25; Hampton Roads, St. Lucia, first half proniPt.
March.
second
adhere to the scheme." Another London cable said: $1.65. Lumber, British Columbia, Montreal, March,19s. half, $10.50.
Asphalt: Tampico, March to United Kingdom,
Apples; 4Port
4
"Planters Association of Malaya unanimously resolved to William, N. S.. to United iIngdom, April, 70c.
urge plan of cessation of tapping during May. Over 40
-Cold weather gave a fillip to city and nearby
COAL.
companies under the lead of Harrison and Cr*fields, Ltd.,
and 29 domiciled offices of Rubber Estates Agency and trade. Wholesale business is not so assured. Industrial
other smaller groups announced adherence to the plan." dullness tends to check it. Illinois output fell 25% below
Colombo cabled the Rubber Exchange: "Ceylon States the season's maximum. Industrial demand was slack.
Proprietary Association now agreed to the plan for cessation In some cases wholesalers had a somewhat better business.
of rubber tapping during May. A referendum is now being At Hampton Roads prices weakened to $4.25 to $4.50 the
latter for the best New River and Pocahontas. The cooler
taken by locally controlled interests."
Further meetings of the International rubber producing weather with the opening of March helped business here and
interests have been postponed for the time being, according there. Chicago's prices were stronger. Pittsburgh's coal
trade has improved slightly, with auspicious weather and a
to an Amsterdam cable received to-day by the
Exchange.here. British interests representing a Rubber better tone to forward contracts. Domestic anthracite on
majority
of plantation owners, have agreed on a postponement until the basis of mine price plus freight of from $2.34 to $2.39,
according to New Jersey delivery point, is laid down
March 29. In the meantime the Dutch growers will seek
to York at $10.25 to $10.50 or so. in Chicago ordinaryat New
obtain the approval or disapproval of growers who
grades
absent or unable to attend the Feb. meetings whenwere of screenings were quoted at $2.25, Chicago delivery. Smokethe less hard structure at $3.25 and stove at $3; lump, $3;
proposal to suspend tapping of trees during the
small
May was put forward. It is also indicated the month of nut, $2.25; mine run, $2.25 and a range down to $3 on egg
.
cablegram and down to $2.75 on stove. Other prices are f.
stated, that.
o. b. mines
ajoint Anglo-Dutch communique on the
will be published shortly. Malayan shipments from matter Southern Illinois lump, $3.15; mine run, $2.15; screenings,
Singa- $1.30 to $1.60; Central Illinois lump, $2.40 to
pore, Penang, Malacca and Fort Sweetenham in long
$2.65; mine
tons run, $1.70 to $1.85; screenings, 75c. to $1.




1686

TOBACCO has remained quiet. Pennsylvania tobacco
seems in some sense an exception. Buyers want it. They
are in more or less eager quest of the new qualities that they
need. To all appearance the Wisconsin is pretty well
bought up. The Sumatra sales begin soon. The first will
occur on the 14th inst. and the next on the 21st inst. Havana,
Cuba, advices to the U. S. Tobacco Journal: "A heavy
shower fell Sunday night in Havana and it rained more or
less.Monday and Tuesday. Parts of the Partido section
received some of the rain but as far as we could learn, it did
not reach the Vuelta Abajo or Remedios sections. No rain
is wanted just now in the country as the soil has plenty of
humidity for the harvesting of the capadura or second
growth as well as for the small quantity of the late planting
that has been made and which should all be cut before
another 10 days or so. It will be some time yet tefore all
the capadura growth is cut, as some of the plants are of fair
size and others where the first cutting has only recently
been made are naturally still lery small." Springfield,
Tenn. to the same Journal: "Sales for the week ended
Wednesday amounted to 1,600,345 lbs. at an average of
$15.12. This brings the total sales for the season up to
13,757,960 lbs. at an average of $14.82. It is estimated that
there are from seven to eight million pounds yet to be sold
over the floors. Prices this week in most cases were the
highest, as the quality on a whole was under any other week
up to now. The most noted change was in cigar leaf medium
and good grades, all other grades only showing a, small gain
under more active demands."
COPPER has been in moderate demand with electrolytic 17% to 18c. Export sales thus far in March are 6,000
tons, including 1,100 on the 6th inst. That is making a
better showing. Employment is increasing at Waterbury,
Conn. London cabled that furnace refined copper is being
used in larger quantities as a substitute for electrolytic.
Invisible supplies of copper are said to be small, offsetting
in a measure the admittedly large visible supply. No sales
of copper were made at the Exchange on the 6th inst., and
the ending was dull and lower. March, 17.25c. asked;
April, 17.10c,; May, 16.90c. In London on the 6th inst.
standard spot advanced 17s. 6d. to £68; futures up 13s. 9d.
to £67 15s.; sales, 750 tons futures. Electrolytic, £83 10s.
bid and £84 5s. asked. To-day prices closed steady with
March 16.85 to 17.10c.; April, 17c.; May, 16.80c., and July,
16.40e.
TIN has been dull and declining of late. On the 5th inst.
sales of Straits here, however, were 800 to 900 tons. The
/
next day trade was dull. Promtp Straits, 3578c.; April,
36.10c.; May, 36.20c. Prices were off Vic. They were the
lowest in a period of eight years. In 1922 28%c. was
quoted. March ended on that day 35.50 to 35.80c.
April, 35.60 to 36c. In London on the 6th inst. standard
spot dropped £1 5s. to £161 10s.; futures off £1 7s. 6d, to
£163 15s.; sales, 50 tons spot and 850 futures. Spot Straits
down £1 5s. to £163 15s.; Eastern c.i.f. London,£168 12s.6d.
on sales of 300 tons. At the second session in London
standard dropped 10s. with sales of futures 600 tons. To-day
prices closed at 35.95c. for March, 36.25c. for May, and
36.40 to 36.52c. for July. Sales were 175 tons.
LEAD has latterly declined $3 a ton here, the American
Company putting the price at 5.85c. per pound. That is
the lowest since Sept. 1922 when the average for that month
was 6.07c. In August of that year, however, the price
averaged 5.81c. At the first session in London on the 6th
inst. prices declined 11s. 3d. and at the second 3s. 9d. to
7s. 6d. further. A pretty good business was reported here
late in the week not a few regardig prices low. On the
6th inst. London fell to £19 2s. 6d. for spot and futures;
sales, 200 tons spot and 700 futures. At the second session
futures 3s. 9d. with sales of 900 tons.
ZINC has been in somewhat better demand, but this is
very far from meaning that trade has been active. East
St. Louis sold as low as 5c., the lowest price for six years
past. During the month of February stocks increased
2,770 tons. Present stocks are equal to more than two
months' consumption. New York quotes 5.35c. now. In
London on the 6th inst. spot declined 6s. 3d. to £18 is. 3d.;
futures off 5s. to £18 13s. 9d.; sales, 250 tons spot and 1,150
futures.
-February made a less favorable showing than
STEEL.
January. That seems to be generally agreed. The only
consolation is that January was in a way a remarkable month
for business. Few expected the sales to continue on the
January scale. Steel plates sell pretty well to builders of
locomotives, makers of oil tanks, pipe lines, shipbuilders
and freight ear builders. At Chicago there are inquiries
for 35,000 tons of plates for oil refining work. Consumers of
soft steel bars want small lots. In January sheet sales were
over 101% of capacity.; Tin plate makers are hopeful this
year, though mills are operating at 12% below the pace a
year ago.
PIG IRON.
-Chicago prices have weakened. The sales
last week were smaller. New York has been the quietest
spot. Alabama has been pushing its iron wherever opportunity at the North. Buffalo has sold it is insisted, at$16,
even if $16.50 may be the more general quotation. Pennsylvania iron, under the stress of competition, is said to have
sold at as low as $18 at furnace, strange as that may sound
when nominal quotations are $19 to $20. How seriously




[VOL. 130.

FINANCIAL CHRONICLE

the nominal quotations are to be taken is the question.
Chicago reduced the price 50c., making it $19.50 owing
to keen competition by Alabama interests. Pig iron output
in February increased 11% in the daily rate.
-A Boston government report said: "Fleece
WOOL.
wools are only moderately active. Scattered sales have been
reported on the 64s and finer grades and the 48.50s grades
of strictly combing wools. The 64s and finer qualities of
strictly combing wools are bringing prices in the range of
78c. to 81c., scoured basis, and the 48.50s, grades are moving at prices in the range of 58c. to 63c., scoured basis.
Numerous inquiries have been received on the 56s strictly
combing wools, but no sales of any volume have as yet been
reported." At Wanganui on March 4 offerings 12,500
bales and sales 10,100 bales of crossbreds. Active bidding
by Continental buyers. Prices equal to those at the Christchurch sales Feb. 12 on average to super-grades. Prices
realized were 48-50s, 83d. to 9d.: 46-48s, 73% to 9d.; 44-46,
4
/
7M to 83'd.; 40-44s, 73/ to 81 1d. and 36-40s, 7d. to 73 d.
On the 3rd inst. the sales were mostly cf wool listed at
Wellington. At Perth on March 4, 20,000 bales were
offered. A large proportion of the Northwest wools were
withdrawn. Trade good especially in Southern wools.
Compared with sales Jan. 14 spinners' wools were 10% lower
and topmakers' wools, 12% lower. The best prices paid
4
for fleece wool were Beaufort Downs, 13d.; Kojonup, 123 d.;
Wondinong, 11d. San Angelo, Tex. advices said that the
wool and mohair warehouses of West Texas, through which
more than 75% of the 57,000,000 pounds of wool and mohair
were sold in 1929, will endeavor to work out their own marketing plan March 12, it was disclosed following a conference
of 22 of these warehouses. No particular action was taken
regarding affiliation with the National Wool Marketing
Corporation or under the sponsorship of the Federal Farm
Board.
At the Wanganui sales on March 3, 18,000 bales were
offered, and 12.800 sold. Active competition between
Yorkshire and Continental buyers. Compared with the
Christchurch sales on Feb. 12 crossbreds were in buyers'
favor arid were firm at the closing of the sale. Prices realized
A
on merinos averaged 9d. to 11d.; crossbred 56-58s, 91 to
At Sydney
10d.; 46-48s, 8 to 9Md.; 36-40s, 73/b to
on March 5, the sales ended; good selection. America,
Yorkshire, the Continent and Japan bought. Compared
with the opening on Feb. 5 the price of fine fleece and
merino skirtings were unchanged and others were 5% lower.
The next series will be held March 17 to April 2 and offerings
will total 79,700 bales.
SILK closed unchanged to 3 points higher on new contracts with sales of 160 bales. March ended at 4.35 to 4.47;
May at 4.25 to 4.32; July 4.20 to 4.25.

COTTON
Friday Night, March 7 1930.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
50,312 bales, against 55,748 bales last week and 65,886 bales
the previous week, making the total receipts since Aug. 1 1929
7,395,249 bales, against 8,197,009 bales for the same period
of 1928-29, showing a decrease since Aug. 1 1929 of 801,760
bales.
Receipts at-

sat.

Mon.

Wed.

Tues.

Thurs.

Total.

Fri.

33 12,260
2,821 1,793 5,194 1,010 1,409
Galveston
Texas City435 435
2,119 3,i§§ 2,.2§8 1,886 1,708 2,519 13,718
Houston
409
133
158
45
17
56
Corpus Christi_ _
---,
191 4,840 2,548 14.347
New Orleans
477 2,726 3,565
47
219
134 3,150
483
78 2,189
Mobile
1,500
____
____
- , 1,000
Pensacola500
617 1,825
360
475
90
118
-i(1
Savannah
493
__ _
218
84
85
55
51
Charleston
313
8
13
66
49
79
98
Wilmington
799
'
''
100
86
Norfolk
------150
---___
___
---___
150
New York
247
Boston
666
_
-------------666
------__-Baltimore
Totalg thig vo..1,

A ROA

11.127

12.046

4.505

9.156

7.190 50.312

The following table shows the week's total receipts, the
total since Aug. 1 1929 and stocks to-night, compared with
last year:
•
1929-30.
Receipts to
Mar. 7.

1928-29.

This Since Aug This Since Aug
Week. 11929. Week. 11928.

Stock.
1930.

1929.

Galveston
12,260 1,649,024 27,086 2.594,401 335,162 446.191
32,648
12,252
Texas City
435 133,329 1,376 169,694
13,718 2,512,052 19,556 2,701.870 917,345 743,816
Houston
---- 255,973
18,899
Corpus Christi
409 381,746
14,065
---14,754
Beaumont
New Orleans
14,347 1,433,834 21,094 1,338,027 465,561 325,320
398
Gulfport
.--;;;;
33,975
34,844
Mobile
3,150 361,080 6,zvo 230,261
50
11,544
30,270
1,500
Pensacola
18
160
748
867
Jacksonville384
42,084
57,850
Savannah
1.825 430.546 4,523 322,561
7,094
_
Brunswick_
-356 153,566
37,356
21,391
493 1'77,848 1
Charleston
5,505
,,8,780
____
Lake Charles_
38,406
21,603
85,789 1,380 114,285
313
Wilmington
91,393
60,805
Norfolk
799 137.372 1,988 209,529
92
N'port News, &c_
87,295
762
35,293
2,855
97,090
New York
150
3,575
12
1,950
1,529
1,822
247
Boston
1,107
37.829
1.214
26,284 1,535
Baltimore
666
4.657
6
5.093
---679
Philadelphia
Totals

50.312 7.395,249 86.941 8,197.009 2.051.798 1.888.571

MAIL 8 1930.]

FINANCIAL CHRONICLE

1687

In order that comparison may be made with other years, the trade. On the 1st inst. prices declined 20 to 26 points,
with grain off 2 to 3c., other commodities weaker, especially
we give below the totals at leading ports for six seasons:
silk, and more selling of cotton by the West and the South.
Spot markets were 20 points lower and dull. Goods were
Receipts at- 1929-30. 1928-29. 1927-28. 1926-27. 1925-26. 1924-25.
54.896 quiet. Manchester was quiet and there was less hopeful talk
25,592
57.825
22,069
12,260
27,086
Galveston---10,822
42,890 about the effect of the new East Indian tariff. It may not
48,707
11.520
13,718
Houston*.--19,556
37,200
33,100
53.578
16,802
New Orleans_
14.347
21,094
been expected, but it
3,912 be as onerous for Lancashire as had
1,765
3,690
2,871
Mobile
6,205
3,150
22,911
18,124
16,110 reveals higher rates. With an East Indian import duty on
4,942
1,825
Savannah_
4,523
Brunswick _
1.0c., silver has declined sharply to the manifest
12,302
6,868
11,850 silver of some
2,589
Charleston _
493
1,356
2,752 disadvantage of Manchester's Far Eastern trade. And what
5,239
715
4,374
Wilmington
313
1,380
9,969 hits Manchester hits the South, more or less.
4,505
6,552
1,328
Norfolk
799
1,988
N'port N.. &c.
5,452
3,769
7.171
4,260
3,407
All others_ -__
3,753
On the 3rd inst. prices declined 15 to 20 points, partly
4%c. In wheat, the refusal of the
Total this wk_
70,755 217.975 105,260 185,061 owing to a drop of 3% to
50,312
86,941
Farm Board to buy cash wheat at the old loan price, but
Since Aug. 1_ _ 7.305.24O RA 07 nno 7 045.72(1 10017 197 S.112.150 8.135.043
only at the market price. Also the fertilizer tags for the
* Beginning with the season of 1926. Houston figures include movement seven months ended Feb. 28 were 1,434,050 tons against
of cotton previously reported by Houston as an interior town. The dis- 1,156,869 for the same time last season and 1,671,271 tons
Unction betwen port and town has been abandoned.
two years ago, which first weakened New Orleans and then
The exports for the week ending this evening reach a total New York. The decrease in the acreage was estimated in
of 140,056 bales, of which 19,332 were to Great Britain, one report at only 3 to 6%. A drop in silver to a new low
19,494 to France, 47,270 to Germany, 23,391 to Italy, also told, as well as lower prices for silk, sugar, rubber and
nil to Russia, 13,323 to Japan and China and 17,246 to other other commodities, emphasizing general weakness in merdestinations. In the corresponding week last year total chandise prices. Moreover, sterling exchange was the lowest
exports were 146,720 bales. For the season to date aggre- since last October. This certainly did not help exports.
gate exports have been 5,425,573 bales, against 6,267,613 Cotton goods were dull at home and abroad. Manchester's
bales in the same period of the previous season. Below trade, it was feared, might be hurt by the rise in the East
are the exports for the week:
Indian tariff, though British goods have a preferential rate
of 5%. Worth Street was dull and ,at a loss what to think
Exported to
of the situation. It was at first reported that 35,000 bales
Week Ended
of cotton had been destroyed in a fire over Sunday in New
Jaflan&
Mar. 7 1930.
Great
GerExports front
-- Brtlatn. France. many. Italy. Russia. China. Other. Total.
Orleans. But the total was reduced to 18,000 bales and
was said to be de___- 3,664 5,839 38.986 covering of hedges here on this cotton
Galveston
-- 5,114 18,754 5,615
_--- 7,299 9,192 62,982 ferred awaiting action of the insurance companies. Spot
Houston
4,815 12,221 17,229 12,426
Texas City
especially as
-_-„-,-,.. 123 llgg cotton was 10 to 15 points lower, and quiet,
::::
New Orleans_ _ _ _
.
,
,
7.0ai 1-ii fflg 2 60
1.500 there was a holiday at Galveston,Houston and Dallas. There
---Pensacola
---- 1tnal
500
---Savannah
--------3,820
------2,620
1,200
____
points. It was lost in subsequent
-------------362 1,448 was a passing rally of 10
---Charleston
---- 1,086
Liverpool, after opening higher than due, broke
---------3,300 selling.
---Wilmington_ _ _
Norfolk
-------------------------2,129 and closed 2 to 32 American points lower.
2,lif)
New York
-415 ---- -------- -300 1,413
766
910
--- 4,418
Los Angeles_
------2,108
____
1.400
On the 4th inst. prices declined 15 to 20 points, with wheat
450
--__
1,977
700
San Francisco_ _ _
____
827
-------2 to 2%c. lower, cables listless and an estimate of the world's
___ 13,323 17,246 140,056 consumption of American cotton for this season of 14,250,000
Total
19,332 19,494 47,270 23,391
15,250,000, according to various
___ 33,721 12,995 146,720 bales against 15,072,000 to
Total 1929
25,490 21,225 26,509 26,780
19.613 15.431 21.266 14.193 5.201 7.494 28.101 116.298 estimates last season, 15,500,000 two years ago, and 15,Total 1928
750,000 three years ago. The West Wall Street, Japan,
Exported to
From
Bombay and Liverpool sold. But on the decline the trade
Aug. 1 1929 to
and shorts bought more freely, and as wheat rallied 2e.
Ger-Javanat
Mar. 7 1930,
Great
Total.
Exportsfrom- Britain. France many. Italy. Russia] China. Other.
cotton regained a little of the early loss. But the dullness
weighed heavily on the market,
Galveston---- 172,135 238,565 302,911151,34718,123 258,091 231,359 1,362,531 of goods at home and abroad
Houston
189,771 302.923 374,996 147.774 12,521 268,927 165,709 1,462.621 and so did the slowness of the spot markets and the unsatis3.151 11,040 91,725
--35,1081 2,533
Texas City_
25,017 14,876
Corpus Christi 98,060 69.535
48,3681 36,5171 41,521 27.731 30,257 351,989 factory exports.
____ 3,241
14,754
___,
Beaumont - ...
3,112 3,610
3,777 1,014
On the 5th inst. prices declined 35 to 40 points, with fur8.840
Lake Charles363
318
4,0551 3,654' --------450
New Orleans. 227,159 67.327 178,7911141,810 15,875 154.794 75.741 861.497 ther liquidation as Liverpool declined and wheat dropped 2e.
____ 11,687 5,484 268.375
Mobile
81,931 7,083 154,050 8,140
Stop orders were reached. Of course they hastened the
141
Jacksonville
141
55
30.670 decline. Manchester and Worth Street were dull, and 38%.
_--- 1,000
Pensacola__ _ _
200
5.384
____
24,031
__-_ 8.000 5,193 347.106 Inch 64x60 print cloths sold at 6%c., a decline of %c. AlexSavannah._ _ _ 134,476 1,058 193,068 5,3111
Brunswick_
7.0947,094
Charleston_
48,661
220 -_-- 40,405 11,456 155,522 andria was lower. The decline there had been very sharp
115
54,665
---- ---- 2,000 65.233 on some deliveries. Silver reached another new low. BomWilmington_ _
12,987
____
9.836 40,410
188
600
68,661
Norfolk
44,117
23,756
____
---4 _-__ 2,497 7,911 45,730 bay, Brmen and Havre were all down. But later most of
New York_
3,280 6,881
20,436 4,725
50 2,148
2,453 the morning's decline was recovered as wheat rallied Sc.
Boston
____
___-1 _-_223
32
Baltimore_ _ _
__-_
972
122
229 from the earlier low and Chairman Legge announced that
Philadelphia__
___
72
_-__ 103,619 2,287
1.08 Angeles__
remove
35.840 3 650
1,310
43,88
,
_I ____ 2,900 _-_- 190.594 the Farm Board would continue to buy wheat andmay be
8350
San Diego_ - 5,250
247
52,082 from the market whatever additional quantity
San Francisco
200 ---- 44,78;
4,349
300
2,20
-_ __
___ 24,245
Seattle
24,245 necessary to relieve the pressure and prevent any consid_I
____ 4,237
__-_
4.237
Portland, Ore
erable decline in prices, adding that the Board was preTotal
1,099,422717,213 1,474,247545.165 78,040956,720554,766 5,425,573 pared to advince to the farmers' organization whatever
for that purpose. The Stabilization
Total 1928-29 1,549,468676,817 1,622,527 500,316 132,782 1186796 598.9076,267,613 funds were necessary
Total 1927-28 939.603 717.170 1.647490461.168 118,426 768,301 609,279 5,261.437 Corporation, he stated, was prepared to and expects to take
of all grain purchased on futures contracts and
NOTE.
-Exports to Canada.
-It has never been our practice to include In the delivery
above table reports of cotton shipments to Canada. the reason being that virtually
merchandise it as the market conditions will permit. This
all the cotton destined to the Dominion comes overland and itt s impossible to give
more or less oversold cotton market, with its
returns concerning the same from week to week, while reports from the customs coming on a
districts on the Canadian border are always very slow In coming to hand. In view, implication that the Board was also likely to stand by
however, of the numerous inquiries we are receiving regarding the matter, we will cotton owners, had a very marked effect. The net final
say that for the month of January the exports to the Dominion the present season
have been 17,651 bales. In the corresponding month of the preceding season the decline on the nearer months was 5 to 11 points, while the
exports were 27,579 bales. For the six months ended Jan. 31 1930 there were next crop months showed a drop of 14 to 20 points.
117.088 bales exported, as against 144,680 bales for the six months of 1928-29.
On the 6th inst. prices, after declining 35 to 40 points,
In addition to above exports, our telegrams to-night also rallied very sharply on a stronger technical position, heavy
cotton on shipboard, not
give us the following amounts of
covering, and not a little trade buying. Most of the decline
cleared, at the ports named:
at one time was recovered, especially in the near months.
The sharp rally was traceable partly to the uncompromising
Not Cleared for
On Shipboard
attitude of the Farm Board in regard to supporting grain
CoastOther
Leaving
GerGreat
prices. The ending for the day, however, was 5 to 11 points
Total.
Foreign wise.
Stock.
Mar. 7 at- Britain. France. many.
lower on the old crop and 15 to 20 lower on the new.
Galveston
7,900 5,800 4,300 20,000 2,500 40.500 294,662 To-day prices were irregular, opening at a moderate ad200 20.447 445,114
New Orleans
2,493 2,963 4,230 10,561
_
300
300
57,550 vance and then dropping sharply to a net decline of some
Savannah
100
100
21,291 35 to 40 points. This was about 50 points under the high
Charleston _ _
___ _
---- 11,641
26
23,203
Mobile
----7,7
3.200715
59,355 of the morning. There was a fair amount of buying early
---- --1,450
--1,450
Norfolk
Other ports*
3,000 3.000 3.000 25,000 1,000 5.000 1,041.185 in the day. Cables were better, wheat was rather firmer,
were not very large, shorts were covering, and it
Total 1930_ _ 16,593 12,478 12,980 63,287 4.100 109,438 1.942,360 offerings
Total 1929
28,238 13,330 11,120 75,115 6,979 134.782 1,753.789 was said that spot interests were pretty good buyers for
91 2$29 6.162 10.7901 58.873 5,515 101.722 1.859.395
Total 1925
home and foreign account. But when this demand stopped
the market seemed to fall of its own weight. Not only was
*Estimated.
Speculation in cotton for future delivery was active, but there heavy liquidation, but it was said that a good deal
It was mainly in the way of liquidation which carried prices of hedge selling was done. Manchester was dull and the
down fully $6 a bale. A lack of confidence in the stability financial situation there, it is said, is becoming more acute.
of cotton prices was very apparent throughout the week. Worth Street was dull, and it was said that sales of 38%Trade in raw and manufactured cotton is dull the world inch 64x60's print cloths have been made at 6%c. Finsil
over. Overproduction is believed by many to be at the prices show a decline for the week of, generally, 120 to 125
heart of the whole trouble. Meanwhile, new speculation is points. Spot cotton ended at 14.15e. for middling, a decline
small. About the only buying is that by the shorts and for the week of 115 points.




------------1,094

1688

FINANCIAL CHRONICLE

The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs.

March 1 to March 7Middling upland

15.10

15.00

14.90

14.60

14.50

East Indian, Brazil, &c.

Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

Fri.

14.15

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _
Monday __ _
_
Tuesday
Wednesday _
Thursday _ _
Veda y

Futures
Market
Closed.

Quiet, 20 pts. decl_ _
Quiet, 20 pts. decl_ _
Quiet, 10 pts. deci_ _
Quiet. 30 pts. decl_ _
Quiet, 10 pts. decl_ _
Quiet,35 pts. deci_

Barely steady_ _
Barely steady.. _
quiet
Easy
Barely steady_ _
Steady

Total..
Since Aug. 1

SALES.

150

150
40,800 40,800
---866
500
15,500 15,500
800
800
400
400

Tuesday'
Mar. 4.

Wednesday. Thursday,
Mar. 5.
Mar. 6.

Friday,
Mar. 7.

Range.._ 15.00-15.20 14.85-15.01 14.73-14.88 14.52-14.66 14.13-14.42 14.05-14.52
Closing.. 15.0014.89
14.42 ---- 14.05 ---14.7814.47Apr.
Es
-Closing_ 15.14-15.0214.91 14.01 14.53 ---- 14.18Range - _ 15.29-15.52 15.13-15.30 14.97-15.11 14.74-14.98 14.36-14.72 14.29-14.82
Closing.. 15.29-15.31 15.1615.05 ---- 14.75-14.77 14.65-14.67 14.32-14.34
June
Range.._Closing _ 15.42 ---- 15.2815.17 ---- 14.87 ---- 14.7714.43 -Range
Range.... 15.56-15.78 15.38-15.56 15.25-15.37 14.98,15.22 14.60-14.98 14.50-15.05
Closing _ 15.56-15.57 15.41-15.42 15.22-15.30 15.00 ---- 14.89-14.90 14.54Aug.
Range _
Closing_ 15.5915.32 ---- 15.0414.5715.4314.93Sept.
Range..
-losing.. 15.62
15.0815.45 ---- 15.3514.6014.97CRange _ _ 15.65-15.92 15.48-15.64 15.35-15.47 15.14-15.34 14.79-15.14 14.60-15.17
Closing.. 15.65-15.68 15.48,15.52 15.38-15.40 15.14-15.15 15.00-15.02 14.62-14.64
Oct. (new)
Range- 15.46-15.72 15.30-15.45 15.20-15.31 15.03-15.19 14.63-14.97 14.48-14.99
15.03-15.04 14.87Closing.. 15.46-15.32
15.2614.55Noe.
15.60Range._Closing_ 15.8015.29 ---- 15.14 ---- 14.69 15.6015.82Nov. (new)
Range_ _
Closing 15.61 -15.4315.45-15.14 -- 15.00Dec.
Range.. 15.83-16.10 15.57-15.83 15.58-15.65 15.38-15.52 15.03-15.34 14.86-15.33
Closing.. 16.83-15.68-15.70 15.59-15.60 15.38-15.40 15.20-15.24 14.86Dec. (new)
Range__ 15.66-15.89 15.51-15.63 15.39-15.48 15.25-15.41 14.86-15.19 14.69-15.18
Closing_ 15.66-15.68 15.51 15.47-15.25-15.30 15.04 ---- 14.72Jan.
Range.... 15.90-16.13 15.70-15.85 15.60-15.67 15.45-15.57 15.10-15.36 14.91-15.40
Closing_ 15.9015.2515.7415.67 ---- 15.4514.91-14.92
Jan. (new)
Range__ 15 80-15 82 15.55-15.70 15.42-15.54 15.35-15.43 14 95-15.25 14.80-15.25
15.3515.92 ---- 14.81 ---15.54Closing_ 15.7615.55
Feb.Range- _
Closbag _-

Range of future prices at New York for week ending
March 8, 1930 and since trading began on each option:
Range Since Beginning of Oprton.

Option for
-

Range for Week.

Mar. 1930.... 14.05
Apr. 1930
May 1930.... 14.29
June 1030....
July 1930__ 14.50
Aug. 1930_
Sept. 1930
Oct. 1930.._ 14.48
Nov. 1930.... 15.60
Dec. 1930.... 14.69
Jan. 1931__ 14.80
Feb. 1931....

Mar. 7 15.20 Mar. 1 14.05
18.71
Mar. 7 15.52 Mar. 1 14.29
15.28
Mar. 7 15.78 Mar. 1 14.50
15.63
Mar.
Mar.
Mar.
Mar.

7 15.92
4 15.60
7 16.10
7 16.13

Mar.
Mar.
Mar.
Mar.

1 14.48
4 15.60
1 14.69
1 14.80
16.09

Mar.
July
Mar.
Feb.
Mar.
Feb.

7 1930 20.25 Apr. 1 1929
9 192918.82 July 8 1929
7 1930 20.18
8 1030 18.87
7 1930 20.00
8 1930 18.34

Sept. 3 1929
Oct. 24 1929
Sept. 3 1929
Nov. 22 1929

Mar. 7 1930 18.56
Mar. 4 1930 17.78
Mar. 7 1930 18.06
Mar. 7 1930 17.18
Feb. 20 1930 16.05

Nov. 20 1929
Deo. 16 1929
Jan. 13 1930
Feb. 1 1930
Feb. 15 1930

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.
MarchStock at Liverpool
Stock at London
Stock at Lanchester

1929.
1930.
bales_ 918,000 1,009,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks

109,000

102,000

1,027,000 1,111,000
487,000
309.000
9,000
92,000
67,000

571,000
259,000
19.000
84,000
43,000

1928.
1927.
775,000 1,300,000
71,000

165,000

846,000 1,471,000
526,000
321,000
17,000
110,000
51,000

641.000
300.000
12,000
115,000
65,000

976,000 1,025,000 1,133,000

Total European markets
1,991,000 2,087,000 1.871,000 2,604,000
Indian cotton afloat for Europe
193,000 171,000 177,000
92,000
American cotton afloat for Europe 307,000 404,000 428,000 554,000
Egypt,Brazil,&c.afloat for Europe 71,000
81,000 100,000 120,000
Stock in Alexandria, Egypt
498,000 439,000 388,000 448,000
Stock in Bombay, India
1,345,000 1,121,000 738,000 582,000
Stock in U.S. ports
a2,051,798a1,888,571a1,961,117a2,717,813
Stock in U. S. interior towns _ _ _a1,256,075 a849,195 a941,043a1,168,286
U. S. exports to-clay
'1 otal visible supply

7,712,873 7,040,766 6604,160 8,286.099
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 424,000 715,000 546,000 989,000
Manchester stock
73,000
57,000 145,0()()
76,000
Continental stock
874,000 914,000 971,000 1,089,000
American afloat for Europe
307,000 404,000 428,000 554,000
U. S. port stocks
a2
U. h. interior stocks
a1,256,075 a849,195 a941,043a1,168,286
U. S. exports to-day
• otal American
4,985,873 4,846,766 4,904,160 6,663,099




229,000

317,000

14,000
54,000
177,000
100,000
388,000
738.000

20,000
44,000
92,000
120,000
448,000
582,000

2,727,000 2,194.000 1,700,000 1,623,000
4,985,873 4.846,766 4,904,106 6,663,099

Continental imports for past week have been 170,000 bales.
The above figures for 1930 show a decrease from last
week of 140,824 bales, a gain of 672,107 from 1929, an
increase of 1,108,713 bales over 1928, and a loss of 555,226
bales from 1927.
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. 7 1930.
Towns.

Receipts.
Week. I Season.

Ala.. BIrm•ha
Eufaula
Montgomery
Selina
Ark.,Blythevill
Forest City....
Helena
Hope
Jonesboro......
Little Rock..
Newport......
Pine Bluff__
Walnut Rldg
Ga., Albany__
Athens
Atlanta
Augusta _ _ Columbus_ _
Macon
Rome
La., Shreveport
Miss..CI•ksdal
Columbus....,
Greenwood....

Meridian_ _ _
Natchez _
Vicksburg_
Yazoo City....
Mo., St. Louis
N.C.,Greensb•
Oklahoma
15 towruz.- -

283
553
36
275
1,042
266
585
58
294
1,083
47
683
276
_ __ _
200
2,927
2,382
62
419
70
119
1,921
43
2,984
708
7
475
287
6,893
559

1

Mounters/ to Mar. 8 1929.

amp- .)LOCICS I
uecetpts.
meats m ar.
Week. f 7
1 Week. Season,

843 14.335
105,023
711
213 5,674
18,783
17
180 27,421;
57,787
521
71,709 2,355 27.423
163
125,943 3,144 41,115
736
29,817 1,962 10,666
109
59,277 1,442 15,912
263
4411 2,224'
54,392
170
247 3,533
39,032
48
124,642 2,783 27,338
620
51,145
507: 4,2311
13
182,740 2,103 33,904,
82
79; 6,972,
55,087
34
2,494'
6,482
......
698 20,241
15
39,952
147,840 3,688101,077 1,637
283,840 3.788 90,723 5,68
100 2,462
839
23.536
468
72,885 1,632 19,31
250 17,68
295
22,906
839 54,920
143,004
638
187,297 2,238 35,433
771
152
27,815
645 8,819
3
227,178 2,155 68,37
594 6,405
3
51,653
101 9,454
23,935
49
498 7,433
32,184
36
816 9,657
41,582
2
237,215 6,951 13,598 13,818
76 10,52.
543
17,5321

.......f

Ship- Stocks
meals Af ar
.
Week.
8.

46,91: 1,174
13,0 .
218
53,586 2,240
54,86
3,443
82,242 2,345
26,82:
47
55,152 1,61
55,662
77
32,76
59
111,14. 1,386
46,457
952
135,712 3,899
38,669
466
3,5
28,21. 1,50
114,813 3,158
212,728 5,737
44,679
200
60,062 1,402
35,571
325
142,324 2,236
143,29
4.056
29,879 1,044
186.804 3,167
46,597
434
30,011 1,413
24,622
701
39,238
844
374,641 14,987
18,907
589

4,727
5,499
18,720
16,101
11,997
6,908
10,395
3,733
2,401
17,762
3,485
26,892
5,424
1,892
11,090
44.805
74,002
9,500
6,426
30,580
52,601
24,541
8,337
35,494
7,210
18,047
2,894
6,381
24,730
10,441

4,044 740,5601 7,167 65,482 3,212 757,564 8,748 30,280
Greenville 4.474 144,125 6,255 69,217 6,083 161,44
8,14. 42,890
Tenn.,/%1 emphi 28,409 1.708,224 38,l60385,469 31,170 1,504,096 46,10923)3,567
Texas, Abilene_
____
28,212
234
710 1,427
47l 52,041
Austin
886
---_
11,104
8
1081 47,712
71 2,124
Brenham_ _ _ _
92 3,366
10,635
2301 32,000
41
411 2,774
Dallas
505 12,170 1,2101 124,751 1,678 14,894
274 106,934
Paris
596 3,629
1021 95,923
73.055
264
428 3,103
Robstown_ _ _
26 2,382
32,698
----I28,005
____
470
San Antonio_
4
734
2791 41,131
7 23,3201
85 1,795
199
58,796,
782 4,967
2091 63,131
Texarkana
901 5,730
525 8,102 1,2311 140,55
Waco
192 103,387i
1,939 9,100
2
Total, 56 towns P., or.verc CAO 0.2.21 OR 151 1955O7, 7cr 14111K 1•1,,awl 10,1 nr,a rzoAn In,.
*Includes the combined totals of 15 towns In Oklahoma.

The above total shows that the interior stocks have
decreased during the week 32,064 bales and are to-night
406,880 bales more than at the same time last year. The
receipts at all towns have been 11,381 bales less than the
same week last year.
1930 NEW YORK QUOTATIONS FOR 32 YEARS.
1929
192g
1927
1926
1925
1924
1923

14.15c.
26.40c.
18.90c.
14.50c.
19.75c.
25.35c.
29.20c.
30.05c.

1922
1921
1920
1919
1918
1917
1916
1915

18.85c. 1914
11.25c. 1913
9 12
40.00c. 191 1
26.00c.
32.65c. 1919
0
19 0
17.00c.
0
.
2
1. . ,8
18 35c. 1907

13.05c.
12.70c.
10.45c.
14.45c.
14.95c.
9.65c.
11.35c.
11.25c.

1906
1905
1904
1903
1902
1901
1900
1899

11.05c.
7.60c.
15.10c.
10.25c.
8.81c.
9.25c.
9.310.
6.56c

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1929-30-

-1928-29-

Week.

Since
Aug. 1.

Week.

6,951
2,576
____
876
4,048
9,920

232,746
50,976
3,380
26,498
129,100
448,863

Since
Aug. 1.

14,987
2,890
117
814
5,648
17,580

349,568
67,228
4,893
33,507
149,383
439,428

Total gross overland
24,370
Deduct Shipments
Overland to N. Y. Boston, &c..- 1,063
421
Between interior towns
Inalnd, &c., from South
12,591

891,563

42,036 1,044,007

31.397
11,997
304.332

2.309
519
21.263

347,726

24,091

547,826

Leaving total net overland..- 10,295 543,837
* Including movement by rail to Canada.

17,945

496,181

March 7.

964,000

294,000

36,900
26,000
90,000
62,000
193,000 171,000
72,000
81,000
498,000 439,000
1,345,000 1,121,000

Total visible supple
7,712,873 7,048.766 6,604,160 8,268,099
Middling uplands, Liverpool
8.18d.
11.12d.
10.54d.
7.90d.
Middling uplands, New York_ _
14.15c.
21.65c.
18.85c.
14.20c.
Egypt,good Sake), Liverpool_ _ _ _ 14.45d. 26.10d. 20.15d.
15.40d.
Peruvian, roughg good, Liverpool 13.50d.
14.508. 13.00d.
11.50d.
Broach, fine, Liverpool
6.05d.
9.60-I.
9.50d.
6.90(1.
Tinnevelly, good, Liverpool
7.40d. 10.75d. 10.20d.
7.35d.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
* Estimated.

FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Monday,
Mar. 3.

494,000

Total East India, &c
Total American

Spot. Contr ct Total.

1,850 56.300 58.150
144,253 297,800 442,053

Saturday,
Mar. 1.

[VOL. 130.

ShippedVia St. Louis

Via
Via
Via
Via
Via

Mounds, &c
Rork Island
Louisville
Virginia points
other routes, &c

Total to be deducted

14,075

74,177
13,557
460,092

The foregoing shows the week's net overland movement
this year has been 10,295 bales, against 17,945 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 47,656 bales.

MAR.8 1930.]

FINANCIAL CHRONICLE
1929-30
-

In Sight and Spinners
Takings.

Week.

Receipts at ports to March 7
Net overland to March 7
Southern consumption to March

50,312
10,295
7110,000
Total marketed
170.607
Interior stocks in excess
*32,064
Excess of Southern mill takings
over consumption to Jan. 31__ _
Came into sight during week
138,543
Total in sight March 7
North. spinn's' takings to March 7 28,311
* Decrease.

Since
Aug. 1.

1928-29
- in
Since
Aug. 1.

Week.

7,395,249 86,941 8,197,009
543,837 17,945 496,181
3,260,000 122,000 3.441,000
11.199,086 226,886 12,134,190
1,046,165 *57,192 531,726
731,721
743,710
169.694
12,976,972
13,409,626
878,155 41,304 920,499

Movement into sight in previous years:
Week
Bales. I Since Aug. 1-

1928
1927
1926

1689

Bales.

143,154 1928
296,240 192/
197,604 1926

11,838,297
16,176,396
14,045,342

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.

1928 were 8,669,701 bales, and in 1927 were 7,657,568
bales. (2) That, although the receipts at the ontports the
past week were 50,312 bales, the actual movement from
plantations was 18,248 bales, stocks at interior towns
having decreased 32,064 bales during the week. Last year
receipts from the plantations for the week were 29,749
bales and for 1928 they were 24,435 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.

Cotton Takings,
Week and Season.

1929-30.
Week.

Week Ended
March 7.

Saturday. Monday. Tuesday. Wed'
day. Thursd'y. Friday.

Galveston
15.35
New Orleans_ _ 14.96
Mobilo
14.70
Savannah
14.79
Norfolk
15.25
Baltimore
15.65
Augusta
15.19
Memphis
14.55
IIouston
15.25
Little Rock_ _ _ _ 14.38
Dallas
14.80
Fort Worth_ _ _ _

Holiday

14.81
14.55
14.66
15.06
15.45
15.06
14.40
Holiday
14.26

Holiday
Holiday

14.80
14.37
14.10
14.21
14.75
15.00
14.56
13.90
14.60
13.73
14.15
14.15

14.90
14.41
14.20
14.32
14.81
15.25
14.69
14.00
14.70
13.84
14.25
14.25

15.10
Holiday
Holiday
14.60

15.06
16.35
14.94
14.30
15.00
14.05
14.55
14.55

14.50
14.00
13.80
14.00
14.44
15.00
14.25
13.55
14.30
13.42
13.85
13.85

Total supply

7.712,873 7,712,873 7,040,766 7,040.766

Total takings to March 7_a____ 480,367 13.711,256 521,024 14,631,540
Of which American
302.367 9,755.056 366,024 10,704,330
Of which other
178,000 3.956,200 155,000 3,927,200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,260,000 bales In 1929-30 and 3,441,000 bales in 1928 --29
takings not being ava lable-and the aggregate amounts taken by Northeip
and foreign spinners. 10,451,256 bales in 1929-30 and 11,190,540 bales lb
1928-29 of which 6,495,056 bales and 7,263,340 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1929-30.

Monday,
Mar, 3.

Tuesday,
.lfar, 4.

Wednesday, Thursday,
Afar. 6.
Mar. 5.

Season.

8,193,240 21.424.129 7.561,790 21.672,306

Visible supply March 7

NEW ORLEANS CONTRACT MARKET.
Saturday,
Mar. 1.

Weak.

Visible supply March 7
7,853,697
7,226,096
Visible supply July 31
3,735,957
4,175,480
American in sight to March 7
138,543 12,976,972 169,694 13.409,626
Bombay receipts to March 4_
142,000 2,336,000 114.000 1,831,000
Other India ship'ts to March 6
16,000
472,000
20,000
392,000
Alexandria receipts to March 5._
34,000 1,335,200
27,000 1.368,200
Other supply to March 5*h
9,000
568,000
5.000
496,000
Deduct
-

Closing Quo aliens for Middling Cotton on
-

1928-29.

Season.

March 8.
Receipts at
Week.

Friday,
Mar. 7.

1928-29.

Since
Aug. 1.

I

.91.nce3
Aug. 1.

Week.

1927-28.
We.

Since
Aug. 1.

Bombay
142,000 2,336,000 114,000 1,831,000 08,000 1,859,000
14.31 ---- 14.19 Bid 13.81 Bid
For the Week.
Since August 1.
---Exports
15.12-15.13 14.98-14.99
14.58-14.59 14.45-14.47 14.08-14.10
front
- Great Conti- Japan&
Great
Conti- Japan
-Britain. neat. China. Total. Britain.
neat.
15.38 ---- 15.24-15.25
China.
Total.
14.82 ---- 14.69 ---- 14.30-14.32
---- ------- ---- ---- ---Bombay
----------1929-30._ 4,000 28,000 60,000 90,000
49.111 500,000 912,0001,481,000
15.5515.39-15.40 IIOLI- 15.03-15.04 14.86,14.87 14.50-14.53
1928-29._ 3,000 32,000 45,000 80,000
31,000 472,00
984,0001,437,000
DAY.
1927-28_ _ 4,000, 7,000 27,000 38,000
44,000 342,
15.73 ---- 15.58 -605,4Po 991,000
15.25 ---- 15.03 ---- 14.68 Bid
15.79 Bid 15.64 Bid
15.30 Bid 15.08 Bid 14.73 Bid Other Indiatol
1929-30... 6,0001 10,000
18,000
90,000 382,
-472,000
1928-29._ 8,000 12,000
20,000
70,0001 322,00
392,000
1927-28_ _
____ 31,000
31,000
66.500 332,
Quiet
Steady
Steady
Quiet
Quiet
398,500
Steady
Steady
Steady
Barely stdy
Steady
Total all
1929
-30._ 10.000 36,000? 60,000106,000 139,000 S82,Ilt 912,0001,933
WEATHER REPORTS BY TELEGRAPH. Reports
1928-29_ _ 11,000 44,000 45,000100,000 101,010 794.00(k 934.0001,829,000
,000
to us by telegraph this evening denote that preparation
1927-28... 4.000 38,000 27,000 69,000 110,500 6740001 05,000 1,389.509
of land for planting cotton has made good progress in most
According to the foregoing, Bombay appears to show
an
sections of the cotton belt, though in some central sections
increase compared with last year in the week's receipts of
there was some interference by rains the early part of the
28,000 bales. Exports from all India ports record an increase
week.
of 6,000 bales during the week, and since Aug. 1 show
an
Thermometer
Rain. Rainfall.
Galveston, Tex
1 day 0.18 in. high 69 low 39 mean 54 increase of 104,000 bales.
March .... _
April
May
June
July
August _ _ _
September
October _ _
November
December
January _ _
February
Tone
Spot
Options

14.86,14.88 14.71

Abilene, Tox
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
New Orleans, La
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte, N. C
Memphis, Tenn

Bid

high 80
high 86
high 90
0.01 in. high 64
0.01 in. high 88
high 76
dry
1 day 0.02 in. high 80
high 90
dry
2 days 0.04 in.
3 days 0.49 in. high 74
4 days 0.21 in. high 75
7 days 0.16 in. high 72
1 day 0.07 in. high 61
3 days 0.93 in. high 65
dry
dry

1 day
1 day
1 day

0.08 in.

low 22 mean Si
low 48 mean 67
low 46 mean 68
low 28 mean 46
low 34 mean 61
low 34 mean 55
low 28 mean 51
low 34 mean 62
mean 58
low 34 mean 55
low 29 mean 52
low 27 mean 50
low 20 mean 42
low 26 mean 46

The following statement we have also received by
telegraph, showing the height of rivers at the points named
at
8 a. m. of the dates given:
Mar. 7 1929.
Feet.

Now Orleans
Memphis
Nasvhille
Shreveport
Vicksburg

Above zero of gauge.
Abovezero of gauge_
Above zero of gauge.
Abovezero of gauge..
Abovezero of gauge_

13.1
27.9
12.0
15.6
39.0

Mar. 8

1929.
9.5
33.2
36.3
19.8
40.3

Feet.

RECEIPTS FROM THE PLANTATIONS. The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
1Veekj
Ende

Receipts at Ports.
1030.

1929.

1928.

Stocks at Interior Towns.
1930. 1

1929.

1928.

Receiptsfrom Plantations
1930. 1929. 1 1928.

Nov.
22._ 262.509 351.505 257,764 1,441,2 1 1,155,384 1,307,971 294.423 406.9681
29_ 268,195365,189 284,933 1.448.310 1.215,753 1,329,900 !75,215 425,558 275.328
.
306.882
Dec.
1
6._ 282,747 388,088233,588 1,451,947 1,223,573 1,342,508 5,384
398,808.246,196
13 _ _ 281,3916311,738 199,962 1,461.857 1,232,683 1,331,182 *. 1,308 3
2
20.. 260,772 205.780 180,4991.476.699 1,232,43 1,308.770 e75.614 0.8461188,630
27.... 187,785 255,881159,061.493,01, 1,255,9011,328,743 04.101 265,553i158.087
279 131 179.042
,
Jan.
1930. 1929. 1928.
1930.
1930.
1928.
1929.
3_ _ 154,384 188,298110,3241.478.9711.240,6311,295,532138.320 1929.
10._ 137,699 172,340 117,331 1,477.34t 1,203,459 1,261,688 138,073 173,028
135,1681
17._ 104,523 151,177 122,21511,450.8331.181,140 1,212,543
24_ 98,388 171,781120,40511,432,311.118,699 1,180,096 84,011108,858
73,942 129.320
31-- 87.604165.731139,587 1,403,10 1.072,678 1,134,087 58,314109,710
Feb.
7- 82.277 135,078 111.825 1,355,6211,007,9131.087.654 34,791
14_ 53,506 81,570 107,419 1,326,078 966,4121,040,180 23,972 70,3131
21- 65.886k 80,860 75,3231,300,632 936,0271,023,120 46,440 40,069
28._ 91,43.81 91,438 62,281, 908,387 908,387 987,3841 61,798 50,481
61,798
Mar.I
7.. 50,312 86,941 70,7551 1,256,075 849,195 941,043 18,248 29,749I

1928.
77,112
83.487
78.071
8.2,95
93,558
65,392
68,94.2
49,262
26.54.!

24,43t
The above statement shows: (1) That the total
receipts
from the plantations since Aug. 1 1929 are 8,417,401
bales;




ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
March 5.

192=3-3o.

1928-29.

1927-28.

This week
Since Aug. 1

170,000
6,661.988

135.000
6,821,668

85,000
4,975.825

Exports (hales)-

This
Since
11 eek Aug. 1

This
Since
Week Aug 1

This
Since
Week Aug 1

Receipts (cantars)-

To Liverpool
To Manchester, &c
To Continent and India
To America

4,000 110.192 6,000 128.577 4,750 9S,795
3,000 109,227 5,000 125,157
____ 103,055
7,000 322,665 10,000 329.876 14,000 273,699
4,000 72,891 3,000114.311 6.250 92,159

'T'nt al ovrtnrtg

IR 000 R14 _QTh 24_000 607

CM ')

nnn

n':' 7ASZ

Note -A cantar is 99 lbs

Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Mar. 5 were
170,000 cantars and the foreign shipments 18,000 bales.
MANCHESTER MARKET.
-Our report, received by
cable to-night from Manchester. states that the market
in
yarns is easy and in cloth3 is quiet. Demand for both
yarn
and cloth is poor. We give prices to-day below and
leave
those of previous weeks of tnis and last year for compariso
n:
1929.

tiA Lbs. surg32s Cop
Twin.
Nov.
15_ _
29_
Dec.
-

ing/I, Common
to Fynest.

d
d. a d
e. d.
134014 94 12 2 012 4
1334@l434 12 3 012 5
_ 1354 1454 12 3 012 5

13,481454
13___ 133401434
20. 1354014 34
27____ 1354 014V

12
12
12
12

1928.
Cotton
MlddJg
Up' as
.

d.

d.

d.

9.50
9.76
9.59

16401754 130
1U-501U4 131
153.4 016;-5 133

e. d.
@132
84133
@135

d.
10.55
10.84
10 97

9.58
9 47
9.36
9.51

155401654 13 3
153401634 13 3
15 540 16 A 13 3
1534 01834 13 3

@13 5
O13 5
413 5
@13 5

10.63
10.69
10.58
10.83

012 4
012 4
012 4
012 4
012 4

9.53
9.58
9.49
9.4-0
8.85

19 29.
15540164 13 3
154 0164 13 3
1535 01634 13 3
15540 16/ 13 3
4
153401634 13 3

013 1
013 5
013 5
@138
013 6

10.50
10.58
10.63
10 48
10.35

612 0
011 4
011 2
011 0

8.60
8.60
8.47
8.49

15 @16
1514 01634
1534 @MX
15401694

3
3
3
4

013 5
413 6
013 6
013 7

10.34
10.43
10.49
10.75

@106

8.18 15940164 13 4

013 7

11.12

3 @12 5
3 012 5
3 0'.12 5
3 012 5

Jan.
-

19 30.
1334 14 34 12 2
10.... 13401434 12 2
13401454 12 2
24_
131454 12 2
31_ _ _ _ 13 0144 12 2
Feb.
12X014 0 11 4
14 _ _
1254013V 11 0
21...... 124(41354 10 6
28. _ _ _ 12 0134 10 4
Mar.
11%013 102

32e Cop
Twist.

834 Lbs. SMrs- Cottos
inve. Common A taro
I
to Fittest.
U '
tU
*6.

13
13
13
13

SHIPPING NEWS. Shipments in detail:
-

SAVANNAH-To Liverpool-Feb. 28-Daytonian,755
To Manchester-Feb. 28-Daytonlan. 1,865
To Hamburg-March 4-Pearimoor, 100
To Bremen-March 5-Magmeric, 1,100

Bales.

755
1,865
100
1,100

1690

FINANCIAL CHRONICLE

Bales.
-Endicott. 4,484_ __Feb. 28
GALVESTON-To Bremen-Feb. 27
-Kensington Court, 6,902_ _ _Mar. 1-Gonzenheim, 1,627
18,754
__Mar. 4-Wildenfels, 5,741
To Rotterdam-Feb. 27
-Endicott, 150_ _ _Mar. 1-Gonzen890
heim, 740
852
To Dunkirk-Mar. 1-Tortugas 852
' 1.495
To Oporto
-Mar. 5-Lafcomo, 1,495
242
To Oslo
-Mar. 1-Tortugas, 242
204
To Passages
-Mar. 5-Lafcomo. 204
379
To Gothenburg
-Mar. 1-Tortugas, 379
550
To Copenhagen-Mar. 1-Tortugas, 150; Maine, 400
To Havre
-Mar.1-Ullstad, 1,454_ _ _Mar.3-Modemi,2,808 4,262
3,573
-Mar, 1-West Cohas, 3,573
To Genoa
1,601
To Venice
-Mar. 1-Alberta, 1,601
441
To Trieste
-Mar. 1-Alberta, 441
2,079
To Barcelona-Mar.4-Prusa, 2,079
3,314
To Japan-Mar.4-Asuka Maru, 3,314
350
To China-Mar.4-Asuka Maru, 350
-Rio!, 450.._March
-To Gothenburg-Feb. 27
NEW ORLEANS
600
4
-Tampa, 150
100
To Lapax-March 1-Castilla, 100
2,910
To Bremen
-Feb. 27
-Rio!, 2,910
166
To Copenhagen-Feb. 27-Riol, 166
5,424
-Dramatist, 5,424
To Liverpool
-Feb. 28
1,609
-Dramatist, 1,609
To Manchester-Feb. 28
2,050
To Genoa-March 1-Montello, 2,050
200
-March 1-Idroet, 200
To Vera Cruz
140
-Istria, 140
-March 3
To Marseilles
819
-Kentucky, 819
-March 4
To Havre
500
-Kentucky, 300; Tampa, 200
To Dunkirk-March 4
50
-March 4
To 0.10
-Tampa, 50
287
-Kentucky, 287
To Antwerp--March 4
827
SAN FRASCISCO-To Great Britain-Feb. 28-Daytonian, 827
700
To Germany-Feb.28-Daytonian. 700
450
' To Japan-Feb.28-Daytonian,450
-Feb. 26-Ulistad, 2,507_-_Feb. 29HOUSToN.-To Havre
12,121
-West Tacook,4,602
Edgemoor,5,012_ _ _March 5
100
To Bordeaux-Feb.26-Ullstad,100
1,861
-March 1-Abercos,1,861
To Liverpool
-West
To Antwerp-Feb. 29-Edgemoor. 10_ __March 5
29
Tacook,19
2,754
To Manchester-March 1-Abercos,2,754
-West Ta-Feb. 29-Edgemoor, 662_ __March 5
To Ghent
1,562
cook,900
To Rotterdam-Feb. 29-Edgemoor, 970_ __Feb. 28-Gonzen2,209
-West Tacook,829
helm.410.. _ _March 5
500
-Alberta,550
-Feb.28
To Naples
499
-Alberta,499
-Feb.28
To Venice
9
-Alberta,9
To Trieste-Feb.28
4,116
-Feb. 28-Prusa, 1,341; Monbaldo, 2,775
To Barcelona
-West Cohas, 6,413; Monbaido, 1,835__ _
To Genoa-Feb. 28
11,418
4-Montella,3,170
To Bremen-Feb. 28-Gonzenheim, 2,255; Wildenfels, 3,907
-Rio Panuco,
-Aquarius, 7.121-- _March 6
_ _ _March 5
16,506
-Aquarius,
-Feb.28-Wildenfels,428._ __March 5
To hamburg
723
-Rio Panuco,145
150- __March 6
1,180
-March 1-Lafcomo,1,180
To Oporto
96
To Passages-March 1-Lafcomo, 96
-Hanover,
To Japan-Mar. 1-Asuka Maru,6,439.._ _Mar. 5
7,174
735
125
-Hanover, 125
-Mar.5
To China
-Cold Harbor, 697---Mar. 3
NORFOLK-To Manchester
1,379
-Manchester Producer,682
Mar.4
750
-Manchester, 750
-Mar.4
To Liverpool
500
-Mar.1-Lakhaven,500
PENSACOLA-To Bremen
1,000
To Japan-Mar.4-Buyo Maru, 1,000
900
CHARLESTON-To Bremen-Mar.3-Magmeric,900
362
-Mar.3-Magmeric, 362
To Antwerp
186
-Mar.3-Magmeric, 186
To Hamburg
3,300
WILMINGTON-To Genoa-Mar. 4-Monfiore, 3,300
-Feb. 27-Dinteldijk. 375W
-To Liverpool
LOS ANGELES
-Paris City, 100
Mar. 1-London Importer, 483.._ _Mar. 3
1,408
-Chattanooga City.450
Mar.3
Mar. 3
-Mar. 1-London Importer, 250
To Manchester
700
Paris City, 450
1,400
-Los Angeles, 1,400
-Feb. 27
To Bremen
-Japanese Prince, 200; Mar. 1-Tsuyama
Japan-Feb. 27
To
910
-Buenos Aires Maru,300
Maru,410_ _ _Mar.3
700
-McKeesport, 700
-Mar.5
-To Havre
NEW YORK
413
-Dresden, 413
To Bremen-Mar.5
300
-Mercier, 300
To Ghent-Mar.5
3,078
-Feb. 28
-Endicott. 3,078
-To Bremen
TEXAS CITY
150
-Feb. 28-Endlcott. 150
To Ghent

[VOL. 130.

BREADSTUFFS

Friday Night, Mar. 7 1930.
Flour was in moderate demand here and steady. At
mill centers it seems a good business was done. On the
3rd inst. prices fell 10c. Exports were only 3,000 barrels.
Export demand was reported small. On the 4th inst. clearances were 40,773 sacks to England and the Continent.
Prices later in the week declined with trade dull.
Wheat has declined under the pressure of big supplies
and an unsatisfactory export demand. Liquidation has been
on a large scale. The Farm Board has continued to buy,
but a decline of some 6 to 7c., nevertheless, has taken place.
On the 1st inst. liquidation and dullness of export trade
caused a decline of 2 to 3c. A conference was to be held in
Chicago on the 1st inst. between Secretary Hyde and Chairman Legge, on the one hand, and grain dealers of the West
on the other. Uncertainty as to what would be the outcome
caused a reaction. Deliveries on March contracts, moreover,
reached the unexpectedly large total of 4,062000 bushels.
That did not help matters. But later in the day much of
the decline, especially on March and May, was regained.
On the 3rd inst. prices fell 4 to 43!c., when the Farm
Board announced that it would no longer pay the old loan
price, but only the market price. The price on this thunderbolt collapsed. And little power of recovery appeared. The
net decline at the end was 2% to 4%c. at Chicago and 3%
4c. lower,
to 4c. at Winnipeg. Liverpool ended only 1 to 11
with the stock about the same as a week ago, now being
7,128,000 bushels. The United States visible supply decreased last week 1,894,000 bushels against an increase in
the same week last year of 117,000 bushels. The total, however, is the unwieldy figure of 155,550,000 bushels against
123.432,000 a year ago. The Farm Board was, to all appearance, supporting May wheat, especially at the bottom prices,
but the trade felt free to trade in the new crop options on
which the Farm Board set no price. Large commission
houses were persistent sellers of July. Selling for foreign
account added to the weakness. Export business was very
dull, as the United States markets have been getting too
high as compared with world prices. Private reports showed
an average of 112,000,000 bushels on farm reserves, compared with 151,000,000 last year, but the total available
supplies March 1st, including commercial stocks and country, mill and elevator holdings, aggregate 355,000,000
bushels, or the same as last year. What the market needed
was an active export demand.
On the 4th inst. prices broke 2 to 3c. on new liquidation,
and then recovered much of the loss, ending %c. lower to
11
4e. net higher. The Government is credited with holding
22,000,000 to 25,000,000 bushels, and one of the Farm Board
was quoted as saying that the only chance for the Government to come off with flying colors is a good export demand.
That did not have a good effect. There was also pressure
of Argentine offerings. Southwestern conditions were said
to be ideal, with prospects for a high record harvest. The
Farm Board was 'credited with being a good buyer of May
on the setback. and there was covering late in the day on
reports of a resolution offered in the Senate by Senator Nye
140.056 to give China $25,000,000 wheat. There were rumors toward
Total bales
the close of a very good business for export of Manitoba
-Sales, stocks, &c., for past weck:
LIVERPOOL.
Feb. 14. Feb. 21. Feb. 28. Mar. I. wheat. Some thought the Farm Board did not pay much
23.000
23,000
27.000
28,000
Sales of the week
14.000 attention to the future market, but was understood to have
12,000
12,000
13.000
Of which American
1,000 bought about 500,000 bushels of hard winters at the Gulf
1,000
1,000
1,000
Sales for export
54.000
56,000
57.000
50,000
Forwarded
the 4th. Liverpool reported the
912,000 921,000 915,000 918.000 on the 3rd, and a little on
Total stocks
436,000 435,000 438.000 424.000 Canadian pool cut prices sharply on the 3rd inst., and a
Of which American
48.000
59.000
80,000
62,000
Total imports
12.000 little on the 4th, and is apparently trying to get on a
32.000
33,000
37,000
Of which American
193,000 156,000 152,000 146.000 world parity.
Amount afloat
62.000
58,000
75,000
89,000
Of which American
M. W. Thatcher, general manager of the Farmers' Union
The tone of the Liverpool market for spots and futures Terminal Association of St. Paul, said the Associated Press,
each day of the past week and the daily closing prices of announced that the National Grain Corporation was definitely out of the cash grain market, at least for the present,
spot cotton have been as follows:
but would trade in futures, whenever it was believed necesWednesday. Thursday. Friday.
Saturday. Monday. Tuesday.
Spot.
sary to support prices. He said that the Farmers' Union
would accept any cash grain shipped prior to midnight
Market,A fair
Dull
Quiet
business
More
Quiet '
12:15 { Quiet
Mar. 1 at the loan value of $1.25 a bushel. After these
doing.
demand.
P. M.
transactions were completed there would be no further
8.14d.
8.18d.
8.28d.
8.33d.
8.38d.
8.51d.
Mid.UpFds
buying at the loan basis. The announcement by the Farm
3,000 Board, after the close yesterday, that the Government
4,000
6,000
5.000
4,000
3,000
Sales
agencies would continue to support the wheat market and
Steady,
Easy
Quiet
Steady
Quiet
Steady
PrFutures.{ to 6 pts. 6 to 8 pts. 1 to 3 pts. 2 to 5 pts. 10 to 15 pts 8 to 10 pta. would buy enough to prevent any considerable decline in
4
Market
decline
advance.
decline
decline
decline
advance,
values was construed by many grain traders as indicating
opened
that, regardless of supply and demand conditions, low prices
Quiet but
Easy
Q't but sty Steady
Quiet
Q't but st'y
Market,
to 10 were not to be expected. It was estimated that purchases
2 to 4 pts 13 to 16 pts 3 to 7 pts 5 to 7 pts 18 to 21 pts sty. 8adv.
4
pts.
decline
decline
decline
decline
advance
P M
of 2.000,000 to 3,000,000 bushels of wheat futures were for
the account of the Farm Board agencies late on the 6th inst.
Prices of futures at Liverpool for each day are given below
At a special meeting of the Chicago Board of Trade yesterFri.
Thurs.
Wed.
Tues.
Mon.
Sat.
day it was declared that the carlot delivery rule operative
Mar. 1
12.15' 4.00 on March contracts would be effective to-day. This was
12.1512.30 12.15j 4.0012.15 4.00 12.15 4.0612.15 4.00
to
m• p.m.p.m.
Mar. 7.
p.m.P. m.p. m.p. m.p. m.o. m.p. m. p.m.P.
due to a shortage of room in public elevators, but it was
d.
d.
d.
d.
d.
d.
felt that the rule would apply more to corn than to wheat,
d.
d. I d.
d.
d.
d.
8.03 8.02 7.98 7.96 7.84 7.76 7.88 7.86 and will force the buyer to find a place to put the grain
8 18 8 08 8 05,
March
1
8.18 8.08 8.05 8.03 8.01 7.97 7.96 7.84 7.76 7.87 7.85
April
8.24 8.14 8.111 8.07 8.06 8.01 8.00 7.88 7.80 7.91 7.89 unless he desires to pay demurrage to the railroads.
May
8.26 8.1 8.12 8.08 8.071 8.03 8.02, 7.89 7.81 7.92 7.90
June
/
On the 5th inst. prices declined 11 2 to 2c. net in Chicago
8.31 8.2 8.17 8.13 8.11 8.06 8.051 7.92 7.85 7.9 7.94
July
2
1
/
8.34 8.2 8.19 8.15 8.13 8.08 8.07i 7.94 7.87 7.9 7.95 and 2 c. In Winnipeg. Weakness in Winnipeg plainly had
August
7.89 7.99 7.97 its effect. The cables, too, were disappointing. The Cana8.211 8.17 8.151 8.10 8.08 7 96
September
8.36 8.
8.39 8.2 8.24 8.19 8.171 8.12 8.10 7.98 7.90 8.0i 7.99
October
November
8.40 8.2 8.26 8.21 8.191, 8.14 8.12, 8.0917.92 8.03 8.01 dian pool was talked about. It was not believed to be in an
8.48 8.3 8.30 $.25 8.23 8.18 8.161 8.051 7.97 80 8.05 env'able position. Export sales were only 300,000 to 400,000
December _ _ _ _
8.49 8.38 8.33 8 28 8.26 8.21 8.191 8.071 8.00 8.1 8.08
January (1931)
8.51 8.38 8.35 8.30 8.28 8.23 8.211 8.09. 8.02 8.12 8.0 bushels. The weekly Government weather report was favorFebruary
R
8.28 Q 24 Q ,1 Q OR R 'A 8.15 able. Canadian stocks were estimated at 288,000,000 bushels,
8.54 841 R.3R R
March




MAR.8 1930.]

,

1691

FINANCIAL CHRONICLE

and therefore, adding United States stocks, the North American total was 643,000,000 bushels. The inference drawn
from this was that the price would decline unless sustained
by constant buying by the Farm Board.
On the 6th inst. prices declined 2c., but afterwards rallied
4c. from the law, on a favorable statement by the Farm
Board to the effect that it would continue to buy wheat
at the market and remove whatever quantities may be
necessary to prevent any considerable decline in prices.
2
1
The ending was at a net rise of / to %c. To-day prices
ended unchanged to lc. lower, after active trading. ExPort
sales were a little larger, reaching 700,000 to 800,000 bushels,
largely Pacific Manitoba, with some durum. Chairman
Legge was quoted as saying that he believes prices are
about at the bottom. Cables, however, were disappointing.
Liverpool ended %, to 1%d. higher. Final prices show a
decline for the week of 4% to 7%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Mon Tues Wed Thurs Fri
Sat
11534 11354 11234 11034 11134 11134
No. 2 hard
CHICAGO.
DAILY CLOSING PRICES OF WHEA1 FUTURES IN Thurs. Fri.
Mon. Tues. Wed.
Sat
108A 108'8 10631 Imp 10754
111A
March
111
111
11134
11334 112
116
May
10934 109A 10934
July
11434 11034 110
11134 11134 111
113
112
116
Sept
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
11134 11034
1154 11234 11334 111
May
July
11754 11334 11534 11234 11334 112%
11534 11334 11434 113%
114
118
Oct.

Indian corn has declined noticeably during the week,
partly in sympathy with lower prices for wheat. Apart
from this, the position of corn is considered good. Statistics
are bullish. But, on the other hand, there is no great
speculative interest manifested. On the 1st inst. prices
declined % to %c. for a time, keeping in touch with a falling
wheat market, but later corn rallied when wheat did. There
was, it is true, to all appearance less evidence of new buying. The market was considered indeed a little overbought.
the day. Covering
Liquidation was rather large early in.
later, on a broader speculation, helped to bring about the
rally.
On the 3rd inst. prices fell 1 to 1%c. in answer to a sharp
decline in wheat. But there was enough buying on .the
decline to prevent its going to the lengths it did in wheat,
i.e., some 4 to ,4%c. The farm movement of corn, for one
thing, ivas so small as to preclude any such break. If local
traders sold, commission houses preferred the buying side.
The explanation Is that the public elevators are carrying
but small stocks, that March deliveries on the 3rd inst. were
small, and that despite good weather the receipts are small.
For weeks larger receipts have been predicted on the advent
of good weather. But good weather has not uniformly
had that effect. The consumption, it is inferred, must be
large. The United States visible supply increased last
week 1,601,000 bushels against 813,000 last year. But the
total is still only 22,668,000 bushels against 33,300,000 a
year ago. Farm reserves, with the exception of 1925, are
the smallest in 11 years.
On the 6th inst. prices closed % to 1%c. lower, reaching
new lows for the week, in sympathy with the decline in
wheat. The weather was fine. Shipping demand was only
fair. Yet shipments of feeder and stocker cattle into the
corn belt so far this year are 43% larger than in the same
time in 1929. To-day prices ended % to 1%c. lower in
sympathy with a decline in wheat. There was general selling, as permission to make track deliveries were into effect
on all grain. The cash basis was unchanged to 2c. lower.
Final prices show a decline for the week of 4% to 4%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Set. Mon. Tues. Wed. Thurs. Fri
No. 2 yellow
1033.4 10131 1013.4 10054 9934 9834
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Mon Tues Wed. Thurs. Fri.
Sal
March
8434 8334 8334 8254 8134 79
May
8634 85)i 83
8854 8734 87
July
9034 8934 8934 8834 8754 86
Sept.
8854 87

Oats show practically no change for the week despite
the big decline in other grain. There has been good buying
at times, but the feature was cash oats. Speculation has
not been active. On the 1st inst. prices ended % to /
2
1c.
4
1c.
higher, though at one time they were / lower. The
striking independence of oats naturally excited remark. It
Is called cheap. Farm consumption seems to be large.
Shipping demand has recently been good. Daily receipts
to
have often been small. On the 3rd inst. prices fell
%c. net with wheat and corn off. In all positions, oats
supplies on Mar. 1 were estimated at 409,000,000 bushels
against 514,000,000 on the same date last year. The visible
supply decreased last week 988,000 bushels in contrast with
an increase in the same week last year of 305,000 bushels.
The total is 21,673,0(y) bushels against 14,898,000 a year ago.
On the 4th inst. prices ended unchanged to 14c. higher.
/
,
Earlier trading was at a decline of % to 1 6e. on some
months. Gash demand and covering helped prices upward
later. Moreover, the country movement and terminal receipts were small. Shippers had a moderate outside demand.
The local cash demand was excellent. On the 5th inst.
prices ended unchanged to %c. lower, partly in following
other grain in a dull market. But cash oats were in good
demand and higher, with receipts 'small. On the 6th inst.
prices ended %c. lower to Mic. higher. Shippers reported




5.304:145.60
Spring pat. high protein.$6.40 $6.75 Rye flour, patents
4
6.00 6.40 Seminola, No. 2, pound
Spring patents
2.70
2.75
5.60 5.80 Oats goods
Clears,first spring
2.45 2.50
Soft winter straights
5.50 5.90 Corn flour
5.65 6.00 Barley goods
Hard winter straights
Coarse
3.25
6.00 6.50
Hard winter patents _
Fancy pearl. Nos. 1.
5.50
5.20
Hard winter clears
6.00@ 6.50
2. 3 and 4
Fancy Minn. patents_ - 7.60 8.30
8.55
7.85
City mills
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
132H
f.o.b53
N o.2 red,
5134
No. 3 white
No. 2 hard winter, f.o.b......-11154
Rye, New York
79
No.2f.o.b
Corn, New York9831 Barley, New York
No. 2 yellow, all rail
6434
Malting
95H
yellow, all rail
No. 3

For other tables usually given here, see page.1601.

WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
MAR. 4.
issued by the Department of Agriculture, indicating "*c., influence of the weather for the week ended Mar. 4 1.,ilows:
At the beginning of the week the weather continued warm in the
South and East, but there was a sharp drop in temperature over the
Northwest, with near-zero readings reported in parts of Montaip. and
interior
North Dakota. By the 26th the cool wave had overspread
sections, and by the following day much lower temperatures prevailed

eastward to the Atlantic Ocean. In the meantime a depression had
formed over the Great Basin of the West. This moved thence eastward to the central Plains, and then northeastward over the northern
Great Lakes, attended by precipitation in nearly all sections of the
country east of the Rocky Mountains.
By March 2 an extensive "High" had overspread the northwestern
Great Plains, attended by subzero temperatures over considerable sections, and by the 3d it had settled southward to the west Gulf area,
bringing freezing temperatures nearly to the Gulf from eastern Texas
eastward and to extreme northern Florida. In the meantime there
was a considerable warming up in the Northwest.
The table on page 3 shows that the mean temperature for the week
was much below normal in nearly all of the western half of the country,
with the greatest minus departures in the Northwest where last week
was abnormally warm. The deficiencies in temperature were also
marked in the west Gulf area, due to the abnormally cold weather
the latter part of the week. East of the Mississippi River the springlike
warmth the first part of the period brought the weekly mean temperatures to about normal, or somewhat above, despite the cold weather
the latter days of the week.
Freezing temperatures extended as far south as extreme northern
s
Florida, but did not reach the immediate coast districts to the westward,
but in the Southwest minima as low as 100 below freezing were
Subzero temperatures
reported from as far south as Abilene, Tex.
occurred over a considerable section of the Northwest and also in the
interior of the Northeast, with several stations reporting 100, or
more, below zero.
The table shows also that considerable precipitation occurred in
Southern States, except in south Atlantic sections and most of the
Florida Peninsula. Precipitation was in excess of 1 inch from the
central Ohio Valley northeastward, and generous falls were reported
in central Pacific sections.

Heavy snows occurred in some north.

central districts, especially in Minnesota where some places had the
heaviest snowfall of the year.
Fruit trees and other vegetation are far in advance of the season rather
generally because of the abnormally warm weather in February. As a
result, the sudden drop in temperature near the close of the week did
more or less harm to early fruit in the Southern States from South
Carolina to Oklahoma, but the general extent of damage has not
been ascertained, as the freeze came near the close of the week. In
Georgia harm to peaches has apparently been very moderate, though
early varieties are in ,full bloom, the earliest in years. In South
Carolina there is considerable apprehension, as most peaches are in
full bloom and the temperature reached 20• in the extreme northern
.
part of the State. In the heavy producing sections of North Carolina
peach buds were showing color, but mostly not open, and damage there
probably has not been great. There is some apprehension in parts
of the Ohio Valley, and harm is reported from the Southwest. Where
fruit is not yet in bloom, including the Pacific Northwest, the change
to colder weather was favorable in checking further premature advance.

1692

FINANCIAL CHRONICLE

Growth of all vegetation was checked quite generally over
United States, and farm work was rather inactive. Some reports the
of
unfavorable freezing and thawing conditions were received from the
eastern Winter Wheat Belt, but no widespread harm is indicated. In
the western belt there has apparently been considerable winterkilling
in south-central and southeastern Kansas, and moisture is still needed
in some southwestern sections, especially in the western portions of
Oklahoma and Texas.
The preparation of corn land was again not active because of
continued wetness of soil over considerable areas, and unfavorable
weather for outside work during the last half of the week, though
plowing and disking progressed in the more western portions of
belt. The preparation of land for cotton made fairly good progress the
in
most sections, especially in the western portion of the belt, though
in some central districts there was intereference by frequent rains the
first and middle parts of the week. Progress was slow also in eastern
Texas where the soil is too wet to work.
SMALL GRAINS.—There was apparently no serious harm to winter
wheat from the low temperatures of the past week. Freezing and
thawing caused some heaving in the Ohio Valley, but condition of
wheat is still mostly fair, with progress of the crop about a month
ahead of average in some parts. The warm weather previous to the
cold wave caused winter wheat to green up in some trans-Mississippi
States, but the cold caused no serious harm. Condition of the crop
is very good to excellent in the Great Plains, although in the more
southern parts of this area rain is needed; considerable winter.
killing is reported from south-central and southeastern Kansas.
material change appears in the Northwest, but in parts of WashingtNo
there are indications that much of the fall-sown grain will have on
to
be reseeded. Plowing and preparations for seeding oats made generally
good advance and are now general in Kansas, with some up in the
south-central portion. In the South and East winter grains made good
advance and seeding spring oats is progressing.

•

[VoL. 130.

winterkilled; elsewhere wheat, rye, oats, and
considerable improvement during past week. barley good stands, with
Kentucky.—Louisville: First half abnormally warm, with heavy rains.
Continued growth of grass and grains and opening
reaching
condition about month ahead of season. Soil mostlyfruit budsfor
too wet
plowing. Ground frozen and spring work suspended last half. Further
;njury to fruit indicated.

THE DRY GOODS TRADE

New York, Fridali Night, Mar. 7 1930.
Aside from goods necessary for the conduct of current
business, buyers continue reluctant 'to operate in most
divisions of the textile markets. This has been chiefly
to the unsettled conditions of the commodity markets due
the sincere wish of all concerned for a more stabilized and
situation before operating in a substantial way. Besides
the
further decline in wheat and corn, raw cotton and silk
have receded to the lowest levels in years. While it
is
believed that the end of such declines must be rapidly
approaching, buyers continue wary, and avoid placing
large
sized orders. On the other hand, the pressure in consuming
channels for goods to cover the normal spring requirements .
has forced buyers to purchase the fabrics needed.
Sales,
however, calling for future deliveries have been conspicuousby their absence. As ft result, prices throughout
the
Industry have been more or less unsettled, and textile
in some
The Weather Bureau furnishes the following resume of instances have yielded to the demands of buyers for lower
terms. Furthermore, where such requests have been
the conditions in the different States:
they have failed to result in any more business than met,
New England.—Boston: Seasonable temperatures; ground
would
in north portion. Some sugar orchards tapped and a bare, except have been booked had prices remained unchanged. A good
little sugar
made.
example of this can be found in the cotton goods division
New York.—Ithaca: Warm at beginning, followed
where lower prices in a number of directions failed
to
temperatures. Snow Sunday over central and west. Main by moderate encourage purchas
fair
es beyond immediate requirements. The
condition; dirt roads badly drifted. Cover sufficient, roads in over
except
situation in the silk division presents a similar picture.
southeast.
While raw silk has been selling at levels suggestive of
New Jersey.—Trenton: Extreme temperature range;
premaxima on the 25th, then unusually cold. Slight damagerecord-breaking war values, producers have hesitated to
to
take advantage of
feared.' Normal precipitation. Much clearing and plowing fruit buds; prices,
done; orowing to the moderate demand for finished goods.
chard work continued.
These conditions have been reflected in the monthly statisPentisylvania—Philadelphia: Rains at close
ning of this were heavy in many places, while of last week and begin- tics as compiled by ,the Silk Association of
accompanying high temAmerica which
peratures broke many February records. Wheat generally in
good to showed a decrease in both imports and stocks.excellent condition. Some pruning of orchards.
Maryland and De1aware.-43altimore: Light to moderate rainfall.
DomnsTic COTTON GOODS.—As far as the actual
Winter grains made good progress *under unseasona
first half of week and are green and in good bly mild weather during business is concerned, there has been but little change in
condition; two to three the'
weeks ahead of season. Pastures are also green
domestic cotton goods markets. While gray goods
fruit buds are showing and some early vegetablesand fair to good. Tree remain quiet, distribution of prints
planted in
continue on a fairly
Activities were cutting and hauling wood, hauling were spreading south. good
and
scale, with some new orders placed for sheetings and
manure
and fertilizers, plowing, fencing, clearing, etc.
pillow cases and wide sheetings. As has been the case for
Virginia.—Richmond: Unusually warm first of week, with
temperatures of record for February; much colder latter part; highest some time past, however, buyers generally continu
e to limit
rainfall
light. Favorable for farm operations and plowing well
advanced. their orders to immediate requirements. Further concesPlanting potatoes continued in southeast and begun in
interior. Some sions have served to intensify the unnatur
freezing injury probable to early truck in southeast and
al conditions prevearly fruit alent
bloom.
in the printed goods division, without inducing any
North Carolina.—Raleigh: Abnormally warm, followed by cold
wave appreciable buying movement. Although retailers have been
latter part of week, with freezing to coast; some damage
to
truck, but too early to determine extent, though probably not fruit and selling prints to tile public in substantial volume, producers
heavy in continue
main producing areas. Peach buds showing color, but mostly not
to yield to the demands for lower prices. Buyers
open,
and cold acting as check may be more beneficial to crop than
otherwise. have been receiving concessions on the general run of conConsiderable farm work done.
structions, but still refrain from placing orders except for
South Carolina.—Columbia: Rapid advance
spring oat, potato, truck, and garden planting. in spring plowing and current needs. Apparently the sustained declines
Winter cereals and toin
bacco beds generally in good growing condition.
cotton values, as the new crop planting season approacraw
hes,
severe freeze and tree fruits one-third to over one-halfWeek closed with
in bloom, but too and the evident futile efforts of the Farm
early to determine damage. Recent showers improved plowing conditions
Board to main. tain prices have encouraged them in
Georgia.—Atlanta: Except for rain Saturday
their tactics. Other
snap, week was generally favorable and extensiveand subsequent cold discouraging factors have been the
of soil
various reports from
accomplished. Considerable planting done in some preparation counties the
southern
South concerning conditions in the mills. The unembefore end of February. Seeding spring oats and planting melons
also ployment situation is disquieting, with
commenced. Early varieties of peaches almost
economy the "watch
in years; damage by freeze of Monday morning in full bloom; earliest word," and bread lines a new feature
very moderate.
in some districts.
Florida.—Jacksonville: Warm and sunshiny, except showers Saturday These conditio
ns are due to close prices and the efforts
and Sunday. Light freeze in interior of north and central
Monday and among producers to cut their output.
Tuesday. Planting corn finished in much of central
However, it
and north and continued in west, where melon planting active. Oats
pected that conditions will improve, as many believe is exthat a
good. Shipping cabbage and other truck continued and tobacco beds larger volume
from peninsula;
of business will no doubt develop as the
strawberryshipments active. Citrus groves good; heavy bloom.
Low- Spring season approaches. Print cloths 27-in
lands wet in southeast, but showers needed on some uplands of
ch 64x60's concentral. structio
Alabama.—Montgomery: Unseasonably warm,
n are quoted at 4%c., and 28-inch 64x60's at 4%c.
two
days by unseasonably cold weather and freezing followedtoon lastMon- Gray goods
nearly
coast
in the 39-inch 68x72's construction are quoted
day; showers daily until Saturday interfered somewhat with farm work.
-inch 80x80's at from 8%c. to 9c.
Oats surviving winter freezes making fair progress; sowing spring oats at from 7%s. to 7%c., and 39
continues. Some potatoes planted and some sweets bedded.
WOOLEN GOODS.—Openings of men's wear fall fancy
crops in south mostly doing well; little growing elsewhere. FruitTruck
trees lines featured the week in the woolen
reported blooming in south and central. Effects of Monday's freeze
and worsted markets.
on The
fruits and vegetables unknown. .
American Woolen Co. exhibited plain and fancy mixMississippi—Vicksburg: Frequent light to moderate rains to Satur- tures, gabardines and overcoat
ings on Monday and the reday, inclusive, with fair and cold weather thereafter. Freezing Monday
morning in north and central; probably some damage to fruit. Soil nminder of its lines on Wednesday. Similar showings were
mostly too wet for plowing and seasonal farm work somewhat belated. made by independents throughout the week. Price reducProgress of pastures good and of truck fair.
tions averaging 10c. a yard for the Big Factor and as high
Louisiana.—New Orleans: Fairly .
good progress made in plowing
and planting gardens, corn, and rice especially in south portion,land as 40c. a yard by some independents featured the openings..
but These changes
some interruption by rains first half Of week. Some corn up locally in
were the result of the drastic declines in
south and rice planting fairly well advanced. Peaches, plums, and pears raw wool values during the past year, and
it would now
in bloom. Effect of freeze at end of week not yet determined.
Texas.—Houston: Fore part of week warm, but latter part cold, with seem that practically everything had been discounted In
freeze nearly to upper coast, causing some damage to fruit, early-planted order to stimulate a larger consumption of goods. Buyers,.
corn, and tender truck. Precipitation light to moderate in eastern half; who were on hand in large numbers, were
favorably impractically none in west where badly needed. Progress and condition of pressed by
the new fabrics and attractive prices.
pastures, wheat, oats, and barley poor to fair; pastures green and growth
slow. Corn planting continued in eastern half where some up, but cold,
FOREIGN DRY GOODS.—The volume of business in the•
wet soil unfavorable for germination. Preparation of land for cotton
made good progress, except in eastern and some central counties where local linen markets continued relatively unchanged. Some
too wet. Winter truck shipments moderate. Trees abnormally advanced. fairly substantial orders for dress and suiting fabrics
wereOklahoma.—Oklahoma City: Mostly clear and no precipitation of con- reported to have been placed. Sales of
household linens
sequence. Favorable for field work and seeding oats progressed rapidly showed
some improvement over the previous week, while a
and coming up to good stands. Potato planting begun. Wheat made
good growth; condition generally very good, but needing rain in west. good demand for damask table cloths and luncheo
n sets•
Hard freeze at close of week damaged early-blooming fruits and early brought considerable business to some
importers. Prices.
gardens.
remained generally unchanged. The activity of America
Arkansas.—Little Rock: Light precipitation and mild
n
first of week, very favorable for farm work, after which temperatures buyers in Belfast markets continues to be a source of interest
moderate to
rather heavy precipitation in east and south, and low temperatures, to local factors. It is hoped that their
operations will
stopped work; ground being frozen hard in north. Considerable
plow- result in the introduction of new and attractive lines
ing done and some oats sown. Potatoes planted. Fruit not injured
which,
will stimulate business. Burlaps have been
much by freeze.
quiet, with,
Tennessee.—Nashville: Unusually warm preceding cold wave; during buyers cautious. As a result, prices have
warm period much plowing and disking on dry lands
lower. Light weights are quoted at 5.15c., been slightly
vegetables planted. Growers in a few central counties and many early
and heavies,
reported grains at 665c.




1

MAR.8 1930.]

FINANCIAL CHRONICLE

1693

IA;

!Rate and Tit

tpartmtni

MUNICIPAL BOND SALES IN FEBRUARY.
State and municipal long-term bonds sold during February
totaled $77,011,666. This figure compares with $109,328,814 for the preceding month and with $69,901,723 for
February a year ago.
The principal award during the month was made by the
City of Newark, N. J., and consisted of seven issues of
04% coupon or registered bonds aggregating $10,670,000,
which were sold to a syndicate headed by the Bankers Co.
of New York, as follows: $2,169,000 water bonds, due
from 1931 to 1970 incl., sold at 101.44, a basis of about
4.39%; $1,987,000 street and sewer bonds, due from 1931
to 1952 incl., at 100.67, a basis of about 4.42%; $1,970,000
Port Newark impt. bonds, due from 1931 to 1970 incl., at
101.53, a basis of about 4.38%; $1,723,000 public impt.
bonds, due from 1931 to 1962 incl., at 101.15, a basis of
about 4.40%; $1,629,000 school bonds, due from 1931 to
1966 incl., at 101.31, a basis of about 4.39%; $986,000 city
railway construction bonds, due from 1931 to 1970 incl.,
at 101.51, a basis of about 4.38%; and $206,000 Passaic
Valley sewer bonds, due from 1931 to 1970 incl., sold at
101.45, a basis of about 4.38%. The award was made on
Feb. 18 and on the 21st the successful bidders are reported
to have stated that all of the bonds had been marketed.
V. 130, p. 1319. Incidentally, the syndicate headed by
the National City Co. of New York, which was awarded on
Dec. 11 a total of $65,000,000 434% long-term gold corporate stock and serial bonds announced on Feb. 25 that
the entire award had been placed in the hands of investors
—V. 130, p. 1507. The City of Detroit, Mich., in response
to a request for offers from various banking houses in New
York City and Detroit, on Feb. 27 awarded $15,500,000
4.30% tax-anticipation notes at 100.001 to the National
City Co. of New York. The notes are due on Aug. 7 1930
and were re-offered for public investment at prices to yield
4.15%. At the close of business on the day of the purchase
the bankers stated that all of the notes had been sold.
The Bankers Co. of New York, as managers of the syndicate
which was awarded on Dec. 5 a total of $24,266,000 43,
4% and 5% Detroit, Mich., impt. bonds, announced on
Feb. 24 that all of the bonds had been distributed and the
account closed—V. 130, p. 1510.
The governments of Cook County, the City of Chicago
and its various political sub-divisions apparently have
abandoned the attempt to finance their depleted treasuries
through the public issuance of tax-anticipation notes, as an
entirely different plan has been placed in operation, details of
which appear in V. 130, p. 1696. The usual table of the
bonds unsuccessfully offered during the month appears
further on in this article.
A compilation of other muncipal awards of $1,000,000
or over during February is given herewith:
$5,000,000 West Virginia (State of) coupon or reglaterred road bonds,
awarded on Feb. 11 to a syndicate managed by the First
National Bank of New York at 100.002, an interest cost
basis of about 4.34% as follows: $3,950,000 bonds, due
from 1933 to 1952 incl.sold as 4%s, and the remaining $1,'
050,000 bonds, due from'1952 to 1955 incl., sold as 4s.
4.750,000 Massachusetts (State of) 4% registered bonds and notes, due
from 1931 to 1970 incl., sold on Feb. 4 to a group headed by
Harris, Forbes & Co. of Boston at 100.67, a basis of about 3.92%.
4,465,000 Rochester, N. Y., 4X% coupon or registered bonds, comprising
ten issues maturing annually from 1931 to 1960 incl., awarded
on Feb. 11 to a syndicate headed by George B. Gibbons & Co.
of New York at 100.4797, a basis of about 4.19%.
3,500,000 Jersey City, N. J. 4.60% coupon or registered tax revenue
bonds, due $1,500.000 on Feb. 1 in 1931 and $2,000,000 on
Aug. 1 in 1933, awarded on Feb. 13 to the Detroit Co., Inc.,
of New York, at 100.019, basis of about 4.59%.
2.470,000 White Plains, N. Y., bonds, aggregating $2,470,000, coma
prising six imams maturing annually from 1932 to 1965 incl.,
awarded on Feb. 7 as 4.35s to a group managed by the International Manhattan Co. of New York at 100.119, a basis of
about 4.340
/.
1,760,000 Memphis, Tenn., bonds aggregating $1,750,000. comprising
three issues maturing serially from 1933 to 1968 incl., awarded
on Feb. 18 to the Chase Securities Corp. and R. L. Day & Co.,
both of New York, as follows: $1,100,000 coupon school bonds
sold as 434a at 101.91 a basis of about 4.61%, and $450.000
coupon sewer and drain bonds, also $200,000 coupon general
hospital bonds, both Issues sold as 434s at 101.15, a basis of
about 4.64%.
1,700.000 Port Arthur, Tex. sea wall bonds, duo from 1931 to 1950 incl.,
sold as Se at a prfce of par to the W. Horace Williams Co. of
New Orleans. This issue is part of a total of $3,005,000 bonds
,
offered on Feb. 15. No bids were received for the remaining
$1.305,000 bonds.
1,600,000 New Mexico (State of) highway bonds awarded on Feb. 5 to John
Nuveen & Co. of Chicago, and associates, at 100.006 an interest
cost basis of about 5.74%, for the securities as follows: $1,000,000 as 6s,due $250,000from 1935 to 1938 incl., and $600,000
as 534s, due as follows: $250,000 in 1939 and $350,000 in 1940.
1,500.000 Las Angeles, Calif, street construction, class C. election of
1924 bonds awarded on Feb. 18 to a syndicate headed by the
First National Bank of New York as
at a price of 100.961,
a basis of about 4.67%. The bonds434s, annually on Aug. 1
mature
from 1930 to 1967 incl.
1,400.000 Lancaster County, Pa., 4 X 7,, coupon bridge bonds, sold on
L
Feb. 4 to a group headed by . W. Clark & Co. of Philadelphia,
at 100.451, a basis of about 4.20%. The bonds mature on
Feb. 1 from 1935 to 1960 incl.: the county, however, reserves
the right to redeem any or all of the bonds then outstanding
in numerical order on any interest paying date on or after
Feb. 1 1942.




1,400,000 York County, Pa., 43j% coupon brigde bonds sold on Feb.
to a syndicate managed by E. W. Clark & Co. of Philadelphia,
at 100.41, a basis of about 4.20%. The bonds mature on
Feb. 1 from 1935 to 1960 incl.: the county, however, reserves
the right to redeem any or all of the bonds then outstanding
in numerical order on any interest paying date on or after Feb. I
1942.
1,200,000 Albany County, N. Y. 434% coupon or registered jail bonds
awarded on Feb. 20 to Barr Bros. & Co. of New York and the
New York State National Bank of Albany, jointly, at 101.40,
a basis of about 4.15%. The bonds mature annually on March 1
from 1931 to 1960 incl.
1,150.000 Hall County, Tex., bonds, comprising $800,000 Consolidated
Road District No. 1 bonds,$200,000 Consolidated Road District
No. 4 bonds, and $150,000 Consolidated Road District No. 5
bonds, reported sold to the Brown-Crummer Co. of Wichita.
1,200,000 Mobile County, Ala.,road and bridge bonds awarded on Feb. 13
to a syndicate managed by Lehman Bros. of New York as 434s,
at 95.70, a basis of about 5.119'. The bonds mature $60,000
on June 1 from 1939 to 1958 incl. On Yeb. 10 all of the bids
offered at public auction for the issue were rejected and the
bonds were re-offered and sold as stated.
1,100,000 Norfolk, Va.. 4X % coupon or registered general improvement
bonds, due on March 1 1962, awarded to Eldredge & Co. of
New York at a price of 98.93. an interest cost basis of about
4.57%.
1,092,000 Mount Vernon, N.Y.,coupon or registered school bonds awarded
on Feb. 17 as 434s to a group headed by the Guaranty Co. of
New York, at 101.057, a basis of about 4.37%. The Jonds
mature annually on March 1 from 1931 to 1950 incl.
1,000,000 Cuyahoga County, Ohio, road bonds sold on Feb. 5 as
s to
the Chase Securities Corp. of New York and Stranahan. Harris
& Oatis, Inc., of Toledo, jointly, at 100.819, a basis of about
4.59%. The bonds mature $50,000 on April 1 and Oct. 1 from
1931 to 1950 incl.
1,000,000 Multnomah County, Ore., St. John's bridge bonds, awarded
on Feb. 5 to a syndicate managed by A. B. Leach & Co. of
Chicago, at par as follows: $621,000 bonds due annually on
Feb. 20 from 1936 to 1951 incl., sold as 434s, and $379,000
bonds, due annually on Feb. 20 from 1951 to 1960 incl., sold as
434s. Net interest cost to the county, about 4.61%.

As was the case in preceding months, a considerable number of municipalities were unsucessful in disposing of their
offerings in February. In the following table we give a list
of the municipalities which failed to market their offerings
during the month, showing the amount of the offering, the
interest rate specified and the reason, if any, assigned for
the failure to award the obligations:
Page.
Int. Rate
Name.
1314 Aberdeen, Idaho_a
not exc.6
1143 Arkansas, State of_b
not exc.5
1143 Bogalusa, La
1315 Brownfield Ind. S. D., Tex- 1315 Caldwell Par, Road Dies.. La_.not exc.6
1316 Carpenteria Un. H.S. D.,Calif c
534
1509 Central Square, N Y
not exc. 5
1317 Elida, Ohio
534
1317 Escambia County, Fla
x
1009 Gladstone, Ore
x
1145 Hamilton, Ohio
5%
1511 Hattiesburg, Miss
not exc. 5
1320 Port Arthur, Texas_d
not exc. 5
1514 Roo.sevelt, Okia_e
not exc.6
1320 St. Clair Shores, Mich
not exc. 5
1515 Starke Co., Ind
6%

Amount.
$21.000
18,000,000
100,000
75,000
145,000
80,000
76,000
6,500
40.000
29.101
100,000
450,000
1,305.000
37,000
1,596.000
8.752

Report.
Not sold
No bids
Not sold
No bids
Bide rejected
Bids rejected
No bids
No bids
No bids
No bids
Postponed
Bids rejected
Bid rejected
Bids rejected
No bids
No bids

x Bidders asked to name rate of interest in proposal. a Bonds were
re-offered to be sold on March 7, to bear int. at a rate not exceeding 6%.
b No bids were received on Feb. 12 for the purchase of an $18,000,000
road bond issue, interest not to exceed 5%,although two syndicates, headed
respectively by Halsey, Stuart & Co. and the Chase Securities Corp., both
of New York, were reported to have been considering submitting tenders
but abstained from doing so as a State law prohibits the sale of long-term
State bonds bearing 5% int. at less than the equivalent of par. Tenders
-months
were later solicited for the purchase of $9,000.000 not exceeding 5% 9
highway notes, to be opened at 10 a.m. on March 7—V. 130, P. 1314
C Issue was re-offered to be sold at 10 a.m. on March 10: rate of int. to be
named in bid—V. 130, P. 1316. d The City of Port Arthur, Tex., on
Jan. 28 failed to receive a bid for the purchase of seven issues of not to
exceed 5% int. bonds, maturing annually from 1931 to 1970 incl., aggreuns
it ed i r on Felt 15
rroff George
p l nga ige 51( bid he (113(gdds
e
s6nbut n sc tges:i
itiy r 0 1
)0. Trec
submitted
Dallas was rejected. The city then is reported to have sold a block' of
$1,700,000 sea wall bonds as 5s, at a price of par to the W. Horace Williams
Co. of New Orleans—V. 130, P. 1320. e Bonds were re-offered to be sold
at 4 p.m. on March 5, to bear int. at a rate not exceeding 6%—V. 130, 11).
1514.

Short-term loans negotiated during the month amounted
to $71,422,00, of which $42,630,000 was borrowed by the
City of New York. Canadian long-term municipal bonds
disposed of during February aggregated $16,814,963. Of
this total $6,000,000 bonds are reported to have been
placed in .the United States. The City of Toronto, Ont.,
contributed $7,590,000 to the total for the month, having
sold bonds to that amount to a syndicate headed by the
National City Co. of New York as follows: On Feb. 18
the group was awarded $5,590,000 bonds, consisting of
$,3,201,000 414s and $2,389,000 5s, duo in from 10 to 30
years, at 97.597, a basis of about 5.08%. On Feb. 20 the
group purchased an issue of $2,000,000 5% Harbour Commissioners of Toronto bonds at 98.95, a basis of about
5.08%. This issue is due on Sept. 1 1953—V. 130, p. 1323.
The Province of Nova Scotia on Feb. 25 awarded an issue
of $5,000,000 5% refunding and public impt. bonds, due
on March 11960, to a Canadian syndicate headed by the
Bank of Nova Scotia of Halifax, at 98.92,a basis of about
5.07%. The Greater Winnipeg Water District, Man., on
Feb. 17 awarded an issue of $1,900,000 5% coupon refunding
bonds, due on Feb. 15 1970, to a group managed by Wood,
Gundy & Co. of Toronto, at 98.52, a basis of about 5.09%
—V. 130, p. 1322. The Province of Manitoba secured a
short-term loan of $2,500,000 in the form of 5% Treasury
bills, dated Jan. 31 1930 and due on Oct. 31 1930. The
issue was taken by a syndicate headed by the Bank of
Montreal of Montreal—V. 130, p. 1150. At the annual
municipal election held recently, the ratepayers of the
City of Toronto, Ont., rejected a proposal to issue $19,000,000 in debentures for various municipal purposes by a

1694

FINANCIAL CHRONICLE

vote of 29,680 to 27,277, according to H. Reburn, Deputy
City Treasurer—V. 130, p. 1150. No financing during the
month was undertaken by any of the U. S. Possessions.
Below we furnish a comparison of all various forms of
obligations sold in February during the last five years:
1926.
1927.
1928.
1929.
1930.
February-69,901,723 133,823,923 77,130,229 172,358,204
Perm't loans(U.S.)_$77,011,666
*Temp.loans(U.S.)_ 71,422,000 70,719,000 111,730,500 115,195,000 22,307,500
Can. loans (temp.)_ 2,500,000
Can. loans (perm't):
Placed in Canada_ 10,814,963 4,570,828 2,659,000 3,707,385 1,822,067
r40,000,000e
Placed in U. S___ 6,000,000 1,750,000 4,500,000
1,175,000
None
Bds. of U.S. P085'1113
196,032,614 236,488,671
167,748,629 148,116,551 252,713,423
Total
* Includes temporary securities issued by New York City: $42,630,000 in
February 1930, 557,095,000 in February 1929, $98,660,500 in February 1928,
$108,050,000 in February 1927, and $9,500,000 in February 1928.

[VOL. 130.

sible, a committee be appointed to represent all of the bond holders of this
city, such committee to visit this place and make a survey of the situation
or to meet with a committee from this Council, at any place agreeable to
the bond holders committee in an effort to work this situation out to the
best interests of the bond holders and the City of Delray Beach. We
want to do our part and it is absolutely necessary that the bond holders
do their part if we are to continue as a City and finally redeem the outstanding bonds.
We would be glad to have the names of every individual bond holder
of this city, as we would be glad to send them a copy of this letter, or a
similar one, but not having the names of our bond holders, we rely upon
bonding companies who represent these bond holders.
We will appreciate hearing from you at your convenience and we wish
to assure you that the money now being collected through general taxation
for the purpose of paying interest and creating a sinking fund on the general
improvement bonds will be deposited in a separate account, secured by
Liberty Bonds as hereinabove stated. We add this assurance so that
you will known that there is no danger of these funds being dissipated.
Yours very truly,
R. H. PORTER Chairman of the Finance Committee.

Florida.—Forbearance in Demanding Payments on Defaulted Bonds Recommended.—In a lengthy letter sent out
The number of municipalities in the United States emitting to all municipal bond dealers interested in Florida issues on
long-term bonds and the number of separate issues made Feb. 21 by Seneca D. Eldredge, head of Eldredge & Co.,
returned from an extended tour of
dtirg February 1930 were 253 and 373 respectively. This of this city, who has just a comprehensive survey of business
that State, where he made
with 295 and 421 for January 1930 and 317 and and financial conditions, it was recommended that holders
conWasts
417 for February 1929.
of Florida municipal bonds new in default as to principal
For comparative purposes we add the following table or interest, or both, go slowly in demanding payment in full
showing the output of long-term issues in this country for from municipalities that have acted in good faith in the matter. Mr. Eldredge reports that he believes that the greater
February and the twa months for a series of years:
number of defaults will work out satisfactorily if given
For the
Month of
For the
Month of
Two Months. sufficient time.
February.
TIVO Months.
February.
34,923,931
18,604,453
$77,011,666 $186,340,480 1910
1930
—
47,260,219
17,941,816
New Jersey.—Issuance of $90,000,000 in Road BotiL
145,452,146 1909
69,901,723
1929
71,857,142
60,914,174
234,167.550 1908
133,823,923
1928
spaper dispatches from Trenton on March
47,703,866 Advocated.—New
37,545,720
284,008,204 1907
77,130,229
1927
36,698,237 1 reported that at a hearing held on Feb. 28 by the House
28,390,655
242,724,827 1906
172,358,204
1926
9,310,631
17,746,884
215,859,851 1905
80,323,729
Committee on bills to increase motor truck regis1925
31,795,122 Judiciary
7,951,321
194,424,135 1904
94,798,665
1924
21,092,722 tration fees, Senate President Arthur N. Pierson, of Umon
5,150,926
176,999,232 1903
80,003,623
1923
23,530,304 County, proposed that State improvements be financed
12,614,459
175,244,868 1902
66,657,669
1922
13,462,113
4,221,249
152,886,119 1901
65,835,569
1921
He
25,511,731 entirely by bond issues rather than direct taxation.
5,137,411
115,234,252 1900
31,704,361
1920
7,038,318
13,114,275 suggested that bond issues totaling about $90,000,000 or
56,017,874 1899
30,927,249
1919
17,456,382
9,308,489
46,754,354 1898
22,04,286
1918
for highway construction and
23,082,253 $95,000,000 be authorized
12,676,477
66,029,441 1897
25,956,360
1917
10,931,241 kindred purposes.
4,423,520
-87,223,923 1896
47,047,824
1916
5,779,486
16,111,587
76,919,397 1895
42,616,309
1915
19,038,389
11,966,122
122,416,261 1894
New York State.—Proposed Bond Issue.—As the $28,000,37,813,167
1914
5,071,600
10,510,177
58,072,526 1893
27,658,087
1913
awarded on Sept. 16 to various banking
7,761,931
14,113,931 000 issue of 4% notes
54,495,910 1892
29,230,161
1912
institutions throughout the State—V. 129, p. 1952— matures
100,663,423
22,153,148
1911
State Comptroller Morris S. Tremaine
Owing to the crowded condition of our columns, we are on May 16 1930, to announce the offering of a long-term
is expected
omit this week the customary table showing the shortly
obliged to
bond issue to refund the maturing securities.
month's bond sales in detail. It will be given later.
Sydney (City of), New South Wales, Australia.—
Public Offering of $5,000,000 532% Gold Bonds.—A group
NEWS ITEMS
composed of the Bancamerica-Blair Corp., E. H. Rollins
Stuart & Co., all of New York, is offerOkla.—Decision of Lower Court on Refunding & Sons, and Halsey,
Anadarko,
investment an issue of $5,000,000 532% sinkare informed by our Western cor- ing for public bonds of the city of Sydney at a price of 90
Bonds Reversed.—We
respondent that the State Supreme Court recently reversed ing fund goldinterest, to yield about 6.30%. The bonds
accrued
the decision of the Caddo County Dis'zict Court which held and dated Feb. 1 1930, coupon in denoms. of $1,000, and
this issue invalid. The Supreme Court ruled that "refund- are
mature on Feb. 1 1955. Part of an authorized issue of
ing bonds issued to fund a valid indebtedness neither creates $10,000,000. The information following in reference to the
the debt." It was alleged by the
any debt nor increases
from the offering notice:
lower court that the issuance of these bonds had exceeded loan is taken registerable as to principal only. Prin. and semi-ann.
Definitive bonds
int. Feb. 1 and Aug, 2, payable in New York City at the principal office
the 5% debt limit.
of The Bank of America, N. A. in U. S. gold coin of or equal to the present
Delray Beach, Fla.—Protective Committee on Defaulted standard of weight and fineness, without deduction (as to holders not
the Municipal
Proposed.—We are in receipt of the following letter,. domiciled in Australia) for any taxes ofCommonwealth Council of Sydney.
Bonds
of Australia, or of
South Wales or the
the
dated Feb. 28, in response to our query regarding the settle- any State of New
taxing authority thereof or therein; or with provision for repayment
Fiscal Agency Agreement. Redeemable
bond default, from R. H.Porter, Chairman of such taxes as provided in the any interest date beginning Feb. 1 1945
ment of a recent
other than for Sinking Fund on
of the Finance Committee:
as a'whole only at 100 and accrued interest upon 30 days notice.
For the past several weeks, we have received many letters and telegrams
from the different firms representing bond holders of the City of Delray
Beach, and also from a few of the actual bond holders with reference to
payment of interest on such bonds, on which the City of Delray Beach is
now in default.
To each of these letters and telegrams, the same reply has been made
that is, that the City of Delray Beach included in its budget an amount
for paying interest and sinking fund on general improvement bonds, and
that it was hoped that sufficient taxes could be collected to enable the city
tcpay the past due interest which is now in default.
I us now clearly apparent that it will be an impossibility for the City o
Delray Beach to pay the interest and the bonds as they mature,and a brief
statement of the facts is as follows: For the fiscal year 1929, ending Sept.
30 the City collected approximately 60% of the genera Asses. All the interest and bonds falling due during the year 1929 were paid, but in doing
this the City simply used a reserve fund which had been held since the last
general bond issue. For the fiscal year beginning Oct. 1 1929, and ending
Sept. 30 1930, interest and sinking fund for general improvement bonds was
fixed at $80,550.00. The total assessed valuation of property was fixed at
$3,265,517.00. A total millage of 45 was fixed, this as compared with a
millage of 15 for the previous year against an assessed valuation of that
year of $7,210,422.00.
For the present fiscal year all money that has been collected through general
taxes on the interest and sinking fund on general improvement bonds, has
is
been set apart in a separate banking account and this depositin secured,
this fund
dollar for dollar, by Liberty Bonds. The amount of money now
is $9,251.37,representing the amount collected to date. The City of Delray
is in default at the present time in the amount of $43,415.00. Thus
Beach
It can be seen that the amount of money now in this fund is insufficient to
pay the interest and bonds on which the City is in default. the
amount
Basing the tax collections for the present fiscal year upon
collected during the last fiscal year, it is apparent that the revenue will fall
far short of the amount necessary to pay bonds and interest falling due.
Also according to the present schedule the bond payment increases each year,
thereby maldng the burden more and more impossible to meet.
The City Council has sought in every way to reduce the operating expenses of the City. For the year 1927, the eperating expenses amounted
to $110,772.65; 1928, $96,597.96; 1929, $79,201.90; and for the present
fiscal year we have fixed an amount of $58,800.00.
You are, of course, familiar with the situation as it exists in this section
of Florida and it is therefore needless for us to go into this matter further.
However, we will say that the people of this City are carrying as heavy a
tax burden as it is possible for them to carry. The taxes were raised considerably here for the present fiscal year, as can be seen by figures hereinabove given, and this has caused a great deal of dissatisfaction among the
tax payers. A great many tax payers are not paying their taxes and the
accumulated taxes in many instances are more than the actual value of
the property. The total amount of vacant property in the City exceeds
the value of the improved property by approxkmately four to one. We
simply mention these matters trying to give you a true picture of our present
condition.
We do not intend to repudiate our obligations, but we must have some
relief from our present obligations, or it will simply be a matter of physical
impossibility to meet the payments. We respectfully suggest that you
communicate with as many bond holders as you represent, and that if pos-




Cumulative sinking fund of M of 1% per annum operating semi-annually
through purchases in the market at or below 100 and accrued interest or by
drawings by lot at 100 and interest.

.
A detailed description of the bonds and the purposes for
which they are issued "ill bp found in our "Department of
Current Events and Discussions" on a preceding page.

BOND PROPOSALS AND NEGOTIATIONS.
a

AKRON, Summit County, Ohio.—BOND SALE.—The four issues
3coupon or registered bonds aggregating $1,395,000 offered on march
130, p. 1143—were awarded to a syndicate composed of Otis & Co., of
Wallace & Co., and Dewey, Bacon & Co., both of New York;
Cleveland;
and the Banc Ohio Securities Corp., of Columbus, at 100.13, an interest
cost basis of about 4.53%, as follows:
$500,000 water works extension bonds sold as 4s. Due $20,000 on Oct.
1 from 1931 to 1955, incl.
385,000 land purchase bonds sold as Ois. Due on Ott. 1, as follows:
$30,000 from
$29,000, 1931 to 1935, incl., andsold as 44s. 1936 to 1943. incl.
Due on Oct. 1, as
260,000 trunk sewer construction bonds incl., and
$11,000 from 1946 to
310,000, 1931 to 1945,
follows:
e4
1955, incl.
bonds
250,000 street opening and widening incl. sold as 43-s. Due $10,000
on Oct. 1 from 1931 to 1955,
All of the above bonds are dated Feb. 1 1930.
Public offering of the bonds is being made as follows: The $385,000 43is
are priced to yield 4.40% and the $1.010,0004s are priced to yield 4.35%.
The bonds are stated to be direct obligations of the entire city, the finan4
cial statement of which is given as follows:
$500,000,000
Real valuation
422,099380
Assessed valuation
44,837.396
Bonded debt, including these bonds
$11,638,000
Less water works
12.204,075
566,075
Less sinking fund
Net Debt---------------------------------------------- 32,633,321
Population (1920 census), 208,435; (present official estimate). 230,000.
ALLEGAN, Allegan County, Mich.—BOND ELECTION.—At an
election to be held in April the voters will pass on a proposal to issue $45,008
in bonds to finance the construction of a municipal dam and hydro-electric
plant.
ALLENTOWN SCHOOL DISTRICT, Lehigh County, Pa.—BOND
OFFERINO.—T. P. Wenner, Secretary of the Board of Directors, will
receive sealed bids until 8 p. m. on March 24, for the purchase of $650_,000
4%% coupon school bonds. Dated April 1 1930. Denom. $1,000. Due
on April 1, as follows: $60,000, 1935;$74,000, 1940;$92.000, 1945;3113.000.
1950; $139,000, 1955: and $172,000 in 1960. Prin. and semi-annual int.
(A. & 0. 1) payable at the office of the District Treasurer. A certified
check for 5% of the bid, payable to the order of the District must accompany
each proposal. The bonds are offered for sale subject to the approval„of
the Department of internal Affairs.

4

MAR.81930.1

FINANCIAL CHRONICLE

1695

% Ira Elzey et al road
ANAHEIM ACQUISITION AND IMPROVEMENT DISTRICT NO. 2 12 m. on March 15, for the purchase of $50,000
-The $39,- construction bonds. Dated March 15 1930. Denom. $1,250. Due $2,500
-BOND SALE.
(P. 0. Anaheim), Orange County, Calif.
274.85 issue of 6% street improvement bonds that was offered for sale on May and Nov. 15 from 1931 to 1940,incl. Interest payable on May and
-was purchased by G. W. Bond & Son, of Nov. 15.
on Feb. 25-V. 130. p. 1508
Santa Ana, for a premium of $57, equal to 100.14.
-The fol-BOND SALE.
BOWLING GREEN, Wood County, Ohio.
-The $9,000,000 issue of lowing issues of 5 % bonds aggregating $21,975 offered on March 1-V.
ARKANSAS (State of).
-NOTE AWARD.
-were awarded at a price of par to Spitzer. Rozick & Co.,
-is reported to have 130, p. 1315
1314
highway notes offered on March 7-V. 130, P.
been awarded to a syndicate headed by Halsey, Stuart & Co. of New York, of Toledo:
equipment purchase bonds. Due on Sept. 1, as
as 48%s at a price of 100.05. The notes are dated March 7 1930 and mature $15,000 fire department 1931: $1,650 from 1932 to 1939, incl.
follows: $1,800,
on Dec. 7 1930. Members of the successful group include Bancamerica- $6,975 real estate purchase bonds. Due $775 on Sept. 1 from 1931 to
Blair Corp., R. W. Pressprich & Co., both of New York, and the National
1939, incl.
Securities Co. of Little Rock. The notes are being re-offered for public
Both issues are dated Jan. 1 1930.
Investment priced to yield 4.10%•
-The fol-BOND DALE.
BROCKTON, Plymouth County, Mass.
ARLINGTON COUNTY(P.O. Rosalyn), Va.-BOND ISSUE RECOM- lowing issues of 4 X % coupon or registered bonds, aggregating $385,500,
MENDED.
-Newspaper reports from Richmond state that the County offered on Feb. 27-V. 130, p. 1315
-were awarded to R. L. Day &
School Board has recently adopted a recommendation for a $580,000 bond of Boston at 101.299, a basis of about 4.02:
Issue. It is said that bids may be received shortly.
$128,500 macadam pavement bonds. Due on March 1 as follows: $26.500
-The three
-BOND SALE.
ASHEVILLE, Buncome County, N. C.
1931; $26,000, 1932 and 1933, and $25,000 in 1934 and 1935.
Issues of bonds aggregating $890,000, offered for sale on March 3-V. 130,
100.000 water bonds. Due $4,000, on March 1 from 1931 to 1955 incl.
-were purchased jointly by Stranahan, Harris & Oat's, Inc., of
p. 1316
53,500 surface drainage bonds. Due on March 1 as follows: $3,500,
Toledo, and Eldredge & Co. of New York as 5s at a price of 101.23, a
1931;$3,000, 1932 to 1943 incl., and $2,000from 1944 to 1950 incl.
basis of about 5.40%. The issues are divided as follows:
53,500 sewerage bonds. Due on March 1, as follows: $3,500. 1931;
$650,000 general corporate bonds. Due from March 1 1935 to 1969 incl.
$3.000, 1932 to 1943 incl., and $2,000 from 1944 to 1950 incl.
175,000 street impt. bonds. Due $5,000 from March 1 1935 to 1969.
30,000 water bonds. Due $6,000 on March 1 from 1931 to 1935 incl.
65,000 city hall bonds. Due from March 1 1935 to 1969 incl.
20,000 water bonds. Due on March 1 as follows: $2,000, 1931 to 1935
incl., and $1,000 from 1936 to 1945 incl.
-BOND OFFERING.-Lotta
ASHLAND, Ashland County, Ohio.
The following is a list
above
sealed bids until 12 m.on March ofAll of the bids bonds are dated March 1 1930.
Westover, Director of Finance, will receive
the other
received:
20 for the purchase of $10,000 5% bonds issued to finance the enlargeRate Bid.
Bidder
Blodgellt,
-ate Bid, Bidderment and the extension of the city's storm sewer system. Dated Feb. 15
101.045
E. H. Rollins & Sons
1930. Denom. $1,000. Due $1,000 on Oct. 1 from 1931 to 1940 incl. Stone & Webster and
101.03
101.132 Brockton National Co
Int. payable on April 1 and Oct. 1. Bids for the bonds to bear interest
101.02
IncHarris Forbes & Co
101.12 Curtis & Sanger
at a rate other than 5% will also be considered, provided, however, that
100.919
101.06 Day Securities Corp
where a fractional rate is bid such fraction shall be X of 1% or a multiple Estabrook & Co
-The
-MATURITY.
thereof. A certified check for $150, payable to the order of the city, must
BROWN COUNTY (P. 0. Brownwood), Tex.
accompany each proposal.
$350,000 5% semi-annual road, series E bonds that was sold to Prudden
-is
& Co., of Toledo, and associates, at a price of 97.50-V. 130, p. 1315
-BOND SALE.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
as follows: $5,000, 1931, 1933, 1935, 1937. 1939 and 1940: $6.000. 1941
The $124,000 road improvement bonds offered on March 3-V. 130, p. due
to 1946; $7,000, 1947 to 1949; $8,000, 1950 to 1952; $9,000, 1953; $10,000.
1315
-were awarded as 445 to Mitchell, Herrick & Co. of Cleveland, at
512,000, 1959;$13,000. 1960;$15.000,
par plus a premium of $4.12, equal to a price of 100.33, a basis of about 1954 to 1956;$11,000, 1957 and 1958;
1963; $19,000, 1964; $20,000. 1965: $21,000.
4.67%. The bonds are dated Jan. 1 1930 and mature as follows: $6,000, 1961; $16,000, 1962; 518.000, 1968, giving a basis of about 5.18%•
1966, and $22,000 in 1967 and
April and Oct 1 fr.m 1930 to 1937, incl., and $7,000 on April and Oct. 1
-The
In 1938 and 1939. The following is an official list of the other bids received:
-BOND SALE.
BROWN COUNTY (P. 0. Nashville), Ind.
Prem.
Int. Rate.
BidderG. C. Poling, Jackson Township road construction bonds
$409.00 $9,000 on %
4X%
Stranahan, Harris & Oat's, Inc
-were awarded at a price of par to
1143
offered
March I
-V. 130, p.
365.50 the Nashville State Bank, of Nashville. The bonds are dated Feb. 15
0
H. M. Byllesby & Co
434%
334.00 1930 and mature as follows: $450, July 15 1931: $450, Jan. and July 15
Banc Ohio Securities Co
B
228.00 from 1932 to 1940, inclusive, and $450 on Jan. 15 1941.
4
Braun, Bosworth & Co
202.00
4
First National Co. of Detroit
-Ear
-BOND OFFERING.
BROWNVILLE, Jefferson County, N. Y.
99.20
43%
Provident Savings Bank & Trust Co
434 ,
4
99.20 W. Parker, Village Clerk, will receive sealed bids until 11 a. m. on March
Otis & Co
coupon or registered street improvement
89.00 14, for the purchase of $40,000
434%
Guardian Trust Co
85.00 bonds, to bear interest at a rate not exceeding 5%,stated in a multiple of
Milwaukee Co
41.00 X of 1%. Dated Jan. 1 1930. Denom. $1,000. Due $2,000 on Jan. 1
oi
Chatham Phenix Corp
and July
434%14.00 from 1931 to 1950, incl. Principal and semi-annual interest (Jan. for $800,
Weil, Roth & Irving Co
3.70 1) payable in gold at the Irving Trust Co., N. Y. A certified check
434
R. E. Herczel & Co
must accompany each proposal. The
1,264.83 payable to the order of the Village,
5%
R. E. Herczel & Co
3.00 approving opinion of Clay, Dillon & Vandewater, of New York, will be
434
Foreman State Corp
987.00 furnished to the purchaser.
5%
Halsey,Stuart & Co
913.00
5%
Boatmen's National Co
BURLINGAME ELEMENTARY SCHOOL DISTRICT (P. 0. Bur770.00
5
Seasongood & Mayer
-BOND SALE.
-The 5130.000
5 o
713.00 lingame), San Mateo County, Calif. on March 3-V. 130, p. 1509
W.L. Slayton & Co
for sale
5%
223.00 Issue of 5% school bonds offered of San Francisco for a premium of $5,055.
Breed, Elliott & Harrison
was purchased by the Detroit Co.
basis of about 4.56%. Dated March 1 1930. Due
-NOTES AND BONDS equal to 103.88, a
ATLANTIC CITY, Atlantic County, N. J.
OFFERED.
-J. A. Paxson, Director of the Department of Revenue and from 1933 to 1960 incl.
The other bids were as follows:
Finance, has issued a call for sealed bids to be opened at 12 m. on March 10
Premium.
for the purchase of the following notes and bonds, aggregating $2,425,000:
Names of Other Bidders$4.555
$2,000,000 tax-anticipation notes and $425,000 tax-revenue bonds. Both R. H. Moulton & Co
4.088
Issues are dated March 18 1930. Denom. of each issue at purchaser's Weeden & Co
4,785
option, but not less than $5,000 per note or bond. The notes and bonds Dean Witter & Co
4,549
payable in lawful money at Crocker First Company
are payable on Dec. 31 1930. Prin. and int.
4.917
the Central Hanover Bank & Trust Co. of New York City. Bids must be Wells Fargo Bank & Union Trust Co. and Heller, Bruce & Co
for the total amount offered: single rate of interest to apply to both issues. American Securities Co
Rate of interest is not to exceed 6% and must be stated in a muiltple of National Bankitaly Company
44 7 8
3:,4944
1 97
1-100th of 1%. A certified check for $48,500, payable to the order of the Anglo-London-Paris Company
city, must accompany each proposal. The approving opinion of Clay,
CANTON GRADED SCHOOL DISTRICT (P.O. Canton), Haywood
Dillon & Vandewater of New York will be furnished to the successful
of school bonds offered
-The $240,000 issue
-BOND SALE.
County, N. C.
bidder.
-was purchased by Caldwell & Co.,
for sale on Feb. 28-V. 130. p. 1144
AVA SCHOOL DISTRICT (P. 0. Ava) Douglas County, Mo.- of Nashville, as 534s, for a premium of $2,040, equal to 100.85, a toasts of
BOND SALE.
-A $25,000 issue of school bonds has recently been purchased about 5.18%. Dated Jan. 1 1930. Due from Jan. 1 1933 to 1960, incl.
by the Prescott, Wright, Snider Co. of Kansas City.
The other bidders and bids were:
Price Bid.
(These bonds were recently voted by a count of385"for"to 25"against").
Names of Other Bidders100.22 on 5345
CoMpany and Durfee & Marr
-BOND OFFERING.
--Sealed Otis 8z & Company and Poor & Company
BALLINGER, Runnels County, Tex.
4
$244,644.50 Int. 53 %
bids will be received until 2 p. m. on March 15 by B. V. Nottington, Myers
$241,392.00 Int.5 %
& Oatis
City Secretary, for the purchase of two issues of 5% bonds, aggregating Stranahan, Harris Heimerdinger
$200,600.00 Int. 535
Waiter, Woody &
$145,000, as follows:
$243,000.00 Int. 53% o
Company
$110,000 water bonds. Due as follows: $1,000, 1932; $2,000, 1933 to Bohmer, Reinheart &
1937; $3,000. 1938 to 1947; $4,000, 1948 and 1949; $5,000, 1950
TOWNSHIP SCHOOL DISTRICT (P. 0. Washington,
CANTON
-Garvin R.
to 1954; $6,000, 1955 to 1960, all incl.
-BOND OFFERING.
R. D. 8), Washington County, Pa.
35,000 city hall and fire station bonds. Due $10,000 from 1932 to 1936. Wylie, Secretary of the Board of Directors, will receive sealed bids until
Denom. $1,000. Dated April 1 1930. Prin. and semi-ann. int. payable 11 a. m. on March 8, for the purchase of $25,000 434% school bonds.
at the Chase National Bank in New York City. A certified check for 2% Dated March 1 1930. Denom.$LOW. Due on March 1,as follows:$2,000.
Is required.
1940 to 1944 incl., and $3,000 from 1945 to 1949 incl. Interest payable on
- March and Sept. 1. A certified check for 5% of the amount a bonds bid
BARBERTON SCHOOL DISTRICT, Summit County, Ohio.
Securities Co., of Colum- for must accompany each proposal.
OFFER $275,000 4 X % BONDS.
-The Banc Ohio
bus, is offering an issue of $275,000 434% coupon school building for public
-The 6125,000
-BOND SALE.
CAPE MAY, Cape May County, N. J.
Investment at a price to yield 4.50%. The bonds are dated March 1 1930 coupon or registered sewer bonds offered on March 4-V. 130, p. 1316and mature $27,500 on Sept. 1 from 1931 to 1940, incl. Legality approved were awarded as 53%s, at a price of par to M. M. Freeman & 00., Inc..
by Squire, Sanders & Dempsey, of Cleveland. Public award of these of Philadelphia. The bonds are dated Aug. 1 1929 and mature annually
bonds was made on Jan. 28 at a price of 100.17, a basis of about 4.72%.
as follows: $4,000, 1931 to 1950 incl.. and $5,000 from 1951 to 1959 incl.
Financial Statement.
-The
CHADRON, Dawes County, Neb.-BOND DESCRIPTION.
$31,425,000.00
Assessed valuation
by the U. S. National
that
Total bonded debt _
900,360.00 $27,000 issue of paving bonds -V.was purchased
-is more fully described
130, p. 1509
4
Co., of Omaha, as 53 5, at par
Population, 27,000.
as follows: 618,000 coupon interesection paving bonds. Dated an. 1 1930.
-BOND SALE. Due in 1950 and optional after 1935. Int. payable on Jan. and July 1
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-The $4,000
% Ed. Borman et al, Jackson Township highway im- $9.000 district paving bonds. Dated Feb. 1 1930. Due from 1932 to 1940.
-were awarded to incl. Optional after 1935. Int. payable on Feb. 1. Denom. $1,000.
provement bonds offered on March 4-V. 130, P. 1315
the Irwin-Union Trust Co., of Columbus, at par plus a premium of $2.
-SINKING FUND STATECINCINNATI, Hamilton County, Ohio.
equal to 100.005, a basis of about 4.49%. The bonds are dated March 4
-The consolidated statement of the Trustees of the Sinking Fund.
1930 and mature as follows: $200, July 15 1931; $200, Jan. and July 15 from MENT.
"Enquirer" of March 1. at the close of
as It was published in the Cincinnati
1932 to 1940, inclusive, and $200 on Jan. 15 1941.
business Feb. 28 shows:
BEDFORD VILLAGE FIRE DISTRICT (P. 0. Bedford), WestAssets.
-Edith L. Colgate, Chair- Total cash
$1,974,738.95
chester County, N. Y.
-BOND OFFERING.
926,499.12
man of the Board of Fire Commissioners, will receive sealed bids until *Less cash in interest fund
$1,048,239.83
3 p. m. on March 17, at the office of Edward P. Barrett, Katonah, for Cash-redemption fund
35,005,908.38
the purchase of $50,000 coupon or registered district bonds, to bear interest Investments
at a rate not exceeding 6%, stated in a multiple of X of 1%. Dated
$36,054,148.21
on March 1 from 1932 to
March 1 1930. Denom. $1,000. Due $2,000
Total sinking fund
68.683.358.57
1956, inclusive. Principal and semi-annual interest (March and Sept. 1) Balance-Excess of liabilities over sinking fund
payable in gold at the Mount Kisco National Bank & Trust Co., Mount
$104,737,506.78
Kisco. A certified check for $1,000, payable to the order of the District,
Total
must accompany each proposal. The approving opinion of Clay, Dillon
Liabilities.
& Vandewater. of New York, will be furnished to the purchaser.
General bonds (other than Waterworks and Cincinnati
$63,082.903.65
Southern Ry.)
B1ENVILLE PARISH SCHOOL DISTRICT NO. 5 (P. 0. Arcadia),
14.912,230.48
La.
-ADDITIONAL DETAILS.
-The $100.000 issue of school bonds Waterworks bonds
that was purchased by W. L. Slayton & Co. of Toledo as 551s at a price of Cincinnati Southern By. bonds-Construction _$14,932,000 21.832,000.00
6,900,000
Terminal
100.20 (..130, p. 1315) is dated March 11930. Denom. $1,000. Due on
4,910,372.65
March 1 as follows: $3,000, 1931 to 19.14; $4,000, 1935 to 1939: $5,000, Assessment bonds (paid by special property assessment)__
1940 to 1942; $6,000, 1943 to 1948; $8,000, 1949, and $9,000 in 1950.
$104,737.506.78
Total
Basis of about 5.73%. Principal and interest (M. & S.) payable at the
63,082,903.65
First National Bank in Arcadia. Legality approved by Chapman & Cutler Bonds other than water, railway and assessments
22.853.415.65
Sinking fund applicable thereto
of Chicago.
Financial Statement (As Officially Reported).
540.229.488.00
Net amount not self-supporting
Actual value
$3.500.000
* For payment of interest not yet due.
Assessed valuation
1.735,000
Total bonded debt (including this issue)
131.500
CHAVES COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 8
Population (officially estimated). 10,000. Area. 72,960 acres.
(P.0. Roswell), N. Mex.-BOND DETAIL8.-The $76.000 issue of 535%
-BOND OF- refunding bonds that was purchased at par by Gray, Emery. Vapconce
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
FERING.-Bert McGeath, County Treasurer, will receive sealed bids until & Co. of Denver (V. 130, p. 1007) is dated April 1 1930. Due $4.060 fro




1696

FINANCIAL CHRONICLE

[VOL. 130.

April 1 1931 to 1919, Incl. l'rin. and int. (A. & 0.) payable at the County failure of the municipal governments to
collect taxes for the years 1928, 1929
Treasurer's office in Roswell or at Kountze Bros. in N. Y. City. Legality and 1930,due to the
delay in completing the reassessment of the
approved by Pershing, N ye, Tallmadge & Bosworth of Denver.
the Cook Co. Taxpayers' Trust, the trustees of which Silastaxable prop.
II. Strawn,
•
r CHICAGO,Cook County, 111.
-TO VOTE ON BOND ISSUES TOTAL
. Rufus C. Dawes,George 0.Fairweather,and L.E. Myers, has been created.
INC; 324,813,163.
-The city council, at a meeting held on Feb. 26, voted The purpose of the trust, a complete history of which is shown below, is to
finance the long depleted treasuries of the governments of Cook County,
unanimously to submit the question of issuing various bonds aggregating
$24,813,163 for the consideration of the voters at the April 8 primary, the City of Chicago and the Sanitary District of Chicago. &c., through
according to the Chicago "Journal of Commerce" of the following day, the issuance of certificates of beneficial interest in the Trust and the utilizing
which described the purposes for which the funds are desired as follows: of the funds derived from the sale of the certificates in purchasing tax
"The three-times-defeated proposals to vote bonds to pay judgments anticipation warrants, which are to be drawn against and in anticipation
against the city for the Ashland and Western Avenue and LaSalle Street of the collection of overdue taxes of the aforementioned municipalities.
widening projects again are to be submitted. These three aggregate Repeated efforts to dispose of the tax-warrants to banks and investment
318,963.163. Two additional bond issues will be submitted, the Ogden houses having failed, the present method to obtain much-needed funds has
Avenue improvement, for which $5,400,000 is sought for a °ridge across been resorted to. Application was made on Feb. 26 to list the beneficial
Goose Island, and the municipal airport improvements, to cost $450,000." trust certificates on the Chicago Board of Trade and in accordance with
this request the following data was prepared:
CLEVELAND CITY SCHOOL DISTRICT, Cuyahoga County,
BOARD OF TRADE OF THE CITY OF CHICAGO
Ohio.
-BOND SALE.
-The $2,000,000 coupon building bonds offered on
Committee on Stock List.
March 3-V. 130, p. 1144-were awarded as 434s to a syndicate composed
Cook County Taxpayers' Warrant Trust
of the Continental Illinois Co. Foreman State Corp., Central Illinois Co.,
and the Northern Trust Co., all of Chicago; First Wisconsin Co. of'MilwauCertificates Representing Shares of Beneficial Interest
kee, Mercantile Commerce Co. of St. Louis, and the Guardian Trust Co. of
Trust Created as of Feb. 11930.
Cleveland, at a price of 101.30. a basis of about 4.37%. The bonds are
(A Common Law Trust)
dated Mar._ 1 1930 and mature $80,000 on Oct. 1 from 1931 to 1955 incl.
Beneficial Trust Certificates.
_
Original Listing
The successful syndicate is re-offering the bonds for public subscriFEroia
at prices yielding 4.25% for all maturities. The bonds are stated to be Amount authorized
Unlimited
legal investment for savings banks and trust funds in New York and are Amount outstanding
$30,000,000
offered subject to approval of legality by Squire, Sanders & Dempsey of Amount applied for
30,000,000
Cleveland. The school district includes the entire City of Cleveland,
Chicago, III., Feb. 26 1930.
according to the offering notice, and the last official report lists the assessed
Cook
valuation at $2,061.000,000, the net bonded debt $25,877,000, and the inafter County Taxpayers' Warrant Trust, a Common Law Trust (herereferred to as the Trust) hereby makes application for listing on the
population is estimated at 1,100,000.
Board of Trade of the City of Chicago for thirty (30) million dollars principal
"the following is in official tabulation of tho bids received for the issue:
amount of certificates representing shares of Beneficial Interest in said
BidderAmount Bid. Trust in the form of definitive certificates representing beneficial ownership in the assets of said Trust consisting of cash and(or) other property
Guardian Trust Co.; Continental Illinois Co.; Forman-State
on deposit with Chicago Title & Trust Co., Depositary, with
Corp.; Northern Trust Co.; First Wisconsin Co.; Mercantileauthority
Commerce Co., and Central Illinois Co
$2,026,101 to admit to the list additional definitive Beneficial Trust Certificates
upon official notice of issuance and payment in full, in accordance with
Stranahan, Harris & Oatis, Inc.; M. M. Freeman & Co., Inc.,
and Banc Ohio Securities Co
2,022,800 the terms of this application.
Lehman Bros.; Ames, Emerich & Co.; Kean, Taylor & Co.; R. H.
The certificates will be issued in denominations of $100 and(or) any other
Moulton & Co.; H.L. Allen & Co.,and Mississippi Valley Co.._ 2,021,000 sum in excess thereof. The Trustees will endeavor to issue certificates in
multiples of $100 but cannot guarantee to do so.
Roosevelt & Son
2,020,972
All of said certificates representing shares of Beneficial Interest will be
Otis & Co.; Chase Securities Corp.; Phelps, Fenn & Co., and
Wallace & Co
2,020,740 fully paid and non-assessable and no personal liability will attach to certificate holders.
First National Bank, New York, and Eldredge & Co
2,019,532
Estabrook & Co.; Stone & Webster and Blodget, Inc., and
Organization.
Cook County Taxpayers' Warrant Trust was created by a Declaration
Mitchell. Herrick & Co
2,019,180
of Trust executed as of Feb. 1 1930 by Silas H. Strawn, Rufus C. Dawes,
Bankers Co. of N. Y.; Guaranty Co. of N. Y.; First Union Trust
L. E. Myers, George 0. Fairweather and Robert F. Carr. The Trust
& Savings Bank; Detroit Co., Inc.; Hannahs, Bailin & Lee,
and W. G. Tillotson & Co., Inc
2,017,550 will function as a common law trust with Chicago Title & Trust Co. as
Depositary of all of the trust funds and(or) property of the Trust from time
Hayden, Miller & Co.; Curtis & Sanger; Harris, Forbes & Co.;
National City Co., and R. L. Day & Co
2,016,980 to time held by the Trust.
A specimen copy of the certificate to be issued by the Trust is shown as
Chatham l'henix Corp
2,015,798
Halsey, Stuart & Co
2,011,500 Exhibit A and made a part of this application.
history.
CLEVELAND HEIGHTS,Cuyahoga County, Ohio.
-BOND SALE.
Cook County Taxpayers' Warrant Trust was organized for the purpose
The following issues of bonds aggregating $180,400 offered on Mar. 3V. 130, p. 1316
-were awarded as 4%s to Otis & Co. of Cleveland, at par of subscribing for, purchasing, acquiring, holding, selling, exchanging and
otherwise disposing of Tax Anticipation Warrants drawn against and in
iltp_u_i_A premium of $974.16 equal to 100.54 a basis of about 4.65%:
anticipation of taxes levied for the years 1928, 1929 and 1930 by the City
fr007000 special assessment react improvement bonds. Due'$10,000 311 of
Chicago. Illinois, Cook County, Illinois, Sanitary District of Chicago.
Oct. 1 from 1931 to 1940, incl.
36.400 street opening and widening bonds. Due on Oct. 1, as follows: Board of Education of the City of Chicago and any and all other govern$2.400, 1931: $1.000, 1932 to 1934, incl.; $3,000, 1935; 34,000. mental agencies of the County of Cook, State of Illinois. It purposes selling
certificates of Beneficial Interest in the Trust and the proceeds resulting
1936 to 1939, incl., and $3,000 in 1940.
34,000 city's portion street improvement bonds. Due on Oct. 1, as from the sale of such certificates are. to be utilized by the Trust in the
acquisition of said Tax Anticipation Warrants. The object of the Trustees
follows: $3,000, 1931: $4,000. 1932: 53,000. 1933; 34.000, 1934
In acquiring the Tax Anticipation Warrants is to provide the several men33.000. 1935 and 1936; 51,000. 1937; 33,000, 1938; 34,000, 1939; tioned
municipalities with funds so as to relieve the temporary distressed
and 33,000 in 1940.
10.000 Police Department equipment bonds. Due 51,000, Oct. 1 from financial condition of the several municipalities of the County of Cook,
State of Illinois.
1931 to 1940. incl.
Authority for Issue.
All of the above bonds are dated March 11930.
At a meeting of the Trustees held on Feb. 4 1930, the Trustees passed
COLD SPRING HARBOR FIRE DISTRICT (P. 0. Cold Spring the following resolution:
Resolved that the form of said Deejar tillan of Trust and of the certificates
Harbor), Suffolk County, N. Y.
-BOND SALE.
-The $60,000 coupon representing
shares of Beneficial titer -4 therein be and they are hereby
or registered fire district bonds offered on March 5-V. 130. p. 1316
-were
awarded as 4%s. to the Manufacturers & Traders Trust Co., of Buffalo, adopted and approved, and be it further
Resolved that Silas H. Strawn, one of the Trustees of said Trust be and
at par plus a premium of $251.70. equal to 100.41, a basis of about 4.71%.
The bonds are dated March 1 1930 and mature on March 1 as follows: he hereby is authorized for and on behalf of the Trust and in its name to
32.000, 1931 to 19:39 incl., and $3,000 from 1940 to 1953 incl. The follow- execute a Declaration of Trust substantially in the form presented at this
meeting: and be it further
ing is an official list of the other bids received:
that Silas II. Strawn be and he
BidderInt. Rale.
Premium. to Resolved and all things and sign any and hereby is authorized and directed
do any
all papers and documents necesRutter & Co.
5%
sary or desirable for
performance of the obligations of the Trustees
Batchelder & Co
5%
5225..00 under said DeclarationtheTrust.
978 00
of
George 13. Gibbons & Co
190.44
5) %
,
Bank of Huntington
Deposited Securities.
10.00
53.4 %
Farson, Son & re
By the terms of the Declaration of Trust all cash and(or) other property
5%
850.20
A. C. Allyn & Co
5%
716.50 (which will undoubtedly consist practically entirely of Tax Anticipation
Warrants
several municipalities of Cook
COLERAIN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. deposited of theTrustees with the Chicago Title County, 'Bina.) will be
& Trust 100. as Depositary
by the
Mount Healthy R. R. No. 13), Hamilton County, Ohio.
-BOND and may be from time to time withdrawn by order of any three of said
SALE.
-The $90:000 coupon school bonds offered on Feb. 25-V. 130, p.
-were awarded as 4 /ts. to the Banc Ohio Securities Co., of Columbus Trustees.
I007
,
Issuance of Shares.
at par plus a premium of $171, equal to 100.19, a basis of about 4.73%. The
subscriptions for shares of Beneficial Interest of
From time to time
bonds are dated March 15 1930 and mature on Sept. 15 as follows: $4,000, the Trust are received as the Trustees, certificates for
by
the amount of such
1931 to 1950 incl., and $5,000 in 1951 and 1952.
contributions will be issued by a duly authorized agent of the Trustees, and
COLUMBIA COUNTY SCHOOL DISTRICT NO.47 (P.O. Vernonia), following registration of the certificates by Chicago Title & Trust Co. the
Ore.
-BOND SALE.
-The $60,000 issue of school bonds offered for sale same will be issued. Each shareholder will be entitled to participate in
on March 1-V. 130, p. 1316
-was purchased by the State Treasurer, the assets (whether capital or surplus) of the Trust in the proportion that
as 534s, at a price of 100.23, a basis of about 5.40%. Dated July 11930. his particular subscription shall bear to the total subscriptions of the
several subscribers to the Trust.
Due $15,000 from July 1 1931 to 1934, incl.
mg
_
Duration of Trust.
COLUMBUS, Muscogee County, Ga.-BOND SALE.
-The five issues
The Trust
of 4; % coupon or registered bonds aggregating $610,000. offered for sale prior theretowill in all events terminate Feb. 11950, but may be terminated
,i
upon a vote of a majority of the Trustees or by vote of
on March 4-V. 130. p. 1008
-were purchased by a syndicate composed holders of a majority in principal amount of the outstanding sharesthe
of
of Harris, Forbes & Co.. and R. W. Pressprich & Co. both of New York, Beneficial
Interest of the Trust.
the Hibernia Securities Co., of New Orleans, Courts & Co., and Bell, Speas
'
Distributions.
& Co., both of Atlanta. for a premium of $14,145.90, equal to 102.31, a
Dividends will be payable from time to time at the discretion of the
basis of about 4.28%. The issues are.
Trustees, out
and(or) surplus of the Trust. Dividends so paid
$125,000 public school bonds. Due on Sept. 1, as follows: $4,000, 1930 to whether out ofof capital surplus shall be paid proportionately in accordance
capital or
1934; $5.000, 1935 to 1939. and $4,000. 1940 to 1959, all inclusive. with the holdings of the several holders of Beneficial Interest.
150,000 hospital bonds. Due $5,000 from Sept. 1 1930 to 1959, incl.
Convertibility.
30,000 aviation field bonds. Due $1,000 from Sept. 1 1930 to 1959. incl.
No conversion feature attaches to the certificates.
50.000 park bonds. Due on Sept. 1, as follows: 32,000, 1930 to 1949 and
Substitution.
31.000. 1950 to 1959, all inclusive.
100,000 street improvement bonds. Due on Sept. 1, as fellows: $3,000,
The Declaration of Trust provides that the Tax Anticipation Warrants
1930 to 1939. 34.000. 1940 to 1949 and $3.000. 1950 to 1959, all to be acquired by the Trust may be freely bought and sold so that after
inclusive.
the initial acquisition of warrants the same may be sold by the Trustees
155.000 sewer bonds. Due on Sept. 1, as follows: $5,000. 1930 to 1934 and other warrants acquired.
36,000, 1935 to 1949 and $4.000, 1950 to 1959, all inclusive.
Agreements.
Cook County Taxpayers' Warrant Trust acting through and by its
Prin. and int.(M. & S.) payable in gold in Columbus.
Trustees, agrees with the Board of Trade of the City of Chicago a.s follows:
The bidders and their bids are listed as follows:
1. To notify the Board of Trade promptly in the event of a change in
BidderPrice Bid. the character of its business:
*Harris, Forbes & Co., R. W. Pressprich & Co., Hibernia Se2. To notify the Board of Trade promptly in the event of any substantial
curities Co.. Inc., Courts & Co. and Bell, Spears & Co
$624,145.90 change in the management or affiliations of the Trust:
National City Co., New York
621,663.20
3. To publish statements of earnings semi-annually;
Citizens & Southern Co., Trust Company of Georgia, Robin4. To publish annually a list of securities held by the Trust showing
son-Humphrey Co., J. H. Hilsman & Co., Andrew Prather
names and quantities. This list shall disclose the aggregate cost of the
and Fourth National Bank
619,979.66 securities held by the Trust and their aggregate market value and in the
Curtis & Sanger and Stone & Webster and Blodget, Inc., Boston 618,540.00 case of securities not listed on either the Chicago or Now York Stock
Andrew Prather, Columbus, Ga
614,026.00 Exchange or New York Curb, the price at which each holding is inventoried
* Successful bid.
for the purpose of determining aggregate market value will be clearly set
CONCORD (P. 0. Buffalo), Erie County, N. Y.
-BONDS OFFERED. forth witn such information as may be required to support such valuation;
5. To append to all financial statements and Inventories required by the
-Ira 11. Vail, Town Supervisor,received sealed bids until 11 a. m.on March
7, for the purchase of $25.000 coupon or registered bridge bonds, to bear Committee the certificate of a Public Accountant qualified under the laws
interest at a rate not exceeding 5%. Dated March 11930. Due on March ofsome State or country;
• 6. To notify the Board of Trade of any change in the terms and condi1, as follows: 31,000, 1932 and 1933, $2,000. 1934. $3,000, 1935 to 1937
incl., and $4,000 from 1938 to 1940 Incl. Prin. and semi-annual interest tions of the certificates representing shares of Beneficial Interest:
7. To notify the Board of Trade within a reasonable time of any change
(March and September 1) payable in gold at the Citizens National Bank,
Springville. Legality approved by Reed, Hoyt & Washburn, of New York. in the authorized amounts of listed securities;
8. Not to make any change in listed securities, of a Trustee or of a
PA COOK COUNTY (P.O. Chicago), Ill.
-FORM TAXPAYERS' TRUST. registrar of its listed securities without the approval of the Committee on
-As a means of securing funds to pay past-due salaries of municipal Stock List.
employees and to continue the regular functions of the several municipalities
9., To
Board of Trade for the listing of additional
in Cook ()minty which ace in temporary financial stress as a result of the amountsmales application to the
a listed securities upon the issuance thereof,




MAR.81930.1

FINANCIAL CHRONICLE

1697

10. To publish promptly to holders of listed certificates of shares
Beneficial Interest any action in respect to dividends; notices thereof to of ceived by Guy M.Jackson, Secretary of the Board of Education, until 2.30
sent to the Chicago Board of Trade and to give to the Chicago Board be p. m. on March 4, for the purchase of a $40,000 issue of school bonds.
of
Trade at least ten days' notice in advance of the closing of the books of the Int. rate to be named by the bidders. Denom. $1,000. Dated March 1
Trust for extensions or the taking of a record of holders for any purpose. 1930. Due as follows: $1,000. 1932 and 1933: $2.000. 1934 to 1943
11. To have on hand at all times a sufficient supply of certificates and $3,000, 1944, all incl. Int. payable on June and Dec. 1.
representing shares of Beneficial Interest to meet the demands for exchange.
FINDLAY, Hancock County, Ohio.
-BOND
-Myrtle
12. To furnish the Board of Trade of the City of Chicago at any time Hamprecht, City Auditor, will receive sealed bids OFFERING.
until 12 m. (eastern
on demand, such reasonable information concerning the Trust, or
standard time) on March 14, for the purchase of the following issues of
its
condition, as may be required.
bonds aggregating $95,188.49:
General.
$58,570.00 5% street improvement bonds. Denom. $1.000, one bond for
The fiscal year of the Trust is from Jan. 1 to Dec. 31.
$570. Due on Oct. 1, as follows: $4,570, 1931 and $6,000 from
Meetings of the Trustees will be held from time to time on call of any
1932 to 1940, incl.
three of the Trustees.
19,892.53 5% street improvement bonds. Denom. $1,000, one bond for
The Trustees are: Silas H. Stravrn, 38 S. Dearborn St., Chicago; Rufus
$892.53. Due on Oct. 1, as follows: $1,892.53, 1931, and $2,000
C. Dawes, 111 W. Monroe St. Chicago; L. E. Myers, $33 West Jackson
from 1932 to 1940, incl.
Blvd., Chicago; George 0. Fairweather, 189 W. Madison St., Chicago;
16,725.96 43 % street improvement bonds. Denom.$1,000, one bond for
Robert F. Carr, 310 S. Michigan Ave., Chicago.
$725.96. Due on Oct. 1, as follows: $725.96, 1931;$1,000, 1932
The principal office of the Trust will be Chicago Title & Trust Co.,
and 1933, and $2,000 from 1934 to 1940, incl.
Chicago, Illinois.
All of the above bonds are dated April 1 1930. Principal and semi-annual
The Depositary is Chicago Title & Trust Co., Chicago.
nterest (April and Oct. 1) payable at the office of the City Treasurer. Bids
The Registrar is Chicago Title & Trust Co., Chicago.
for the bonds to bear interest at a rate other than those stated will also be
COOK COUNTY TAXPAYERS' WARRANT TRUST,
considered, provided, however, that where a fractional rate is bid such
fraction shall be % of 1% or a multiple thereof. A certified check for 2%
By SILAS H. STRAWN,
of the amount of bonds bid for, payable to the order of the City Treasurer,
LEWIS E. MYERS,
must accompany each proposal.
RUFUS C. DAWES,
. GEORGE 0. FAIRWEATHER,
FLINT, Genesee County, Mich.
-BOND OFFERING.
-Ned 3.
Trustees.
Vermilya, City Clerk, will receive sealed bids until 8 p.in.(eastern standard
This Committee recommends that the above described definitive
Bene- time) on March 10, for the purchase of $320,000 not to exceed 5% interest
ficial Trust Certificates for $30,000,000 Cook County Taxpayers'
Warrant bonds, divided as follows:
Trust Certificates be admitted to the list, with authority to admit
list additional definitive Beneficial Trust Certificates upon official to the $200,000 1929-R delinquent special assessment tax bonds. Due $50,000
notice
Sept. 15 1930, 350,000, March and Sept. 15 1931 and $50,000
of issuance and payment in full, in accordance with the terms of
this appliMarch 15 1932.
cation.
120,000 1929-S delinquent special assessment tax bonds. Due $40,000
Sept. 15 1930, $20,000, Oct. 15, Nov. 15 and on Dec. 15, all in
Adopted by the Board of Directors, Feb. 27A. E. CROSS, Chairman.
1930.
1930 and $20.000 on January 15 in 1931.
FRED H. CLUTTON,Secretary.
Both issues are dated March 15 1930. Bonds may be registered as to
CORVALLIS, Benton County, Ore.
both principal and semi-annual interest. Principal and semi-annual int.
-BOND SALE.
-The $60,000 payable
issue of 5%% semi-annual
at the office of the City Treasurer. A certified check for
department equipment bonds
sale on Feb. 24-V. 130, p.fire -was purchased by the State offered for must accompany each proposal. Bids may be submitted for either$1.000
or for
Treasurer,
at a price of 104.52, a basis1316
of about 5.08%. Dated Jan. 1 1930. Due both blocks. The offering notice states that these bonds are sold in antici$2,000 from Jan. 1 1931 to 1960 incl. (This report corrects that
pation of the collection of past due special improvement assessments and
V. 130, p. 1510). A $30,978.69 issue of improvement bonds was given in represent approximately 65% of the total delinquent and also says that
on the same day to the United Oregon Corp., of Portland, at a awarded the city will print and deliver the bonds and pay for the legal opinion of
102.42. The following is an official list of the bids on both issues: price of John Spaulding, of Miller, Canfield, Paddock & Stone.
City Hall Bonds, $60,000.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
Bidders
The $138,971 water mains improvement bonds offered on March 5State Treasurer, Salem
$104.52
V, 130, p. 1145
-were awarded SA 4$is to Braun, Bosworth & Co., of
Atkins-Jones & Co., Portland
103.24
Toledo, at par, plus a premium of $1,238. equal to100.89, a basis of about
Freeman, Smith & Camp Co., Portland
102.94
4.55%. The bonds are dated April 1 1930 and mature as follows: $5,971.
First National Bank of
102.28
March 1 and $7,000. Sept. 1 1931. and $7,000 on March and Sept. 1
First National Bank of Portland, Portland
Corvallis
1.600.00 prem. 1932 to 1940 inclusive. The following is an official tabulation of thefrom
Bonds awarded to State of Oregon.
bidsreceived for the issue, all of which were for 43i% bonds:
Bancroft, or Improvement Bonds, $30,978.69.
BidderBiddersPremium.
Ryan, Sutherland Co., Toledo
United Oregon Corp., Portland
$901.00
$102.42
Seasongood & Mayer, Cincinnati
Atkins, Jones & Co. Portland
506.00
102.38
Halsey, Stuart & Co., Chicago
Freeman, Smith & damp Co., Portland
656.00
102.14
Stranahan, Harris
First National Bank of Corvallis
Toledo
945.00
400.00 prem. Provident Savings & Oatis, Trust Co., Cincinnati
Benton County State Bank Corvallis
Bank &
528.09
101.50
First National Co. of Detroit, Detroit
Bonds sold to United Oregon Corporation.
1,070.00
Mitchell, Herrick & Co., Cleveland
1
: X
CROSBYTON, Crosby County, Tex.
*Braun, Bosworth & Co., Toledo
-BOND SALE.
-The
issue of 6% semi-annual coupon water works bonds offered for sale $10,000 Bane Ohio Securities Co., Columbus
on
952.g
17 (V. 130, p. 1144) was purchased by H. 0. Burt & Co. of Houston Feb.
*Purchaser.
at a
price of 95.00.
FRANKLIN SCHOOL DISTRICT (P. 0. Franklin) Pendleton
CULBERTSON, Roosevelt County, Mont.
-BOND SALE.
-The County, W. Va.-BOND SALE.
$18,733.98 issue of funding bonds offered for sale on Feb. 25-V. 130, p. school bonds has been purchased -A 325.000 issue of 534% semi-annual
at par by the State Sinking
661-was purchased by Heath, Schlessman & Co., of Denver. as 5Xs, at mission. Denom.$1,000. Dated July 11929. Due from 1930 Fund Comto 1943,incl.
Par.
GALLUP, McKinley County, N. Mex.-BOND SALE NOT CONSUMDALLAS COUNTY ROAD DISTRICT NO. 1 (P. 0. Dallas), Tex.
- MATED.
-We are informed by Bosworth, Chanute, Loughridge & (Jo.,
BOND OFFERING.
-Sealed bids will be received until 10 a. m. on March of Denver, that the sale of the
320,000 issue of 534%-refunding bonds has
17. by Chas. E. Gross, County Auditor, for
issue of 4%% road bonds. Denom. $1,000. the purchase of a $3,000,000 since been voided as the bonds are not optional prior to maturity.
Dated April 10 1930. Due
$100.000 from April 10 1931 to 1960, incl. Prin. and int.(A.& 0.)
GARDEN CITY, Wayne County, Mich.
-BONDS NOT SOLD.
-We
at the Guaranty Trust Co. in New York, at the State Treasurer's payable
office in are informed that the issue of $668,000 not to exceed 6% interest special
Austin, or at the office of the County Treasurer. The
Commissioners' assessment water bonds offered on Feb. 24-V. 130, p. 1009
-was not sold.
Court will furnish the required bidding form. No bid will be
considered The bonds are dated May 1 1930 and mature in 15 annual installments.
unless this form is used. The
the
Clay, Dillon & Vandewater, approving opinions ofand Attorney General,
GASTONIA, Gaston County, N. C.
-BOND OFFERING.
-Sealed bids.
of New York City,
John D. McCall,
of Dallas, will be furnished.
will be received until 4
m. on March 11, by W. L. Walters, City Clerk.
(These bonds were offered on Feb. 3 and then withdrawn-V.
p.
130, p. for the purchase of a $75,000 issue of coupon memorial auditorium bonds.
1008.)
Interest rate is not to exceed 6%,stated in a multiple of X of 1%. Denom.
$1.000. Dated Feb. 11930. Due on Feb. 1, as follows: $2,000, 1932 to
DALLAS LEVEE IMPROVEMENT DISTRICT (City and
County), 1943, and $3,000, 1944 to 1960, all incl. Principal and interest )F. & A)
Tex.
-BONDS OFFERED FOR INVESTMENT.
-The remaining $2,000.000 payable in gold in New York. The City will furnish the legal approval of'
block of the $6,000.000 issue of 5X
% levee improvement
purchased by Taylor, Ewart & Co., of New York-V.127. bonds that was Masslich & Mitchell, of New York. A certified check for $1.500, payable
P. 3433
being offered for public subscription by Halsey. Stuart & Co., of -is now to the City Treasurer, is required. (These bonds were offered without
New York, success on August 31.-V. 129, p. 1621.)
at prices to yield 5.75%
maturities. The bonds mature
from April 1 1934 to 1958, for allThe offering notice furnishes the serially
incl.
GENESEE COUNTY (P. 0. Flint), Mich.
following
-BOND SALE.
-Thestatement: Those bonds are the balance of a total issue of
$6.000.000
-were
cipal amount authorized at an election by the qualified tax paying prin- $1,000.000 coupon road bonds offered on March 5-V. 130, p. 1317
voters. awarded to a syndicate composed of the Continental Illinois Co., First
They are payable from unlimited taxes levied on all taxable
property in the Union Trust & Savings Bank. and the Foreman State Corp.. all of Chicago,
District in proportion to the
praisement has certified to assessed benefits. The official Board of Ap- and Braun, Bosworth & Co., of Toledo, at par plus a premium of $257
aggregating $17,910,537,60, equal to 100.026, for $800,000 bonds. due 3200.000 on March
15 from.
or approximately three timesassessed benefits
the amount bonds authorized.
1937 to 1940 inclusive, as 4348. and 8200.000 bonds,
March 15
Furthermore, the actual land value of
behind the $6,000,000 principal 1941.as 44s. Net in terest cost about 4.488%. Thedue on are dated
bonds
amount of bonds will be in excess of 352.000,000. upon completion
of the March 15 1930. '
project, as appraised by the Appraisal Committee of the
Estate Board. This valuation is equivalent to over $8,500 for Dallas Real
GENEVA, Ontario County, N. Y.
-BOND SALE.
-The following
each $1,000
principal amount of bonds authorized.
issues of 434% coupon or registered bonds aggregating $185,000 offered(
p.
-were awarded to George B. Gibbons &
DELTA, Fulton County, Ohio.
-BOND OFFERING.
-R. H. Hepler, on March 4-V. 130. par 1316 a
Co., of
Village Clerk, will receive sealed bids until
plus premium of $1,071.15. equal to 100-57.
in. on Mar. 17 for the pur- a basis New York, at
chase of $7,800 6% paving bonds. Dated12
Mar. 1 1930. One bond for $63,000of about 4.39%:
series B Lake Road local improvement bonds. Due on April 1.
$800, all others in denoms. of $1,000. Due on Sept. 1 as follows:
as follows: $6,000. 1930; $7,000. 1931; $6,000, 1932; $7,000, 1933;.
1931,and $1,000 from 1932 to 1938 incl. Int. payable on Mar. and $800,
$6,000, 1934; $7,000, 1935, and $6,000 from 1936 to 1939, incl.
Bids for the bonds to bear int. at a rate other than 6% will also Sept. 1.
be con35,000 Seneca Park bonds. Due on April 1, as follows: $2,000, 1930 tosidered, provided, however, that where a fractional rate is bid such fraction
1943. incl.; $1,000, 1944 and 1945, and $1,000 from 1948 to 1952.
shall be X of 1% or a multiple thereof. A certified check for
inclusive.
amount of the bid, payable to the order of the Village, must 5% of the
accompany
32,000 series A Lake Road local improvement bonds. Due $1,000 on
each proposal.
April 1 from 1930 to 1961, incl.
DUNN'S CONSOLIDATED SCHOOL DISTRICT (P. 0.
30,000 series B local improvement bonds. Due $3,000. April 1 from 1930
Weatherford) Parker County, Tex.
-An $18,000 issue of school
-BOND SALE.
to 1939. incl.
bonds is reported to have been purchased at par by the State
17,000 series A local improvement bonds. Due $1,000 en April 1 from
Department
of Education.
1930 to 1946. incl.
8,000 series A refunding bonds. Due $1,000 on April 1 from 1931 to
EAST BAY UTILITY DISTRICT(P.O. Oakland), Alameda
County,
.1938, inclusive.
Calif.
-BOND SALE.
-It is reported that a syndicate composed of the
All of the above bonds are dated April 1 1930. The following otherBank of Italy of San Francisco, R. 11. Moulton & Co. of Los
Angeles,
Anglo-London-Paris Co. of San Francisco, the Security First National the bids were received:
Co.
Bidderof Los Angeles and Dean Witter & Co. of San Francisco, was
Premium.
the purchaser on March 7 of two issues of bonds aggregating $17,620,000 as 53. Marine Trust Co.. Buffalo
$685.00Dewey, Bacon & Co
at a price of 102.14, a basis of about 4.85%. The issues are
259.60
divided as Batchelder & Co
follows:
222.00.
$16,000,000 water bonds. Dated Jan. 1 1928. Due $400,000 from
GILLESPIE COUNTY (P. 0. Fredericksburg), Tex.
-BONDS NOT
Jan. 1
1938 to 1977, inclusive.
SOLD.
-The 5220.000 issue of road, series B bonds, offered on Feb. 241,520,000 water bonds. Dated Jan. 1 1925. Due $38,000 from
-was not sold. (This is the second unsuccessful offering of
Jan. 1 V. 130, p. 663
1935 to 1974, Inclusive.
these bonds
-V. 130, p. 663.).
•
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
GLASSCOCK COUNTY INDEPENDENT SCHOOL DISTRICT
Elizabeth Miltenberger, County Treasurer, will receive sealed
bids until (P. 0. Garden City), Tex.
-BONDS REGISTERED.
-A $40,000 issue10 a. m. on March 18 for the purchase of the following issues of
434% of 5% serial school bonds was registered by the State Comptroller on
bonds, aggregating $45,000:
$35,000 Guy M. Rieth et al highway construction bonds. Denom. $875, February 25.
•
Due $875 July 15 1931, $875 Jan. and July 15 from 1932
GLENDALE,
-BONDS OFFERED.
-Sealed bidsto 1950 were received byDouglas County,Ore.
incl, and $875 on Jan. 15 1951.
W. B. Lash, City Recorder, until 730 p. m.on
21,000 A. L. Reed et al highway construction bonds. Denom.
for the purchase of a i16.000 issue of6% semi-annual water bonds. March 3,
Denom.
$250. $1,000. Dated March 1 1930. Due
Due $250 July 15 1931, $250 Jan. and July 15 from 1932
$1.000from March 1 1934 to 1949,incl.
to 1950,
incl.. and $250 on Jan. 15 1951.
GLOVERSVILLE, Fulton County, 'N. • Y:
-BOND SALE.
Both issues are dated March 15 1930. Interest payable on
-The
Jan. and $50,000 5% registered local improvement bonds offered 'on March 3July 15.
V.130, p. 1009
-were awarded to the City National Bank & Trust Co. of'
Gloversville, at a price of 101.08, a basis of about 4.59%.
ELLSTON INDEPENDENT SCHOOL DISTRICT (P:.0.
Ellston) dated March 15 1930 and mature on March 15 as follows: The bonds are
Ringgold County, Iowa.
$11,000, 1934
-BONDS OFFERED.
-Sealed bids were re- • $10.500 in 1932 and 1933; 1610.000 in 1934
and $8,000 in 1935.




1698

FINANCIAL CHRONICLE

-The
-TEMPORARY LOAN.
GLOUCESTER, Essex County, Mass.
-was awarded
$150,000 temporary loan offered on March 5-V.130, p. 1510
to the Gloucester National Bank at a 3.665% discount. The loan is dated
March 7 1930 and is payable on Oct. 28 1930. The following other bids
were received:
Discount.
Bidder3.72%
Cape Ann National Bank (plus $1.25)
3.75%
Gloucester Safe Deposit & Trust Co. (plus $3)
3.90%
Kidder, Peabody & Co
3.91%
Shavrmut Corp
3.92%
Faxon, Gade & Co
3.97%
Salomon Bros. & Hutzler (Plus $3)
-The $12,000
-BOND SALE.
GREAT NECK, Nassau County, N. Y.
coupon or registered sidewalk bonds offered on March 4-V. 130, p. 1317
were awarded as 5s to Sherwood & Merrifield, Inc., of New York, at
100.55, a basis of about 4.909'. The bonds are dated Feb. 1 1930 and mature $1,000 on Feb. 1 from 1931 to 1942 incl.
GREEN LAKE COUNTY (P.O. Green Lake), Wis.-BOND SALE.
The $504,000 issue of 4%% semi-annual highway bonds offered for sale
-was purchased by the Central Illinois Co.,
on March 4-V. 130. p. 1145
of Chicago, for a premium of $3,985, equal to 100.79, a basis of about
4.42%. Dated April 1 1930. Due from April 1 1938 to 1947, incl.
-The
-BOND SALE.
GROSSE POINTE, Wayne County, Mich.
$300,000 sewer improvement bonds offered on Feb. 10-V. 130, p. 1009
were awarded to Stranahan, Harris & Oatis, Inc., of Toledo, who took
4
bonds, due $10.000 on Feb. 1 from 1931 to 1949 incl., as 43 g.,
$190,000
and $110,000 bonds, due $10,000 on Feb. I from 1950 to 1960 incl.. as
43's. Interest payable on February and August 1. Legality to be approved
by Miller, Canfield, Paddock & Stone, of Detroit.
-BOND SALE.
HADDON TOWNSHIP (P. 0. Westmont), N. J.
The following issues of coupon or registered bonds aggregating $120,000
-were awarded to M. M. Freeman
p. 1317
offered on March 4-V. 130,
& Co., Inc., of Philadelphia, as stated herewith:
$69,000 street impt. bonds sold as 5%s, at par plus a premium of $200,
equal to 100.28, a basis of about 5.45%. The bonds are due on
March 1, as follows: $7,000, 1932 to 1940 incl., and $6,000 in 1941.
51,000 assessment bonds sold as 5s,at par plus a premium of $40, equal
to 100.07, a oasis of about 5.72%. Due on March 1, as follows:
$12.000, 1931 and $13,000 from 1932 to 1934 incl.
Both issues are dated March 11930.
HALL COUNTY CONSOLIDATED ROAD DISTRICT NO. 1 (P. 0.
-An $800,000 issue of 5)%
-BONDS REGISTERED.
Memphis), Tex.
serial road bonds was registered on Feb. 26 by the State Comptroller.
(These bonds were registered on the same day by the Attorney General.)
-BOND OFFERING.
HAMILTON COUNTY(P.O. Cincinnati), Ohio.
-E. J. Drelhs, Clerk of the Board of County Commissioners will receive
sealed bids until 12 m. on March 21 for the purchase of $100,781.05 43' %
Water Supply Line No. 89 construction bonds. Dated March 15 1930.
Denom.$1,000, one bond for $781.05. Due on Sept. 15 as follows: $5,781.05 in 1931. and $5,000 from 1932 to 1950 incl. Prin. and semi-ann. int.
(Mar. and Sept. 15) payable at the office of the County Treasurer. Bids
for the bonds to bear int. at a rate other than 4 % will also be considered,
Provided, however, that where a fractional rate is bid such fraction shall be
of 1% or a multiple thereof. A certified check for $1,008, payable to
Edgar Friedlander, County Treasurer, must accompany each proposal.
No bids will be considered unless presented on blank form furnished by the
Board of County Commissioners.
HARALSON SCHOOL DISTRICT(P.O. Haralson), Coweta County,
-A $12,500 issue of 6% school bonds was jointly
Ga.-BOND SALE.
purchased on March 1 by J. H. Hagman & Co., Inc., and the Citizens
and Southern Co., both of Atlanta. Denom. $500. Dated March 1
1930. Due $1,000 from Jan. 1 1931 to 1941, and $1,500 in 1942. Int.
payable on Jan. 1 in New York.
-BOND
HARRISON (P. 0. Harrison), Westchester County, N. Y.
-The following issues of coupon or registered bonds totaling $738,000
SALE.
awarded as 434s to Estabrook &
offered on March I-V. 130, p. 1511-were
Co., and the Bancamerica-Blair Corp., both of New York, at a price of
100.40, a basis of about 4.46%:
$250,000 perk bonds. Due $5,000 on Feb. 1 from 1931 to 1980 incl.
160,000 sewer district No. 1 bonds. Due $8,000 on Feb. 1 from 1931 to
1950 incl.
160,000 highway bonds. Due $8,000 on Feb. 1 from 1931 to 1950 incl.
100.000 water distribution system bonds. Due on Feb. 1 as follows:
$2,000, 1931 to 1950 incl.; $3,000, 1951 to 1966 incl., and $4,000
from 1967 to 1969 incl.
68,000 highway improvement bonds. Due $4,000 on Feb. 1 from 1931 to
1947 incl.
All of the above bonds are dated Feb. 11930.
The purchasers are reoffering the bonds for public investment priced to
yield 4.30%. The securities are stated to be legal investment for savings
banks and trust funds in New York State and are said to be direct general
obligations of the entire Town of Harrison, which reports an assessed
valuation for 1929 of $44,517,485 and a total bonded debt, including
this issue, of $4,976.966.
-The
-BOND SALE.
HARTFORD CITY, Blackford County, Ind.
$4,550 5% school building improvement bonds offered on Feb. 27-V. 130.
-were awarded to the Meyer-Kiser Bank of Indianapolis at par
p. 1145
plus a premium of $47.50, equal to 101.04, a basis of about 4.71%. The
bonds are dated Mar. 15 1930 and mature on Dec. 15 as follows: $1,000,
1933 to 1936 incl., and $550 in 1937. James Cronin, Jr., of Hartford, bid
par and accrued int. for the issue.
-BONDS OFFERED.
HASKELL COUNTY (P. 0. Haskill), Tex.
Sealed bids were received by Joe A. Jones, County Judge, until 10 a.m.
on March 6, for the purchase of a $642,000 block of a total issue of $885.000 6% series B and C road bonds. Denom. $1,000. Dated March 1
1930. The bonds mature as follows: $125,000 series B bonds, due $4,000
from April 11931 to 1950 and $5,000, 1951 to 1959, all inclusive. $517,000
series C bonds. due from March 1 1931 to 1970. inclusive. Principal and
interest of series B bonds, payable at the National City Bank in New
York, and series C at the Central Hanover Bank & Trust Co. In New
York. The legal approval of Chapman & Cutler of Chicago, will be
furnished. The following statement is furnished:
The assessed valuation of all taxable property in the County for the
year 1929 is $10,848.272 and the total indebtedness when these bonds are
sold will be in round numbers $850,000, with unsold bonds totaling $243.000.
-The
-TEMPORARY LOAN.
HAVERHILL, Essex County, Mass.
$300,000 temporary loan offered on March 5-V. 130. P. 1511-was
awarded to F. S. Moseley & Co., of Boston, at a 3.89% discount, plus a
premium of $5. The loan is dated March 6 1930 and is payable on Nov. 7
1930. The following is a list of the other bids received:
Discount.
Bidder3.925_%
First National Old Colony Corp
3.92V
Salomon Bros. & Hutzler plus $11
3.97%
First National Bank of Haverhill
3.97%
Shawmut Corp
4.03%
Faxon, Gade & Co
-BOND SALE.
HENNEPIN COUNTY (P. 0. Minneapolis), Minn.
The $100,000 issue of tract index bonds offered for sale on March 3-V. 130,
-was purchased by the Bancnorthwest Corp., of Minneapolis,
P. 1318
as 4%s, for a premium of $700, equal to 100.70, a basis o labout 4.36%.
DatedApril 11930. Due $10,000 from April 1 1931 to 1940, inclusive.
The following is an official tabulation of the bids received:
Rate. Premium.
Bidder$700.00
43i%
BancNorthwest Corn., Minneapolis (successful bid)
387.50
%
H. M. Byllesby & Co., Chicago
376.00
434%
The Detroit Co., Chicago
372.00
4%%
Wells
-Dickey Co., Minneapolis
817.00
4%
43
Kauffman, Smith & Co., St. Louis
630.00
45i%
Halsey, Stuart & Co., Chicago
231.00
434%
Forman State Corp., Chicago
229.15
4%%
A. B. Leach & Co., Chicago
63.00
Harris Trust & Savings Bank, Chicago
4M%
• Successful bid.
-Garret A.
HILLSIDE, Bergen County, N. J.
-NOTE OFFERING.
Storms, Borough Clerk, will receive sealed bids until 8.30 p. m.on March 11
for the purchase of $161,000 temporary improvement notes, to bear int. at
a rate not exceeding 6%. Dated Mar. 11930. Due on Mar. 1 1931. The




[VOL. 130.

notes will be issued in coupon form and will be registered as to prin. or as to
prin. and int. In addition to naming the int. rate, bidders must state in
what denominations the notes are to be issued. Prin. and semi-ann. int.
(M. & S.) payable in gold at the Hillsdale National Bank. A certified
check for 2% of the amount of notes bid for, payable to the order of the
Borough, must accompany each proposal. The approving opinion of
Thomson, Wood & Hoffman of New York will be furnished to the purchaser.
HOLDENVILLE, Hughes County, Okla.
-BOND OFFERING.
Sealed bids will be received until 8 p. m. on March 18, by John Kirk, City
Clerk, for the purchase of the following issues of bonds aggregating $53,800:
$27.000 water works system extension; $8,800 sanitary sewer system
extension: $8,800 sanitary sewer system extension, and $18,000 storm sewer
system extension bonds. A certified check for 29 of the bid is required.
MOLT SCHOOL DISTRICT (P.O. Holt), Clay County, Mo.-BOND
SALE.
-A $31,000 issue of school building bonds is reported to have recently been purchased by an undisclosed investor.
HONEOYE FALLS, Monroe County, N. Y.
-BOND OFFERING.
Alfred H. Lord, Village Clerk, will receive sealed bids until 8 p. m. on
March 17 for the purchase of the following issues of coupon or registered
bonds aggregating $18,000 to bear interest at a rate not exceeding 5%,
stated in a multiple of
of 1%:
$10,000 series B bonds. Due $1,000 on Feb. 1 from 1931 to 1940,inclusive.
8.000 series A bonds. Due $1,000 on Feb. 1 from 1931 to 1938. inclusive.
Both issues are dated Feb. 1 1930. Denomination $1.000. Principal
and semi-annual interest (Feb. and Aug. 1) payable in gold at the State
Bank of Itoneoye Falls. A certified check for $500, payable to the order
of the 1 illage, must accompany each proposal. The approving opinion of
,
Clay, Dillon & Vandewater,of New York, will be furnished to the purchaser.
HOWARD COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
8 (P. 0. Big Spring), Tex.
-BONDS REGISTERED.
-A $15,000 issue of
5% school bon
bonds was registered on March 1 by the State Comptroller.
Due serially.
HUMBOLDT SCHOOL DISTRICT (P. O. Humboldt), Richardson
-The $100.001 issue of 5% school bonds
County, Neb.-BOND SALE.
-was purchased by the United
offered for sale on Feb. 24-V. 130, p. 1145
States National Co., of Omaha, at a price of 96.17, a basis of about 5.45% •
Dated June 11930. Due $4,000 from June 1 1931 to 1955. incl. Optional
after 10 years. The other bidders were as follows: Lincoln Trust Co., of
Lincoln; the First Trust Co., of Lincoln; the Omaha Trust Co., of Omaha;
the Wachob, Bender Co., of Omaha,and Ware Hall & Co., of Omaha.
HUNTINGTON WOODS, Mich,BOND SALE.--Stranahan, Harris
& Oat's. Inc., of Toledo, recently purchased an issue of $60,000 general
4s
obligation bonds as 5, at a price of par. The bonds are dated March 1
1930 and mature on March 1 as follows: $2,000, 1933; $3,000, 1934, and
$5,000 from 1935 to 1945, incl. The above-mentioned investment house
on Jan. 30 in response to a call for sealed bids offered a premium of $60
for the bonds as 5%s, which was rejected (V. 130, p. 1010).
-LOAN OFFERING.
-A, B
INDIANAPOLIS, Marion County, Ind.
Good, Business Direct or of the Board of School Commissioners, will receive
sealed bids until 8 p. m. on March 11,for the purchase of a $500,000 temporary loan, to bear interest at a rate not exceeding 6%, the proceeds tolbe
used as follows: $420.000 in aid of the Board's Local Tuition Fund and
$80,00 in aid of the Board's Special Fund. The information following in
reference to the proposed loan is taken from the offering notice:
Said loan will bear interest at the rate of not more than 6% per annum.
interest payable at the maturity of the loan and will be evidenced by a
note or notes of the board aggregating in principal $500,000,said loan to be
dated and consummated and money received by the board not later than
12 o'clock noon, Thursday, March 27 1930. Bidders are required to bid for
the whole amount of said loan, the money payable to the board of school
commissioners of the city of Indianapolis. Offers for said loan will be
opened at the place, on the date, and at the hour above mentioned (March
111930) and said loan will be awarded to the bidder or bidders offering to
loan the money at the lowest rate of interest. The loan is to be made in
Pursuance of the Indiana statute of 1919 (Acts 1919 page 6) and amendments thereto of 1920 (Act Special Session July 1920, page 122), and said
notes to become due and payable on June 30 1930, and will be made payable
at such banks or trust companies in Indianapolis, Ind., as the successful
bidders may select and in such amounts as may be agreed upon. The loan
and notes will be paid out of the proceeds of the board's taxes levied in 1929
and to be collected in the calendar year of 1930 for its "Special Fund" and
its "Local Tuition Fund." $80,000 out of the taxes so collected for the
Special Fund and $420,000 out of the taxes so collected for the Local Tution Fund.
-Sterling R. Holt, City Controller, will receive
BOND OFFERING.
sealed bids until 12 m. on March 20. for the purchase of $30,000 4%%
park district bonds of 1930, issue No. 2. Dated March 15 1930. Denoms.
$1,000 and $500. Due $1,500 on Jan. 1 from 1932 to 1951, incl. Principal
and semi-annual interest (Jan. and July 1) are payable at the office of the
City Treasurer, and constitute on obligation of the park district of the city.
A ce tifled ch.
eachrproposaleck for 2%% of the amount of bonds bid for must accompany
-TEMPORARY LOAN.
-The $100,IPSWICH, Essex County, Mass.
000 temporary loan offered on March 3-V. 130, p. 1511-was awarded to
Bank of Boston at a 3.94% discount. The loan
the Merchants National
Is dated March 6 1930 and is payable on Oct. 10 1930. The following
other bids were received:
Discount.
BidderFaxon, Gade & Co _ ----------------------------------------3.96%
.98
----------------------------------------3
Kidder, Peabody & Co
F. S. Moseley & Co- _ ---- -----------------------------------3.98
First National Old Colony Corp
4.02%
W.
& Co---------------------------------------------4.06i
I, DJ
-•
-BOND SALE.- the S22,641
JACKSONVILLE, Duval County, Fla.
issue of6% municipal airport bonds that was authorized on Jan. 10(V. 130,
P. 499) has since been purchased by the Atlantic National Bank of Jacksonville. Dated Jan. 1 1930. Due in 30 years.
JACKSONVILLE ROAD DISTRICT (P. 0. Jacksonville), Chero-We are informed by C. K. De
kee County, Tex.
-BOND OFFERING.
Busk, Secretary of tho Highway Committee, that the District is desirous
of selling a $50,000 issue of road bonds and requests bids on same.
-OFFERING DEJEFFERSON COUNTY (P. 0. Beaumont), Tex.
TAILS.
--The $1.000,000 issue of 5% court house bonds scheduled to be
130, p. 1511-is more fully described as
offered for sale on March 17-V.
follows: Dated Oct. 10 1929. Due in 40 years and optional after 10 years.
Prin. and int. (A. & 0.) payable at the office of the County Treasurer,
the State Treasurer, or at the Seaboard National Bank in New York.
The approving opinions of the Attorney General and John D. McCall,
of Dallas, 1 16
12 11as,. will1be furnished. These bonds were voted on Aug. 10 1929p
V.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-BOND OFFERING. Sealed bids will be received until 11
a. m. on Mar. 18 by C. W. Allendoerfer. Treasurer of the School Board, for
the purchase of a $500,000 issue of 43i% school, series A bonds. Denom.
$1,000. Dated Jan. 11930. Due $25,000 from Jan. 1 1931 to 1950 incl.
Prin. and semi-ann, int, payable at the Guaranty Trust Co. in New York
City. Clay, Dillon & Vandewater of New York will furnish the legal
approval. A $25,000 certified check must accompany the bid.
-BOND
KEWANEE SCHOOL DISTRICT, Henry County, III.
SALE.
-The White-Phillips Co., of Davenport,is reported to have recently
Purchased an issue of $95,000 5% school bonds, to mature annually from
1932 to 1934 incl. These bonds were authorized by a vote of 713 to 201
at an election held on Feb. 8.
KEWAUNEE COUNTY (P. 0. Kewaunee), Wis.-BOND SALE.
A $550,000 issue of highway bonds has recently been purchased by the
Central Illinois Co., of Chicago, for a premium of $6,235, equal to 101.13.
Dated May 11930. Due from 1935 to 1941 incl.
LA JARA CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
-A $30,000 issue of
La Jars), Conejos County, Col.
4%% refunding bonds has been purchased by the U. S. National Co
of Denver at a price of 98.01, a basis of about 4.74%. Denom. $500.
Dated April 1 1930. Due $1,500 from April 1 1931 to 1950. incl. Prin.
and int. (A. & 0.) payable at the County Treasurer's office or at Kountze
Bros. In N. Y. City. Legality to be approved by Pershing, Nye ,Tallmadge & Bosworth of Denver. (This report corrects thaw given in V. 130.
PP• 834 and 1316, under the name of Conejo.; County.)

Al AR. 8 1930.]

FINANCIAL CHRONICLE

LAKE COUNTY (P. 0. Crown Point), Ind. BOND SALE. The
370,000 5% Louis S. Mott et al., North Township highway improvement
bonds offered on Feb.28 V. 130, p. 1318 were awarded to the Commercial
Bank of Crown Point at par plus a premium of $1,530, equal to 102.18, a
basis of about 4.58%. The bonds are dated Feb. 15 1930 and mature as
follows: $2,800. July 15 1931; $2,800. January and July 15 from 1932 to
1942 incl., and $2,800 on Jan. 15 1943. The bids were also submitted by
the First National Bank of Crown Point, and Campbell & Co. of Indianapolis.
LAKE LARGO-CROSS BAYOU DRAINAGE DISTRICT (P. 0.
Largo) Pinellas County, Fla.
-Sealed bids will
-BOND OFFERING.
be received until noon on March 14, by the Secretary of the Board of
Supervisors, for the purchase of a $70,000 issue of6% semi-annual drainage
bonds. Denom. 31,000. Dated April 15 1930. Due in from 6 to 15 years.
LAREDO, Webb County, Tex.
-BONDS REGISTERED.
-On Feb. 25,
the State Comptroller registered a $225,000 issue of 5% serial public
school improvement bonds. Due serially.
LAS VEGAS, Clark County, Nev.-ADDITIONAL INFORMATION.
-The $28,000 paving bonds that were purchased by Snow. Goodart &
Co.of Salt Lake City-V.130, p. 1511-are more fully described as follows:
314.000 were awarded as 4%s, due $2,000, 1931 to 1937, and the remaining
$14,000. as 6s, due on Jan. 1 as follows: $2,000. 1938 to 1940, and $1,000.
1941 to 1948. Denom. $1,000. Dated Jan. 11930.
LEWIS AND CLARKE COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
Box 555, Helena), Mont.
-BOND OFFERING.
-Sealed bids will be received until Mar. 29 by T. C. Patrick, District Clerk, for the purchase of a
$225,000 issue of school building bonds. Int. rate is not to exceed 6%.
Bids below par will not be considered. The bonds will mature serially or on
amortization over a 20
-year period depending on the bids received for each.
A 35,000 certified check must accompany the bid.
LEWISVILLE, Lafayette County, Ark.
-BOND SALE.
-The
issue of sewer and water improvement district No. 1 bonds offered $81,600
for sale
on Feb. 28-V. 130, p. 1318
-was purchased by a local investor, as 6s, at
par.
LIMESTONE COUNTY ROAD PRECINCT NO.15(P.O. Groesbeck)
-BONDS DEFEATED.
Tex.
-At a special election held on March 1, the
voters defeated by a large majority a proposition calling for the issuance
of $1,000,000 in road bonds. It is said that the proposition will again be
submitted to a vote in the near future.
LITTLE ROCK,Pulaski County, Ark.
-The $500.000
-BOND SALE.
issue of street improvement district No.508 bonds offered for sale on Mar. 1
(V. 130, p. 1511) was purchased jointly by the Utrosco Corp.,the American
Exchange Trust Co. and M. W. Elkins & Co., all of Little Rock, at a price
of 99.30.
LITTLE ROCK,Pulaski County, Ark.
-ADDITIONAL INFORMATION.
-In connection with the sale of the $17,000 issue of 534% street
improvement district No. 481 bonds to W. 11. Worthen & Co., of Little
Rock, at a price of 99.61-V. 130, p. 1318
-we are now informed that
they are dated Feb. 1 1930. Coupon bonds in denominations of 101,000
and $500. Dated Feb. 14930. Due serially in from 1 to 15 years. Int.
Payable on March and Sept. 1. Basis of about 5.57% •
• LITTLE ROCK SPECIAL SCHOOL DISTRICT (P. 0. Little Rock)
Pulaski County, Ark.
-BOND OFFERING.
-Sealed bids will be received
until 11 a. m. on March 25, by Will Terry, Secretary of the School Board,
for the purchase of a $500,000 issue of 4)4,43 or 5% coupon school bonds.
Denom. $1,000. Dated April 1 1930. Due from Oct. 1 1935 to 1956, incl.
Int. payable semi-annually. The
the bank that is to be the place
of payment of the bonds will be trustee andthe purchaser, the district will
named by
pay the trustees' charges. The approving opinion of Rose, Hemingway,
Cantrell and Loughborough, of Little Rock, will be furnished. The Board
reserves the right to reject all sealed bids, and also the right to offer the
bonds at public auction, after opening of sealed bids. A $10,000 certified
check, payable to the Secretary, must accompany the bid.
LOS ANGELES, Los Angeles County, Calif.
-BOND ELECTION
DATE SET.
-The proposed $38,000,000 water bond election has been
definitely set for April 29 by the action of the members of the water committees and the City Council
-V. 130, p. 1318.
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
-A
$610.400 issue of 7% street widening bonds has been purchased jointly by
the Pacific Co., Ltd., the Municipal Bond
and the District Bond Co.,
all of Los Angeles. Dated Nov. 7 1929. Co. from July 1 1930 to 1959,
Due
inclusive. Principal and interest (July 1) payable at the office of the
City Treasurer. Legal opinion furnished by O'Melveny, Tuner & Myers.
of Los Angeles.
LOUISIANA,STATE OF (P. 0. Baton Rouge).
-BOND SALE.
-The
$6.000,000 Issue of coupon or registered semi-ann. highway series C bonds
offered for sale on Mar. 1-V. 130, p. 836
-was purchased by a syndicate
composed of the Bankers Co. of New York, the Guaranty Co. of New York,
the Equitable Corp. of New York, the Detroit
New York, Barr Bros.
& Co., Inc., Hannahs, Bailin & Lee, Wallace Co. of all of New York, the
& Co.,
Mercantile Commerce Co. of St. Louis. the Milwaukee Co. of Milwaukee,
G. H. Walker & Co. of St. Louis, the City Savings Bank & Trust Co. of
Shreveport, the Rapides Bank & Trust Co. of Alexandria, and Watson,
Williams & Co. of New Orleans, as 5s, for a premium of $158,4J5. equal to
102.64, a basis of about 4.73%. Dated Mar. 15 1930. Due from Mar. 15
1931 to 1950 incl.
BONDS RE
-OFFERED FOR INVESTMENT.
-The above bonds
now being offered for public subscription by the successful bidders are
prices to yield from 4.25% to 4.50%, according to maturity. Subject at
to
approval of legality by Thomson. Wood & Hoffman, of New York City.
The bonds are reported to be legal investment for savings banks
trust funds in New York, Massachusetts and others. The following and
is a
complete, official list of the bidders and bids:
1-A Bank r. ^
smnany. of New York, New York, N. Y. Guaranty Company
of Nis yak New York, N. Y. City Savings Bank et Trust Company
Shreciport, La. Rapides Bank & Trust Co., Alexandria, La.
-Par and
a pronu,su of $158,405.00 plus accrued interest from date of bonds
to date of delivery, for 5% bonds. (Straight cash bid.)
2
-As Par and a premium of $28,805.00 plus accrued interest from date of
bonds to date of delivery, for 45i% bonds. (Straight cash bid.)
3-A _S2,731,000.00 bonds maturing 1931 through 1944 shall bear 5%:$3,269,
000.00 bonds maturing 1944 through 1950 shall bear 434%; Par and
a premium of $105.00. plus accrued interest from date of bonds to
date of delivery. (Straight cash bid.)
2. Caldwell & Company, Nashville, Tenn.
-Par and accrued interest
from date of bonds to date of delivery, and a premium of $42,494.00
for 43j% bonds; $1,000,000.00 of the proceeds of the sale of bonds to
be deposited in a bank or banks in the State of Louisiana, said bank
or banks to pay 5% per annum on daily balances; said bank or banks
to be designated by bidder. (Depository bid.)
3. Lehman Brothers, and Others
-Par and accrued interest from date of
bonds to date of delivery, and a premium of $41,994.00 for 4%%
bonds. (Straight cash bid.)
4-A-Halseil, Stuart & Co.. and Others
-Par and accrued interest to the
date of delivery and in addition thereto a premium of $25,020.00 for
4%% bonds. (Straight cash bid.)
4-B$3,291,090.00 being the first maturing bonds to bear interest at the
rate of 5%, and the balance $2,709,000.00 to bear interest at the
rate of 434%; par and accrued interest to the dato of delivery and in
addition thereto a premium of $100.00. (Straight cash bid.)
5-A_Harris, Forbes tie Co.. and Others
-Par value and accrued interest from
date of bonds to date of delivery of bonds and a premium of $1,021.00
for 434% bonds; proceeds arising from the sale of these bonds are to
be deposited in a special account in banks in the City of New Orleans,
designated by bidder, in accordance with law and are to be withdrawn
only for the purpose for which this series of bonds is issued, and as
the actual work progresess. Said bank or banks to pay no interest
on funds so deposited. (Depository bid.)
5-B Par value and accrued interest from date of bonds to date of delivery
of the bonds and a premium of $5,400.00, for 4%% bonds. (Straight
cash bid.)
5-0-Par value and accrued interest from date of bonds to date of delivery
aro and a premium of $135,000.00 for 5% bonds. (Straight cash bid.)
5-DIBonds maturing between the years 1931-1945, both inclusive, bearing
the rate of 5% interest and bonds maturing in the years 1946 to 1950,
both inclusive, bearing interest at the rate of 4t4%; par value and
accrued interest from date of bonds to date of delivery of bonds and
a pre i.kmm of $101.00. (Straight cash bid.)




1699

LIVINGSTON PARISH (P. 0. Denham Springs), La.
-BOND OFFERING.
-Sealed bids will be received until April 11. by E. Guitrau,
Secretary of the Police Jury, for the purchase of an $8,000 issue of 6%
semi-annual road bonds.
LOWER CHICHESTER TOWNSHIP SCHOOL DISTRICT (P. 0.
Linwood), Delaware County, Pa.
-BOND SALE.
-The $40,000 coupon
school bonds offered on Mareh 5-V. 130. p. 1319
-were awarded to E. H.
Rollins & Sons of Philadelphia, as 4.90s, at 106.113, a basis of about 4.44%.
The bonds mature $8,000 on March 1 in 1940, 1945. 1950, 1955, 1960. The
following is a list of the other bids received:
BidderInt. Role. Premium.
R. M.Snyder & Co
Lansdowne Bank & Trust Co
W.H. Newbold's Son & Co
13887..00
'640 M37
944
A. B. Leach & Co
45 %
4'17%
44.559 %°
866.00
LOWER MAKEFIELD TOWNSHIP SCHOOL DISTRICT (P. 0.
Yardley), Bucks County, Pa.
-BOND SALE.
-The'$75,000 434%
coupon school bonds offered on Feb. 27-V. 130, p. 1010
-were awarded to
A.
Leach & Co. of Philadelphia, at par plus a premium of 31,792.50.
equal to a price of 102.39, a basis of about 4.30%. The bonds are dated
B.
Jan. 1 1930 and mature on Jan. 1 as follows: $5,000, 1934, 1937,1939, 1942.
1944, 1946 and 1947, 1949 and 195,and from 1952 to 1957 incl.
LUCAS COUNTY (P. 0. Toledo), Ohio.-BCND OFFERING.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners will
receive sealed bids until 10 a. m. on March 13. for the purchase of $375,060
534% road construction bonds. Dated Mar. 10 1930. Due on Mar. 10
as follows: 3.38,060. 1931; $38,000, 1932 to 1935 incl., and $37,000 from
1936 to 1940 incl. Prin. and semi-ann. int.(Mar. and Sept. 10) payable at
the office of the County 'Treasurer. A certified check for $500 must accompany each proposal. Conditional bids will not be considered. According to the offering notice: A complete certified transcript of all proceedings,
evidencing the regularity and validity of the issuance of said bonds, will be
furnished the successful bidder in accordance with the provisions of Section
2295-3 of the General Code. A complete transcript of all proceedings
relative to the issuance of said bonds, up to the date of the sale thereof, is
now on file in the office of the County Commissioners for inspection by all
persons interested.
LYNDHURST (P. 0. Cleveland) Cuyahoga County, Ohio.
BOND OFFERING.
-Earle Kohler, Village Clerk, will receive sealed bids
until 12 m. (Eastern standard time) on March 24, for the purchase of the
following issues of 6% bonds totaling $464,500:
$382,500 series B-1930 street impt. bonds, property owners portion. Due
on Oct. 1 as follows: 342,500, 1931, $43,000, 1932 to 1935 ind..
and $42,000 from 1936 to 1939 incl.
82.000 series A-1930 street improvement bonds, property owners portion.
Due on Oct. 1, as follows: $8,000, 1931 to 1934 incl., $9.000.
1935, $8,000, 1936 to 1939 incl., and $7.000 in 1940.
Both issues are dated March 11930. Denoms. *1,000 and $500. Pr n.
and semi-annual interest (April and Oct. 1) payable at the Guardian Trust
Bank, Cleveland. A certified check for 5% of the amount of bonds bid
for, payable to the order of the Village Treasurer, must accompany each
proposal. Last year the village postponed the proposed offering on Oct.
7 of $236.000 bonds.
-V. 129, p. 2424. According to the notice of the
forthcoming sale, the Village Council reserves the right to reject any and
all bids and no conditions shall be attached to any bid that the transcript of
said proceedings or the legality thereof shall be first subject to the approval
of the attorneys for the bidder, unless such attorneys be Squire, Sanders
& Dempsey, of the City of Cleveland, Ohio, or the Attorney General of
the State of Ohio.
McMINN COUNTY (P. 0. Athens), Tenn.
-BOND SALE.
-The
$60,000 issue of 5% semi-annual refunding bonds offered for sale on Feb.
25-V. 130, p. 499 was purchased by Little, Wooten & Co., of Jackson,
for a premium of $356, equal to 100.593, a basis of about 4.94%. Dated
March 1 1930. Due from 1940 to 1949, inclusive.
McM1NNVILLE, Yamhill County,Ore.
-BOND SALE.
-It is reported
that two issues of bonds aggregating 1)10,000, have recently been sold. The
Issues are divided as follows: $5,000 5% fire equipment bonds were purchased at par by the Seagrave Corp., and $5,000 534% fire equipment
bonds were sold to the Commonwealth Securities Corp., of Portland, for a
$50 premium, equal to 101.
MAHNOMEN COUNTY SCHOOL DISTRICT NO.2(P.O. Waubun),
Minn.
-Sealed bids will be received until 8 p. m.
-BOND OFFERING.
on March 15, by Frank A. Janousek, District Clerk, for the purchase of a
$30,000 issue of 6% school bonds. Denomination $1,000. Dated April 1
1930. Due on April 1 as follows: 31,000, 1933 to 1938, and $2.000, 1939
to 1950, all inclusive. Principal and semi-annual interest payable at the
First National Bank of Minneapolis. Junell, Oakley, Driscoll & Fletcher
of Minneapolis, will furnish the legal approval. A $600 certified check.
payable to the District, is required.
-BOND SALE.
MANASQUAN, Monmouth County N. J.
-Of the
four Issues of coupon or registered bond;aggregating 3102.400, offered on
March 4-V. 130. p. 1319
-Annie B. Appleget. Borough Clerk, informs us
that only 362,000 bonds were awarded, consisting of $22,000 water mains
bonds, $20,000 Ocean Outfall main bonds. $14,000 street improvement
bonds of 1929. and $6,000 street improvement bonds of 1928. The bonds
were sold as 6s to the Manasquan National Bank, at par plus a premium
of $525, equal to a price of 100.84, Only one bid was received. The
original offering consisted of:
$35.000 water mains extension bonds. Dated Feb. 11930. Denom,$1.000.
Dug $1:
A ue 1 000 on Feb. 1 from 1931 to 1965 incl. Int. due Feb. and
.
•

25.000 sewerage svstem bonds. Dated Feb. 1 1930. Denom. $1,000. Due
$1.000 on Feb. 1 from 101 to 1955 incl. Int. due Feb. and Aug. 1.
22,000 street improvement bonds. Dated Dec. 15 1929. Denom. $1,000.
Due $1,000 on Dec. 15 from 1931 to 1952 incl. This issue was
previously unsuccessfully offered on Dec. 3; no bids were received
V. 129, p. 3688. Interest due June and Dec. 1.
20.400 street improvement bonds. Dated Dec. 1 1929. Denom. $1,000,
one bond for $400. Due on Dec. 1, as follows: 31.000, 1931 to 1950
incl., and $400 in 1951.
MANCHESTER, Essex County, Mass.
-TEMPORARY LOAN.
-The
Merchants National Bank of Boston on March 3 purchased a $60,000 tempoBir yer
radd loin at a 3.96% discount. SThe loan is payable on Nov.4 193J. The
following other bids were received:
Discount.
Grafton Co
F. S. Mosley & Co
First National Old Colony Corp
3..01 o
4 998
3.9
Bank of Commerce & Trust Co
4.125%
Atlantic County, N. J.
-BOND OFFERING.
MARGATE CITY,
Mabel Dennis, Acting City Clerk, will receive sealed bids until 5 p. m. on
Mar. 20 for the purchase of $42,000
% coupon or registered improvement bonds. Dated Jan. 15 1930. Denom. $1.000. Due $2,000 on Jan.
15 from 1931 to 1951 incl. No mora bonds are to be awarded than will produce a premium of $1,000 over the amount stated above. Int. payable on
Jan. and July 15. A certified check for 2% of the amount of bonds bid for,
payable to the order of the City, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York, will be furnished to the purchaser.
MARSHALLTOWN, Marshall County, Iowa.
-BOND DESCRIPTION.
-The $26,513.31 issue of improvement bonds that was purchased
by E. Raymond Dutro & Co., of Davenport, as 5-, at par-V. 130, p. 1319
-is more fully described as follows: street paving bonds in denoms. of Um
Coupon in form. Dated Nov. 25 1929. Due on May 1, as follows: $2,513.31 in 1931; $2,000, 1932 and 1933; 33,000, 1934 to 1937, and $4,000.
1938 and 1939. Optional at any time. Interest is payable annually.
-NOTE OFFERING.
MARTIN COUNTY (P.O. Williamson), N. C.
Sealed bids will be received by J. S. Getsinger, Clerk of the Board of County
Commissioners, until noon on April 7, for the purchase of a $75,000 Issue
of semi-annual tax anticipation notes. Int. rate is not to exceed 6%
Denoms. to suit purchaser. Dated April 1 1930. Due on April 1 1931:
Purchaser to furnish blank notes. A certified check for 2% of the bid is
required.
MARYSVILLE SCHOOL DISTRICT (P. 0. Marysville), Union
-MAT UR,IT Y.
-The 3150,000school building construction
County,Ohio.
bonds awarded on Feb. 14 as 4315 to W. L. Slayton & Co. of Toledo, at
-are dated April 1 1930 and
100.07, a basis of about 4.74%-V. 130, p. 1319
mature as follows: $3,500 on April 1 and $4,000 on Oct. 1 from 1931 to 1950
incl. Denom.$1.000 and $500. Prin. and semi-ann.Int.(April and Oct. 1)

1700

FINANCIAL CHRONICLE

[Vol,. 130.

payable at the Bank of Marysville. Legality to be approved by Squire,
BidderAmount Bid.
Sanders & Dempsey of Cleveland. The purchasers are reoffering the bonds M.M.Freeman & Co.,Inc.,and Edward Lowber Stokes & Co.$2,085,247.20
for public investment; price upon application.
International Manhattan Co., Inc., R. W. Pressprich & Co.,
and Eldredge & Co
2,084,737.20
Financial Statement.
2,083,270.00
Assessed valuation
$6,290,000.00 Bancamerica-Blair Corp., N. Y
Estabrook & Co., and Detroit Co., Inc
Total bonded debt(Inc. this issue)
2,082,003.60
170,442.60
First National Bank of New York, Barr Brothers & Co.. Inc.,
Population (estimated), 4,600.
Salomon Brothers & Hutzler,and Phelps, Fenn & Co
2,080,800.00
MASSILLON, Stark County, Ohio.
-BOND SALE.
-The $52,500 Harris, Forbes & Co., National City Co., Bankers Co. of New
special assessment street improvement bonds (not $56,500 as inadvertently
York, and First National Bank & Trust Co. of Freeport_ _ _ 2,079,555.60
noted) offered on March 3-V. 130, p. 1512-were awarded as 431s to the The Equitable Corp. of' New York, Lehman Brothers, Ames,
Detroit & Security Trust Co., of Detroit, at par plus a premium of $36,
Emerich & Co., and Manufacturers & Traders Trust Co. of
equal to a price of 100.068, a ba.sis of about 4.73%. The bonds are dated
Buffalo
2,077,944.00
April 1 1930 and mature 37.500 on Oct. 1 from 1931 to 1937. inclusive.
Chase Securities Corp., E. H. Rollins & Sons, Kissel, Kinnicutt & Co.,and Wallace & Co
2,075,067.60
MATAWAN, Monmouth County, N. J.
-PRICE PAID.
-In connection with the report of the award on Feb. 25 of $100,000 5% coupon or Guaranty Co. of New York, R.L. Day & Co., Kountze Bros.,
and Kean, Taylor & Co
2,073,045.96
registered improvement bonds to M. M. Freeman & Co., Inc., of Philadelphia
-V. 130, p. 1512
-we learn that the successful bidders paid a
NATCHITOCHES, Natchitoches Parish, La.
-The
-BOND SALE.
price of par for the issue. The bonds are dated May 1 1930 and mature
$35,000 issue of' 6% registered airport bonds offered for sale on Mar. 6on May 1, as follows: $3,000, 1931 to 1952 incl., $4,000 1953 to 1960, and
V. 130, p. 1147
-was purchased by the Rapides Bank & Trust Co., of
$2,000 in 1961.
Alexandria, for a premium of $1,625, equal to 104.64.
-NOTE OFFERING.
MEMPHIS, Shelby County, Tenn.
-Sealed
NEEDHAM, Norfolk County, Mass.
-R. L. Day &
-BOND SALE.
bids will be received by D.C. Miller, City Clerk, until 2.30 p.m.on Mar.25,
for the purchase of an issue of $1,000,000 43,431, 5,5M ,or 53% revenue Co. of Boston, on Feb. 28 were awarded an issue of' $65,000 431% coupon
notes. Denom. $10,000. Dated Jan. 1 1930. Due on Sept. 6 1930. Said elementary school bonds at a price of 101.699, a basis of about 4.03%. The
notes shall not be sold for less than par and accrued interest, except by bonds are dated Mar. 11930. Denom. $1,000. Due on Mar. 1 as follows:
Prin. and
a 4-5ths vote of the members of said Board of Commissioners, when a price $4,000, 1931 to 1935 incl., and $3,000 from 1936 to 1950 incl.
of $99 on the $100 may be accepted. These notes will be delivered in semi-ann. int. (Mar. and Sept. 1) payable in Boston. Legality to be apMemphis, in New York, or equivalent of New York at the option of the proved by Storey, Thorndike, Palmer & Dodge of Boston. The following
purchaser. Payment shall be made in Memphis or New York funds. other bids were received:
Bidders will state in proposal the point of delivery. In preparation and
Bidder
Rate Bid.
sale of these notes legal steps have been taken under the direction of Thom- Stone & Webster and Blodget,Inc
101.53
son, Wood & Hoffman, of New York City, who will furnish the legal Wise,lIobbs & Arnold
101.52
opinion. The Union Planters National Bank & Trust Co. Memphis, will F. S. Moseley & Co
101.51
certify as to the genuineness of' signatures on notes. A '
$10,000 certified Harris,Forbes & Co
101.43
check, payable to the order of the City Clerk, must accompany the bid.
First National Bank of Boston
101.35
ur
100.74
MERCHANTVILLE SCHOOL DISTRICT, Camden County, N. J.
- Curtis & Sanger
Statement Feb. 7 1930.
BOND OFFERING.
Clerk, will receive sealed bids
-R. G. Test, District
yr
$21,979,597
until 8 p. m. on March 18, for the purchase of $18,000 5% school bonds. Net valuation for yea 1929
1,180,000
Denom. $750 and $500. Due on April 1. as follows: $500 from 1932 to Total debt (this issue included)
total debt)
97,000
1961, incl., and $750 from 1962 to 1965, incl. Int. payable in April and Water debt (included in to
No sinking funds. Population 10,000 (estimated).
October. Purchaser must state the lowest number of bonds he will take.
A certified check for 2% of the amount of bonds bid for, payable to the
NEWARK SCHOOL DISTRICT, Licking County, Ohio.
-BOND
order of the Custodian of School Moneys, must accompany each proposal.
SALE.
-The $170,000 43 % school bonds offered on March 3-V. 130, P•
MERIDIAN, Ada County, Ida.
-BOND OFFERING.
-Sealed bids will 1147
-were awarded to the Foreman State Corp., of Chicago, at par plus
be received by W. H. Peer, Village Clerk, until 8 p. m. on March 24, for a premium of $77, equal to 100.04, a basis of about 4.49%. The bonds are
the purchase of two issues of bonds aggregating $40,000, as follows: 325,000 dated April 1 1930 and mature on Oct. 1, as follows: $7,000, 1930 to 1940
water and $15,000 sewer bonds. Dated March 1 1930. These bonds are incl., $8,000, 1941 $7,000, 1942 to 1952 incl., and $8,000 in 1953. The
offered subject to an election to be held on March 17. A certified check following is an official tabulation of the unsuccessful bids submitted for
for 5% is required.
the issue, all of which were for 431% bonds:
Bidder
Premium.
MIDDLETOWN, Butler County, Ohio.
-TABULATION OF BIDS.
$3,111
The following is an official tabulation of the bids received on Feb. 27 for the Detroit & Security Trust Co
3,049
$56,500 fire department building and equipment bonds awarded as 431s to Braun, Bosworth & Co
2,788
the Banc Ohio Securities Co. of Columbus for a premium of $192.10, equal Ames, Emerich &Co
Mitchell Herrick & Co
2,716
to 100.34, a basis of about 4.69%.-V. 130, P. 1512.
First Union Trust & Savings Bank
2,716
NameInt. Rate. Premium. Otis & Co
2,652
*BancOhio Securities Co,Columbus
431%
$192.10 Guardian Trust Co
2,596
The Provident Savings Bank & Trust Co., Cincinnati_ _4% o
163.85 Lawrence Stern dr Co
2,196
Oglesby & Barnitz Bank & Trust Co., Middletown
4%%
143.00 Seasongood & Mayer
2,144
Well, Roth & Irving Co. Cincinnati
4%%
83,00 Weil, Roth & Irving Co
1,773
Seasongood and Mayer,Inc., Cincinnati
5
513.00 H. M. Byllesby & Co
1,765
Braun,Bosworth & Co.,Toledo
5
503.00 Boatmen's National Bank
1,438
Detroit & Security Trust 0o., Detroit
376.00 W. L. Slayton &Co
1,011
Otis & Co.,Cleveland
5
181.00 Title Guarantee & Trust Co
306
Ansel, Goetz & Moerlein Co..Cincinnati
180.00
The Title Guarantee & Trust Co.,Cincinnati
-BOND
NEW ATHENS SCHOOL DISTRICT, St. Clair County, III.
293.80
gS%
s
SALE.
*Purchaser.
-The 338,000 4% coupon school bonds offered on Mar. 4-V. 130.
-were awarded to the White-Phillips Co., of Davenport, at par
P. 1512
MONTGOMERY, Montgomery County, Ala.
-BOND SALE.
-The plus a premium of $848.67, equal to a price of 102.22. The bonds are
$500,000 issue of 5% refunding bonds that was unsuccessfully offered for dated February 1 1930.
sale on Oct. 1-V. 129, p. 2267
-has since been purchased at private sale by
Eldredge dc Co., of New York. Dated Oct. 11929. Due $10,000 from 1932
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.to 1937 and $20,000, 1938 to 1959, all incl.
S. N. Bond & Co., of Boston,on March 4 Purchased a 31.000,000 temporary
BONDS OFFERED BY PURCHASERS.
-The above bonds are now being loan at a 4.09% discount plus a premium of $9. The loan is dated March
offered for public subscription by the successful bidders at prices to yield 4 1930 and is payable on Nov. 7 1930. The following other bids were
received:
4.70% on all maturities.
Discount.
BidderMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F. A. Kilmer, Clerk of the Board of County Commissioners will re- Barr Bros. & Co., Inc
4.12,
ceive sealed bids until 10 a. m.(Eastern standard time) on March 21 for the National Rockland Bank of Boston
First National Corp. of New Bedford (plus $11)
4.10i
4.17
purchase of the following issues of bonds aggregating $245.800:
$93,800 5% street improvement bonds. Dated April 1 1930. Due on
NEWBURGH, Orange County, N. Y.
-BOND SALE.
-The following
April 1 as folows: $9,800, 1931; $9,000, 1932 to 1935 incl.; $10,000,
registered bonds totaling $313,000 offered on march 4
1936; $9,000, 1937 to 1939 incl., and $10,000 in 1940. Int. payable Issues of co. pon or
-were awarded as
on April and Oct. 1. A certified check for $5,000 must accompany -V. 130, p. 1512Co., Morris Mather 431s. to a syndicate composed of
H. M. Byllesby &
& Co., and Hoffman dr Co., all of
each proposal.
82.500 5% road improvement bonds. Dated April 11930. Due on April Now York, at a price of 100.08, a basis of about 4.24%:
$158,000 refun ing bonds. Due on March 1, as follows: $8,000, 1931 to
1 as follows: $7,500, 1931; $9,000, 1932; $8,000, 1933 to 1934;
1946 incl.. and $10,000 from 1947 to 1949 incl.
$9,000, 1935; 38,000, 1936 and 1937: 39,000, 1938, and $8,000 in
155,000 street impt. bonds. Due on March 1 as follows: $7,000. 1931 to
1939 and 1940. Int. payable on April and Oct. 1. A certified
1950 inclusive.
check for $4,000 is required.
Both issues are dated March 11930. The following is an official tabula66.000 5% road improvement bonds. Dated May 11930. Due on May 1 Hon
of the unsuccessful bids submitted for the bonds, all of which were
as follows: $7,000, 1931; $6.000, 1932; $7,000, 1933 and 1934:
for 43s:
$6,000, 1935 and 1936; 37,000, 1937; 36,000, 1938; $7,000 in 1939
Rate Bid.
Bidder
and 1940. Int. payable on May and Nov. 1. A certified check
101.90
Phelps, Fenn & Co
for $3,500 is required.
101.669
Equitable Corp. of New York
3,500 6% street improvement bonds. Dated April 1 1930. Duo $700 E. II.
101.6388Rollins & Co
on April 1 from 1931 to 1935 incl. Int. payable on April and Oct. 1.
101.63
Batchelder & Co
A certified check for $200 is required.
101.4797
Cobons & Co
Checks should be made payable to the order of the County Treasurer. George B. Gib
101.469
Bids for the bonds to bear int. at a rate other than those given will also be Harris, Forbes &
101.456
considered, provided, however, that where a fractional rate is bid such Bankers Co. of New York
101.41
fraction shall be % of I% or a multiple thereof. Tho offering notice states Rutter & Co
101.348
that Messrs. D. W. & A. S. Iddings, Attorneys, Dayton, Ohio, and Peck, Kissel, Kinnicut & Co
101.329
Shaffer & Williams, Attorneys, Cincinnati, Ohio, have been employed to Barr Bros. &Co
101.31
A. B. Leach & Co
assist in the preparation of legislation and the issue and sale of these bonds M. M.
101.296.
Freeman & Co.. Inc
and will certify as to the legality thereof.
101.27
Lehaman Brothers
101.25
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port- Highland Quassaick National Bank & Trust Co
101.14
land), Ore.
-BOND OFFERING.
-Sealed bids will be received until noon Dewey Bacon & Co
101.61
on Mar.31 by E. T. Stretcher, District Clerk,for the purchase of a $500,000 Newburgh Savings Bank (on $155,000 only)
issue of school, series D bonds. Int. rate is not to exceed 6%. Denom.
-The three issues
NEWTON, Harvey County Kan.-BOND SALE.
$1,000. Dated April 15 1930. Due on April 15 as follows: $28,000, 1933 of 43j% coupon bonds aggregating $102,700, offered for sale on Feb. 11to 1949, and $24,000 in 1950. Prin. and semi-ann. int. payable in lawful V. 130, p. 837
-were awarded as follows:
liso
money at the fiscal agency of the State in New York City, or at the office
sewage disposal plant bonds to the National Bank of Topeka, for
of the County Treasurer. The above clerk will furnish the required bidding $62,000 a premium of $1,295.80, equal to 102.08, a basis of about 4.48%•
will be furnished. The
forms. No bids for less than par and accrued int.
Due from Aug. 1 1930 to 1949 incl.
legal approval of Storey, Thorndike, Palmer & Dodge of Boston will be
To the Columbian}Title & Trust Co. of Topeka.for a premium of $114.36,
furnished. A certified check for 5% of the bid, payable to the Clerk is equal to 100.28, a basis of' about 4.68%, the following bonds:
required.
10,200 sanitary sewer bonds. Due from Aug. 1 1930 to 1939 incl.
-BOND ELECTION.
NASHVILLE, Davidson County, Tenn.
-On 30,500 paving bonds. Due from Aug. 1 1930 to 1939 incl.
pass upon the issuance of'
June 26 a special election will be held in order to
-ADDITIONAL INFORMATION.
NEWTON, Jasper County, Iowa.
$1,600,000 in bonds to be used as follows: $1,000000 airport; $500,000 -In
with the sale of the $103,000 issue of' coupon funding
general hospital addition and $100,000 for an addition to the municipal bondsconnectionpurchased by Geo. M. Bechtel & Co., of Davenport, at a
that was
light plant.
-we are now informed that the
-V. 130, P. 1513
price of 100.136, as 43.s
-BOND SALE.
-The bonds are dated March 1 1930. Denom. $1,000. Due on Nov. 1 as folNASSAU COUNTY (P. 0. Mineola), N. Y.
following issues of 434% coupon or registered bonds, aggregating $2,040,000 lows: $4,000. 1932 to 1935; $5,000, 1936 to 1939; $6,000 in 1940; 35,000
offered on March 5-V. 130, p. 1146
-were awarded to a syndicate com- In 1941; $6,000, 1942 and 1943; $7.000, 1944 to 1947, and 38,000. 1948
posed of George B. Gibbons dr Co., Inc., Roosevelt & Son, Stone & Webster and 1949. Principal and interest (M. & N. 1) payable at the City Treasand Blodget, Inc., Dewey, Bacon & Co., and Emanuel & Co., all of New urer's office or at the office of the above company.. Legal opinion furnished
....1
/ork, at par plus a premium of $45,893.88. equal to a price of 102,24, a by Chapman & Cutler, of Chicago. Basis of about 4.48%.
bash; of about 4.18%:
NEW WILMINGTON, Lawrence County, Pa.
-BOND OFFERING.
$1,500,000 series Y county road bonds. Due on March 1 as follows: William McElwee, Borough Clerk will receive sealed bids until 7.3013• in
$100.000. 1931 to 1941, incl., and $400,000 in 1942.
$4,500 534% fire department equipment
440,000 series E county road and highway bonds. Due on March 11943. on Mar. 17 for the purchase of Denom. $500. Due as follows: $1,000,
100,000 series B bridge bonds. Due $50,000 on March 1 in 1914 and 1945. bonds. Dated April 1 1930.
1936
All of the above bonds are dated March I 1930 and are being offered by 1931; 3500, 1932 and 1933; 31,000, 1934; $500, 1935, and 31,000 in$100.
the purchasers for public investment at prices to yield 4.00 to 4.10 %, and 1937. Int. payable on April and Oct. 1. A certified check for
(
according to maturity. The bonds are stated to be legal investment for payable to the order of the Borough Treasurer, must accompany each
savings banks and trust funds in New York and are also said to be exempt Proposal.
from all Federal and New York income taxes. Philip F. Wiedersum,
-SHORT TERM BORROWINGS AGGREGATE'
NEW YORK, N. Y.
County Comptroller, furnishes Us with the following tabulation of the 342,630,000.
-The City of New York during February issued short-term
nsuccessful bids submitted for the bonds:
obligations to the amount of $42,630,000, as follows:




MAR.8 1936.]

FINANCIAL CHRONICLE

Revenue Bills of 1930.
Rapid Transit Construction Notes.
Int.
Date
Int.
Date
Maturity. Rate. Issued. Amount.
Maturity.
Amount.
Rate. Issued.
$5,000,000 Sept. 15 1930 44% Feb. 13 $10.000.000 June 18 1930 451% Feb. 28
3,000,000 Sept. 15 1930 44% Feb. 17
8,000,000 June 18 1930 44% Feb. 24
2.500.000 Feb. 8 1931 4% Feb. 7 5,000,000 Feb. 8 1931 4% Feb. 7
2,000,000 Sept. 15 1930 44% Feb. 24
1,000,000 Sept. 15 1930 44% Feb. 24
400,000 Sept. 15 1930 44% Feb. 17
1,000,000 June 15 1930 44% Feb. 24
130.000 Feb. 18 1931 44% Feb. 18
Tax Notes of 1930.
School Construction Notes.
2,000,000 Mar. 18 1931 44% Feb. 24
1,600,000 Sept. 15 1930 44% Feb. 17
1,000,000 Sept. 15 1930 44% Feb. 24
NOBLE SCHOOL TOWNSHIP (P. 0. Shelbyville), Shelby County,
Ind.
-BOND SALE.
-The $49.500 43. % school building bonds offered
on Feb. 25-V. 130, P. 1011-were awarded to the Fletcher Savings &
Trust Co. of Indianapolis, at par plus a premium of $56, equal to a price of
100.11, a basis of about 4.48%. The bonds are dated July 15 1929 and
mature as follows: $1,500, July 15 1930: $1,500, January and July 15 from
1931 to 1936 incl.. and $1,500 on January 15 1937. The Meyer-Mser Bank
of Indianapolis, the only other bidder, offered par plus a premium of $51
for the issue.
NORFOLK, Norfolk County, Va.-BOND SALE.
-The $1.100,000
Issue of 4M % coupon or registered general improvement bonds offered for
sale on Feb. 28-V. 130, P. 1147
-was purchased by Eldredge & Co. of New
York at a discount of $11,770, equal to 98.93, a basis of about 4.56%.
Dated Mar. 11930. Due on Mar. 11962. The following is an official list
of the other bidders and their bids:
BidderPrice Bid.
Estabrook & Co
Bankers Co. of New York
Guaranty Co. of New York
$1,069.299
Hannahs, Bailin & Lee
Robert P. Beaman & Co. of Norfolk, Va
Bancamerica-Blair Corp
First National Old Colony Corp
1,087,900
B.J. Van Ingen & Co
A. B. Leach & Co., Inc
Stein Bros & Boyce, Baltimore
Lehman Bros., New York
1,068,540
Ames,Emerich & Co., New York
Kountze Bros., New York
Harris Forbes & Co
National City Co
} 1,067,979
Fred. E. Nolting & Co., Inc
Investment Corp. of Norfolk
Phelps. Fenn & Co
1
The tetroit Co
1,079,760
Stone & Webster
BIodgefsc
Davis & West, Norfolk, Va
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being re-offered by the purchasers for public investment priced at 1003-i
and interest.
NORTH CAROLINA, State of (P. 0. Raleigh).
-TENTATIVE
BOND OFFERING.
-The following article appeared in the "Manufacturer's
Record" of Mar. 6: North Carolina bonds in the amount of $13,067,000
will be offered about Apr. 10, it is announced here, the issue to bear an
interest rate of 4M %. The bonds will be issued for the following purposes:
Permanent improvements, $5,247,000, with a second issue of $1,970,000:
veterans' loan. $2,000,000; Great Smoky National Park, $2,000,000:
Cape Fear River bridge, $1,250,000, and Chowan River bridge, $600,000.
NORWALK, Huron County, Ohio.
-The $754,000
-BOND SALE.
Issue of sewage disposal plant construction bonds approved by a vote of
1.631 to 418 at an election held on Nov. 5 (V. 129, p. 3046) is reported to
bave been sold recently to Blanchet, Bowman & Wood of Toledo.
The bonds bear 6% interest and mature serially in from one to 25 years.
OAKLAND, Alameda County, Calif.
-The $500.000
-BOND SALE.
Issue of harbor improvement bonds offered for sale on Feb. 27-V. 130,
p. 1513
-was awarded to a syndicate composed of the American Securities
Co. of San Francisco, the Continental Illinois Co. of Chicago, the Detroit
Co. of New York, and Wm. Cavalier & Co. of San Francisco, as 43s at a
price of 100.44, a basis of about 4.46%. Dated July 1 1926. Due from
'
July 1 1930 to 1966 inclusive.
The following is a complete official list of the bidders and their bids:
Bids for 4M % BondsPremium.
American Securities Co., The Detroit Co., Continental Illinois
Co., and Wm. Oavalier & Co
*32,228.00
Dean, Witter & 0o., Heller-Bruce & Co., and Wells Fargo Bank
& Union Trust Co _
1.528.00
_____________
Weeden & Co
1,368.00
R. 11. Moulton & Co., and Security First National
656.00
Bids for 434% BondsAnglo-London Paris Co., and Security Div., National Bankitaly 11.930.00
Halsey, Stuart & Co _
___
10,900.00
Eldredge & Co.. and Oontineilial
9,050.00
-i•fitionl
nkNational City Co
8,299.50
Harris Trust & Savings Bank --------------7,185.00
The following split-bids were tendered:
A. B. Leach & Co
4
[Par for $132,000_ __41 s
1Par for 368,000_ _ _ _4 Ms
Bancamerica-Blair & Co
5s
$200 premium for $292,000
$200 premium for 208,000_ __ _44s
Harris Trust & Savings Bank
IPar for $227,000____4%s
)Par for 273,000_ _ _ _4 Ms
*Successful bid.
OAKLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Oakland),
-Sealed bids will
Pottawattomic County, Iowa.
-BOND OFFERING.
be received by F. J. Yeager, Secretary of the Board of Education, until
March 15, for the purchase of a $37,500 issue of school bonds. (These
bonds were voted on Feb. 19.)
OHIO COUNTY UNION SCHOOL DISTRICT (P. 0. Wheeling),
W. Va.-BOND SALE.
-An issue of $150,000 school bonds is reported
to have boon purchased at par by the State Bond Commission.
-CURRENT EXOKLAHOMA, State of (P. 0. Oklahoma City).
PENSE WARRANTS TO BE ISSUED.
-The following special dispatch
from Oklahoma City appeared in the "Wall Street Journal" of March 4:
Warrants drawing interest at 6% until paid will be issued to meet
general operating expenses of Oklahoma until receipts from various forms
of taxation aro sufficient to make up the $3,500,000 overdraft in the general
revenue accounts of the State treasury, according to Assistant Treasurer.
Heavy expenditures of the State government, made necessary by legislative appropriation, together with smaller gross production taxes and
ad valorem tax collections than estimated, brought about the temporary
condition in the general revenue account.
-Sealed bids
OMAHA Douglas County, Neb.-BOND OFFERING.
will be received until 3 p. m. on Mar. 17 by John Hopkins, Superintendent
of Department of Accounts and Finance, for the purchase of two issues of
04% coupon bonds aggregating $150,000, as follows: $100,000 park and
$50,000 aviation bonds. Denom. $1,000. Dated April 11930. Due on
April 1 1910. The bonds will bear interest at 4M % or such lesser rate of
Interest as may be fixed at the time of sale, either for the whole or a portion of tho bonds. Prin. and semi-ann. int. payable at the office of the
County Treasurer. The approving opinion of Thomson, Wood & Hoffman of New York will be furnished. Delivery of bonds will be made at
places designated by the purchaser. Bids will be opened and tabulated
at 3 p. m. on Mar. 17 and submitted to the City Council at its regular
meeting on March 18. A $3,000 certified check. Payable to the City, is
required.
ONTONAGON TOWNSHIP SCHOOL DISTRICT, Ontonagon
County, Mich.
-BOND OFFERING.
-Edward Carroll, Secretary of the
Board of Education, will receive sealed bids until 12 M. on March 15, for
the purchase of $45,000 5% school bonds, authorized by a vote of the
qualified electors of the school district on July 20 1929. The bonds are
dated Oct. 15 1929, are in $500 donoms. and mature $5,000 on March 15
from 1931 to 1939, inclusive. Bonds are now printed. Interest payable
semi-annually.
OWOSSO, Shiawassee County, Mich.
-TOTAL BONDED DEBT IS
$359,050.-A recent audit of the city's financial indebtedness revealed that
outstanding bonds total $359,050, comprising $229,500 general city obliga-




1701

tions and $129,550 special assessment bonds, according to the March 1
number of the Michigan "Investor." The city auditor is reported to
have recommended that in the future bonds issued for improvements paid
for by special assessment be made longer term securities. In the past
these bonds are reported have been absorbed by the city's various sinking
funds, but this can no longer be done, it is stated.
PALO PINTO COUNTY (P. 0. Palo Pinto), Tex.
-BONDS REGISTERED.
-The following two issues of bonds were registered on Feb. 24
by the State Comptroller: $52,000
% road and bridge refunding and
$23,000 53. % road and bridge refunding bonds. Due serially.
PARK COUNTY SCHOOL DISTRICT NO, 17 (P. 0. Livingston),
Mont.
-Sealed bids will be received until 2 p. m. on
-BOND OFFERING.
Mar. 24 by Mrs. C. R. Murphy, District Clerk, for the purchase of a
$2.300 issue of school bonds. A $230 certified check must accompany the
bid.
-BONDS OFFERED.
PENSACOLA, Escambia County, Fla.
-Sealed
bids were received until 12 p.m. on March 6, by J. H. Bayliss, Commissioner of Finance, for the purchase of an issue of 3190.000 5% funding
bonds. Denom. $1,000. Dated Dec. 1 1928. Due on Dec. 1, as follows:
$10,000, 1930 to 1943, and $5,000, 1944 to 1953 all incl. Prin. and semiannual int. payable in gold at the Chemical Bank & Trust Co. in New York
City. Thomson, Wood & Hoffman of New York City, will furnish the
legal approval. Bids are to be on blank forms furnished by the city. A
certified check for 2% of the bonds bid for, is required.
(This report supplements that given in V. 130, p. 1147).
-The $200,000
PETTIS COUNTY (P.O. Sedalia), Mo.-BOND SALE.
issue of semi-ann. road improvement bonds offered on Mar. 4-V. 130.
p. 1147
-was awarded jointly at public auction to the Mississippi Valley
Co.,and the Mercantile Commerce Co., both of St. Louis,as 434s.at a price
of 100.40.
POLK COUNTY SCHOOL DISTRICTS (P. 0. Bartow), Fla.
BONDS NOT SOLD.
-The four issues of 6% semi-annual school bonds
-were not sold as there were no bids
offered on Mar. 5-V. 130. p. 1147
received for them. The issues are divided as follows: $25,000 district
No. 26; 335.000 district No. 3; $30,000 district No. 4. and $10,000 district
No. 22 bonds. Due from April 1 1931 to 1952.
-BOND OFFERING.
PORT CHESTER, Westchester County, N. Y.
-George Goldowitz, Village Clerk, will receive sealed bids until 8 p. m.
on March 17, for the purchase of $60,000 1929-1930 tax relief bonds, to
bear 5% interest. Dated April 1 1930. Denom. $1,000. Due on April 1
1933. .erincipal and semi-annual interest payable at the First National
Bank & Trust Co., of Port Chester. A certifiedcheck for 3% of the amount
of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
Financial Statement.
Assessed valuation of all rea estate, personal and other taxable property
for 1929, $51,759,060.
Estimated value of all taxable property about 20% above assessed value.
Total indebtedness of every character-including current bills, $3,433,750, as of March 11930.
Total bonded debt including this issue, $3,493,750.
Bonded debt including this issue applicable to debt limit, $1,652,500.
Cash value of sinking funds on hand $161,678.83 as of March 1 1930.
Village incorporated 1868. Population of Port Chester about 21,000.
PORT OF TACOMA (P. 0. Tacoma), Pierce County, Wash.
BOND SALE.
-A $500,000 issue of port bonds is reported to have recently
been purchased by the State of Washington, as 43.s, at per. Dated
March 1 1930. Due serially in from 2 to 25 years. Payable in New
York. Legal opinion of Masslich & Mitchell, of New York.
-BOND SALE.
-A $22,500 issue of
PRICE, Carbon County, Utah.
special improvement bonds is reported to have reoently been purchased by
Snow-Goodart & Co. of Salt Lake City, for a premium of $25, equal to
100.11.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
Edward I), Stannard, County Treasurer, will receive sealed bids until
12 m. on March 14, for the purchase of $320,000 series No. 22 coupon or
registered highway ponds, to bear interest at a rate not exceeding 5%,
stated in a multiple of 34of 1%. Dated April 1 1930. Denom. 31,000.
Due on April 1, as follows: $15,000, 1931 to 1950 incl. and 820,000 in
'
1951. Prin. and semi-annual int. (A. & 0. 1) payable in gold at the First
National Bank, Brewster. A certified check for $6,000, payable to the
order of the above-mentioned County Treasurer, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York, will be furnished to the purchaser.
RADNOR TOWNSHIP (P. 0. Wayne), Delaware County, Pa.
-Graham, Parsons & Co., of Philadelphia, on Dec. 27 1928
BOND SALE.
Purchased an issue of $100.000 4% township building bonds at par and
accrued interest. Dated Sept. 1 1928. Denom. $1,000. Due on Sept. 1
1958. Interest payable on March and Sept. 1.
-BOND SALE.
-A
REFUGIO COUNTY (P. 0. Refugio), Tex.
$326,000 issue of 5% road bonds is reported to have recently been purchased
by the B. F. Dittmar Co. of San Antonio.
-FINANCIAL
ROCKVILLE CENTRE, Nassau County, N. Y.
STATEMENT.
-In connection with the scheduled sale on March 19 of
three issues of coupon or registered bonds aggregating $185,000, notice
-we are in receipt
and description of which was given in V. 130, p. 1514
of the following:
Financial Statement.
Assessed valuation:
Debt:
Assessed valuation of taxable real prop. & special franchise..-$30,173,970
Total bonded indebtedness incl. 820,000 highway, $69,000
water, and 896,000 series D sewer bond issues
Water debt included above

2,922,000
389,000

Net bonded debt
$2,533,000
Population:
1920 Federal census, 6,262; 1925 State census, 10,316; 1930 (est.), 17,000.
ROCKY RIVER SCHOOL DISTRICT, Cuyahoga County, Ohio.
BOND SALE.
-The $187,000 school bonds offered on March 3-V. 130.
3
p. 1148
-were awarded as 4%s to the Banc Ohio Securities Co., of Columbus, at par plus a premium of $729.30, equal to a price of 100.39, a basis
of about 4.71%. The bonds are dated March 3 1930 and mature on
Oct. 1 as follows: 87,000, 1931 and 1932; $8,000, 1933; $7,000, 1934;
88,000, 1935; $7,000, 1936; $8,000, 1937; $7.000, 1938; $8,000, 1939;
87,000, 1940; 88,000, 1941; 87,000, 1942; 88,000, 1943; 87.000, 1944;
$8,000, 1945; 37,000, 1946; $8,000, 1947; $7,000, 1948; $8,000, 1949;
$7,000, 1950; $8.000, 1951; $7,000, 1952; $8,000, 1953; $7,000 in 1954,
and $8,000 in 1955.
The following is an official list of the other bids submitted for the issue,
all of which were for 5% bonds:
BidderPremium.
Prudden & Co
$543
McDonald-Callahan & Co
1.984
Assel, Goetz & Moerlein
265
Guardian Trust Co. (Cleveland)
3,330
W. L. Slayton & Co
1,536
Braun, Bosworth & Co
2,611
Stranahan. Harris & Oatis
2,600
ROGERS, Benton County, Ark.
-BOND SALE.
-A $74,000 issue of
paving bonds has been purchaxsed at a price of 102.12 by W. B. Worthen
& Co. of Little Rock.
RUTHERFORD COUNTY (P. 0. Murfreesboro), Tenn.
-BOND
SALE.
-The $120,000 issue of funding bonds offered for sale on Feb. 28V. 130, p. 838
-was purchased by Caldwell & Co., of Nashville, as 5s, for
a premium of $140, equal to 100.116, a basis of about 4.96%. Due $20,000
from July 1 1931 to 1936, incl.
SABINE PARISH (P. 0. Many), La.
-BONDS NOT SOLD.
-We are
informed that the $45,000 issue of school bonds offered on Jan. 2-V. 129.
-was not sold as all the bids were rejected.
P. 3837
SAINT HELENS, Columbia County, Ore.
-BOND SALE.
-An $11,279.32 issue of 6% semi-annual improvement bonds has recently been
purchased by the Commerce Mortgage Securities Co., of Portland, at a
price of 103, a basis of about 5.60%. Dated Feb. 1 1930. Due in 1940.
ST. LOUIS COUNTY (P. 0. Clayton), MO.
-BOND OFFERING.
-It
is reported that the County Clerk will receive sealed bids until April 9,

1702

FINANCIAL CHRONICLE

[VOL. 130.

for the purchase of two issues of bonds, aggregating $2,500,000, as follows: In gold at the State Treasury or at the agencies of the State in Charleston
and New York. The legal approval of Reed Hoyt & Washburn, of New
$2,000,000 highway and $500,000 hospital bonds.
York, will be furnished. The blank bonds will be furnished by the State,
the cost
-BOND SALE.
ST. PAUL, Ramsey County, Minn.
-The $1,000,000 to the to be paid by the purchaser. A $200,000 certified check, payabl
State Treasurer, must accompany the bid.
Issue of coupon or registered general improvement bonds offered for sale on
-was jointly purchased by the Continental
March 5-V. 130, p. 1920
-BOND SALE.
-Prescott Lyon & Co.,
Illinois Co., and the Foreman State Corp., both of Chicago, as 44s, at a ofSOUTH GREENSBURG, Pa.
Pittsburgh, purchased on Dec. 24 1929 an issue of $15.000 5% coupon
price of 100.1955, a basis of about 4.23%. Dated March 1 1930. Due street
improvement bonds at par plus a premium of $1,002.60, equal to a
from March 1 1931 to 1950, incl.
price of 106.68. a basis of about 4.49%. The bonds are dated Feb. 1 1930.
-The Denom. $1,000. Due on Feb. 1 1950. Interest payable in February and
-ADDITIONAL DETAILS.
SALEM, Marion County, Ore.
$69,483.72 issue of 6% coupon improvement bonds that was purchased August.
jointly by the Freeman, Smith & Camp Co., and Peirce Fair & Co., both
SPRINGTOWN SCHOOL DISTRICT (P. 0. Springtown), Parker
-is dated
of Portland, at 103.24, a basis of about 5.57%-V. 130,p. 1514
-BOND SALE.
-A $10,000 issue of school bonds is reported
Feb. 15 1930. Denom. $500, $1,000, and one bond for $483.72. Interest County, Tex.
to have been purchased at par by the State Department of Education.
payable on Feb. and August 1.
STAMFORD (City of), Fairfield County, Conn.
-TEMPORARY
SALINE TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 1
-The People's National Bank of Stamford on March 7 purchased
-BOND SALE.
-The $150,- LOAN.
(P. 0. Saline), Washtenaw County, Mich.
awarded as a 6300,000 temporary loan at a 3.94% discount, plus a premium of 67.
000 school bonds offered on March 4-V. 130, P. 1514-were
The loan is dated March 10 1930 and is payable on Oct. 6 1930. The
44s to the Detroit & Security Trust Co., of Detroit. The bonds are dated
March 1 1930 and mature on March 1, as follows: $3,000. 1933 to 1939, following other bids were received:
Bidder
incl.; $4,000, 1940 to 1943, incl.; $5,000, 1944 to 1947, incl.; $6,000, 1948
Discount.
to 1950,incl.; 67,000, 1951 to 1955,incl., and 48,000from 1956 to 1960,incl First Stamford National Bank (plus $1)
3.95
First National Old Colony Corp. (plus $1.50)
3.96
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. Barr Bros. & Co. (plus $7)
4.00
-BOND OFFERING.
San Antonio) Boxer County, Tex.
-Sealed bids S. N. Bond & Co. (plus $14)
4.09
will be received until noon on March 25, by Paul H. Scholz, Business Guaranty Co. of New York (plus $6)
4.12 0
Manager of the Board of Education, for the purchase of a $2,000,000 issue
The purchasers are reoffering the notes for public investment at a price
of 44% coupon school bonds. Denom. $1.000. Dated April 1 1930. to yield 3.90%.
Due $50,000 from 1931 to 1970, incl. Prin. and semi-annual int. payable
at the Equitable Trust Co. in New York. The bonds must be taken by
SUGAR CREEK RURAL SCHOOL DISTRICT, Allen County,
the purchaser subject to the opinion of Chapman & Cutler, of Chicago, to Ohio.
-The $8,000 5 % school building construction
-BOND SALE.
be furnished by the Board of Education and waiver of purchase by the and equipment bonds offered on March 4-V. 130, p. 1321-were awarded
remainder of an authorized issue of $3,700.000. to Stranahan, Harris & Oatis, Inc., of Toledo, at par plus a premium of
State. These bonds are a
A $20,000 certified check must accompany the bid.
$556.80, equal to 100.96, a basis of about 5.40%. The bonds are dated
March 1 1930 and mature on Sept. 1 as follows: $2,000, 1931 to 1944
SAND HILL SCHOOL DISTRICT (P. 0. Denton) Denton County, Inclusive, and $3,000 from 1945 to 1954 inclusive.
-BOND SALE.
Tex.
-A $6,000 issue of 5% semi-annual school bonds is
reported to have been purchased at par by the State of Texas.
SUTHERLAND, 0 Brien County, Iowa.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on March 11 by A. H. Schultz,
SANGAMON COUNTY SCHOOL DISTRICT NO. 42 (P. 0. River- Town Clerk, for the purchase of a $6,000 issue of 5% semi-annual water
ton), 111.
-BOND SALE.-Matheny, Dixon & Co. of Springfield, recently works bonds. Due from 1931 to 1936.
purchased an issue of $21,000 53.6% school site and building bonds,registerable as to principal. Dated Jan. 2 1930. Denom. $1,000. Due on Sept. 1
TANGIPAHOA PARISH FIFTH WARD SCHOOL DISTRICT
as follows: $1,000, 1931 to 1945, incl., and $2,000 from 1946 to 1948, incl. (P. 0. Loranger), La.
-BOND ELECTION.
-On April 15, a special
Principal and semi-annual interest (Sept. 1 1930 and March and Sept. 1 election will be held in order to have the voters pass upon the proposed
thereafter) payable at the First National Bank, Springfield. Legality issuance of $25,000 in school building bonds.
approved by Holland M. Cassidy of Chicago.
TROY, Bradford County, Pa.
-ADDITIONAL INFORMATION.
Financial Statement.
In connection with the report of the sale of $3,000 5% registered fire pumper
Assessed valuation 1929
$866,000 purchase bonds at a price of par to the First National Bank, of Troy
Total bonded debt, this issue only
21,000 V. 130, p. 1321-we learn that the bonds are dated July 1 1929,are in $1,000
Population, 2,316.
denom., and mature $1.000 on Jan. 1 in 1931 1932 and 1933. Interest
payable in January and July.
-BOND ELECTION.
SANTA ANA, Orange County, Calif.
-On
March 27 a special election will be held in order to have the voters pass
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND SALE.
upon a proposition calling for the issuance of $496,860 for junior high The two issues of bonds aggregating $83,000, offered on Feb. 28-V. 130.
school building purposes.
-were awarded as 445 to Otis & Co. of Cleveland, as follows:
p. 1149
$46,200 road impt. bonds, sold at par plus a premium of $83.16, equal to
a price of 100.18, a basis of about 4.72%. The bonds mature as
SARATOGA SPRINGS, Saratoga County, N. Y.
-BOND OFFERfollows: $3.200 on April 1 and $3,000. Oct. 1 1931; $3,000, April 1
ING.
-Mary A. Mulqueen, Commissioner of Finance, will receive sealed
and Oct. 1 in 1932 and 1933, and $2,000, April 1 and Oct. 1 from
bids until 12 m. on March 17, for the purchase of $200,000 coupon or
1934 to 1940 incl.
registered Central Fire Station construction and equipment bonds, to bear
36,800 road impt. bonds, sold at par plus a premium of $66.24, equal
interest at a rate not exceeding 5%,stated in a multiple of Y, of 1%. Dated
to a price of 100.18, a basis of about 4.72%. The bonds mature
April 1 1930. Denom. $1,000. Due on April 1, as follows: $5,000, 1931 to
as follows: $2.800, April 1 and $2,000. Oct. 1 1931, and $2,000.
1934, incl.; $6,000. 1935 to 1938. incl.-, $7,000, 1939 to 1942, incl.; $8,000,
April 1 and Oct. 1 from 1932 to 1940 incl.
1943 to 1946, incl.; $9,000, 1947 to 1950, incl., and 410,000 from 1951
Both issues are dated March 1 1930. The following is an official list,
to 1956,incl. Principal and semi-annual interest (April and Oct. 1) payable
in gold at the Adirondack Trust Co., or at thc Saratoga National Bank, of the bids received for the bonds:
-$46,200-$36,800---Saratoga Springs. A certified check for $4,000, payable to the order of
Int. Rate. Prem. Int. Rate.
BidderPrem.
the above-mentioned Commissioner, must accompany each proposal. The
434%
$83.16
$66.24
434%
Clay, Dillon & Vandewater, of New York, will be Otis & Co.*
approving opinion of
5%
Guardian Trust Co
518.00
5
413.00
furnished to the purchaser.
44%
Mitchell, Herrick & Co
43.00
4
26.00
78.54
62.56
5 o
-BOND SALE.
SEATTLE, King County, Wash.
-We are informed Title Guarantee & Trust Co
9%
28.00
4 %
18.00
that an issue of 61,000,000 4X% water revenue bonds has recently been Well, Roth & Irving
50
,
225.00
156.00
50
purchased by a group composed of B. J. Van Ingen & Co., and M. F. Seasongood & Mayer
4A
39.00
434%27.40
Schlater & Co., both of New York; Geo. H. Burr; Conrad & Broom, and First Citizens Co
4
33.00
4
23.00
Baillargeon, Winslow & Co. of Seattle, at a private sale. Denom. $1,000. Detroit Security Trust Co
36.96
434%.44
Dated April 1 1930. Due 350,000 from April 1 1941 to 1960, inclusive. Provident Savings Bk. & Trust Co434%
'
5%
W. L. Slayton & Co
274.00
216.00
5%
4 %
52.00
18.00
44%
SEMINOLE COUNTY UNION GRADED SCHOOL DISTRICT (P.O. Hanchett Bond Co., Chicago
*Awarded both issues.
-BOND SALE.
-The $35,000 issue of school bonds
Seminole), Okla.
-W. H. Newbold's Son & Co. of Philadelphia and Stranahan.
Note.
offered for sale on Jan.24-V. 130, p. 666
-was purchased by the American
of Toledo, bidding
Trust Co., of Oklahoma City, at par as follows: $28,000, due $3,500 from Harris & Oatis, Inc., $747, respectively. for both issues as 54, offered
1933 to 1940, as 6s and $7,000 maturing $3,500 in 1941 and 1942, as 536s. Premiums of $415 and
,
-ADDITIONAL DETAILS.
-The
TULSA, Tulsa County, Okla.
SHALER TOWNSHIP, Allegheny County, Pa.
-BOND OFFERING.
incinerator
-Malcolm C. Smith, Township Clerk, will receive sealed bids until 8 p. m. $75,000 issue of 4X %Trust Co.ofplant bonds that was purchased by the
Tulsa-V. 130, p. 1515
First National Bank &
-was purchased
on March 21, for the purchase of $400,000 436% bonds. Dated Feb. 1 at
,
par. Dated Jan. 1 1927. Due serially in 25 years.
1930. Denom. $5,000. Due on Feb. 1 as follows: $25,000, 1935 and
$15,000 from 1936 to 1960 incl. Int. payable on Feb. and Aug. 1.
-CERTIFICATE SALE.
-Salomon
UTICA, Oneida County, N. Y.
New York, on Feb. 28
SHELBY COUNTY (P.O. Memphis), Tenn.
-BONDS NOT SOLD.
- Bros. & Hutzler, of indebtedness at par purchased an issue of $500,000
plus a premium of $11. The
The $250,000 issue of 43 % semi-annual institutions bonds offered on Feb. 4.14% certificates ofMarch 1 1930, mature on Sept. 1 1930 and are being
dated
-was not sold. Dated Feb. 1 1930. Due from Feb. 1 certificates arepurchasers for public investment at a price to
18-V. 130. p. 1148
offered by the
yield 4%.
1940 to 1956 inclusive.
-LIST OF BIDDERS.
VICTORIA COUNTY (P. 0. Victoria), Tex.
SHREVEPORT, Caddo•Parish, La.
-MATURITY.
-We are now The following is an official list of the other bids submitted on Feb. 25 for
Informed that the correct maturity of the $500,000 issue of water works the $369,000 issue of road, series E bonds awarded on that date.
-V. 130,
revenue bonds that was sold to Caldwell & Co. of Nashville, as 5s, at Par p. 1515:
-V. 130, P. 1514-is as follows: $35,000, 1931; $40,000, 1932; $45,000,
Price Bid.
Names of Other Bidders1933 and 1934: $50,000, 1935 and 1936; $55,000, 1937 and 1938; $60,000, Roger H. Evans Co., Dallas
$371,572.00
1939, and $65,000 in 1940.
272,766.00
H. D.Crosby & Co., San Antonio
•
369,750,00
Wiel, Roth & Irving Co., Cincinnati
SIERRA MADRE CITY SCHOOL DISTRICT (P. 0. Los Angeles)
W. Ewing & Co., White-Phillips & Co., and II 0 Burt &
-BOND OFFERING.
-Sealed bids will be received by
County, Cal.
369,405.00
Co.,Houston
L. E. Lampton, County Clerk, until 2 p. m. on March 10,for the purchase The J. R. Phillips Invest. Co., Walter, Woody & ileimerdinger
369,525.00
of an issue of $100,000 5% school bonds. Denom. $1,000. Dated March
Co., Houston
389,101.00
1 1930. Due $4,000 from March 1 1934 to 1958, incl. Prin. and semi- Dallas Union Trust Co., Dallas
annual int. payable at the County Treasury. A certified check for 3%
WALWORTH COUNTY (P. 0. Elkhorn), Wis.-ADDITIONAL
of the amount of bonds, payable to the Chairman of the Board of Super
-The S290,000 issue of 5% road bonds that was jointly
INFORMATION.
visors, is required.
purchased by the First Wisconsin Co., of Milwaukee, and the Foreman
The following statement is furnished in connection with the offering:
-matures
National Corp. of Chicago, at a price of 103.12-V. 130, p. 1516
Sierra Madre City School District has been acting as a school district on April
1, as follows: $65,000 in 1936; $115,000, 1937. and $110,000 in
under the laws of the State of Claifornia continuously since July 11900.
valuation of the taxable property in said school district for 1938, giving a basis of about 4.49% •
The assessed
the year 1929 is $4,731,775, and the amount of bonds previously issued and
-BELATED BOND SALES.
WATERLOO,Black Hawk County,Iowa.
now outstanding is $24.000.
-We are informed of the following sales, not previously reported in these
Sierra Madre City School District includes an area of approximately columns, by Guy M. Johnson, City Treasurer:
46.48 square miles, and the estimated population of said school district
$3.049.25 434% sewer bonds to the Police and Firemens Pension fund
is 3,380.
at par. Dated April 11929. Due from 1930 to 1932.
7.542.80 4X% sewer bonds to the Sieg Const. Co., of Waterloo, at par.
-BOND OFFERING.SOMERS POINT, Atlantic County, N. J.
Dated August 1 1929. Due from 1930 to 1937.
James G.Scull, City Clerk, will receive sealed bids until 8.30 p. m.on March
15,500.00 434% sewer bonds to the Dearborn Const. Co of Waterloo, at
28, for the purchase of $182,000 6% coupon or registered school bonds.
Nov. 1 1929. Due from 1930 to 1945.
par.
Due on April 1, as follows: $4,000, 42,000.00 4X% Dated
Dated April 11930. Denom. $1,000.
judgment funding bonds to the Farmers' Loan & Trust
1931 to 1943 incl., and $5,000 from 1944 to 1969 incl. Interest payable
Waterloo, at par. Dated June 1 1929. Due from 1930
Co., of
on April and Oct. 1. No more bonds are to be awarded than will produce
to 1947.
a premium of $1,000 over the amount stated above. A certified check for
17,708.55 4X% improvement bonds to the Bryant Paving Co.,of Waterloo
2% of the amount of bonds bid for, payable to the order of the City, must
at par. Dated July 1 1929. Due from 1930 to 1935.
accompany each proposal. The approving opinion of Clay, Dillon & Vande2,000.00 43 % sewer bonds to the Dearborn Const. Co., of Waterloo,
water of New York, will be furnished to the purchaser.
at par. Dated March 15 1930. Due from 1932 to 1935.
water works refunding bonds to the Commercial National
-BOND OFFERING. 250,000.00 4X% Waterloo, for a premium of $830, equal to 100.332, a
SOUTH CAROLINA,State of (P. 0. Columbia).
Co., of
-Sealed bids will be received until noon on March 21 by'J. H.Scarborough,
basis of about 4.45%. Dated Jan. 15 1930. Due from 1931 to
State Treasurer, for the r chase of a $10,000,000 issue of coupon or regispu
1947.
tered highway bonds. Denom. $1,000. Dated April 1 1930. Due on
-The
-BOND SALE.
Dec. 1 as follows: $300.000, 1939; $450,000. 1940 to 1942; $600,000, 1943
WARRICK COUNTY (P. 0. Boonville), Ind.
and 1944; $750,000, 1945 to 1951, and $950,000 in 1952 and 1953. Bidders $33,000 5% Boon Township highway improvement bonds offered on Feb.
-were awarded to the Fletcher American Trust Co.,
are to name the rate of interest in multiples of 34 of 1%,and rate must be 24-V. 130, p. 1322
the same for all of the bonds. Principal and interest (J. & D.) payable of Indianapolis, at par plus a premium of $887.70,equal to a price of 102.69.




M.

MAIL 8 1930.]

FINANCIAL CHRONICLE

a basis of about 4.44%. The bonds are dated Feb. 3 1930 and mature as
follows: $1,650. July 15 1931, $1,650, Jan. and July 15 from 1932 to 1940
inch, and $1,650 on Jan. 15 1941. The following other bids were received:
Bidder—
Premium.
Inland Investment Co.. Indianapolis
$688.65
Meyer-Kiser Bank, Indianapolis
466.51
Thomas D. Sheerin & Co., Indianapolis
643.00
WATERTOWN, Middlesex County, Mass.—TEMPORARY LOAN.—
The $300,000 temporary loan offered on March 4—V. 130, p. 1516—was
awarded to the Union Market National Bank, of Watertown, at a 3.88%
discount. The loan matures as follows: $100,000 on Nov. 21 and $200,000
on Dec. 23 in 1930.
WATERTOWN, Jefferson County, N. Y.—BOND SALE—The
$495,000 coupon or registered school bonds offered on March 4—V. 130,
p. 1515—were awarded as 4.(s to the Marine Trust Co., of Buffalo, and
Phelps, Fenn & Co. of New York, jointly for a premium of $558.50. equal
to 100.113, a basis of about 4.24%. The bonds are dated Oct. 1 1929 and
mature on Oct. 1 as follows: $20,000, 1930, and $19,000 from 1931 to 1955,
incl. The following is an official taulation of' the bids received:
Bidder—
Interest Rate.
Amt. Bid.
Bankers Co. of New York
4.30%
$495,057.00
E. H. Rollins & Co
4.30%
495,113.85
Batchelder & Co
498,974.85
4.40%
Kean, Taylor & Co
4.40%
496,485.00
Equitable Corp. of New York
4.30%
495,787.05
H. M. Byllesby & Co
4.30%
495,402.00
Rutter & Co
398,653.10
4.40%
Edward Lowber Stokes & Co
4.40%
495,940.50
Geo. B. Gibbons & Co
4.30%
495,790.
Dewey Bacon & Co
4.40%
496,336.50
*Marine Trust Co. and Phelps, Fenn & Co_ _ _ - 4 Wt %
495,558.50
Northern New York Secur. Corp. (Watertown) 4.40%
495,450.45
Manufacturers & Traders Peoples Trust Co _ _ _ _ 4.40%
497,064.15
* Purchasers.
WAYZATA, Hennepin County, Minn.—BOND SALE.—A $10,000
Issue of 4X% semi-ann. water system bonds is reported to have been recently purchased by the State of Minnesota. Due in 1949.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson County,
N. J.—BOND SALE.—The two issues of 44% coupon or registered bonds
offered on March 5—V.130, p. 1322—were awarded as follows:
$181,000 public improvement bonds ($183,000 offered) sold to Rapp &
Lockwood of New York, at par plus a premium of $2,063, equal to
101.13, a basis of about 4.61%. Due on Mar. 15 as follows:
$8,000, 1932; $10,000, 1933 to 1939 incl., and $3,000 in 1940.
38,000 assessment bonds sold to Dewey, Bacon & Co. of New York, at
par plus a premium of $11.40, equal to 100.03, a basis of about
4.74%. The bonds mature on March 15 as follows: $6,000, 1931;
$7,000, 1932, and $5,000 from 1933 to 1937 incl.
Both issues are dated March 15 1930.
WELLSVILLE, Columbiana County, Ohio.—BOND OFFERING.—
Fred Eckfaid, City Auditor, wil Ireceive sealed bids until 12 m. on March
10, for the purchase of $16,000 5% storm sewer construction bonds. Dated
Jan. 1 1929. Denom. $1.000. Due $1,000 on Oct. 1 from 1930 to 1945
inclusive. Interest payable on April and October 1. A certified check
for 2% of the amount of bonds bid for, payable to the order o Abe City
Treasurer, must accompany each propose
WEST SENECA (P. 0. Ebenezer), Erie County, N. Y.—OFFERING
D.ATE IS CHANGED.—Peter Mildenberger, Town Clerk, will receive
sealed bids until 9 p. m. on March 24, for the purchase of $36,500 coupon
or registered paving bonds, which were originally scheduled to have been
sold at 4 p. m. on March 5—V. 130, p. 1516. Rate of interest, not exceeding 5%,stated in a multiple of X of 1%,must be named in bid. The bonds
are dated Jan. 1 1930. Denom. $1,000, one bond for $500. Due on July 1
as follows: $4,000, 1931 to 1938, incl., and $4,500 in 1939. Principal and
semi-annual interest (Jan. and July 1) payable in gold at the Seneca National Bank, West Seneca, P. 0. Buffalo. A certified check for 2% of the
amount of bonds bid for, payable to the order of the Town, must accompany
each proposal. The approving opinion of Reed, Hoyt & Washburn, of
New York, will be furnished to the purchaser.
WEST VIEW SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
County, Pa.—BOND SALE.—The $130,000 4%% coupon school bonds
offered on March 4—V. 130, p. 1322—were awarded to A. B. Leach &
Co., Inc., of Philadelphia, at par, plus a premium of $4,134, equal to
103.18, a basis of about 4.31%. The bonds are dated June 1 1929 and
mature on June 1 1959.
WICHITA FALLS INDEPENDENT SCHOOL DISTRICT (P.
Wichita Falls), Wichita County, Tex.—BOND OFFERING.—Seal0.
ed
bids will be received until 3.30 p. m. on March 14, by W. W. Brown,
Secretary of the Board of Education,for the purchase of an issue of$100.000
45i% school bonds. Denom. $1,000. Dated Feb. 1 1930. Due on
Jan. 1 as follows: $3,000. 1931 to 1950 and $4.000, 1951 to 1960, all incl.
Prin. and int. (J. & J.) payable at the office of the State Treasurer or at
the Central Hanover Bank & Trust Col. in New York City. Chapman
& Cutler of Chicago, will furnish the legal approval. These bonds were
voted on Feb. 8. A $4,000 certified check, payable to the Board of Education, must accompany the bid
WINKLER COUNTY (P. 0. Kermit), Tex.—BONDS NOT SOLD.—
The $225,000 issue of 5%% semi-annual road bonds offered for sale on Jan.
14—V. 129, p. 4171—was not sold 88 there were no bids received. Dated
Nov. 1 1929. Due from March 15 1931 to 1939.
WOBURN, Middlesex County, Mass.—TEMPORARY LOAN.—The
$300,090 temporary loan offered on March 4—V. 130, p. 1516—was
awarded to the First National Old Colony Corp., of Boston, at a 3.895%
discount. The loan is dated March 4 1930 and is due as follows: $150,000
on Oct. 21 and on Nov. 12 in 1930. The following other bids were received:
Bidder—
Discount.
Beacon Trust Co __ _
------------------------------ 3.93%
Bank of Commerce-------- Co
3.975%
Faxon, Gade & Co3.99%
Shawmut Corp. o 1Boston
4.03%

AUCTIONEERS

1103 _

WOODBURY,Gloucester County, N.J.—BOND SALE.—The $45,000
5% water bonds offered on March 6—V. 130, p. 1322—were awarded to
C. C.Collings & Co. of Philadelphia, at par plus a premium of $127, equal
to 100.28, a basis of about 4.97%. The bonds are dated Jan. 1 1930 and
mature on Jan. 1 as follows: $2,000, 1931 to 1940 incl.. and $1,000 from
1941 to 1965 incl.
WORCESTER, Worcester County, Mass.—TEMPORARY LOAN.—
The $1,000,000 temporary loan offered on March 3—V. 130, P. 1516—was
awarded to the Mechanics National Bank, Worcester, at a 3.87% discoun
plus a premium of $5. The loan is dated March 4 1930 and is payable on
November 14 1930 at either the Old Colony Trust Co., of Boston, or the
Bankers Trust Co., of New York. Legality approved by Storey, Thorndike.
Palmer & Dodge, of Boston. The following other bids were received:
Bidder—
Discount.
Salomon Bros. & Hutzler (plus $12)
3.89
F. S. Moseley & Co. (plus $11)
3.90
Worcester County National Bank
3.91
YOAKUM, Lavaca County, Tex.—BOND DETAIL.—In connection
with the sale of the $100.000 5% semi-annual street improvement, series B
bonds that were purchased by the Well, Roth & Irving Co., of Oincinnati,
at 97.05, a basis of about 5.24%—V. 130, p. 1150—we are now informed
that the legality of the bonds is to be passed on by Chapman &Outler, of
Chicago.

CANADA,its Provinces and Municipalities.
CARLETON COUNTY, Ont.—BOND OFFERING.—Henry R. Washington, County Clerk, will receive sealed bids until 12 m.on Mar. 20 for the
purchase of $252,950 coupon improvement bonds, of which $137,250 are
payable in 20 equal annual instalments of prin. and int.,$75.700 are payable
in 5 equal annual instalments of prin. and int., and $40,000 are payable in
10 equal annual instalments of prin. and int. Bids to be based on payment
in Ottawa funds.
CARLETON PLACE, Ont.—BOND SALE.—The Dominion Securities
Corp. of Toronto recently purchased an issue of $91,211 5% impt. bonds,
due in 20 installments, at a price of 97.426, a basis of about 5.31%. The
following is a list of the unsuccessful bids submitted for the issue:
Bidder—
Rate Bid.
R. A. Patchell
97.15
R. A. Daly & Co
97.04
Bell, Gouinlock & Co
97.04
H. R. Bain & Co
97.03
Fry, Mills, Spence 8; Co
96.541
Gairdner & Co
96.42
Dyment, Anderson & Co
96.07
McLeod, Young, Weir & Co
95.60
C. H. Burgess & Co
95.31
Wood, Gundy & Co.
95.15
FARNHAM, Que.—BOND OFFERING.—J. E. Lefebvre, SecretaryTreasurer, will receive sealed bids until 7 p. m.on March 10for the purchase
of $100,000 5%% improvement bonds. Dated Dec. 1 1929. Denom.
$1,000, $500 and $100. Due serially in 30 years and payable at Farnham
and Montreal.
ORANGEVILLE, Ont.—BOND SALE.—The $44,782.43 5% trunk
sewer and disposal plant construction bonds offered on March 3—V. 130.
p, 1516—were awarded to Wood, Gundy & Co. of Toronto at a price of
97.14, a basis of about 5.30%. The following is a list of the other bids
received:
Bidder—
Rote Bid.
Gairdner & Co
96.832
H. R. Bain & Co
96.55
Dyment, Anderson & Co
95.69
Harris. McKeen & Co
95.55
Bell, Gouinlock & Co
95.50
C. II. Burgess & Co
95.36
Dominion Securities Corp
95.00
J. L. Graham & Co
94.52
PORT ALFRED, Que.—BONDS OFFERED.—J. H. Bouchard, Secretary-Treasurer of the School Commission, received sealed bids unt
7.30 p. m. on March 4 for the purchase of an issue of $45,000 5% eche°
bonds. Due serially in 5 years and payable at the Banque Canadienne
Nationale in the Province of Quebec.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
REPORTED SOLD AND AUTHORIZED.—The following lists of the
debentures reported sold and authorized by the local Government Board
from Feb. 1 to 15 appeared in the Feb. 18 issue of the "Monetary Times"
of Toronto:
Debentures Sold.—School Districts: Resolute, $2,500. 7%, 15
-years, to
-years to Waterman Mfg.
Waterman Mfg. Co.; Big River, $3,000. 7%, 15
Co.: Shaftesbury, $2,500, 7%,10-years, to Waterman Mfg. Co.
Village of Edenwold,$1,200,7%,10-years,to Houston, Willoughby & Co,
Towns: Delisle, $12,000,6%%,10-years, locally; Estevan, $11,500,6%
-years, locally.
10
Debentures Authorized.—School Districts: Bank End, $6,000, not exceed-years; Lenwall,$4,500, not exceeding 8%,15-years; Stonehenge,
ing 8%,15
-years; Saskatoon, $115,000, 5%, 30
$4.500, not exceeding 7%, 15
-years.
Village of Tramping Lake, $2,000, not exceeding 7%,54nstalments.
Town of Davidson, $5,000,6%,10-years.
Cambri Union Hospital, $28,000, not exceeding 7%. 15
-years.
WEST FERRIS TOWNSHIP (P. 0. Ferris), Ont.—BOND OFFERING.—James Pasmore, Clerk and Treasurer, is receiving sealed bids for the
purchase of two issues of 5)4% bonds aggregating $14,900, comprising a
$10,700 issue, payable in 15 equal annual installments, and a $3,300 issue,
dated Oct. 20 1929 and payable in 1i equal annual installments. Principe
and interest are payable at the, Bank of Nova Scotia, North Bay.
WILKIE, Sask.—BOND OFFERING.—Sealed bids addressed to T. A.
Dinsley will be received until 12 m.on March 25,for the purchase of $27,000
6% Wilkie Union Hospital District bonds. Dated May 1 1930. Due in
20 equal annual installments of principal andinterest combined.

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KANSAS CITY

ifinantiat
WINSTON-SALEM. N.C.

WARREN A. TYSON & CO.
Investment Securities

V.C. Bell & Company
Incorporated

1518 Walnut Street
PHILADELPHIA




20 Pine Street

New York

Wachovia Bank & Trust Company
BOND DEPARTMENT
North Carolina State and Municipal
Notes and Bonds.
Southern Corporation Securities

Winston-Salem, N. C